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litUS. AOM.
LIBRARY
JUn 14
ontitifffia
COPYRIGHTED IN
1937 BY WILLIAM B. OANA
COMPANY, N-W YORK.
VOL. 144. ,8'u,dW«^,Copy- ;
ENTERED AS SECOND-CLASS MATTER JUNE 23.
1879, AT THE POST OFFICE AT NEW TORK, NEW YORK,
NEW YORK, JUNE 12,1937
UNDER THE ACT OF MARCH 3, 187®.
itSSjW
BROOKLYN TRUST
CHASE
THE
COMPANY
NATIONAL BANK
Chartered
George
V.
1866
Kidder, Peabody & Co.
McLaughlin
President
NEW
NEW
lismber
PHILADELPHIA
BROOKLYN
YORK
Federal
Deposit
Corporation
BOSTON
YORK
OF
THE
OF
CITY
The
NEW
chase
YORK
is
tra-
ditionally a bankers' bank.
For
Insurance
it has
years
many
served
large number
a
of banks and bankers
as
New York
White, Weld & Co.
Members New York Stock Exchange
depository.
reserve
Member Federal
Deposit Insurance'Corp oration
STATE
Boston
New York
correspondent
and
AND
Amsterdam
London
MUNICIPAL
Correspondent
Quotations Facilities
United States
BONDS
Corporation
Government
Paris
Securities
*
The
Hallgarteijk& Co.
FIRST BOSTON
CORPORATION
BOSTON
CHICAGO
NEW
YORK
PHILADELPHIA
Incorporated
63 Wall Street, New
Established 18 SO
NEW YORK
Brown Harriman & Co.
v
SAN FRANCISCO
York
Telephone: BOwling Green 9-5000
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
AND OTHER PRINCIPAL CITIES
London
Chicago
Wertheim & Co.
120
State and
The
Broadway
New York
Municipal Bonds
Amsterdam
London
CARL M. LOEB & CO.
61
BROADWAY
Berlin
Company
Capital Funds
NEW YORK
Amsterdam
New\orkTrust
♦
.
Barr Brothers & Co.
INC.
$37,500,000
New York
London
Chicago
Paris
IOO
BROADWAY
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON
EDWARD B. SMITH & CO.
31 Nassau Street
AVE.
SECURITIES
NEW YORK
State
New York
-
Municipal
Industrial
PHILADELPHIA
CLEVELAND
BOSTON
LONDON
European Representative's Office:
8 KING
Railroad
WILLIAM STREET
-
Public Utility
BONDS
LONDON, E. G 4
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
R.W.Pressprich&Co.
Members New York Stock Exchange
Member of the Federal Reserve System,
the New York Clearing House Association
and of the
Federal Deposit Insurance Corporation
New York
Chicago
Philadelphia
San Francisco
II
Financial
Chronicle
June 12, 1937
BAKER, WEEKS
A. G. Becker & Co.
8c HARDEN
Incorporated
Investment Securities
Established
J. & W. Seligman
New York Stock Exchange
No.
New York Curb Exchange
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
Commercial Paper
52 WALL
New York
Other
Wall
Street
YORK
STREET, NEW YORK
London
Commercial Trust Bldg., Philadelphia
Chicago
54
NEW
Graybar Building, New York
And
& Co.
Members
1893
Cor respondents
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
Cities
Bourse
SELIGMAN
BROTHERS
Building, Amsterdam
52, Avenue des Champs-Elysees, Par.s
Foreign
Leading Out-of-Town
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
BIRMINGHAM
(ESTABLISHED 1817)
NEWARK
(With
which
the
Western
Australian Bank of
MARX & CO.
BIRMINGHAM, ALABAMA
New
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Australian
Commerce, Ltd.
Bank
and
The
amalgamated)
are
Paid up Capital
Reserve Fund...
Reserve Liability of Proprietors.
£8,780,000
6,150,000
8,780,000
_.
£23,710,000
MUNICIPAL
SOUTHERN
AND
CORPORATION BONDS
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
Aggregate Assets 80th Sept., 1936. £115,150,000
A. C. DAVIDSON, General Manager
780 BRANCHES AND AGENCIES In the
Australian States, New Zealand, Fiji.
Papua,
Mandated Territory of New Guinea, and London.
The
DETROIT
Bank
tralasian
PALM
MICHIGAN
BEACH
AND
WEST
PALM
BEACH
MUNICIPALS
transacts
every description of Aus¬
Business.
Wool and other
Banking
Produce Credits arranged.
Head Offices
and
George Street, SYDNEY
London Offices:
29 Threadneedle
CORPORATION BONDS
WATLING, LERCHEN & HAYES
FLORIDA BONDS
the U. S. A.
New York Curb Assoc
Detroit Stock Exchange
Street, E.C.2
Square, W.l
Agency arrangements with Banks throughout
Members
New York Stock Exch.
47 Berkeley
Specializing in
Chicago Stock Exch.
334 BUHL
BLDG.,
DETROIT
CARLBERG & COOK, INC.
Palm Beach—West
Bell System
Palm
Beach, Fla.
Teletype: W-Palm Beach No. 84
NATIONAL BANK
MICHIGAN MUNICIPALS
of EGYPT
Head Office.
Charles A. Parcells & Co.
ST.
FULLY
Members of
PENOBSCOT
Detroit Stock
...
Cairo
.
LOUIS
Exchange
PAID
RESERVE
CAPITAL
FUND.
...
.
.
£3,000,000
.
3,000,000
BUILDING, DETROIT, MICH.
LONDON AGENCY
6 and 7,
MIAMI
We buy and sell for
own
Florida
Stik
Co.
*
our
Branches in all the
principal Totems in
BA/NT LOUIS
account
King William Street, E. C. 4
EGYPT and
0O9OUVC st
the
SUDAN
Municipal Bonds
(jOimiGAN,Mn,l£R
INC.
Members
St.
Louis
--
Ingraham Bldg.
Stock Exchange
Royal Bank of Scotland
MIAMI
Bell System Teletype MMI 80
Incorporated by Royal Charter 1727
Capital (fully paid)
MILWAUKEE
£3,944,171
Deposits
£66,800,985
Stocks and Bonds
WISCONSIN
Over
200
CORPORATION SECURITIES
Smith, Moore & Co.
Bought—Sold—Quoted
3
The First Boston
Commercial
FOREIGN
Exchange
Street,
of
Banking
DEPARTMENT
Bishopsgate, London, England
St. Louis Stock
Corp. Wire
Years
CHIEF
St. Louis
EDGAR, RICKER&CO,
750 North Water
£3,780,192
Reserve fund
Missouri and Southwestern
HEAD
OFFICE—Edinburgh
General Manager
Milwaukee. Wis.
s
William Whyte
Total number of offices, 254
Associated Bank. Williams Deacon's Bank, Ltd.
Foreign
Foreign
NATIONAL BANK OF INDIA LIMITED
Bankers to the Government in
and Uganda
Head Office:
Kenya Colony
Established 1872
Chlei Office In New Zealand:
26, Bishopsgate, London, E. C.
Branches
in India, Burma, Ceylon,
Kenya
Colony and Aden and Zanzibar
Subscribed
Paid Up
NATIONAL BANK OF NEW ZEALAND, Ltd.
Capital
Capital
Reserve Fund
£4,000,000
£2,000,000
£2,200,000
The Bank conducts every description of
and exchange business
banking
Trusteeships and Executorships also
undertaken
Sir James
Wellington
Grose, General Manager
Head Office: 8 Moorgate, London, E. C.
2,
Eng.
Hong Kong& Shanghai
BANKING CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members Is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Subscribed Capital
£6,000,000
Paid up Capital
£2,000,000
Paid-up Capital (Hongkong Currency)...HJ20.000.000
£1,000,000
Reserve Fund In Sterling
Reserve Fund in Silver (Hongkong Cur¬
Reserve Fund
Currency Reserve
The
Bank
conducts
£500,000
nerg
description
Authorised Capital (Hongkong Currency) HJ60.000.000
rency)
of banking
business connected tciih New Zealand.
Reserve
£0,600.000
HJ10,000.000
Liability
kong Currency)
of
Proprietors (Hong¬
H120,000,000
Correspondents throughout the World
London Manager, A. O. Norwood
A. G.
72
WALL
KELLOGG, Agent
STREET, NEW YORK
IV
nitimfitrta
Vol. 144
^ramd?
JUNE 12,
No. 3755.
1937
CONTENTS
.
Editorials
PAGE
Financial Situation
The
British
_3881
Commonwealth
and
the
Imperial
Con¬
ference
3894
Government by Men Versus Government by Law
3896
"Planning"—A False Scent—By H. Parker Willis
Laws to
3897
Compel \Public ^Officials to Enforce Laws
Need of the Hour
Is
3904
.
Comment and Review
New
Capital Flotations During May
New Capital Issues in Great Britain
.3899
3904
Book Reviews:
The
New Monetary System of China:
A Personal
Interpretation
3906
Sugar and the Home Cane Sugar Refiners
3906
Towards Better Living for America
3906
Presentation
of the Bust of
Smithsonian Institution
Statistical Determination of
Reference to Marginal Costs
Accountants' Certificates.
Lord
Kelvin
to
the
3906
Costs,
,
with
Special
3906
Modern
Requirements as
Interpreted by Representative Accounting Firms. .3906
Week on the European Stock
Exchanges
3886
Foreign Political and Economic Situation..
..3887
Foreign Exchange Rates and Comment..a
3891 &'3945
Course of the Bond Market
Indications of Business Activity
Week
on
on
the New York
3906
the New York Stock
Week
.3898
...
Exchange
Curb Exchange.
1
3884
3943
News
Current Events and Discussions
Bank and Trust Company Items
..3919
__3942
General
Corporation and Investment News
Dry Goods Trade
State and Municipal Department
.3991
4043
4044
I
Stocks and Bonds
Foreign Stock Exchange Quotations
Dividends Declared
3945
_.3646
Auction Sales
3990
New^York Stock Exchange—Stock Quotations
3956
New York Stock Exchange—Bond Quotations..3956 & 3966
New York Curb Exchange—Stock Quotations
3972
New York Curb Exchange—Bond Quotations
3975
Other Exchanges—Stock and Bond Quotations
3978
Canadian Markets—Stock and Bond Quotations
3983
Over-the-Counter Securities—Stock & Bond Quotations.3986
Reports
Foreign BankfStatements
Course of Bank Clearings..
3890
Federal Reserve Bank Statements
3953
3943
General Corporation and Investment News
.3991
Commodities
The Commercial Markets and the
Crops.
4033
Cotton
Published Every
4035
Breadstuffs
4039
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and
Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
(Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March
3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50
per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great
Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Volume
in
Chronicle
Financial
144
Dividends
-W
....
1
,
AMERICAN GAS
COMPANY
AND ELECTRIC
Preferred Stock Dividend
•
THE regular quarterly dividend of One
I Dollar and Fifty Cents ($1.50) per
for the quarter ending July 31.
share
1937,
the
on
no par
value Preferred capital
and outstand¬
stock of the company issued
ing in the hands of the public has been
declared out of the surplus net earnings of
the
Wwffi.
It
July 8, 1937.
THE
m.\
..
,^131
such stock of record
YOUR
for
you more
your money
before. Since 1926, for example,
ever
there has been
the books of the
on
LITTLE
so
telephone gives
today than
MUCH
you so
for
regular quarterly dividend of
•
I Thirty-five Cents (35c) per share on
the no par value Common capital stock of
the company issued and outstanding in the
hands of the public has been declared out
of the surplus net earnings of the company
for the quarter ending June 30, 1937,
payable July 1, 1937, to holders of
1937.
1
gives
Common Stock Dividend
company
f
payable August 2, 1937, to
company,
holders of such stock of record on the books
of the company at the close of business
series of substantial reductions in
a
the close of business June 11,
at
long distance rates.
;
FRANK B. BALL, Secretary.
And
June 8, 1937.
as
have gone
rates
steadily down, the speed and
quality of Bell System service have gone steadily up.
To millions of users, the telephone gives value
far in
of its
excess
cost.
THE TEXAS CORPORATION
Consecutive Dividend paid
139th
(fjl
by The Texas Corporation and its
Company
The Texas
predecessor,
(2%) or 50$
value of the shares
of The Texas Corporation has been dc
clared this day, payable on July 1, 1937,
A dividend of two per cent
per
to
share,
on
the
par
stockholders of record
BELL
TELEPHONE
SYSTEM
shown by
as
the books of the corporation at the
of business on June 11, 1937.
close
The
stock transfer books will remain open.
C. E. WOODBRIDGE
Notices
Dividends
Treasurer
May 27, 1937
ALLIS-CHALMERS MANUFACTURING
COMPANY
Common
New
York
& Honduras
Rosario
Mining Company
120
DIVIDEND
Board
declared
second
an
a
NO. 339
Directors
of
this
of
dividend of 37 J£c. per share upon
WILLIAM C. LANGLEY, Treasurer.
of
62
c.
per
share
Common
the
upon
and Common stock are payable July 6,
COMPANY
has declared dividend
share of $12.50
par
Checks will be mailed by the Irving
Company, Dividend Disbursing Agent.
Trust
CLARK, Secretary.
The Trustees have
sterling
Union
Telegraph
Co.
sums
are
in
capital
being applied to redemption.
Referring
to
the
the
above
notice
will,
undersigned
as
of
the
directed
the Trustees, be prepared to pay to
holders of the July 1, 1937 coupons of
Dollar Bonds at the office of either of
for
DIVIDEND NO. 256
each
$17.50
A dividend of 75 cents a share on the
capital
stock of this company has been declared, payable
out of surplus, on July 15, 1937, to stockholders
G.
sums
by
1937.
of record at the close of business on June
from the
certain
representing
repayments made by the Refugees, and these
undersigned
June 1,1937.
dollars
1937, to
BANCROFT, Treasurer.
New York, June 8,
also received
Government
and
Trustees,
Western
value, payable
June 25, 1937 to stockholders of record 12 o'clock
noon June 19, 1937.
R. A.
The
1936.
Bulgarian
of business
close
the
at
June 15, 1937.
Dividend No. 794
per
of record
CHARLES G.
No. 794 of three dollars ($3.00) per share of $100.
par
value or thirty-seven and one-half cents
declared
the Preferred
The dividends on both Preferred
capital stock.
stockholders
($.37H)
for payment at this rate under the
conditions described in the League Loans
Committee's announcement of December 24,
They have also declared a divi¬
capital stock.
dend
The Board of Directors
nterest coupon No. 21 due on July 1, 1937.
Bondholders may accordingly surrender their
Corporation
The Directors of this Corporation have
a
on
June 15, 1937.
MINING
from
the
Bulgarian Government
sufficient sums in foreign exchange to provide
for the payment of 32 V2 per cent of the
THOMPSON, Secretary.
United Shoe Machinery
1937, of 87 H
cents
a
share on the outstanding
capital stock of the Company, pay¬
able on June 26,1937 to stockholders
HOMESTAKE
Dollar Tranche.
The Trustees of the above-named loan have
received
coupons
interim dividend for the
of record at the close of business
7% Settlement Loan 1926
-v
business
June 3rd, 1937.
meeting held this day
quarter
Kingdom of Bulgaria
-
Checks will be mailed.
W. A.
of
53
June 15th, 1937.
Transfer books will not be closed.
June 8, 1937.
The
No.
fifty cents ($.50) per share on the
Common Stock without par value of this Com¬
pany has been declared, payable June 30th, 1937
to stockholders of record at the close of
Broadway, New York, N. Y.
Company at
Dividend
A dividend of
on
$35
coupon
with
coupons,
or
after
Coupon
upon
that
and
date,
$5.69
the
$11.38
for
each
of
surrender
appropriate
an
the
the
such
letter
of
transmittal.
Speyer & Co.
18,1937.
J. Henry Schroder Banking Corp
K, HUNTINGTON, Treasurer.
American Fiscal Agents,
SOUTHERN CALIFORNIA EDISON
COMPANY
Los
KAUFMANN
LTD.
Harper & Turner
Common Dividend No. 67
Pittsburgh,
The
Directors
have
June
Pa.,
declared
a
9,
1937.
dividend
OLIVER M.
KAUFMANN, Treasurer.
International Agricultural
Corporation
New York, May 27, 1937.
The Board of Directors has this day declared
out of earnings a dividend of three per cent.
(3%) on the Prior Preference Stock of the Cor¬
poration, payable June 17, 1937, to stockholders
of record at the close of business June 10, 1937.
I
Books will not
IRVING
Investment Bankers
/
EXCHANGE
BUILDING
TRUST
H.
Dated April 6,
BERG, President.
1937.
The First National Bank of Covina, located at
Oovina, in the State of California, is closing its
All note holders and other creditors of
are therefore hereby notified to
present the notes and other claims for payment.
affairs.
the association
B.
Dated May 25,
B. JENKS,
Cashier.
1937.
Dividends
COMPANY
AMERICAN EUROPEAN
June 10, 1937
'
declared
quarterly dividend of fifteen cents per share
the capital stock of this
Compaq, par $10.,
payable July 1, 1937, to stockholderslof record at
the close of business June IS, 1937.
on
F.
Business Established 1912
for payment.
RESCH, Treasurer.
The Board of Directors has this day
a
Crescenta-Canada National Bank at Montrose
located at Montrose, in the State of California,
is closing its affairs.
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims
close.
ROBERT P.
PHILADELPHIA
of
forty cents (40c.) per share on the Common
Stock, payable July 28, 1937, to all holders of
record July 10, 1937.
Cheques will be mailed.
INC.
STOCK
New York, June 11, 1937.
STORES, Inc.
Angeles, California
The regular quarterly dividend of 37 Kc. per
share on the outstanding Original Preferred Stock
(being Original Preferred Dividend No. 112) and
the regular quarterly dividend of 34iH|c. per share
on the outstanding Series
"C" 5H% Preferred
Stock (being Series "C" 5H % Preferred Dividend
No. 40) was declared on May 28, 1937 for pay¬
ment on July 15, 1937, to stockholders of record
on June 20,
1937.
Checks will be mailed from
Los Angeles, July 14th.
B. T. STORY, Treasurer.
DEPARTMENT
J.
GRIESMER
Assistant Secretary
SECURITIES
COMPANY
A
dividend of $3.00 per share, covering the
period for the six months ending
March 31, 1934, has been declared on the Pre¬
ferred Stock of the Company, payable June 29,
cumulative
1937, to stockholders of record at the close of
business June 22, 1937.
R. M. YOUNGS,
June
8,
1937.
Treasurer.
The Financial Situation
"shows"
WHAT the Associated Press fourth members of
says "big show"
Congress describe
the
of the year on Capitol
It
way.
inquiry
of
is
dodging,"
which
the effect that
their
moment that
Congressional
be
is
advisers
cate
vast
No
accused
it
To
excellent, that is,
be
that
has
is
well
that
that
to
on
plan,
called
Follette
La
labor
of
Wheeler
the
railroad
of
nity
at
it
is
the
that
men
matter
of
the
legislation
tance is
cussion
certainly
estimate
lyle
year
three-quarters of
of
exceed
the
$8,182,000,000
effort
the
fact
that
about
President
arrived.
to reduce outlays
evidently not avail.
The
clearly finding that it is much
ruling during the centuries
previous to Carlyle's
to
is
increase expenditures than it is to
There is yet to be observed the
the situation
in
Washington.
at
Are
we
to
be obliged to
$8,000,000,000 budgets
as
long as the present Administration is in
office?
If so, even a balanced budget would
reconcile ourselves
not
more
to
must
is but one way to curtail extrava¬
whether labeled "for social welfare" or
understood
ever,
whole
procedure
is
Thus
certain
scorn
and
poses,
will be
but
condemnation
otherwise
to
not
or
not
held
be
great
what
evidence
know,
doubt
that
taking
are
that this is
there
a
is
plans.
up
political
deal
done, according to these views.
authority there is for such
of
to
pur¬
harm
Just what
support it,
we
do
we
controlling motives in the under¬
how
see
The truth
a
p
jpular
"stage managing," his "radio voice," his platform
presence
of
and his extensive
swaying the
masses,
of
anyone
the
can
matter is
long series of such
use
of all the modern tricks
failed to persuade
proportion of those eligible to vote to
as
as
large
a
to the polls
very
limelight with his "Cross of Gold"
The large vote is accounted for chiefly by
the fact that
to
go
(}id the Great Commoner in 1896 when he threw
speech.
only the latest in
enormous
year's Presidential election, in which
to
not
at
long time afterward.
Much has been said about the
vote cast in last
himself into the
the
political.
a
version of the matter,
but
do
for
how¬
existed
probably realize that the President, with his modern
other
for
serve
a
or
today,
hardly
nearly 46,000,000 people went to the polls, but few
to
are
that time
sense
which it is
Admin¬
desires
individuals
likely
ap¬
if possible, to the
embarrassing to the
President
a
absorb
managers to
and perhaps to add,
the
support
as
divert it from other matters
somewhat
prove
political
simply
the
in
of the term in
the
regarded
the
have
certainly
that
be
19th
of
most
enlightened countries
Democracy
That is to curtail it.
something else.
in
era,
it existed
peared to be democratic.
give satisfactory relief.
There
Congress.
as
the middle of the
century
around
istration,
Con¬
trasted with conditions
passed
to
the
current
democracy had
Word appears to have been
to
that
then
of
affairs must note well the
revised
by
remarked
definitely
determined
gance,
or
a
told
this investigation, at least
"show" staged by the
dramatically
are
student
first indication of any substantial reduction
in the rate at which money is
being expended
likely to result from
attention
of
dis¬
century ago Thomas Car-
showed
fiscal
almost
easier
no
to
under
now
President
of the
commu¬
at this session of
stage
a
problems
below estimates will
real impor¬
of
kind
but
very re¬
Congress he would make
into
conclusion that
rever¬
process
About
current
The
to have arrived
seems
real
difficult
very
reduce them.
financial
only
reached
where
all
and
centuries,
have
cently
to
some
presented for solution.
budget
past.
The
several
which
call
known
money
for
discouraging
never
go
back."
will
world
sals have been in
rather
we
of
with
series
which
interruptions
$100,000,000.
so-called
financing
long
events
more
let down in the
are
world-wide trend and
a
a
expenditures during
of more than $7,000,000,000.
Dispatches
from
Washington
reporting these figures added an estimate
that expenditures
for the full fiscal year
Com¬
Committee
"we
well
statement
the
expionage, and the
inquiry
of
very
this
so-
investigation
even
we
flowering,
daily Treasury statement issued on
day that Senator Robinson made
The
the
would
mittee's
fact
a
increase
fully
so
what
get them up again./
to
ever
the
the
that
the bars
once
It is
spending public
the President's court
"packing"
the future
in
expenditures for "what
suppose
Yet it is
Senate Judiciary Commit¬
tee
curtail
shall
perhaps not
perhaps the full flowering,
The
social welfare."
namely,
before
we
or
Stage in Democracy
have here is the
People's Lobby
call social welfare will increase.
we
a
to employ
or
understood that
unlikely that we will ever go back."
It is certainly not heartening to consider
the possibility, not to use a stronger term,
eclipse those that
the current year,
an
have
to
understanding of national
It is
performance
hearings
or
Thursday said:
on
welfare.
for what
judged
may
the
impor¬
more
office
of
has
problems.
people, and increase the
further we go, there
increased likelihood that expenditures
general
have gone before it during
the
public
the incomes of the
begin will in large
measure
world
have been running on borrowed
we
the
manager", than to show evidence of
statemanship
under the theory that by these ex¬
penditures we increase confidence, increase
having
as
It
the
to
money
by the political results of
about to
skilled "stage
a
real
delegation from
a
"So far
excellent stage managers—
work.
aspiring
one
It is
the
not
time
A New
of
one
student
and
aware,
$8,000,000,000 in Perpetuity?
to
no
of
fully
integral part of
an
thoughtful
every
good "stage presence," and either to be
The "staging"
Senator Robinson
but
as
is
matters
tant for
proceedings will be hand¬
concerning intri¬
people,
politics,
Adminis¬
questions
This kind of "stage
designed.
apparently arrived when it is much
women
therefore need doubt for
one
were
beyond
importance
their
and
men
lacking in able
public
such
"examination," and that
all of the
The
question.
modern
probably their testimony will be
excellent
tration
Con¬
Word from Washington is to
wealthy
they
management" has indeed become
"tax
incited
has
somely laid out for public inspection.
will
as
known
President
numerous
public property.
a
part been quite successful in fulfilling the purposes
pending
popularly
the
and
names
They have for the most
for which
be» summoned for
to
are
before the present Ad¬
even
office.
Hill is about to get under
is
to undertake.
gress
began
the
course
what
into
that
ministration took
as
practically double the proportion of
much larger national population.js
vote.
It has
now
a
eligible
apparently taken from 1920 until
today for the politicians to succeed in exploiting
Financial
3882
the vote-getting
possibilities of the increase in voting
Yet of the total
population nearly 36% voted in 1936, while in
1896 less than 20% cast ballots.
The proportion
of the population expressing its wishes at the ballot
eligibles caused by woman suffrage.
box
without doubt
is
was
several times larger than it
But it
is
enirely by the
not
persuading the rank and file to conduct themselves
in
proportion
of the United States
obviously
the popular election
of the President.
of specially qualified electors.
The popular choice of the President, members of
the Senate, the Governors of the States, and many
other officals are plants of later growths.
The
small
a
relatively recent origin, as are the similar
of
are
All these
developments, along with the great broadening of
the basis of suffrage, have at length brought us
face to face with the problem [of the successful
arrangements for
the recall of judges.
operation of a democratic government in a sense
and in
degree not heretofore known.
a
Other
The situation
a
of
number
Related
Still
is, moreover, further complicated by
of
developments
relatively
recent
growth of the mechanical means of transportation
the
utilization of these facilities
moulding of the popular mind, and, within
the
in
the full
for
methods
past few years, the remarkable extension of what
used to be described as ward
public has become so used to the ubiqui¬
The
field.
politics to the national
radio, the widely owned automobile, the vast
tous
growth of improved highways, the extensively de¬
veloped air transportation systems, the electric am¬
plifiers, the so-called news-reels, and the like that
it finds
things
at the disposal of the politician.
extent to which newspapers
are
creased
The
almost
direct
hundreds where he was able to effect a
personal contact with a few 20 years ago.
The audience he is able to reach
lias
probably
to go
grown
through the
press
proportionately, while he is able
into the home, via the radio, of many thousands
for every one
that he was able to reach two decades
Meanwhile twice as many of every thousand
ago.
he is able to reach
more
than two
popularization
are
made the
subject of it but popularization in the
that the educational process
broadened and
made,
has been greatly
fear, in many instances dis¬
we
tressingly superficial and lacking in thoroughness in
any
field. There
erations
rather
as
are
accordingly several younger gen¬
casting votes who think of themselves
now
highly educated, when as a matter of fact
they have hardly more than a "little learning," which
the
poet has described as a "dangerous thing," in
any
of the
more
fundamental branches of knowledge.
They have, moreover, many of them at least, been
sedulously taugh to "think for themselves," which
reality often means to cultivate a skeptical or
in
everything which ex¬
hostile attitude toward nearly
perience has implanted in tradition and orthodoxy.
been well prepared for the
devising
demagogue who has no compunctions about
"remedies"
superficially plausible
ad hominein
or
reforms.
The
widespread and severe distress existing in
popular the various subsidies and relief
1932 made
of the present Administration, and thus
programs
greatly aided in the establishment on a national
politics of patrpnage which prior
scale of the sort of
to that time had been
extensively practised only by
This system has now
local
political organizations.
been
developed in national affairs with a boldness
and
shamelessness that would have been
a
to the average man a
incredible
decade ago. It will be a diffi¬
cult task to eliminate it in the
future
have the
decades
ago
right to vote.
It
was
that the "profession"
and the Future
Democracy
The
picture is an unpleasant one from whatever
Our modern democracy today
point it is viewed.
wears
just such
an
aspect, however, and the question
Must the
definitely raised: What of the future?
statesman of the
future, in order to make headway,
stoop to the tactics
of the demagogue?
If
Such
suits.
observable,
structive
as
a
process
is in fact
already easily
the dearth of real leaders with con¬
common sense
about world problems today
amply attests. Witness also the decline of the Senate
from that
it the
high position that led Lord Bryce to term
greatest deliberative body in the world.
searching is the question:
Can
a
into
man
stoop successfully to demagoguery and
that
There is little reason to won¬
in the circumstances it has made rapid
progress
until at present the public is being per¬
"public
relations
counsel"
came
prominent existence.
der
suaded, cajoled, and led by the hand (often without
the
led)
slightest suspicion
its part that it is being
during practically all its waking hours.
politicians
use
on
of this
were
new
The
naturally not long in making full
and
carefully organized
means
of
the
afraid, more and more to choose private pur¬
are
more
as
so,
gifts of statesmanship is likely, we
individual with
even
known
to re¬
or even
limits.
duce it to moderate
is
unbelievably since 1914.
politician is today able to talk face to face
with many
—
only in the sense that a great many more people
The
and other publications
by the average voter has likewise in¬
scanned
of education
popularization
not
relatively recent past, when none of these
was
it exists
as
clearly envisaging the past,
difficulty in
the
even
situation
The past few decades have brought forth a
today.
vast
related move¬
and
contemporary
contributed to the
Another is the perfection of
communication.
and
another
has
ment
Of these by far the most important is the
years.
"Education"
The soil has in this way
Developments
such
continuously
assuming office.
Modern
group
and referendum mechanisms of the West
initiative
President Roosevelt
country.
arts, and has continued to employ them
never
They arranged (so they thought) for his selection
by
whole
the
early showed himself a master in the use of
sense
dreamed of
All this applies with double
by the
ways.
candidate for national office elected
of the
degree
of real democracy is measured.
There is also the
question of for what they may cast their ballots,
that is, the extent to which the rank and file are called
upon to assume direct charge of the selection of
public officials and programs.
The framers of the
Constitution
a
of
voters
people possessing the right to vote that the
1
predetermined
force to
after
century ago.
a
June 12, 1937
Chronicle
a
statesman ?
his
But
states¬
remain
The President last fall often spoke of
determination
to
preserve
democracy
in this
country from the fate it has met in several European
countries.
He has upon a number of occasions more
recently referred to the subject, but neither last au¬
tumn nor later
he
thought
did he make it very clear just what
was
threatening democracy here.
The
Volume
Financial
144
fact of the matter is that
threatened at vital
its
real
and
a
points by its own incompetence,
statesmanship, between the constructive
leader and the
neophyte
interested in
in
unprincipled demagogue who is either
catching the fancy of the
rendering
masses
real service to the country.
a
and file have not
themselves
of his ignorance or else is more
unaware
Federal Reserve Bank Statement
democracy is today being
inability to distinguish between clever dramatics
than
The rank
always been adept at preserving
against the exploiter whose interest
was
3883 L
Chronicle
GOLD acquisitions by the United States and our
handling the additions to the
of
methods
monetary gold stocks continue to overshadow the
For
ordinary banking statistics.
been
time it has
some
apparent that the Stabilization Fund operates
extensively through gold, as the weekly additions
to
the
stocks
occasionally
are
far larger than im¬
port statistics and the probable domestic production
In the week ended last Wednesday
would indicate.
mainly dollars for himself, but it is now and prob¬
night this discrepancy was especially wide.
ably always has been much less able to protect itself
reported
against the false prophet interested in
period amounted only to about $50,000,000, but the
political
addition
Democracy has for
long been heralded
so
cure-all for the infirmities of
dares to
or
exalted
an
career.
We think it
was
as
the
humanity that he who
question is certain to be labeled
worse.
heretic,
a
Macauley who, about
a
century ago, remarked that the cure for the ills of
democracy
despite
to be found in more democracy. Yet
was
all
this,
is apparent
it
that
democracy,
particularly perhaps democracy in this country, is
facing
test far sterner than any that it has ever
a
in the ordinary
faced in the past.
The people of this country in a
than
the monetary
to
Fund, already gorged with gold, found it
to acquire large additional amounts in
necessary
with which to
lars
inactive gold
transactions
foresight, and, with reluc¬
tance be it
which
course
ably lead to
are
An indefinite continuance upon the
we
now
are
traveling must
collapse probably much worse than
a
Shall
this generation has experienced.
any
able to
the
summon
turn
back before
ter?
If not,
be
good sense and the courage to
we
overtaken with this disas¬
are
what will occur when the inevitable has
and persuade us to place men in charge of
our
eyes
our
national affairs whose claim to office is
and wisdom rather than
program
accords
rather than
of
we
Will events then remove the scales from
happened?
an
inevit¬
ability
"showmanship," and whose
with the dictates of experience
expediency?
Or shall
we
then turn to
outright dictator, meekly giving up our worship
Perhaps the answer would be sim¬
democracy?
pler—the surrender of the reins of government to
whose main interest is that of obtaining re¬
groups
wards for themselves and their friends.
The President's
dently had
but its results
be
could
startling court proposal has evi¬
salutary effect upon the public mind,
a
are
apparently not as sweeping as
The chaotic situations that have
wished.
developed in the States of Pennsylvania, Ohio and
Michigan
occurred ~but
have
would
policies
result of labor outbreaks that never
as a
can
for
ill-advised
national
hardly fail to make an impression upon
large sections of the people. It is possible that such
occurrences,
have
a
coming in rapid succession, will in time
wholesome educational result of
sufficient to turn the
final
catastrophe is
would appear
and
courage
that
as
upon us.
we
we
nonsense
line of
Should these fail it
must await with such patience
summon
can
credit of the United States to
rent
proportions
public from its idols before
a
bring
collapse of the
an
and to force the choice of
policy.
If such
a
the future will lie in the
end to cur¬
a
The
accurately, and that gold hoard now is
$900,000,000, all acquired in the brief period
Dec. 22 last.
There now are some signs that
dehoarding movement in London is
but
definite information
its
exists
to the amount still hoarded there.
as
The
upon
course,
no
impinge only distantly
developments
gold
the Federal Reserve banking statistics.
The
week to
Wednesday night witnessed a sharp return
flow of
currency
natural after
morial
combined to
these two factors
and
increase
an
outlays were
Treasury
suspension.
Day
occasion
from circulation, this being quite
extended holiday such as the Me¬
an
fairly large,
bank
of member
posits and therefore of excess reserves.
reserve
000,000,
is
an
doubled
not
to
note
that
the figure
of
It
would be
Treasury's inactive gold fund were
if the
The gold certifi¬
absorbing fresh gold supplies.
cate" fund
$930,-
increase of $70,000,000 for the week.
interesting
de¬
The official
estimate of excess reserves as of June 9 was
the
Federal
Reserve banks
was
up
$1,088,000 to $8,839,489,000 on June 9, while total
reserves
advanced
$32,761,000
$9,155,198,000,
to
owing mainly to the return of currency from circula¬
tion.
Federal Reserve notes in actual circulation
dropped
$33,065,000
$4,202,049,000.
to
with the 12 Federal Reserve banks
Deposits
moved up $68,-
497,000 to $7,292,760,000; with the account
varia¬
tions
consisting of an increase of member bank re¬
serve
deposits by $75,267,000 to $6,928,977,000; a
in
recession
the Treasury general account balance
by $30,457,000 to $84,642,000; an increase of
bank
increase of non-member
to
foreign
deposits by $17,922,000 to $139,671,000, and an
$139,470,000.
Discounts
79.6%.
bank deposits by $5,765,000
The reserve ratio was unchanged at
by
the
System
decreased
$3,190,000 to $14,295,000, while industrial advances
fell
$36,000 to $22,196,000.
of bankers' bills
holdings
were
Open market holdings
dropped $443,000 to $5,818,000, but
of United
States Government securities
unchanged at $2,526,290,000.
different
Business Failures in
stage is reached, hope for
ability of the
continue the operations.
running
not at the moment showing
said, they
great aptitude.
purchases
close to
since
reasonable wisdom and
the
fund of the Treasury reflected these
the immediate
ability to rule themselves with
shift
to
rapidly to the Treasury for a further supply of d'ol-
ally difficult circumstances are being called upon to
their
and
market
London
degree not heretofore known and under exception¬
demonstrate
It is quite obvious that the Stabil¬
$12,118,000,000.
the
gold stocks was no less
raising the aggregate stocks to
$91,000,000,
ization
Imports
for the weekly
manner
now
greatly
May
enlarged electorate to reject the advances of dema¬
FAILURES in May the first in
April, and were contra-seasonally larger
to be
with new panaceas and turn to statesmen
higher than the corresponding month of the preced¬
gogues
advocating observance of the dictates of experience.
than
ing year.
over a year
Nevertheless, they involved
an
exceedingly
3884
Financial
small amount of
any
liabilities, the smallest, in fact, of
month since August, 1936, and of any May since
1901.
There
were
with liabilities of
a
total of 834 casualties in
num¬
$8,364,000.
bered 786 and liabilities
$8,906,000, while in May,
Comparing the failures in the different industries
May with that month last
in the number in the
manufacturing, wholesale trade
and construction groups,
and reductions in the retail
trade and commercial service.
smaller in all groups,
were
struction
Liabilities involved
particularly in the
con¬
line; the sharpness of the decline in that
industry
due to the May, 1936, total being un¬
was
in
1936; the
10-year
Condition of the
condition of
a
(1923-32)
average
82.7% of normal.
was
winter
crop
77.4% reported
while the 10-year average
compares
with
May 1; the
on
con¬
(1923-32)
73.9%.
was
belt
were
able
during May and resulted in improved prospects
reported to have been exceptionally favor¬
for the crop
in that
the
in
month,
conditions
Great
Plains section, growing
and the
unfavorable
were
that territory
Until nearly the end of
area.
the
However, before the month-end rains fell
of the Great Plains
firms
failed
this
manufacturing division 153
for
year
$2,465,000,
146 failed for $2,709,000.
year
and
ago,
$1,288,000
$1,423,000.
there
were
liabilities
In the retail
liabilities
with
tion
The wholesale trade
had 86 casualties compared with 72
group
ters
while last
533
of
year
with
compared
there
group
a
were
involving $5,933,000.
$4,816,000.
In the commercial service line
only 27 firms went under this
bilities
46
and 35 last; lia¬
year
$493,000 last month and $494,000 in
were
In the different sections of the
was
having
this
more
year
country
been shown in the
course,
Condition of the rye crop on
June 1
normal, compared with 63.2%
in
75.3%
was
The
a year ago.
is estimated at 45,974,000 bushels this year,
crop
comparison with the harvest in 1936 of 25,554,000
bushels
and
is
five-year
a
(1928-32) of 38,-
average
The present forecast of this year's
212,000.
crop
3,061,000 bushels higher than that made
varied
a
Even lia¬
everywhere, three districts
than last.
few
a
were
but liabilities
In the New York
failures this
more
year,
dropped to $2,715,000 from $7,988,000
Districts in which both failures and lia¬
year ago.
bilities
lower
not
were
district there
a
rains
derived from
as
of
The New York Stock Market
shown, about half the Federal Reserve dis¬
tricts showing decreases and half gains.
bilities
of
these
that
May 1 last.
May, 1936.
trend
stated
also
is
June 1 report.
year
Fifty construc¬
It
rains in June have not,
of
companies failed for $550,000; last year
failed for
deterioration.
most
over
country and prevented further
continued into June but the benefits
518 disas¬
$3,568,000, while last
in
prospects
therefore declined during the month.
usually large rather than this year's figure being
the
66.7%,
Growing conditions in the soft red winter wheat
much smaller.
In
1 was
of June
as
reported at 71.5% of normal, which
shows increases
year
date
same
dition of last year's crop on June 1 was only
1936, 832 firms failed for $15,375,000.
in
June 12, 1937
for the date
May,
In April, failures
Chronicle
smaller this year
were
included the Boston,
Philadelphia, Cleveland, Richmond, St. Louis and
Minneapolis districts.
trict failures
liabilities
rose
In the San Francisco dis¬
103 from 90
to
$1,053,000
were
in
a
and
year ago,
comparison
$731,000 in May, 1936.
with
NOT much interest was taken trading fraternity.
by the investment and in stocks this week
The
dulness
Stock
and
that
Exchange
down
on
months ago
some
New
the
York
continued,
was
prices of equities drifted gradually downward.*
Losses
small
were
structure
not
was
in
most
groups
and the price
really affected to any important
Sheer apathy accounts for the movement,
degree.
the turnover
as
settled
only
was
little
a
motor and
other
than
more
half
a
Strikes in the steel,
million shares in each session.
industries, together with the elo¬
quent silence of the Administration regarding the
.
revolutionary methods
The Winter Wheat
now
used by labor, are caus¬
ing much perturbation in all circles, and a corre¬
Crop
sponding unwillingness to enlarge commitments in
THE forecast of the of Agriculture crop week, by
winter wheat this made
the Department
the
Nor is the gold situation
securities markets.
on
the basis of June 1 conditions is for
597,000
bushels.
Department
the
Thus,
earlier
crop
estimates
of 648,of
the
present figure is only 5,698,000 bushels under
that
of
as
May 1 last and only 1,715,000 bushels
reduced
more
from
the
April
1
the present outlook is for a crop
is
a
being substantially borne out, for
are
That
estimate.
of large dimensions
easily apparent from the fact that only three
harvests in the period since 1909 have exceeded the
forecast for this year's output.
harvest
in
and the
five-year
bushels.
any
this
1936
The winter wheat
(1928-32)
Although it is too
soon
spring,
of
the
figures
Department
of
intended
March, that the spring
crop
acreage
may
therefore
planted
the
on
reported
in
will be between 175,-
nearly double the 1936 harvest.
year
crop
calculates,
000,000 and 200,000,000 bushels.
this
623,220,000
to anticipate with
confidence the size of the wheat
basis
is
was
The latter figure
Wheat production
aggregate
between
825,-
The condition of the spring wheat crop on June 1 was
of normal,
compared
with
66.9%
on
the
to
appear
be absorbing
amounts of the metal and thus
distribution which
than
is felt
regarding the
of
fication
the
production.
course
more
the
importance
More confidence
of business, but
political
and
monetary
plainly is necessary.
and
enormous
adding to the mal¬
probably is of
the increase of
a
clari¬
aspects
Most observers anticipate fur¬
ther dull markets until
assurance
some
is
provided
these matters.
on
The New York Stock
Exchange reflected modest
buying last Saturday, but gains were scattered and
Monday
the
of
When
small.
mostly
as
dealings
news
and
gold on the London market.
down
such
a
were
point
on
or
additional floods
Leading issues
changes had little significance.
slightly
mained
fractional for the most part.
on
on
Tuesday,
recessions
issues firmed.
were
two, but in view of the thin market
proved
throughout.
resumed
easier tone developed, owing largely to
unfortunate strike
softened
000,000 and 850,000,000 bushels.
68.7%
States
Britain
since Great
comfortable,
United
yielded only 519,013,000 bushels
average
all
at
in
was
re¬
Food stocks
grains, but base metal
Railroad and
There
The tone im¬
but movements
utility stocks
a very
were
dull
modest increase of
Volume
trading
Financial
144
Wednesday, but changes
on
throughout the day.
fractional
sharply
New
Edison
on
Steam
preferred
by
Corp.,
broke
which
refusal of the Public Service Commis¬
on a
market
provided
was
York
sion to sanction
dated
The sole exception to the small
variations
of
stocks
nominal
were
exchange of the shares for Consoli¬
issues.
Strike
dominated
news
the
Thursday, with the trend toward mod¬
erately lower levels.
Copper stocks fell
than
more
others, owing to indications that restriction aims
failed at
The
recent
a
trend
lower
meeting of producers in London.
yesterday again
figures, with all
a
toward somewhat
irregular.
from all appearances
for the
way
unfavorable developments plaguing the
today.
Thursday stocks moved in
small
were
figures, despite the offering of
with modest recessions the rule in all groups.
eral Electric closed
against 35; Columbia Gas & Elec. at 11
Roebuck & Co. at
Ward
&
Co.
at
fractions,
established
were
bonds
since the
of
the
absence
varied only
of
trading.
on
the
flotations diverted
Bonds with
a
new
in
little
a
Uruguayan
settled
the
at
issues.
directly.
Pros¬
Foreign exchange dealings
Texas Gulf
Can at
un¬
Alcohol at
New
were
Stock
new
high levels for the
touched
new
low levels.
New
at
Stock
York
stocks
while 184 stocks
On the New York Curb Ex¬
change 16 stocks touched
new
year
high levels and 138
new
Call loans
low levels.
the
on
the
New York
half-day session
The steel stocks
shares;
597,990
on
shares;
were
the sales last
342,440
584,780 shares;
were
on
Friday,
On the New York Curb Exchange
Saturday
were
Wednesday, 167,200 shares;
shares, and
The
on
stock
of
73,645 shares;
on
on
Mon¬
on
Thursday, 175,290
market
this
week
was
previous weeks which have
trading of late.
Dulness and
narrowness
more
likened
to
characterized
in dealings
could be
hoped
expected of the market in view of the
attitudes of the
com¬
Washington Administration
and that of labor toward business and
Monday, early firmness
gave way
industry.
On
later in the day
declining values, and final prices among the
more
important issues showed losses of fractions to about
two
was
Little change of
points.
noted
on
difficulties,
an
encouraging nature
Tuesday with respect to current labor
nevertheless
make progress
of
a
yesterday at 98 against
Friday of last week; Inland Steel at 100
Republic Steel at 34% against 35%, and Youngstown Sheet & Tube at
the motor group,
21% bid against 22%
eral Motors at
81% ex-div. against 85.
In
Auburn Auto closed yesterday at
Friday of last week; Gen¬
on
51% against 55%; Chrysler at 107%
some
Goodyear Tire & Rubber closed
week; United States Rubber at 57% against 60, and
B. F. Goodrich at 42
against~44.
reacted to lower levels in
market.
The railroad shares
keeping with the general
Pennsylvania RR. closed yesterday at 39%
against 41% on Friday of last week; Atchison Topeka & Santa Fe at 82% against 84%; New York
Central at
41% against 44%; Union Pacific at 138%
against 137%;
Southern
Pacific at 48% against
52%; Southern Railway at 35% against 37%, and
Friday, 209,170 shares.
featured most sessions and little
to
on
Wednesday, 624,240
on
day, 139,800 shares;.on Tuesday, 139,235 shares;
or
States Steel closed
on
yesterday at 39% against 39% on Friday of last
Saturday last
on
adversely affected this week
against 114, and Hupp Motors at 3% against 3%.
remained
Thursday, 567,150 shares, and
722,021 shares.
for
were
by strike conditions in many of the companies' mills.
Exchange the sales at
Stock
Monday they
on
Tuesday,
bined
Schenley Distillers at 41% against
In the rubber group,
the
shares;
that
against 22; United States Industrial
32% against 34%; Canada Dry at 29%
unchanged
Exchange
1%.
On
22%
against 99; Bethlehem Steel at 83% against 86%;
Exchange 13
touched
stocks touched
to the
move
volume.
enormous
York
Products at
Sulphur at 35 against 35%; Continental
against 28%;
102%
the
Dairy
42, and National Distillers at 30% against 30%.
United
On
National
51% against 54%; Eastman Kodak at 169
Lorillard at 21
stabilization funds.
United States in
59%;
against 22%; National Biscuit at 23% against 24%;
active, but under the strict control of the various
Gold continued to
154% against 157; National Cash Regis¬
33% against 34; International Nickel at 59
against
grain markets, but other commodities
narrowly.
Friday of last week; Allied Chem¬
against 169; Standard Brands at 12% against 12%;
pects of a large wheat crop in the United States
moved
Nemours at
ter
on
Dye at 226 against 229%; E. I. du Pont de
Westinghouse Elec. & Mfg. at 140% against 144;
default
instances affected stock trends
Western Union closed yesterday at
55% against 57
In the
mixed, and the movements in
were
Montgomery
;
52% against 53%; Woolworth at
developed,
interest
other
and
some
speculative tinge
by fractions, for the most part.
Commodities
some
concentrated
was
new
department
mainly
counter
small
High-grade corporate bonds held well,
buying to the list.
foreign
in
and
Treasury dipped by smallest
attention
as
financing.
readily,
against 111; Sears,
88% against 89%
45% against 47%, and American Tel. & Tel. at 167^4=
ical &
Listed
Gen¬
yesterday at 52% against 54%
Friday of last week; Consolidated Edison Co. of
on
N. Y. at 33
subscription,
premiums
lethargic
Yesterday equity values again drifted downward,
against 167.
up
a
and closed the day at moderately lower figures.
$800,000,000 in two series of notes, last Monday.
It appeared that these
notes, designed for bank
taken
the market made up its mind
present to adopt an attitude of indifference
to the many
world
The trend on
toward irregularly lower levels, and
International Harvester at 107
United States Government issues
were
degree of steadiness.
was
39; J. I. Case Threshing Machine at 166 against 170;
sympathetic recession.
held close to former
fair
against 11%; Public Service of N. J. at 38 against
In the listed bond market movements
and
a
Wednesday
developments,
the strike
on
reflected
3885
Industrial
affected.
groups
stocks drifted downward
and others showed
was
Chronicle
issues managed to
sort, while the market in general
Northern Pacific at
oil
at
31% against 33%.
65% against 67%
Union Oil at
on
Friday of last week; Shell
28% against 28%, and Atlantic Refin¬
ing at 29% against 29%.
conda
on
Among the
stocks, Standard Oil of N. J. closed yesterday
In the
copper group,
Ana¬
Copper closed yesterday at 52% against 54%
Friday of last week; American Smelting & Refin¬
ing at 86% against 90%, and Phelps Dodge at 43
against 47%.
Trade and industrial
nance
of
reports reflect
taken into consideration.
week
a
good mainte¬
business, when the effects of the strikes
ending today
were
are
Steel operations for the
estimated by the American
Iron and Steel Institute at
76.2% of capacity against
Financial
3886
June 12, 1937
Chronicle
The Berlin market remained
than 10 years.
77.4% last week and 69.5% at this time last year.
in
The current
insulated from the effects of external
sharp reduction, of
a
from levels current up to two weeks ago, as
course,
the
figures represent
plants of three great companies are idle.
of electric power
duction
Pro¬
for the week to June 5
reported by the Edison Electric Institute at
was
2,131,092,000 kilowatt hours against 2,206,713,000
kilowatt
hours for the
Car loadings of
to June 5
same
week of last
freight for the week
revenue
reported by the Association of Amer¬
are
ican Railroads at
692,140
This is
cars.
a
decrease
of
•
102,715 cars from the previous week and
of
3,704
drop
a
from the figure for the corresponding
cars
indicating the
of the commodity mar¬
course
/
Stock
Jj
ji
Trading
the
on
July
week.
Chicago closed
at
corn
yesterday at 114%c. as against 122%c. the close
Friday of last week.
on
July oats at Chicago closed
yesterday at 39c. as against 42%c. the close
on
Fri¬
The
spot price for cotton here in New York closed
yesterday at 12.61c.
as
against 13.20c. the close
Friday of last week.
yesterday
was
18.75c.
The spot price for rubber
against 19.81c. the close
as
Friday of last week.
on
Domestic
copper
on
closed yester¬
In London the
20
pence
per
ounce
New York closed
the close
In
against 20 5/16
as
yesterday at 44%c.
of
matter
on
the
London closed
as
exchanges,
cable
yesterday at $4.93 7/16
against $4.93 9/16 the close
4.45%c.
against 45c.
as
Friday of last
on
Paris closed yesterday
on
against 4.45%c. the close
on
Friday
The confident tone
London
although
The London market
centers.
was
firm in most
ses¬
in evidence at
commodity
group
gilt-
the
stocks.
again improved,
reactionary changes also were regis¬
uncertain.
were
Trad¬
ing dwindled on Wednesday, and after a firm open¬
ing
some
profit-taking developed,
that variations
so
British funds drifted lower,
small at the end.
stocks
were
generally firm.
rubber and
oil stocks
were
firm, while base metal
shares
irregular.
but industrial
were
In
a
quiet session
Gold,
on
Thurs¬
day, small losses exceeded the small gains in num¬
ber.
Gilt-edged issues improved slightly, but indus¬
stocks
issues
declined.
gains
eased
profit-taking.
on
Commodity
irregular, and most foreign* securities
were
Quiet trading yesterday resulted in small
issues,
gilt-edged
among
industrial
while
stocks and international securities drifted lower.
Paris Bourse
the
in
ment
sharp liquidating move¬
a
securities
French
developed
Monday,
on
owing to week-end intimations that the budgetary
situation is far from
satisfactory and will require
heavy increases in taxation.
steadily
on a
tinued
Rentes
equities also
Bank
were
stocks
other
and
quite soft, but interna¬
in good demand.
The selling
con¬
Tuesday, and in that session the 3%
on
con¬
were
sols fell below 60 for the first time since
French
unloaded
were
reluctant market and unusually large
established.
were
tional issues
TRENDS werethe principal European stock ex¬
diverse this week on financial
changes in
was
of industrial
favor
in
International issues
tered.
French
European Stock Markets
some
again
Buyers neglected
Tuesday.
on
department
losses
of last week.
Increased interest also
reported in the Anglo-American trading favor¬
was
On
foreign
week, and cable transfers
at
pence per
Gilt-edged
stocks improved,
but industrial
dull,
were
gaged in a spirited rally.
Friday of last week.
on
the
transfers
as
was
Friday of last week, and spot silver in
on
ounce
price of bar silver yesterday
was
While gold-mining and other commodity stocks en¬
trial
day at 14c., the close on Friday of last week.
Exchange
higher levels in almost all departments.
issues
were
day of last week.
London
fairly active last Monday, and the trend was toward
Most issues in the
of last
In all
good degree of
phase.
yesterday at 108%c. against 111c. the close
day
a
armaments problems overshadow that
getary and
edged
Fri¬
Europe
activity is maintained, but monetary, bud¬
business
kets, the July option for wheat in Chicago closed
on
developments,
inconsequential.
the industrial countries of
ites.
week of 1936.
As
and movements there were
preceding week and 1,922,-
108,000 kilowatt hours for the
year.
more
equities also suffered again.
1926, while
International
sions, despite continued uncertainty regarding the
issues remained in keen
international gold problem.
flight from the franc which once again was in prog¬
On the Paris market
a
sharp slump developed early in the week, and only
a
modest
followed.
recovery
of
London,
and
heavy
was
bank, industrial and electrical equities, and larger
sales
by
deposit
Russian
advances marked the
a
quiet session
on
dealings in foreign issues.
Thursday rentes
little
the flood
The gold problem
ties failed to reflect any
every
offerings.
Europe,
in
as
the United
colorless, and little really
established circumstances.
don
on
It
was
was
000,000 gold for
States, from
added to the
urged to absorb about £100,-
currency
backing, in order to relieve
The fear per¬
everywhere, meanwhile, that the huge
additions to monetary gold stocks
advances
French
re¬
reported in Lon¬
position of the Bank of England.
sists almost
cided
de¬
Wednesday that heads of the British Do¬
minion banks had been
the
was
conceivable angle, but official expressions
mained
market
of
general
even
the
price
gold
will occasion de¬
levels.
question
On
was
the
over¬
shadowed, when it appeared that heavy deficits
continuing,
with
increases
order to foot the till.
of
Wednesday, but
was
recover.
perturbation occasioned by
of
on
trend
to
authorities added to the
bated" in
little
Small gains appeared in
Gold again
dehoarded in large amounts from the safe
vaults
The tone improved a
ress.
rentes failed
The Berlin
irregular, with movements small.
demand, which reflected the
taxation
likely
are
in
Rentes fell to the lowest levels
a
higher, but bank stocks and other French equi¬
demand for
The
In
marked
were
tone
increases of optimism.
The
foreign securities continued unabated.
was
better
yesterday at Paris.
Rentes
gained readily on good buying, while bank stocks
and other
equities also improved.
Dealings
ness
was
uncertain.
A little
to the
regard
small
were
on
resumed for the
the Berlin Boerse
nervousness
bombing
Deutschland and the
as
week, and the trend
of
still
the
busi¬
was
prevailed with
German
warship
reprisal at Almeria, but buy¬
ing predominated and more gains than losses were
recorded.
Dulness
Berlin
Fixed-interest securities
was
on
irregular.
the main
Tuesday, and changes
Only
a
were
neglected.
characteristic of trading at
once
again
were
few specialties showed sizable
changes, and these movements were in both direc-
Volume
Financial
144
tions, while the bulk of stocks drifted slightly lower.
A little
a
business
more
was
done
definite trend again was lacking.
trial issues
main
The currencies of both
ings from such sources.
countries
are
insulated against the effects of the
Heavy indus-
increased gold stocks, for Great Britain appears to
mixed, but chemical and electrical
were
be using the Exchange Equalization Fund for the
stocks advanced.
the
-
Wednesday, but
on
3887
Chronicle
In listless dealings on
movements
toward
were
Thursday
while in this country the mechanism of the
purpose,
Inactive Gold Fund
levels.
lower
invented, since the Amer-
was
Changes were mostly fractional, however, and some
ican Exchange Stabilization Fund consists almost
gains were interspersed
entrely of gold in
were
among
Changes
the losses.
unimportant in another dull session at Berlin,
any
event.
When the dehoarding
movement in Europe runs its course, the gold problem will be reduced to more rational proportions.
yesterday.
The sudden release of
°
its
run
gold from Russia also may
for the Moscow authorities appar-
course,
GOLD wasproblema by the abandonment an eco- ently have realized belatedly that in that other counmade political as well as during
an international
gold is merely
commodity
nomic
the
sense
depression of the automatic gold standard and
by the universal manipulation of
It becomes
ments.
tampering
rency
ever
valuations in the event of
currency arrange-
clearer that most of the
external credits
cur-
needless, and had the effect
was
a
tries might refuse to accept at established internal
by
means
war.
Establishment of
of gold shipments is not
likely to be carried to an unreasonable extent by
mainly of prolonging the distrust and uncertainty
Moscow, however, as offerings on too heavy a scale
of
might precipitate in peace time the effects against
depression periods.
is past,
officially,
Although the depression
save
for the relief expenditures I which Russia plainly is trying to obtain insurance
.
which the Roosevelt Administration finds
profitable, the gold problem remains.
problem, loosed
raised
the
now
upon us
politically
,
now.
world
More imminent and lasting is the question of in-
by politicians who jauntily
creased production, with which it is decidedly not
It is
a
price of the metal in terms of existing
advisable to deal at the present moment, when the
currencies, and thus induced hoarding at first and
whole matter is complicated by releases from hoards
now
trend toward
a
dehoarding and increased pro-
duction that threatens the
established
economic
the recent annual
price structure and all
relationships.
According to
report of the Bank for Interna-
tional
Settlements, monetary gold stocks
ing at
a
rate never before witnessed.
are
It is
increas-
a common-
place that Great Britain and the United States
absorbing the increases, and it is not
that officials of
matter
nations
these twTo
intentions with respect to
as
the United
dent Roosevelt and
sions that
of
no
concerned, Presi-
Secretary of the Treasury Henry
recent occa-
change is contemplated in the policy
less
ounce,
Unfortunately,
handling charges.
this Administration
also is
of any real excess of gold.
definite
on
sent during recent years
care
record
as
is
period
decidedly.
very
as
to gold is to be
advisable to lengthen the
The British Government is
subject to interpellation in the House of Commons
on
this,
as
other matters.
on
Chancellor of the Exchequer,
asked
preferable
Alteration of the British gold
that
control
of
be
Converti-
production
bility also might be reestablished, in an effort to
part of the governmental gold
it
should
hoards.
be recognized
some
In the mean-
that the managed
experiment, under which we live, either pre-
vents or delays
indefinitely the normal interactions
other commodity prices which Adam
of gold and
Smith and others traced in the last 160 years,
European Alliances
l^VIPLOMATIC aggressiveness remains one of the
*-J
prominent earmarks of the fascist States of
Europe, and spokesmen for this group of govern-
contemplated, Sir John said, but he added that
ments flitted rapidly about the Continent, this week,
fixed
obligation to buy gold at
price but only to buy in order to avoid
undue fluctuations."
rnent of Great
is
Such
policy
"this does not involve any
a
further with currencies.
increase monetary confidence and distribute
was
ments, but he supplied little reassurance and less
information.
is not
increased production is not
The newly-appointed
Sir John Simon,
Tuesday about gold and currency arrange-
on
if
attempted as suggested by the B. I. S.
money
uncertainty
even
of in this manner, it is obviously inad-
sions, and before efforts are made along such lines
it
and if the
seem
to London and New York,
tampering destroys confidence and induces depres-
while
current
But
States.
taken
keeping its monetary policies on a 24-liour basis,
dispelled it would
The basis for a redistri-
bution exists in the vast amounts of fugitive capital
metallic transfers to Great Britain and the United
buying all gold offered legally at the rate of $35
an
The
surprising
leading trading
many
funds.
problem is more a matter of maldistribution than
visable to tamper
on
gold
will show that the essential
which in themselves occasioned a good part of the
gold.
States is
Morgenthau Jr. have stated
governmental
are
questioned almost daily regarding their
are
So far
a
established
and
future quite possibly
The
tripartite monetary
agree-
Britain, France and the United States
working satisfactorily, and no modification is con-
in the endeavor to bolster alliances and augment
prestige.
ner von
The German War Minister, General WerBlomberg, concluded last Monday a brief
official visit to Italy, which he declared was for the
purpose
of aiding the "Berlin-Rome axis" and of in-
«;ed, Sir John stated. The British Govern- suring world peace. Much of the visit was taken
as
recommitted by
tions made
whatever
was
added
This leaves the
answer
will
be said of that
States
or
taken away.
gold problem unanswered, but an
must be found.
in London
the new Chancellor to the
officially in the past, and nothing
run
The dehoarding movement
its course, and not much need
phase, since the British and United
Governments
readily
can
absorb the offer-
up
with displays of Italian military power, and it
was
surmised by press correspondents that the Span-
ish situation was one of the more prominent items
of discussion.
There is still no definite date fixed
for the long-postponed visit to Germany which it is
understood
Premier
Mussolini
is
to
undertake,
Baron Konstantin von Neurath, the German Foreign
Minister, journeyed to Yugoslavia on Tuesday and
3888
to
Financial
Bulgaria
than
more
have lost
and
diplomatic ground in the Balkans of late,
efforts
to
Poland
regain the lost standing
paid
Rumania, and
month
considered
was
courtesy tour, for the Reich is said to
sidered, quite natural.
of
This
Wednesday.
on
a
a
State last Monday to
return visit is to be paid late this
by King Carol.
The Polish desire to improve
the alliance with Rumania has been made
in
clear
the. past,
whether this
It
tente.
but there is
implies
was
a
werder, East Prussia,
lowers there
accidentally at Marien-
chosen group
a
Some
to the belief that this
toward
to
as
of his fol¬
problems of the eastern fron¬
on
tiers of the Reich.
doubt
Wednesday, that Chancel¬
on
address
soon
some
abundantly
European observers incline
means
more
a
positive policy
June 12 > 1937
reparations would be demanded for the "premedi¬
tated
aggression" by German warships.
hood
this
aim
at London
Withdrawal
plainly is to prevent animosities.
by Germany and Italy from the patrol
plan of the Non-intervention Committee remained
effective, but the ships of those countries actually
said to be in readiness for
were
early resumption of
the international control.
Diplomatic explorations of the neutrality problem
apparently have been conducted with great thorough¬
It
ness.
was
reported at Rome last Saturday that
Italy had replied favorably to
for
British suggestion
a
guarantees against future attacks on the patrol
ships, the establishment of safety
Some "observations"
reported, however, in the
ferred
freedom
attacked.
It
of
should
action
coincided with those of Italy in
cidedly this week at the London Imperial Confer¬
entire
and much doubt
ence,
an
trade
arrangement
of
ence
the
can
to whether such
as
The confer¬
leading units in the British Common¬
of Nations is
wealth
exists
now
be consummated.
entering its final stage, with
the visible
accomplishments rather modest.
debate
constitutional
on
A long
questions ended last Mon¬
question
little
by the committee
upon an
of the
cessful,
ments
although
to
it
manufacture
Britain summed up
more
munitions
the results.
given to the question of
Dominion
that
seems
Great
was
reciprocal trade treaty
a
Empire units,
The tentative list of items
group.
agree¬
for
Attention also
betwen the United States and all
a
suc¬
on
as
which the
whole.
as a
international investigation of the bombing
Deutschland, but it
conclusion
gone
would oppose
the
affair.
accepted
was
Great
that
Britain
carefully investigated the
explosion which damaged the destroyer Hun¬
ter and killed
eight of the British
Prime Minister Joseph A. Lyons of Aus¬
veloped.
tralia
pointed out that he faces
autumn and
hardly would
mitments at this time;
kenzie
King of Canada
tation with his
any
studied carefully, but it
was
good deal of opposition quickly de¬
care
an
election this
to enter upon com¬
the
said to feel that consul¬
colleagues at Ottawa must precede
definite discussion.
Debate
on
the reciprocal
were
explosion
laid to
off
a
was
mine, laid illegally in the high
rebel
seas
of
lull
a
At the end of the six-hour
to the New York "Times"
remained
gains
good deal of opposition
as
debate,
a
London report
said, the treaty situation
unfathomable
as
before, with neither
losses registered in the impasse already
nor
manifested
by the Imperial Conference discussions.
of
APPREHENSIONS
of
international
complications resulting from recent Spanish
civil
were
war
incidents diminished this
made
week,
as
efforts
by the British Government to induce
to the
Mola
a
lar and able.
Attempts
German
battleship Deutschland and the retaliatory
shelling of the port of Almeria promise to have
cussions for
ernment
some
time to
come.
reper¬
The German Gov¬
declared the incident closed with
the
re¬
taliatory measure, but the Spanish Government noti-
attacking Bilbao,
was
a
The loss
serious
blow
were
made early this week
a
suspension of activities and
only artillery duels took place most of the week.
military
were
rid
It
consequence.
continued by both sides,
rumored
on
gent drive on the
of
were
no
on
loyalist forces
Cordoba front
Thursday that
soon
particular
no
military effect.
Wednesday that
a
fresh ininjr-
a
was
loyalist authorities at Valencia,
relieving Bilbao.
developbji^
on
the
ot^efe
general offensmi
is to start, with the aim of
It is known
loyalist force, estimated by
men,
of
Rebel artillery shelled Mad¬
heavily at times, but also to
was
hand, indicated
loyalist bombing of the
owing
gains around Bilbao, but incle¬
ment weather forced
and
The
week,
airplane accident, and he
considered
was
to extend the rebel
The
fleets.
reserved
insurgent cause, as he was exceedingly popu¬
resumption of ordinary patrol duty by the German
Italian
an
with destructive results that
additional
this
replaced by General Fidelio Davila.
General
Airplane bombings
Spain
was
General Emilio Mola, who
commanded the rebel forces
was
a
The right
damage.
developed
mainly to bad weather.
Commons, Wednesday, and
expressed by the Members of Parliament.
an
fighting between the loyalists and rebels,
something
killed late last week in
was
Although
"accident," it
Spanish loyalist ports.
In the
The find¬
formal protest, Wednes¬
admittedly
was
treaty issue enlivened the session of the House of
also
a
to claim remuneration for
Prime Minister W. L. Mac¬
was
summarized in
crew.
day, to the rebel authorities in Spain.
a
fore¬
France
instructive, meanwhile, that the
States
that
as a
and
the suggestion, in order to minimize
It is
British Government itself
recent
doing
are
Russian spokesmen insisted also
patrol duty.
ings
Government,
a
But the British dele¬
treaty might be based, as supplied by the United
appears
and
group,
only to the nations whose fleets
concern
collabora¬
on
somewhat
was
The
meet¬
a
gate insisted that the problem was one of particular
more
The discussion
war
Thursday in
representative urged that the new plan be drawn up
been
the event of
on
desires
this matter.
unpleasantness developed when the Russian
the
entirely fruitless.
German
ing of the London Non-intervention
day, and the exchange of views is reported to have
tion in
aired
was
warship be
any
that the
stated
was
by Italy
that Rome pre¬
sense
SENTIMENT regarding the suggested cool de¬
Anglotreaty appeared to
American
and pro¬
zones
posals for international consultation in the event
were
Imperial Conference
In all likeli¬
protest will be quietly shelved, for the
of further incidents.
Danzig.
Committee that
the London Non-Intervention
fied
weakening of the Little En¬
made known
lor Hitler is to
con¬
President Ignace Moscicki
visit of
a
were
Chronicle
some
that
an
immense
observers at 500,000
has been undergoing intensive training of late,
and the surmise is that the fresh battalions will be
Volume
Financial
144
thrown into action before
eral
Franco,
received reinforcements from
Madrid.
on
is
war
the
Africa, for
If all these accounts
likely to proceed
on
a
drive
a new
correct, the
are
wider scale than in
past, and probably with greater bitterness and
this
offer, but it is reliably reported that
GREAT difficulty istobeing experienced in the
attempts
adjust the two outstand¬
current
American
the
mitted
to
republics
adjustment
peaceful
questions,
now
Although
firmly
are
com¬
international
of
uneasiness exists with respect to
some
will
ers
be
made.
For
the
time
being,
be made to
clarify such aspects of the
upon his arrival in this country,
Charlone made much
Cesar
be
well
asked,
in
such
of this
contract terms of the loans.
all the world
fact.
supply
partial
a
coupon
rates than the dollar bonds.
the
gates from Peru and Ecuador for the last six months
creditors
100,000
miles.
square
most desul¬
disagreement, but
were
This problem reached a more delicate phase
authorities charged
Ecuadoreans with violation of territories and made
to have moved
said
were
bitter
The
areas.
Bolivia
over
prevail in the negotiations
adjustment of the boundary disagreed
more
than
month
a
to resume diplomatic relations, but Bolivia de¬
ago
clared last
naming
ences
a
video has
Wednesday that the
necessary
step of
outstanding which have been in complete default
since early
in 1932.
from the Federal
est to
for
This is
matter quite apart
a
loans, but it must remain of inter¬
regime that plainly is bent upon restoring
a
be
standing.
On the other hand, due credit
given the Uruguayan central government
having met its obligations, at least in part,
throughout the depression and for taking steps to
effect
a
more
less permanent
or
improved basis.
settlement
Only Argentina,
American debtor
States,
Discount Rates of
It is expected,
however, that the conference will continue.
boast of
can
a
on an
the South
among
better record.
the
nouncement
now
After protracted negotiations with the
Rate in
Date
vious
Established
3X
Mar.
Austria
3H
July
4
Uruguayan Finance Minister, Dr. Cesar Charlone,
Belgium...
Bulgaria...
Canada
Chile..
Argentina..
are
Pre¬
Effect
Date
vious
June 11
Established
Rate
2
—
Dec.
2 1936
Hungary...
4
Aug. 28 1935
4 H
India
3
Nov. 29 1935
2
2H
6
Aug. 15 1935
7
Mar. 11 1936
Jan.
24 1935
4
July
18 1933
3
..
Rate in
I"
1 1935
May 16 1935
4
Jan.
1 1936
Ireland
3
4X
June 30 1932
4H
Italy
May 18 1936
3.29
Japan
Java
3
Apr.
6 1936
Jan.
14 1937
2H
4X
3K
3H
5
3.65
4
5
Jugoslavia.
5
Feb.
1 1935
6M
Lithuania..
1 1936
6
Morocco...
5H
m
July
3H
May 28 1935
5
Norway
4
Dec.
5 1936
3X
2H
Poland
5
Oct.
25 1933
Portugal...
5
Dec. 13 1934
5H
5X
4H
Rumania..
4H
Dec.
7 1934
6
South Africa
3H
May 15 1933
4
Czechoslo¬
vakia
formally after compliance with necessary
11936
10 1936
2^
Colombia
offer which will
centers
CENTRAL BANKS
Country
Holland
July
an
leading
Rate
Batavia
tentiary, Jose Richling, outlined
the
Pre¬
Effect
June 11
Country
Foreign Bondholders Protective Council, Inc., the
Envoy Extraordinary and Minister Plenipo¬
at
DISCOUNT RATES OF FOREIGN
cover¬
ing the $57,000,000 dollar bonds of that country
rates
shown in the table which f allows:
on
Thursday of improved service arrangements
rates of any
Present
banks.
TARDY, but nevertheless welcome, is the an¬
by Uruguayan authorities
outstanding.
Foreign Central Banks
THERE have been no changes during the week in
discount
of the foieign central
Uruguayan Loans
be made
capital city of Monte¬
approximately $10,000,009 of dollar bonds
Minister will not be taken, owing to differ¬
developed in the discussions.
and the
a
pay¬
Note also should be taken
announced.
now
must
These countries
dute.
distinctly Peruvian
adjustment of the debt service
of the circumstance that the
its credit
still to
seem
troops
ments
by the three-year conflict
at Buenos Aires for
official
high interest rates in the future will witness
suitable upward
feelings between Paraguay and
occasioned
the Chaco
Ecuadorean
into
an
of
apart as to preclude the usual process of arbi¬
representations.
American
that
to
appeared last month that the two groups
diplomatic
appear
explanations of
was
far
Peruvian
would
smaller
Despite such
nature, and perhaps to assurances that any period
so
last Tuesday, when
it
entitled to
far
carry
of
it
tration.
are
market
area
an
President Roosevelt
arbitrator in the event of
as
a
their relative claims to
fashion
tory
act
discussing in Washington in
answer,
pointed out that Uruguayan loans
London
circumstances,
have been
the
why
The low interest rates
in
Dele¬
It may
failing to meet the
floated
Bolivia and
between
be
can
two, and
or
circumstances,
authorities of the country are
common over
pro¬
Finance Minister
ing territorial
and
im¬
some
Uruguay, for instance, has made
and it also
claims,
a recom¬
portant questions remain unanswered, and efforts
possible clashes between Peru and Ecuador regard¬
Paraguay with respect to the Gran Chaco.
by the
by bondhold¬
huge economic strides in the last year
ing boundary disputes in South America.
all
made
mendation for favorable consideration
posed adjustment.
Latin-American Disputes
far has been
so
Foreign Bondholders Protective Council regarding
should
intensity.
3889
No announcement
The insurgent Gen¬
long.
the other hand, is reported to have
on
Chronicle
the
There
are
four dollar
Uruguayan Government,
upon
bond issues of
which interest
payments have been made since late in 1933 at the
uniform rate of
3%%
were
issues,
carries
and
one
of
one
ing the
years
a coupon
4
Jan.
2 1937
4
Oct.
19 1936
England
2
June 30 1932
5
Sept. 25 1934
Finland
4
Dec.
4 1934
France
4
Jan.
28 1937
2
Spain.
5
July
Germany..
4
Sept. 30 1932
5
Sweden
2 H
Dec.
1 1933
3
Greece
6
Jan.
4 1937
7
Switzerland
1H
Nov. 25 1936
2
Of
projected,
IN bills Friday market discount rates for short
LONDON open
%%
against 11-16%
Friday of last week, and %% for three months' bills
Under the offer
now
1938 and 1939; 4%% from 1940 to
The two
on
as
against
Money
on
were
11-16@%%
call at
At Paris the open
and
in Switzerland at
1939; 4% from 1940 to 1943, and 4%% from
maturity.
3%%,
as
at present.
in !938 and 1939, and 1% in 1940 and
on
London
on
Friday of last
week.
Friday
lA%.
on
was
market rate remains at 4% and
1%.
Bank of England Statement
In
addition, all issues will be amortized at'the rate
thereafter.
as
The 5% bonds will receive inter¬
est at the uniform rate of
1 y2%
5H
Foreign Money Rates
these
rate of 8%, two of 6%
6% issues will be serviced at rates of 3%% in 1938
of
10 1935
6
while sinking fund
altogether.
1943, and 4%% from 1944 to maturity.
1944 to
.
3H
8% issue will receive 4% interest dur¬
5%.
holders of the
per annum,
suspended
payments
Danzig
Denmark..
Estonia
formalities.
THEgain of £64,104the week ended June 9 shows
statement for in gold holdings raising the
a
total to
a
new
high of £322,141,145 in comparison
3890
with
by
Financial
£209,400,538.
As the gold gain
was
attended
expansion of £989i;000 in circulation,
an
fell off
other
£925,000.
Public deposits
£456,000 and
rose
deposits decreased £2,595,509.
amount
£2,070,812
£524,697
from
Of the latter
from bankers' accounts and
was
other
reserves
The
accounts.
reserve
pro¬
Chronicle
June 12, 1937
marks, 2,000 marks,
37,838,000 marks, and 125,-
641,000 marks, respectively.
also
registered
Notes in circulation
loss of 176,000,000 marks, which
a
brought the total down to 4,725,000,000 marks.
year
circulation
ago
amounted
A
4,176,407,000
to
marks and two years ago 3,732,281,000 marks.
An
portion is 29.40% slightly lower than last week when
increase
it
was
7,063,000 marks and in other liabilities of 2,720,000
on
government securities fell off £1,619,000 and those
marks.
on
other securities increased
1.80% last
29.60%;
amount
a year
£83,357
was
it
ago
26.50%.
was
£421,547.
Of the latter
addition to discounts and
an
advances and £338,190 to securities.
rate
left at
was
2%.
Loans
Below
we
shown
was
The
June 10,
1936
June 13,
June 14,
1934
1933
26.50%
2%
37.57%
2%
June 7,1935
Reichsmarks
Reichsmarks
No change
—326,000
—258,436,000
+ 7,063,000
—9,344,000
Bills of exch. and checks
Silver and other coin...
Investments.
2%
June 6,1936
Reichsmarks
+ 172,000
Of which depos. abr'd
Reserve in foreign curr.
Advances
29.40%
47.79%
2%
—2,000
-
Other assets—
—37,838,000
Propor'n of gold & for'n
curr. to note
circul'n.
+0.07%
francs.
Gold
francs
A
and
a
namely
francs,
which
86,971,855,885 francs.
stood at
vious year at
57,359,030,180
ago
1,226,000,000
total up to
year
was
brought
the
Circulation last
84,962,305,175 francs and the
82,124,919,980 francs.
abroad,
French
creditor
current
commercial
pre¬
Credit balance
bills
discounted
showed
accounts
2.33%
Treasury note and dis-
new
count bill issues constituted the main
70,725,182,687 francs.
registered in note circulation,
years
large increase
now
1.80%
2%
aggregated 55,521,431,041
year ago
two
is
1.59%
New York Money Market
47.21%
THE statement for thein week of June 4 showed
another slight gain
gold goldings of 36,299
which
70,162,000
83,104,000
19,359,000
23,572,000
22,039,000
5,528,000
5,349,000
4,021,000
5,155,240,000 4,329,758,000 3,708,216,000
179,194,000
171,943,000
127,445,000
40,695,000
44,467,000
47,112,000
414,264,000
530,048,000
661,607,000
526,402,000
736,977,000
653,848,000
-176,000,000 4,725,000,000 4,176,407,000 3,732,281,000
-125,641,000
678,222,000
693,154,000
735,113,000
+ 2,720.000
195,163,000
184,997,000
205,828,000
Other daily matur. oblig
Other liabilities
Bank of France Statement
the total of
68,777,000
Liabilities-—
Notes in circulation
ABSORPTION of the
francs,
comparison
a
June 7,1937
Gold and bullion
476, 541,000 433,003,579 398,762,000 378,572,009 375,021,029
10, 687,000
14,480,741
7,788,000 21,019,123 11,611,297
144, 204,638 123,563,740 137,681,596 132,870,008 143,477,651
Bankers' accounts. 107, 428,668
85,600,140 101,739,945 97,004,895 104,802,420
Other accounts
36, 775,970 37,063,600
35,941,651
35,865,113 38,675,231
Govt, securities
101, 203,035 97,768,310
92,347,044 81,445,318 75,408,503
Other securities
25, 906,727 20,737,018
16,334,308
16,768,180 24,322,947
Disct. & advances.
4, 832,696
6,165,920
5,871,578
5,741,934 12,961,256
Securities21, 074,031
14,571,098
10,462,730
11,026,246 11,361,691
Reserve notes & coin
45, 612,000 36,396,959 54,657,000 73,558,292 73,225,427
Coin and bullion
322, 154,145 209,400,538 193,418,576 192,130,301 188,246,456
Proportion of reserve
liabilities
with
compares
furnish
Reichsmarks
Public deposits
Other deposits
to
we
Changes
Circulation..
Bank rate
Below
of
coin
for Week
STATEMENT
June 12,
1935
other
REICHSBANK'S COMPARATIVE STATEMENT
Assets—
1937
and
of the various items for three years:
The discount
items with comparisons for previous years:
June 9,
silver
ratio, at 1.59%,
reserve
year.
tabulate the different
BANK OF ENGLAND'S COMPARATIVE
in
decreases
and
of
1,-
in the money
market this week, although
sion of loan business also
announced
1%%
months.
were
due in
issues,
four
years
announced
Treasury
and
on
nine
Monday,
oversubscribed, and allotments
only 17% of applications.
on
The
and three months, and $400,000,060
coupons
Both
promptly
noted.
$400,000,000 notes with 1%% interest,
due in two years
with
was
activity
an expan¬
were
The Treasury also sold
Monday $50,000,000 bills due in 273 days, at
average
discount of 0.545%, computed
bank discount basis.
on an
an
annual
Bankers' bill and commercial
paper
rates were unchanged.
000,000 francs, 870,000,000 francs, and 1,654,000,000
York
Stock Exchange held to
francs,
tions, while time money remained available at 1%%
while
advances^against securities increased
212,0Q0,000l'rancsL The reserve ratio rose to
for maturities to 90
compared with 59.68%
Call loans
on
the New
1% for all transac¬
months' paper.
before.
year
Below
a year ago
furnish
we
55.56%,
and 73.54% the
a
comparison
of
New York Money Rates
the various items for three years:
BANK OF FRANCE'S
COMPARATIVE STATEMENT
+
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
was
Changes
June 4,
for Week
1937
June 5,
1936
June 7, 1935
Francs
Francs
Francs
Francs
+ 36,299 57,359,030,180 55,521,431,041 70,725,182,687
Gold holdings
Credit bals. abroad,
a
—1,000,000
12,101,256
591,145,510
French commercial
bills
discounted.
—870,000,000
72,893,122
7,476,520,149 19,535,466,769
1,039,692,789
1,283,958,674
8,129,410,997
b Bills bought abr'd
No change
1,173,318,169
Adv. against securs.
+212,000,000
3,989,825,344 3,527,094,492 3,339,933,431
Note circulation
+ 1,266,000,000 86,971,855,885 84,962,305,175
82,124,919,980
Credit current accts. —1,654,000,000 16,266,488,432
8,065,017,686 14,048,246,991
c
_
Temp, ad vs. with¬
out Int.to State..
No change
a
+0.23%
55.56%
59.68%
b Includes bills discounted abroad,
resenting drafts on Treasury on 10-billion-franc credit opened at Bank.
valuation
legislation
were revalued
enacted
on
and renewals.
loans
continues
quiet,
that
Prime
all
these
bills
had
new
money
transactions having been reported
commercial paper
134%
up
to
has been in good demand
73.54%
c
Rep¬
Sept. 26, 1936, in accordance with de¬
has been somewhat lighter,
paper
changed at 1% for all maturities.
was
Rates
are
un¬
.
Bankers'
Acceptances
page of this issue.
Note—"Treasury bills discounted" appeared in blank
as
time
days and 134% for four to six months' maturities.
Immediately following devaluation,
taken over by the French stabilization
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold bullion in Euro¬
subsequent
for
date.
10,000,000,000 francs of the Bank's gold
pean Banks" on a
market
Rates continued nominal at
this week.
90
no
The
throughout the week, but the supply of high grade
Includes bills purchased In France,
Gold holdings of the Bank
ruling quotation all through the week for both
19,979,307,016
Propor'n of gold on
hand to sight liab.
days, and 1%% for four to six
and
matured
"Temporary advances without
have
since
been
in the statement of Sept. 25;
transferred to the account
interest to the State."
THE market for this week. The demand has
prime bankers' acceptances
been
inactive
tinues
Bank of
Germany Statement
The
con¬
greater than the supply.
official
quotations
as
Rates
issued
are
unchanged.
by the
Reserve Bank of New York for bills up to
Federal
and includ¬
THE quarterly statement in goldJune bullion of
dated and 7 showed
slight increase
ing 30 days are 34%. bid and 7-16% asked; for bills
172,000 marks, which brought the total
running for 60 and 90 days,
another
000 marks.
Gold
a
marks and the year
serves
checks,
in
foreign
advances,
other
year ago
up
to 68,777,-
aggregated 70,162,000
before 83,104,000 marks.
currency,
bills
investments,
of
exchange
other
assets
Re¬
five and six
and
bill-buying rate of the New York Reserve Bank is
and
daily maturing obligations recorded decreases,
namely 326,000 marks, 258,436,000 marks, 9,344,000
9-16% bid and 34%
asked; four months, %% bid and 9-16% asked; for
months, 24% bid and 24% asked.
The
34% for bills running from 1 to 90 days, 24% for
91- to
120-day bills and 1% for 121- to 180-day bills.
The Federal Reserve Bank's
holdings of acceptances
Volume
Financial
144
decreased
from
market dealers
$6,261,000
Open
$5,818,000.
to
quoting the same rates as those
are
reported by the Federal Reserve Bank of New York.
The rates for open market acceptances are as
180 Days
follows:
—120 Days
150 Days
Bid
Asked
Bid
Asked
Bid
Asked
X
X
X
X
X
——90 Days
FOR
Asked
Bid
Asked
Bid
buying policy.
X
916
H
X
7'16
"I
am
glad of the opportunity
statement with the view to remove some
a
Asked
»,6
DELIVERY WITHIN
of
THIRTY DAYS
the misconceptions
The British monetary
X % bid
Eligible member banks
Eligible non-member banks
X % bid
...
which have been prevalent.
policy remains
as
laid down by
predecessor in his statement at the World Eco¬
my
nomic Conference in 1933 and declarations
Discount Rates of the Federal Reserve Banks
THERE have been no changes this week banks.
rediscount
the Federal Reserve in the
rates of
The
following is the schedule of rates
the
for
various
classes
of
now
the different
at
paper
in effect
and
No
the
in
BANKS
before the Imperial
come
ference is
Effect on
Date
June 11
Established
any
London.)
pointed out that the tripartite declaration
uries and that the arrangement
has been working to
Rale
New York
IX
Feb.
the full satisfaction of the respective governments.
2X
2
Jan.
He
17 1935
11 1935
Cleveland..
IX
May
Richmond
2
May
Atlanta.
2
Jan.
2
Jan.
technical
that
details
matters
were
of
daily review by the permanent officers of the several
2
191935
St. Louis
2X
/
14 1935
Chicago
stated
2
2 1934
Philadelphia
2X
9 1935
treasuries.
2 X
2 X
r
2
Jan.
3 1935
2
May 14 1935
2X
2
May
10 1935
2X
Dallas.
2
May
8 1935
2X
San Francisco
2
Feb.
16 1934
That fears
2X
Minneapolis
Kansas City...
2 X
tained in
respecting the gold price
were
altogether in "speculative rumors" may be
Exchange
annual
enter¬
responsible quarters and did not originate
the remarks of Sir Auckland
Course of Sterling
has
(The Con¬
Previous
v
81934
Feb.
2
Boston
in session in
now
nor
Conference."
required close contact between the respective treas¬
r-v
.
Rate in
Federal Reserve Bank
September last.
declaration
tripartite
change in this policy is contemplated
Sir John
RATES OF FEDERAL RESERVE
by delegates
of the British Commonwealths at the same conference
Reserve banks:
DISCOUNT
obli¬
an
ment, he said, will not hesitate to follow this type of
to make
Bid
Prime eligible bills
"This does not involve
gation to buy gold at a fixed price, but only to buy
in order to avoid undue fluctuations."
The Govern¬
The Chancellor said:
—30 Days
60 Days——
Simon said:
John
*16
Prime eligible bills
3891
Chronicle
meeting of
London.
seen
from
Geddes, presiding at the
Abbott's
Investment Trust in
"My opinion is that
no
reliance
can
be
STERLING exchangeinshows pastbetter weeks, due
a few undertone
time
the
placed in the present gold situation because of the
doubtless
possible unwillingness of the United States Govern¬
than
at
any
to
the
practical elimination of fears
re¬
specting the gold price, following official expressions
ment to continue to increase its national debt in order
in
to pay
Washington and positive statements made by Sir
John
Simon, Chancellor of the Exchequer, in the
House
of
tations
to the
Commons
on
operation of the exchange equalization funds.
$4.93%
and
compared
sterling this week has been between
$4.93 13-16 for
with
bankers'
of
range
a
$4.93 9-16 last week.
a
range
sight
and
The range for cable transfers
$4.93%, compared
of between $4.92 1-16
and $4.93%
President Roosevelt stated in
positive terms
more
would be
week that there
Friday of last
change in the gold buying of the United States.
also known
now
no
It is
that both President Roosevelt and
during the past few weeks have been reiter¬
ating the intention of this Government to hold the
gold price at $35
per ounce
Repetition of these
despite contrary
assurances
effect
on
foreign
rumors.
gold
scare
exchange
with its
and
continue
official
quarters
starting gold
were
On
influence
in Washington it
rumors
had ceased to
on
tripartite
currency
has
offer at the fixing
dinary offering
gold
no
Despite the
longer have
they still
so
great
produce marked
or even
continue
as
Only £438,000
was on
compared with the extraor¬
Friday of last week of £4,200,000.
on
the House of Commons
on
from
reply to questions in
Tuesday.
In announcing
change would be made in the gold price, Sir
was
known to have been taken by the
Equalization Fund to maintain the
gold price.
Sir John Simon said in the House of Commons
Tuesday:
recent
to
"I
am
on
informed that the bulk of the
offerings of gold
on
the London market is due
dehoarding."
It is estimated in London that
foreign-owned
the
fully 70% of the
gold hoarded in the vaults of the
has now been removed, most of it
British
Equalization
amounts to the Dutch fund.
Fund,
a
large part
and
smaller
Such extensive dehoard¬
ing should in itself tend to restore the gold market to
normal and
so
reduce the problems of the exchange
control funds.
The British
to
Government is being strongly urged
bring about stabilization of the leading currencies.
Mr. A. E. Pattinson,
of the
The markets received their greatest assurance
no
con¬
probability that the gold price
concern.
hour,
British Exchange
an
because of the
commodity markets.
Sir John Simon's statements in
that
aver
sold in London, of which approximately
was
£11,000,000
been
in both London and New
exchange values
controls, but
reactions in
cause
to
"professionals"
commodity prices.
week, gold reports
effect
would
Wednesday the action of the London bullion
market indicated the
London banks
extraordinary and almost panicky sales in London
last
Sir Auckland said:
who
having been sold to the United States,
declared that evidence indicated that
York to
use."
man
buying gold at this price
com¬
modity markets.
In
no
bold
a
buying gold at all."
is believed to have
contributed to the waning of the
disturbing
be
fidently that the United States of America would
Secretary Morgenthau in private conversation with
visitors
make
can
would
Throughout last week approximately £13,000,000 in
week ago.
on
"He
bills,
between $4.92
has been between $4.93 3-16 and
with
quo¬
within extremely narrow limits owing
move
The range for
a
Exchange
Monday.
for gold whereof it already has too much and
whereof it
are
and
not
a
presiding at the annual meeting
Royal Insurance Co. in London said that signs
lacking of
an
trend toward
tion of the
a
expansion in international trade
period when effective stabiliza¬
major currencies may become practicable.
Progress in this direction, he continued, has been
3892
made
Financial
during the last 12 months,
tripartite declarations
in progress to
now
evidenced by the
as
exchange and the discussions
on
greater freedom of trade
secure
between the various participating countries.
in
the
on
Thursday £385,000,
and
discussions
future
remarks
referred
October
a
on
to
new
The
gold
inter¬
as an
pressed
the
Exechequer
to reach
anew
involve
being
was
stabilization
a currency
return to the
a
Simon
agree¬
States, which would naturally
gold standard, but the
declared that there
news¬
little likelihood of this
was
being done at present.
On
not return to the
that the
1931
Great
removed.
Britain
brought about
Sir John
was ques¬
whether he
to
as
gold standard until he
which
causes
were
that
assurance
was
would
satisfied
suspension in
a
replied that the
con¬
ditions necessary before a return to the gold standard
could
be
possible
had
been
clearly
indicated
policy of the British Government
A
that subject.
on
high financial authority in London asserted only
a'few days
of the
in the form of
estimated
sterling bloc, which
at
are now
Such sterling
than
more
Indian Reserve Bank alone has
kept
reserves
£400,000,000.
more
than
The
800,000,000
of sterling bills, which would undoubtedly be
rupees
converted
Decrease: $4,655,000
|PiTheJabove figures are_for the week ended
into
gold
Britain's
on
return
to
that
standard.
On Thursday there were no imports or
exports of the metal, but gold held earmarked for
foreign account decreased
ported
$5,627,900.
It "'was
Thursday that $5,464,000 of geld
on
of
June 9 stated that the Bank
on
England suggested that the central banks of the
Commonwealths
overseas
excess
of
dispatches
gold supply
take
over
some
of
the
Japan and $56,000 from Australia.
from
came
There
were
England, the Equalization Fund, and the United
States Treasury.
now
in session
The Dominion bank
in
London
Imperial Conference.
don
authorities
absorb
exports of the metal, but gold held
no
earmarked for foreign account decreased
hardly in
like
to
position to adopt such
a
consultation
with
the
see
The Dominion
their
associates
a
Dominions
governors
are
policy without
on
their
return
from London.
London
with
open
market
Two-months'
firmer.
9-16% last
money
bills
week.
are
rates
slightly
are
11-16%,
Three-months'
compared
bills
are
%%, compared with 9-16% last week. Four-months'
are
13-16%, against 19-32%, and six-months'
bills
bills
are
Gold
was
13-16%, against 21-32%.
on
daily Treasury statements issued during the week
Wednesday, was as follows. The day-to¬
day changes are own calculations:
ended last
GOLD HELD IN THE TREASURY'S INACTIVE
FUND
Date
Amount
Daily Change
June 3-.$807,832,082
June 4-.
825,475,985
June 5-.
taken for unknown destination.
that the
Equalization Fund
was
It
is
known
active in the market,
Date
Amount
+$12,216,100 June 7_.$867,031,131
+17,643,903 June 8.. 878,001,201
834,738,677
+9,262,692 June 9__
Increase for the Week Ended
Daily Change
+$32,292,454
886,208,676
+10,970.070
+8,207,475
Wednesday
$90,592,694
Canadian
exchange is relatively steady.
funds ranged this week between
and
rate
following tables show the
on
Paris, the London
and the price
London check
market gold price,
LONDON CHECK RATE ON PARIS
Saturday, June 5
Monday, June 7
Tuesday, June 8
110.69
| Wednesday, June
110.72
110.81
OPEN
I
Saturday, June 5
140s. 3^d.
140s. 8^d.
Tuesday, June 8
GOLD
BY
110.90
June 11
110.91
110.89
PRICE
Wednesday, June 9
140s. 6^d.
Thursday,
June 10---140s. 7d.
Friday,
June 11- --140s. 7Md.
140s. 7d.
FOR
9
June 10-
Thursday,
Friday,
MARKET GOLD
Monday, June 7__
PAID
mean
open
paid for gold by the United States:
MEAN
PRICE
Montreal
discount of 3-64%
a
premium of 1-64%.
a
The
THE
UNITED
STATES
(FEDERAL
RESERVE BANK)
Saturday, June 5
Monday, June 7
Tuesday, June 8
$35.00
Wednesday, June 9
Thursday,
June 10
Friday,
June 11
35.00
35.00
-
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange on
was firm in limited trading.
Bankers'
Saturday last
sight
was
$4.93%@$4.93%; cable transfers $4.93
@$4.93 11-16.
On Monday the pound
was
3-16
fraction¬
ally lower though steady. The range was $4.9334®
$4.93% for bankers' sight and $4.93 5-16@$4.93%
for cable transfers. On
Tuesday sterling was steady.
Bankers' sight was $4.93
3-16@$4.93%; cable trans¬
fers $4.9334@$4.93 9-16.
tone of
sterling
$4.93 13-16
was
for
firmer.
On Wednesday the under¬
The range was $4.9334®
bankers'
$4.93% f°r cable transfers.
held
offer in the London open market this week
$1,125,500
Gold held in the inactive
fund, as indicated in the
simultaneously with the
It is understood that the Lon¬
would
£100,000,000.
governors are
On Friday
received of which $9,605,800
was
England and $2,543,900 from Canada.
being absorbed by the Bank
now
re¬
was
received at San Francisco of which
$5,408,000 came
from
LONDON
London
i
on
Wednesday,
sterling balances in London, would be
withdrawn in the form of gold.
are
Change in Gold Earmarked for Foreign Account
Note—We have been notified that
approximately $5,498,000 of gold was
received at San Francisco, of which
$5,408,000 came from Japan, $56,000
from Australia, and $34,000 from
Hongkong.
I
ultimately to return to the
gold standard. When this is achieved he pointed out,
reserves
Net
that it has always been the avowed
ago
intention of Great Britain
the
$37,618,000 total
in
previous declarations, which continued to represent
the
None
$12,149,700 of gold
Friday of last week Sir John Simon
tioned in the House of Commons
would I give
Exports
_
"Daily Herald" (London) recently stated that
of
gold movement for
2,198,000 from India
and
depart from the view that in
Friday
reported by the Federal
Imports
$30,326,000 from England
5,094,000 from Canada
effect
era,
on
Reserve Bank of New York, was as follows:
Mr.
to
Wednesday
GOLD MOVEMENT AT NEW
YORK, JUNE 3-JUNE 9, INCLUSIVE
of
standard.
ment with the United
paper
use
the
to
monetary
the end the world would return to
national monetary
were
the week ended June 9, as
unlikely the suggestion that
as very
sa n no reason
Phillips
last
At the Port of New York the
gold and said that
on
With regard to the
Mr.
about to enter
Chancellor
Monday
on
£438,000,
regarded
that he
£1,300,000,
£844,000.
Chamberlain's
were
offer
on
on
gold mining companies.
we
was
Tuesday £1,248,000,
by the fact that their major holdings
that he
there
on
the
to
gold in
last
£730,000,
notwithstanding what had recently occurred, their
confidence in the value of gold was unaltered, as was
shown
but there was also considerable
gold available for
arbitrage and shipment to New York. On Saturday
Phillips, addressing the shareholders of
Central
referred
June 12, 1937
Mining & Investment Corp. recently,
Mr. F. R.
the
Chronicle
for
sight
and
$4.93 9-16®
On Thursday exchange
steady.
The range was $4.93 5-16@$4.93 9-16
sight and $4.93%@$4.93% for cable
On Friday sterling continued
steady in a
bankers'
transfers.
more
active
market.
The
range
was
$4.93 5-16®
Volume
Financial
144
$4.93%@$4.93% for
$4.93% f°r bankers' sight and
Closing quotations on Friday were
cable transfers.
$4.93 5-16 for demand and $4.93 7-16 for
cable trans¬
$4.93%,
60-day bills at $4.92 7-16, 90-day bills at $4.92%,
documents for payment (60 days) at $4.92%, and
7-day grain bills at $4.92%.
Cotton and grain for
payment closed at $4.93%.
sight bills finished at
Commercial
fers.
ease.
steady with respect fo sterling and the dollar by
francs
Equalization Fund operations, but forward
of
means
are
There
at
is
dis¬
French capital shows no
situation.
economic
position to return from abroad, but on the contrary
hoarding
and
persists
there
is
Great Britain.
The
and New York.
In the last few days heavy
of francs have been made
purchases
by the British and American
another exodus of
Treasuries, probably indicating
gold from the Bank of France.
in
measures now
desperate
disclose the
Treasury and
aggravate the lack of confidence in the
Government's
One bill recommended for passage calls
program.
controlled
banking commission with powers so wide as to
suggest a step toward nationalization of banking.
The measure would require that all banks be com¬
the
for
organization
pelled to invest
a
of
a
government
portion of their deposits in French
Treasury bills and in the case of private institutions,
Refusal to comply
portion of their reserves.
a
even
with this provision
would bring withdrawal of legal
recognition.
with
tax
new
It appears certain that increased taxes
It has been pointed out in
must be levied.
ment
sources
Govern¬
on
any
basis to
cover
requirements
during the balance of the year lies in restoring a cer¬
degree of confidence by demonstration of the
Government's determination to work toward budget
tain
The precarious nature
of the Government's position
inaccessibility to home funds is seen in the
current decline in rentes.
The national defense loan
issued about three months ago at 98
on
a
and external
considerable
and have
important influence on the gold holdings of
The Bank's state¬
the National Bank of Belgium.
ment
of
June 3 showed
on
a
gold stock at 3,591,900,000
ratio of gold to notes of 81.68%, and a ratio
gold to total liabilities of 68.96%.
The
of the
the relation
shows
following table
currencies to the United States
leading European
dollar:
Old Dollar
France
Parity
3.92
19.30
40.20
68.06
5.26
(guilder)
New dollar
parity
as
4.44% to 4.46
to 16.88K
6.63
16.95
8.91
32.67
Italy (lira)
Switzerland (franc)
This Week
a
13.90
(franc)
Belgium (belga)
Holland
Range
New Dollar
Parity
16.83
5.26 H
22.81^
54.98
to 5.26^
to 22.89
to 54.99^
before devaluation of the European currencies
The London check rate
at
110.91, against 110.68
New York
at 4.44
sight bills
on
on
Paris closed
Wednesday, despite its 4%%
was
down to
coupon
and its
on
Friday
Friday of last week.
on
In
the French center finished
15-16, against 4.45%
cable transfers at
on
Friday of last week;
4.45%, against 4.45%.
Antwerp
belgas closed at 16.88 for bankers' sight bills and at
16.88 for cable
transfers, against 16.82% and 16.82%,
Final quotations
bankers'
for Berlin marks were 40.04% for
sight bills and 40.06 for cable transfers, in
Italian lire closed
comparison with 40.04 and 40.04.
5.26% for bankers' sight bills and at 5.26% for
at
cable transfers, against
5.26% and 5.26%.
Austrian
schillings closed at 18.73 against 18.72; exchange on
arest at
0.74, against 0.74;
18.96;
and
on
Finland
on
Greek exchange
at
3.48%;
Buch¬
on
Poland at 18.95, against
2.18%,
2.18,
against
closed at 0.90%, against 0.90%.
♦
EXCHANGE on the countriesclose sympathywith
neutral during the
steady, moving in
war
is
sterling.
Recent
shipments of
Swiss owned gold
would indicate that the National Bank of Switzer¬
land is unwilling to
equilibrium.
90
an
that the only chance the Government
has to raise loans
and its
past few months
Czechoslovakia at 3.48%, against
The Government is also struggling
legislation.
the
between Sept. 25 and Oct. 5, 1936.
French
the
of
situation
Continental units.
volume of funds have moved to Brussels
preparation for presentation
bills before the Chamber of Deputies
as
continues firm and is one
Belgium is
currency
greater degree of internal
a
and in
exerted
a
New
Belgian
of the few favored
evidence of
even
outward movement of French funds to London
an
principles of the tripartite agreement of last
September between the United States, France and
belgas,
sign of the slightest return of con¬
although the latter method
tariffs,
with the
respect to the French monetary and
with
fidence
discounts.
severe
no
alcohol,
on
It also seeks a means to
conflicts
gasoline, coffee, and sugar.
raise
trade
FRENCH francs The spot rate an held relatively
are showing is undertone of
decided
the indirect taxes
taxes and increases in
enjoying
Exchange
Continental and Other Foreign
3893
Chronicle
siders
its
for the
absorb all gold offered and
con¬
Statements
week ended June 7 showed gold holdings at
position sufficiently strong.
2,624,300,000 Swiss francs, representing nearly two
francs of
June
on
privilege of conversion into either sterling or dollars.
Bank's
French
gold for each
7
stood
of
at
paper
Note circulation
franc.
1,344,700,000 francs and the
liabilities stood at
98.15%.
perpetual 3s this week
the lowest since 1927.
were
down to 61.85,
The 1917 and 1918 4% rentes,
despite their higher interest rate, stand at practically
the
same
level
as
the
3s, having moved down
re¬
pressure on
insistent
Dutch
gold to
guilder
is
total
especially
financial markets have been greatly
continuous
firm.
Dutch
influenced by the
strength of the guilder due to the unabated
confidence in the unit at home and abroad and to the
spectively to 61.70 and 61.80.
The
The
ratio
the rentes is due partly to the
belief that the Treasury
will be short of
funds toward the end of the month and will be
com¬
further economic improvement in
The Netherlands
and the extraordinary enhancement of the Netherlands
East
Indies
Gold
situation.
is
flowing
rapidly
pelled to borrow from the Bank of France beyond the
through the Equalization Fund to the Netherlands
unused authorized margin of 2,200,000,000 francs.
Bank.
The French opposition press assert
that before the
end of this session of Parliament, the Government
will ask that the limit of such
The Finance Ministry wants
so
is advancing
arguments in favor of increased direct
a
ratio of gold to
liabilities of 83.3%.
Bankers' sight on Amsterdam finished on
at
immediate returns and
7 the Bank had gold holdings of
1,146,000,000 guilders and showed
total sight
borrowing be raised by
12,000,000,000 francs.
On June
54.99, against 54.99
on
transfers at 54.99, against
sight
bills at
54.96,
Friday
Friday of last week; cable
54.99%; and commercial
against 54.97.
Swiss francs
3894
closed
Financial
22.89
at
transfers,
for
against
checks
and
and
22.81
at
22.89
22.81.
Chronicle
June 12, 1937
cable
for
The British Commonwealth and the
Copenhagen
Imperial Conference
checks finished at 22.03 and cable transfers at
22.03,
against 22.03 and 22.03.
Checks
at 25.44 and cable transfers at
and
25.44; while checks
and cable transfers at
Spanish pesetas
on
Sweden closed
on
25.44, against 25.44
Norway finished at 24.79
24.79, against 24.79 and 24.79.
not quoted in New York.
are
The
Imperial Conference, twelfth in the chrono¬
logical order of such gatherings, which is expected
to end its sessions
been
early next week, appears to have
notably barren of results. Official reports will
doubtless in due time add
a
good deal to the scanty
reports of the secret sessions that have been vouch¬
safed to the
public, but it
EXCHANGEthesethe South show notable improve¬
on
American countries is
All
will
ment in the volume of their international
standings arrived at
firm.
countries
especially favorable export balances.
trade, with
A few days
the Argentine Finance Ministry declared that
ago
show
unlikely that they
seems
substantial addition
any
under¬
the
to
the plans approved.
or
The pau¬
city of fruit is in part to be explained by the re¬
stricted agenda to which the attention of the Con¬
Argentina is not prepared to abandon foreign exchange
ference
control until the powers agree
upon monetary stabili¬
zation.
The ministerial report said that while the
circumstances under which the Conference met.
balance
recent
of
payments
had strengthened the
official and free rates of the
peso,
making it possible
drop exchange restrictions, such action is "con¬
to
tween
invited, and in part also to the unusual
was
the conclusion of its sessions Great Britain under¬
went
a
change of Ministry, and while the new Prime
Minister, Neville Chamberlain, was expected in gen¬
sidered inconvenient until the great financial nations
eral to continue the
adopt
the
leading to permanent stabilization."
measures
Be¬
May 14, when the Conference opened, and
Cabinet
new
policies of Stanley Baldwin, and
was
little
than
more
a
shuffle of the
«
Argentine
paper
closed
pesos
on
Friday, official
old one, the
overwhelming and unprecedented
quotations, at 32.90 for bankers' sight bills, against
sition that
32.90
feature of Mr. Chamberlain's
on
Friday of last week; cable transfers at 32.90,
against 32.90.
was
The unofficial
free market close
30.55@30.59, against 30.45@30.48.
milreis, official rates
official
5.19,
are
Brazilian
8.82 against 8.81.
free market in milreis is
or
6.55@6.65.
at
or
The
un¬
6.65@6.68, against
Chilean exchange is nominally quoted
against
5.19.
Peru is nominal at
25.25,
against 25.50.
drawal of the
more
sterile
it is
making it compulsory for all domestically produced
gold to be sold to the Bank of Japan.
Closing quotations for
28.70, against 28.72
on
yen checks yesterday were
Friday of last week.
Hong¬
kong closed at 30^@30 7-16, against 30.45@30.46;
Shanghai at 29%@29 13-16, against 29.82@30;
Manila at 50.25, against 50.20;
Singapore at 58.00,
against 57.90; Bombay at 37.24, against 37.23; and
Calcutta at
37.24, against 37.23.
Gold Bullion in
important
It
was
par
as
of
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
shown for the
corresponding dates in the previous
four years:
Banks of—
1937
1936
Germany b_
Spain
Italy
842,575,000
Netherlands
94,171,000
102,600,000
£
322,154,145
458,872,241
2,470,900
c87 323,000
France
Nat.Belg'm
Switzerland
Sweden
Denmark
Norway
-.
—
Total week.
Prev. week.
question
seems
destined to
that
have
no
the
discussions
would
concern
principally with foreign affairs and im¬
On the question of British
policy in
important difference of opinion
developed, although doubts
been voiced
are
regarding the value of British
tion with the
seems
to
reported to have
associa¬
League of Nations. A policy of greater
independence and fewer troublesome
commitments,
as far as the
League was concerned, appears to have
impressed the Dominions spokesmen as the wiser
In
course.
regard to joint action in the
the Dominion
delegates
were
event
of
clearly disposed to
While it is
United
were
Kingdom
perhaps likely, if the
to suffer
an
aggressive attack,
that aid from the Dominions would
be
if it
were
needed,
none
forthcoming
of the Dominion representa¬
tives, if reports
are to be accepted, showed
any dis¬
position to pledge support in advance. The most that
the Conference
was
willing to do
was
to set up a
committee to study the
question of the
£
England.
Ministry
a
keep their hands, and those of their respective Gov¬
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at
are
new
for
apparently the expectation of the British
perial defense.
Europe
war
exchange) in the principal European banks
the
reason
significance of the Conference
ernments, free.
of
promise of something
large.
themselves
The Japanese Government,
understood, will soon introduce a bill in the Diet
budget, and the with¬
a
action, and at that point
sympathy with sterling.
move
oppo¬
important
ture of the Dominions toward the
general
of united Commonwealth
be
a
an
relatively
meeting, however, is to be found in the atti-
Government
as
proposal with
The most
EXCHANGEfor the Far Eastern countries close
on long time past to
con¬
in
tinues
immediately shown to
acceptable, left the future of
in doubt.
the
♦
was
83,594,000
25,735,000
6,549,000
6,602,000
v
209,400,538
444,171,448
2,430,100
89,105,000
842,575,000
56,984,000
102,772,000
49,103,000
23,984,000
6,554,000
6,604,000
1935
£
193,418,576
565,801,461
3,055,550
90,781,000
63,034,000
51,771,000
97,933,000
44,293,000
19,393,000
7,394,000
6,602,000
1934
£
192,130,301
629,160,913
3,953,800
90,517,000
73,983,000
68,273,000
77,107,000
61,216,000
15,127,000
7,397,000
6,577,000
1933
£
188,246,456
648,847,538
16,697,800
90,377,000
70,606,000
71,536,000
76,322,000
70,450,000
12,031,000
7,397,000
6,569,000
1,232,646.286 1,033,683,086 1,143,476,587 1,225,442,014
1,259,079,794
1.232,471,292 1,042,650,189 1,148,447,369 1,222,913,121
1,257,204,859
a Amount held Oct.
29, 1935, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which is now
reported as £967,950.
c Amount held
Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc
cannot be exactly
determined, as
yet, since the legislation enacted Sept. 26, 1936, empowers the
Government to fix
franc's gold content somewhere between 43 and
49 milligrams.
However,
the
calculated on the basis on which the Bank of
France has revalued its gold
holdings
the parity between francs and pounds
sterling is approximately 165 francs to the
pound (the old parity was about 125 francs to the pound).
It is on this new basis
that we have here converted the French Bank's
gold holdings from francs to
pounds,
est of members of the
tion
and
joint inter¬
Commonwealth in the produc¬
supply of munitions and other
war
mate¬
rials, including food, thereby lending
support to the
plans with which Sir Thomas
Inskip, British Min¬
ister of Defense
trusted.
more
in
Coordination, had already been
in¬
proposal involves anything
continuance of the defense
Whether
than
a
the
preparations
which the Dominions
gether with
some
are
severally engaged, to¬
conditional
rearrangement of
ex¬
isting commercial operations and
facilities, cannot
at the moment be said.
The efforts of Prime Minister
to interest the Conference in
a
Lyons, of Australia,
regional understand¬
ing and non-aggression pact in the Pacific
area,
Financial
volume
144
\
.
"conceived,"
as
'
'
'
he said, "in the spirit of the prin¬
ciples of the League," failed
3895
Chronicle
'
>
British
of success.
concessions
which
States desire
Great
Britain
United
the
and
reported to have been circulated,
were
with great secrecy, among
the members of the Con¬
friendly relations with Japan and might possibly
ference, but beyond
suggestions that the
consider
liminary inquiries would take
opinion, it
loan to
a
China, but beyond that it was
to commitments.
averse
the
reported, favored a continuance of
was
It
also
was
recognized that
cific information has been
Meantime
proposed pact could not be undertaken without
A similar fate
consideration of the United States.
befell
the
proposal of Prime Minister Hertzog, of
the Union
minion
of South
Africa, for
a
definition of Do¬
nationality that would clear that subject
of confusion.
The
ference, however, although not one on which the
expected to take formal action,
was
that of trade relations between the United
Great Britain and the Dominions.
into two
of
The
was
States,
question fell
parts, one having to do with the prospects
Anglo American commercial agreement, the
an
with
other
the
possibility of combating American
conqjetition in trade with Australia and New Zea¬
The first of these is
land.
On
the House of
May 25
Commons
a
resentative of many
inseparable from the
tion of the Ottawa agreements
ques¬
of 1932, which applied
attempt to get
United States.
changes in
some
America." The reply
Trade,
non-committal. On the other
was,
discriminated
A
against the
sharply
general feeling
the Conference that the Ottawa
come
satisfy the United States and at the
time preserve to
no
same
the members of the Commonwealth
advantages%of protection
which
agreements, which
for revision this year, should be modified,
up
but how to
the
United
reported to exist in
was
solution
was
in
tries, adopted
a
problem for
persistent
that negotiations for
rumors
Anglo-American commercial treaty were under
Aside
from
particular
any
an
way.
that
advantages
the
House,
rep¬
on
his past services
imperial tariff protection and hoping for their
continuance, declared the "emphatic objection" of
the
meeting "to any action which would in any way
interfere with
the
fuller
development
weaken
even
or
present effectiveness of our domestic and im¬
perial tariff system,
and
or
which would sacrifice home
empire production for the sake of some illusory
revival
project
for
economic
The
the
of
internation¬
A;..:'. vA'V .3/.
For months before the Conference met there had
been
however, entirely
June 8 a resolution which, after
on
alism."
was
sight.
we
from
resenting the powerful Federation of British Indus¬
to
number of
policy
response
hand, a meeting of more
principle of tariff preference and at
a
sincere
we are pre¬
our
Conservative members of the
150
a
of Sir Walter Runciman, Presi¬
dent of the Board of
than
was rep¬
It is clear from all indications made
perfectly satisfactory
a
a
commercial agreement with the
a
congratulating Mr. Chamberlain
States.
out in favor of
by those who represent America that if
find
spe¬
others, declared that he would
pared really to make
shall
pre¬
number of members
came
Sir Arthur Salter, whose speech
treaty.
no
given out.
to the trade of Great Britain and the Dominions the
points
long time,
sharp difference of opinion developed
a
in Great Britain.
of
a
"very much like the Government to make
overshadowing issue in the thought of the Con¬
Conference
vague
complaint of Australia and New Zealand qf
American encroachment upon
ed
their trade
was
direct¬
particularly at the American-owned Matson Line,
operating
under
mail subsidy of
ocean
an
some
treaty might give to either country, certain groups
$1,250,000 annually and enjoying the advantage of
in
the exclusion of
England
were
reported
interested in the mat¬
as
ter because of the effect such
a
treaty might have in
foreign vessels from the trade be¬
tween the United States and Hawaii.
inducing other countries to lower their trade bar¬
tion of the Matson
riers.
and
In
spite of the fact that Prime Minister Bald¬
win, in replying to
mons
question in the House of Com¬
a
May 4, appeared conspicuously indifferent,
on
Ambassador Norman H. Davis
talk with London
tious
the
on
the
same
day, in
a
correspondents, referred with "cau¬
optimism" to the possibility of
a
At
treaty.
opening of the Imperial Conference the Canadian
Prime
Minister, W. L. Mackenzie King, brought the
question to the fore by speaking cordially of the
relations that had been
trade
Canada and the United
established
between
States, and urging the
ference
for
aiding concerted
tariff, exchange
or
measures
to prevent
quota increases. No multilateral
competi¬
superior accommodations,
was
pointed to
as re¬
sponsible for the abandonment last year of the Union
Line service
between
Sydney, Wellington and San
Francisco, and the threatened discontinuance of the
Canadian-Australian Co. service between
Sydney and Auckland.
Zealand Governments
Vancouver,
The Australian and New
reported to have threat¬
are
ened, in retaliation, to close to American vessels the
trade of the Tasman
Sea, lying between those two
countries.
The
re¬
sponsibility of the nations represented in the Con¬
The
Line, with vessels of greater speed
Imperial Conference has demonstrated not
only the lack of a common trade policy among the
British
Dominions, but also the increasing inde¬
pendence of the Dominions in other Imperial
For
all
con¬
treaty, of course, was expected, but bilateral agree¬
cerns.
ments, which represent British policy, were clearly
Africa, Australia and New Zealand
contemplated in Mr. King's remarks.
pendent nations, bound to Great Britain, it is true,
The
stumbling-block
and not
was
the Ottawa agreements,
dom
important concessions to the United States, but the
with
was no
disposition shown to make
Dominions themselves had
sult
was
that
while
the
Ottawa
of the
a
been taken.
There
no
important market for their products, but
separate policies both in trade and in inter¬
was
modification of the
Government to any
action, and since the enactment
re¬
appear
to have
to believe that
an
some
Anglo-Ameri¬
treaty are actually in progress, and lists of the
an
No
preliminary negotiations looking to
can
inde¬
national relations.
positive steps
seems reason
are now
South
who met at London
a
agreements were constantly in the thought
Conference,
Canada,
reciprocal
divergent views. The
subjects of
Anglo-American treaty and
purposes
by ties of sentiment and finding in the United King¬
any
only
practical
of the Statute of
the
one
in
of the Prime Ministers
a
position to commit his
Westminster, in 1931, recognizing
equal status of the Dominions and the mother
country, Great Britain retains only the opportunity
to
persuade.
Empire into
The transformation of the old British
a new
British Commonwealth of Na-
3896
Financial
tions has facilitated
political disintegration, and the
cdnspicuous absence of
in the crucial
matter
common
of
policy at London
commercial relations
em¬
phasizes the lengths to which disintegration has
Chronicle
June 12, 1937
meaning of the phrase, has been displaced by
ernment of
is
men
startling.
that the formal procedure of
considerable
legislation is still, to
extent, observed.
duced in the
a gov¬
It is true, of course,
Bills
a
still intro¬
are
Government by Men Versus Government
by Law
Massachusetts, in 1780, adopt¬
Constitution, they wrote into the docu¬
State
a
ment
a
other
things, "a government of laws and not of men."
declaration of their purpose to
The declaration had
of
members, referred to commit¬
or
without amendments, passed
by first
insure,
among
special application to the
pro¬
hibition
Department of State to be printed later in the stat¬
ute book.
the
prove.
long since been accepted
sion of
principle
as a
classical state¬
which the threefold divi¬
upon
governmental powers in the Federal system
also rests.
It asserts not
only the supremacy of laws,
that
measures
of them of any powers
it has
In
independence of each of the three departments in
constitutional
sphere.
It erects
a
only against personal government by
who aims at
fusion
and
bulwark not
an
Executive
dictatorship, but also against the
recrimination
when either of the three
constitutional
bounds
which
con¬
inevitably follow
departments oversteps its
and
encroaches
The
Constitution
worth
tion
of
the
United
States, is particularly
recalling at the present time.
The Constitu¬
provides that the President "shall from time
to time
of the
give to the Congress information of the state
Union, and recommend to their consideration
such measures
as
he shall
judge
necessary
pedient." He is also directed to "take
laws be
care
and
ex¬
that the
faithfully executed." No meticulous defini¬
tion of words is
and
required to explain these provisions,
tortuous
no
interpretation
"changed conditions"
can
invocation
or
distort their plain
of
mean¬
this
such
to
end.
legislate intelligently and wisely, and
as
information that conduces
no
direction
The
action
obligation to
Congress with all the information needed to
withhold
such
and
fear of Evecutive
bills "must" be
to
recommend
the President may
deem
such
to
that
legislative
necessary
and
ex¬
votes. Freedom of debate has
not, in general, been
abridged, but the essential value of debate is lost
when members
change in
Mr.
told in advance that
are
no
Roosevelt could not have succeeded in
Congress had not acquiesced.
occasions, has been
orders from the White
few
voices
that
been overborne
the
long
tion
now
are
even
as
a
in
protest have
meeting
was
eager
to do
done at first
emergency
conditions
habit, and the signs of reforma¬
discouragingly few.
In spite of
opposition of patriotic Senators
Representatives,
we
court-packing
cannot be
through the present session
ecutive pressure, or
form,
President
one
by Ex¬
give the
large part of what he demands will not
a
be
passed in
very
the next
or
other proposal that will
some
that the
that, if it is dropped in its pres¬
correspondents, moreover,
tion,
sure
will not yet be forced
measure
every¬
desirable that Congress should act. If, in the
willingly, and the
raised
What
a ges¬
outspoken protests from all parts of the country,
odious
ent
rule
a
been
of
excuse
if
save on a
House, sometimes with
bidding.
became before
the
Congress,
by majorities ready and
President's
with the thin
have
course,
rubber stamp. It has taken
a
ture of resentment but
thus
From the day when
Mr. Roosevelt first took office
few
material
bill will be permitted.
a
neces¬
which the President thinks it either
passed
rejected, and
displeasure has been freely played
thing
sary or
from the White
to break down opposition and insure favorable
upon
pedient is comprehensive enough to include
on
come
that proposed amendment
or
and the honorable
an
prelim¬
Congress lob¬
and
implies
ap¬
tion agents have haunted the halls of
bying for the bills. Orders have
ing. The direction to give to Congress "information
enable it to
Administra¬
Administra¬
upon
of the state of the Union"
furnish
as
expected to
was
overriding the legislative department, of
application of the principle, as set out in the
since
it has been taken.
either
upon
of the others.
Congress
been available to members at the time when
inary action
House that
its
Congress
instances copies of a bill have not
some
or
the
before
come
which
measures
Constitution,
the fiat of the Executive, but also
have
employees and presented to Congress
duly enacted in harmony with the provisions of the
over
fact, however,
March, 1933, have been drafted by Administration
tion
conferred upon the others, but
Between the form and the
gulf is wide. With few exceptions, the important
imposed upon the legislative, executive and
judicial departments against the exercise by either
ment of the
house and then the other, sent to the
one
President for his approval, and turned over to the
When the people of
ed
names
tees, reported with
gone.
its
place.
Experienced Washington
already calling atten¬
are
properly in the present condition of the
judgment of the President, the recommendation may
Congressional
best be made in
enough in the past, of holding back important legis¬
to make
a
draft of
a
proposed bill, he is free
his proposal in that
form; if he thinks
general statement sufficient he is equally free to
fine himself to that.
ity whatever.
mand"
this
Beyond recommendation, how¬
the Constitution gives the President
ever,
or
He has
no
measure
or
to single out
the
gress
is complete. The President may, indeed,
the
to
lation until the weather at
device,
familiar
Washington becomes
pressive, and then rushing bills to
haste of members to
as
op¬
in the
get away.
The result of all
passage
is the
this,
disappearance, to
the country
legislative function except
as a matter of
the substitution of Presidential
and domination.
Constitution
now
knows,
large extent, of the
a very
form, and
initiative, direction
The "consideration" to which the
directs
the
President
ot
submit
his
suggesting what national policy
proposals has largely ceased to operate, and the
thoughts of the Congressional majority are prevail¬
but what the policy shall be is for Con¬
ingly those of the White House and its attaches.
lead
should be,
The legisla¬
rests with Congress, and the constitu¬
power
tional grant
take
author¬
and label it "must" while leav¬
ing others to Congressional discretion.
tive
no
constitutional right to "de¬
anything from Congress,
that
a
con¬
calendar,
in
to decide.
The extent to
"The state of the Union" is
which, under President Roosevelt,
government of laws, in the
proper
a
constitutional
President's
surveys
messages,
save
no
longer reviewed in the
as
the budget message
financial conditions and needs;
the
mes-
Volume
Financial
144
demands for special legislation in further¬
sages are
of Executive
ance
plans, mixed of late with attacks
Chronicle
far
3897
the
on
time has
road
to
socialism
and
to take another
come
revolution.
the courts for their alleged incapacity, allega¬
upon
tions of
incapacity in the States, and excoriations
of those who
ment
by
instead of government by laws
men
independent
It becomes
are
given to the President and the
powers
By H. Parker Willis
doctrine of govern¬
new
The most striking examples, perhaps, are the
many.
"Planning"—A False Scent
opposed the President's views.
The ramifications of the
painfully obvious that
of the current literature
with it have left
gone
agreements, the extraordinary authority exercised
ing
by the Secretary of Agriculture in administering
less
discussion
Not
a
ricultural
discretion which the
confers upon
pending
and hours bill
wages
the Federal board which it creates.
the latter bill becomes law—and the bill is
ported to have been placed
there
is
ag¬
legislation, and the virtually unlimited
hardly
now
If
re¬
the "must" list—
on
detail of American industry or
a
on
upon
current economic think¬
about
what
few theoretical
been able to
practical
keep their feet
who have
men
is termed
writers who
the ground, and some
on
otherwise
common
to be misled
by the talk about "economic planning"
sense,
which, during the past two
have allowed themselves
or
three years, has been
doubt, been attractive. It has taken
widely accepted.
ception
to
inevitably involves
which
has
control
the
"little
seven
that the President has demanded for
taking
national
core
TVA's"
business, while the
power
over
the
of the
re¬
organization of the Executive departments
which
been
The thought behind it has, no
not
a
and
surprising that, with the legislative func¬
the Constitution conceives it, in abeyance,
the reserved
rights of the States increasingly
over¬
a
investment
the
and
growth of
been the
interstate and intrastate
all forms of
decried
obso¬
as
alleged public opinion against the views of the
an
Supreme Court, organized labor should feel
encour¬
the
of
expenditure.
outlay and undertaking.
economic
in
activity
by violence its
the natural conclusion.
laws
Administration
which the
has
given it.
The
plans and
the
and
application
programs
"Four
have been
capital
numerous.
country is
projects of the sort, which in most
a
natural
party lines and
of four years and
consequence
personal government.
The breakdown
the disappearance
of
distinctive
of
manent
when
board
one
party platforms are treated as
scraps
of paper
party tenets reflect the views and policies of
the American
electorate
must
rouse
itself and in¬
sist that constitutional government shall
vail.
is
For most
one
practical
Executive
of
purposes
a
national
has been
successful
solution, and it
as
the
or
the present regime
dictatorship, for hardly
single
longer justify itself, specious
for the only emergencies
Sooner
or
a
national
dence of the
as
well
as
in
It is time that
It takes
of
coun¬
of
a
was
had ample
our own
fed¬
per¬
government
planning
to indicate how the
re¬
proposal
has not reached its
absurdity in the United States;
far enough to produce
of
propaganda.
with
a
very
alarming
possi¬
already been exerted by this type
State planning
ditions under which economic
have
faith not
to flaunt itself
extreme
comparatively brief scrutiny of
individuals for years to come or to
coun¬
form, that the indepen¬
a
more
or state oversight,
"program" designed to direct the activity of
later the
It must in¬
only
influence which has
cur
judiciary shall be maintained, and that
administrative fiat shall
Few
contemporary economic discussion to recognize the
those
Congress, and not the President, shall leg¬
islate in fact
be
contemplated the
have
and to suggest still
now are
try must return to constitutional ways.
sist that
a
It
put in the way of satisfactory
which it has itself created.
of all
would
bilities.
justification would be, by pleading
emergency,
The
limits
but it has gone
dictatorship, and the further
can no
few of
country should be "conserved" and
avoided.
results,
problem to which it has addressed itself
solved
duty it
of the
extreme
pre¬
again
development of dictatorship is its obvious aim.
is not
whose
waste
man.
Somehow, sometime, if disaster is to be averted,
we
appointment
sources
cases
advocates; and in
eager
administration
party issues, again, is only what is to be looked for
and
a
commounities have been without their
or
support from
eral
su¬
year" and "five year"
tries, states
of
Not
prescription
of
epidemic of strikes which is running riot in the
more
of
say
leaped to the conclusion that state supervision
all
methods
interpretation of the favoring
result has been
hasty and reckless advocates of the idea
aged to defy government by law and seek to enforce
own
The
school whose principal doctrine has
a
the part of the state with reference to
on
more
have
to ends, and thus
means
necessity of planning, that is to
pervision
commerce
a
vastly better return to the community for its
ridden, and the constitutional distinction between
lete, and with Mr. Roosevelt presuming to array
fore¬
to reduce these wastes, bring about a "more
satisfactory application of
as
that
expenditure could easily be managed in such
way as
make
It is not
conclusion
thought and previous arrangement of investment
has been called for is the centralization of control
tion,
per¬
large wastes. From this it
some
unnatural
of all these
agencies in the President's hands.
little
very
recognize that the competitive system
point. A similar authority will inhere in the boards
to
decided
shown
adherence to
will not be
are
"planning."
have otherwise
so
subject to interference and control by
more
deep and very disfiguring scar—the point¬
one
business, outside of the railroads and the banks, that
board of five persons which the President will
ap¬
and
more
economics that is pro¬
duced and the "New Deal" discussion and what has
Secretary of State in the negotiation of commercial
a
The
course.
definitely been accepted
con¬
as an
oc¬
article of
merely by those whom President Theodore
Roosevelt used to call the "lunatic
economic writers but also
be inclined to file
tion.
specify the
development shall
a more
by
fringe"
many
among our
who would
now
serious claim to considera¬
Thus the notion of
State
intervention,
over¬
as
law.
sight and regulation have scored another march
organized lawlessness should be
sup¬
against the "obsolete" ideas of individual initiative,
cease
as
pressed and the personal ambitions of political and
activity, and responsibility. Far too little attention
labor dictators curbed. We have been forced to travel
has been
7/
given to the implications of this body of
3898
Financial
thought and far too
it
many
have been inclined to
pass
by with general concession that the "planning"
idea
undoubtedly has its merits, and deserves
sonable
able
or
attention, certainly in
beneficial
of course,
there
measures
be
so
far
rea¬
it has desir¬
as
to propose.
To
much,
so
Chronicle
more
the
renders
case
much
as
secure
with the whole proposal
is the tacit acceptance of
whose
give them
that
body of plan¬
a
as
to
title to public confidence superior to
a
enjoyed by
when
possible to select
knowledge and foresight is such
any
other group of citizens; and that
entirely reasonable to
that public
suppose
the
to initiate it.
statement
that
proposal.
It
of the State is far
than
can
seem
to make
better
This is
for
for the
incomplete
an
advanced and self-conscious
more
a case
as
by the
up
that the political organization
possibly be true. The
case
summed
planning is, at best,
assumes
will
men
necessary to
acceptance of any desirable program
was
they had made their recommendations it
whole
capacity and social unity is
there is
the notion that it is
the
planning proposition
void, and necessitates recognition of the fact that
disagreement. The trouble
ners
intelligent and willing acceptance of
Not to assume that such is
guidance and policy.
no
can
June 12, 1937
less
or
same
elements which
planning make
much
a very
reorganization of the State be¬
recognize their merit and put them into effect with¬
fore any
economic planning is attempted, since with¬
out
im¬
out such
reorganization the best fruits of economic
far-reaching "plan¬
planning
delay
damaging modification.
or
portant is the assumption that
a
Still
more
ning" program, if adopted, will not involve costs
and sacrifice in its initiation—the abandonment of
other and
of
more
worthy schemes,
undertakings whose
dent upon
not
is essentially depen¬
the seizing of opportunities which will
wait, and will not permit the temporary trifling
with alternative
direction
or
success
the postponement
or
courses
of the
volve this element of
dition
of action.
All State
activity,
individual, must necessarily in¬
potential cost
initiation.
There
mendations
be
can
of official
abandonment of
more
no
in ad¬
or expense
the direct investment necessitated
to
guaranty that
by its
recom¬
last
or
promising,
more
pro¬
ning
can
than
be possible to develop at¬
compared with the worst results of indi¬
That, however, is not the point at
ordinarily produce results which
the
advocate will
If they
have
further progress
a
do
can
so,
basis upon
have
the
their
recommendations
assured, they
not
can
the attention
upon
one may
of the
think of it in theory, is
would
thus
depicted stands out
for the situ¬
reason
as
itself
one
of the
ning" idea.
A choice of wise and foresighted
beginning.
are
great; but those obstacles
but is the task
zens,
are
only
The difficulty in the situation is not
simply the abstract mapping out of such
even
eco¬
policy is itself difficult and the obstacles to
developing it
a
of
a program;
interesting the rank and file,
the small upper group,
of
more
or
It will
always be true
that conflicts of interests exist and that their advo¬
ing
are
usually able to offer
reasons
necessarily be variations among groups,
action, while others
a
less convinc¬
fact the
are
adoption of
seems
some
one course
in opposition.
"planning" idea
urge.
which deals with the future, there
of which will desire the
is
more or
for the adoption of what they thus
In every program
will
have the
a
modification
self-direction.
or
They
"planning" done under the
dictator and enforced upon the
a
com¬
a
to
the result of
as
public consideration and weigh¬
ing of argument when these questions
planning scheme then
whether the
raises
dictator
some
to enforce such conclusions
Can any
the
or
governor
as
question
action
trust
or
who is able
arrived at.
are
thoughtful citizen accept such
native for individual
The
come up.
frank
community is willing to accept
the decision of
whatever
alter¬
an
the
possible
faults of the latter?
The Course of the Bond Market
Bonds have made
this
of
Moreover, it
to presuppose
Lower
week.
definite progress in either direction
no
grades
showed
High-grades have been firm to
to
tendency
a
is
after
declining
bonds
ment
4
about
now
8%
did
points
points
below
in
decline.
to
stronger, having advanced
approximately the level of Feb. 15.
114
The Aaa
the
all.
year's
United
group at
high record,
States
Govern¬
nothing this week.
High-grade railroad bonds displayed a somewhat firmer
tone in
2%
quiet market.
a
Texas & Pacific 5s, 2000, advanced
points to 123; Pennsylvania 4s,
1 point at 112.
were
up
generally steady.
at
1948,
112%; Chicago Burlington & Quincy,
been
Railway 4s, 1956,
weeks
unchanged
Second-grade railroad bonds have
Baltimore & Ohio 5s,
well
as
as
the previous
from
off %
were
Western 4s,
1995, closed
at 77%.
the
first
time
since
were
up
%;
4s, 1965, advanced 1% to 105%;
unchanged
were
erratic,
but
trend has been
road
many
filed
a
points
date.
3%s, 1966, at 101%
1981,
that
They declined to 29, off 22%
High-grade utilities have been firm.
more
New York Susque¬
1940, sold for the first time in
plea of bankruptcy.
at
were
111. Div. 4s, 1919,
84%, off %; Erie 5s, 1967, declined % to 78; Southern
hanna &
intelligent citi¬
of the advantageous character of what has
thus been indicated to them.
cates
rather
proposal
democratic
a
far
go so
public questions must be determined from time
time
at
principal considerations adverse to the whole "plan¬
nomic
their
of
course
on
practical and has nothing from the standpoint
reality to recommend it. The
ation
include in
abandonment
ardently ad¬
so
slightest basis for constantly enforcing
form," whatever
of
to
as
which to demand
public. They must admit that in practice their "re¬
not
few of the advocates of the latter
the "planning"
along the lines they
such result is
no
better
are
of the private undertaking and
average
If
of its
one
Recognizing the inherent incon¬
sistency between self-direction and planning, not
question at stake is whether State plan¬
responsibility.
vocate.
supervision is better than that
argument in favor of the best of State super¬
The
Herein, too, lies
phase of the proposal that involves
greatest dangers.
of action
as a course
State.
munity by his will than to take their chances in
It may
vidual initiative.
issue.
for the modern democratic
feasible,
analysis, the whole "planning"
of the individual.
as
that the planning idea is at best imprac¬
tical, and out of the question
the
merely stating in
self-governing State where the choice of action
official direction and
vision
another way
the public con¬
or
All this is
oversight of
posal is based upon the acceptance of the view that
tractive
be realized
never
planners do not involve the
enterprises.
In the
can
vinced of their merits.
at
except
slightly up.
Pacific Tel.
&
Tel.
Southern California
Gas
Commonwealth Edison 4s,
106%.
Lower grades have
in certain
individual
been
cases
the
Alabama Power 5s, 1968, closed
83%, off % for the week; Interstate Power 5s, 1957, at
50%
were
advanced
were
off 3%; Puget Sount Power & Light 4%s, 1950,
1%
among
to
76%.
Bonds
of New York
Steam
Corp.
the exception, losing several points when the
Public Service Commission upset
There
were
no
new
preliminary merger plans.
offerings, but registrations with the
Securities and Exchange Commission indicate a substantial
amount in
coming weeks.
Volume
Only minor
week.
this
news,
Financial
144
movements
Steel
bonds
not
been
industrial list
the
affected
showing both advances and declines.
strike
by
4% points at 63%.
building
decline of 4% to 77%.
a
In the
little better.
a
Products 5%s,
Ctertainteed
the
group
with
Oils have been
the
1948, stood
Among the specialties a
rubber,
In
the
around
ground.
Brazilians
ther
at
MOODY'S BOND
been little
has
PRICES
of interest
in
All
European
(REVISED)
also
classifica¬
centered
interest
issues
as
Uruguayan
chiefly
showed
renewed
Germans
continued
to be
120 Domestic
Corporate by Groups*
BOND
YIELD AVERAGES
(REVISED)
All
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Corporate by Groups
Domes-
Indus.
Averages
ticCorp.
tic
Aaa
Corp.*
A
Aa
active
(Based on Individual Closing Prices)
by Ratings
Domes¬
Fur¬
strength.
Daily
Govt.
Bonds
in
bonds,
registered by Japanese bonds, while
issues
MOODY'S
120 Domestic Corporate *
120
1937
Daily
Averages
retail
generally higher prices.
(Based on Average Yields)
U. S.
or
interest adjustment, went into higher
new
gains have been
among
There
tobacco
market
bond
American
to the
1938-50,
noted.
foreign
South
response
3%-point advance to 143 by American Typefounders 2%s-5s,
was
food,
amusement,
tions.
Coal issues have
soft, led by Consolidation Coal 5s, 1960, which were off
been
out
developed in
have
3899
Chronicle
Baa
RR.
P.
U.
30
For-
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
eigns
5.11
June 11— 108.53
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
June 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
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
kM
8- 108.61
101.94
113.89
110.63
100.88
85.93
95.95
101.06'
109.44
8-
3.89
3.27
3.43
3.95
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
L
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
w.
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
5.19
3- 108.60
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
mmmm'
2- 108.56
101.41
113.27
110.04
100.35
85.65
95.46
100.53
109.05
2—
3.92
3.30
3.46
3.98
4.92
4.27
3.97
3.51
1- 108.62
101.41
113.07
110.04
100.35
85.52
95.46
100.53
108.85
1-
3.92
3.31
3.46
3.98
4.93
4.27
3.97
3.52
mm
mmmm
t
3.50
mm mm
mmmm
mmmm
■mm
m
mm
mm
m
"
Weekly—
•«
mm
Weekly—
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
May 28..
3.92
3.30
3.46
3.98
4.92
4.26
3.97
3.52
108.22
101.58
113.07
109.84
100.35
86.07
95.46
100.88
108.66
21-
3.91
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5.27
14.. 107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
14..
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.38
7.. 108.03
101.58
112.45
109.05
100.18
87.21
95.78
101.23
108.08
7—
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
Apr. 30— 107.59
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
Apr. 30..
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3.62
5.41
23- 107.17
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
16- 107.79
100.70
111.03
107.88
99.48
87.21
95.62
100.70
106.54
16-
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3.64
5.33
9- 107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9—
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
2- 107.19
100.18
110.63
107.49
98.80
86.64
95.13
99.83
106.17
2..
3.99
3.43
3.59
4.07
4.85
4.29
4.01
3.66
5.36
Mar.25— 108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25._
3.93
3.37
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
6.26
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
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
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- 112.34
105.04
115.78
111.84
103.38'
91 66
100.00
105.04
110.63
5—
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
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
5.41
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
5.13
99.48
109.64
107.11
98.28
85.52
94.17
99.31
105.41
High 1937
4.03
3.48
3.61
4.10
4.93
4.35
4.04
3.70
5.43
3.93
3.24
3.50
4.09
4.88
4.35
3.91
3.52
5.95
4.50
3.62
4.00
4.56 \
5.831
5.05
4.39
4.08
5.7
May 28- 108.73
21
—
11..
Jan.
Low
1937 107.01
1 Yr.
1
Ago
101.23
J'nell '36 109.99
2 Yrs. Ago
114.51
109.24
98.45
86.21
94.17
101.58
108.85
106.92
100.00
90.90
74.21
83.87
93.53
98.62
,
91.81
These prices are computed from average
Ago
J'nell'36
J'nell'35
yields on tne basis of one "typical" bond (4%
leveHor,the average movement of actual price quotations.
ylel(£averages,
Yr.
2 Yrs. Ago
«
J'nell'35 108.69
*
Jan.
coupon, maturing in 30 years)
They merely serve to illustrate in
and do not purport to show either the average
a more comprehensive way the relative levels and the
relative movement of
the latter being the truer picture of the bond market.
The New
Capital Flotations in the United States During May and for
the Five Months Since the First of January
f The grand total of newJcapital|flotations in this country
during the month of Mayaggregated no more than $260,931,561.
This total compares with $287,394,025 for the
month of April. The grand total of $230,931,531 for May was
represented by $165,363,648 corporate securities, $50,676,913jState and municipal issues and $44,891,000 of Farm
Loan
and publicly-offered governmental Agency issues.
Refunding operations were relatively large during May, as
we find no less than $111,185,033 out of the grand total of
$260,931,561 comprised refunding, with $149,746,498 repre¬
senting (strictly new capital.
Our compilation, as always,
ncludes thejstock, bond and note issues by corporations, by
holding, investment and trading companies, and by States
and
(municipalities, foreign and domestic, as well as Farm
andjpublicly-offered governmental Agency issues.
ifUnited States Government financing was along the usual
lines during May, and consisted of four double offerings of
Loan
Treasury|bills.|tThe details in respect to these offerings are
recorded
m our
remarks further below,
feln view of the importance of the United States Govern¬
ment financing, we set forth a summary of all Treasury
issues marketed during May, giving full particulars of the
various offerings.
New Treasury
Financing During the Month of
May
j
1937
Treasury Morgenthau on April 29
announced a new offering of $100,0007000, or thereabouts,
consisting of 135-day Treasury bills and 273-day Treasury
bills in the amounts of $50,000,000, or thereabouts, respec¬
Secretary
of
the
tively. Both issues were dated May 5, the 135-day Treasury
bills maturing Sept. 17 and the 273-day Treasury bills fall¬
ing due Feb. 2, 1938. Tenders for the 135-day bills totaled
$132,280,000 of which $50,045,000 was accepted.
The
average price for the bills was 99.801, the average rate on a
bank discount basis being 0.531%.
Applications for the
273-day bills amounted to $135,389,000 of which $50,014,000
was accepted.
The average price for the bills was 99.440,
the average rate on a discount basis being 0.738%.
This
financing provided for the refunding of $50,000,000 of
maturing bills leaving $50,059,000 as new debt,
jl
On May 6, Mr. Morgenthau
announced a new offering of
Treasury bills
$50,000,000 or
thereabouts respectively.
Both issues were dated May 12,
the 128-day Treasury bills maturing Sept. 17, 1937 and the
273-day Treasury bills coming due Feb. 9, 1938.
Tenders
$100,000,000, or thereabouts, of 128-day
and 273-day Treasury bills in the amount of
for
the
128-dayJbills (totaled $138,172,000 of which
was accepted.
The average price for the bills was
99.820, the average rate on a bank discount basis being
0.50%.
Applications for the 273-day bills amounted to
$164,362,000 of which $50,027,000 was accepted.
The
072,000
price for the bills was 99.452, the average rate on a
bank discount basis being 0.723%.
This financing provided
for the refunding of $50,000,000 of maturing bills leaving
average
$50,099,000
as new
debt.
Mr.
Morgenthau on May 13 announced another new
offering of $100,000,000, or thereabouts, comprising 122day Treasury bills and 273-day Treasury bills in the amount
of
$50,000,000, respectively.
Both issues were dated
May 19, the 122-day bills maturing Sept. 18 and the 273day bills maturing Feb. 16, 1938. Tenders for the 122-day
bills totaled $171,777,000 of which $50,014,000 was accepted.
The average price for the bills was 99.838, the average rate
on a bank discount basis being 0.479%.
Subscriptions for
the 273-day bills totaled $169,035,000 of which $50,044,000
was accepted.
The average price for the bills was 99.480,
the average rate on a bank discount basis being 0.685%.
This financing provided for the refunding of $50,064,000 of
maturing bills leaving $50,120,000 as new debt.
Secretary of the Treasury Morgenthau on May 20,
announced a further offering of $100,000,000, or there¬
abouts, consisting of 115-day Treasury bills and 273-day
Treasury bills, in the amount of $50,000,000, or thereabouts,
respectively. Both issues were dated May 26, the 115-day
bills maturing Sept. 18 and the 273-day bills coming due
Feb. 23, 1938.
Tenders for the 115-day bills totaled $171,$171,119,000 of which $50,182,000 was accepted.
The
average price for the bills was 99.863, the average rate on a
discount basis being 0.430%.
Applications for the 273-day
bills amounted to $185,551,000 of which $50,019,000 was
The average price for the bills was 99.532, the
rate on a bank discount basis being 0.617%.
This
financing provided for the refunding of $50,000,000 of matur¬
accepted.
average
ing bills leaving $50,201,000 as new debt.
In the following we show in tabular form the Treasury
financing done during the first five months of 1937.
The
results show that the Government disposed of $2,186,224,000 of which $1,534,782,000 went to take up existing
and $651,442,000 represented an addition to the
issues
public debt.
For May, by itself, the disposals aggregated
$400,543,000, of which $200,064,000 went to take up exist¬
ing issues and $200,479,000 represented an addition to the
public debt.
3900
UNITED
Financial
STATES
TREASURY
FINANCING
MONTHS OF
DURING
THE
FIRST
Chronicle
FIVE
the
June 12, 1937
for refunding was
$267,385,450, representing
87% of that month's total.
Refunding issues of
importance during May, 1937, were as follows: $45,000,000
Southern Bell Telephone and
Telegraph Co. 25-year deben¬
ture 334s, April 1,
1962, used entirely for refunding; $10,000,000 Mississippi River Fuel Corp. 1st mtge. pipeline
4% series, 1952, used entirely for refunding; $10,000,000
Simmons Co. debenture 4s,
April 1, 1952, of which $8,077,300
comprised refunding and 192,803 shares Crane Co. 5% cum.
1937
amount
about
Date
Amount
Offered
Dated
Deo. 31 Jan.
6
Dec. 31 Jan.
6
Amount
Applied for
Due
Accepted
71 days
273 days
Jan.
7 Jan.
13
Jan.
14 Jan.
20
Jan.
21 Jan.
27
273
105,265,000
131,040,000
days
273 days
days
Jan.
273
125,862,000
124,392,000
134,878,000
total.
28 Feb.
3
273
days
Feb.
4 Feb.
10
273
days
Feb.
11 Feb.
17
273
days
Feb. 18 Feb.
24
273
days
105
days
191,855,000
179,465,000
154,486,000
134,519,000
3
Feb.
26 Mar.
3
273
4 Mar. 10
98
99.747
273
99.738 *0.345%
99.726 *0.361%
50,385,000
50,025,000
50,027,000
50,024,000
conv.
Average
50,023,000 Average
50,004,000 Average
99.935 *0.224%
99.695 *0.402%
50,055,000 Average
50,010,000 Average
Mar.
7 Decl5'36
12-16 yrs.
92 days
99.656 *0.454%
Mar. 11 Mar. 17
Mar. 11 Mar. 17
Mar. 17 Mar. 24
Mar. 17 Mar. 24
273
days
85
days
273
days
Mar. 24 Mar. 31
79
days
Mar. 24 Mar. 31
273
days
122,846,000
178,883,000
Mare h total.
Mar. 31 Apr.
Mar. 31 Apr.
483,910,000
50,081,000
50,012,000
50,020,000
50,177,000
50,153,000
50,004,000
7
72
days
7
273
days
14
273
days
21
148
days
15 Apr.
21
273
days
Apr. 22 Apr. 28
Apr. 22 Apr. 28
141
days
273
days
79,650,000
159,783,000
126,121,000
154,224,000
134,330,000
150,313,000
139,477,000
total.
50,044,000
50,049,000
50,022,000
50,025,000
50,300.000
50,024,000
50,052,000
99.896 *0.440%
99.512 *0.643%
99.897 *0.513%
99.499 *0.661%
Average
Average
Average
99.776 *0.545%
99.469 *0.701%
Average
Average
99.787 *0.543%
99.458 *0.715%
99.494 *0.667%
350,516,000
Apr. 29 May
5
135
days
Apr.
5
273
days
29 May
May
6 May
128
days
164,362,000
122
days
273
days
115
days
273
20 May 26
20 May 26
days
132,280,000
135,389,000
138,172,000
273
12
6 May 12
13 May 19
13 May 19
days
171,777,000
169,035,000
171,119,000
185,551,000
total..
50,045, 000
50,014, 000
50,072, 000
50,027, 000
50,140, 000
50,044, 000
50,182, 000
50,019, 000
Average
Average
Average
Average
Average
Average
Average
Average
on a
6
Accepted
Refunding
$50,180,000
71-day
273-day
273-day
273-day
273-day
Treas.
20
27
bills
$50,055,000
Treas.
bills
bills
50,125,000
50,022,000
50,015,000
50,038,000
50,015,000
50,038,000
$200,255,000
$50,385,000
50,025,000
50,027,000
50,024,000
$50,385,000
50,025,000
50,027,000
50,024,000
Treas.
bills
Treas.
bills
3
Feb.
17
273-day Treas. bills
273-day Treas. bills
273-day Treas. bills
Feb.
24
273-day Treas. bills
Feb.
$50,000,000
50.022.000
SUMMARY
Total
Feb.
New
Treas.
10
Total
$200,461,000
Mar.
3
105-day Treas.
bills
Mar.
3
273 day
bills
Mar. 10
98-day Treas. bills
273-day Treas. bills
2>^% Treas. bonds
92-day Treas. bills
273-day Treas. bills
85-day Treas. bills
273-day Treas. bills
79-day Treas. bills
273-day Treas. bills
Mar. 10
Dec. 15, '36
Mar. 17
Treas.
$50,023,000
50,004,000
50,055,000
50,010,000
483,910,000
50,081,000
50,012,000
50,020,000
50,177,000
50,153,000
50,004.000
Mar. 17
Mar. 24
Mar. 24
Mar. 31
Mar. 31
1)4 shares of
1942;
before June 15,
common
for each
1952,
con¬
stock from June 1,1937 to and
OF
CORPORATE,
AND
FOREIGN GOVERNMENT,
MUNICIPAL FINANCING
FARM
LOAN
New Capital
Refunding
Total
$
Month of May—
S
%
Corporate—
Domestic—
Long-term bonds and
50,035,000
notes
47,047,120
66.244,880
113,292,000
7,201,145
23,905,020
19,680,855
1,284,628
26,882,000
25,189,648
78,153,285
87,210,363
165,363,648
28,500",000
16,391,000
43,093,213
7,583.700
44,891,000
50,676,913
149,746,498
111,185,063
260,931,561
322,442,152
6,800,000
59,072,361
137,873,029
517,317,548
7,250,000
183,938,308
74,333,002
14,050,000
243,010,669
526,187,542
782,838,858 1,309,026,400
85,000,000
85,000,000
134,000,000
134,000,000
90,314,000
133,314,000
103,091,335
444,491,823
Short-term.
$50,027,000
Preferred stocks
Common stocks
50,030,000
Canadian—
Long-term bonds and notes
483,910,000
50,012,000
50,081,000
50,008,000
50,189,000
50,015,000
50,142,000
$984,449,000
.
common
$50,000,000
$200,461,000
$50,000,000
or
including
March 31,1942 at prices
ranging from $60 to $71 3-7 per share.
$6,500,000 Wilson & Co., Inc. conv. deb. 3%s, April 1,
1947, convertible on or before Oct. 1, 1946 at principal
amount into common stock at $13
per share.
In the following we furnish a
complete summary of the
new
financing—corporate, State and city, foreign govern¬
ment, as well as Farm Loan issues—brought out in the United
States during May, and the five months ended
May 31:
Indebtedness
$250,255,000
6
13
on
$10,000,000 Simmons Co. deb. 4s, April 1,
FUNDS
Security
Dated
Jan.
0.617%
vertible into
Total Amount
1942 and
1947 and thereafter at rate of
share of preferred.
bank discount basis.
USE OF
Jan.
1% shares after June 15,
99.480 *0.685%
99.863
0.430%
Type of
the initial
was
Home Loan Banks system.
15,
99.452 *0.723%
99.838 *0.479%
99.532
to
192,803 shs. Crane Co. 5% cum. conv. preferred stock,
convertible into common stock at rate of 2 shares of common
for each share of
preferred on or before June
99.801 *0.531%
99.440 *0.738%
99.820 *0.507%
200,064,000
♦Average rate
Jan.
2.60%
99.461 ♦0.711%
99.901 *0.450%
Average
used
issue consisted of
$25,000,000
99.956 *0.173%
99.602 *0.525%
Average
was
public
The
1-year 134% cons. deb. due
April 1, 1938, offered at par.
There was also an offering
of $25,000,000 Federal Intermediate Credit Banks
134%
cons, debs., dated
May 15, 1937 and due in 3 and 6 months,
offered at prices to
yield 0.60% to 0.80%.
The Federal
Intermediate Credit Banks also offered (in April) $32,500,000
134% cons, debs, dated April 15, 1937 and due in .3 and 7
months, offered at price on application.
This issue was not
recorded by us in our April
compilation but has been in¬
cluded in our figures for the first five months of 1937.
Three conspicuous
offerings were made during the month
carrying rights to acquire stock on a basis of one kind or
another.
They were as follows:
financing by the Federal
984,449,000
8 Apr.
15 Apr.
Jan.
Included in the month's flotations
99.951 *0.179%
Average
Average
Average
Average
Average
Average
stock, of which $16,047,790
offering during May was $45,000,000
Southern Bell Telephone &
Telegraph Co. 25-year debenture
334s, April 1, 1962, offered at 96to yield about 3.45%
and 192,803 shares Crane Co.
5% cum. conv. preferred stock,
offered at par, $100 per share.
99.717 *0.373%
100
preferred
retire preferred stock.
The largest corporate
99.696 *0.401%
99.717 *0.373%
153,617,000
130,196,000
483,910,000
140,722,000
106,662,000
88,640,000
99,782,000
days
Jan.
*0 333%
111,863,000
114,519,000
days
4 Mar. 10
May
*0.199%
99.760 *0.316%
99.708 *0.386%
days
Mar.
Mar.
May
May
May
May
May
99.961
200,461,00C
26 Mar.
April
Average
Average
Average
Average
Average
Average
Average
Average
total.
Feb.
Apr.
Apr.
Apr.
60,055,000
50,125,000
50,022,000
50,016,000
50,038,000
Yield
250,255,000
Jan.
Feb.
Price
$733,980,000
$250,469,000
$50,093,000
Short-term
.
Preferred stocks
Common stocks
_
_
.
Other foreign—
Long-term bonds and notes
Short-term
__
.
Preferred stocks
Total
Apr.
7
Apr.
21
Apr.
28
72-day
273-day
273-day
148-day
273-day
141-day
Apr. 28
273 day
Apr.
14
Apr.
Treas.
bills
Treas.
21
__
$50,044,000
50,049,000
$50,000,000
bills
Treas. bills
50,022,000
50,022,000
Treas. bills
50,025,000
50.300,000
50,024,000
50,052,000
50,000,000
50,325,000
50,000,000
50,076,000
$350,516,000
7
Apr.
$200,022,000
$50,059,000
50,000,000
50,099,000
50,064,000
50,120,000
50,000,000
50,201,000
Treas.
bills
Treas. bills
Treas.
bills
.
Total corporate
Canadian Government
$150,494,000
$50,000,000
Common stocks
Other foreign government
Farm Loan and Government
agencies
*
Municipal—States, cities, &c
United States Possessions.
Grand total
Total
May
May
May
May
May
May
May
May
5
135-day
273-day
128-day
273-day
122-day
273-day
115-day
273-day
5
12
12
19
19
26
26
Treas. bills
Treas.
bills
Treas.
bills
Treas. bills
Treas.
Treas.
bills
bills
Treas.
bills
Treas.
bills
$50,045,000
50,014,000
50,072,000
50,027,000
50,140,000
50,044,000
50,182,000
50,019,000
5 Months Ended
May 31—
Corporate—
Domestic—
Long-term bonds and
notes
Short-term
Preferred stocks
Common stocks
Canadian—
839,759.700
212,206,031
Long-term bonds and notes
Short-term
.
Total
Grand
$400,543,000
$200,064,000
Preferred stocks
Common stocks
$200,479,000
$2,186,224,000 $1,534,782,000
total.
$651,442,000
Other foreign—
Long-term bonds and notes
Features of May Private
Short-t
Financing
Proceeding further with our analysis of the corporate flota¬
tions announced
during May, we notice that industrial and
miscellaneous
issues accounted for $87,564,648 as
against
$84,135,294 reported for them in April. Public utility offer¬
ings amounted to $52,579,000 during May as compared with
only $9,500,000 for that group in April, while railroad offer¬
ings totaled $25,220,000 as against $78,127,000 in April.
The total corporate securities of all kinds
put out
May
during
was, as already stated, $165,363,648, of which
$113,292,000 comprised long-term bonds and notes and
$52,071,648 represented stock offerings.
The portion of the
month's corporate flotations used for
refunding purposes
less than $87,210,363, or more than
52% of the total.
April the refunding portion was $86,535,499, or more
than 53% of the total.
In March the refunding portion was
$181,055,483, or more than 56% of the total.
In February
the refunding portion was
$224,520,551, or more than 63%
was no
In
of the total.
516,962,
or
In January the
refunding portion
nearly 69% of the total.
In May
erm
Preferred stocks.
was
$203,-
a year
ago
..
Common stocks
_
_
Total corporate
Canadian Government..
Other foreign government
Farm Loan and Government agencies
*
Municipal—States, cities, &c
United States Possessinns
Grand total
43",boo",000
341,400,488
910,588,030 1,195,244,193 2,105,832,223
*
These figures do not include funds obtained
by States and municipalities from
any agency of the Federal Government.
In the elaborate and
comprehensive tables on the succeed¬
the foregoing figures for 1937 with
the corresponding figures for the four
years preceding, thus
affording a five-year comparison.
We also furnish a de¬
tailed analysis for the five years of the
corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during May, including
every
issue of any kind brought out in that month.
ing
pages
we
compare
§
Total
$
50 ,0 0
12,05 30 3",083",5
15,63 85 4,79653 60,42 368
Capit l
50 ,0 0
3,083,5
$
25,820 2,9580 1,258,0 1,982,50
to*
6
o
to
o
00
Refundi g 2,958~.6
Total
28, 3 0 12,"56 , 0 58,46 70 9,78 07
14.560 6,0 ,0 1,20,0 5,0 ,0
50 ,0 0
50 ,0 0
$
6, 91',20
5,9 ,16
20
5,959",
10
51,9059",
12,05 30
25,820
6,091",20
50 ,0 0
17,5820 8,0 ,0
15,63 85
12,05 30
"l90,6
50 ,0 0
3,083,5 6,59l",20 353658, 3", 5,9 ,16
3,"083",5
12,05 30
3,083,5
3,083,5 "560",0 3,083",5
3,583,5
2,958,6
2,958,0 "58 ",750 2,652", 50
3,241,30 17,5820 8,0 ,0 58 ,750 5,6l ~5 0
31.78 30
2,958,6
2,958,0
2,958*.0
2,958,0
2,652", 50
3,241,30 17,5820 8,0 ,0 58 ,750 2,652", 50
28, 3 0
1,20 , 0 5,0 ,0
6,20 , 0 20,350 19,50 0 5,0 .0 18,"26 0 18,50 0 325,0 0
126,70
5, 0 , 0 19,50 0 41,06 6 2,0 ,0 13,50 0
81,56 6
6,20 , 0 14,7350 8,93 ", 34 16,20 0 5,0 ,0 325,0 0
45,193 4
New
2,958,0 20,6 6 21,3 807 4 ,281 07
Capit l 25,820 1,258,0 1,982,50
$
CO
Refundi g
Capit l
31,78 30 32,56"0 79,8 57 14,06987
126,70 267,~39"76 78,2486 472, 856
$
1934
o
$
1933
3,583,5 40,1 672 43,59 607
New
Total
Total
12,05 30 4,"780",46i 16,830761
Refundi g 12,65"30
$
a
*«•
5
$
1933
o
o
5
£
c
O
1934
Refundi g
$
$
*
$
New
Total
$
Refundi g 75,6 6 6,0 ,0
Total
|
45,193 4 36,"57 ,27 81,76381
New
Total
$
Refundi g 251,7 0 12,0756 3,583,450
$
1936
Capit l
$
New
FGCOOVRREPRENIMGANTT,,
$
•ITotal
%
267,38540
3,7 1,306 37,123071
308,279 1
13,980 12,403 ",21,7650
37,60 50 5,90,0 68,029678
13,29 0 26,8 "6 25,189648
165,3 648 04,8901~,50,67 913 260,93156
OSUMFARY
CONGORRPEUFPWATIE
87,21036 16,3910 7,58370 1 ,85063
Capit l 47,0 .120 7,201,4523,905 20
1937
78,153285 28,50 0 43,09 213 149,76498
CAHANR DTE
.
$
New
Staneds
_
_
Refundi g 5, 0 , 0 19,50 0 41,06 2,0 ,0 7,50 , 0
6,0 ,0
6,0 ,0
75,6 6
38,93 4
$
1",26",0 5,0 ,0
Total
$
48,72 0 16,0 0 15,0 0 "250, 0 85,0 0 148,0 0
Refundi g 48,72 0 13,0 0 5,0 ,0 85,"06 ,0
Capit l
$
New
Total
$
"75b",6
251,7 0
$
1936
" 96",0 1,250, 0 30,7 2",10 1,5 0, 0 40.800",1,40 , 0 39,86 10 48,72 0 16,09 0 16,250 311,062 ",86,50 148,0 0 4,~865",6 1,40 , 0 304,9310
265,1 0
3,0 ,0 10. ,0 "250",0 0 "~l48".6o
.
—— 267,3854 0
———
':«»
13,290
165,5"8603",1,5 0, 0
4,~8o6~, 6 1,40 , 0 24,09650 3~,096", 0 10,5 0 16, 3~,650 1,5 0, 0 148,0 0 4,80 , 0 1,40 , 0 37,60 50
~607J6 7,8 3,150 3,26 ,913 32,18 92 2,306,78
13,980
25, 0 51,9720 1,50, 0 66032 ,950",10, 0 60 ,0 0
96,0 0 50 ,0 0
15,68450 48,72 0 13,0 0 5,70, 0 14,"908,450 85,0 0
14,908",450
-
5,824",85 52,071648 25, 0 52,79 0 9,43,150 3,26 ,913 56,1329 12,306 78 60 ,0 0 5.824",8 5 165,3 648
_
Refundi g 45,60",65 1,032,0 9",60 ,8 0 10, 0
1937
25, 0 6,36,0 518,0 0 14",3 '120 60 ,0 0
Capit l
"596",6
6,24 80
47,0 120
$
$
New
6,765
17,3158
756 7,287,150 3,26 ,913 14, 5140 2, 9 ,31
"607",
2,631,20 87,21036
2,63l",206 20,965483 45,60" 6 1,628,0 27,38" 9 10, 675
3,193~685 31,0615 25, 0 6,973, 0 7,805,1 0 3,26 ,913 28,79452 2,9,31 60 ,0 0 3,193,685 78,153285
notes. notes. notes. Governmt agcies.&t_, fbiuncoltadyinese Notes— manufctrig h&oldcing, Notes- manufctrig h&oldcing, utiles acesori indmaaunsunftrcditrilg h&toralddciinngg,, utiles inmdaaunusnftcrdtrilg ht&roalddciinngg,, csoercpuritate
MOFAY Domestic— Lboonagn-tdersm stock-Candi— bLoonagn-tdersm PresftorcekdComstocoknforeign— Lboonagn-tdersm Presftorcked stock corpate toal fdignuroest MOFAY LBonoga-nTedrms aacensodri Miscelanous SBhooratn-Tdesm aacensordi iscelanous
foreignLGooaavnntd, ♦Municpal—St ,PoSsteaiens
Corpate—
■Railrods' util es indausntrdi l buildngs, ttrraudsintg,, Railroads util es &sccotopeaerll,Equmaipnumftenrt indausntrdl build<nfcgs ttrraudsintg,,
MONTH
_
_
1 ,53728
Refundi g 6 ,24 8 0 19,680 5 1,284,628
%
6,0 ,0
6,0 ,0
14,560
New
304,9310 9",671",30 105, 2749 419.87149
265.1 ,0 114,0508",25,360
20,350 19,50 0 5,0 0 17,0 0 7,50,0 325,0 0
14,^350 8,93~,34 15,0 0 325,0 0
Capital
1935
YOMFAMTELFIUINAOVHARCRSPDRMNGL| FfGeotrvdahormnugmnicpall.eysOFUTMYTSISNEIHHAAVINRERSD
Capit l 38,93 4 1,20,0 5,0 ,0
$
$
"58 ",756
25,820
New
81,56 6 267",39 70 41,70431 390,6470
$
1935
Capit l 17,5820 8,0 ,0
$
Com on
Other
Com on Totsl
Other Farm
United
Grand
MONTH
These
Tbtal
♦
Public
Motors Other Tjand,Rub er Ship ingInv.
Oil
Public Iron
Motors Other T,and,Rub er Ship ingInv.
Oil
M
Total
Stocks—
Public
and
Motors Other
Oil
trust ,Miscelanous
Inv.
Total
otal—
T
Railroads Public
Other
Oil
trust ,Miscelanous
Rub er Ship ingInv.
Total
O
5
O
CO
CO
89,6 50 54,71230 3,250, 0 9,436,289
1,60 , 0
Refundi g 69,045, 0 38,21 30 2, 47", 8
1,60 , 0
8
8
1933
158,6 089 10,9 6 123,05 91 29,5068
1 ,05 78 1,327" 56 12,4394
Capit l 20,610 16.50, 03,250, 07,18,51
132,0 10 15,708 02,908,0 16,7 485
Total
1934
Refundi g 74, 60,2 0 2,958,0
1,20 , 0 78,61 20 96,0 0 67,8 48
Capital 57,39 0 12,750 2,908,0 16,7 485
375,64 0 32,10 0 26,4980 6,079,0
—
——
„,_
—
—
Refundi g 310,4 6 23,6150 19,37180
40,3280 531,9"70 53,2745 "*43.0 1,50762, 7
1935
YEARS
CFORRPEIGNAT,
8
1,8471,90 50,1250 83,0637 0.173,907 38,0 0
.
Refundi g 1,605 7,29 3 ,16250 70,325938 6,248,73 30, 0
Capit l
8
New
Total
$
2,57986,25
75,0 0
310,79680 20,9~o",0 314,598 645,8 168
839,75 0 14,05 0 243,0169 21,0631
85,0 0 134.0 , 0 13, 40 4 ,91823
1,30926,40
Refundi g 517,3 548 7,250, 0183,9 08 74,3 02
2,105.832
FfGteroaomvhduognricnnpmaflatceyslt. CNITSOUSRENTPHAIWEAETD
782,385 85,0 0 134,0 090,31,40 103,9135 1,9524,193 Staatneds
Capit l 32,4 152 6,80,0 59,072361137,8 029
SOUM FARY
526,187542 43",bo 0 341,048 910,58 03
$
New
GORUFPING
AND
CHAR TE
50 ,0 0
310,4 6 i6,bo"6
250, 0
375,64 0 io( .5d 6,0 ,0 4,10,0 6,0 ,0
1 ,05 78
10,43851
10,43851 12,0 0 24, 10 10,43851 "90 ,0 0
47,59 1
50 ,0 0
18,47153 "52 ",0 19,58 25 10,8910 42,083 0 58 ,750 23,7 53 "525",0 0 "2050"0, 168,493 85
58 ,750
16,908 0
J»158.6,09
53,70 0 19,652 0 5,26 ,0
58 ,750
12,750
19,58 25 47,109 0 2.430,8 58 ,750 18,47153 50 .0 0 "52 ",0 "25"O,6 89,7518
"525",0 0
5
"l74,8153
78,61 20
6,0 ,0 32,10 0 1,785",20 5,0 ,0 1,4 8,750 5,0 ,0
6,0 ,0 23,6150
1,6 5,0 6,0 ,0
19,37180 32,57 80 72,580 176,2 50 58,0 0 13",9416 74,318750 18,50 0 893,0 0 25,81 0 40,32 80
19,37180 19,37.80 50,7 0 165,709 4,06 6 2",41",06 51,950 13,50 0
25,81 0 35,427 6
13,204 0 21,80 10,563250 13,9 34 1,50 0 23,1 750 5,0 ,0 893,0 0
86,93 4
6,b "o,6 2,485,0
65,2043
2, 47, 8 41,0 850 57,960 78 4,3 2,0 1,825,0 5,9 ,16
8,4 5,0 l",785",20 5,0 ,0 1,4 8,750 5,0 ,0
,
b
458,3 90 841,085026,70 17,"il 50 154,0 05,648,0 "660oo", 12,"8~0 ,6 1,85271,90 30, 0 1,250, 0
66618, 25",3,0 ,0
106",820 140, 1963 3,50,0 660,1 0 0", 15,0 0
8",125",65 2, 87,50
7",50",6 3 ,16250 114,20287",4,078,0 ,90 30,16 204 15,4 8749
*712",50
Total
8
;
1936
Refundi g
$
382,41 90 795,16 9 16,7452
-
1,63570,29
$
"
Total
Refundi g
8
8
274,607 354,610 42,850 10,bo"65 1,650 65,0 0 21,650
350, 0
950, 0
2,537",50 517,3 548 1,450, 0 5,0 ,0 "80 ",6 5
#
12",46 730 76,5471 397,41 90 89,4379 20,792.5 "423~,09 14,36721 57,4821 3,50 , 0 31,2673 1,7450, 3
"~
"250",6 6 9,135,0 839,75 0 5,80 , 0 5,10 , 0 2,"0",6
10,7320 319,64 18 25,076 50 4,934,60 30,2178018,34 0 16,03 0
423
2,056.17,83
16,9250 96",06 3,15 , 0 7,462,40 2,81,0 49,85102 2,14,90 4~,8ob~,6 6,319,07 76,35 72 91,490 46,517831 69,136748 7,462,40 2,81,0 60,8 504 16,85027 2,148,0 "bob",6064,80 , 0 8,19,07 310,79680
New
1937
7,6669,48 3 0 85,41 28 9.2 50 ,462.40 3,2 5,0 205,47 16 74,56329 5.648,0 60 ,0 04,80 , 0 39, 580
7",5b~.6 50,1250 14,23",1287,2 9,50 7,462,40 3,2 5,0 80, 1 ,216 7,56329 4,80 ,6 18,7 580 153,20 83
76,4190 45,17 831 65,98 248 1,029"42 13,958037 2,148,0 60 ,0 0 1,80,0 217, 608 15,0 0 1,250, 0
Capit l
2,9038 ,463
209,1 608 16,9250 12,70438 63,925134 8,0 ,0
$
1937
Capital 21,80 8,78,0 8,93,34 5,"0b,6 19,20 "893",0
New
10 .0 0
4,158,0
4 4,0 0
$
250, 0
2,958,0
4 4,0 0
Refundi g 50,7 0 15,709 4,06 6 2",41",65 49,580 7,50 , 0
75,0 0
1,7450,3 48,0 0 5,0 0 217,8960 19,68192
8
1936
2,05617,8348,0 0 5,0 0 238,7960 5 ,8460
39,81230 2,147, 8
16,50 0
57,39 0 12,0 "6
72,580 164,870 53,0 0 7,941",65 68,0 0 7,50,0 893,0 0
*0
12.68 29 53,018,50 82,1 9784,32,0 12,6351 "960",0 5,9 ,10
\
1,20 , 0 12,0 0 2,958,0 50 ,0 0
74,602 1,20,0
Total
FTME3FYONHIIVDAV1RRSS
FLAMGFTMOUIENVF3OAENHRVCIDNDAPVMR1RLGYST,
Total
132,0 10
New
—
-
New
9,609103,083 0 2,308,0
to
56,312 0 2,147, 8 10,538 1
20,610 16,50" 0
Refundi g 52, 0 0 19,652 0 2,308, 0
1934
- 86,93 4 9,~5"0 ~,6 32,8 930 43 ,0 0 419,0 264
Capit l 65,2043 8,45,0 7,125,0 6,079,0
8
5,9 ,16
Capit l 47,109 0 10,43 80
243,06 48
35,4276 52,093"70 21,9 647 1,0852,13
8
1935
5,9 ,10
69,045 0 6,216,0 23,9520 4,32,0
New
89,7518 42,50 036,5 46 469,03 650
New
Total
Total
(ft
89,6 50 6,216,0 39,7520 4,32,0
90 ,0 0
Capital 12,0 0 7,21,0
168,493 85 139,40 40, 391 712,37298
1,20 , 0
to
<T>
S3
Refundi g 34,8025 032,5180 1,725,0
1933
47,59 1 10,9 0 1 ,698235 170,5 746
New
§
13
46,80250 4,2390 1,725,0 "906",0
Total
O
as
G3
13
Total
o
to
14,05 0 87,28",394 ,81 76 12,7 053 104,6514 20,5938 1,673",05 83,472345 45,21670 280,6 70 47,02394 87,61.876 ~217,053168,5 14 85,938 21,650 2,03,05 250, 0 93,57345 1,3092640
7,250, 0 84,05"694 28,1 50 30,95",92 8,10675 682",50 26,391"859 258,7130 102,8 0 409,7 312 53,26450 4,934",60 60,917 2 106,45 76 16,03 0 682,50 28,9~ 359 782,3 85
~
.
32173,5870 4,9 382 17, 3950 5,065",4031,628 046,520 5,647,0 350, 0 250, 0 6,597,50 32,4215 4,350, 010 ,0 0 l",40",6
Capit l
"950",6 6 800,0 2,482~,76 16, 23 76
8
New
6,
12,7 053 74,569152 32,48703 "959b"0, 57,08"46 196,45390 17,8 70 37,5208 34,97326 17", 453 107,59 372 79,13 073 5,647,0 1,340,50 250, 0 64,27986 526,187542
*
31 notes. notes- notes. Governmt agcie_s.&t,Posein fbiunocltadyinsee M3A1Y Notes— &c manufctrig &holdcin_g, Notes- - manufctrig &holdcing, manufctrig h&oldcing, manufctrig h&oldcing,
boands stock boands foreign- bLooanng-dtesrm Cosmtocokn corpate foreignGLooavantdn, ♦Municpal—Stes,Staes toal dfignuorets EMNODNTHS BLooanng-dTesrm Railroads utiles ccsoopteaerl,l,,Eqmuainpufmtent, aacesnorid inadunstrdl --&buildcngs, Shipingttrraudsintg,,Miscelanous BShooarnt-TdesmRailroads utiles&ccsootpeaelrl,,,Eqmuanipufmtent aacesnorid inadunstrdl &buildcngs, .ttrraudsintg,,Miscelanous Railroads utiles&ccsoopteaelr,,l,Equmainpufmtent acaesnorid inadunstrdl &buildcngs, ttrraudsintg,,Miscelanous Railroads utiles&ccsoopteaelrl,,,Equmainpufmtent aacesnordi inadunstrdl &budcings, ttrraudsintg,, aneous sceocrpuritate
EMNDAY
MONTHS Corpate— Domestic— Long-term Short-em Pref red Candi— Long-term
Totsl
Other
5
Other Farm
United
Grand
wtm
These
Total.
*
5
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Public Iron, Motors Other Land,Rub er Ship ingInv,
Oil
Stocks—
Total-J
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Public Iron, Motors Other Land,Rub er. Ship ingInv. Miscel
on
Total
Volume
Financial
144
DETAILS OFJSTEW CAPITAL FLOTATIONS
MAY, 1937
LONG-TERM
AND
BONDS
(ISSUES MATURING
NOTES
THAN
FIVE
DURING
LATER
YEARS)
RAILROADS
$4,460,000 Chicago & North Western Ry. equip, trust 2 Ms, April 1
1938-47.
New equipment.
Sold to Salomon Bros. & Hutzler;
annual
Dick & Merle-Smith and Stroud & Co., Inc. at average
cost of
3.43% to road.
6,810,000 Cincinnati New Orleans & Texas Pacific Ry. equip, trust
2)^s, H.
New equipment.
Sold to Salomon Bros. & Hutzler;
Dick & Merle-Smith and Stroud & Co., Inc. at average annual
cost of 2.98% to road.
2,000,000 Detroit Toledo & Ironton RR. equip, trust 2^fs, May 1,
1938-47.
New equipment.
Sold to Salomon Bros. & Hutzler
at 98.2931.
4,260,000 Missouri Pacific RR. equip, trust 3^s, BB, June 1, 1938^52\
New equipment.
Awarded to Freeman & Co. on bid of
100.1556.
.
_
6,490,000 Northern Pacific Ry. equip, trust 2Ms, May 1, 1938-47.
New equipment.
Offered at prices to yield 1.10% to 2.90%.
Offered by Salomon Bros. & Hutzler; Dick & Merle-Smith,
and Stroud & Co., Inc.
),000 Congregation Sisters of St. Joseph of New Orleans, La,
1st M. 4s and 4Ms. May 1, 1938-49.
Finance construction of
new building.
Price, 100; to yield from 4% to 4.50%. Offered
by Dane & Weil, New Orleans, La.
390,000 Franciscan Sisters of the Sacred Heart (Association of)
Joliet, 111. 1st & ref. M. 3s and 4s, May 1, 1938-52. General
corporate
purposes.
' Price
on
app icatlon.
Offered by.
Dempsey-Tege'er & Co., St. Louis, Mo.
80,000 St. Joseph Academy (New Orleans, La.) 1st M. 4s and 4Ms.
May 1, 1938-49.
General corporate purposes.
Price, 100;
to yield from 4% to 4.50%.
Offered by Dane & Weil, Harold
W.
Grisamore, and Lamar, Kingston & Labouisse, New
Orleans, La.
'
.
$600,OOO
STOCKS
Preferred stocks of
stocks of
no
bid of par plus premium
of $200.
UTILITIES
2,000,000 Pennsylvania
expenditures.
trust 5s, A, Aug.
Sold privately.
$607,700 Pennsylvania Power Co.
Construction expenditures.
Power Co. 1st M. 4s,
Price, 100; to yield 4%.
1961.i Construction
Placed privately.
Co.
1,200,000 Southern Indiana Gas & Electric Co, 1st M. 3.35% bonds
due 1961.
Construction expenditures.
Price, 100; to yield
Placed privately.
$51,972,000
COPPER, &C.
$1,550,000 Struthers Wells-Titusville Corp. 1st M. 5Hs, April 1,
1949.
Refunding, reduce bank loans and provide working
capital. Price, 100 to yield 5.50%. Each $1,000 bond carries
warrant for purchase of 20 shares of common stock at any time
before May 1, 1943 at graduated prices.
Offered by Van
Alstyne, Noel & Co.
Other underwriters were:
Fenner and
Beane Corp.
Craigmyle, Marache & Co.; Banks, Huntley &
Co.; Grubbs, Scott & Co., Johnston, Lemon & Co.; C. T.
Williams & Co., Inc. and Taussig, Day & Co.
Inc.
OTHER
INDUSTRIAL AND
MANUFACTURING
$1,000,000 Arrow-Hart & Hegeman Electric Co. 4% bonds.
*7% preferred stock. Sold privately effective a? of July
1,500,000 Fruehauf
Trailer Co.
(Detroit)
Replace
1,1937.
1,
debenture 4Ms April
Redeem class A preferred stock, provide for plant expan¬
sion and working capital.
Price, 98M to yield about 4.70%.
Offered by Watling, Lercheu & Hayes; Lawrence Stern & Co.;
Jackson & Curtis and First of Michigan Corp.
1947.
250,000 Laclede Packing Co. (St. Louis) 1st M. 4Ms, April 1, 1947.
Retire 7% preferred stock and provide working capital.
Price,
100 to yield 4.50%.
Offered by Metropolitan St. Louis Co.,
St. Louis, Mo.
1,000,000 Merchants Distilling Corp. (Ind.) conv. deb. 5s, March 1,
1947.
New construction, retire accounts payable, pay bank
debt, general corporate purposes and working capital.
Con¬
vertible at any time into common stock up to Feb. 29, 1940
at prices ranging from $8 to $10 per share.
Offered by Olm¬
sted, Metcalf & Co., and Jackley & Co.
2,000,000 National Container
Corp. (Del.) deb. 5Ms, April 1, 1952.
Price, 100 to yield 5.50%.
carries warrant to purchase 25 shares
Oct. 1, 1937 and April 1, 1942 at
Construction of new pulp mill.
Each $1,000 debenture
of common stock between
prices ranging from $12M to $20 per share.
Offered by Bond
& Goodwin, Inc. R. S. Dickson & Co., Inc.; R. F. Griggs Co.,
and Brooke, Stokes & Co.
10,000,000 Simmons Co. deb. 4s, April 1, 1952.
Refunding and provide
working capital.
Price, 100; to yield 4%.
Convertible into
common stock from June 1, 1937 to and incl. March 31, 1942
at prices ranging from $60 to $71 3-7 per share.
Offered by
company to stockholders to extent of $9,941,000.
Unsub¬
scribed portion, and remaining $59,000, publicly offered by
Blyth & Co., Inc.; Lee Higginson Corp.: Brown Harriman &
Co., Inc.; Edward B. Smith & Co.; Kidder, Peabody & Co.;
E. H. Rollins & Sons, Inc., and G. M.-P. Murphy & Co.
1,700,000 United Stockyards Corp. coll. trust 4Ms, A, Oct. 1, 1951.
Acquire portfolio of General Stockyards Corp.
Price, 96M;
to yield about 4.57%.
Each $1,000 bond carries warrant to
purchase 30 shares of common stock up to maturity date at
$10 per share.
Offered by Bond & Goodwin, Inc., New York,
and John De Witt, Chicago.
6,500,000 Wilson & Co., Inc. conv. deb. 3Ms, April 1, 1947.
Finance
increase in inventory values and in accounts receivable.
Price,
101; to yield about 3.36%.
Convertible on or before Oct. 1,
1946 at principal amount into common stock at $13 per share.
Offered by Edward B. Smith & Co., and Glore, Forgan & Co.
$23,950,000
OIL
$10,000,000 Mississippi River Fuel Corp. 1st
Sold privately.
19 oz.
Refunding.
LAND, BUILDINGS,
$50,000
M.
pipeline
4%
series,
&C.
Carmelite Sisters of the Divine Heart of Jesus 1st M. 43-^s,
May 1, 1939-47.
Finance completition of building.
Price,
101-10(1; to yield 4% to 4.50%. Offered by Festus J. Wade Jr.
& Co., St.
Louis, Mo.
Foundry &
stock.
Machine Co. 74,600 shares
bank loans
and
Offered
by
Securities
Becker & Co.; Blyth & Co., Inc.;
Co.; Ladenburg,
Seligman & Co.;
Co.; Colgate, Hoyt & Co. and Morgan
Corp.; A.
G.
Goldman, Sacns & Co.; Hayden, Stone &
Thalmann & Co.; Otis & Co.; J. & W.
Lawrence
Stern
&
Stanley & Co., Inc.
a45,000,000 Southern Bell Telephone & Telegraph Co. 25-year deben¬
ture 3Ms, April 1, 1962.
Refunding.
Price, 96M to yield
about 3.45%.
Offered by Morgan Stanley & Co., Inc.; Kuhn,
Loeb & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.;
The First Boston Corp.; Brown Harriman & Co., Inc., and
Edward B. Smith & Co.
Other underwriters were: Almstedt
Brothers; Baker, Watts & Co.; Charles D. Barney & Co.;
Blyth & Co., Inc.; Bonbright & Co., Inc.; Alex Brown & Sons;
Cassatt & Co., Inc.; E. W. Clark & Co.; Clark, Dodge & Co.;
Coffin & Burr, Inc.; Courts & Co.; R. L. Day & Co.; Dominick
&
Dominick; Equitable Securities Corp., Nashville; Estabrook & Co.; Glore, Forgan & Co.; Goldman, Sachs & Co.;
Graham, Parsons & Co.; Harris, Hall & Co., Inc.; Hayden,
Stone & Co.; Hemphill, Noyes & Co.; J. J. B. Hilliard & Son;
Hornblower & Weeks; W. E. Hutton & Co.1 Jackson & Curtis;
Johnson, Lane, Space & Co., Inc.; Lazard Freres & Co., Inc.;
W. L. Lyons & Co.; Mellon Securities Corp.; F. S. Moseley &
Co.; Paine, Webber & Co.; R. W. Pressprich & Co.; RobinsonHumphrey Co.; Salomon Bros. & Hutzler; Schoellkopf, Hutton
& Pomeroy, Inc.; Securities Co. of Milwaukee, Inc.; J. & W.
Seligman & Co. Stone & Webster and Blodget, Inc.; White,
Weld & Co., Whiting, Weeks &
Knowles, Inc. and Dean
IRON, STEEL, COAL,
Steel
Retire 6% preferred stock, pay
provide working capital.
Price, 15M«
Riter & Co.; Battles & Co., and Bioren & Co.
common
$7,883,150
MOTORS
AND
ACCESSORIES
$300,000 Graham-Paige Motors Corp. 100,000
General
Price, 3.
corporate purposes.
shares common stock.
Subscribed privately
by two individuals.
Bankamerica Co.
3.35%.
5,900 shares $6 preferred stock.
Price, 103.
Placed privately.
STEEL, COAL, COPPER, &C.
IRON,
$1,137,650 Birdsboro
1, 1937-
1,022,000 San Jose Water Works 1st M. 3Ms, A, Dec. 1, 1961. Retire
preferred stock and provide for new construction.
Price,
100; to yield 3.75%.
Offered by Chandler & Co., Inc., and
Witter &
stock are computed at
UTILITIES
PUBLIC
$2,000,000 Central Illinois Light Co. 1st & cons. M. 3Ms, 1966.
Con¬
struction expenditures.
Price, 100; to yield 3.50%.
Placed
privately.
750,000 Los Angeles Ry. Corp. equip,
Feb. 1, 1945.
New equipment.
taken at par, while preferred
value and all classes of common
par
6,745,500 Inland Steel Co. 74,950 shares common stock.
Extensions
and improvements.
Price, 90. Offered by company to holders
of its common stock
Underwriten by Kuhn, Loeb & Co.;
Brown Harriman & Co., Inc.; Edward B. Smith & Co.; Mellon
$25,220,000
PUBLIC
stated par value are
a
their offering prices.
1,200,000 Wisconsin Central Ry. equip, trust 3Ms.
New equipment.
Awarded to First National Bank & Trust Co. of Minneapolis
on
3903
Chronicle
2,966,913 Hupp Motor Car Corp. 988,971 shares com. stock.
Retire
accrued and unpaid liabilities and provide working capital.
Price, 3.
Offered by company to holders of its common stock.
Underwritten by F. S. Yantis & Co.; Sadler & Co.; Walter E.
Schott; Brown Young & Co.; Brush, Slocumb & Co.; Crowell,
Weedon & Co.; Dempsey-Detmer & Co.; Enyart, Van Camp &
Feil, Inc.; C. B. Ewart & Co., Inc.; Scott Mclntyre & Co.;
Polk Peterson Corp.; Scherek, Richter Co.; Whitlock, Smith &
Co.; W. D. Hanna & Co.; Mclnnis, Van Dusen & Co.; Richard¬
son, Lane & Co. and Frederic CoUin, Inc.
$3,266,913
OTHER
INDUSTRIAL AND
MANUFACTURING
$400,000 Air Associates, Inc. 40,000 shares common stock.
Expan¬
sion of manufacturing facilities, purchase of equipment,
pay¬
ment of bank loans and working capital.
Price, market about
10.
Offered by Robinson, Miller & Co.,
Inc. and Cohu Bros.
1,182,500 Allied Mills, Inc. 59,125 shares common stock.
Working
capital.
Price, 20.
Offered by company to holders of its
common
stock.
Brewing
300,000 Berghoff
Corp.
Additional capital.
Price, 10.
of its common stock.
shares common stock.
Offered by company to holders
30,000
318,750 Binks Manufacturing Co. 25,000 shares capital stock.
New
equipment, construction of new plant and other corporate
purposes.
Price, at market about 12MOffered by FuszSchxnelzle & Co. and F. S. Yantis & Co., Inc.
112,500 Brown-McLaren Manufacturing Co.
stock.
Working capital.
Price, 2\i.
Co., Detroit.
45,000 shares common
Offered by A.ison &
544,704 Cashay Corp. (N. Y.; 363,136 shares com. stock. Machinery
and new equipment, other corporate purposes and working
capital.
Price, 1M.
Offered by Tooker & Co., N. Y.
19,280,300 Crane Co. 192,803 shares 5% cum. conv. pref. stock.
Retire
7% preferred stock, working capital and other corporate pur¬
poses.
Price, 100; to yield 5%.
Convertible into common
stock at rate of 2 shares of common for each share of preferred
on or before June 15, 1942; \% shares after June 15, 1942 and
on or before June 15, 1947 and thereafter at rate of 1M shares
of common for each share of preferred.
Offered by company
to holders of its common stock.
Underwritten by Morgan
Stanley &
Co.; Clark,
Dodge &
Co.; Lee Higginson Corp.;
& Co., Inc.; Blyth
Edward B. Smith & Co.; Brown Harriman
Co., Inc.; Dominick & Dominick; Hornblower & Weeks;
Kidder, Peabody & Co.; Charles D. Barney & Co.; Blair,
Bonner & Co.; Central Republic Co.; Glore, Forgan & Co.;
Harris, Hall & Co., Inc., and White, Weld & Co.
&
562,500 Di-Noc Manufacturing Co. 150,000 shares common stock.
Retire preferred stock, repay mortgage debt, working capital
and acquisition of machinery and equipment.
Price, 3%.
Offered by Falvey, Waddell & Co., Inc.; Polk-Peterson Corp.
and H. O. Wallace, Inc.
98,720 Exolon Co. 2,468 shares common stock.
General corporate
purposes.
Price, 40.
Offered by company to holders of its
preferred and common stock.
1,577,400 Fruehauf Trailer Co. (Detroit) 78,870 shares common stock.
Additional working capital and plant expansion.
Price, 20.
Offered by Watling, Lerchen & Hayes; Lawrence Stern & Co.;
Jackson & Curtis and First of Michigan Corp.
1,125,000 General Carpet Corp. 300,000 shares common stock.
Retire
$6 second preferred stock, pay current debt and provide
working capital.
Price, 3%
Offered by B. E. Buckman &
Co. and Eugene J. Hynes & Co., Inc.
75,000 Hardin Chemical Corp. 50,000 shares 6% cum. participating
class A stock.
Additional capital.
Price, 1
Offered by
J. C.- Danford & Co., Inc., Cincinnati.
84,000 Hill Packing Co. 14,000 shares conv. preferred stock. Addi¬
tions and betterments to plants and building and provide
Price, 6.
Offered by Matthews, Lynch &
working capital
Co., Chicago.
52,223 Machine Specialty Co
ing capital.
Price, 1.
Detroit. Mich.
52,223 shares common stock. WorkOffered by J. J. Jennings & Co.,
Distilling Corp. (Ind.) 50,000 shares common
New construction, retire accounts payable, pay bank
debt, general corporate purposes and working capital.
Price,
iy<x.
Offered by Olmsted, Metcalf & Co. and Jackley & Co.
375,000 Merchants
stock.
2,187,500 National Container Corp.
stock.
(Del.)
175,000 shares common
Construction of new pulp mill.
Price, 12)^.
Offered
by A. W. Porter, Inc.; Bond & Goodwin, Inc.; R. S. Dickson
& Co., Inc.; R. F, Griggs Co. and Brooke, Stokes & Co.
1,500,000 Nunn-Bush Shoe Co. 15,000 shares 5% cum. preferred stock.
Retire 1st and 2nd preferred stock, working capital and repay
short-term debt.
Price, 100.
Each share carries warrant to
purchase 2 shares of common stock on or before July 30, 1944
at prices ranging from $22 H to $30 per share.
Offered by
company to holders of its 7 % and 7 H % preferred stocks and
underwritten by A. G. Becker & Co., Inc.; Edgar, Ricker &
Co. and Loewi & Co., Inc.
1,320,000 Rheem Manufacturing Co. (San Francisco, Calif.) 120,000
shares common stock.
Pay bank loans, acquire plant and
equipment and provide for capital expenditures.
Price, 11.
Offered by Blyth & Co., Inc., and Greenwood-Raggio & Co.,
Incorporated.
3904
Financial
$204,825
Ryan Aeronautical Co. 81,930 shares
common stock.
Plant
additions machinery, development of new models and working
capital.
Price, 2^6.
Offered by G. Brashears & Co.
200,000 Scherer Leather Co. 40,000 shares common stock.
Retire
Reconstruction Finance Corporation loan and bank debt and
provide additional working capital.
Price, 5.
Offered by
Bartlett-Baxter & Co., Inc., Chicago, 111.
495,000 Sheller Manufacturing Corp. 99,000 shares common stock.
Retire 6%. preferred stock, pay indebtedness for
new
building,
machinery and equipment and provide working capital.
5.
Offered by Baker, Simonds & Co.
187,000 Vacuum Concrete Corp. 88,000 shares common
Price,
stock.
Retire note issue, new equipment, general
corporate purposes
and working capital.
Price, 2H.
Offered by Hanson &
Hanson.
Chronicle
June 12, 1937
issues for conversion
held
in
or
United
the
redemption of securities previously
Kingdom;
19278
and county
In all
cases
authorities which
the
figures
(Compiled by the Midland Bank, Limited]
Month of
common
May 31
1930
1931
11,010,000
1932
57,304,000
1934
12,296,000
14,614,000
22,441,000 *•
1936
19,728,000
65,435,000
19,505,000
11,411,000
90,573,000
107,521,000
138,055,000
158,650,000
207,962,000
72,901,000
199,550.000
1922
1923
1924
.....
1925
1926
-
1929
1933
1936
1937
-
£63,476,000
£118,288,000
387.738,000
260,840,000
271,651,000
178,273.000
213,672,000
90,302,000
146,157,000
88,762,000
201.891,000
237,355,000
221,607,000
290,582,000
336,229,000
371,421,000
212,238,000
165,608,000
87,888.000
86,894,000
100,703,000
102,413,000
139,729,000
161,244,000
170,145,000
128,635,000
58,083,000
51,787,000
56,974,000
stock.
$2,306,078
CAPITAL ISSUES IN THE UNITED
Investment
Co.
KINGDOM
BY MONTHS
[Compiled by the Midland Bank Limited]
MISCELLANEOUS
$890,000 American
of
Illinois.
44,500 shares
common stock.
Working capital and advances to subsidiaries.
Price, 20. Offered by company to holders of its common stock.
Underwritten by Francis Bro. & Co.; Paul Brown & Co. and
McCluney & Co., St. Louis, Mo.
100,000 American
Motors
Investment
Corp. (Topeka, Kan.)
10,000 shares 6% class A preferred stock.
Provide funds for
loan purposes.
Price, 10.
Offered by company.
1,280,848 Interstate Department Stores, Inc. 75,344 shares
common
1934
6 months..
4,108,238
19,727,811
65,434,711
12,048.454
14,997,397
9,878.332
May
£33.963.149
56,973,992
April
1936
£16,692,347
12,620,080
12,386.235
9,590,367
22,440,935
March
1935
£10,853,233
7,007,995
7,081,462
January
February
20,610,166
18,410,698
24,402.925
stock.
Pay bank loans of subsidiary company.
Price, 17.
Offered by company to holders of its common stock.
Under¬
written by Lehman Brothers;
Hayden, Stone & Co.; Lazard
Freres & Co., Inc.; A. G. Becker &
Co., Inc.; Graham, Parsons
& Co.; Hallgarten &
Co.; F. S. Moseley & Co., and Wertheim
June
July
August
September
October
& Co.
2,500,000 Neisner Brothers, Inc. 25,000 shares
4££% conv. preferred
stock.
Retire 7% preferred stock.
Price, 104.
Convertible
into common stock
up to May 1, 1943 at prices ranging from
$50 to $65 per share.
Offered by company to holders of its
7% preferred stock.
Underwritten by Lehman Brothers;
Lazard Freres & Co., Inc., and
King, Crandall & Latham, Inc.
23,446.272
November
13.056,095
December
13,041.644
£150,189.757
19,505,122
Year
GEOGRAPHICAL
DISTRIBUTION
UNITED
OF
72,901.222
6,194,413
9,546,101
26,943.859
20,939,125
20.211,176
£217,221,225
NEW
KINGDOM
11,410,592
90,572,928
£182,824,210
6,747.571
1937
£27,614,265
10.671.858
11,257,125
11.947,382
19.687,120
6,961,500
10,456,037
63,909,166
6,682,428
7,719,440
4.706,804
12.543.554
11,217.941
810,000 North American Finance
Corp. 60,000 shares $0.80 prior
pref. stock. Retire 6% debentures and provide working capital.
Price, 13Each share carries warrant to purchase 1 share
BY
CAPITAL
ISSUES
THE
IN
MONTHS
(Complied by the Midland Bank, Limited]
ctefw
A common stock
through 1940 at prices ranging $12)4 to
$1454 per share. Offered by Webber-Simpson & Co.; J. L.
Baker;
Robert N. Baitz & Co.; Carlson & Co.,
Inc.; Coyle & Creighton; Cronin & Co.; Fidelity National Securities
Co., Inc.;
Hertz & Co., Inc.; Johnston, Barr &
Co.; Thomas J. McCabe;
Miami Bond Corp.; Nestos &
Co.; Royalty Investment Co.,
and Southeastern Securities
Corp.
244,037
Year to
May 31
£17,541,000
20,861,000
17,187,000
35,783,000
26,845,000
34,836,000
33,748,000
10,888,000
34,516,000
39,275,000
21,131,000
37,899,000
NEW
or
5 Months to
May
1921
$500,000 Producers^Corp. 50,000 shares 6% cum. conv. preferred
stock.
Retire 8% preferred stock, discharge notes
payable,
acquire oil and (or) gas
payment contracts and working
capital.
Price, 10.
Convertible into common stock at any
time within $30 days of
redemption date at rates ranging from
20 shares to?l0 shares of common for each share of
preferred.
Offered byiLink, Gorman & Co.,
Inc.; Sadler & Co.; First
Consolidated Securities Co.; Fisher, Schmick &
Watts, Inc.,
and R. C. Wade & Co., Inc.
306,078 Reiter-Foster Oil Corp. 244,863 shares common stock.
Pay
notes, provide for leasehold rentals and drilling operations.
Price, market about 1M.
Offered by Hiltz & Co., N. Y.
1,500,000 Shamrock Oil & Gas Corp. 15,000 shares of
6% cum. pref.
stock.
Capital expenditures and working capital.
Price,
101; to yield 5.94%.
Offered by company to holders of its
the prices of issue.
upon
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
1920
OIL
in
sold
bills
not specifically limited.
are
based
are
1919
$32,182,922
short-dated
anticipation of long-f&rm borrowings; and loans of municipal
United
£
660,000
5,000
12,386,000
4,108.000
254,000
19,728,000
57,428,000
118,000
5,666,000
2,223,000
65,435,000
19.571,000
13,000
872,000
3,622,000
154,000
287,000
20.610,000
i88~666
August
49,999,000
4.761,000
7,344,000
3,940,000
9.204.000
9.686,000
-
September
957,000
1,202.000
16,592,000
2,346.000
1,135,000
586,000
176,000
12.620.000
1,921,000
53,909,000
6,682,000
375,000
7,719,000
December
Year
222.000
15,000
3,136,000
137,000
1,395,000
12.544.000
11,218.000
161934 000
November...
545:666
828,000 17,210,000
2,852,000 182,824,000
33.019.000
October
ISSUES
$25,000,000 Federal Home^Loan Banks 1-year 154
% consolidated deben¬
tures, due April 1, 1938.
Provide funds for loan purposes.
Price, 100; to yield 1.50%. Offered publicly by the 12 member
194.000
.
Agent .1
£
568,000
July
16,000,000 Federal Intermediate yCredit
Banks'¥lH% consolidated
debentures, dated May 15, 1937 and due in three and six
months.
Refunding; provide new capital for ordinary business.
Priced to yield 0.60% for shorter
maturity and 0.80% for
longer maturity.
Offered by Chas. R. Dunn, N
Y., Fiscal
Total
118", 000
June
$5,824,885*
1936—January
February
18.502,000
6,877,000
8,795.000
M arch
April
May
4,707.000
751,000
33,963,000
22Y,666
964,000
84,000
2*32:666
19,687,000
6,961,000
1,356,000
73,000
10,456,000
17,196,000
27,000
2,014,000
268,000
19,505,000
84,389,000
453,000
5,085,000
645,000
90,573,000
f:-*
400,000^Pennsylvania Joint
Price, 100)42,100,000 San Antonio
5 months
Stock Land Bank 5s 1942.
Refunding.
Offered by R. K. Webster & Co., Inc.*
June
15,344,000
2.939.000
128.000
18,411.000
July
20,712.000
24,403.000
4,346,000
8,018,000
22,730,000
18,271,000
3,537,000
1.770,000
153,000
August
Joint
Stock Land Bank of San
Antonio,
Texas 3)4s.
Refunding.
Sold to R. K. Webster & Co., Inc.
1,391,000 Virginian Joint Stock Land Bank of
Charleston, West Va.
3% farm loan bonds due June 1, 1942.
Refunding.
Price,
100; to yield 3%.
Offered by E. H. Rollins & Sons, Inc.;
Robinson & Co., Inc.; Nichols. Terry & Dickinson.,
Inc., and
Ames, Emerich & Co.. Inc.
September
October
November
December
16,997,000
Year
190808000
$44,891,000j
^37—January
February
ISSUES NOTfREPRESENTING NEW FINANCING
stock.
£
18,788,000
5 months
& Co.
$675,000 Belmont
£
Foreign
April
March
Price,
Co.; Mitchell, Herrick & Co.; Soucy, S warts welter &
Co.;
Grubbs, Scott & Co., Butler, Wick & Co., and Wadsworth
banks of the system
Countries
Brit.
May
Ohio) 13,945 shares
New construction.and general
corporate purposes.
1734Offered by Maynard H. Murch & Co.; Otis &
stock.
FARM;LOAN AND GOVERNMENTAL*AGENCY
Countries
Other
14,433,000
9.688,000
11,076,000
3,443,000
February
Strouss-Hirshberg-Co.* (Youngstown,
com.
Ceylon
£
1935—January
India and
Kingdom
Radio
_Pricej_9.
Corp.
(Chicago)
75,000
shares
Offered^by Stemmlerjfc Co., N. Y.
May
^
1,275,000 Brinks, Inc. (Chicago) 17,000 shares capital stock.
Price,
75.
Offered by Washburn & Co., Inc.
75,000 Brown-McLaren Manufacturing Co. 30,000 shares common
stock.
Price, 2)4.
Offered by Alison & Co.
1,926,000 Chicago Mail Order Co. 72,000 shares common stock.
Price, 2654. Offered by Fuller, Cruttenden & Co., Chicago.
336,175 Strouss-Hirshberg Co. (Youngstown, Ohio) 19,210 shares
common stock.
Price, 1754.
Offered by Maynard H. Murch
& Co.; Otis & Co.; Mitchell, Herrick &
Co.; Soucy, Swartswelter & Co.; Grubbs, Scott & Co.; Butler, Wick &
Co., and
5 months
Laws to
9,546,000
3.763.000
26 944,000
30,000
2,069,000
1.672,000
155,000
1,090,000 22.264,000
l.OOO'.OOO
58,050,000
April
6,194,000
1,528,000
45Y.666
24.802.000
8,043,000
9,756.000
7,135,000
8,313,000
—
March
common
78,000
568",666
20,939,000
1.487,000
20.211,000
3,060,000 217,221,000
1,064,000 13.342,000
3i~,666
34,000
2,405,000
2.581,000
1,467,000
4,792,000
407,000
17,000
26:666
2,097,000
27,614,000
10,672,000
11,257,000
11,947.000
11,411,000
445,000
Compel Public Officials
72,901,000
to En¬
force Laws is Need of the Hour
Wadsworth & Co.
The
continual
$4,287,175
« Of which $42,500,000 was publicly offered by the underwriters and
$2,500,000 is to be sold on or before July 1,1937 to the Trustee of Pension
mittee
for
outrages
Industrial
^
Funds at 94)4%
virtually all of which
committed by the Com¬
Organization
are
union
in violation
of
forces,
our
con¬
cepts of law and fair play, have rightly turned the
New
Capital Issues in Great Britain
The
land
following statistics have been compiled by the Mid¬
Bank, Ltd.
These compilations of issues of new
capital, which
are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments
arising from the cap¬
italization
of
reserve
funds
and
undivided
profits; sales
already issued securities which add nothing to the capital
resources of the company whose securities have been
offered;
of
attention of
thinking citizens to possible methods of
remedying the situation before it
little
reflection
months will
example,
have
late.
A
that have been urged, so long as
official attitudes remain what
ers
too
demonstrate, however, the utter futility
of most panaceas
For
is
concerning events of the past six
many
they
are.
publicists and business lead¬
strongly urged the adoption of Federal
or
Volume
Financial
144
State laws
3905
Chronicle
Therefore,
requiring the incorporation of all unions.
a necessary
corollary to all of the pro¬
Others, convinced that the incorporation proposal
posals listed is that each proposal shall contain a
would be
superficial remedy, have urged the
clause
union
access
only
a
of
enactment
leaders and their
sible for
make
would
which
measures
organizations' treasuries respon¬
illegal acts, and which would set
standards
insure
to
democratic
up
of
control
fair
union
the
Yet realistic
that any or
support of all thoughtful citizens.
thinking must lead to the conclusion
all of these suggestions would do little
the
curb
to
illegal activities of the unions.
Our
present laws provide, for example, that unions
responsible for illegal acts.
Unions
are
and individual leaders of
such groups
Such actions have
sued.
cuted in
each
number of
a
been
also
be
can
successfully
prose¬
instances, and at least two,
involving claims for several million
mind, the
necessary
all reasonable doubt is not
The
illegal beyond
are
questioned by
those committed to acceptance
workers
not take
obtain
a
writ
of
Bearing this pro¬
enactments are these:
of
any
any save
steps promptly to eject
Declaration
engaging in sit-down strikes.
by Congress that it shall be the duty of the Federal
Government, enforceable by mandamus, to render
aid to local officials necessary to carry out such
any
a
mandate.
2. Enactment of
a measure
Government to intervene and
directing the Federal
stamp out mass picket¬
ing and any other aggregations of several hundred
workers, whenever such gatherings have not received
a
permit for
a
lawful assembly or meeting.
3. Enactment of
a
companion measure to the Fed¬
eral anti-strikebreaker
Moreover, that sit-down strikes
leaders conceive.
to
compel the proper officials to perform
officials who do
dollars,
pending in the courts.
are now
courts
duty stipulated in the law.
viso in
be sued,
can
though they are unincorporated associations,
even
citizen affected shall have
any
Federal
1. Provision in each State for removal of all local
propositions have considerable merit
and deserve the
the
to
mandamus to
affairs and finances.
All of these
stating that
tion
ing
across
intended for picket¬
participation in strike activities.
or
4. A
dogma union
law, banning the transporta¬
State lines of persons
directing the Federal Government
measure
re¬
to
provide protection for workers who do not wish
quires local officials to eject upon complaint those
to
join unions or to engage in a strike, including
ordinary law of trespass
Similarly, the
guilty of such tactics.
evil of
picketing,
mass
a
sit-down, is wholly illegal.
Court has condemned
mass
more
mass
ful.
Some States
can
be
Cor-
even
ban all
picketing in
any
form.
safely conceded, moreover, that the beating
union at
of
plants.
Such
a
:
program
would appear
it
the
that the foregoing covers most of
noted.
prevalent in recent months.
accomplishes two objectives, it should
The program
be
could be expanded further, but
serious abuses
more
it allows interested citizens
First,
to
forcing public officials to do
that courts cannot refuse to issue such
the
ground that the duties of officials are
their
its
are
which
State
and
Federal
required to put down.
unions, like
any
on
Secondly, it outlines just what those
not clear.
such far-reaching program will be seri¬
That any
ously pressed for enactment is, of course, highly im¬
In fact, the much more mild program of
probable.
other group, are individu¬
orders
duty.
orders
implications and repercussions
revolution
authorities alike
Since
their
Wagner Act to give employ¬
right to ask for a Labor Board election in
duties are, so
of
a
the
Holiday" staged by the automobile
Lansing during the past week is illegal not
because
smacks
5. Amendment of the
ers
obtain court
only in those States which ban sympathetic strikes,
but
provide such pro¬
unlawful
areas.
"Labor
The
vs.
picketing prima facie can never be peace¬
and intimidation of non-union workers is
in most
whenever local authorities fail to
tection.
The Supreme
peaceful picketing and explicitly state
save
that
It
protection of their homes from bombs and the like,
Most State laws and decisions likewise
cases.
ban all
vicious
picketing in the decisions
in the American Steel Foundries and Truax
rigan
serious
practice that events in the
current steel strike have shown to be
than the
more
union
incorporation will not be seriously debated
time to
Promulgation of the pro¬
ally and severally liable for illegal acts, and since
for
virtually all practices which must be eradicated are
gram
entirely unlawful, just how would the adoption of
pointing out how hopeless it is to expect any regard
union
for law and
union
incorporation,
or
the regulation of internal
affairs, correct the present grave situation ?
Actually, what is needed to meet the present diffi¬
culties is
a
determination upon
duty.
Instead,
violate
the
law,
large proportion of these poli¬
a
ticians have been
engaged in encouraging unions to
as
all too numerous incidents in
Michigan, Ohio and Pennsylvania recently attest.
may
discouraging factor in the present situation
not
only that unions violate the law frequently
and that
even
so
no
State officials
are
hesitant to
semblance of order to industrial relations?
be
It may
suggestions that
seem
All of these must be framed, it should
recalled, with the thought in mind that this legis¬
lation
is
designed to compel reluctant officials to
perform their simple duty.
There has been
appreciable demand for law enforcement, or for
incorporation
Act
or
for amendment of the Wag¬
despite the sit-downs, the mass picketing
and the intimidation of workers characteristic of the
symptomatic.
intervene, just what would be necessary to bring a
essential.
them, but that the public at large is
complacent about the situation.
union
to list a few
public officials ignore such violations and
encourage
ner
be instructive
decency in industrial relations as long
The
is
railway operations has been permitted in the steel
Since Federal and
however, of
the useful purpose,
ganizations.
The fact that interference with the mails and with
strikes is
come.
serve
public officials are so subservient to labor or¬
as
the part of Federal,
State and local law enforcement officials to do their
some
-
last few months.
The
hopeful factor is that, like
a
pendulum, there must some time come a reaction
which will
mon
sense
swing public opinion back towards com¬
and regard
inconvenience
such
incidents
the
as
for the law.
general
the
public
If the unions
by
many
closing of the
Power
plant in Michigan, this reaction
rather
quickly.
more
Consumers'
may come
Financial
3906
REVIEWS
BOOK
The
New
Monetary System of China:
A Personal
Interpretation.
By W. Y. Lin.
172 Pages.
Chi¬
cago:
The University of Chicago Press.
$2.
Dr.
Lin
has
that
offers
been
in
the
volume
this
first
thorough
study
in
available
made
English of the Chinese
currency system and its relation to banking, international
trade and exchange.
The adoption of the new monetary
policy in November, 1935, involved unique and unprecedented
changes.
Dr. Lin sketches the historical background of
the new policy, the operation of the silver standard and
its eventual breakdown, the nature and implications of the
new monetary
management, the objectives, technique and
conditioning factors of monetary control, and the favorable
and
unfavorable
factors
situation
the
in
in
their
Chronicle
requiring that the Cuban quota come here as raw sugar
only, results in a more equitable division in a quota regime
is quantitatively restricted, is consistent
with both the letter and the spirit of the agreement."
in which every one
Accompanying the arguments are a brief statement of the
review of the refined sugar policies of
foreign countries, a discussion of the labor situation in the
American sugar refining industry, and an examination of
refiners' problem, a
position of investors in sugar company
the
Towards
gantly entertained that through repeated representations to
American
the
serious
fare
Government
repercussions of their domestic policy
of
false and
highly
experience with
of the
change
the wel¬
anticipated,
desired.
as
These hopes
policy.
Commenting upon
system, "the monetary authority," he
the
been
first
at
silver
realized."
never
"has
writes,
was
upon
friendly nation and thereby persuaded to modify
a
undesirable features
the
were
they might be convinced of the
successful,
quite
was
maintaining the
in
.
of
rates
ex¬
The recovery of prices and
.
.
than
successful
more
the
improvement of the international position were accom¬
a steady return of easier money conditions and
perceptible revival of financial activities." Reference is
Detroit last
at
home
model
given by
British Order in Council
a
summer.
and
a
studies
the
is
description
to its
incident
In the belief that the most urgent need for new
given
of the
development.
homes would
the problem intrust¬
be found in the moderate-income group,
"to determine the lowest cost house,
ed to the experts was
embodying year-round air conditioning, automatic heating,
electric cooking and refrigeration,"
that could be built,
owner's plot for
steam-heating
appliance which heats, filters and humifies air and circu¬
with due regard for operating cost,
$7,500.
it
all
to
under
rooms
an
on
described
Among the features
lates
support
of the Kelvin Home movement
In addition to speeches and mes¬
various persons,
by
sages
liumidistat,
the
volumes records the
The first of these attractively printed
exercises at the inauguration
a
to
The English-Speaking Union
Washington:
panied by
made
Corporation
Lord Kelvin to the Smith¬
by the English-Speaking Union.
sonian Institution
bearing
extrava¬
Kelvinator
Presentation of the Bust of
both present and future.
:
Referring to the effects of the American silver purchase
was
Living for America.
Better
Detroit:
securities and
earnings.
analysis of current and normal
an
upon
policy, Dr. Lin points out that "at the outset it
1937
12,
June
are a
of
control
a
thermostat and
provides economical summer
cooling by utilization of outside night air, and rock wool
insulation of side walls and ceiling of the second floor.
which
device
a
prohibiting British subjects in China from paying debts or
other obligations in silver, and by the cooperation of foreign
A Kelvinator
banks.
vided.
The adoption of a managed currency, on the other hand,
has not solved all of China's economic problems, and Dr.
of Lord Kelvin, given by
of Kelvinator * Corporation,
was accompanied by short speeches by Alanson B. Houghton,
former Ambassador to Great Britain, V. A. L. Mallet, Coun¬
sellor of the British Embassy at Washington, and Dr. C. G.
Lin views the currency future with some misgivings.
ing
of 1936, he notes the probable continuance of
as
adverse trade
Writ¬
large
which, without the compensation of
balance
a
invisible exports, will create a demand for foreign exchange
than the
greater
Budgetary
The
deficits make
for Chinese currency.
to inflation "at once easy
"the
resort
of
Over the whole situation, in short, hangs the
political instability, but Dr. Lin also notes that
present
nature
and
course
of
arrangement
currency
will
W.
Mason,
Secretary
Abbot,
the bust
of
President
Smithsonian Institution.
of the
Statistical Determination of Costs, with Special Refer¬
irresistible," and increased military expenditures will
probably more than offset savings on the service of do¬
menace
presentation
George
reciprocal demand
and
mestic bonds.
refrigerator and an electric range are also pro¬
be
in
small
no
international
is
only
provisional
in
degree conditioned by the
monetary
developments."
tailed and scholarly review of all aspects
His
de¬
of the problem is
heartily to be commended.
to Marginal Costs.
By Joel Dean.
145 pages.
Chicago; The University of Chicago Press.
$1.
ence
The
main
technical study, ac¬
practical methods
for determining the behavior patterns of a firm's average
and
marginal
the
methods
prises,
author,
cost,"
actual
"to
and
cost
and
the
Home
Cane
Sugar
Refiners.
By the
United States Cane Sugar Refiners' Association
An
elaborate
statistical
and
tables
statement,
diagrams,
of
the
supplemented
arguments
of
by
the
American sugar refiners in favor of so amending the Sugar
Bill now before Congress as to provide for the entry into
this country,
in the form
Cuban
quota.
tend
sugar
that
Cuban
the
of raw sugar only, of the entire
Summarily stated, the arguments con¬
proposed
quota;
amendment
that the Cuban
would not
reduce
the
reciprocity trade agreement
of August
24, 1934, did not include in its terms the quotas
existing; that the Secretary of Agriculture
would be acting within his rights under the Jones-Costigan
then
Act
or
if
now
he
excluded
all
explore by
addition to
total cost
The inquiry,
while marginal cost
by production of an
Cuban
refined
sugar
or
for
sugar
these
a
means
the
additional unit.
"flexible cost stand¬
pointing out
be used for controlling costs,"
possibilities of reducing costs, and
of costs and
Besides
of
it is suggested, should be useful to business ex¬
ards which can
the
means
Average cost, for the purposes of the study, means
ecutives by aiding the establishment of
retailed
and
develop
phenomena of two sample enter¬
the cost per unit of output,
Sugar
highly
"to
are
with short-run and the other with long-run vari¬
one
ations."
of this
purposes
cording to the
assisting forecasts
profits "under anticipated operating conditions."
detailed explanation of the methods pursued, the
book offers
a
of previous studies of the subject, dis¬
survey
cussions of methods of
of
preparing cost data for analysis and
analyzing the data, and a consideration of the reliability
of the
cost
Vol.
findings.
accounting
The interest of the book for specialists in
of course, obvious.
The book forms
VII, No. 1 of the Studies in Business Administration
is,
issued by the University of Chicago School of Business
direct
consumption; that the provisions of the Act relating
quantitative restrictions upon importations do not limit
Secretary's power, the proposal to admit only raw sugar
being a qualitative arid not a quantitative restriction; that
to
Accountants'
Certificates.
Modern Requirements as
Interpreted by Representative Accounting Firms.
By James H. Wren.
181 pages.
New York: The
the
Ronald Press Co.
the Secretary in 1936 used for the first time his discretion¬
under the Act to impose quotas upon liquid sugar
Cuba, Santo Domingo and other foreign countries;
ary power
from
that the
to
Cub^n Reciprocity Trade Agreement, being subject
termination
Sept.
hence
on
3, 1937,
was
subject to
six
months'
obviously
the
phase
grinding of
status, that
THE
or
cane
a
part
and
of
OF
so
at
"the
time
after
agreement and
Cuban agreement
business which
the bringing of the
of
any
benefited the Cuban refiners
their
modification
STATE
notice
temporary
revision, and that
and the quota system have
in
a
the
quota
sugar
consists
to the
of
raw
system which, by
TRADE—COMMERCIAL
EPITOME
Friday Night, June 11, 1937.
Quite
setback is shown in business activity for the past
week, a sharp drop of approximately 9 points being regis¬
tered.
to
a
The
"Journal of Commerce" business index declined
96.7_ and compares with
$4.
A selection of certificates of
1936, prepared by well known
accounting firms for prominent corporations in a wide vari¬
ety of businesses and industries, intended to show in com¬
pact form the variations in current
are
and the whole collection is coded
and comparison.
ments
of
usage.
The certificates
given in the order of their length, the shorter
the
on
and
ones
first,
indexed for reference
An editorial introduction offers
material
presentation.
and
some
com¬
explains the form and method
A few examples of English certificates are
included.
petroleum
runs to
stills and bituminous coal production also
showed marked declines.
part in this substantial
the serious strikes
of the
slow-down
in
business activity
in the Middle West
Memorial Day
seasonal
Two factors playing a prominent
downturn
holiday.
are
and the observance
Also to be considered is
a
a revised figure of 105.7 for the
preceding week and 91.0 for the corresponding week of 1936.
According to this authority, car loadings, steel operations
Age" asserts that the strikes at plants of three major steel
and automotive activity led the recession.
gate
Electric output,
in
companies have caused
volume
of
ingot
many
no
lines.
However,
further reduction in
output,
and
on
the
"Iron
the aggre¬
the contrary
there
have
Financial
144
Volume
gains at some unaffected plants, bringing the
operating average for the country to 78%,
been
estimated
higher than a week ago.
The magazine further
had it not been for strikes in the last week of
May the month's steel ingot output would have surpassed
the all-time record of 5,286,246 gross tons in May, 1929.
As it was, the May total of 5,153,559 tons was only 132,687
below the record and only 63,067 under the March total."
Electric power output in the United States for the week
ended June 5 was the lowest since the week of Jan. 2.
Ac¬
cording to the Edison Electric Institute, the latest week
shows an output of 2,131,092,000 kilowatt hours, an increase
slightly
states "that
the like
found in
the government report on the domestic wheat crops.
The
estimated production of winter wheat promises to be greater
than the five-year (1928-32) average of 623,220,000 bushels,
although present conditions of winter wheat indicate a re¬
duction
of 5,224,000 in the forecast made May 1.
The
American Telephone & Telegraph Co. reports net operating
income of $7,727,407 for the first four months.
This is a
gain of 209,228 over the like period of 1936.
Considerable
of
10.9% over the 1,922,108,000 total reported for
a year ago.
A decidedly cheering item was
week
confusion and
over
the
for the
uncertainty is reported among
general
business men
responsible
that prevails. The
outlook. " Various factors are
general feeling of apprehension
law repeatedly and
criticism or punish¬
ment from public officials is causing grave concern in many
quarters.
Continued weakness in commodity prices, in the
face of some predictions of still further increases, adds to
ability of union leaders to violate the
even to stage "Labor Holidays" without
the confusion of
Doubt over the course
and prospects for the fall make
most industrialists.
of business in the summer
planning of forward commitments difficult, as does the
possibility of foreign complications or war.
It is reported
by Dun & Bradstreet that consumer buying this week
reached the highest point of the year at some stores.
They
report that retail volume was 4% to 8% ahead of
ous week and 10% to 20% over the like period of
promoted rapid growth
of vegetation generally from the Mississippi Valley east¬
ward.
In the principal agricultural sections of the country
the outlook has decidedly improved, especially in the in¬
terior and Midwestern States.
In the New York City area
it
has been
generally warm and clear, with occasional
showers.
Today it was raining in the morning and clear
and warm in the afternoon, with temperatures ranging from
56 to 64 degrees.
The forecast was for cloudy and moder¬
ately cool tonight.
Saturday partly cloudy with moderate
temperature.
Overnight at Boston it was 58 to 78 degrees;
Baltimore, 60 to 90; Pittsburgh, 52 to 68; Portland, Me.,
56 to 62; Chicago, 48 to 58; Cincinnati, 54 to 60; Cleveland,
56 to 58; Detroit, 46 to 62; Charleston, 70 to 88; Milwaukee,
52 to 66; Savannah, 68 to 90; Dallas, 72 to 90; Kansas City,
60 to 64; Springfield, Mo., 60 to 70; Oklahoma City, 62 to
72; Salt Lake City, 48 to 82; Seattle, 54 to 66; Montreal,
54 to 64, and Winnipeg, 44 to 74.
while high temperatures
the country,
or
or
12.9%, from the preceding week; a falling off of 3,704 cars,
0.5% from the total for the like week of 1936, but an in¬
of 62,428 cars, or 9.9%, over the total loadings for
crease
For the week ended May
above those for the like week of
for the corresponding week of
1935.
Loadings for the week ended May 22, 1937, showed
a gain of 14% when compared with 1936 and a rise of 30.2%
when comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
June 5, 1937 loaded a total of 306,751 cars of revenue freight
on
their own lines, compared with 356,778 cars in the
preceding week and 317,394 cars in the seven days ended
June 6, 1936.
A comparative table follows:
corresponding week of 1935.
the
9, 1937, loadings were 22.9%
1936 and 41.3% over those
AND RECEIVED FROM
REVENUE FREIGHT LOADED
Loaded
Declines Sharply
r Moody's Index of Staple Commodity Prices declined
sharply this week, closing on Friday at 199.3, as compared
week ago.
A new 1937 low of 198.5 was es¬
Wednesday.
Prices of cocoa, hides, rubber, wheat, corn, hogs, silver,
cotton and wool declined, while silk and sugar advanced.
There was no net change in the price of steel scrap, copper,
with 203.5
tablished
a
on
on
Received from Connections
Weeks Ended—
Own Lines
Weeks Ended—
June 5
May 29
June 6
June 5
May 29
June 6
1937
1937
1936
1937
1937
1936
18,563
5,340
6,042
4,549
35,361
31,323
16,915
18,414
23,576
22,239
10,344
7,639
10,581
8,497
17,405
10,341
8,444
8,517
Ry.
22,138
29,267
24,134
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
20,542
Atchison Topeka & Santa Fe
Baltimore & Ohio RR..
12,265
14,121
15,652
17,924
13,335
20,755
21,238
15,540
15,944
Gulf Coast Lines
2,650
3,341
2,204
Internat'l Great Northern RR___
1,928
1,991
2,223
Missouri
New York Central Lines.
14,013
13,362
46,115
40,311
3,011
9,757
8,161
36,398
8,899
10,161
5,665
22,991
19,842
4,597
4,893
3,648
74,218
59,945
45,806
49,018
41,787
5,861
...
.
6,594
5,716
4,825
6,799
5,476
7,962
5,078
xS.857
7,775
x8,869
8,912
x7,348
7,788
6,589
8,286
6,571
26,901
30,263
26,940
4,268
5,332
5,585
Wabash Ry.
5,181
306,751 356,778 317,394 197.502 217,648 189,360
Total
between S. P. Co .-Pacific Lines and Texas & New
Excludes cars Interchanged
x
3,002
43,471
4,855
Lines
Pacific
8,992
5,191
9,785
1,305
1,715
1,437
2,016
19,744
Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern
8,337
37,818
8,510
10,630
62,917
N. Y. Chicago & St. Louis Ry
Norfolk &
7,841
9,471
1,383
1,908
2,855
4,545
12,528
38,566
RR.
Pacific
4,482
4,473
RR
Missouri-Kansas-Texas
Orleans RR. Co.
LOADINGS AND RECEIPTS FROM CONNECTIONS
TOTAL
(Number of Cars)
Weeks Ended—
•
June
1937
May 29,
1937
June 6,
1936
Ry
St. Louis-San Francisco
_
The Association of
18,326
31,500
28,426
15,313
10,470
61,357
Illinois Central System
24,898
28,510
10,856
Pacific Ry.
Chicago Rock Island &
Total
5,
21,991
71,711
57,222
American Railroads in reviewing the
29 reported as follows:
week ended May
for the week ended May 29 totaled 794,855
148,043 cars or 22.9% above the corresponding
Loading of revenue freight
This
cars.
was an
increase of
and
1936
week in
an
increase of
232,173 cars or 41.3% above the cor¬
Loading for the corresponding weeks of both
1936 and 1935 reduced due to including Memorial Day holiday.
Loading of revenue freight for the week of May 29 was an increase of
1935.
responding week in
15,579 cars or 2.0% above the preceding week.
Miscellaneous freight loading totaled 329,850 cars, an increase of 2,110
above the preceding
cars
week, 67,000 cars above the corresponding week
corresponding week in 1935.
than carload lot freight totaled 171,112
and 116,995 cars above the
in 1936,
Loading of merchandise less
above the preceding week, 26,124 cars above the
corresponding week in 1936 and 33,122 cars above the same week in 1935.
Coal loading amounted to 123,002 cars, an increase of 5,753 cars above
cars, an
the
increase of 962 cars
the corresponding week in 1936 and
1935.
preceding week, 8,980 cars above
6,395 cars above the same week in
Grain
and
grain
products loading totaled 27,653 cars, an increase of
1,499 cars above the preceding
week, but a decrease of 2,068 cars below the
1936 it was, however, an increase of 4,398 cars
week in 1935. In the western districts alone, grain and
corresponding week in
above the same
grain products loading for the
increase of 823 cars
week ended May 29 totaled 16,406 cars, an
above the preceding week, but a decrease of 1,961 cars
below the corresponding
week in 1936.
Live su>ck loading amounted
below the preceding
in 1936, and
cars
an increase
of 2,331
an increase
of 928
cars
week, 11,520 cars above the same week in 1936, and
1935.
amounted to 77,174 cars, an increase of 4,902 cars above
Ore loading
preceding week, 32,519 cars
and 47,113 cars
Coke loading
the
but
week in 1936.
products loading totaled 42,675 cars,
above the preceding
the
week in 1935. In the western districts
stock for the week ended May 29 totaled 9,777 cars, a
1,168 cars below the preceding week,
above the corresponding
Forest
12,598 cars, a decrease of 1,115 cars
1,494 cars above the same
alone, loading of live
decrease of
to
week, but an increase of 2,255 cars above the same week
18,027 cars above the same week in
Moody's Commodity Index
CONNECTIONS
(Number of Cars)
the previ¬
last year.
Car loadings of revenue freight during the week ended
June 5 totaled 692,140 cars, a decrease of 3,704 from* the
like week of last year and 102,715 from the previous week.
The volume
of building permits issued in May slumped
16.4% below the April figure, compared with a normal
seasonal decline of only 6.6%.
According to government
reports, the week was characterized by abnormally cold
weather between the Mississippi River and the Rocky Moun¬
tains, and unusual warmth in the Eastern States and the
Far Northwest.
Precipitation was substantial to heavy in
most of the interior and in the Southern States.
While
is was too cool for good growth of warm-weather crops in
some Northwestern areas and Rocky Mountain States, and
there is a continued lack of rainfall in a rather limited
Northwestern area, the week was, in a broad sense, un¬
usually favorable for agricultural interests in practically
all sections from the Rocky Mountains eastward.
Wide¬
spread generous rains brought sufficient moisture for pres¬
ent needs nearly everywhere over the eastern two-thirds of
3907
Chronicle
above the corresponding week in 1936,
above the corresponding week in 1935.
amounted to 10,791 cars, an increase of 540 cars above
preceding week, 1,713 cars above the same week in 1936 and 4,629 cars
above the
same
All districts
week in 1935.
reported increases in the number of cars loaded with revenue
freight, compared with the
Loading
years
corresponding weeks in 1936, and 1935.
1937 compared with the two previous
of revenue freight in
follows:
lead and coffee.
The1 movement
parisons, is as follows:
Mon.
June
June
June
Tues.
June
Wed.
June
Fri.
Sat.
Thurs. June
Fri.
June
1937
of the Index during the week, with com¬
Five weeks in January
—203.5
*
200.2
201.0
198.5
199.5
199.3
4
5
7
8
910
11
2 weeks ago, May 28__
Month ago, May 11
Year ago, June 11
1936 High—Dec. 28-
Low—May 12
1937 High—April 5
Low —June 9
206.2
_._204.7
163.9
208.7
162.7
.228.1
198.5
3,316.886
Four weeks in February
1936
1935
2,778,255
2,974,553
2,512,137
Four weeks in March
3,003,498
2,415,147
Four weeks in April
2,955,241
782,423
767,481
773,669
2,543,651
779,276
794,855
646,812
562,682
15,951,584
13,797,052
12,694,994
Week of May
1
Week of May
8
Week of May 15
Week of May 22
Week of May 29
670,888
2,766,107
2,408,319
2,302,101
568,927
2,330,492
668,866
575.020
681,408
582,950
683,590
598.396
*No Index.
Total.
Revenue
Freight
Car Loadings Falls 102,716
Week
Loadings of revenue
Ended
Cars in
5
freight for the week ended June 5,
1937, totaled 692,140 cars.
June
This is a decline of 102,715 cars,
In the
following we undertake to show also the loadings
roads and systems for the week ended May 29.
During this period a total of 119 roads showed increases
when compared with the same wreek last year:
for separate
3908
Financial
REVENUE FREIGHT LOADED AND
Total
Railroads
Revenue
1936
515
1935
1937
572
1,423
1,951
1,902
315
7,061
1,389
1,557
6,734
1,107
334
9,059
1,559
Bangor A Aroostook...
Boston A Maine
.
11,086
10,163
2,389
1,964
1,109
29
Toted Loads Received
Freight Loaded
1937
from Connections
1936
1935
1937
1936
Southern District—(Concl,)
Norfolk Southern
1,160
Piedmont Northern
Richmond Fred. & Potomac...
437
390
875
812
399
333
294
4,064
9,513
6,813
1,028
409
•
1,486
1,117
1,044
33
17
18
96
1,342
0,375
11,778
21,543
1,124
5,776
9,842
17,081
906
2,345
1,959
Tennessee Central
486
397
342
642
551
5,182
7,731
7,082
7,067
Winston-Salem
169
156
138
756
698
106,429
92,095
83,060
66,156
58,070
2,110
10,630
2,939
8.510
3,449
2,326
9,043
Detroit & Mackinac
Detroit Toledo & Ironton
9,260
49
463
336
233
158
2,294
1,665
422
416
283
14,456
11,563
5,789
5,552
11,449
3,492
259
194
91
1,964
9,928
2,231
1,981
8,980
7,736
3,392
4,149
2,635
2,622
1,510
3,041
14,898
7,960
1,928
1,134
8,651
2,576
3,626
4,099
282
211
2,188
31
23
3,186
8,808
1,928
3,896
43,471
39,225
12,634
1,995
10,161
11,759
2,094
Grand Trunk Western
Lehigh A Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela.
1
2,407
46,115
New York Central Lines
N. Y. N. H. A Hartford
1,864
38,151
11,923
9,200
New York Ontario & Western.
1,668
1,542
N. Y.
5,665
4,669
8,347
6,594
6,840
Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh. & Shawmut
Pittsburgh Shawmut A North.
Pittsburgh & West Virginia...
4,798
4,603
5,602
251
Southbound
142
Total
1,120
14,569
7,521
1,975
Northwestern District—
1,420
Belt Ry. of Chicago
7,644
2,377
Chicago
Chicago
Chicago
Chicago
8,810
7,901
6,072
5,476
5,053
185
492
> 324
400
443
190
205
1,245
999
2,075
22
20
Rutland
616
566
532
Wabash
1,031
5,332
4,870
5,039
4,011
4,177
8,912
3,715
3,796
1,520
1,083
7,803
3,676
171,683
144,641
127,412
172,319
156,355
Total
Southern System
3,297
12,396
2,625
1,208
Wheeling & Lake Erie
Seaboard Air Line
6.782
2,929
Detroit A Toledo Shore Line..
Erie.
Allegheny District—
805
840
833
18,635
2,313
17,385
14,352
Milw. St. P. & Pacific.
20,176
2,490
20,493
1,900
14,390
St. P. Minn. & Omaha
3,884
3,699
2,830
Duluth Mlssabe & Northern
Duluth South Shore A Atlantic-
24,871
1,601
13,083
1,226
7,273
862
505
533
5,085
6,951
4,930
& North Western
Great Western
Elgin Jollet A Eastern
9,624
Ft. Dodge Des Moines & South.
Great Northern
Green Bay A Western
Lake Superior & Ishpemlng
Minneapolis A St. Louis
2,912
6,418
3,526
217
9,049
232
441
413
287
184
115
23.753
15,542
13.534
3,412
2,719
641
529
551
631
501
3,327
1,272
105
90
1,819
5,482
1,415
4,727
10,309
Northern Pacific
Spokane International
Spokane Portland A Seattle—
1,873
1,800
6,654
Minn. St. Paul & S. S. M
7,827
5,917
1,835
2,539
3,915
2,028
2,821
1,581
267
96
327
244
888
1,410
1,454
1,173
132,934
99,091
78,510
49,713
41,192
24,134
3,251
18,192
2,716
16,775
2,221
0,042
2,316
4,555
2,330
642
313
223
102
67
14,121
1,728
12,267
8.497
6,333
790
794
13,227
2,556
11,404
2,403
10,603
1,423
9,143
969
Total..
261
1,810
807
711
7,816
2,221
1,154
1,806
1,618
10,339
2,891
1,491
2,904
Central Western District—
Akron Canton & Youngstown.
Baltimore & Ohio
594
572
400
795
631
35,361
7,933
27,035
5,407
25,512
18,414
4,034
2,862
14,973
2,512
217
340
315
7
5
1,049
980
1,389
14
21
7,958
7,014
6,145
12,000
10,635
615
762
574
46
31
138
222
254
34
36
95
Bessemer & Lake Erie
Buffalo Creek A Gauley
83
62
41
26
A Eastern Illinois
Colorado A Southern
2,944
1,472
2,713
1,130
41,194
Denver A Rio Grande Western.
Denver A Salt Lake.
2,626
559
502
275
26
3
49.018
Fort Worth A Denver City
821
1.047
18,632
15,567
Illinois Terminal
1,172
1,947
1,658
1,832
1,314
1,248
1,513
1,280
Cambria & Indiana
Central RR. of New Jersey
Cornwall
Cumberland &
Pennsylvania.
Ligonier Valley
Long Island
670
Penn-Readlng Seashore Lines.
747
757
1,240
987
788
74,218
Pennsylvania System
Reading Co
Union
MAY
7,547
19,029
.....
Central Vermont
Delaware & Hudson....
Delaware Lackawanna A West.
Montour
ENDED
4,773
3.930
14,649
Chicago Indianapolis & Loulsv
Central Indiana
Railroads
1936
389
...
CARS)—WEEK
Total Revenue
from Connections
Eastern District—
Ann Arbor
12, 1937
(NUMBER OF
Total Loads Received
Freight Loaded
1937
Chronicle
RECEIVED FROM CONNECTIONS
58,275
15,376
12,876
52,529
12,817
15,597
17,630
(Pittsburgh)
West Virginia Northern
Western Maryland
5,470
7,983
5,132
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Burlington A Qulncy..
A Illinois Midland
Rock Island A Pacific.
Nevada Northern
1,170
2,028
2,852
638
53
50
0
0
3,036
3,049
7,532
5,450
167,301
133,765
114,145
121,794
100,056
1,291
46
121
64
North Western Pacific...
Peoria A Pekln Union
870
806
750
355
280
311
129
42
37
86
Southern Pacific (Pacific)
39
3,947
Total,
Atch. Top. A Santa Fe System.
Alton..
22,440
16,490
14,782
Toledo Peoria A Western
Union Pacific System
291
375
221
13,115
10,504
8,565
5,836
1,290
8,349
4,483
1,279
7,669
Utah
161
161
6
6
1,219
1,163
2,203
1,879
107,138
85,208
73,117
56,356
45,779
Alton A Southern
239
217
167
5,623
4,546
Burlington-Rock Island
170
112
125
341
Fort Smith A Western
Chesapeake &
171
1,550
152
77
117
286
211
Gulf Coast Lines
3,341
2,691
1,437
International-Great Northern..
1,991
1,962
1,670
2,224
2,010
1,111
1,456
Western Pacific
Pocahontas District—
Ohio
23,576
22,922
20,265
10,581
10,616
22,991
1,287
19,378
17,763
803
782
4,893
1,179
4,296
1,063
4,334
3,668
3,329
1,004
714
52.238
Norfolk & Western
Norfolk & Portsmouth Belt Line
46,771
42,539
17,657
16,689
Virginian
Total.....
Southwestern District—
Total.
Southern District—
Alabama Tennessee & Northern
289
254
Atl. & W. P.—W. RR. of Ala
Atlanta Birmingham & Coast..
842
645
Atlantic Coast Line
Central of Georgia
224
214
148
793
625
1,350
1,193
647
527
774
581
3,811
Louisiana Arkansas A Texas—
108
321
360
2,509
Litchfield A Madison
247
240
101
994
1,055
Midland Valley
Missouri A Arkansas*
505
413
413
204
258
Kansas Oklahoma A Gulf
Kansas City
8,131
3,868
8,283
3,753
516
368
1,184
901
4,491
2,776
1,093
1,872
335
290
316
144
127
253
194
Missouri Pacific
498
757
507
727
685
Natchez A Southern
51
39
37
33
38
9
35
95
99
Quanah Acme A Pacific
143
120
107
126
77
St. Louis-San Francisco
8,624
2,347
7,823
5,420
2,877
7,048
1,916
5,388
3,399
2,479
6,239
1,750
5,199
3,017
3,033
3,964
19,945
4,125
261
213
234
68
54
38
42
22
33
34
57,132
45,241
43,899
63,735
53,402
932
1,439
886
906
866
1,616
1,439
371
359
318
460
361
1,984
1,796
18,532
20,089
1,648
1,000
967
16,008
11,737
17,515
11,945
5,303
..."
20,426
23,910
4,520
St. Louis Southwestern
Taxes A New Orleans
Texas A Pacific
Terminal RR. Assn. of St. Louis
150
114
461
367
177
309
309
1,773
1,624
1,983
3,172
2,736
2,600
2,344
1,517
2,142
Total.'
grains,
textiles,
livestock
and
rubber
further drop in the "Annalist"
Weekly Index of
Commodity prices last week, the index declining
140.9 on June 8 from 142.4
(revised) on June 1.
The
Wholesale
"Annalist's" announcement continued:
The causes of the decline
been
generally
seem to
improving,
adversely affected thereby.
to a more extensive
the
have been twofold.
and
cotton
In addition
general commodity depressant.
of the gold price in
a
rally
on
THE
little
States
seems
WEEKLY
207
2,711
14,013
11,872
5,275
4,135
2,475
INDEX
OF
WHOLESALE
June
1,
1937
146.4
missioner Lubin.
"The decline," said Mr. Lubin, "was
largely the result of falling prices for farm products. The
all-commodity index now stands at 87.1% of the 1926
average, the approximate level of prices at the
beginning of
March, 1937.
The level for the week is 1.4% below the
year's high point of 88.3 for the week ended April 3.
It is
11.1% above the corresponding week of June, 1936.
As
compared with a month ago the index is 0.2% lower."
The Commissioner further stated:
In
addition
to
farm
building materials,
COMMODITY
(1913=100)
1937
measured by the index of
Statistics, United States Department
of Labor, declined
0.3% during the week ended June 5,
according to an announcement made June 10 by Com¬
June
9,
1936
111.3
products,
the
of foods, textile products,
and miscellaneous commodities
groups
chemicals and drugs,
decreased.
Hides and leather products and
housefurnishing goods averaged
higher, and fuel and lighting materials and metals and metal
products
remained unchanged from the
preceding week.
Compared with a year ago
the index for each of the
commodity groups was higher, the increases
ranging from 2% for fuel and lighting materials to 16.7% for farm products.
The
wholesale
price level for raw materials dropped 1% during the
13.4% above the level of the corresponding period of 1936.
Chemicals-
130.6
121.1
X127.8
105.1
week and is
177.0
171.0
The index for semi-manufactured commodities declined
138.4
Metals
138.4
110.5
99.4
x
Revised.
97.1
104.8
86.1
140.9
All commodities
99.4
104.3
All commodities on old dollar basis
2,260
2,256
3,316
18,201
Labor
177.0
Miscellaneous
17
Wholesale commodity prices,
the Bureau of
131.5
-
7,145
of
0.3% in Wholesale Commodity Prices
During Week Ended June 5 Reported by United
States Department of Labor
*127.0
products
Preliminary.
Any lowering of the price
Similar action by Great Britain
141.8
Food products
♦
Moody's daily spot price index
inconceivable in view of the political
June 8,
Farm products
Fuels
pointing
as
However, by Tuesday
likely under present conditions.
PRICES
Textile
were
rumors served
These had their basis in the lowering
that day of consequence.
more
"ANNALIST"
quotations
of gold
London last week, which some construed
effects, notably in agricultural sections.
seem
New crop prospects
grain
writing down of gold quotations.
for gold by the United
would
and
a new crop
gold price had been largely restored,
recording
253
2,890
9,757
Decrease
June 8
for
98
3,647
11,141
* Previous figures.
Continued Decline Noted in "Annalist"
Weekly Index
of Wholesale Commodity Prices
During Week Ended
prices
223
125
4,015
Wetherford M. W. A N. W
Mote—Previous year's figures revised
134
4,587
Wichita Falls A Southern
160
2,190
Nashville-Chattanooga & St. L_
a
-
197
Ohio
180
283
Missouri-Kansas-Texas Lines..
170
Mississippi Central
have
1,767
1,007
432
Louisville & Nashville
Macon Dublin & Savannah
as
989
1,259
1,386
Gulf Mobile & Northern
Illinois Central System
to
915
2,045
686
Georgia & Florida
a
121
1,554
1,096
150
Gainesville Midland
Georgia
caused
155
1,938
1,621
9,917
Durham & Southern
Florida East Coast
Lower
157
2,175
1,580
Southern
Louisiana A Arkansas
4,562
Charleston & Western Carolina
Clinchfleld
Columbus & Greenville
Mobile &
274
X142.4
120.6
83.2
x84.1
71.9
above
now
0.2%.
It is 17.4%
a
year ago.
The group of finished products decreased 0.1% to a
point 0.5% above the corresponding week of last month and 9.2% above
the corresponding week of last year.
The
index
products"
declined
for
and
0.1%.
each
"all
of
the
groups
commodities
"all
other
Non-agricultural
commodities
than
farm
commodity
other
products
prices
are
than
farm
and
foods"
0.2%
higher
Volume
Financial
144
than four weeks ago and 9.9% above the corresponding week
Industrial commodity prices are 0.1% below
a
of June, 1936.
month ago and 9.5% above
a
were
of
by the indexes representing the prices
also recorded during the week
building
metals,
fertilizer
materials,
and
materials,
miscellaneous
commodities.
year ago.
Commissioner
reported
Lubin's
June
of
announcement
also
10
follows:
as
The farm
The broad nature of last week's downturn in prices is indicated by the
fact
the
on
in the index declined and only 13
38 price series represented
that
advanced; in the preceding week there were 33 declines and 22 advances;
products group showed the largest decrease for the week—
In the second
1.9%—because of lower prices for grains and livestock and poultry which
declined
3909
Chronicle
of
average
4.5%
and
WEEKLY WHOLESALE
Important
respectively.
3.2%,
preceding week there were 23 declines and 42 advances.
Compiled
National
by The
PRICE INDEX
COMMODITY
1926-1928=100
Fertilizer Association.
individual items for which lower prices were reported were barley, corn,
wheat,
steers,
hogs,
sheep, live poultry, eggs, apples (New
York), hops, fresh milk (Chicago), flaxseed, dried beans, sweet potatoes,
Each Group
and
Bears to the
rye,
white
cows,
potatoes
white potatoes
(Chicago).
(Boston)
89.3—is 1.9%
below
Prices of cotton, oranges, peanuts, and
The current farm products index—
higher.
were
Total
month ago but 16.7% above a year ago.
a
Latest
Per Cent
which
lower
prices
recorded
were
were
fertilizer
chemicals, including
materials.
Drugs
window
prices dropped
vegetables,
89.7
81.4
7.1
Metals
105.1
105.2
105.2
82.6
vegetable oils and
6.1
Building materials
91.5
91.6
95.3
80.7
fertilizers
1.3
Chemicals and drugs
93.7
93.7
94.2
94.4
and
mixed
were
Average
and pulp were unchanged
paper
other
during the week
hand,
the result
as
products, and meats.
2.3%
increased
partially
to
butter, oatmeal, wheat flour, hominy grits,
canned
asparagus,
Prices of
corn
meal,
bacon,
hams,
canned pears, bananas,
flour,
rye
dressed
food index—84.8—is
0.1%
higher than
a
smoked
poultry (New York),
salmon, lard, edible tallow, and cottonseed oil were higher.
The current
month ago and 7.8%
above a
year ago.
increase for the week—0.6%—was recorded in the
group
hides and leather products group.
The subgroup of shoes averaged 1.3%
higher, while indexes for the other subgroups showed
week before.
Slightly higher prices for living
room
no
change from the
'■
.
Furnishings showed no
change.
Minor price fluctuations in both the metals and metal products and fuel
lighting materials
these two groups.
groups
resulted In
ferrous metals down
71.4
65.1
77.0
70.7
95.6
94.3
92.6
87.4
All groups combined-..
88.0
87.3
75.8
Construction
a
lower average.
fractionally.
of the
Bureau
of
the average
were up
fractionally, and
Residential building dining
this
was
an
May of this year amounted to $83,937,000;
over the figure of $70,253,400 reported in
increase of 20%
Statistics includes 784 price series
year
sharply lower than the volume of
the 37 States for May,
1936, but
$108,013,400 registered
during April of this year.
was
Gains in residential
building over last year were general over the country except for the Southern
Michigan area.
were
At the
same
time declines from the April, 1937, figures
rather universal, with Upstate New
York exhibiting the only exception.
Non-residential building undertaken in May in
the 37 States east of
the Rocky Mountains amounted to $93,432,700 and compares with
1936, and $96,179,300 for April of this year.
251,700 for May,
works and utilities showed a total of $66,743,100 during May,
was
$82,-
Public
1937; this
moderately better than the figure reported for either the preceding
month or May, 1936.
types started in
the beginning of 1937 has amounted to
the 37 eastern States since
$1,176,377,200
as
contrasted with
only $1,004,676,100 for the corresponding five months of 1936.
CONTRACTS AWARDED—37
CONSTRUCTION
STATES
EAST
OF THE
ROCKY MOUNTAINS
No. of
1926
as
New Floor
Projects
Space (Sj. Ft.)
Valuation
non-
Agricultural implements remained steady.
for the
in May
during May showed
a gain of about 11 % over the figure for May, 1936, according
to F. W. Dodge Corp.
Last month's total amounted to
$244,112,800 and contrasts with $216,070,700 for May,
1936, and with $269,934,200 for April, 1937.
Petroleum products remained un¬
Labor
Awarded
Contracts
Construction in the 37 Eastern States
Month of May—
23,038,000
16,709,700
540,200
$83,937,000
93,432,700
66,743,100
13,756
40,287,900
$244,112,800
8,528
20,547,400
15,628,500
186,800
$70,253,400
82,251,700
63,565,600
13,242
36,362,700
$216,070,700
41,180
15,878
112,889,800
77,142,600
2,591,500
$423,528,400
4,692
61,750
192,623,900
$1,176,377,200
29,784
15,448
6,026
75,308,400
75,427,900
2,262,200
$261,240,000
410,654,400
332,781,700
51.258
152,998,500
$1,004,676,100
9,274
3,225
1,257
1937—Residential building
Non-residential building..
weighted according to their relative importance in the country's markets
The
72.5
77.3
95.6
machinery
Anthracite and bituminous coal showed slightly higher
coke
on
72.2
.
change in the general level for
no
Average prices of iron and steel
and is based
66.8
77.3
materials
Total construction of all
furniture caused the index for the
housefurnishing goods group to advance 0.1%.
The index
Farm
100.0
of
Average prices
0.3%.
Individual food items for which lower prices
and vegetable oils.
and
Fertilizer
Fertilizers
.3
The subgroups of
because of lower prices for bran and
1.2%
the
on
pepper,
changed.
72.1
89.5
rice, fresh mutton, fresh pork, cocoa beans, salt mackerel, oleomargarine,
averages
79.6
85.1
80.1
Crude rubber decreased 2.7% during the week.
offset the other decreases.
and
83.5
Fuels
Average prices of yellow pine lath,
The wholesale foods group declined 0.1%
largest
71.4
85.1
17.3
79.5
of decreases in average prices for dairy products, cereal
The
67.7
78.9
89.4
from the week before.
reported
114.2
83.0
Among the lumber items showing price decreases were
prices of automobile tires and tubes and
were
113.3
82.3
women's
yarns,
Ponderosa pine, and California redwood advanced.
and
65.5
110.2
0.4%, and other building
decreased
glass,
oak, poplar, and red cedar shingles.
Fruits
74.9
plumbing and heating materials, and structural
cement,
cottonseed meal.
72.8
.3
including
Cattle feed
72.0
67.0
Textiles
Wholesale prices of building materials dropped 0.2%.
steel were steady.
70.2
.3
umber and paint and paint materials declined
brick and tile,
85.9
Grains.
remained stationary.
materials,
87.6
Miscellaneous commodities..
pharmaceuticals
and
86.0
86.5
8.2
and
copra
94.1
decreased 0.4% because
The index for the chemicals and drugs group also
prices for
78.6
94.1
Cotton
silk hosiery, raw silk, silk yarns, and worsted yarns.
weaker
83.4
79.6
94.1
10.8
drillings, print cloth, brown sheeting, tire fabric, cotton
of
77.5
84.6
78.7
damask,
broadcloth,
1937
83.3
Farm products..-
23.0
Among the textile items
cotton
Ago
1937
June 6,
1936
Fats and oils.
products, including burlap and raw Jute, caused the index
for the textile products group to decrease 0.4% to 77.6.
Prices of clothing
for
Ago
May 8,
Cottonseed oil
Foods
25.3
textile
remained unchanged from the preceding week.
Year
Week
May 29,
1937
Index
Continued lower prices for cotton goods, silk and rayon, knit goods, and
other
Month
Preced'g
Week
June 5,
Group
Public works and utilities
100.
following table shows index numbers for the main
groups
Total construction
of com¬
modities for the past five weeks and for June 6, 1936, June 8, 1935, June 9,
1936—Residential building
1934, and June 10, 1933.
Non-residential building
3,436
1,278
Public works and utilities
(1926=100)
Total construction
June
May
May
May
May
June
June
June
June
5
29
22
15
8
6
8
9
10
1937
1937
1937
1937
1937
1936
1935
1934
1933
87.1
87.4
87.4
86.9
87.3
78.4
79.9
73.8
64.0
89.3
91.0
91.2
89.3
91.0
76.5
79.9
60.7
52.5
84.8
84.9
85.1
84.2
84.7
Hides and leather products.. 107.6 107.0 107.1 107.6 107.7
Textile products
77.6
77.9
78.1
78.2
78.3
Fuel and lighting materials.
78.2
78.2
78.2
78.2
78.2
78.7
83.7
67.6
61.0
94.6
89.1
87.2
80.9
69.1
69.3
72.7
58.7
Non-residential
76.7
74.7
73.8
60.8
Public works and utilities
Commodity Groups
First Five Months—
1937—Residential building.
Non-residential building
ALL
COMMODITIES
Farm products
Foods
_
Metals and metal products.
95.1
95.0
95.0
94.8
85.7
85.6
87.8
97.0
97.2
96.9
96.9
96.8
85.7
85.1
87.8
72.9
Chemicals and drugs
83.3
83.6
83.5
83.9
84.4
77.3
80.7
75.4
91.0
90.9
90.8
90.8
90.8
82.9
81.8
83.4
72.4
Miscellaneous..
80.0
80.2
80.5
80.4
80.4
69.0
68.9
70.0
59.5
Raw
86.5
87.4
87.7
86.6
87.8
76.3
*
*
*
86.9
87.1
87.2
87.4
87.7
74.0
#
*
♦
*
*
building
73.8
Housefurnishing goods
.
materials..
Semi-manufactured articles..
Finished
All
products..
commodities
commodities
other
WORK REPORTED—37 STATES EAST OF THE
ROCKY MOUNTAINS
87.9
87.7
87.3
87.4
80.4
86.7
86.5
86.3
86.4
78.8
79.9
76.6
1937
66.6
86.2
86.3
86.3
86.3
86.3
78.7
77.8
78.9
1936
67.8
than
No. of
No. of
Projects
Valuation
Projects
than
farm products and foods..
*
Total construction
NEW CONTEMPLATED
♦
87.8
86.6
other
farm products
All
95.1
Total construction
1936—Residential building
439,808,200
313,040,600
78.7
Building materials
Public works and utilities
Valuation
Month of May—
Not computed.
Residential building
Non-residential building
10,684
Wholesale Commodity Prices Further Declined During
Week Ended June 5, According to National Fer¬
$127,851,800
108,455,500
122,972,000
9,771
3,933
1,327
$101,994,600
1,508
15,957
$359,279,300
15,031
$313,292,500
53,255
19,553
3,639
$701,109,200
741,803,800
411,601,800
38,553
18,405
7,585
$448,482,500
503,326,000
492,124,000
76,447
$1,854,514,800
64,543
$1,443,932,500
3,765
Public works and utilities
Total construction
120,893,100
90,404,800
First Five Months—
tilizer Association
Continuing the downward trend of the previous week,
commodity prices again declined during the week
ended June 5, according to the weekly index compiled by
wholesale
the National Fertilizer Association.
Based
on
Residential building
Non-residential building
Public works and utilities
Total construction
the 1926-28
of 100%, the index last week registered 87.4%,
against 88.0% in the preceding week.
A month ago it
stood at 87.3% and a year ago at 75.8%.
The Association's
announcement, under date of June 7, went on to say:
average
as
The general level of prices was downward with seven of the
principal
group
indexes declining and
the two
most
none
advancing.
heavily weighted groups,
were
Foods and farm products,
lower during the week,
flecting in part the effect of widespread rains and
in the crop outlook.
narrow range
a
in recent months and is
now at
re¬
consequent improvement
The food price index has moved within
about the
same
a
relatively
level
as
at
the beginning of the year.
With cotton, grains, and livestock all moving
downward the index of farm product prices fell to the lowest price reached
in the last month; it is stUl
As
a
substantially above last year's level, however.
result of fibers and semi-finished goods moving downward the textile
price index reached the lowest point since last January.
Small declines
Indexes of Business
Activity of Federal Reserve Bank
of
General
showed
business
little
New
York
activity and the
change
between
distribution
March
of
goods
and
April, "when
allowance is made for recurring seasonal changes," said
the Federal Reserve Bank of New York in
presenting, in
its "Monthly Review" of June 1, its monthly indexes of
business activity.
The Bank stated:
During the first half of May department store sales in the metropolitan
of New York appear to have shown somewhat more than the usual
area
seasonal
month
advance
car
over
the
April
level.
For the
first
three
weeks
of
the
loadings of merchandise and miscellaneous freight were slightly
below the April average, whereas a slight advance is usual at this time
3910
of
Shipments of bulk freight, however,
increase from April.
year.
the
Financial
to have shown about
appear
usual seasonal
change was shown between March and April in general business
activity and; the distribution of goods when allowance is made for recurring
changes.
and
sales
the
significant
no
chain
Increases occurred
volume
in the indexes of mail order house
advertising, while department store sales showed
of
Declines
movement.
sales,
occurred
in
the
adjusted
indexes
of
the
volume of
check transactions throughout the country.
Car loadings of
merchandise and
miscellaneous freight
showed: somewhat less than the
usual seasonal advance, but there was a slightly smaller decline than usual
in
grocery
ordinary
life
The
policies
insurance
shipments of bulk commodities.
written,
12,
remarks of
foregoing
tained
Little
seasonal
Chronicle
in
Perkins
Secretary
issued by
announcement
an
were
con¬
the Department
of
Labor, which said:
The
percentage change from March to April in the number and cost of
buildings for which permits were issued; for each of the different types of
construction
in
1,474 identical cities having
indicated
in
the
is
and
population of 2,500
a
or
over
following table:
Change from March, 1937 to April, 1937
Class of
Construction
Estimated Cost
Number
*
New residential.
(Adjusted for Seasonal Variations,
for Usual Year to Year Growth, and Where
Necessary for Price Changes)
1936
New non-residential
80
81
73
79
87
88
Exports
67
78
76
Imports
85
117
the
shown in
+ 2.1
1936,
107
same
by class of
1,474 cities:
con¬
79
Car loadings, other
with April,
following table for the
compared
change
percentage
is
+ 17.9
+ 17.9
-
-
The
April
struction
Primary Distribution—
Car loadings, merchandise and miscellaneous
—
Total
i
+3.5
—8.9
+ 19.8
;
Additions, alterations, and repairs
1937
March
Feb.
April
+28.1
+6.2
_
70
Change from April, 1936 to April, 1937
Class of Construction
Estimated Cost
Number
Distribution to Consumer—
+47.0
86r
85
85 r
84r
85
New non-residential_
72
66
67
64
...
92r
92
84r
76
79
101
Advertising
New passenger car registrations
Gasoline consumption.
100
Additions, alterations, and repairs
102
+ 40.4
+45.5
83
94
96
66
68
65% was shown in the
number of family-dwelling units provided in these cities during April, 1937.
The cumulative gains made during the first four months of 1937 over
the corresponding period of 1936 are indicated below:
with
Compared
119p
702?
102
General Business Activity—
Bank debits, outside New York City
Bank debits, New York City
+65.3
88
lOOr
80'
91
88
Mail order house sales.
_
+22.8
+ 13.9
New residential
83
Chain grocery sales
Other chain store sales
+23.5
+21.6
87 r
81
Department store sales, U. S
Department store sales, 2nd District
672?
41
42
40
35
Velocity of demand deposits, outside New York
City r
69
71
73
April,
1936,
of
increase
an
69
51
Change from First 4 Months in 1936
to First 4 Months in 1937
45
Velocity of demand deposits, New York City r__
48
New life insurance sales
68
73
76
74p
Factory employment, United States
New corporations formed in N. Y. State
Building contracts, residential.
90
101
102
1032?
48
Class of Construction
Number
68
72
70
72
27
39
352?
65
472?
532?
Estimated Cost
+68.4
+38.0
382?
62
150
161
162
1512?
New non-residential
200
202
2052?
Additions, alterations, and repairs
+ 17.1
141
Composite index of wages *
Cost of living *
+56.9
+28.9
188
Building contracts, other
General price level *
145
146
1452?
New residential
* 1913 average=100; not adjusted for trend.
Preliminary, r Revised.
The
data
addition
Electric
Output
+ 39.0
+26.6
Total
p
+9.6
for Week Ended
2,131,092,000 Kwh.
June
which
Totals
5
collected
to
include, in
buildings for
by Federal and State governments in the
For April, 1937, the value of these public
the
Bureau
contracts
awarded
were
the report.
in
Statistics
Labor
of
number and
private construction, the
included
cities
by
value of
buildings amounted to $6,390,000; for March, 1937, to $6,230,000, and for
1936, to $1,367,000.
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
April,
light and
projects:
industry of the United States for the week
ended June 5, 1937, totaled 2,131,092,000 kwh., or 10.9%
above the 1,922,108,000 kwh. produced in the corresponding
power
week of 1936.
Permits
INCREASE
OVER
PREVIOUS
YEAR
cost
for
Week Ended
Week Ended
Week Ended
Week Ended
Regions
June 5, 1937
May 29,1937
May 22, 1937
houses to
cost
over
New England
13.1
14.2
Middle Atlantic
10.8
14.2
12.7
10 3
14.9
15.1
14.9
Industrial
Central
West
Southern
6.9
6.8
6.3
7.1
19.3
16.8
15.1
21.2
25.1
24.8
7.5
6.6
4.8
4.2
12.1
12.7
Pacific Coast
10.9
Total United States.
12.9
for
$1,900,000; in the
of Brooklyn
Borough of Man¬
$1,700,000, for school buildings to
over
Queens
of
Pa.,
Philadelphia,
for
apartment
buildings
school
for
to cost over
houses
to cost over
to
cost
over
in Chicago, 111., for factory buildings to cost nearly $500,000.
mercantile
and
store
in Ham¬
to cost nearly $500,000;
buildings
mond, Ind., for factory buildings to cost over $300,000; in Dearborn, Mich.,
16.2
27.4
States
Rocky Mountain
$1,200,000;
and
factory building
a
for store and mercantile buildings
and
Borough
the
in
$6,000,000;
11.0
Central
in
J., for
the Borough of the Bronx for
nearly $2,850,000; in the Borough
cost
houses to cost
$1,100,000,
$800,000;
14.1
cost
houses to cost nearly
apartment
May 15,1937
5.4
Co. to
an
office building for the New
$1,695,000; in Boston, Mass., for a
for
Conn.,
$1,193,000; in New York City: in
hattan for apartment
Major Geographic
April for the following important building
during
Haven,
city hall to cost $2,500,000; in Kearny, N.
new
apartment
PERCENTAGE
issued
New
England Bell Telephone
to
The Institute's statement follows:
were
In
for
rubber
a
Motor Co. to cost $1,100,000; in Dayton,
plant for the Ford
for factory buildings to cost $378,000; in
Ohio,
utility buildings to
cost
and in
$800,000,
over
Topeka, Kan., for public
Omaha, Neb., for factory
buildings to cost nearly $500,000.
A contract was awarded by the Housing Division of the Public Works
DATA FOR RECENT WEEKS (THOUSANDS OF KILOWATT HOURS)
Administration
for
housing project in Nashville, Tenn., to
low-cost
a
cost
Per cent
nearly $1,400,000.
Change
Week Ended
1936
1937
1937
1935
1932
1929
ESTIMATED
from
COST OF BUILDING CONSTRUCTION. TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS
1936
IN
1,474 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED.
2,146,959
2,176,368
2,173,223
2.188,124
2,193,779
2,176,383
2,194,620
2,198,646
2,206,713
1,867,093
1,916,486
1,933,610
J2,131,092
1,922,108
1,945.018
3
10
Apr. 17
Apr. 24
Apr.
Apr.
May
May
l
8
May 15
May 22
May 29
5._.
June
June
+ 15.0
+ 13.6
1,480,208
1,725,352
+ 14.3
1,701,945
+ 13.5
+ 12.7
1,673,295
1,698,178
1,701,702
+ 12.1
1,700,022
1,429,032
1,436.928
1,435,731
+ 12.9
+10 9
1,696,051
1,425,151
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,628,520
1,381,452
1,435,471
1,615,085
1,689,925
+ 12.8
1,480,738
1,469,810
1,454,505
1,724,491
New Residential Buildings
No.
-Geographic
Cities
Building
Activity
Reported Above March
United States Department of Labor
iypes
the
construction
and
For
an
gain
alterations and
in April,
the month
a
1936.
was
the
reflected
construction
corresponding
permits issued,
Additions,
than
building
of
with
parison
value of
month
last
impressive gains
in
Measured
year.
com¬
by
1,474
All divisions
126
369
East North Central.
321
West North Central-
124
171
65
West South Central.
89
of
23%
repairs
in
to
new
non-residential
existing structures
were
construction.
40%
higher
The total value of the building permits issued during
four months
for
of
which
1937
a
year ago.
the aggregate
permits
were
value of all classes of
issued
in
cities
having
a
population of 2,500 or over amounted to $573,123,000, an increase of 39%
over the corresponding
period of 1936.
Gains were shown for each type
of
58
Mountain
151
Pacific
Mar.,
April,
April,
1936
1937
construction,
dential
buildings
the greatest
which
show
improvement
an
increase
occurring in the value of resi¬
of 68%.
1937
$88,105,967
families,
an
increase of
73%
over
+3.5
+65.3
—3.6
+38.8
4,777,775
—2.9
+80.8
26,818,891
+72.0
+ 8.4
17,332,917
+41.0
+ 28.4
4,311,234
—3.7
+21.4
9,235,456
2,689,664 + 105.0 +249.5
+3.8
+56.6
5,013,924
+ 16.6 + 117.3
2,510,782
+68.6
+0.8
15.415,324
21,287
1936
+ 1.1
+ 65.1
843
—5.7
6,335
3,100
—9.5
+89.0
+ 16.8
+ 72.5
1,122
+23.7
+30.0
+36.4
*
2,589
+ 31.9
+ 63.9 + 193.4
936
1,487
—4.2
+42.0
695
+ 11.7
+ 94.7
4,180
—1.7
+59.2
New Non-residential
Total Building Construction
Buildings
(incl. Alterations & Repairs)
Population
Estimated
Percentage
Change from
Cost,
April,
Mar.,
1937
1937
Percentage
Estimated
All divisions.. 50,062,290
(Census
Change from
of 1930)
April,
Cost,
April,
Mar.,
April,
1936
1937
1937
1936
$
$
—8.9
During the first four
New England.
+22.8 174,843.461
7,079,672 +215.6 +254.4
Mid. Atlantic. 14,574,128
—37.9
+26.5
East No. Cent 11,868,947
+4.6
+8.9
West No. Cent
+27.2
+ 10.2
2,926,278
South Atlantic
3,018,313 —15.8 —24.5
East So. Cent.
—1.4
+5.8
1,569,516
West So. Cent+ 18.8
3,018,178 —17.6
Mountain
+ 22.3
820,946 —10.0
Pacific.
+6.2
5,186,312 —13.2
the first four months of the preceding
15,367,089
52,707,650
35,374,071
9,935,232
16,315,494
5,189,687
9,405,063
4,231,140
26,318,034
+ 2.1
+45.5 58,343,541
+56.1
+93.8 5,376,588
+52.5 17.817,358
—15.0
+ 5.9
+39.0 14,617,905
+41.9
+38.8
+0.8
+ 41.1
+ 12.3
+69.0
—8.7
+31.0
+ 2.9
+41.6
+6.7
+ 52.2
4,331,788
4,876,604
2,088.224
2,998,432
1,093,303
5,143,339
♦Increase less than 0.1 of 1%.
Summary of Business
Conditions in
Various
Federal
Reserve Districts
months of 1937 dwelling units have been provided in these cities for 68,596
year.
April,
Mar.,
1937
the
increase of 65% is indicated in new residential
46% above the level of
first
building construction
of
Percentage
Change from
1937
May 29.
"An increase of 18% was shown
in the value of permits issued for additions, alterations and
repairs to existing structures," Miss Perkins said.
"These
gains were partly offset by a decline of 9% in new non¬
residential construction.
The aggregate value of the build¬
ing permits issued in April was 2% greater than in the
month preceding."
The Secretary continued:
All
Provided
for
announced
kins
Families
April,
East South Central-
Reports from principal cities show that the value of per¬
mits issued for new residential buildings during April was
4% greater than in March, Secretary of Labor Frances Per¬
Estimated
Cost
South Atlantic
by
Percentage
Change from
of
Division
New England
Middle Atlantic
April
APRIL. 1937
1,679,589
1,465,076
+ 12.4
1,914,710
1,932,797
1,928,803
1,947,771
1,961,694
1,954,830
12
1,712,863
1,700,334
We
give below excerpts from
the monthly reports
business of the various Federal Reserve banks.
on
The following
Volumt
Financial
144
are from the reports of the Reserve Banks of Boston,
Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.
Louis, Minneapolis, Kansas City and San Francisco:
remarks
First (Boston) District
"General business activity in New England during April
was
maintained at approximately the same level as that
which
for
prevailed in March, after allowances had been made
Federal Reserve
Bank of Boston, "and during the first third of the current
year, the rate of activity was considerably higher than in the
corresponding period a year ago." The following was also
noted by the Bank in its June 1 "Monthly Review":
customary seasonal changes, "said the
During April, production of boots and shoes in New England is estimated
to have
been
13,610,000 pairs,
3% larger than in April last
Shoe production during the first four
months of 1937 was 60,230,000 pairs, an amount
the first four months of last year.
The amount of
basis
average
year than in the
in
of
.
lees than in March,
consumed in
but
and
period
of 2.8%
gain
a
between
The sales
month
a
an
increase of 0.6% in the number
year
Industry.
the
During the 12-year
.
.
retail establishments in Massachusetts during
compared with $21,438,824 in the corresponding
as
The
ago.
according to
payrolls,
aggregate
.
largest
March, but
percentage
the major
within
increases
has
Philadephia, in its "Business
Review" of June 1, reported that industrial activity in its
District "has been well sustained at a comparatively high
level, when allowance is made for the usual seasonal varia¬
The Bank further stated:
tion."
Output of manufacturers, anthracite fuel and crude oil during April was
at a somewhat
of contract awards increased,
value
cultural
and
higher rate than in March and substantially above that of a
Building and construction activity expanded seasonally and the
year ago.
conditions
the
recent
current
years.
of
following a decline in March.
reflect favorable seasonal
whole
the
on
income
farmers
continues
materially
than in
considered,
Some Improvement is reported in
factory than is usually to be expected.
May.
early
March
Easter
the results of April business were less satis¬
although
the case of wholesale trade, dollar sales increased from
In
April and the current index for the eight lines combined Is the
to
highest since 1923.
.
.
Sixth (Atlanta)
1
Manufacturing
The market for factory products reflects the impact of seasonal influences
that the trend of current demand may
be characterized
mixed.
as
Sales
generally have declined since the middle of last month but they continue
larger than last
particularly in the case of fabricated metal products
year,
of
March, but
Output of manufacturers has been well maintained, showing some im¬
under review.
This bank's index of productive
activity, which is adjuster! for the usual seasonal change and for the number
in April to 97, relative to the 1923-25 average, as
rose
compared with 96 in March and 94 in January and February; a year ago
of business
Volume
Sixth
sales
at
the
April
to
107.3, based
was
industrial activity in the Fourth District
high rate in late April and the first three
weeks of May," the Federal Reserve Bank of Cleveland, in
its "Monthly Business Review" of May 31, said that "buying
in the first quarter in many instances was in excess of current
requirements."
The Bank continued:
a
Large backlogs of orders were built up and deliveries were so far in the
future and the price situation so unsettled that many quotations were on a
Having passed the time of the usual spring peak
"when delivered" basis.
ordered materials ahead, with the price situation altered, new
In part this was reported as seasonal; it also
purchases have fallen off.
to
permit the working down of inventories or advance orders recently
accumulated.
period relatively free from major strikes.
A large number of minor dis¬
turbances have occurred locally in recent weeks.
in April were reported in most centers,
Increased working forces
with gains in industrial employment
ranging from 14 to 30%. as compared with last year.
at
8,600 Ohio plants
period last year.
were
19%
In March, working
larger than in the corresponding
Payrolls,have increased to an even greater extent because
of the higher wage rates and greater
number of hours being worked.
With
payrolls rising faster than cost of living up to the present time, purchasing
p* Retail trade in April was
.
of 21 % over last year was reported
In the first four months a gain
by department stores in this district.
on
date
of
March last year.
Seventh (Chicago) District
data
whole
trade
and
industry continued
on
levels ma¬
terially above those of the corresponding period last year."
The following is also from the "Review":
earlier
of
Easter
date
department stores in
this year caused
last
over
March to show
lines
goods
continue to maintain rather wide margins of increase over
corresponding volumes of 1936." This was noted by the
Chicago in its "Business Conditions
Report" of May 28, which said that "less favorable trends
are noted in certain food-producing industries, and seasonal
factors have been operative in several other phases to effect
recessions, but activity in general has been well maintained
and further expansion has taken place in some instances."
the
Federal Reserve Bank of
The Bank also had the following to say:
the Iron and steel industry-
Among the major manufacturing groups,
April and well into May at a high rate, the
the volume of
There was some
but activity
production of automobiles expanded further in April, and
building
construction
approximated
March.
for
that
decline in output from steel and malleable casting foundries,
Smaller orders and shipments at
remained well above that of a year ago.
furniture factories reflected seasonal trends and both items continued con¬
was
further accelerated in
As
April.
The movement of building materials
a
result principally of greater activity
in the durable goods industries, employment
and payrolls in the Seventh
period.
District showed gains in the current reporting
trends
Seasonal
affected
business
trade groups, sales in the grocery
those
hardware
the
in
and
during April
.
.
.
reporting wholesale
in
and drug trades showing small declines
supply trades expanding: ail
electrical
sold more than a year ago in April.
groups
Although Easter buying fell in
April of last year. Seventh District depart¬
decreased only 3% in the current period from a month
March this year and mostly in
ment store
trade
previous and exceeded that of last April by 10%.
declined counterseasonally in
April and
was
The retail shoe trade
lighter than a year previous,
a
year
considerably
ago.
Eighth (St. Louis) District
Industry and commerce in the Eighth District during late
April and the first half of May "developed little change from
the similar period immediately preceding when the general
level was the highest attained in the recovery movement,"
said the St
Louis Federal Reserve Bank in its "Monthly
Review" of May 29.
"Such minor changes as occurred were
the result of seasonal influences, with the principal factor
making for decreased activities being the unusually cool, wet
weather which persisted into the third week of May," said
the Bank, which added:
merchandise,
notably apparel, boots and shoes, and groceries was restricted to some
extent
by the late spring and this reacted adversely on the wholesaling and
jobbing trade and
certain phases
of productive activity.
However, in
practically all lines of manufacturing investigated by this Bank production
In April was
measurably greater than a year earlier, and in several important
classifications, including iron and steel,
building materials and electrical
supplies, output was the highest for the month since the predepression era.
As evidenced by car-loadings and statistics of the several groups
of whole¬
saling and jobbing interests reporting to this Bank, distribution of com¬
ago.
Decreases from March to April in all lines were reported, but the
declines
were
seasonal, and in
a
majority of instances less than the
average
...
reports
indicate
a
moderate
increase
in
an
exceptional
of strikes has added to the number of persons employed at
nonagricultural
According to the Bureau of Agricultural Economics,
on
farms increased seasonally
season,
a
Industrial plants.
total employment
during April, but due to the lateness of the
the level of employment is still somewhat below last year.
Preparations for the planting of spring crops are generally from two to
three weeks
behind the seasonal schedule.
made fields
unworkable, and in the nothern stretches of the District at
mid May less than
half of intended
acreage
Almost continuous rains have
of
corn
and
some
other crops
the Fifth District last month lacked about 3%
of
agricultural prospects as a whole in the District are the most promising in a
some
recession.
Easter date, showed about the 6ame rate of increase
1936 as in earlier months this year.
.
.
Tobacco
last
Seventh
the
sale of
had
showed
.
declined from the high level of March, but in
except snuff continued above 1936 output.
Cotton consumption
manufacturing
all
in
production and
in
April
affected by the
month
the
that
Sales
naturally
and
trade,
equaling the volume of sales in April last year, but Easter's seasonal buying
was done in April last year and in March this year.
Wholesale trade, which
is less
conditions
business
on
indicate
Preliminary
tended to flatten somewhat in April and early May, but
The
March
from
payrolls
employment from March to April, and since May 1 settlement of a number
Reserve Bank said that "the curve of improvement in busi¬
volume
7.3%
declined
Easter,
increased 1.8% and 3.4%, respectively, from
February to March, at firms in this district reporting to the Bureau of
Labor Statistics, and were at new
high levels for the recovery period.
Number
of
workers was
11.1% and payrolls 21.4% greater than in
and
Employment
during the past decade.
Fifth (Richmond) District
the
April
the seasonally adjusted
but
^
The May 31 "Monthly Review" of the Richmond Federal
on
Easter
1927, when
April since
for
.
.
adversely affected by weather and the fact that
all pre-Easter buying occurred in March.
ness
the
modities continued well above the volume at the corresponding time a year
of wage earners is greater than in recent years.
power
highest
The movement through retail channels of certain lines of
...
The labor situation again has taken on signs of instability after a short
forces
reporting firms in
April, but the index of daily average
from
index number of
sales of 28 films, after allowance for the number of days
13.3%,
was
earlier
the
and
firms
wholesale
and
in
17, and the wholesale trade index was the highest for
decline in total sales by 49 reporting retail firms
In noting that
"continued at
May 31
The
1929.
March
retail
both
somewhat
retail
April
on
since
at
declined
District
above
Fourth (Cleveland) District
was
in its
Atlanta
of
"Monthly Review," which further reported:
while the retail furniture trade increased seasonally and was
itjwas 81.
and having
Bank
Reserve
higher
figures are
years," it was stated
other recent
.
.
.
provement during the month
of working days,
Federal
the
most instances April
in
month of
that
for
than
and
and building materials.
District
"April statistics indicate that trade and industrial opera¬
tions in the Sixth District failed to maintain the high level
siderably above the 1927-36 average.
.
^
so
be overcome quickly when warm weather
in the soil this backwardness will
continued to operate through
...
Retail trade sales have been in larger volume than last year, the
season
Agri¬
developments
larger
in
are
crops
comes.
District
The Federal Reserve Bank of
Em¬
.
net change during April
favorable for land preparation and
"Current
(Philadelphia) District
level of
*
.
excellent condition and weather has been
planting of spring crops.
Actual growth
recently been retarded by cool weather, but with plenty of moisture
but grain
yields,
The aggregate number was a gain of 1.5%.
Third
the record
April from
in
Some decrease in indus¬
trial workers was probably offset or perhaps exceded by increases, largely
seasonal, in such fields as construction and agriculture.
Agricultural pros¬
pects are good on the whole in the Fifth District, and farm work is farther
advanced than at this time last year.
It is too early to estimate probable
reported in the lumber, hardware, and furniture groups.
were
declined
mills
20% above consumption in April last year.
was
showed little
ployment
fell
employment and payrolls usually have
both
of 792
April was $21,753,854,
classifications
was
manufacturing establishments in Massa¬
in
and April.
March
volume
The
April
this district during
mills in
Department of Labor and
1925 1936, inclusive,
declined
32% in April.
substantially higher than in April last year.
was
of wage-earners employed in 1.694
Massachusetts
of the current
The increases were 20%
in March, and
February, 57%
Between March and April there was
chusetts,
England mills on a daily
textile
District
Fifth
in
by
.
consumed in New
corresponding period a year ago.
wool
raw
.
about 20% larger than in
larger in each of the first four months
January, 32% in
amount
cotton
raw
was
but
volume 21% smaller than in March,
a
year.
3911
Chronicle
month
been seeded
However, in face of the inauspicious spring weather,
number of years.
Ninth (Minneapolis) District
According to the May 28 "Monthly Review" of the
Minneapolis Federal Reserve Bank, "the combination of an
unusually large number of favorable factors resulted in an
3912
Financial
April business volume in the Ninth District that was larger
than any April since 1931/'
The Bank, in its report, said:
^ Each of
and
our
our trade indexes was
The April
this
volume of business
While the increases
year.
higher than in
any
April since 1930
was
more
than offset
uniformly
was
were not
higher than in April last
quite as large
as
in other recent months,
by the almost total lack of decreases.
Retail trade in April was again above the level of the
preceding
below
1931
or
country check clearings index was the highest April on record.
at
in
year
city
the country sections of the
department stores.
However,
District,
sales
.
.
.
month in the
same
but
slightly
was
during the
first
four
months of 1937 at both country and city stores were larger than in the same
period last
year
by 14 and 7% respectively.
year were
slightly higher than
Easter which
on
April 12 last
any
other
April since 1931.
Tenth
May 29
April department store sales in the Tenth District were 5 %
a year
ago despite the fact Easter was in March this
year, reported the Federal Reserve Bank of Kansas City in
below output; in the previous week new orders were
23%
below and shipments 8% below production.
Production in
the week ended May 29, 1937, was shown by mills
reporting
22% above the corresponding week
of 1936 ; shipments were 19% above shipments of last
year's
week, and new orders were 9% above orders of that week.
for both 1937 and 1936
feet
regions
It stated:
steady, while sheep were lower.
changed.
Farm income
about
is
a
Cattle prices
Prices of other live stock
third higher
and
1937,
softwoods
527
shipped
288,632,000
267,527,000
feet;
Revised figures for the preceding week
297,427,000
production,
mills produced
combined;
217,802,000 feet.
577;
Mills,
were:
feet;
shipments,
272,428,000
regions reported orders below production in the week ended May 29.
All but West Coast, California redwood and Northern hardwoods
reported
shipments
below
production.
hemlock
Northern
reported
these
1936,
and
1936
wood
last
due to
year,
higher prices of farm products.
redwood,
those
of
pine
and
reported
week
above
shipments
reportd
hardwood
Northern
corresponding
week
similar
production
above
of
of
the
reported for the week ended
totaled
210,306,000 feet,
or
May 29, 1937, by 443 soft¬
24% below the production of the
Shipments as reported for the same week were 258,049,000
7% below production.
Production was 278,438,000 feet.
.
from
100 hardwood mills
26% below production.
or
than
pine
Northern
Coast,
above
mills.
or
Reports
were little
Western
but
orders
mills
same
feet,
and
all
West
orders
week.
still dry.
Wheat prices tended lower, but corn and oats were higher.
were
hardwoods
Lumber
dry and declines occurred in wheat prospects in important
Parts of the District received rains in May, but the "dust bowl"
are
of
booked orders of
hog slaughter and coal production were low.
was
as
The Association further reported:
1936 ;
Production of flour and petroleum was abnormally large while cattle and
April
25%
was
softwood
business during the week ended
below production; shipments were 7%
new
All
above
sections.
Reported
feet; orders, 230,094,000 feet.
(Kansas City) District
its June 1 "Monthly Review".
mills.
During the week ended May 29,
was
and were higher than in
a year ago
June 12, 1937
ering the operations of important hardwood and
...
City department store sales when adjusted for the larger than normal
volunie of sales in the week preceding
Chronicle
9,478,000 feet,
or
give
Shipments
7% below production.
Twelfth (San Francisco) District
business
new
Production
was
7,496,000
as
reported for the
as
feet,
week
were
same
10,194,000 feet.
Identical Mill Reports
In the Twelfth
District, the sharp upward movement in
business during February and March, which brought the
levels of activity back to the point reached last fall, was
followed by comparative stability in April, according to the
"Monthly Review" of June 1 of the San Francisco Federal
Reserve Bank, which said:
Last
week's
feet, and
a year
256,990,000
feet
and
production of
ago
feet
it
and
189,079,000
was
213,219,000
feet.
reported production last
feet;
feet
431 identical
In
feet,
the
week and
mills
shipments
and
case
of
276,887,000
was
were,
respectively,
received,
orders
209,615,000
hardwoods,
80
identical
mills
8,527,000 feet and 8,361,000
8,932,000 feet, and orders, 6,430,000
a
year
shipments, 7,787,000 feet and
and
softwood
226,303,000 feet;
ago
9,487,000 feet.
The important construction industry continued to expand.
The volume of industrial production, after allowance for seasonal
changes,
was about the same in April as in March.
Expansion in
Automobile
manufacturing
activity was retarded by labor disputes in
by heavy rains which
some areas,
affected logging in the Pacific Northwest, and by the nearly full utilization
of plant capacity in certain lines during recent months.
months now
virtually all serviceable plant capacity at steel
the rubber tire and
The current
Contracts
more
than six
and in
mills
use.
level of activity in industry generally is stimulating
on
production facilities in manufacturing and mining.
$12,900,000 were awarded during the first four
amounting to
of
year.
pulp and paper industries has been in
high
large expenditures
months
For
.
this
.
compared
year,
with
$7,800,000 in the like period last
.
Retail trade, as measured by the value of department store sales,
increased
has
moderately since last fall, the seasonally adjusted index of sales
financing for April, 1937, for
organizations amounted to $181,344,266, an increase
of 5.2% when compared with March, 1937; an increase of
0.2% compared with April, 1936, and an increase of 52.8%
over
April, 1935.- The $182,102,402 shown for wholesale
financing for April, 1937, is a decrease of 8.5% from March,
1937; a decrease of 6.3% compared with April, 1936, and
an increase of 11.6% over April,
1935.
Figures of auto¬
mobile financing for the month of
February, 1937, were
published in the May 8 issue of the "Chronicle," page 3088.
the 456
in March and April averaging 5% higher than in August, September, and
October of last year.
■■
'
■
'
1
i
*
AUTOMOBILE
Retail Financing
Gains
in
Employment and Payrolls in
Manufacturing During April Reported by National
Year
ing
Industrial Conference Board
and
Volume
Month
in
Wholesale
Financ¬
A substantial advance in average hourly
earnings, a re¬
duction in the average work week per wage earner and an
increase in the number of workers employed were the chief
developments in the labor situation in April, according to
the National Industrial Conference Board's monthly survey
of 25 manufacturing industries made public today (June 12).
The following is also from the announcement
by the Con¬
Thousand
Average hourly earnings
rose
from 65.9 cents in March to 68.4
in the
period during which the Conference Board has compiled its figures,
began in June, 1920.
The gain in average hourly earnings since
which
gain of 3.8%, which brought them to the highest point
1.7%.
Since April,
work week
48.3 hours, the number of weekly hours has been reduced
was
Number
in
Number
in
Thou¬
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
sand
Orga nizations
Dollars
Dollars
a
1937—
199,022
424,100
172,409
66,233
b449,094
181,344
184,280 106,175
187,759 108,927
239,920
182,102
261,335
72,416
667,449 1,402,652
565,354
579,920 336,380
822,732 228,974
205,842
mos.
ended April
1936—
March
158,555
378,230
150,820
April
194,323
446,956
180,926
172,388 97,778
209,307 119,894
593,208 1,299,736
516,734
583,818 332,910
Total
hours,
3.8%.
in
of
4
237,649
53,042
61,032
mos.
ended April
715,918 183,824
1936, the average work week has been
lengthened 1M
or
Number
March
The average work week declined from 41.7 hours in March to 41.0 hours
or
Cars
Volume
April
April, 1936, amounted to 11.6% and since 1929 to 15.9%.
April,
Unclassified
Volume
Dollars
record
on
Volume
456 Ident teal
Summary for
cents in
a
New Cars
Cars
Total 4
April,
Used and
Total
Dollars
ference Board:
in
FINANCING
7.-
.
Continued
,
Financing in April
The dollar volume of retail
Since 1929, however,
when the average
1935—
March
149,057
120,103
63,953
163,235
270,099
320,855
100,076
April..
118,663
140,478
75,622
517,008
937,614
347,719
fawp*1
149,996
180,377
36,122
43,041
15.1%.
The Conference Board's study points out that the net result of the in¬
crease
was a
gain of 2.1% in average weekly earnings, which
Total
compared with $27.50 in March.
as
this
year
were
15.5%
higher
were
$28.09 in April
weekly earnings advanced
extent than the cost of
during
living, which
when they averaged
the month
rose
0.5%.
period to
a
193,720
176,572
177,805 102,498
180,764 105,038
221,765
240,334
647,670 1,317,742
536,190
558,717 324,395
759,025 211,795
154,147
189,480
356,432
423,220
143,515
167,024 94,664
202,995 116,296
189,408
48,850
172,981
220,225
56,685
576,330 1,226,266
492,315
565,747 322,476
660,519 169,838
March
145,574
254,539
159,930
302,860
95,184
113,026
115,913
135,811
138,626
167,047
505,389
883,567
330,781
397,525 213,496
Total 4
ended April
April
4
mos.
1935—
Ended
May 29, 1937
The lumber industry during the week ended May
29, 1937,
stood at 83% of the 1929 weekly average of production and
79% of 1929 shipments.
Reported new orders
slightly below those of the preceding week, but
heavier
and
than
in
corresponding
week
of
1936.
66,802
mos.
ended April
Movement—Week
61,392
1936—
in 1929.
Lumber
525,999 122,066
171,841
Total
of
411,615 221,181
c—
163.890
March
was 1.5% higher
March, 17 9% higher than in April, 1936, and 1.9% higher than
Report
Orga nizations
399,570
d421,098
April
greater
Employment in the 25 manufacturing industries in April
Weekly
Ident ical
1937—
March
Since April, 1936, real
weekly earnings have risen 9.1% and since 1929 11.6%.
than in
282
April
1936,
$24.33, and only 1.6% lower than in 1929, when they averaged $28.55.
Real weekly earnings in April were 1.8% higher than in March, because
actual
mos.
Summary for
Average weekly earnings in April of
than in April,
4
ended April
in wage rates and the decline in the average number of hours
per week
dropped
were 9%
Shipments
Total 4
61,721
73,058
33,462
39,967
mos
ended April
486,042 117,284
Of these organizations, 37 have discontinued automobile
financing,
b Of this
41.8% were new cars, 57.7% were used cars, and 0.5% unclassified,
Of the 282 organizations, 24 have discontinued automobile
a
number
c
financing,
number
42.9%
were new cars,
56.6% used
cars,
d Of this
and 0.5% unclassified.
production were about the same as the previous week
20% above similar weeks of 1936.
Reported pro¬
and about
duction is running the heaviest of any weeks in recent
years.
National production reported for the week ended
May 29
fewer mills was 3% below the output
(revised
of the preceding week; shipments were 2% below
shipments of that week; new orders were 5% below that
week's orders, according to reports to the National Lumber
Lumber
9%
We
figure)
ended
by
Manufacturers
Association
from
regional
associations
cov¬
Manufacturing
During Four
May 29, 1937
Weeks
Ended
give herewith data on identical mills for four weeks
May 29, 1937, as reported by the National Lumber
Manufacturers Association
on
June 8:
An average of 535 mills reported as follows to the National Lumber Trade
Barometer for the four weeks ended May 29,
1937;
Volume
Financial
144
3913
Chronicle
Full
Orders Received
Shipments
Production
>'
A.
Duty Sugars
Individual Countries
Charges Against the Quotas for
(In 1,000 Feet)
1937
Softwoods
35.941
The
909,606
860,682
28.745
918,218
35,414
959,654 1,014,194
31,799
35,269
1,101,837
Hardwoods
1936
1937
1936
1937
1936
34.1S3
15,184 short tons,
other
countries
;...
Production during the four weeks ended
1937, as reported by
May 29,
these mills, was 14% above that of corresponding weeks
production in 1937
of 1936.
15% above that of the same weeks of 1936
was
above the record of comparable mills during the same period
wood output was 2% above production
894.865
938.351
953.632
994,923 1,045,993
1.137,778
Softwood
and 120%
Hard¬
Cuba
the
is
the quotas for the individual
in pounds, the amounts
against
year
The
following
shows,
table
which may
equivalent):
of 1935.
Quantity Which
of the 1936 period.
of corresponding
weeks of
Area
softwoods showing gain of 10%
1936,
Charged
Balance
Against
May Be
Admitted
Shipments during the four weeks ended May 29, 1937, were 10% above
those
full-duty
of sugar
be admitted from such countries in 1937, the amounts charged
against the quotas during the January-May period, and the amounts which
may be admitted during the remainder of the year
(pounds—96-degree
countries.
Total lumber
than
of
months
five
value, charged against the quota for foreign
the total of charges made during the first
raw
Remaining
Quota
in 1937
and hardwoods loss of 10%.
Orders
above
received during the four weeks
those
6%
were
of
corresponding
1937, were 5%
ended May 29,
Softwood orders in
weeks of 1936 and 27% above the
above that of similar
1936.
of
weeks
1937
same
Hardwood orders showed loss of 16% as compared with
weeks of 1935.
1937, gross stocks
reported by 460 softwood mills were
as
3,246,451,000 feet, the equivalent of 107 days' average production (three
1934-5-6),
years average,
compared with 3,292,520,000 feet on May 30,
as
May
29,
1937,
unfilled orders
compared with
798,583,000 feet
days' production.
reported by 452 softwood mills
as
1.123,568,000 feet, the equivalent
were
1,065
Canada
564,205
0
China and Hongkong..
288,114
247,091
41,023
20.597
20.597
0
0
—
Costa Rica
263,302
of 38 days' average production,
1936,^the equivalent of 27
May 30,
on
.
921,614
217.865
0
5.413,520
4,807.434
Peru
11,114.100
11,114,100
350,667
350.667
United Kingdom
1937
535,000
Five months 1937...
2,390,924
April, 1937
553,415
Five months 1936
2,125,140
May, 1936..
480,518
1,751; Japan, 4,009; Salvador, 8,208,542; and Venezuela, 290,002.
z Most of which allotted In accordance with General Sugar Quota Regulations,
Series 4, Supplement 1.
Full-Duty Sugars in Customs' Custody
B.
for
cannot
be
quotas
are
Customs'
released
custody
June 5.
on
The
report shows
that the quantity of sugar charged against the quotas for all
offshore areas, including the full duty countries, during the
five-month period January-May, amounted to 2,G98,059 short
from
P* Area and Type of Sugar—
Dominican
all
June
on
outturn
from Cuba, the Philippines, Puerto Rico,
sugars
Hawaii
recorded
addition to the
certified
quantities
transit
for
1937.
The
or
certified
The statistics
also
report
shows that
including such
figures
there
for
entry
full-duty coun¬
on
actually entered before June 1, 1937,
sugar
entry,
1937.
1,
entered
as
was
total
a
quantities in
final
available.
certified
subject
are
June
those
1
awaiting
countries
In pounds
for
quota
value,
first
were
the
against
release
of
are
28,884
the
as
possible increase
against
result
of
increased
159,228
short tons of sugar,
continental
the
quota
sugar
cane
short tons
the
in
consumption
issued
The
Dec.
12,
raw
or
areas
are
497,370
of
are
shown
against the
area
raw
as
during the
established by regula¬
Period Year
the offshore
against
areas
..—. ——-
7,250,084
50,517,836
Ago
10,706 tons, being followed by Colombia and Panama, with 5,896 tons, and
1,249
Statement
of
Months
Year
Against
Regulations
issued
obtained
from
and
Philippines
1,035,742
831,508
666,835
976,685
329,830
..
..
5,462
Total deliveries of sugar
during the first four months of 1937 amounted
2,488,683 short tons,
in
refiners'
terms
to
of
Direct-consumption
sugar
the
various
quotas
in
the total
quota
is
included
since
the
for each
direct-consumption
in
value
above
tons
area.
sugar
The following
sugar
Stocks of
charged
quota
is
tabulation indi¬
quotas, amounts of direct-consump-
tion sugar
admitted during the period January-May, and the amounts which
be admitted for the remainder of the year (in short tons—96-degree
Quantity Charged
1937 Quota
Against Quota
Balance
Remaining
422,933
281,548
141.385
126,033
108,616
17,417
29,616
80,214
5,164
43,497
24,452
36,717
658,796
438,825
219,971
Hawaii
Philippines
Total
2)
raw
sugar
which
(The
tons.
1937
during
1.0571,
period last
same
short
2,252,368
consumption
of
in
form
as
tons
follows:
are
the
is
during the
consumption,
for
By
con¬
ratio
years
of
1935
These
55,437 short
were
refined
held by
stocks,
ngt include
as
short tons
period
the
short
(Table
(Table 4).
tons
converted
(in
to
follows:
Raw
tons
3), and
These de¬
held by
sugar
held by refiners,
sugar
beet factories,
by importers
held
during
1,568,830
value, total 2,488,683 short tons.
hand April 30
with 1,439,346
compared
as
raw
refiners,
by beet sugar factories, 464,832
;
255,687
importers,
mills,
short tons;
sugar
Such stocks do
by
;
sugar
sugar
tons.
395,442 short
437,546 short tons, and direct
terms
raw
short tons
of refined sugar),
value,
on
equal
the
90,036
1,137,823 short
same
date
last year.
for processing held by importers other than
raws
refiners.
The
data,
which
109,
approved
to
various
sugar
May
quotas
5.
of
June
determine
culture
the first four months of the year,
cover
administration
the
sugar
Cuba
Puerto Rico
totaled
factor
meltings
was
sugar on
refined
Bhort
No.
Area
using the
sugar,
can
155,289
consumption
in
equivalent):
of
(Table
continental
tons;
amounts
by
1937,
liveries, converted to
Sugars
the
domestic
1936.)
short
by
2,698,059
direct-consumption
value,
for
produced to
sugar
refiners,
Direct Consumption
sugar
deliveries
raw
Deliveries during the
value.
raw
raw
(deliveries shown in Table 2, less exports)
15,184
4,798,430
Total
refiners, beet sugar processors, import¬
cane
Sugar Section commented as follows
January-April,
1.019
26,610
Foreign countries other than Cuba
June 2 its monthly statistical statement
on
others.
Distribution
Virgin Islands
Period
the report:
refined
481,427
Abovej^Same
The
ers
and
1.203.764
Hawaii
1937—Deliveries
Ago
covering the first four months of 1937, consolidating reports
Quotas
1,922,423
.
Sugar Statistics of AAA forfFirst Four
of
The Sugar Section of the Agricultural Adjustment Admin¬
istration
verted
Charged
Cuba.
.
Kingdom with 6.929
the United
season
while Holland and Panama, with 1,364 tons and
1,046 tons, respectively, followed.
year,
the Latest
Puerto Rico
Last
respectively.
tons,
tons also headed the list,
to
Amounts
Area
The United Kingdom leads this year with
to over 40 different countries.
during the first five
(tons of 2,000 pounds—96 degrees):
1937 Sugar Quotas
Established Under
may
.
with 14,852 tons during the similar period last year, an in¬
of 8,194 tons, or a little over 55%, according to Lamborn & Co., New York.
The firm said:
total
1937
„
crease
on
(Tons of 2,000 Pounds—96 Degrees)
cates the
;
(commercial value).
not yet available.
1936.
quantities charged
included
Total raw
Refined sugar exports by the United States during the first
four months of 1937 totaled 23,046 long tons, as contrasted
for
quotas
short tons,
beet
sugar
Data for May
months of the year are as follows
against
Total refined
250,000
3,361,700
55% More Refined Sugar Exported by United States
During First Four Months of Year Than Same
reallotment of
value, charged
and
areas
the continental
for
four months of this year.
Quotas for the various offshore
tions
57,767,920
Total of all sugars-
327,164
185,000
Guatemale—Refined
deficits.
There
1,700,000
Republic—Raw—33,776,018
Dutch East Indies—Refined..
commercial value, from full-duty countries stored in Customs' custody
sugar,
16,741,818
to change after
weight and polarization data for all importations
The
on
announcement by the Sugar Section,
prior to June 1,
areas
*Quantity
Sugar—
Peru—Raw
United Kingdom—Refined—.
876,420
Czechoslovakia—Refined
The refined sugar exports during the January-April period this year went
includes all
Islands and
those
full-duty
the
unless
Area and Type of
*Quantity
549,800
Belgium—Refined
added:
tries include, in
1937
in
increased as the result of increased consumption or reallotment
of deficits;
quotas was issued by the Sugar Section of the Agricultural
Virgin
custody
Customs'
from
of June 1, 1937, for which applica¬
the Sugar Section.
Such sugars
Received by United
During First Five Months
of Year
the
as
made to
been
have
Sugar
The fifth monthly report on the status of the 1937 sugar
an
the full-duty
following table shows the total amount of sugar from
The
Netherlands—Refined
Off-Shore
Adjustment Administration
22.851,941
Argentina, 14,577 pounds; Australia, 204; British Malaya, 26; Colombia, 267;
Dutch West Indies, 6; France, 175; Germany, 117; Honduras, 3,432,568; Italy.
*
of
30,368.059
0
x
Peru—Refined
Tons
z3,569,616
11,952,244
194,524
53,220,000
certification
On
the industry's shipments
during the first five months of this year amounted to 2,390,924 units—an increase of 12% over the corresponding
period of 1936.
The report is summarized below:
0
0
11,952,244
3,764,140
reserve
tions
month of last year.
the basis of this estimate,
same
This report
5,852,911
217.865
10,221,004
the
tons, raw value, said
178.966
0
Nicaragua..
stored in
which
592
6,031,877
countries
from
921.022
Netherlands
May factory shipments by automobile manufacturers in
States and Canada amounted to 535,000 units,
according to the preliminary estimate released June 7 by
the Automobile Manufacturers Association.
This was 3%
under the previous month, but 11% above the volume for
United
Short
2,148
Haiti
Unallotted
May Factory Shipments of United States CarjMakers
Estimated at 535,000 Units
States
0
332,754
Guatemala
Total
2,698,059
6.668,480
211,384
334,902
Dutch East Indies
Quotas not used to date x
♦
May,
263,302
6,668.480
211,384
Dominican Republic
Mexico
1936, the equivalent of 108 days' average production.
On
0
132
564.205
Brazil
Czechoslovakia
corresponding weeks of 1936.
On May 29,
294,308
1,197
294,308
Belgium
Jones-Costigan
1936,
consumption
producing
areas.
during the
[This
the
19,
first
statement
was
which
Act
and
require the
requirements
and
were
Public
establish
obtained
Resolution
Secretary
of
Agri¬
for
The statement of charges against the 1937
four months of the year was released on
given
in
"Chronicle"
of
quotas
May
8,
page
3088—Ed.]
Tbe statement of the Sugar Section covering tbe first four
months of the year follows:
Financial
3914
STATISTICAL"REPORTS
SUGAR
Table
Stocks
of
consumption
l>u
Fire,
Stocks on
dsc.
1937
Deliveries
April 30,
Europe 10,410,000 bags were distributed during the 11
42,366
778.559
751,483
1.242
0
68.200
Hawaii
36,369
221,627
239,052
1,308
0
65.862
0
•
month period
207,000 bags
United States or European
points totaled 1,049,000 bags against 1,176,000, a decrease of 127,000 bags
10.8%.
Brazil's position as compared with all other growths is as
17,636
75
Brazilian deliveries to other than
1.9%.
or
or
Cuba
follows:
'
Brazil, United States. 7,002,518 bags against 8,228,754 bags, a decrease
370,794
385.201
41,380
of
11.947
300,920
0
23,072
a
99.941
31
0
28
0
1.019
288,597
145,924
1,019
1,198
46,042
0
0
0
7,099
42,637
44,763
0
0
4,973
0
229
229
0
0
0
199,685 1,815,726 1,856,268
3,854
0
155,289
Puerto Rico
Philippines.
Continental
against 12,278,174
bags during the previous season, a decrease of 691,568 bags or 5.6% while
against 10,617,000 during the previous season, a decline of
for Direct
Meltings
Receipts
1,
1937
announcement
in
Consumption
on
Jan
Supply
Exchange's
Deliveries in the United States were 11,586,606 bags
1
(In short tons, raw sugar value)
Lost
Source
The
10.2%.
or
further said:
Raw Sugar: Refiners' stocks, receipts, meltings, and deliveries for direct
1937*.
June 12, 1937
915,668 bags
Vol. 4, Report 4—Period—January-April, 1937
for January-April.
Chronicle
x
Virgin Islands
Other countries
1,226,236 bags or 14.9%.
Brazil, Europe, 5.066,000 against 5,654,000,
All others, United States, 4,584,088
decrease of 588,000 bags or 10.4%.
vs.
All other, Europe,
4,049,420, an increase of 543,668 bags or 13.2%.
5,344,000
4,963,000 bags, an increase of 381,000 bags or 7.7%.
vs.
Miscellaneous (sweepl
ings. &c.)
r
Total
I
*
refiners.
17 companies representing 22
by
Petroleum
Refining Co.; Arbuckle Brothers; J. Aron & Co., Ino.; California & Hawaiian Sugar
Refining Corp., I.td.; Colonial Sugar Co.; Godchaux Sugars, Inc.: William Hender¬
California
J.; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
of N.
Sugar Refining Co.
Sugar Refinery; Savannah Sugar Refining Corp ; Sterling Sugars, Inc.; Sucrest
Corp., and Western Sugar Refinery.
x Includes sugars received at refineries In Louisiana from their own sugar mills
and not
chargeable to continental quota until marketed as refined sugar.
Table
2
Stocks, Production and Distribution of Cane and Beet Sugar by United States
Refiners and Processors, January-April, 1937,
(In terms of short tons refined
sugar as
produced)
Plans
Production
Imperial Sugar Co.: W. J. McCahan Sugar Refining & Molasses Co.; National
son;
Products—Pennsylvania
Again
to
Slumps
of
Interstate
Curtail
in
Control Plan—
Production—Crude
Week—Petroleum
are
Stocks
Rise
Rising demand with the resultant drain
which
Grade
Advanced—Connally Bill Extension Passed
—Forecasts Renewal
American Sugar
The companies are:
Its
and
Crude
Compiled In the AAA Sugar Section, from reports submitted on Forms SS 15A
now
under last year, was
on
inventories
9
responsible for the 15-
cents-a-barrel boost in the prices of Pennsylvania grade crude
oil posted by the Joseph Seep Purchasing Agency of the
South
Oil
Penn
Co.
on
June 7, effective immediately.
Pennsylvania grade crude oil of approxi¬
mately 4,400,000 barrels compared with nearly 4,500,000 a
year earlier; 4,750,000 in 1935, and 5,240,000 barrels in 1934.
Under the new price schedule, Bradford and Alleghany
March 31 stocks of
Domestic Beet
Refiners and
Factories
Beet Factories
Refiners
249.080
1,1937
Initial stocks of refined, Jan.
,
1,139,288
C890.208
1,741,006
12,170
1,753,176
xl.594,644
Z404.832
2.059,476
395,442
437.546
832,988
Production
Deliveries
30, '37
Final stocks of refined, April
Compiled by the AAA Sugar Section, from reports submitted by refiners and beet
factories,
sugar
c
Revised.
x
Deliveries Include sugar delivered against sales
Commerce reports that exports
first four months of
z
for export. The Department of
of refined sugar amounted to 25,814 tons during the
1937.
Larger than actual
deliveries by a small amount representing losses In transit,
through reprocessing, &c.
.
Table
3
of Direct-Consumption Sugar from Specified Areas,
(In Terms of Short Tons of Refined Sugar)
Stocks, Receipts and Deliveries
1937.
January-April,
k—.
I.
Stocks
m
Source of
Cuba
Jan.
Supply
Receipts
or
198.558
x52,051
_
Stock«on
Deliveries
on
1, 1937
Usage
April 30. '37
X67.792
182,817
0
2,898
2,898
0
330
65,839
52,130
14,039
3,450
17,276
14,217
6,509
177
99
Hawaii
Puerto Rico
Philippines—
271
5
England
-
0
69
69
0
xl,960
3,016
3,379
xl.597
57,796
China and Hongkong
287,927
255,687
90.036
—
Other foreign areas.-i
'
Total
Compiled In the AAA Sugar Section from reports and Information submitted on
Forms SS-15B and 8S-3 by Importers and distributors of direct-consumption sugar.
u
x
custody and control.
Includes sugar In bond and In customs'
Table
Deliveries of direct-consumption sugar
$2.57
barrel; Eureka Pipe Lines to $2.52, and Buckeye
Corning crude remained unchanged at
a
Pipe Lines to $2.37.
$1.42
barrel.
from continental cane sugar mills.
amounted
int erms of refined sugar, during the first four months of 1937.
Prices of refined
products of Pennsylvania
steadily advancing in recent months,
lubricating, neutral, bright and cylinder oils all moving
higher in the price brackets.
President Roosevelt signed the Act extending the Con¬
nally "hot oil" law for two years after the Senate had voted
to accept the time limit, insisted
upon by the House after
a
crude
have
been
the former earlier had voted to make the extension
perma¬
Inasmuch as the Act expires on June 15, Senator
nent.
Connally recommended acceptance of the amended version,
adding that "the House went on a sit-down
refused to agree to a permanent extension.
A prediction that Congress would
ratify "at
a
renewed
oil
compact
agreement
an
strike"
and
early date"
five States if
President Roosevelt backs the compact resolution was made
in Washington on June 7 by W. J. Hollo
way of Oklahoma
City, attorney for the Interstate Oil Compact Commission.
"I
don't think
"I have heard
4
Deliveries of direct consumption sugar by Louisiana and Florida mills
to 55,437 tons,
district crudes have been advanced from $2.67 to $2.82 a
barrel.
Southwest Pennsylvania Pipe Lines moved up to
we
among
shall have any trouble at all," he said.
some of the
Representatives from the
that
seaboard may not be entirely friendly toward the ratification
but all of the oil States are for it and I do not think
there is very much opposition."
measure,
With California
Bags
527,000
of
Coffee
Latter
Destroyed by
Half
of
Brazil
During
May
Destruction of coffee in Brazil during the last half of May
more than doubled that during the first half of the month,
527,000 bags being reported burned, the New York Coffee &
Sugar Exchange announced that it learned on June 9.
Since
July 1,1936, destruction has totaled 9,062,000 bags, bringing
the total since 1931 up to 45,650,000 bags.
lagging behind other oil States in the march
higher prices for crude oil, a group of 50 independent
producers at a meeting held on June 7 in Los Angeles went on
record as favoring a "concerted and conscientious effort" to
curtail production of petroleum.
The group named a com¬
mittee of three—Dana Hogan, C. W. Lord and James
toward
Michlin—to confer with the Central Committee of Califor¬
nia Oil Producers, conservation unit, and the various field
committees in
an effort to
cooperate toward cutting down
output and stabilizing production conditions.
Should the latest drive
of
Production
Flour
During May, 1937
"General Mills, Inc., summarizes the comparative flour
production as totaled for the mills reporting in the following
milling centers. These mills annually account for approxi¬
mately 65% of the total estimated United States flour pro¬
duction.
PRODUCTION
OF FLOUR
(NUMBER OF BARRELS)
Month of May
1937
Northwest
—
Southwest
Lake, Central and Southern-.
Pacific Coast--
—
1936
11 Months Ended May 31
1937
1936
987,251
1,970,818
1,631,792
428,563
1,267,010
1,793,149
1,632,967
385,244
12,547,432
23,625.142
19,265,565
4,386,044
15,323,470
20.232.428
19.490.429
4,447,377
5,018,424
5,078,370
59,824,183
59,493,704
Grand total of all mills re'
porting
World Coffee Consumption
on
Downward Trend, Ac-
cording to New York jCoffee_& Sugar_JExchang<e
World consumption'of "coffeeTas measured by disappear¬
ance into consuming channels, is running 1,025,568 bags or
4.3% less than during the previous season, deliveries for the
11 months of the crop year, July 1936 through May 1937,
totaling but 23,045,606 bags against 24,071,174 bags during
the similar 1935-36 period, the New York Coffee & Sugar
Exchange reported on June 3.
The Exchange's compilation
reveals that Brazilian grown coffee delivered during the 11
months totaled but 13,117,518 bags against 15,058,754 bags
during the 1935-36 period, a decrease of 1,941,236 bags or
12.9% whereas disappearance of all other growths totaled
|
j
9,928,088 bags against 9,012,420 in 1935-36, an increase of
on the part of the
independents to
with the over-production problem be successful, it is
assumed that a mark-up in West Coast crude oil prices may
reasonably be expected.
The June quota of 602,915 barrels
set by the Central Committee for June is close to the actual
market demand but the steady over-production in a few fields
has been sufficient to throw enough excess crude into the
market to prevent any move toward higher prices reaching
fulfillment.
An overwhelming majority of producers in the
Wilmington field, which has been the worst offender as far as
over-production is concerned, has promised to cooperate with
the Central Committee with an eye toward
curtailing pro¬
cope
duction in this
area.
Although four of the five leading oil producing States pro¬
duced in excess both of their State quotas and the levels
recommended by the United States Bureau of Mines, a net
decline of 35,550 barrels from the previous period was accom¬
plished during the week ended June 5.
The American
Petroleum Institute, placed daily average crude oil output
for the Nation at 3,538,150 barrels, which compared with the
Bureau of Mines estimate of 3,366,000 barrels for the month
and actual production in the like 1936 week of 2,935,450
barrels.
A drop of 18,450 barrels in Oklahoma
pared output to
642,350 barrels, which compared with the State and Bureau
of Mines' quotas of 625,300 barrels.
Texas showed an even
sharper decline, but at 1,413,550 barrels—off 19,750 barrels—
it was still sharply above the Railroad Commission quota of
1,352,775 and the Federal estimate of 1,354,000 barrels.
California, the only major State to show an increase,
turned out 661,400 barrels, a gain of 3,300 barrels, and com¬
paring with 602,915 barrels estimated by the Central Com¬
mittee of California Oil Producers and 585,900 barrels set
Volume
Financial
144
by the Federal agency.
Louisiana held unchanged at
246,600 barrels, below both the State quota of 254,650
barrels and the Federal estimate of 252,000 barrels.
A dip
of 2,700 barrels in Kansas lowered production to 199,950
barrels, which compared with the State and Federal quota
of 190,700 barrels.
Stocks of domestic and foreign crude oil held in the United
States resumed their upswing, halted in the previous period
for the first time since early in 1937, rising 774,000 barrels
during the week ended May 29 to 305,745,000 barrels.
Domestic stocks rose 884,000 barrels, offsetting a dip of
110,000 barrels in foreign stocks.
The Pennsylvania Legislative Committee investigating the
petroleum industry in the State was told on Friday by How¬
ard Pew, President of the Sun Oil Co., that he regarded the
investigation as 4'unnecessary, unwarranted and as calculated
only to increase the difficulty of an industry that deserves
only the goodwill of the public and the legislative authority
of the State.
Mr. Pew
3915
Chronicle
4,309,520,000 gallons from 3,845,334,000 gallons.
disappearance of motor fuel gained 14% over the like
totaling 1,638,284,000 gallons, against 1,436,264,000 gallons.
Only four States showed a decline in de¬
mand, with Pennsylvania and New York marking up the
sharpest gains.
Curtailment in refinery operations with a 1.9 point dip in
the operating rate to 80.9% of capacity also played a part in
reducing gasoline stocks during the June 5 period.
Daily
average runs of crude oil to stills dipped 50,000 barrels to
3,195,000 barrels.
Production of cracked gasoline gained
10,000 barrels to a daily average of 740,000 barrels.
Representative price changes follow:
total
to
March
1936 month,
June 5—Major
companies
operating their
stations in Pittsburgh
own
reduction in prices to meet slashes
posted 3-to 4-cent
by inde¬
posted
pendents earlier in the week.
of
June 9— Standard
prices
Indiana
detailed analysis
Indiana, Illinois,
and Upper
in third-grade
% cent in third-grade
% cent a gallon in
Iowa, Missouri, Kansas, the Dakotas,
Also the company posted a further cut of % cent
Michigan.
gasoline.
of the price structure of the industry and its trade practices,
tank-wagon and dealer
normal
reduced
all grades of gasoline by
on
Wisconsin, Minnesota,
gasoline.
as
prefaced this statement with
a
compared with the national commodity price structure
industries.
More than half
products, he pointed out, is
and the price structure of other
of the retail price of refined oil
Lower Michigan the only cut was
In
U. S. Gasoline (Above 65 Octane),
New York
Tank Car Lots, F.O.B. Refinery
Other Cities—
New York—
—
over
which the oil companies have
Socony-Vacuum..
Tide Water Oil Co
no
control.
"The refiner has
.08
.08%
New
Orleans.
Gulf
ports-.05%
Shell Eastern
07%
.07%
Warner-Quinlan..
responsibility for freight, for the retail
dealer's allowance, or for the State and Federal taxed," he
declared.
"So long as the oil companies operated filling
stations of their own and were a factor in retailing, their
participation afforded an element of balance in the de¬
termination of the retailer's 'spread.' "
Price changes follow:
Chicago
.07%
Gulf
Richfield Oil (Cal.)
governed by factors
$.05 -.05%
.06%-.07
.07%
.08%
Texas..,
Stand. Oil N. J._$.07%
-.05%
.05
Tulsa
no
June 7—South Penn Oil Co. posted a 15-cent a barrel jump in
Alleghany and other Pennsylvania grade crude oils.
Bradford,
Kerosene, 41-43 Water White, Tank Car, F.O.B.
I North Texas
New York—
..$.05%
(Bayonne)
Los Angeles..
..$1.05
1.35
New Orleans C
Phlla.. Bunker C
2.20
Terminal
Gas Oil, F.O.B. Refinery or
27 plus
.03%-.04
—
Terminal
$1.00-1.25
$1.35
Diesel 28-30 D.._.
N. Y. (Bayonne)-—
|Tulsa
California 24 plus D
N. Y. (Bayonne)—
Bunker C..
Refinery
I New Orleans.$.05%-.05%
$.04
.03%-.05
Fuel Oil, F.O.B. Refinery or
;
..$.02%-.03
|Tulsa
(Chicago,
$.04% i
28-30 D
$.053
I
Gasoline, Service Station, Tax Included
Prices of Typical Crudes per Barrel at Wells
z
New
z
(All gravities where A. P. I. degrees are not shown)
Brooklyn
.31.27
$2.82 1 Eldorado, Ark.,40.
1.25 Rusk, Texas, 40 and over
Bradford, Pa.-—....
Lima (Ohio Oil Co.)
|
1.42
Durst Creek.
Central
city sales tax
1.42
Sunburst, Mont
$.175
177
(Buffalo
I Chicago
.17
I Boston
19
1.09
1.35
$.165
I Newark
$.19
zNot Including 2%
1.35
Corning, Pa.
Hllnols
York....—
Field. Mich
Western Kentucky
1.40
Mld-Cont't, Okla.. 40 and above..
1.30
Huntington, Calif., 30 and over
Rodessa, Ark.. 40 and above
Smackover, Ark., 24 and over
1.25
0.90
Kettleman Hills, 39 and over
1.20
1.22
1.40
Petrolia. Canada
2.10
refined
products—indiana
prices—gasoline
war
standard
pittsburgh
in
up
gasoline
broadens—
sharply over week-end
motor fuel stocks pared
holiday—march
cuts
quarter
gasoline
consumption
14%
Preliminary Estimates of Production of Coal for Month
of May, 1937
According to preliminary estimates made by the United
States Bureau of Mines, bituminous coal output
month
of
May,
with 28,684,000 net tons in the corresponding
compared
month last year
on June 9 reduced normal tank-wagon
prices to dealers on all grades of gasoline by
cent a
gallon in Indiana, Illinois, Wisconsin, Minnesota, Iowa,
Missouri,
Kansas, the Dakotas and Upper Michigan,
effective immediately.
The change was necessary to meet
competitive conditions in the affected areas.
In addition to these changes, the company also announced
that there will be a further reduction of 34 cent in the normal
price of third-grade gasoline, giving them a total cut of 1
cent a gallon on that grade.
In Lower Michigan, the only
reduction is that of
cent in the price of third-grade gasoline
to dealers.
Where prices already are below parity by the
amount of the slash, or more, no change will be made.
The "price-war" in Pittsburgh which broke out late in
May when scattered price-cutting by independents gained
notice, spread over the week-end when major companies
operating their own stations joined in the 3-to 4-cent a
gallon reductions as a
"protective" measure.
Repre¬
sentatives of independents and majors were meeting as the
week ended to endeavor to establish some means of restoring
Standard of Indiana
production
tons,
against 5,121,000 tons
as
tons in
fuel
during the week ended June 5, the American
reported.
The decline, which carried
stocks off to 77,494,000 barrels, would have passed the
2,000,000-barrel mark except for a downward revision by the
Institute iu its May 29 figures of 740,000 barrels.
Refinery stocks of gasoline slumped 1,442,000 barrels
during the holiday week, offsetting an increase of 269,000
barrels in bulk terminal holdings.
A dip of 91,000 barrels
in holdings of unfinished gasoline brought the net decline to
the 1,264,000-barrel figure.
Stocks of gas and fuel oils
rose 1,263,000 barrels during the first week of June in keeping
with the normal seasonal trend, totaling 97,402,000 barrels
on
June 5.
Compared with a year ago, however, these
stocks are some 5,000,000 barrels lower.
The 77,494,000-barrel figure for inventories of finished and
unfinished gasoline on June 5 was more than 6,000,000
barrels under the record high of more than 83,500,000
motor
Petroleum Institute
barrels set in the final week of March,
1937.
The cut in
this period was more than 234 times equal the
holdings in the comparable period a year ago when
stocks dropped only 2,400,000 barrels.
Due to the rising
demand this year, stocks are equal to 48 days' demand,
against 49 days in 1936. The percentage gain in inventories
has been running behind the percentage gain in motor fuel
consumption.
A gain of 13.3% in gasoline consumption during the first
three months of 1937 as compared with a year ago lifted the
stocks
over
drain upon
.
4,204,000
May ? totaled
a year
ago
net
and 6,736,000
The Bureau's statement follows:
April, 1937.
Total
Number
for
of
Working
Days
(Net Tons)
Calendar
Average
Year to End
Working
per
of May
(Net Tons)
Day
(Net Tons)
(prelim.):
29,980,000
4,204,000
25.3
1,185,000
100,355,000
a
25.0
168,200
23,113,000
Beehive coke
324,600
26.0
12,485
1,549,900
26,010,000
25.2
Bituminous coal
Anthracite,
April, 1937 (revised):
Anthracite-a
6,736,000
25.0
Beehive coke
306,400
26.0
1,032,000
269,400
11,785
28,684,000
25.3
1,134,000
171,614,000
5,121,000
85,600
25.0
204,800
25,263,000
26.0
3,292
580,700
Bituminous coal—_
May, 1936 (revised):
Bituminous coal
Anthracite,
a
Beehive coke
a
Total
production, Including colliery fuel, wasliery^and
dredge coal, and.coa
shipped by truck from authorized operations.
Daily Average Crude Oil Output Off 35,550 Barrels in
the 20-cent level effective below the "war" broke loose.
The sharp spurt in consumption of gasoline over the triple
week-end Memorial Day holiday was reflected in a decline
of 1,264,000 barrels in stocks of finished and unfinished
during
Month
May, 1937
An¬
and 26,010,000 tons in April, 1937.
thracite
and
during the
1937, amounted to 29,980,000 net tons,
Week Ended June 5 I
The
American
Petroleum
Institute
.j■
estimates
\&
r.j
that
the
crude oil production for the week ended
June 5, 1937, was 3,538,150 barrels.
This was a loss of
35,550 barrels from the output of the previous week.
The
current week's figures remained above the 3,366,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during June.
Daily average production for
the four weeks ended June 5, 1937, is estimated at 3,553,550
barrels.
The daily average output for the week ended
June 6, 1936, totaled 2,935,450 barrels.
Further details,
as reported by the Institute, follow:
daily
average gross
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended June 5 totaled
a
1,108,000 barrels,
daily average of 158,286 barrels, compared with a daily average of 177,714
barrels for the week ended May 29 and 158,857 barrels daily for the
four
weeks ended June 5.
There
were
no
receipts
of California
oil
at
Atlantic and
Gulf Coast
ports for the week ended June 5, compared with a daily average of 36,571
barrels for the week ended May 29 and 16,571
barrels for the four weeks
ended June 5.
Reports received from refining companies owning 88.8% of the 4,084,000barrel
estimated
daily
potential
refining
capcaity of the
United
indicate that the industry as a whole ran to stills, on a Bureau
States,
of Mines
basis, 3,195,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in
pipe lines as of the end
transit and in
of the week, 77,494,000 barrels of finished and
unfinished gasoline and 97,402 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the
charging capacity of all
whole,
on a
cracking units indicates that
Bureau of Mines basis, produced
daily during the week.
an average
potential
the industry as
a
of 740,000 barrels
3916
Financial
DAILY
Chronicle
June 12, 1937
ESTIMATED
AVERAGE CRUDE OIL PRODUCTION
WEEKLY PRODUCTION
(IN THOUSANDS OF NET TONS)
(Figures in Barrels)
[The
*>
a
B. of
ments
Four
M.,
Week
Weeks
State
Interior
Allowable
Ended
Ended
June 1
June 5,
Previous
June 5,
Week
1937
1936
are
based
lations
of final annual returns from the operators.]
Change
from
Week Ended—
May
State
{June)
625,300
625,300
Kansas
190,700
190,700
642,350 —18,450
199,950 —2,700
653,350
547,450
135,150
199,650
'
78,031
North Texas
—900
73,500
33,050
173,042
West Texas
85,400
65,460
West Central Texas...
—1,900
61,000
85,200
73,150
+ 100
—8,050
+2,000
+ 1,050
32,900
207,300
231,800
206,150
East Central Texas
112,483
201,850
126,050
East Texas.
462,817
463,250
2
2
2
2
206
100
198
181
11
8
15
14
48
66
Colorado
86
100
64
100
109
168
1
1
1
1
Alaska
Southwest Texas
213,667
186,275
223,700 —12,650
207,300
+600
Coastal Texas
60,400
58,700
25,350
178,050
53,250
436,550
Iowa
153,850
123,600
461,850
Kansas and Missouri
177,400
North Louisiana
.
Georgia and North Carolina
518
612
618
*887
1.292
218
228
253
309
394
31
32
44
61
58
75
+ 71
93
90
106
131
787
783
687
596
844
679
103
123
93
106
210
183
19
19
26
23
45
47
1
1
3
7
14
12
39
41
34
40
48
42
29
-
30
22
25
40
57
.........
Kentucky—Eastern
Western...
Maryland
Michigan
+250
77,400
79,000
167,600
—250
167,300
147,400
New Mexico
244,700
226,400
Ohio
Montana
--
254,650
246,600
20
18
10
14
all
814
443
348
418
405
860
2,089
2,084
1,870
1,671
2,743
3,578
100
78
72
83
95
121
Texas
15
16
14
13
19
Utah
23
27
26
26
63
74
232
234
180
166
242
250
Pennsylvania bituminous
Arkansas
28,300
28,100
29,900
120,050
+ 950
+400
27,450
118,200
118,850
Michigan
38,400
44,400
—50
44,400
Wyoming.
51,000
50,850
+ 1,050
53,100
15,200
—200
15,800
3,550
112,150
—50
3,650
—50
112,100
108,650
32,150
36,800
17,650
4,500
72,950
-
Eastern
Montana
15,400
Colorado
♦
4,800
New Mexico
102,000
114,500
Tennessee
Virginia
;
California
585,900
2,876,750 —38.850 2,895,550 2.355,150
x602,915
661,400
580,300
658,000
+3,300
26
28
22
15
38
44
1,620
1,532
1,317
1,868
1,380
541
565
549
475
711
862
72
West Virginia—Southern.a...
61
74
81
83
110
1
82
85
6,397
9,332
10,878
Northern. b._
*
Other Western States.c
Total bituminous coal
Total United States.
3,366,000
22
1,623
Washington
Wyoming
Total East of Calif-. 2,780,100
89
435
North and South Dakota
252,000
398
334
553
Indiana
79,000
Coastal Louisiana
s
217
Illinois
,
1,354,000 1,352,775 1,413,550 —19,750 1,422,500 1,143,550
1923 d
Arkansas and Oklahoma
Alabama
Panhandle Texas
Total Louisiana
Avge.
May 22 May 15 May 23 May 25 May 25
1937 p
1937 p
1936 r
1935
1929
Oklahoma
Total Texas
railroad car loadings and river ship¬
of monthly tonnage reports from
on
revision on receipt
to
sources or
June 6,
1937
subject
are
Ended
Calcu¬
estimates
current
and
district and State
Week
Dept. of
>
BY STATES
OF COAL,
*
1
6.819
7,220
7,336
3.538,150 —35,550 3,553,550 2.935,450
W.; C. A O.; Virginian; K. A M.; B. C. A G.;
Mason and Clay Counties, b Rest of 8tate,
c In¬
cludes Arizona. California, Idaho. Nevada and Oregon,
d Average weekly rat®
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina
and South Dakota Included in "other Western States."
* Less than 1,000 tons.
a
x Recommendation of Central Committee of California Oil Producers.
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JUNE 5, 1937
and
Includes operations on the N. A
on
the B. A O. in Kanawha,
including the Panhandle District and Grant. Mineral and Tucker Counties,
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity
May Production and Shipments of Slab Zinc
Crude Runs
Stocks of Finished and
to Stills
Unfinished Gasoline
of
District
Finished
Poten¬
Reporting
East Coast..
Unfin'd
of
Terms., Nap'tha
Total
P. C.
Daily
P.
Aver¬
tial
Rate
Oper¬
At Re¬
age
ated
C
fineries
Gas
American
Institute
June
on
SLAB ZINC STATISTICS (ALL
and
released
5
the
GRADES)—1929-1937
Oil
Retorts
(a)
669
669 100.0
559
83.6
5.548
12.276
1,314
7,060
Appalachian.
146
129
88.4
105
81.4
1,309
1,441
221
682
Ind., 111., Ky
Okla., Kan.,
507
467
92.1
442
94.6
9,343
3,228
1,142
5,223
449
380
84.6
282
74.2
5,315
2,952
571
Mo..
Zinc
following tabulation of slab zinc statistics:
Fuel
Distil.
Ac.,
The
Stocks
Produced
Shipped
During
During
Period
Period
Inland Texas
3,133
201
56.6
139
69.2
1,354
120
448
1,551
793
757
Total for year.
631,601
95.5
685
90.5
207
1,651
6,681
164
158
96.3
Monthly aver.
52,633
139
88.0
456
270
No. La.-Ark.
2,053
58
63.7
40
69.0
281
94
79
378
Total for year
504.463
436,275
100
755
2",225
Monthly aver.
42,039
67,713
300,738
314,514
Orders
End
57,999
36,356
1,249
6,352
of
Period
of
Period
1930
91
Unfilled
Retorts
Durinc
End oj
Period
75.430
50,217
602
Period
602,601
7,865
La. Gulf....
A rerage
Shipped Operating
for
Export
End
1929
355
Texas Gulf..
Stock at
Rocky
Mtn.
89
62
69.7
53
85.5
1,947
California...
821
746
90.9
490
65.7
10,474
3,627
88.8
2,934
80.9
44,038 d22,999
7,045
95,229
2,173
4,084
4,084
261
3,195
2,879
278
46,917
23,277
255
7,300
June 5 '37.
97,402
25,062
May 29 *37
4,084
4,084
3,245
c48,359 c23,008
C7.391 C96.139
-
.
-
18,585
-----
529
68,491
196
31,240
26,651
-----
16
47,769
218,517
Monthly aver.
17,794
18,210
Total for yeai.
324,705
344,001
27,059
28,667
Total for year.
366.933
352.663
Monthly aver.
30,578
29,389
Total for year.
431.499
465,746
Monthly aver.
35,951
41
129,842
.....
18,273
19,875
3
38.805
------
23,099
.....
1932
1933
U. S.B.of M.
-
143,618
26.210
213.531
Monthly aver.
aEst.tot.U.S.
124,856
170
'■
21,023
14
•
------
8,478
.....
18,560
.....
.
105,560
239
15,978
27,190
20
——————
23,653
.....
1934
aJune5'36.
Estimated
Monthly aver.
Total for year.
457
-
1931
Total for year
Reported...
Est. Unreptd
a
-
-
b2,967
Bureau of Mines basis,
on
Comparable with
41,947
22,035
6,918 102,446
b June, 1936, daily average,
week of June 5 but not prior weeks,
d On
c
basis.
new
Revised.
Stocks
of
as
May 29 comparable with subsequent weeks are:
East Coast, 12,356; Ind.,
III., Ky., 2,998; La. Gulf, 540; No. La.-Ark., 82; total United
States, 22,730.
119,830
148
32,944
12
■
------
30,786
28,887
.....
1935
59
83,758
38,329
61,186
5
32.341
1 €iia
1V50
January
February
41,642
46,341
79,059
0
38,205
35,872
42,219
36,156
39.846
75.369
0
38,004
34,334
March
42,411
38,087
79,693
0
37,922
36,189
56,829
41,638
April
43,180
42,239
80,634
0
41,400
37",778
35,968
during" the
May
44,833
43,905
81,562
Of
41,048
37",888
28,370
1
*36,919
*36,296
29^ is_ estimated at 7,517,000 net tons'
increase
0^181,000^ tons~or 2.5%over the
June
44,875
41,582
84,855
of
40,700
*36,934
38,176
*36,972
127,090
1
of
41,308
*37,350
38,135
144,458
Production of Coal During Week Ended
May 29, 1937
^The United States Bureau of Mines, in its
weekly co3
report, stated that thelproduction of soft coal
week
This
ended
is
an
May
output in the preceding _week.
The output for the
sponding week of 1936 was 6,678,000 tons.
The total
production^ anthracite
the week ended
in Pennsylvania
45,481
or
9.5%.
an
41,819
88,517
1
increase
Production in the corresponding
86,046
Of
41,308
V *36,418
42,211
51,775
76,482
of
40,672
38,358
*37,006
38,326
1
*36,843
*36,897
of
1
41,733
*38,052
Of
43,103
I
of
October
46,225
November....
December
68,744
53,963
56,887
45,670
46,940
57,527
44,955
59,512
1
Total for yr.
STATES PRODUCTION
COKE
J
46,013
week of 1936 amounted to
1,330,000 net tons.
ESTIMATED UNITED
1
165,173
43,542
September
"during
OF COAL AND BEEHIVE
Monthly
aver.
523,166
f
154,064
39,157
160,513
175,891
*38,607
*37,893
40,125
*38,588
42,965
*38,461
*38,538
40.642
1
J
178,626
/
0
561,969
43,597
f
*36,734
August
May 29is estimated at 1,145,000 net tons.
Compared with the preceding week, this shows
of 99,000 tons,
corre¬
July
f
46,831
37",915
(IN NET TONS)
1937
Week Ended—
Bituminous coal:
January
e
40,047
51,227
33,775
Of
40,285
40,613
1
*35,719
*38,447
February
May 29,1937 d May 22, 1937
37,794
46,953
24,616
of
42,786
39,948
*37,851
f
40,588
*38,417
41,177
189,846
May 30, 1936
a
1
7,517,000
7,336,000
Dally average
Pennsylvania anthracite: b
Total, including colliery fuel
Daily average
Commercial production.c
6,678,000
1,253,000
1,223.000
March
53.202
59,635
18,183
*38,289
of
43,635
1
*38,979
April
Total. Including colliery fuel
52,009
56,229
13,963
0
May
55,012
55,201
13,774
Of
1,260,000
1,145,000
190,800
1,046,000
174,300
1,330,000
266,000
1,090,000
996.000
1,267,000
Beehive coke:
Total
for
Daily
average
period
Dally
21,900
12,400
3,650
1937
1936 f
average
168,170.000
1,340,000
1,692,000
6
6
&
6
ft
Commercial production.c
g
6
ft
ft
Beehive coke:
Dally
average
'
period
based
on
24-hour
Trade
in
Major
566,900
4,429
basis,
a
*42,519
Export
181,448
167,143
I
shipments
are
Non-Ferrou^
2,683,900
20,968
Metals—London
Market Unsettled
"Metal
and
Mineral
Markets"
in
its
issue
of
June
10
reported that growing concern about labor developments,
gold rumors abroad—all officially denied—and a seasonal
contraction in business served to
1,539,100
12,024
Includes lignite, coal made Into coke, and local sales,
b Includes washery and
and coal shipped by truck from authorized operations.
Estimates
on railroad car loadings and current
production reports furnished through
trade association and State sources,
c Excludes colliery fuel,
d Subject to re¬
vision.
e Revised,
f
Adjusted^to-jnake^comparable the number of working days
n the three years,
g Comparable data not yet available.
a
dredge coal,
computed
213,884,000
1,502,000
Total, Including colliery fuel
Dally average
for
retorts
*38,936
43,429
Included in total shipments.
Quiet
189,519.000
Pennsylvania anthracite: b
Total
\
0
Equivalent
43,724
*43,270
f
1929 f
a
Total, Including colliery fuel
1
'
74,400
11,333
Calendar Year to Date—
Bituminous coal:
I *39,019
♦
68,000
43,660
176,544
177,969
slow down
operations in
However, domestic
quotations for copper, lead and zinc were easily maintained,
largely because of the sold-up condition of most producers.
non-ferrous
metals
in
the
The undertone in London
last
week.
was easier on disappointment over
inability of copper producers to get together to restrict
output.
The operating rate of steel companies in the Ufdted
the
Volume
Financial
144
States declined to 76.2% in the current week, with the strike
in|]that industry largely responsible for the lower level of
activity.
The publication further reported:
in
copper
the
was
London
tone in
easier
that developed
asjoperators there learned that restriction in output outside of the United
be imposed
would not
States
abroad
were
informal
in
to make any announcement
Inasmuch as
this time.
at
producers
character,
did
the meetings
feel called upon
not
*
of the British authorities in reference to essential
stocks
by the foreign
June 8.
of curtailing production will again be
He said consumption of copper in Europe is continuing
metal.
at what
hoarding the
are
The May statistics are expected to show an increase in stocks
scrap
of refined
Shipments to consumers in this country may be smaller
than in the preceding month,
and perhaps only
but owing to a falling off in the intake of
moderate gain in mine output, stocks on hand
a
and
242
241
to
has been reduced from
by the dismantling of a Carrie unit of the
Carnegie-Illinois
Steel Corp.
COKE PIG IRON IN THE UNITED
DAILY AVERAGE PRODUCTION OF
STATES BY MONTHS SINCE JAN.
1932
1932—GROSS TONS
1,
1936
1935
1934
1933
65.351
103.697
57.448
107,115
51,750
62,886
65.816
80.125
85,432
86,208
31.380
18,348
February
33,251
19,798
Marcli
31.201
17,484
39,201
45,131
52,243
20.787
57,561
57,098
55.449
65,900
55,713
64,338
May
28,430
25,276
June
20,935
28.621
42,166
1937
47,656
January
28,412
24,536
54,134
54,138
18,461
57,821
39,510
49.041
17.115
59,142
50,742
34,012
19.753
29,935
66.816
59.216
20.800
43,754
30.679
63.820
November
21,042
17.615
36,174
38,131
31.898
58.864
67,950
100.485
36,199
43,592
57,556
114,104
98,246
33,149
113,055
83.686
87.475
91.010
October..
111.596
74,331
July
August
September
There is no undue ac¬
going into plant expansion and rehabilitation.
cumulation of copper in the hands of manufacturers, he added.
abroad.
The number of available furnaces making pig iron
83.658
First six months.
abroad, he said,
The greatest percentage of copper consumption
copper
producers put three in operation and took one off blast
independent producers put two in.
April
group.
probably record levels and doubted that governments
is
is
Sheet & Tube Co.
The United States Steel Corp. put in two furnaces,
attitude
Kelley, President of Anaconda, returned from London on
Cornelius F.
plants of Republic Steel, Youngstown
and Inland Steel Co.
The feeling prevails in coppre circles that as soon as
in the price structure the question
considered
at strike-bound
and
Of the 24 furnaces taken off blast, 20 were
put in operation.
materials for the re¬
raw
brought back to "normal" and signs appear of general weakness
are
were
at this time,
owing to the meager stocks in official warehouses in London and the
armament program.
At
regarding the outcome of the deliberations.
least one of the Bhodesian producers refused to take any action
out or banked during the month
Twenty-four furnaces were blown
seven
merchant
Copper
feature
The
3917
Chronicle
December
12
23,733
average.
mos.
96.512
here may show little variation.
Domestic sales for the week amounted to 5,257 tons, bringing
for the month
date to 6,301 tons.
co
the total
PRODUCTION
OF
COKE
PIG
AND
OF
FERROMANGANESE
(GROSS TONS)
The
The price held at 14c. Valley.
IRON
export quotation dropped below the domestic basis.
The
producers therefore do not look for deliveries for June to be as high as in
Consumption, nevertheless, continues at a good rate
previous months.
with
demands from small consumers for prompt deliveries.
numerous
The lower market in London during the week exerted no influence on
firm views held by producers here.
an
Refining Co., and 5.85c., St. Louis.
24.228
3.459 473
2,040,311
27.757
April..
3.391.665
2,403.683
2,648,401
2,586,240
26.765
22,725
19,667
3,537,231
34,632
18.363
3.211.500
February
March
13,528,226
128,058
August
2,594,268
2,711.721
20.205
20.658
September
2.730.393
15.919
2,991,887
November.
2.947,365
19.805
24.368
Halt year
The market continued
Sales of their
own
Smelting
brands in the
East were made at a premium by the St. Joseph Co.
Total stocks of lead at the works of smelters and refiners in the United
July
3,115.037
25.715
30,618,797
254,728
December-
States
on
1 amounted to 200,490 short tons, which compares with
May
213,007 tons
a
month previous.
Year
Zinc
There
was a
than 4,500 tons.
Later
on
a
fdl
Fortunately, offerings of zinc
immediate shipment from abroad
■'
Tin
■:"
.
Another week of quiet prevailed in the
domestic tin market
as consumers
continued to entertain conservative views because of labor troubles in the
steel
The price showed little change, holding close to 56c. for
industry.
the seven-day period.
The
London
followed
market
react as sharply as some
somewhat irregular
a
trend, but did not
This steadiness, sellers be¬
of the other metals.
The International
lieve, reflects the high rate in world consumption of tin.
Tin Committee is scheduled to meet in Hague June 11 to establish produc¬
tion quotas for the third quarter, which at present stand at 110%.
►
y
Included in pig iron figures
May Steel Shipments Lower than Preceding Month
The London price
threat to the domestic price struc¬
The quotation here continued at 6.75c., St. Louis.
light.
These totals do not include charcoal pig iron,
of more
unsettlement in prices abroad and strike devel¬
plants, business declined in volume.
dropped to the point where it again is
are
x
fair call for zinc early in the week, resulting in sales
opments in steel
ture.
15,549
the
intake prob¬
firm at 6c., New York, the contract settling basis of the American
&
24,766
24,988
2.999.218
January
October
An early settlement of
lem by one producer in Idaho may be reached soon.
23.060
2,025.885
1.823.706
May
June
anticipating a seasonal let-up and
now
1936
1937
1936
1937
the period
amounting to 4,500 tons, compared with 6,428 in the previous week.
trade believes lead consumers are
Ferromanganese
Pig Iron x
Lead
Demand for lead during the week was in fair volume, sales for
Shipments of finished steel products by subsidiary com¬
panies of United States Steel Corp., for the months of
May, 1937 and the first five months of this year, were
1,304,039 tons and 6,345,724 tons respectively.
May, 1937, shipments show a decrease of 39,605 tons
from April, but are higher than in May, 1936 by 319,942
tons and the highest of any May since 1929 when shipments
were 1,539,738 tons.
For the five months of 1937 shipments
are
2,200,439 tons above those for the comparable 1936
period, showing an increase of 53%.
Following is a tabulation of the monthly shipments since
1933:
Chinese tin. 99%, was nominally as follows: June 3, 55.000c.; June 4,
54.875c.;
June 5,
June 7,
55.375c.;
55.000c.; June 9,
June 8,
55.100c.;
TONNAGE
OF
SHIPMENTS
STEEL PRODUCTS
OF
DAILY PRICES
OF
METALS
("E. & M. J."
QUOTATIONS)
Year
Month
Electrolytic Copper
Straits
Tin
Zinc
Lead
1933
New York
New York
St. Louis
St. Louis
FOR
Year
1934
Year
Year 1935
1936
Year 1937
January
285.138
331,777
534.055
721,414
1,149,918
676,315
783,552
1,133,724
1,414,399
February
Dom.,Refy. Exp., Refy.
BY MONTHS
INDICATED
YEARS
54.875c.
275,929
385.500
March—
256,793
588.209
583,137
668.056
643,009
591,728
979,907
13.775
13.850
56.000
6.00
5.85
6.75
April
May
335.321
June 3
455,302
June 4
13.775
13.750
55.875
6.00
5.85
6.75
June
603,937
745,064
985,337
13.775
1,343,644
1,304,039
886,065
June 5
598,915
578,108
547,794
56.375
6.00
5.85
6.75
July
June 7
13.775
13.775
56.100
6.00
5.85
6.75
August
701.322
668,155
June 8
13.775
13.700
56.000
6.00
5.85
6.75
September.
575,161
June 9
13.775
13.650
55.875
6.00
5.85
6.75
October
November
572,897
430,358
13.775
13.738
56.038
6.00
5.85
6.75
December
600,639
366,119
418,630
+ (44.283)
5,805,235
Average
-.
prices
Average
refinery,
13.700
for calendar
13.775c.:
week ended June 5 are:
Domestic copper f.o.b.
13.808c.; Straits tin, 56.100c.; New York lead,
Yearly adjustment
369,938
378,023
370,306
624,497
343.962
686,741
681,820
614,933
984.097
950,851
923,703
961,803
1,007,417
882,643
661,515
1,067,365
—(19,907)
—(23,750)
—(40,859)
5,905,966
7,347,549
10,784,273
export copper,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 6.75c.; and silver. 44.969c.
^ The above quotations
are
Total for year
"M. & M. M.'s" appraisal of the major United States
They are reduced
markets, based on sales reported by producers and agencies.
to the basis of cash. New
York or St. Louis, as noted.
All prices are In cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Daily London
Copper, Std.
Copper
Tin, Std.
Zinc
Lead
Electro.
3M
3M
Spot
3M
(.Bid)
June 3
58ni6
57 *4
63
28%
28%
57%
56%
62
253 %
251
251*4
June 4
219%
28%
2311,6
June 7
59 %
58%
63
253 %
252
24
June 8
57%
56 %
62
251
219%
24i16
28%
June 9
57 H
56%
62
252
250%
22%
Spot
Spot
235,6
2213,6
Spot
3M
2211,6
223,6
2213,6
22'516
22%
22
223,6
21%
221,6
23
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
Steel
(2,240 lbs.).
tons, according to the American Iron and Steel Institute.
The gain was
of four steel
recorded in spite of the fact that the output
companies was affected by labor difficulties
in May, chiefly during the last five days of the month.
Total tonnage produced in May was exceeded in only two
previous months—in May, 1929, when the all-time record
of 5,286,246 tons was established, and in March of this
year,
when output amounted to 5,216,666 gross tons.
Last
month
duction
May Pig Iron Output 3,520,000 Gross Tons
The "Iron
of
three
Age" reported that despite the strike at plants
large independent steel companies, production of
pig iron in May, at 3,537,231 gross tons, showed a
slight gain as compared with the 3,391,665 tons in April.
The daily rate last month increased almost 1 % over that in
April, or from 113,055 to 114,104 gross tons.
The "Age"
coke
further
1 there were 170 furnaces
103,960 tons daily, against 187 on May 1, producing 114.665 tons daily.
the
third
consecutive
5,000,000
one
in which
pro¬
tons.
of last year.
Owing to the fact that there was one more working day
in May than in April, the operating rate for May, 88.82%
of capacity, was lower than the April figure of 90.27%.
In May, 1936, the industry operated at 69.58% of capacity.
An
making iron, operating at a rate of
was
exceeded
The output for the
month was 27.6% larger than the production for May,
1936.
For the first five months of the year, the total was
24,580,871, or 42.1% more than in the corresponding period
reported:
On June
Output Higher in May
Steel ingot production in May totaled 5,153,559 gross tons,,
an increase of 81,684 tons over April's production of 5,071,875
Prices
gross tons of ingots was pro¬
during May, compared with 1,182,255 tons
April, and with 911,371 tons in May, 1936.
average
of 1,163,332
duced per week
in
3918
Financial
MONTHLY
PRODUCTION
HEARTH AND BESSEMER STEEL
OF OPEN
INGOTS—JANUARY, 1936, TO MAY, 1937
(Calculations baaed
Chronicle
June 12, 1937
mated, have been in good volume, with
September
furnaces virtually sdld up to
some
October.
or
the
reports of companies which In 1936 made 98.29% of
open hearth and 100% of the Bessemer Ingot production)
on
COMPOSITE PRICES
THE "IRON AGE"
Finished Steel
Calculated Monthly
*Per Cent
Tons
of Capacity
Weeks in
Production
Cross
Number of
Weekly
Month
Based
1937, 2.6050. a Lb,
June 8,
Calculated
Production
One week ago
steel bars, beams, tank plates,
on
wire, rails, black
2.605c.
2.605c.
2.097c.
One month ago
One year ago
pipe, sheets and hot
These products represent
85% of the United States output.
rolled strips.
(Cross Tons)
High
Low
1937
January
February.
81.43
4,724,939
4,413,832
5,216,666
84,25
4.00
89.91
1,177,677
4.43
Mar.
9
2 330c.
2.3300.
Dec. 28
2 084o.
Mar. 10
1935
4.43
1,066,578
1,103,458
2.605c.
1936
1937—
2.130c.
2.124c.
Jan.
2.008c.
Jan.
2
1.867c.
1.926c.
Apr.
18
Feb.
2
14,355,437
85,23
1,116,286
12.86
5,071,875
90.27
88.82
1,182,255
1,163,332
4.29
5,153,559
3,039,804
2,956,891
First quarter.
52.39
686,186
714,225
752,563
1934
—2.199c.
1933
2.015c.
1932
March
1.977c.
Oct.
1
Apr. 24
Oot.
3
Oct.
4
4.43
8
2.037c.
2.273c.
Jan.
13
1.945c.
Deo. 29
Jan.
Apr.
2.018c.
2.273c.
9
2.317c.
7
2
Dec.
1929
Oct.
29
1928...
2.286c.
Deo. 11
2.217c.
July 17
1931
1930
April.
May..
2
Mar.
4.43
—
-
-
Pig Iron
1936—
January.
February.
.
March
54,53
Based
June 8.1937, $23.25 a Gross Ton
4.14
One week ago
4.43
One month ago
on
of basic iron at Valley
average
furnace and foundry irons at Chicago,
$23.25
23.25
18.84
Philadelphia,
Valley,
Buffalo,
and
3.333,853
57,46
9,330,548
*54,80
717.734
13.00'
9
$20.25
Feb. 16
3,932.605
69.99
4.29
1936.
19.73
Nov. 24
18 73
Aug. 11
4,037,375
69.58
4.43
1935.
18.84
Nov.
17.83
May 14
3,975,569
70.75
914,593
911,371
926,706
4.29
1934.
17.90
16.90
Jan.
1933.
16.90
Dec.
13.66
Jan.
11,945,549
70.10
918,182
13.01
1932.
14.81
Jan.
13.56
Deo.
6
1931.
15.90
Jan.
14 79
Dec.
15
One year ago
First quarter.
June.
Second quarter..
21,276,097
62.45
817,997
26.01
July;.
First six months.
3,914,370
67.61
4.42
August
4,184,287
4,151,-388
72.11
74.05
885,604.
944,534
969,950
12,250,045
71.23
932,981
Low
High
1937
April.
May.
Southern iron at Cincinnati.
Mar.
$23.25
5
May
Deo.
27
3
16
September.
;
Jan.
15.90
1929.
18.71
May 14
18.21
Dec.
17
1928.
18.59
Nov. 27
17.04
July
24
1930.
18.21
4.43
Steel
4.28
Scrap
June 8, 1937, $17.42 a Gross Ton
Third quarter
One week ago
13.13
One month ago
Nine months.,
65.40
33,526,142
on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
75/
18.75]
One year ago
39.14
856,570
/Based
$17
and Chicago.
.
12.671
....
Low
High
October.
4,534,246
4,323,025
4,424,367
78.15
13,281,638
__
November.
December-
1937
$21.92
$17.42
June
1936
17.75
Dec.
21
12.67
June
9
4.42
1935
13.42
Dec.
10
10.33
Apr.
23
77.17
1,010,779
13.14
1934
Fourth quarter-
Mar. 30
Mar. 13
9.50
Aug.
8
6.75
Jan.
12
6.43
July
5
6
8.50
Dec.
29
Feb.
18
11.25
Dec.
9
17.58
Jan.
29
14.08
Dec.
3
16 50
Deo.
31
13.08
July
2
13.00
1933
12,25
-
1932
Total
68.36
46,807,780
Jan.
1931
52.28
*895,329
8.50
11.33
Jan.
15.00
1929
1928
1930
*
Calculated for the respective years on weekly capacities of 1,309,760 tons in
1937 and
1,309,784 tons in 1936, based
preceding
years
68,290,862
follows:
as
Dec.
annual capacities as of Dec. 31 of the
on
31,
31, 1935,
gross tons; Dec.
8
4.43
4.29
76.42
1,023,532
1,007,698
1,000,988
76.94
1936,
hearth
open
and
3
ingots,
Bessemer
and Bessemer ingots, 68,475,509
open hearth
.
Sept. 25
The
American
Iron
Steel
and
Institute
June
on
7
an¬
gross tons.
nounced that
telegraphic reports which it has received indi¬
operating rate of steel companies having
of the steel capacity of the industry will be 76.2%
cated
Steel
Output Gains at Plants Unaffected by Strikes
The
"Iron
Age," in
its issue of June 10,
reported that
strikes at plants of three major steel companies have caused
further reduction in the aggregate volume of ingot output.
no
On the contrary,
there have been gains at
plants, bringing the estimated
78%,
slight rise
a
remains
rise of
trict,
at
there
and
Ohio
have
and
been
St.
at
gains
it not been
in
May, 1929.
132,687
As it
below
tons
in
that
The
strikes
the
in
have
steel
switched
caused
of 5,286,246
the highest
was
on
below
seriously
negligible amount
a
strike-affected
inconvenienced.
situation
the
March
record.
companies
that
to those
has
been
operating,
are
the strikes last another two
If
or
most
the trend
shipments,
far
in
While
fairly large percentage
a
been
June has
more
sharply
of
than
of
rate
decline
but
ences,
the
in
unlawful
in
corresponding period of May.
business
new
to apprehension
labor
in
The
on
in
sharp
with
low
at
indifference
barometer,
Chicago,
ofttimes
the
of
Some
the
preparation
the
strike
the
in
automobile
steel
the
volume
of
business
industry,
the changeover to
for
in
decline
present
of
new
particularly
models,
business
new
due
is
to
seasonal
makers,
parte
and there
from
the
in
been
some
users
has
miscellaneous
On the other hand, the farm machinery
likely to maintain its current high pace for 60 days and is taking
steel freely.
Can makers are taking all the tine plate they can get.
Plates
for tanks are in good demand, and the structural steel volume is
fairly
good, although some jobs are being withdrawn because of inability to
obtain Federal funds.
Lettings
which
of
8,000 tons
is
apolis, 3,300 tons for
in
Pennsylvania.
for
a
structural
an
steel
International
totaled
Co.
27,000
plant
tons,
2,950
New
tons
York;
for
the
include
3,200
tons
East
River
a
bridge
Drive,
Memorial
New
York,
Hos¬
and
for Tennessee Valley Authority dams in Tennessee.
Reinforcing
were 7,300
tons, with 9,750 tons listed in new jobs.
Railroad equipment inquiries have dwindled almost to
nothing, but the
1,200 tons
steel
awards
Norfolk & Western will repair
and
SO
900,000
within
cars
by
in
fall
its
own
indicate
1,350
shops.
a
new
or
more
cars
Predictions
and
of
more
cated.
been
build
weekly
buying movement in
10
car
locomotives
loadings
railroad
June
July
July
July
Aug.
Aug.
of ingots
Inquiries
circulated.
are
reported,
Pig
iron
a
Sales of 100,000 tons
transaction of 70,000 tons
totaling
sales for
90,000
third
tons
quarter,
of
being authenti¬
pig iron
though
have
quietly
also
consum¬
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Mar. 15
88 9%
Mar. 22
89.6%
Mar. 29..—90.7%
Dec. 28.....77.0%
1937—
.72.5%
74.4%
75.4%
5
75.3%
12
75 9%
19.. ...74.2%
26
74.3%
2
.74.7%
9
74.0%
16.
74.1%
23.....74.3%
Oct.
Mar.
76.6%
79.2%
77.0%
5..—89.9%
Apr.
.90.3%
Apr.
12
Jan.
4
79.4%
Apr.
19.. —91.3%
Jan.
11
78.8%
Jan.
18
Ian
25
80.8%
77.9%
79 6%
80 6%
81 6%
82.6%
85.8%
26
May
3
Feb.
1
Feb.
8
Feb.
15
Feb.
22
Mar.
1
92 3%
91 0%
91.2%
90.0%
91.0%
Apr.
10
Mav
May 17
May 24
May 31
77.4%
71
June
76.2%
"Steel" of Cleveland, in its summary of the iron and steel
little effect has been felt in the steel market as a result of
Relatively
well
the
producers in
against
Consumers apparently are
Middle West.
supplied, and few have sought further tonnage from mills not affected
by labor difficulties.
In
fact,
except
in
few
a
other
instances,
could
producers
little
give
aid, most of them having bookings to occupy their full production for many
weeks, in
Some
some cases
far
as
20 weeks on
as
Eastern steelmakers
are
delivery at prices prevailing at
is
growing that
products.
some
booking sheet tonnages for fourth-quarter
refusing offers of
Expecta¬
unusually active period in
Others
that time.
are
preferring to keep their position liquid.
fourth-quarter business,
fourth-quarter will be
an
steel.
The
national
of
capacity.
to
100
at
iy2
three
Chicago dropped
in
plants, pig
of
to
point
one
furnaces
gain
a
October,
May
May
in
the
of
end
than
less
Both
Five months'
1929.
17
to 88 and
month,
of
the
at
the
at
these
blast
Active
of
of
the
the
were
gross
tons,
average
daily
113,354
tons
since
largest
is 51.5% higher than
year
furnaces at the
April, but banking
beginning
The
compared with
figures
production this
1936.
end
strike conditions
totaled 3,544,162
gain of 4.2%.
a
114,328 tons
was
0.8%.
of
comparable period
were
Buffalo three points
29,
being banker because of
iron production
production in
April,
63%, New
Pennsylvania
points to
12
points to 91.
compared with 3,400,636 tons in April,
rate
95%, Detroit five points
96 and Birming¬
to
Wheeling at
45, Cleveland 19 points to 46, eastern
20 blast
of
point
one
points to 96%.
change.
no
75%
operating rate last week held at
average
increased
six
71, Youngstown
spite
steel
in
showed
10 points to
to
In
Pittsburgh
83
Louis
St.
steelworks
Cincinnati
and
England
came
strikes, and
end
about
thus
of
May
near
the
little
had
effect.
Railroad
tons
each
tons
of
Reading
2,000
and
are
steel
Co.
Sale
for bids
up
each
has
and
tons,
shops.
shipbuilding activities
close to placement,
tonnages
will
placed
will
be
are
week
and two
placed shortly,
some
bringing
especially in the East.
this
one
important steel
battleships requiring 11,000
with
underframe business
buy considerable steel for
some
Two tankers at 5,000
Norfolk & Western is about to buy for a
about 40,000 tons of steel ingots by
of
a
private
that will
cars
to be
program
a
yard.
The
require about
built in
its
own
of heavy repairs.
Pittsburgh district
pro¬
ducer, for export to Japan, at a premium price, indicates strength of world
demand
from abroad
Sept. 7
Sept. 14
Sept. 21
Sept. 28
8.....87,3%
75.9%
71.5% Deo. 14
68.2% Deo. 21
Aug. 31
Oct.
1937—
1936—
72.2% Nov. 30
7
72.5% Deo.
Aug. 17
Aug. 24
markets, on June 7 stated:
of
equipment
coming months.
Export inquiry for steel and pig iron has revived.
or
June
6,800 tons for the
the
for
of
Indian¬
at
bridge at Baltimore, and 1,800 tons for
bridge,
New York;
about
Harvester
New projects of 19,000 tons
Whitestone-Bronx
pital,
June
June
the
fabricated
70.1%
69.1%
69.4%
67.9%
1
68.2%
8
69.5%
15
70.0%
22
70.2%
30
.74.0%
6
67.2%
13
69 0%
20
70.9%
27
71 5%
3.....71.4%
10
70.0%
June
that
trade is
1936—
1936—
May
4
May 11
May 18
May 25
ton
a
liquidating present stocks.
are
follow:
ham
of
down
reduction
Weekly indicated rates of stael operations since May 4, 1936,
tion
reflects
amounting to $1
ber, 1936.
slowing
from
influ¬
seasonal
involved.
or wrongs
sensitive
a
decline
to
persistent and
over
the seeming
the rights
over
usual
as
further
a
attributed solely
quarters
grades, bringing the "Iron Age" composite price down to $17.42,
point of the year thus far, and the lowest since mid-Decem¬
some
the
market,
scrap
not
together
agitation,
Washington Administration
situation
is
many
The acceleration of the
This represents a decrease of 1.2 points, or
the estimate for the week of May 31, 1937.
ago.
1.6%
down¬
ward, orders in the aggregate having been smaller in the first week of this
month
year
strikes
companies represented
so
capacity for the week beginning June 7 compared with
77.4% one week ago, 91.2% one month ago and 69.5% one
three weeks,
Meanwhile, incoming business in general is declining this month.
May volume for
of
indi¬
not being
are
undoubtedly will change.
their
97%
July
business
of
cating that consumers have ample stocks for the present and
this
gross
tons was only
surprisingly little change in market conditions
Only
industry.
from
that month's steel
63,067 tons
only
and
1929,
is
The "Age" further reported:
the last week of May,
figure
total, which, except for May,
in
district
Buffalo
The
the May total of 5,153,559
was,
South,
the
in
have surpassed the all-time record
ingot output would
tons
strikes
for
also
Louis.
virtually unaffected by strike.
Had
to
At Youngstown the rate
45%, and Chicago is unchanged at 63%, but a
point has occurred in the Cleveland-Lorain dis¬
one
southern
for the country
average
last week.
over
unaffected
some
the
that
for
steel.
A
report
to
the
Department
of Commerce from
Tokio
that "Japan 60 far this year has placed orders in the United States
420,000 tons of pig iron, 140,000 tons of semi-finished steel and 120,000
states
for
tons
of
than
total
finished
steel.
Pig iron sales to Japan this
export sales of pig iron
for
six years.
year
have been larger
the
since
showed
and
effect of Memorial
the
S.
U.
months, totaling 1,014,265 tonB.
builders
Automobile
ago.
The "Journal" further
reported:
since
mark for four
92%% two weeks
week and
ous
excluding scrap, totaled 243,800 gross tons, the
1921, and believed to he an all-time record for any month
World War.
Scrap exports at 427,886 tons made a new high
exports of steel,
April
highest
3919
Chronicle
Financial
144
Volume
Day interruption by
Steel
89%
estimated1
is
weeks
two
by the labor trouble,
88%, against 89%% in
at
the week before
affected
78% in the
Leading independents, including those
ago.
credited with 64%, compared with
are
producing only 110,619 care last week, a drop of more than 21,000 from
the preceding week.
General Motors made 43,412 units, about 10,000 less
than
the week before, Ford 29,240, aboiit steady, and Chrysler 23,000,
preceding week, and 94% two weeks ago.
about
approximate changes, in points, from
In
for
with expectations,
consonance
third-quarter
forward
schedules
The
with
less.
5,000
Decline of
delivery
at
producers have opened books
prices, carrying second-quarter
due to lack of transactions,
prices has almost stopped,
1937
The steelworks scrap composite declined 10c.
to $17.50, the smallest
downward movement for many weeks.
The iron
and steel composite is 8c. lower at $39,86, and the finished steel composite
1935
Reflecting
a
60
1933
46
1931
unchanged at $61.70.
40
1934
39
is
placed at 75% of capacity, according to the "Wall Street
Journal" of June 10.
This compares with 83% in the previ¬
industry, the output of ingots for the week ended June 7,
76
53
38%
67%
94%
—1%
73
—3
+ %
—4%
—2%
100
+ 1%
—3%
-1%
74
+2
+1
—2
75
96%
1927
70
37%
71
1929
1928
in the steel
•
+1
—2
40
+ 1%
—2
1930
full week's effect of the strike
-1%
48
%
+
—14
42
+1
37
—2
64
73
64%
+ 1
69%
1936
-1%
88
—8
75
—
Independents
U. S. Steel
Industry
another three months.
scrap
the week immediately preceding:
pig iron
unchanged
prices being largely nominal.
is
following table gives a comparison of the percentage of production
nearest corresponding week of previous years, together with the
the
79
78
+2
71
1932 not available.
Current Events and Discussions
Complete Returns of the Member Banks of the
Reserve System for the Preceding Week
The Week with the Federal Reserve Banks
the week ended June 9 member bank reserve
balances increased $75,000,000.
Additions to member bank
reserves arose from decreases of $52,000,000 in
money in
During
As
Excess
reserves
York and
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
Chicago member banks are given out on
circulation, $30,000,000 in Treasury deposits with Federal
Reserve banks, and $18,000,000 in Treasury cash other than
inactive gold, offset in part by an increase of $23,000,000
in non-member
explained above, the statement of the New
Federal
deposits and other Federal Reserve accounts.
of member banks on June 9 were estimated
compiled.
approximately $930,000,000, an increase of $70,000,000
Inactive gold included in the gold stock and
Treasury eash amounted to $886,000,000 on June 9, an
increase of $90,000,000 for the week.
The statement in full for the week ended June 9 in com¬
cities cannot be
parison with the preceding week and with the corresponding
date last year, will be found on pages 3954 and 3955.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the year ended
June 9, 1937, were as follows:
close of business June 2:
to be
for the week.
Increase
(+)
June 2,
$
1937
banks in 101 leading
ended June 2: An increase
loans; decreases of $21,000,000 in holdings of United
States Government direct obligations and $42,000,000 in "Other securities"
decreases of $254,000,000 in demand deposits-adjusted and $39,000,000 in
Government deposits; an increase of $107,000,000 in deposits credited to
domestic banks; and a decrease of $107,000,000 in reserve balances with
The condition statement
$
of $42,000,000 in
U. 8. Government securities
Industrial
advances
(not
1936
+9,000,000
+3,000,000
+96,000,000
—3,000,000
14,000,000
6,000,000
2,526,000,000
Bills discounted
Bills bought
June 10,
$
including
22,000,000
$17,000,000 commltm'ts—June 9)
—8,000,000
>
+2,000,000
+3,000,000
4,000,000
Other Reserve bank credit
2,547,000,000
+102,000,000
+91,000,000 +1.638,000,000
—1,000,000
+ 58,000,000
6,929,000,000
6,435,000,000
3.254,000,000
Treasury deposits with F. R. bank..
85,000,000
+75,000,000 +1,096,000,000
—52,000,000
+498,000,000
+72,000,000
+706,000,000
—30,000,000
—431,000,000
2,573,000,000
12,118,000,000
Total Reserve bank credit
Gold stock
Treasury currency
Member bank
reserve
-.-
...
balances
Money In circulation
Treasury cash
-
Non-member deposits and other Fed¬
Returns of Member Banks in New York City and
Chicago—Brokers' Loans }'(
statementfof
,
1'
./1
/
the Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
Federal Reserve
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
rent
ASSETS AND LIABILITIES OF WEEKLY
IN
REPORTING MEMBER BANKS
RESERVE CITIES
CENTRAL
(In Millions of Dollars)
•Chicago—
New York City
1937
June 2
June 10
1937
June 9
1936
Loans and investments—total..
8,474
8,392
Loans—total.
3,921
3,856
227
227
Commercial,
Industrial,
June 9
8,917
3,427
June 2
Open
Loans to
1,456
1,433
160
1,168
1,140
278
280
131
129
81
brokers and dealers
carrying securities
Loans to banks
1,958
1,989
1,903
652
657
521
Other securities
Reserve with Fed. Res. banks..
Gash in vaklt
June 2, an increase
reporting member banks
(+)
Increase
2,1937
or Decrease
Since
May 26,1937
(—)
June 3,1936
5
$
§
Assets—
Loans and
—24,000,000
+42,000,000
+10,000,000
+945,000,000
unsec'd 3,699,000,000
y—2,000,000
y+28,000,000
z
z
483,000,000
y—7,000,000
1,333,000,000
+9,000,000
22,158,000,000
9,571,000,000
Investments—total
cultural loans:
On securities
29
*
Otherwise secured and
52
42
43
81
82
133
14
14
15
74
3
8
*
-
-
-
Open market paper.
6
1,115
Loans to brokers ana dealers
Other
loans
purchasing
for
246
*
*
*
720,000,000
+5,000,000
1,161,000,000
123,000,000
+13,000,000
+14,000,000
+31,000,000
715,000,000
776,000,000
8,287,000,000
+3,000,000
—7,000,000
—21,000,000
—622,000,000
1,156,000,000
3,144,000,000
5,278,000,000
329,000,000
1,766,000,000
—3,000,000
—42,000,000
—107,000,000
—9,000,000
—30,000,000
—149,000,000
—164,000,000
+684,000,000
—40,000,000
—597,000,000
...15,274,000,000
5,231,000,000
142,000,000
— 254,000,000
+694,000,000
+196,000,000
—604,000,000
5,139,000,000
560,000,000
13,000,000
+107,000,000
+7,000,000
Loans to banks
*
167
33
32
3,060
3,814
916
942
996
441
428
563
95
95
94
1,050
2,498
1,048
"1,113.
295
295
292
2,440
2,335
653
596
696
64
52
29
26
38
166
207
64
74
On securities
Otherwise secured and unsec'd
62
70
74
480
510
64
z
Other loans:
170
153
z
—59,000,000
or
carrying securities
22
22
561,000,000
In
securities
*
6,359
6,387
1,519
1,498
U. S. Govt, direct obligations
Obligations
fully
guaranteed
727
550
451
450
489
4
23
194
71
74
101
z
z
by
United States Government
Other securities
Reserve with Fed. Res. banks
Cash In vault
1,472
724
..
York banks.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended May 26, 1937, follows:
A summary
395
6,501
Time deposits
aggregated $13,000,000
of $9,000,000 being reported by New
Balances with domestic banks
Demand deposits—adjusted
Liabilities—
Demand deposits—adjusted
Time deposits.
1,896
1,933
537
518
14
9
2,408
429
7
592
554
551
5
7
j
.
United States Government deposits
----
_
—
-
_
-
—
-
413
399
448
20
"20
29
1,478
1,472
238
238
230
+9,000,000
—39,000,000
Inter-bank deposits:
Domestic banks
----
1,477
Comparable figures not available.
on
$16,000,000 in the
and $107,000,000 at
member banks.
Borrowings of weekly
29
*
Liabilities—
*
all reporting
*
481
Balances with domestic banks..
Other assets—net..
Capital account
$13,000,000 in the Chicago district
Cleveland district,
*
51
Obligations fully guaranteed by
United States Government
Other liabilities.
$19,000,000 in the New York district and $39,banks.
Deposits credited to domextic
$69,000,000 in the New York district,
32
33
3,062
Otherwise secured & unsec'd
Foreign banks
banks increased
395
*
*
74
248
U. S. Govt, direct obligations
Borrowings
deposits declined
000,000 at all reporting member
Real estate loans
On securities
Inter-bank deposits:
Domestic banks
ment
Loans—total
Other loans:
United States Govt, deposits.
United States Government declined $3,000,000.
declined $23,000,000 in the New York dis¬
trict and $42,000,000 at all reporting member banks.
Demand deposits-adjusted declined in nearly all districts, the principal
decreases being $100,000,000 in the New York district, $49,000,000 in the
Chicago district, $33,000,000 in the St. Louis district and $25,000,000 in
the San Francisco district, and the total decline being $254,000,000 Govern¬
fully guaranteed by the
$
$
Other loans for purchasing or
Real estate loans
and $26,000,000 at all reporting
Commercial, industrial, and agri¬
162
market paper..
district
June
and
Otherwise secured & unsec'd
$22,000,000 in
member bankB.
Loans to brokers and dealers in securities increased $14,000,000 in the
New York district and $9,000,000 at all reporting member banks.
Loans
to others for purchasing or carrying securities increased $5,000,000.
Loans
to banks increased $13,000,000.
"Other loans" declined $4,000,000.
Holdings of United States Government direct obligations increased $50,000,000 in the New York district, and declined $22,000,000 each in the
Chicago and St. Louis districts, $13,000,000 in the Philadelphia district
and $21,000,000 at all reporting member banks.
Holdings of obligations
York
June 10
agricultural loans:
On securities
agricultural loans increased
Commercial, industrial, and
the New
1936
1937
1937
$
$
$
$
Assets—
Federal Reserve banks.
Holdings of "Other securities"
—71,000,000
+23,000,000
534,000,000
eral Reserve accounts
Below is the
of weekly reporting member
changes for the week
cities shows the following
(—)
or Decrease
of the Board
System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
of Governors of the Federal Reserve
Since
June 9,1937
will be found the comments
In the following
Foreign banks
Borrowings
z
Comparable figures not available,
y
+9,000,000
—445,000,000
+152,000,000
+13,000.000
May 26 figuies not available.
3920
New
Financial
Plan
for
Non-intervention
in
Spain Reached by
Great Britain, France, Germany and
General
Mola
Killed
in
Airplane
new
agreement to revise the non-intervention pact in
Spanish civil war has been reached by Great Britain,
France, Italy and Germany, it was reported in London on
June 8.
Meanwhile, the war in Spain entered a new phase
this week, when Spanish loyalist planes on June 10 bombed
the City of Seville, causing numerous deaths and injuries
among the civilian population.
Loyalists commanders had
threatened to resort to bombing of cities under rebel con¬
trol, as the only means of retaliation for rebel attacks on
Madrid, Valencia, Bilboa and other loyalist cities.
a
Bank
of
of
as
for
International
May 31
The following bearing on the May 31 statement of con¬
of the Bank for International Settlements, Basle,
dition
A
suffered
Condition
of
Settlements
Accident—
the
cause
Statement
June 12, 1937
Italy—Rebel
Loyalist Planes Bomb Seville
The Rebel
Chronicle
severe
loss
June 3
on
when
Switzerland, issued June 4, is from Basle advices that day
appearing in the New York "Times" of June 5:
The
from the central
francs,
banks
but which
bar deposits,
issued
today by
the
Bank
for
International
totaling
on
were
All of it
long time.
a
by
partly
for example, dropped
698,-
the greatest
from deposits
account, which increased 84,000,000
their own
offset
came in
decline in other items.
a
5,000,000 francs to
a
Gold
total of nearly
17,000,000 francs.
The Bank,
bars, which
other
Army and second in rank among Nationalist officers,
killed when an airplane in which he was a passenger
crashed in fog against a hill near Briviesca, 25 miles northeast
of Burgos, Spain.
Four other officers also were killed in
rose
was
statement
francs, an increase of more than 75,000,000,
Swiss
that the Bank has known in
General Emilio Mola, Commander of the Nationalist North¬
ern
monthly
Settlements shows that the Bank ended May with funds
000,000
however, put a relatively large part of new funds into gold
51.000,000 francs.
from 32,000,000 to
rose
only 8,000,000 francs.
Cash, sight and
37,000,000 francs, while time funds
assets increased
highly liquid
The remainder went to sundry investments.
The statement for
May 31, as compared with April 30,
was
reported as follows in Associated Press advices from
Basle June 4 (figures in Swiss francs at par):
the accident.
The Spanish Civil War was last referred to in the "Chron¬
icle" of June 5, pages 3759-60.
United Press London advices
of June 8, in referring to new non-intervention
proposals,
Assets
May 31
1.
On hand and
on
Extension
of "safety
neutrality patrol
in
zones"
in
which
outside
waters
warships
Powers
Spain might seek shelter for
30
32.234,941.93
42,643,276.8b
43,556,388.90
32.694.813.58
.117,834,322.46
.131,417,085.45
106,654,185.67
21,898,463.86
14,280.586.24
26,138,117.77
36,179,050.10
current account with branks.
27,804, 502.68
.
.
Rediscountable bills and acceptances:
1. Commercial bills and bankers acceptances.
2.
re¬
i..
Treasury bills
——
25,233,908.64
133,379,366.18
Time funds at interest:
fueling and supplying.
2.
on
Slrht funds at i iterest
of the four
A prtl
51,041,078.56
_
Cash:
said:
The plan as agreed on in principle, it was said, is:
April 30
Map 31
Gold in bars
Not exceeding three months
Seeking of guaranties from the Spanish belligerents against molesta¬
.
Between three and six months
.
1,666,384.91
tion of patrol vessels.
3.
Immediate
to be taken if
It
was
consultation
among
the
four
Powers
that under the plan,
right, to take reprisals such
no
without previous consultation
Total
action
patrol ship is attacked.
a
understood
warships would have the right
to defend themselves in legitimate manner
against
be
regarding
attack but there would
'■
Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry Investments
2.
the German bombardment of Almeria
as
(a)
Fernando de los Rios, Spanish Ambassador to the United
on June 7 that the Spanish Loyalists had a newly
trained and equipped army of 500,000 men.
A Washington
15,497,572.75
68,783,527.48
10,281 695.08
48,480 773.12
80,410,129.07
4,576,843.58
77,449 ,299.76
5,779 ,407.02
.273,873.978.72
263,047,202.15
1,319,188.03
1,301 533.10
354.702.56
399 720.64
Treasury bills
(b)
3.
86,706,566.47
Between three and six months:
The plan is being drafted in final form for
submission to the Loyalist and insurgent governments, it was understood.
v
21,605, 115.54
99,450. 911.63
17,899,339.37
Sundry Investments
Over six months:
(a)
(b)
Treasury bills
Sundry Investments
.....—
States, said
dispatch of June 7
to the New York "Herald Tribune"
ported his remarks
Total
1.
Guarantee of central banks on bills sold
2.
follows:
as
Sundry items
The Spanish Ambassador affirmed and emphasized that his Government
in
was
accord
with
the
Anglo-French
foreign aid from Spain.
withdrawn
the
war
would be
The interview given
ended
a
for the
proposal
If German and
wise, he admitted, it might last
aid
Italian
in the near
withdrawal of all
the
to
rebels
future, he said.
his last in
was
help the Government in determining its diplomatic
for
the
insurgents.
In
his recent
He
were
largely
the
view
that
the
German
by the
and
4,237,607.60
Legal reserve fund
2.
Dividend
3.
General
reserve
reserve
6,315,304.73
,—
first,
he said,
through
the
much
23,183,521.77
12,889,168.29
155,203,945.52
47,666,609.59
103,744,036.85
31,143,344.21
134,887,381.06
3,517,024.36
4,268,425.10
8,329.91
428,087.51
353,532.25
French Government deposit (Saar)
French Government guarantee fund
he said,
;
Total
Short-term and sight deposits (various
Government.
the
273,015,038.64
215.759,723.40
3.
1.
intervention,
22,059,148.36
153,280,000.00
76,640,000.00
272,209,914.29
2.
Annuity trust account deposits
German Government deposit
1,368,100.00
41,726,938.64
currencies):
Central banks for their own account:
Between three and six months—
(a)
change in opinion had been brought
Italian
12,183,412.83
152,911,250.00
76,455,625.00
1,360,100.00
41,482,939.29
Total
1.
sympathy
country,
3,784,029.10
6,091,706.43
12,630,609.44
fund
fund
Long-term commitments:
course.
disappeared, and that most American
sympathetic to the Spanish
expressed
about
at
125,000,000.00
_
1.
here in October he had observed
travels
he found that sympathy had
largely
citizens
...
-
4.
came
622,750,174.57
Reserves:
great change in American attitudes toward the Spanish civil war.
Owing to misinformation he found
-
Liabilities
Capital paid up
by the Spanish Ambassador today
1,701,253.74
698,219,071.64
125,000,000 00
Total assets
Other¬
long time.
Senor de Los Rios said that since he
a
1,673.890.59
was
He said he planned to fly directly from Paris to Valencia.
He did not
know, he said, what the agenda of the conference would be but he assumed
was to
...
Total
Washington before returning to Spain to attend a general conference of
important Spanish emissaries abroad called by the Spanish Government.
that it
-
Other ftssets*
re¬
(b)
(C)
destruction
Not exceeding three months
Sight
__
of Guernica by German flyers and the German bombardment of Almeria.
Total
2.
Germany Lowers Interest
Debts—Sets
Certain
on
Rite
at
Private
Sight
Foreign
to
3.
Other depositors:
(a)
Not exceeding three months
(b)
4% Maximum
Germany on May 28 reduced the interest rates on certain
private debts abroad to a maximum of 4%, it is learned from
Associated Press advices from Berlin, May 28, which went
on
Central banks for account of others:
Sight...
Total
1.
say:
Dividend
annually
It
does
not
currency
apply
their money in
to
2.
going out of the country.
or
money
which must remain in
Ger¬
rate
of
6%
national
cur¬
depositors
per
7,482,613.69
1.
own
445,390.29
7,928,003.98
Guarantee
2.
1,388,519.09
commercial bills sold
Sundry item3
countries.
on
32,155,127.41
Increases
33,543,646.50
41,470,714.44
622,750,174.57
Service on 7% Settlement Loan
323^% of July 1 Coupons as Against
1927—Transfers
27% Jan. 1,
1,359,449.95
40,111,264.49
698,219,071.64
Total
Total liabilities
Bulgaria
361,910.17
21,687,556.80
Miscellaneous:
Officials said many German debtors have been
paying higher interest to
in their
at
in
Total
many in special accounts.
foreigners than the latter could have obtained
determined
as
Participation
of
long-term
Article 53 (E) statutes
those foreign creditors who have agreed to take
blocked accounts,
shareholders
to
rencies
maturity because of Germany's
on
16,640,819.92
Profits allocated for distribution June 1, 1937:
An official decree placed that limit on interest
payable to foreign credi¬
tors whose debts cannot be redeemed at
restrictions
436,417.42
-
Sight deposits (gold)
8,377.92
1937
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents for the Kingdom of
Bulgaria 7 % settle¬
ment loan 1927, announce that
July 1, 1937 coupons off
dollar bonds of this loan,
presented with an appropriate
letter of transmittal, will be paid on or after that date at the
rate of $11.38 per $35
coupon and $5.69 per $17,50 coupon
in full settlement for and
against surrender of coupons.
This represents 323^% of the interest then
due, as against
payments totaling 27% made in settlement of Jan. 1, 1937
coupons.
City
of
Buenos
Statement
External
Aires,
Argentina,
Under Securities
Conversion
Loan
Files
Act for
Registration
$13,500,000 of
43^% Bonds—Plans
to
Retire Three Issues
The Municipality of the City of Buenos Aires (Argentine
Republic) filed on June 9 a registration statement (No.
2-3226) under the Securities Act of 1933, covering $13,500,000
City of Buenos Aires sinking fund external conversion loan
4^% bonds, it was announced by the Securities and Ex¬
change Commission on June 9.
The Commission said:
The proceeds of the Bonds are to be used to redeem at par, exclusive of
accrued interest, the following:
Four
Officials
of
Reichsbank Promoted
Memberships
on
Bank's
to
Full
Board
It was reported in Associated Press advices from
Berlin,
June 2, that Chancellor Adolf Hitler of
Germany has pro¬
moted four high Reichsbank officials to full
membership in
the bank's directorate
on
the recommendation of Economics
Minister
Hjalmar Schacht.
Those promoted, according to
the advices, are Otto Schniewind, Max Kretschmann, Rudolf
Brinkmann and Karl
Blessing.
City of Buenos Aires external sinking fund 6% gold bonds, series C2;
City of Buenos Aires external sinking fund 6% gold bonds series C3; City
of Buenos Aires external 31H year 6M% sinking fund gold bonds 1924
series 2B.
The proceeds will also be used for payment on account, of interest on
th®
above bonds from the date of the delivery of the bonds being registered,
to
the
first
effective,
on
redemption
dates
after
this registration
statement
becomes
which date the bonds subject to redemption may be redeemed.
The offering price, the names of the underwriters, and underwriting dis¬
counts, are to be supplied by amendment as is the amount to be redeemed
of the outstanding bonds.
Volume
Financial
144
3921
Chronicle
of the securities proposed to
which represented 33%.
no case
distribution of common stock issues*
be offered for sale for
After deduction of such expenses,
they would retain, as net proceeds,
relatively high charges involved in the
The Commission also noted:
In
does the act of filing with the Commission
its approval or indicate that the Commission
the issue or that the registration statement
give to any security
has passed on the merits
of
itself is correct.
cash for the account of the registrants.
the
that
estimated
registrants
$144,061,000.
Notwithstanding the small amount of
Uruguay to Make Offer to Holders of Dollar Bonds—
Plan Provides Increased Payments and Amortiza¬
tion
of indebtedness, toward which
negotiations carried
with the Foreign Bondholders Pro¬
on
tective Council, Inc., the Government of Uruguay is making
offer to holders of its dollar bonds.
"Under this offer,"
an
of partial in¬
unilateral and
temporary debt service payments which have been made in
recent years, and amortization also is provided."
The an¬
the announcement
terest
said, "a definite
program
sale of their securities,
$30,206,000 was proposed for the
Republic. Next in importance
was the increase of "new money;" $34,821,000, or 24.2%, of net proceeds
were to be used for additional working capital and $20,469,000, or 14.2%,
were
to be expended in the enlargement of plant and equipment.
In
addition. 4.5% of the proceeds was to be used for the retirement of out¬
standing preferred stock issues; 4.2% for the purchase of securities for
investment; 3.5% for the purchase of securities for affiliation, and 0.5%
for various other purposes.
^ of 1% in
1938 and 1939 and 1% from
3H% interest and
of 1% amortization in 1938 and 1939; 4% interest and 1% amortization
>4
The 6% bonds, due 1960 and 1964, will receive
on.
The
% interest and 1% amortization from 1944 on.
in 1940 to 1943 and 4H
8% bonds, due 1946, will receive 4% interest and 14 of 1% amortization in
1938 and
1939;
1% amortization in 1940 to 1943 and
interest and
414%
414% interest and 1% amortization from 1944 on.
The former offer to bondholders will be made shortly.
Coupons
on
the Uruguayan dollar bonds in the past two or three years
have been paid at the rate of 314 %, regardless of original coupon.
Registration of 161 New Issues Under Securities Act
Effective During April—Six Reorganization and
Exchange Issues Also Became Effective
Analysis of statements registered under the Securities Act
of 1933 indicates that new securities with estimated gross
proceeds of $288,076,000 became fully effective during
April, it was announced by the Securities and Exchange
Commission on May 30. This total, the Commission pointed
out, is the smallest since November, 1936, and compares
with $469,907,000 for March, 1937, and with $751,013,000
for April, 1936.
The Commission explained that included
in the amounts for April and March of this year and April
of a year ago are securities which have been registered but
are intended for purposes other than cash sale for the account
of the registrants, approximately as follows:
was
April, 1936
March, 1937
registrants
the
to
vertible features
...
$30,548,000
$31,852,000
$49,912,000
10,013,000
2,219,000
5,466,000
15,989,000
81,000
Reserve for the exercise of options
Reserve for other subsequent issuance
59,227,000
25.648,000
Registered for the "account of others"
To be issued in exchange for other securities
2,613,000
To be issued against claims, other assets, <fcc.
741,000
25,500,000
62,454,000
of the securities was to be
153,000
$57,597,000
"The
April registrations were characterized by the small
bonds, notes and debeutures, and the large
number of small stock issues, that were made available for
public sale," said the SEC in its announcement of May 30,
adding:
aggregate of
offered to
registrants' own security holders, and
during
5% "special" persons.
became effec¬
Argentine Republic, $35,000,000, sinking
loan 4%*bonds, due 1972; Southern New England
month
the
were:
fund external conversion
debentures, due 1966; Simons
1952; and the A. E.
Staley Manufacturing Co. registration of 570,000 shares of common stock
and 75,000 shares of $5 series cumulative preferred stock.
Common stock issues effectively registered during April amounted to
$139,397,000 or 48.4% of the month's aggregate registrations.
Preferred
stock issues accounted for 17-2% of the month's figure; secured bond issues,
18.1%; debenture issues. 12.8%; short-term notes, 0.3%; and certificates
Telephone Co., $16,000,000 30-year ZM%
Co.,
$10,000,000
of participation
The
convertible debentures, due
4%
and warrants, 3.2%.
registered dining April was unusually
stock as was reserved for
averaged $1,652,000 per issue; preferred stocks,
size of the issues
average
Common stock issues
small.
conversion of other issues)
(exclusive of such
$3,682,000; and short(exclusive of 36 issues
$2,028,000.
$1,414,000; secured bonds, $4,350,000; debentures,
term notes,
The average for 125 issues
$1,000,000.
of warrants and of common stock
TYPES OF NEW SECURITIES
MENTS
THAT
BECAME
reserved for conversion) was
REGISTRATION STATE
INCLUDED IN 97
EFFECTIVE DURING APRIL,
FULLY
Per Cent
No. Units of
No.
March,
1937
1937
1933
April,
1936
$139,396,970
49,496,615
48.4
49.2
22.5
17.2
7.7
7.2
jf Bonds, <tc.
Common stock
78
>17,769,090
35
1,937,579
of Total
April,
Amount
Face Amount
Preferred stock
1937
Gross
Stock, &c.:
of
Issues
Type of Security
Certificates of par¬
ticipation,
*
bene¬
.
■■■:.
>■
,
■
ficial
interest,
H-
•
•
'
■
25
&c
Secured bonds
10
36,700,000
1,000,000
1
$288,075,987
161
Total
..
9,166,688
52,198,000
36,817,714
1,000,000
5,159,936
56,100,000
12
Debentures
The Commission also said on
3.2
3.5
4.7
18.1
35.0
50.5
12.8
4.6
15.1
100.0
100.0
0.3
100.0
--
May 30 that in addition to
six issues were
registered in connection with the issuance of certificates of
deposit and voting trust certificates.
These registered
statements covered securities having an approximate market
the
$134,106,000 5130,713,000
Total
indicated that
the public generally, 29.5%
Among the large issues for which registration statements
tive
while 16.9%
8.9% was to be offered by
The registration statements
themselves.
Short-term notes..
Reserved for conversion of issues with con¬
of the registrants was underwritten,
by various selling agents and
to be offered
warrants,
April, 1937
of securities proposed for cash
Nearly three fourths of the $153,970,000
offering for the account
65.5%
1952. will receive 3 H % in¬
Under the plan, holders of the 5% bonds, due
Of this amount,
applied.
the
terest; amortization will amount to
1940
be
to
refunding of obligations of the Argentine
payments is worked out, higher than the
nouncement continued:
proceeds was the repayment
$70,351,000 or 48.9% of the net funds which
they would realize from the
the registrants estimated
were
Charlone, Minister of Finance of Uruguay, and
Jose Richling, Uruguayan Minister to the United States,
issued an announcement June 9 which said that as a result of
Dr. Cesar
fixed-interest securities that were
registered, the chief proposed use of the net
new
four statements covering
issues,
The Commission presented the follow¬
value of $5,978,039.
ing compilation:
THE TYPES OF SECURITIES
INCLUDED IN 4 REGISTRATION STATE¬
MENTS FOR REORGANIZATION AND
BECAME FULLY
EXCHANGE* ISSUES WHICH
EFFECTIVE DURING APRIL, 1937
Registration of fixed-interest bearing securities was only slightly over
$90,000,000, representing the lowest amount, both in dollars and in per
cent,
registered
bonds,
for
debentures
short-term
and
notes
since
Approximate Market Value x
the
No. of
Issues
Yype of Security
resumption of activity in the corporate capital markets in March of 1935.
It should be noted that more than one-third of the senior security registra¬
tions
was
accounted for by an issue of the Argentine Republic, reducing
domestic issues of this type to
$58,691,000.
for
cash
sale
was
the
of securities to be
of indebtedness, toward which
repayment
almost one-half of the net funds was to be applied.
Additions to working
capital and to plant and equipment were to absorb about two-fifths of the
net
of 161 issues of securities were registered through the 97 regis¬
A total
for
statements
2
new
securities
common
declared fully effective
stock issues completely reserved against the exercise
The
of other securities.
average
size of the
Common stock
issues
of 1936 and the first quarter of 1937.
Fixed-interest bearing securities amounted
31.2% of the total registrations.
Registrations for
companies in
the manufacturing field
accounted for
55.5% of the April aggregate and those in the merchandising business for
13.1%.
a
The utility companies, which for the past two years had registered
accounted for only 3.6% of
substantial portion of each monthly total,
the April aggregate.
$134,106,000,
Approximately
or
46.5%
registered during the month were intended
of
the
securities
effectively
for purposes other than im¬
mediate cash sale for the account of the registrants.
Of this total, about
$59,227,000 were registered "for the account of others;" $30,548,000 were
reserved
for
conversion
of
securities
having
convertible
features;
$15,-
989,000 were reserved for the exercise of options; $25,648,000 were registered
for
exchange of other securities; and
direct acquisition of
$2,694,000 were registered for the
tangible assets, the payment of selling commissions
deducting
the above
725,000
amounts,
there remained
249,490
$5,978,039
$71,683,082
Total
$153,970,000 of
actual market value or
SEC to Issue
on Odd-Lot
York Stock Exchange
Daily Figures
companies.
estimated that expenses of 6.4%
laneous expenses
discounts
to
initial
would be incurred; 1% for the miscel¬
of flotation and issuance and 5.4% for commissions and
underwriters
and
agents.
This
latter figure
reflects the
on
New
Commission announced on
publication of daily figures on odd-lot transac¬
tions in stocks, rights, and warrants by odd-lot dealers and
specialists on the New York Stock Exchange. The figures,
the Commission explained, represent the number of shares
purchased and sold in odd lots by odd-lot dealers and spec¬
ialists.
Odd-lot purchases by odd-lot dealers and specialists
are equivalent to odd-lot sales by their customers, and oddlot sales by odd-lot dealers and specialists are equivalent to
odd-lot purchases by their customers, said the Commission's
announcement, which added:
The Securities and Exchange
Preliminary figures, subject to revision,
offices
of the
Commission
in
will be available daily at the
Washington, but will not be published in
mimeograph form except weekly.
sold in odd lots.
A weekly release will contain the daily
by the figures.
The promptness
available is
of each day's trading. Each weekly release
few days after the end of the week covered
M
with which the Commission is able to make these
possible
only
odd-lot dealer firms and
on
of shares purchased and
approxi¬
The daily preliminary figures will be available
will be ready for distribution a
were
Deals
June 10 the
mately 48 hours after the close
offerings of newly organized
In connection with the sale of the securities, the registrants
$4,143,000
$26,216,656
for existing securities, x Represents
1-3 of face value where market was not available.
Refers to securities to be issued in exchange
of already established
Of these securities, $149,827,000 represented issues
while
23",654",489
900", 705
Certificates of deposit...
registered securities to be offered for sale for the account of the registrants.
enterprises
"260,967
2
_
figures as corrected and will also report the value
and claims and for other purposes.
After
65,000,000
1,216,946
312,000
6
_
of conversion
48.4% of the aggregate of the month's registrations, while preferred stocks
to
486,778
4,000,000
Short-term notes
effectively registered during April accounted for
represented 17.2% of the total.
1936
$2 >301,200
125 other issues
registered during the month was $2,028,000 per issue, about one half of
the average obtaining during the whole
April,
during the
Thirty-six of the issues represented stock-purchase warrants or
privileges
1937
$4,868
"i
Secured bonds
Debentures
*
month.
March,
beneficial interest, &c_.
Voting trust certificates..
proceeds.
tration
Preferred stock
1937
$3,250,000
1,515,334
1
Certificate of participation
The chief indicated use of the net proceeds of all types
offered
Common stock
April,
through
the close
cooperation
the New York Stock Exchange.
figures
of the three
odd lots
the three specialists firm which deal in
3922
Market
Financial
Value
of
Listed
Bonds
New
on
table listed stocks are classified by leading
with the aggregate market value and
price for each:
• ■ -- •
industrial
average
groups
1,395 bond issues aggregating $47,045,129,-
May 1,1937
June 1, 1937
044 par value listed on the New York Stock Exchange, with a total market
value of
1937
12,
fore 2.05%.
In the following
;
On June 7 the New York Stock Exchange issued the fol¬
lowing announcement showing the total market value of
isted bonds on the Exchange on June Is
As of June 1,1937, there were
June
the market value of all listed stocks, on that date, was there¬
Stock
York
Exchange June 1 Above May 1
Chronicle
$44,170,837,675.
Market
Price
Value
Aver.
Value
Aver
Market
Price
On
May 1, 1937, there were 1,407 bond issues aggregating
$47,058,334,548 par value listed on the Exchange, with a
total value of $43,920,389,575.
In the following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
Chemicals
Building
Electrical equipment manufacturing..
Foods
Farm machinery.
Amusements.
May 1, 1937
Market
Aver.
Market
Aver.
Value
Price
Value
—
Land and realty
Price
Machinery and metals
Mining (excluding Iron)
-
Petroleum
Foreign government
Autos and accessories-
_
Financial
*
Chemical
Building
Electrical equipment manufacturing.
Food
_
Rubber and tires
Amusements
Land and realty.
-
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Textile
Gas and electric (operating)
Gas and electric (holding)
Communication (cable, tel. & radio)..
Miscellaneous utilities
Business and office equipment
Shipping services
Shipbuilding and operating..
17,223,750
Leather and boots
Tobacco
U. S. companies operating abroad
Foreign cos. (incl. Cuba & Canada)..
Miscellaneous business
10,278,750 102.79
44.170,837,675
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Gas and electrlo
(operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
93.89 43,920,389,575
93.33
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Average
Leather and boots
U. S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed stocks....
Value
Price
Value
1935—
Nov. 1
39,617,835,876
39,864,332,759
39,457,462,834
39,061,593,570
38,374,693,665
38,170,537,291
Dec.
38,464,704,863
July
1
Aug. 1
Sept. 1
Oct.
1
1936—
$
$
June 1
,
90.62
91.62
July
Aug.
Average
Price
$
%
41,618,750,056
41,685,172,818
89.93
Nov. 1
42,235,760,556
43,305,464,747
43,179,898,054
90.24
Dec.
1
1
95.39
43,679,640,206
June
45,053,593,776
1
45,113,047,758
1
July
1
40,347,862,478
40,624,571,422
93.59
Mar. 1
45,007,329,915
96.64
94.44
Apr.
1
44,115.628,647
93.88
Apr.
1
41,807,142,328
94.47
May 1
43,920.389,575
93.33
MayTl
41,524,856,027
39,648,252,468
93.90
June
44,170,837,675
93.89
93.83
1
Sept.
1
Oct.
1
Nov.
1
Dec.
1
1
Offering of Refunding Issue of $475,000 of 3l/i% Bonds
Pennsylvania Joint Stock Land Bank—Similar
5% Bonds Called for Redemption July 1
The
Pennsylvania Joint Stock Land Bank of Philadelphia
that it has called for redemption on July 1, 1937,
at par, $475,000 principal amount of its 5%
coupon and
registered bonds. Simultaneously, announcement is made by
R. K. Webster & Co., Inc. of the formal offering of $475,000
of 3% coupon bonds of the bank.
The bonds which mature
in five years and are callable in two years, are
priced at 100.
This refinancing effects a net saving of $8,313 and a total
saving per annum of $30,963 on the refunding completed to
date, according to the bankers.
28.76
15.47
98.79
18.39
15.40
40.93
8,24
16.19
21.86
Stocks
on
New
York
1
1
Mar.
1
Apr.
1
May
1
SEC
Stocks
ing 1,389,161,194 shares listed on the New York Stock
Exchange with a total market value of $57,323,818,936, the
Exchange announced on June 3.
This compares with 1,232
stock issues, aggregating 1,386,653,884 shares, listed on the
Exchange May 1, with a total market value of $57,962,789,210, and with 1,191 stock issues aggregating 1,338,740,698
value
of
$49,998,732,557 on
June 1, 1936.
The Stock Exchange, in its announcement
of June 3, stated:
As of June 1, 1937, New York Stock Exchange member total net borrow¬
ings in New York City
on
collateral amounted to $1,152,212,988.
The ratio
of these member total borrowings to the market value of all listed stocks,
this date, was therefore 2.01%.
Member borrowings are not broken
on
down to separate those only on listed share collateral from those
8,78
17.38
22.81
235,210,693
35.93
60.09
1,014,286,861
42,108,857
943,667,662
1,295,870,312
60.66
34.25
28.96
34.06
35.25
29.63
33.61
41.80
41.27 57,962,789,210
Exchange:
Average
Price
$49,998,732,557
50.912.898.322
$37.35
June
1
27.78
July
29.76
Aug.
1
1
30.44
Sept.
1
30.97
Oct.
1
32.90
Nov.
1
34.34
Dec.
1
$26.50
38.00
40.30
54.066,925,315
40.50
54,532.083.004
55,105,218,829
58,507.236.527
60.019,557,197
40.88
43.36
44.26
1
69,878,127.946
44.02
45.30
Feb.
1,_„
37.98
Mar.
1
38.61
1
61.911,871.699
02,617,741,160
62,467,777.302
38.85
Apr.
May
1
57,962,789.210
41.80
35.74
June
1
57,323,818,936
41.27
35.62
45.46
46.26
Exemption of Intrastate Offerings—
Throop Says Provisions of Securities Act
Apply Only to New Issues "Genuinely Local in
E.
to
opinion
an
by
Allen
on
other
public
29,
May
the exemption provided
in the
Securities
Act of 1933 for intrastate offerings of new issues of securi¬
applies
"only
such
to
of
the exemption upon
ference, Inc.
to the
as
are
The question as to the effect
those acting as brokers and dealers
Investment Bankers Con¬
The opinion of Mr. Throop, which was directed
Conference, follows:
This
of
distributions
of
types
in the securities was raised by the
is with reference to your recent
questions
tration
letter, in which
you
raise
number
a
to the meaning and application of the exemption from regis¬
as
provided
Section
by
3(a)(11)
Securities
of the
Act
1933,
of
as
amended.
Answer
sion
of
to
the
intrastate
inquiries
your
general
of
be
I think,
may,
facilitated by
of application of Section
scope
offerings
new
securities.
of
issues
the registration and
from
exempts
prospectus
(a) (11)
3
Specifically,
brief discus¬
so-called
to
that
requirements of
section
the Act:
"Any security which is a part of an issue sold only to persons resident within a
single State or Territory, where the Issuer of such security is a person resident and
doing business within, or, if a corporation, incorporated by and doing business within,
The
that
Territory."
or
legislative
exemption
it
history
of
the
Securities
practically be consummated
may
Act
clearly
Act
and
is both
issuer
worded
sold
to be
as
only
to
consideration
tion
is
ties
is
reenacted
now
thus
in its
Section
in
3 (a) (11)
of the
a
the
this
nature
State
Accord¬
5(c) of the Securities
of the Act,
security "which is
within"
resident
a
entirety within the single
as
a
in
amended, is
part of
an
question.
In
so
issue
any
exemption it is essential to appreciate that its applica¬
cases in which the entire issue of securi¬
expressly limited to
Moreover,
sold
exclusively to residents of the State in question.
since the exemption is designed
to cover
distributions which, as a whole, are essentially local in
phrase "sold only to persons resident"
refer
cannot
that
incorporated and doing business.
available only to
persons
offered and
that the
6hows
designed to apply only to local financing of such
was
State in which the
merely to the initial
underwriters,
or
even
only those security
character, it is clear
used in Section 3(a)(11)
sales by the issuing corporation to its
subsequent resales
the
as
by the underwriters
to
dis¬
tributing dealers.
To give effect to the fundamental purpose of the
exemption it is necessary to take the view expressed by the Federal Trade
Commission
the
at
borrowings on all listed shares and their market values.
during its
is
exemption
the
time
hands
to
of
of
201).
Commission
May 1, 1937, New York Stock Exchange member
total net borrowings on collateral amounted to $1,187,279,384.
The ration of these member total borrowings to
General
Throop,
E.
Counsel of the Securities and Exchange Commission, made
No.
16.49
Clarifies
According
collateral; thus these ratios usually will exceed the true relationship between
As of
19.44
40.77
35.84
ingly, this exemption, formerly contained in Section
As of June 1, 1937, there were 1,230 stock issues
aggregat¬
market
16.23
97.59
Value
46,954,581,555
50.164,647,052
51.201,637,902
51,067,807,515
47,774,402,524
A.
Stock
Exchange June 1, $57,323,818,936, as Compared
with $57,962,789,210 May 1—Classification of Listed
total
30.45
Jan.
such State
a
70.18
28.74
315,183,167
2,142,357,319
1,577,498,465
3.662,597,823
206,334,175
366,133,808
458,551,482
18,389,180
52,643,115
133,478,657
27.96
Market
1936—
announces
with
67.65
34.31
49.13
1937—
ties
shares
47.82
36.40
41.23
Price
genuinely local in character."
Listed
39.33
Character"
Mar. 1
of
32.87
39.60
Average
34,548.762,904
36.227,609,618
38,913.092.273
39,800.738,378
40,479,304,580
43,002,018,069
44,950,590,351
1.—
96.83
Feb.
Value
36.06
11.74
38.63
97.35
Feb.
91.85
Market
41.30
1936—
Aug.
97.01
1
39,398,759,628
Amount of
38.27
two-year compilation of the total market
a
1935—
1937—
1
of
89.65
29.01
467,623,012
58,877,176
2,325,692,725
2,358,233,241
6,863,885,736
604,347,213
2,886,899.432
5,764,656,689
3,286,797,626
10.73
Value
95.92
Jan.
June"l
58.55
94.78
Sept. 1
Oct.
91.08
91.50
73.25
43.25
Market
95.79
91.71
Jan.
1
56.04
23.68
94.24
1
1
90.54
1936—
38.09
561,541,598
1,007,926,049
28.39
57,323,818,936
give below
3,422,043,787
54.18
value and the average price of stocks listed on the
Feb.
Market
37.84
49,029,217
128,094,309
234,636,973
1,599,228,426
40,911,929
927,667,738
1,313,490,205
u
Garments
Jan.
Market
-
Tobacco
We
68.02
74.69
42.21
461,504,885
17,258,856
Miscellaneous businesses
42,647,237 123.11
197,023,421 63.70
1,159.828,752 70.17
5,775,000 105.00
;
Textiles
17,439,349 75.94
4,563,228 104.04
75.00
4,595,984 104.68
43,142,610 124.54
193,714,176 63.79
1,175,859,723 71.06
........
All listed bonds
$
$
$
25,653.095,782 103.96 25,415,299,702 103.00
2,260,626,737 68.42 2,235,276,245 67.52
21,184,044 107.54
21,030.440 106.82
206,355,474 101.09
204,839,234 100.35
101.46
96,180,438 101.85
95,813,333
33,151,088 91.83
32,565,179 90.31
12,151,260 104.50
12,209,400 105.00
264,189,424 101.94
264,193,888 101.57
157,584,869 104.09
158,360,238 104.61
97.30
89.652,511
77,869,912 97.79
54.57
13,504,371
14,164,366 57.26
47,790,815 97.67
47,867,320 98.06
142,732,265 67.77
141,150,816 68.03
446,684,035 96.40
445,296,961 95.93
65,282,178 100.05
68,206.564 96.42
22,684,141 96.98
21,578,159 95.88
8,820,582,316 81.56 8,842,057,890 81.74
541,738.630 100.81
539,664,021 100.18
3.939,092 43.32
3,820,517 42.01
2,286,104,680 102,28 2,288,853,668 102.08
178,606,671 91.03
173,939,481 88.65
1,005,280,716 101.59
1,013,459,782 102.41
332,541.601 66.54
317,742,875 63.59
21,300.000 106.50
21,400,000 107.00
20,188,528 65.25
19,343,613 62.52
U. S. Govt. (incl. States, cities,
39.97
4,511,633,911
1,482,780,633
6,174,998,383
897,108,769
2,223,431,654
38.81
23.21
4,388,609,567
1,454,433,366
6,297,139,340
875,925,313
2.203,516,743
3.400,834,504
543,281,373
1,028,702,653
457,923,891
53,826,918
2,327,695,052
2,467,792,397
6,800,542.144
579,030,621
2,752,967,685
5,638,327,458
3,202,997,031
306,602,410
2,022,886,281
1,503,107,575
3,707,589,231
196,417,712
341,847,133
Autos and accessories
Financial
Rubber and tires
June 1, 1937
$
$
be
administration
available
completion
investors
its
is
of
the
clearly
Securities
required
was
decision
in
within
the
State"
Act,
that
of ultimate distribution shall
resident
This position
in
"it
if the
securities
that
the
be found
only in
(Securities Act Release
adhered to by the Securities
the
and
Exchange
Brooklyn-Manhattan Transit Corp. case,
principal amount of
bonds approximately 15% of which, during the course of their distribution,
were offered
and sold to persons resident outside the State of New York
1.
S.
E.
C.
147
(1935),
that
an
issue of $8,000,000
Volume
could
Financial
144
be exempt
not
the
under
former
6(c)
Section
the present Sec¬
or
despite the fact that the issuer, a New York corporation,
first instance sold the entire issue to underwriting houses
tion
3(a) (11),
had
in
the
York
resident in New
"sold"
been
and
investment
reached the
had
with
not
not be considered to have
hands of purchasers buying for
view to further distribution or for purposes
The bonds could
State.
they
until
a
resale.
of
these
From
distribution
member
other
the
sell
to
formal
such
follows that if during the course of
distributing dealer (whether or not a
distributing group), or any dealer or
it
any
selling
or
from a distributing dealer
non-resident, the exemption
securities
purchasing
person
were
underwriter,
any
of
principles
general
securities
to
a
for resale
would be
exemption is
applicable only if the entire issue is distributed under the circumstances
specified, any such sales to a non-resident in connection with the distribu¬
tion of the new issue would destroy the exemption as to all securities which
are
a part of
that issue.
This is true regardless of whether such sales
are
made directly to non-residents or
indirectly through residents who
purchased with a view to resale and thereafter sold to non-residents; and
Moreover,
defeated.
furthermore be immaterial
it would
mails
themselves
or
as
Act.
Securities
the
3 (a) (11)
that the sales might be made
of reserves among member
of interbank deposits and in
small part by interbank borrowings.
Open-market rates on bankers' ac¬
ceptances and the average rate on weekly sales of Treasury bills declined
slightly in May, while other open-market money rates and rates on custo¬
mers* loans showed little or no change.
High-grade bond prices, which
declined sharply in March and early April, advanced somewhat in May,
effected principally by withdrawals
while stock prices
declined further.
,
member banks continued to decrease
bankers' balances and in United
States Government deposits.
Other deposits, which had declined some¬
what in March, increased slightly in the following weeks.
Sales of securities
by banks have been the most important factor in accounting for the decrease
in deposits in recent months.
Member bank holdings of United States
Government obligations continued to decline at New York City banks
during April and May, but the decline was less rapid than in earlier months,
and holdings of other reporting banks showed little change.
Commercial
loans by banks increased further, although after the first week of April the
rapid growth of previous weeks slackened.
weekly reporting
Total deposits at
and May, reflecting declines in
in April
Reserve Position of
without
isolated
there was some shifting
increase in requirements
banks,
of
reserves
more
The following
in the week
$900,000,000,
than
Member Banks
requirements member banks held excess
After May 1 increase in reserve
instruments
transactions, involve no violation of the
Any such sales to non-residents, however few, and even
therefore,
might
Section
of interstate commerce, or by persons
exempt from the registration and prospectus requirements, and
the
of
use
under
since
3923;
Chronicle
about 16% of required reserves.
or
position of the various classes of banks
and changes since the last week of January,
table shows the reserve
ending May 21
and May increases in requirements.
of banks since the be¬
preclude compliance with the conditions
exemption unavailable for that
portion of the issue sold to residents through use of the mails.
On the other hand, securities which have actually come to rest in the
hands of resident investors—persons purchasing for
investment and not
with a view to
further distribution or for purposes of resale—may be
resold by such persons, whether directly or through dealers or brokers, to
non-residents without in any way affecting the exemption of the issue.
The relevance of any such resales to the existence or non-existence of the
exemption would consist only in the evidentiary light which such resales
might cast upon the question whether the securities had in fact come to
rest in the hands of resident investors.
If the securities were resold but a
short time after their acquisition, this fact, although not conclusive, would
strengthen the inference that their original purchase had not been for
investment, and that the resale therefore constituted a part of the process
of primary distribution; and a similar inference would naturally be created
if the seller were a security dealer rather than a non-professional.
The foregoing general outline will indicate that, as many people fail
to 'appreciate,
the so-called "intrastate exemption" is not in any way
dependent upon absence of use of the mails or instruments of transportation
of
communication
in interstate commerce in the distribution.
Section
covering the effects of both the March
in effect that if the residence of the purchasers, the
residence or place of incorporation of the issuer, and the place in which
the issuer does business are all confined to a single State, the securities
$100,000,000 of United States Government securities
though legal in themselves, would
3(a)(11), and would render the
of Section
provides
3(a) (11)
Securities thus
may without registration be offered and sold through the mails,
made the subject of general newspaper advertisement (provided
exempt
be
may
the
the operation of
from
exempt
are
appropriately
is
advertisement
Section 5 of the Act.
limited
to
indicate
that
offers
to
made only to, residents
of the particular State involved), and may even be delivered in interstate
commerce to the purchasers, if such purchasers, though resident, are tempo¬
rarily out of the State or should direct delivery to some non-resident agent
or
custodian.
Similarly, subject to the general prohibitions of the Act
against the use of false or misleading statements or omission in selling
literature, securities exempt under Section 3(a)(11) may be offered without
compliance with the formal prospectus requirements applicable to registered
securities.
Exemption under Section 3(a)(11), if in fact available, removes
the securities from the operation of all provisions of the Act except those
purchase
of
Sections
In
3
solicited only from, and sales will be
are
I should
like to stress once more the
fact that Section
such types of distributions as are
From a practical point of view, the pro¬
is designed to apply only to
(a) (11)
genuinely
local
visions
that
of
in
character.
section
can
exempt
only
issues
which in reality represent
carried out purely through local pur¬
chasing.
,In distributions not of this type the requirements of Section
3(a)(11) will be extremely difficult, if not impossible, to fulfill.
Conse¬
quently, any dealer proposing to participate in the distribution of an issue
claimed to be exempt under Section 3(a)(11), or to deal in such an issue
within a year after its first public offering, should examine the character
of the issue and the proposed or actual manner of its offering with the
local
financing by
did
not,
dealer,
himself that the distribution will not, or
any sales to non-residents.
Otherwise the
sales may be carefully confined to resident
involve the making of
himself to serious risk of civil liability under
12(1) of the Act for selling without prior registration a security
purchasers,
Section
fact
not in
though his own
even
may
RESERVE POSITION
subject
entitled to exemption
from registration.
OF MEMBER BANKS
Averages of daily figures, partly estimated]
[Amounts in millions o f dollars.
Changes Between Weeks
Week Ending
May 21, 1937
Class
Excess Reserves
Ending Jan. 29, and
May 21
of Bank
Per Cent
Total
Required
Excess
Reserve
Reserves
Reserves
Amount
Central
of Re¬
quired
Reserves
Balanves
city banks:
reserve
New York__
212
9
+122
—630
—97
58
11
+ 466
—347
317
16
+ 523
—107
...
+25
Chicago
^
Reserve city banks
+ 119
Country banks
+ 144
+ 279
—135
357
35
+ 181
+ 1,390
—1,209
944
16
All member banks
$180,000,000 in total reserve balances from
January reflected principally purchases during April of about
The increase of approximately
the end of
banks and declines in Treasury
The
required reserves was the result of the increased ratios of re¬
increase in
As the consequence of this increase, offset in part by the effects
and shifts in their distribution among
quirements.
of
by the Federal Reserve
and other nonmember deposits at the Re¬
banks, offset in part by an increase in money in circulation.
serve
decrease in the amount of deposits
a
member banks of the different reserve
actusljaddition
classifications, the
required reserves amounted to about $1,390,000,000 and the decrease In
excess reserves to about $1,210,000,000.
During the week ending May 21
to
$940,000,000.
member banks still had excess reserves of
In the
increased at reserve
in part withdrawals of bankers'
of New York City banks declined and those of Chi¬
period covered by the table reserve balances
city banks and country banks, reflecting
balances, while reserves
cago
banks showed little change, notwithstanding substantial liquidation
of investment holdings by
The ratios of excess re
banks in these cities.
ranged from 9%
The amounts of excess
required reserves in the week ending May 21
to
serves
at New York
City banks to 35% at country
banks.
by the various classes of banks in May were closely similar to
held
those held in the early weeks of
1934, as is shown in the chart, (this we omit
of required
considerable growth in
ted) but these amounts constituted a much smaller proportion
reserves,
which have increased as the result
deposits,
as
Recent Changes
Since the beginning of 1937 there
a
in Bank Deposits
has been some decline in the total amount
accompanied by important shifts in the distribu¬
of member bank deposits,
These changes in
of deposits.
tion
of
well as of the increase in reserve percentages.
local industries,
greatest care in order to satisfy
the next page.
ginning of 1934 are shown on the chart on
reserves
and 17.
12(2)
conclusion,
Fluctuations in excess reserves at the various classes
deposits had the result of reducing
required reserves by more than $100,000,000 below what they would other¬
have
wise
The
been.
principally
occurred
declines
in
deposits
of
the
Adjusted demand
linited States Government and in interbank balances.
deposits, which represent principally deposits of individuals, corporators,
local governmental
bodies, &c., declined somewhat at New York City and
while time deposits and deposits
Chicago but showed little change elsewhere,
of
Changes in various types of deposits at report¬
foreign banks increased.
ing member banks in leading cities from
are
the end of December to May 19
the table and from the beginning of September 1934 In the
shown in
chart.
Decline of About
$700,000,000 In Excess Reserves with
1 of 14 2-7% in Member Banks
REPORTING MEMBER BANKS IN LEADING
30, 1936, TO MAY 19, 1937
CHANGES IN DEPOSITS AT
CITIES,
DEC.
Final Increase May
Reserve
Requirements—Little Change However in
Member Banks Reserves at Reserve
All Reporting
New York
Banks
City
Banks Accord¬
to June "Bulletin" of Governors of Reserve
System—Shift in Holdings of Government Se¬
ing
curities
member banks reserve
accompanied by important shifts in the distribution of de¬
posits."
The declines occurred principally, says the Bulletin
"in deposits of the United States Government and in inter¬
bank balances."
From the "Bulletin" we quote as follows:
Recent
about
Banking Developments
the final increase of 14-2-7% in member
ments went into
effect, and as a consequence excess reserves declined by
showed little change.
little
bank reserves at
In connection with the final
+ 83,000,000
+"6o,obb"66o
by types
of deposits,
adjusted demand deposits showed
change in the first three months of this year, while United States
Government
deposits
declined
decline in bankers' balances.
by $120,000,000,
Interbank deposits, which had increased
the large growth in
stantially reduced in 1937.
and there
was
a
small
Time deposits increased by about $100,000,000
Withdrawals of Banker's
with
—5.000.000
banks, for which call report figures as of March 31 are the
available
excess
reserves
Balances
considerably from 1933 to 1930,
held by banks, have been sub¬
Balances of domestic banks at member banks
in
leading cities amounted to more than $6,000,000,000 at the end of 1936.
as
compared with an average of about $3,000,000,000 held for many years
By May 19, 1937, they had been reduced to about $5,100,-
prior to 1933.
000,000.
Much of the previous accumulation of bankers' balances repre¬
sented the redeposit by banks with their city correspondents of funds re¬
ceived
bank reserve require¬
$700,000,000, although the total volume of member
Federal Reserve banks
At country
latest
$
—78,000,000 —12,000,000
+ 7,000,000 —365,000,000
—50,000,000 —380,000,000
+ 1,000,000
—1.322,000,000 —500,000,000 —125,000,000 —667,000,000
Total..
declined by about
It is also noted that after the May 1 increase
in reserve requirements, member banks held excess reserves
of more than $900,000,000 or about 16% of required reserves.
Recent changes in bank deposits are also commented upon in
the review of the month contained in the "Bulletin," and it
is observed that "since the beginning of 1937 there has been
some decline in the total amount of member bank deposits
$700,000,000.
+ 138,000,000
Cities
$
—894,000,000 —464,000,000
+ 99,000,000
+ 100,000,000
Foreign
Time.
requirements is discussed, and it is
stated that in consequence excess reserves
On May 1
U. S. Government
Interbank—Domestic-
"Bulletin" for June, issued June 8,
the effect of the final increase of 14 2-7% on May 1 in
In the Federal Reserve
$
$
—56,000,000
—520,000,000 —162,000,000
—146,000.000
Adjusted demand
Other
Chicago
on
banks in
deposit from other banks.
decreases
In previous
years
there had been at
leading cities outside New York large increases in balances due
from banks
in
as
well
both.
as
in balances due to banks, and this year
there were
Reporting member banks in leading cities
balances with other banks of less than $1,800,000,000 on
reported
MayjlO, aldecline
3924.
Financial
of Sfi60.000.000 since the end of December.
period nonreporting banks withdrew
It would appear that in
balance
on
more
this
$300,000,000
than
of their deposits from city correspondents.
These withdrawals of bankers' balances reflectedp rincipally adjustments
by member banks to the increased
ifl recent years have carried
with Federal iReserve banks and
Banks having insufficient
reserve
Country banks
requirements.
portion of their idle funds in
a
portion
a
with the Reserve banks to meet
excess reserves
the increases in requirements drew upon their
Also in the early spring banks
in agricultural sections customarily draw upon their balances to meet pay¬
ments in
ment
urban
for seed, machinery, and other supplies
areas
and equip¬
required by farmers 1n that season/;
at country and reserve city
reaerves
central
reserve
city banks,
at the
reserves
respondents
central
are
but at
the
they reduced required
time
same
banks
city
reserve
banks and of decreasing reserves at
and
since
balances with
Manufacturers Trust
requirements., they resulted in an increase in
reserve
required reserves at other banks.
At country banks the increase in
required
Beginning
of Monday morning, June 7, 1937, the business heretofore
as
conducted at
the
principal office of Manufacturers Trust
St., New York, N. Y.
ferred
to
nearly $1,000,000,000 at the; end of December to about
$200,000,000 on May 19.
Deposits paid out by the Treasury were redeposited at banks by the recipients so that there woiild have been an increase
,
deposits, had this increase not been offset through purchases by
depositors of securities sold
therefore, corresponded
posit liabilities.
Every endeavor has been made to consummate the transaction without
customers of the
Edward E.
Equitable Trust Co.
heretofore Executive Vice President in charge of the
Steele,
operations of the Equitable Trust Co.,
Since the volume of outstanding United States
obligations by
funds that had been held
decrease in
ihe
probably made with
Shifts in Holdings of
'
.
Government Securities
vFor
the first quarter of the year total holdings. of all member banks decreased
by, about) $8OO,OOG,OQ0V .fpllpwing a reduction, p£> somewhat< more than
$1Q0.QP0,QP0J p}, the last, ha^f, Of 1936-s o ^hile the decline last year was en¬
tirely at kwiks id
was
^tqw York, the decline this year was at banks in Chicago
a« wed. ,..A part of the decline shown, at Chicago
March 3,1; was temporary, reflecting s^Les to customers over a
banks p»j
peripdr/s/FUftffpllQWing,table shays, holdings qpM^eh 3R 1937, of
different, typqs of, Government, securities by the various classes qf member
banks and by. J^Qderai Reserve, banks., compared with the total,outstanding
ta*.
BANK HOLDINGS! OF DIRECT OBLIGATIONS QF THE UNITED STATES
Tij! GOVERNMENT nfipji.t..y/u.i"jo'i f/U/.i■ 'Ufai>\\ .ytf'S
tdO:lo:PJV:MtV tern h'Mdl'Vtb- [In, millions, of dollars)/
hsihiiU.'.dip.i
•
■i
'jiff'
,«>iib.
v,
m
f i<>
,<
Total',
(UfitF v;d--i^aiifjfoii- jmuu.jy-riTl 1H'
-
Holdings
Mar. 31.
'M'liiiinii.i
f,;t{. ,>,(
i7/ iO'J
w
IS yoM
to 'tliuunm; ?niT
Mepaber hanks:)
■
tilfi
fa.
.
' 853
Vt 4,250
ov-Ej
v
debt
..
—128'"
I Of J
+ 18
-783,
+ 14
—132
a—154,
'
—24
+ 146
Ud-lV
irl.<
32,Q00i
>
,
■!lt:»)U')i
—506
n-r22. -,{+484
*
'Holdings of Treasury bonds by member banks decreased by about $150,-
OOO.OO0, holdings of notes by $500,000,000, and of bills by $130,000,000/
Sales'of bonds by banks In this period were larger than the decrease shown
banks exchanged notes for bonds in March when nctes
were
re¬
funded into, bonds,/.,' Of the net reduction of $128,000,000'Jn holdings of
bonds by New York1 banks, $107,000,000 consisted of bonds
maturing after
although
refunding, which reduced the
banks
as
a
group,
amount
including Federal
of notes
outstanding,
Reserve banks,
explained by the sale of bills by Chicago banks to their customers prior to
the'April 1
taix.dktfj. The New^ork banks also Reduced'their holdings of
blllk, :while reservecRy banks increased their holdings.
Changes in holdings
of Government securities at country banks were small,
The Increase in the public debt
outstanding during the first quarter of
198,7 wasiin United States Savings bonds and various special issues: obliga¬
tions usually purchased by banks; showed
amount of
no, increase
until April.
The;
(Since bank holdings decreased?
during the period,:it appears that other investors substantially increased?
Ol
Government obligation?,/,especially of bonds.
HtO'l'l V,(li"t')0{.-;7'!'.'
" I
♦«
I .11,
ni;T li'vil!',V
,.!
.Trust Coof) Hew,
(Maxiiufa«tur€ii!s Trust ■Q.Ofsofxia
f
O')
>
JTltf
••?:>£iiu /pdhft'il it<
Txe Mannfaetirrur9 Trust Go-:of New Yorkr-oh'June' 7
"-
In commenting on the
'fliW prior to liis death
on
formed at that time
IVesidenfc
Wright
the New York "Herald-
was
merged
March 18, 1930, with the
on
deposits.
no
to preserve
the
name
and hold certain trust busi¬
which could not be transferred to Chase in the merger,
ness
In the
summer
of
but accepted
Hayden and associates bought
1934 Mr.
the stock of the Equitable from the Amerex
Holding Corp., formerly the
Chase Corp., and took
over the trust company's operation.
After Mr. Hayden took control the Equitable Trust offices were moved
the eight floor of 25 Broad St., one floor below Mr.
front Its former headquarters at 15 Broad St.
to
Dquitable Trust brings
Hayden's office,
to the merger institution resources of $57,009,291,
according to its last statement,, as of Dec. 31, 1936, putting total assets of
Manufacturers Trust around the $800,000,000 mark.
As of March 31
the
letter1
while
had
of $741,544,110
resources
deposits
and
Equitable Trust reported deposits of $41,266,856
•msm1)ticc
owm")"
or
icto
n»j
«i.iiobU'vr d'jiioflj
•oquftU
.
/I/ MCI
"•
^
^
of
$618,917,749,
of Dec. 31.
as
,
.
•
;■
.
Rising Operating Costs of Banks Resulting from New
r,A-
Laws
and
"'Regulations
Seen
by
H.
A.
Theis,
of
?'u ' Guaranty Trust, Co.—Urges Institutions to Prepare
j^for; Changes to^ Assure Successful
■WaX*'118*-Departments, {■)A^
Operation
of
In
addressing the 1 annual' 'Convention of the American
Institute of Banking in St. Paul, Minn., June 8, Henry A.
Theis,; Vice-Presidentuof the Guaranty Trust Co. of New
"
o^.trust departments of banks, constitute the
most imporatnt
factor contributing, to increasing operating costs, and stated
that "it behooves us to-set the stage for the inevitable result
,
+ He
added:
The expenses incident to this part of our work will grow, rather than di¬
minish.11 We may make up our minds that we are going to be
permanently
saddled with higher operating costs resulting from the continual growth of
»df bid 1 'iI>*;-<•■ thi vj sil'M. .oi -'l-tlno. n't
bureaucracy.
Speaking
and the
'^jThe, Cost of Operating
on
Trust, Department
a
Compensation of the Trustee," Mr./Theis empha¬
,
sized the importance'to successful trust department operation
of
maintaining a cost accounting system,' of selectivity in the
business accepted, of seeking quality rather than quantity of
business, and of new fee schedules revised to meet changed,
conditions and applied uniformly and impartially.
He said:
All of these should have for their main purpose better and more adequate
service to the public,
service
should be
More and
keeping in mind, always, that
so
far
as
possible trust
accessible to every person who really needs it. "
more
trust men
looking at a piece of business and asking
are
themselves the question, what is the need of the person consulting us; does
he really need a trust, and if so can we take it at a profit to ourselves*
If
hq really needs a trust,;can. thia particular piece of,business afford trust
fees ?
on
it
j If
cannot meet these qualifications it has better not be taken at all,
the grounds that a specific piece of business must give way to the general
good'.
There is
hei^e and there
to your trust
no sense in
endangering the safety of
misfit beam
a
or a
a structure
by inserting
misfit stone, and this is what you are doing
department if>you< inject too many ill-adapted trusts into it.
/The public gives
trust,
business„
us our
Charter which grants
,That privilege implies
•
recognize the social obligations which
we
a
us
the privilage of doing
public dxity in return,
we owe in
the conduct of our
a
,We all
business.]
should not be expected to accept queer trusts solely to satisfy
eccentric WhiihV'qf
struggle!
to
trtists pectiliar property.
Harvey D; Gibsonp President of the Manufacturers1' Trust;*
with Impossible situations, or
' It behooves
us
to
rifoU{fit-0lit
«VT/i
,
presideiijt] Morfatt
Exchange—Notes Substantial
■jyuUfy^yn')-;-yi
itr
Nf
of quantity, n .H 2 • >! m ,
<{i\>}<)j> n<P'(Mu-.inf
V,S|mirnffjv/rrfov-m
/urtm uihtrfi hxoufsnry/cA)
1
someone's
to take into
be selebtiv& in the business
which We accept/, and' our rule should be quality instead
.Tan,. S, Iftst.,, .Tie
arrauKe11 ents for tue merger were
completed oil June (i by trustees,
oi ithe estate ofi .Mr;, Hayden and officials of c the Manufac¬
turers Trust Cg.v according to announcement'that: day by
Niedringhaus,
Hayward
merger,
,Thq old Equitable Trust Co.
Annual Repppt .of
some
George
Such social obligations must be yiewed in the light of reasonableness, and
:(if ftl'l
jVTork^FaJten ,Overj'^y
.OKiic 'b bm pill hi
•
Co.,
Tribune," in its issue of June 7, stated:
Treasury bonds outstanding increased by about $500,000,000,:
while notes, decreased by afsimilar amount.
uheir holdings of
Stamping
Manufacturers Trust Board.
also sold
notes from their portfolios. r«The decline in: Treasury bill holdings is largely
in
Mr. Hayden
he was closely associated.
actively interested and with which
Enameling &
31^ 1949. holdings of which had increased in the last half of 1936.
The decline in holdings of Treasury notes.may be largely accounted for by
March
largely to many
's
1
fiustomere over a tax,period.,
.,1 |,v,-rU(,(lf
.ffn„
c United
States
Government interest-bearing debt excluding U. S. Savings
bonds/ Postal Savings bonds! and other'special issues hbt generally purchased1
by bankiabud
rib nutM olidvr.,o'Wd7AMlo
ol Mil:bo'y/tuSrt itui
the
very
corporations in which
arising out of these changed conditions/"
■10
'Includes a small amount of United States Savings bonus purchased/;d
" Tv/
f,b The; decline) In. Chicago hanks holdings of bills is largely due to temporary sales
December
firms and
+95
•»a
many
Trust Co.
the late Charles Hayden on
During the life of Mr.
Bank.
National
Chase
-—73
—3
+ 29
;-r^268
to
as
the
—175
<'
1-i—,3
)
LiUlilUj
i'i>)
+(4 )
-P: ^
yJ'fi.'T Mil
—20"
i
2,430
uurlTafii-iini-tiT muda aafthtwjrmf:1.
outstan d i ngj-Cu
>.r
lxi.254
r?170
Bills
■>
-)'V;
J^-3S3 :
-
alO.856
'
publici
Of.
.
-U-.
v/jV.pvviU,
)!
Bonds '>i Notes
Total
2,397
—
^'open-market"
Cham from Q?c. SIX, 1936
!!l TO
3,356
/
„
Mit"
,.
Chicago jiTGIOJ GliG EE El EE EE OIE d
County banks
t
:','-I937,<i-:
>)»i
iiW<»Yb
Reserve city banks.
;
from
Granite City Steel Co., and Guy W. Vaughan, President, Curtiss
'*'K>+uuj 'io alnwc/ibittivr i
ii'KrtV
1934
President, Mathieson Alkali Works. Charles L. Hogan,
President, Lone Star Cement Co.. Alfred J. Kieckhefer, President, National
amount,of the kind? of. dpht, that banks customarily purchase, together with
changes during the
qparter; of, this,year,
>*.«+ rVr.iwni:.
,ot" wnpstfy 'So W3i,r«t
15,
Edwin M. Allen,
and the other reserve cities
■
checks drawn on the Equitable
Hayden, the Equitable Trust Co. confined its business
was
March 31, which has recently become
States Government.securities! held ,by all classes of member banks.
Total
/
be worked out, all
Chase National Bank, along with Interstate Trust Co., the merger making
Chase the largest bank in the world.
The present Equitable Trust Co.
available, gives information on changes in the various types of United
.■'
can
of the important industrial
idle,, so that these transactions did not result in a
volume of active deposits, j
j/jr
i
becomes a part of the organization
of Manufacturers Trust Co.
is apparent that purchases of
non-banking investors increased substantially.
The member bank call report for
u
becomes an Administrative Vice-
President of Manufacturers Trust Co., and the entire active staff of officers
and clerks of the Equitable Trust Co. also
Corp., all former directors of the Equitable Trust Co., will today be elected
Most of the purchases of securities by investors were
fiWJX')
business and without, any inconvencience to the
interruption of the
any
directors of Manufacturers Trust Co. to fill five existing vacancies on the
a
increased during tfct period/It
States
States
55 Broad
has assumed its de¬
decline of $930,000,000 between
December 30 and May 19.
United
Trust Co., which Institution
Holdings,of United States Government obliga¬
by reporting member banks showed
obligations
bank deposits,
tb; decreases in 'bank holdings of United
Government obligations.
tions
The reduction in
by banks,
Co.,
Assets of the Equitable Trust Co. have been trans¬
Manufacturers
The Equitable Trust Co. was acquired by
from
the
time
conducted at the banking rocms of the Equitable Trust Co. will be similarly
June
Treasury, balance, with depositaries other than Federal Reserve banks
over
some
before his death controlled by him.
'to tf'xw +:>:1
Decrease in Treasury Deposits'" ^
'
.•AbKMOOibiptri m wwirmul rut A. buu li-vc/A -nil
lowvp'lo
arrangements
Hayden to take
Trust Co. forms will be honored by Manufacturers
deposits.
In
officials have today concluded
Equitable Trust Co. of New York, the stock of which bad been for
Until further details
declined
Co.
with the trustees of the estate of the late Charles
cor¬
deductible from gross demand deposits in computing net
deposits subject to
The follow¬
ing is the announcement issued June 6 by Mr. Gibson:
These withdrawals of bankers' balances had the effect of increasing total
h
Equitable have been moved to the principal
office of the Manufacturers at 55 Broad Street.
balances with other banks.
Some banks probably also withdrew balances to meet withdrawals of United
States Government deposits in this period.
June 12, 1937
The offices of the
excess reserves
balance with correspondents.
on
Chronicle
or
New, York Curb||
in "Fully
Increase
i+lil 'j'(U v.vJ/i iii}
In i;nis,:amiual. report, covering tho ?New, ,York., Gixr0 m-t,
change's fiscal:year Febi'iiary^ 1936i-rrFehruary» il937i> Ered
Gi'Moffaitt?,1 President', notes'a substantial (increase during
y.
Volume
the year in the number of stock and bond issues
the Exchange.
"fully listed"
He revealed that 122 stock issues and 19
on
^
bond issues
3925
Financial Chronicle
144
listed, including 11 stock issues and four
previously been admitted to unlisted
trading privileges.
This compares with 46 stock issues and
30 bond issues listed during the year 1935, which totals in¬
cluded 1935, which totals included 19 stock and 30 bond
issues previously admitted to unlisted trading privileges.
were
unit banking and the dual banking
insidious attack on both
an
the same
less
other
to
system, and
vigorous opposition that has been made
to attack our principles of competitive
repelled with
be
should
efforts
specious
banking in the past.
bond issues which had
Mr. Moffatt also noted that the
actions
volume of stock trans¬
the Curb
Exchange during 1936, which amounted
to 134,845,196 shares, was the heaviest in six years.
It
compared with 75,747,764 shares in 1935 and 60,050,695
shares in 1934.
There were 13 daily sessions during the
year, the Curb President said, in which the volume ex¬
ceeded 1,000,000 shares, while there was only one 1,000,000
share session during 1935 and none in 1934.
Bond trans¬
actions, however, in 1936 amounted to $823,050,000, below
the all time high record of $1,171,440,000 in 1935.
The following is from Mr. Moffatt's report, which was
made public on June 2:
on
The record of last year indicates that the volume
stocks
this Exchange is increasing-to a
on
business transacted.
divided
were
on
of dealings in fully listed
larger percentage of the total of
The proportions of the volume of dealings
privileges," and 37 ^ % in stocks "fully listed."
in the volume of dealings in
in all stocks
% in stocks "admitted to unlisted trading
the basis of 62
The proportionate increase
fully listed stocks is accounted for, to a large
extent, by two factors; (al the increased number of listing
applications which
gradual decrease, due to retirements,
have been filed and approved; (b) the
&c., in the number of securities dealt in as "securities
admitted to unlisted
trading privileges " which decrease has not been offset by admissions
securities to unlisted trading, by reason of the
new
of
admission
unlisted trading prescribed by Section
securities to
new
of
restrictions against the
12
(f) of the Securities Exchange Act of 1934.
New York
Curb Exchange prices was shown last year.
More than 200 tickers were
added to the system, bringing the number in operation as of Dec. 31, 1936
to approximately 1,100.
That total compares with 986 tickers in operation
the close of 1935, and 763 as
Last year's
of Dec.
of Dec. 31, 1934.
31, 1935, and 23 cities at the end of 1934.
One hundred and eight
.
.
Teleregister electrical quotation boards were in
end of 1936, an increase of 25 during
C.
Certificates totaling
3.070,438
were
handled through the Central Delivery
dming the year, an in¬
These certificates represented a
Department of the Securities Clearing Corporation
of 630.228 over the previous year.
crease
$12,250,093.28 over 1935.
Day Branch settlements obviated the drawing of 1,427,392 checks and
also made unnecessary the certifications of checks amounting to $1,720,-
money
value of $2,317,751,149.85. an increase of
883,129.96.
helpful."
be
made
authorities—local, State and
national," namely, "that an effort be made to eliminate un¬
necessary governmental functions; that the tax burden be
reduced and distributed over such a broad base that each
citizen will realize that lie is paying his share of the cost,
not only of these temporary
agencies which threaten to
become permanent, but also the cost of legitimate govern¬
mental operations; that further indebtedness to bridge the
gap between governmental income and outgo be eliminated;
that all budgets be balanced, and that governments function
within a legitimate and proper income derived from taxes
which do not lay too heavily upon the shoulders of the
last
year
transferred during the calendar year 1936
$48,000.
The regular membership body
Exchange is limited to 550 members.
Associate members Increased
prices ranging from $26,000 to
by 11, which brought the total for that
to our governmental
The address of Frank
C. Rathje, President of the Associa¬
tion, was referred to in our
June 5 issue, page 3768.
Receiverships of National Banks
of 29
Completed During May
J. F. T. O'Connor,
Comptroller of the Currency, announced
of the liquidation of 29 receiver¬
the completion
June 7
of National banks during the month of May, 1937.
a
total of 675 receiverships finally closed or
ships
makes
This
restored
to
Total
disbursements,
including
out.
aggregated $224,950,764, or an average return of 79.09% of total liabili¬
while unsecured creditors received dividends amounting to an average
ties,
of
Total
from
the month of May, 1937, amounted to
dividends paid and distributions to depositors of all
March
during
16, 1933, to May 31,
1937, amounted to $858,696,875.
following are the 29
National banks liquidated and
solvency in May:
INSOLVENT NATIONAL BANKS LIQUIDATED
OR RESTORED TO SOLVENCY DURING
AND FINALLY CLOSED
THE MONTH OF MAY,
1937
body up to 399 members at the year
Total Dis¬
bursements
of
Including
Constitution.
.
stocks
As of Dec. 31, last, 645
marked increase in the number of dividend-paying
a
the New York Curb
issues, or approximately
Exchange during 1936.
58% of the 1.120 stock issues on the trading list,
Of that total 250 issues were fully listed, and 395 admitted
unlisted trading.
As of Dec. 31, 1935, 516 stock issues, or approxi¬
paid dividends.
mately 48% of the 1,122 issues
admitted to dealing, paid dividends.
Extend
Banking
Illinois Bankers Association Opposes Threat to
Branch
Banking
and
Eliminate
State
System—Urges Legislation in Illinois to Eliminate
Double Liability of Bank Stockholders—Elimina¬
tion
of
Unnecessary
Governmental
Functions
Urged
Chicago, the Illinois Bankers
in its Declaration of Policy, adopted May 25,
Association,
pointed out that "from the very beginning of organized bank¬
have been unalterably opposed
to any attempt to jeopardize the unit system of banking by
the recognition of branch banking either within the State
or the Nation, or by any threat against the dual system of
ing in this State the bankers
State and National banks have operated
The Association's declaration went on to say:
banking by which
side
by side."
The threat to
extend branch banking and to eliminate the State
system or to make it
the
autonomy
privileges
own
of
the
Dividend
to
Declared
mcnts
Total
To All
Liabilities Claimants
$88,467
102.09
87.81
hanking
subservient to Federal authority and thereby threaten
several States with regard to their constitutional
211.248
52.9
114.6
87.02
36.497
99,425
105.65
111 81
988,355
232,988
63.05
20.95
73 78
59.15
158.682
48.38
283.002
81.
73.83
105.420
59.7
51.71
8.
114.93
178.996
103.85
223,835
100.92
Hubbard, Iowa_x__ 10-30-33
304,008
105.72
112.25
10-3-33
Ind.x ...
2-9-33
First National Bank, North Bend, Neb11-1 33
Farmers National Bank. Dahlgren, Ill.x9 12-31
First National Bank, Eudora, Ark
II-3-33
First National Bank, Goldsboro, Pa_x_.
12-26-30
First National Bank, Ladonla, Texas
4-11-31
Woodlynne Nat. Bank, Woodlynne, N. J.
217.857
172,975
126,958
106.59
110.7
93.83
92.17
188,109
200,489
79.78
56.6
92.04
91.01
38.88
5.
55.69
38.
67.63
58 07
7-17-31
111.858
169,113
126,596
179,007
48.42
18.15
8-23-33
512,837
103.24
107.09
1-13-33
493,905
27,663
55,730
145,785
67.91
56.74
9-16-35
9-5-33
9-22-32
51.776
First National Bank,
First National Bank, Boswell,
First National Bank, Noble,
11-14-31
111
Floyd Co. Nat. Bank, Floydada, Texas..
First National Bank, Eutaw, Ala.x
Tenn—
Grundy Center, Iowa.z 4-11-34
2-1-34
Youngsville, Pa.z.
Palnesville Nat. Bank, Painesville.Ohlo. z 11 21-32
The Old First National Bank, Mount
First National Bank, Maryville,
First Nat. Bank,
First National Bank,
At its recent convention, in
Per Cent
Disburse
1,374,623
First National Bank, Rich wood,
Dividend Record
was
111. x. 10-10-33
1 20-32
N. Y__
Ohio— 4-17-31
3-19-32
Security National Bank, Fairfield, Idaho
9-24-28
First National Bank, Dublin, Ga
7-27-32
First National Bank, Thomasville, Ga._
7-21-31
First National Bank, Greensboro, Ala...
11-3-33
Citizens National Bank .Dickson, Tenn.x
I-10-30
First National Bank, Seward, Pa
1 16-34
The National Bank of Pico, Calif.x
Earlville National Bank, Earlville, Ill.x. 10-27-33
First National Bank, Ridge Farm,
insolvencies among the membership, either regular or as¬
were no
Offsets
Allowed
Corinth National Bank, Corinth,
sociate, during the year.
There
Failure
P. C. Total
of three years in accordance with
Insolvencies
There
active
$3,136,835.
receiverships
Dividends distributed to creditors of all
67.13% of their claims.
receiverships
1,1936, three regular members of the Exchange, were suspended
Section 7 of Article XVII of the
Vernon, Ind..z
The Nat. Bank of Commerce,
x
Ill.z
covering
50.46
50.461
90.25
69.538
73.21
58.731
95,463
85.03
85.027
425,652
85.10
22.442
31
23
5.97
Receiver appointed to levy and collect stock
deficiency in value of assets sold, or to complete unfinished
Formerly in conservatorship,
assessment
100.
Amarillo,
Texas-z_
American Nat. Bank, Gillespie.
99.73
108.246
z
liquidation.
shareholders' agent: First National Bank,
National Bank, Fairfield, Idaho, $30,321;
National Bank, Earlville, 111.,
$93,314; First National Bank, Hubbard, Iowa, $36,534; First National Bank,
Note—Cash and other assets returned to
Ridge
Farm,
111.,
The National Bank
Boswell,
$60,124;
Security
of Pico, Calif., $52,364; Earlville
Ind., $70,887..
Reference to the liquidation of
during April was made
National banks completed
in our issue of May 22, page 3423.
by providing for or supervising a banking system under their
is again imminent.
There has been introduced in the
authorities
States a bill which would permit a National bank
State permitting branch banking within the
Federal Reserve District of which it is a member.
The attempt in this
bill to avoid controversy by excluding from it States which do not permit
branch banking is
.
.
.
too evident an attempt to allay opposition
from
such States.
The important principle of State autonomy is not
Congress of the United
to
to depositors and other
restored to solvency,
Date
On April
to
allowed,
offsets
Discipline
on
He said:
675 receiverships, exclusive of the 42
end.
by the Board of Governors for a period
of March,
banking holiday
since the
solvency
the Comptroller pointed
1933,
finally closed or restored to
Memberships
of the
reiterates "the suggestion
The Declaration of Tolicy
The
...
38 regular memberships were
the
suit
against a stockholder because of his double liability, goes
only part way. Nevertheless, temporarily at least, it would
time
creditors of these
Clearing Corporation
at
itself; the other, H. B. 3G2, which attempts to limit
in which a creditor of a State bank may enter
in
on
.
York Curb Ex¬
change quotations, are installed in offices in New York City; Boston;
Buffalo; Chicago; Cleveland; Detroit; Philadelphia; Pittsburgh and Wash¬
ington, D.
pending in the General Assembly of the
which will be remedial, as to which it
Constitution
nationwide by the
These boards which carry a partial list of New
the year.
are
measures
"One H. J. R. 14, which proposes an amendment to the
to eliminate the doub e liability, is complete
says:
Denver, San Francisco, Los Angeles and
operation in brokerage offices at the
two
State
Oakland.
tickers operating in 48 cities, contrasted with 27 cities
end saw
there
Illinois
Liquidation
1936, the ticker service again became
In November,
as
be
year," the declaration noted that this "has induced many
of our State banks to surrender their charters and reorganize
as National banks."
It is further noted that in the case of
citizen."
Ticker Service
extension of the system to
double liability
National bank shareholders, which will probably
effective in practically every instance by July 1 of this
appreciable increase in the number of tickers printing
An
at
Referring to "the complete elimination of
against
have
branches
in
any
preserved by this attempt and
bankers should not be misled by it.
It is
Representative Patman Warns Against Concentration
of
Banking Resources—Urges Iowa Bankers to
Oppose McAdoo Branch Banking Proposal
Speaking before the members of the Iowa Bankers Asso¬
June 2, Representative Patman of Texas declared that "if you desire to stop the conciation at Sioux City, Iowa, on
3926
Financial
centration
of
banking resources in
ownership and control
encourage
seriousness of this situation
is
success
Reserve
possible."
System,
movement
you
and combat it at
now
constituted, "has not arrested the
concentration
of
credit
added:
The
control,"
and
:
unit
sooner
time when
a
Mr. Patman stated that the Federal
as
toward
few big banks and to
should realize the
a
bank
later
or
concentration
is
fading
follow
to
of
fast
all
the
from
Canada,
banking
and
scene,
England
in
power
and
bids
America
other
Chronicle
payable without interest.
maturity of similar securities on June 16 in amount
of $50,022,000.
There is also maturing from June 16 to
June 18 six issues of Treasury bills amounting to $300,376,000, which, as noted elsewhere in our issue of today will
paid off by the Treasury from proceeds to its June 15 financ¬
ing.
The six issues of bills are as follows: 4
There is
fair
McAdoo
is
It
$50,023,000 dated March
$50,081,000 dated March 17 due June 17
$50,153,000 dated March 31 due June 18
banking
of
proposal
Senator
in
bill
a
now
pending
State lines but
in
Congress
permitted
be
that
over
banks
branch
entire
an
Federal
District.
Sioux City advices of June 2 to the Philadelphia "Record"
report
Nation
From
of
1936
of
banks,"
their
banking
that nearly
of the
advices
he
their
said,
amounted
totaled
to
directors.
$16,164,233,000.
$20,853,352,000,
an
increase
the
At
At the end of
of
almost 25%
rate
wealth, Mr.
financial
national
the
Patman
wealth,
or
one-half of the non-financial corpo¬
declared, is concentrated in the 175 largest non-
"The individual must
Mr.
Patman
a
said
common
which, in this
"Of the
403
directorates.
"Are
come
business
"independent
They
cause.
in contact with them
should
men
and
to
protect
unite
constantly."
their
the
serious
ately
as
Independent
I consider
No
tender
for
on
$500,000
and
or
$1,000,000
*
an
amount
than
less
$1,000
be considered.
will
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g., 99.125
Tenders will be accepted without cash deposit from incorporated banks
and
trust
companies
securities.
or
shall
we
this country consider this problem as
they will become aroused and commence immedi¬
obnoxious, uneconomic and un-American
an
and from responsible and recognized dealers in in¬
Tenders
from
others
must
be
accompanied
deposit of 10%
of the face amount of Treasury bills applied for,
accompanied by
tenders
are
an
by
a
unless
guaranty of payment by an
express
Immediately after the closing' hour for receipt of- tenders on June 14,
1937, all tenders received at the Federal Reserve banks or branches thereof
bankers of
it,
campaign against such
a
$100,000,
tender must be in multiples of $1,000.
up to the
or
system."
trust company
closing hour will be opened and public announcement of the
ceptable prices will follow
following morning.
the
independent bank, the unit system,
adopt the absentee ownership system of branch banks?
"If
$10,000,
incorporated bank
...
have
$1,000,
interest
own
is the interest of the American people.
directorships in the 24 leading banks," he said, there are
with
the
100 major corporations
through interlocking
to
we
of
bankers
independent
case,
488
connections
They (the bills) will be issued in bearer form only, and in amounts
denominations
the
"These great companies form the very framework of American industry,"
have
offering announced this week will be received
at the Federal Reserve banks, or the branches thereof, up
to 2 p. m., Eastern Standard Time, Monday, June 14.
Tenders, however, will not be received at the Treasury
Department, Washington. The following is also from Act¬
ing Secretary Magill's announcement of June 10:
vestment
corporations.
he said.
7 due June 18
the
Fractions must not be used.
during the depression."
One-fifth of
BidFto
(maturity value).
678 officers and 484
"have
resources
resources
also quote:
we
$50,044,000 dated April
resources
concentrated in the country's 24 largest banks.
same
1929
figures showing
gave
commercial
the
were
the
"These
end
Mr. Patman
that
one-third
^
$50,055,000 dated March 10 due June 16
in
(D., Calif.), Mr. Patman said:
be restricted by
not
Reserve
3 due June 16
the
countries
$50,020,000 dated March 24 due June 17
branch
the
to
proposed
a
comparatively few gigantic central
a
1937
the face amount of the bills will be
banking institutions.
Referring
June 12,
as soon
possible thereafter, probably
as
on
ac¬
the
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders
or parts
of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders
thereof.
will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills alloted
made at the Federal Reserve
funds
banks in cash
must
be
other immediately available
or
June 16, 1937.
on
;
The Treasury bills will be exempt, as to principal and interest, and
any
gain from the sale
A.
B.
A.
to
Oppose McAdoo Branch Banking Bills—
President Smith Indicates Stand of
Interim Com-
mittee
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 shall be allowed as a deduction, or otherwise
recognized, for the pur¬
Tom K.
Smith, President of the American Bankers Asso¬
ciation, announced
June 4 that,
on
based
general convention of the Association
action of the
on
the branch bank¬
on
ing question at New Orleans in 1935, the Interim Committee
of the organization has reached the conclusion that the
Association should oppose oppose McAdoo bills S. 2347 and
S. 2348 providing for branch banking across State lines.
It
is pointed out that the convention of the Association in 1935
approved Section 23 of the Banking Act of 1933, which pro¬
vided, in substance, it is stated, that National banks should
be
permitted
which they are
under
establish
to
State
branches
in
various
States
in
domiciled where branch banking is permitted
of that section being to put
law, the effect
National banks
a
on
parity with State banks, which might
be permitted to establish State-wide, county or city branches,
without violating the principle of State autonomy.
In view of these
facts, Mr. Smith says, the Interim Com¬
mittee of the Association has adopted the following state¬
ment
:
The
American
Bankers
Association
has
approved
the
principle
of
pre¬
serving State autonomy with respect to branch banking and granting to
National
bank
domiciled
the
the
to
banks under the
right to establish
extent
same
of that
laws
that
a
branches in the State in which it is
branch
banking
is permitted to
State
State.
poses
of
any tax now or
hereafter imposed by the United States
Treasury Department
Circular No.
418,
the
Committee
on
Federal
Legislation of the
Association has been instructed to oppose the McAdoo branch
banking bills, Mr. Smith states.
The by-laws of the associa¬
tion provide that in the case of bills introduced in Congress
departmental
or
prompt decision
as
rulings affecting banks which require
to policy and procedure the President of
the
Association, the two Vice-Presidents, the Executive Man¬
ager, the General Counsel and the Chairman of the Com¬
mittee
Federal
on
Committee
and
Legislation shall constitute
shall
have
power,
in
behalf of the
made shall be
approval
or
Association, and
A total of
$131,178,000 was tendered to the offering of
or
thereabouts, of 273-day Treasury bills
dated June 9, 1937, and maturing March
9, 1938, Henry
Morgenthau Jr., Secretary of the Treasury, announced
June 7.
Of the amount tendered, it is stated, bids of
$50,000,000 were accepted.
The tenders to the offering were invited on June 3
by
Secretary Morgenthau as noted in our issue of June 5, page
3761.
They were received at the Federal Reserve banks
and branches thereof up to 2
p. m., Eastern Standard Time,
June 7.
In his announcement of June 7, Mr.
Morgenthau
had the following to say regarding the
accepted bids to the
offering:
$50,000,000,
Except for two bids totaling $35,000, the accepted bids ranged in price
disapproval at its next meeting.
opposition voiced to the McAdoo branch banking bill
by H. M. Chamberlain, President of the State Bank Division
of the A. B. A., was noted in our June 5 issue, page 3769,
which
President
against
Jersey
time
we
Schmidt
likewise
of
the
referred
Illinois
the
declaration
Bankers
of
Association
the proposed legislation.
The action of the New
Bankers Association in disapproving the bill was
reported in these columns May 29,
New
to
page
3602.
Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—To be Dated June 16, 1937
A new offering of $50,000,000, or thereabouts, of 273-day
Treasury bills, to be sold on a discount basis to the highest
bidders, was announced on June 10 by Acting Secretary of
the Treasury Magill.
The bills will be dated June 16, 1937,
and will mature on March 16, 1938.
On the maturity date
a rate
0.500%
of about 0.564% per annum, on
per annum, to
a
Only part of the amount bid for at the latter price
99.572,
bank discount basis.
was
accepted.
The
average price of Treasury bills to be issued is 99.586 and the average rate
is about
0.545%
per
annum
on
a
bank discount basis.
Treasury Offers $400,000,000 of 1-3-8% Notes and $400,000,000 of 1%% Notes in June 15 Financing—In¬
terest Above Last
Issue of Like
Over-subscribed
Six
Securities—Offering
Times in
Single Day—Sub¬
scriptions Over $1,000 Allotted 17%, Under $1,000
in Full—Treasury to Pay Off
$300,000,000 of Matur¬
ing Bills and $157,000,000 of Interest on Debt
so
reported to the Administrative Committee for
The
at
equivalent to
such
decision
of
and this notice
$131,178,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated June 9—$50,000,000
Accepted at Average Rate of 0.545%
Interim
to make
any
amended,
Issue.
in the interim between
meetings of the Administrative Committee,
decision
an
as
prescribe the terms of the Treasury bills and govern the conditions of their
from 99.621, equivalent to a rate of about
Therefore
or any
its possessions.
The Treasury this week completed its June 15
quarterly
financing operation in a single day when, on June 7, it sold
$800,000,000 of Treasury notes, bearing higher interest rates
than that carried by the last issue of notes offered in Decem¬
ber
The Treasury offered on June 7, for cash,
$400,000,000,
or thereabouts, of \
y%% notes of series D-1939, due Sept. 15,
1939, and $400,000,000, or thereabouts, of
notes of
series A-1942, due March 15, 1942, both series dated and
bearing interest from June 15,1937.
The subscription books
.
closed at the close of business June
7, except for those
subscriptions placed in the mail before 12 o'clock midnight
that day, which were considered as having been entered before
the close of the books.
Secretary of the Treasury Henry
Morgenthau Jr., who announced the details of the financing
on June 6,
anticipated on June 7 that the offering would be
over-subscribed six times.
The Secretary expressed his
satisfaction in the response to financing and declared that
"in view of the condition of the market in the last
couple of
were
Volume
months the
Financial
144 f
of this issue signifies
success
the passing of an¬
On June
11, the Treasury confirmed Mr. Morgenthau's
prediction that the offering would be over-subscribed six
times, and reported that the subscriptions in amount of
$1,000 and less were allotted in full while those over $1,000
allotted 17%, but not less than $1,000 on any one
sub¬
scription.
The financing will increase the Treasury's working balance
by about $500,000,000, inasmuch as the Treasury will be re¬
quired to pay off in cash between June 16 and June 18
approximately $300,000,000 of maturing Treasury bills. The
Treasury is also required to meet on June 15 about $157,000,000 in interest on the public debt.
The effect of the
financing on the nation's public debt was discussed as follows
in a Washington dispatch, June 6, to the New York "HeraldTribune" of June 7:
months that the Treas¬
The Treasury will pay off in the days immediately
has raised cash.
following June 15. $300,000,000 of maturing Treasury bills, with the result
$500,000,000 of net new money will be obtained.
that
which will be added a special obligation to the amount
of $500,000,000 of
This will in¬
bonds to be issued to the Government life insurance fund.
the public debt to
crease
$36,211,000,000,
as
of June 30, the end of the fiscal
This prospective debt compares with the President's estimate of a
year.
debt of
$35,026,000,000
The prospective
of the year end.
as
000,
as
with $16,026,-
of Dec. 30, 1930, the lowest post-war debt; with $26,596,000,-
as
of Aug. 31, 1919. the war debt peak, and with $1,282,000,000. as of
March 31,
1917, the pre-war debt.
of $486,000,000, is expected to end
$1,000,000,000, as a
result of the financing.
The Treasury expects over $550,000,000 of income
tax collections in June, which would about balance expenditures.
Customs
and other collections are expected to swell the total by $257,000,000.
In
offset the Treasury has the $300,000,000 of maturing Treasury bills and
$157,000,000 of interest payments.
With the $800,000,000 to be raised,
this will increase the Treasury's cash by around $620,000,000, or perhaps
year
on
June 30 with a balance well over
more.
$800,000,000,
and accrued interest, through the Federal Reserve banks
thereabouts, Treasury notes in two series, each for $400,-
or
Both series will be dated and bear interest from
000,000, or thereabouts.
June 15,
One series, designated Series D-1939, will bear interest at
1937.
the rate of 1 % %, and will mature in two years
The other series, designated Series
rate of
1%%, and will mature in four years and nine months on March 15,
1942.
The notes will not be subject to call for redemption prior
issue of June 5, page 3762.
The
subject to call for redemption
prior to maturity.
They are exempt, both as to principal
and interest, "from all taxation (except estate or inheritance
taxes, or gift taxes) now or hereafter imposed by the United
States, any State, or any of the possessions of the United
States, or by any local taxing authority."
The Washington
advices of June 6 to the New York "Herald-Tribune" further
Treasury appeared in
The Treasury notes will be accorded the same exemptions from taxation
as
accorded
are
denominations of $100,
December the Treasury raised new
cash by a long-term bond issue
for
Treasury
five year note bearing the interest rate of 1H %.
This was the Series C-1941
note, and the 1M % rate was the lowest for any five-year government obli¬
gation and represented a
of 1% decrease in the rate on comparable
bearing the record low interest rate of 2M%. but it offered in exchange
over
four-and-three-quarter year 1%% notes now offered
comparable with this issue, the only difference
Yet the new interest rate was
than the rate of six months
$500, $1,000, $5,000, $10,000 and $100,000.
M of 1%
before.
on a
$400,000,000
note of
of
and for
each series to
Morgenthau
now
Secretary,
Has
No
of
The right is reserved to close
was
official
completed
circular.
on or
Special
payable
a
result, to be doubly sure that
The
lh% notes now offered were set for
on
an
official Treasury Department circular describ¬
STATES
1H%
Series D-1939
1H%
Series A-1942
Both series dated and
quarterly financing.
lower
than
three years that notes alone have been
The maturity of two years and three
used in a
months is also
The closing
announced
on
of the subscription books to the offering was
June 7 by Secretary Morgenthau as follows:
books
Washington,
I.
Treasury notes of Series
Monday, June 7,
1937.
Subscriptions placed in
June 7, will be
A-1942 closed at the close of business
considered as
subscription books.
Monday,
having been entered before the close of the
the mail before 12 o'clock midnight
June
7,
1937.
Offering of Notes
The Secretary of the Treasury, pursuant to the authority of the Second
1.
Liberty Bond Act, approved Sept. 24, 1917. as amended, invites subscrip¬
tions, at par and accrued interest, from the people of the United States
for
notes
of the
United
States
in
series,
two
designated
1H%
Treasury
% % Treasury notes of series A-1942 respectively.
The amount of the offering of each series of notes is $400,000,000. or there¬
abouts.
II.
of Notes
Description
The notes of series D-1939 will be dated June 15, 1937, and will bear
1.
interest from that date at the rate of
annual basis on Sept.
year.
lh % per
annum,
payable
on a semi¬
15, 1937, and thereafter on March 15 and Sept. 15
They will mature Sept. 15, 1939, and will not be subject
to call for redemption prior to maturity.
The notes of series A-1942 will be dated June 15, 1937, and will bear
2.
interest from that date at the rate of 1% % per annum, payable on a semi¬
in each year.
to call for
3.
15, 1937, and thereafter on March 15 and Sept. 15
They will mature March 15, 1942, and will not be subject
redemption prior to maturity.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes, or gift taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority.
*
The notes will be accepted at par during such time and under such rules
shall be prescribed
or
approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
6.
•'
.*
Bearer notes with interest coupons attached will be issued in denomina¬
tions of $100,
$500, $1,000, $5,000, $10,000 and $100,000.
The notes will
be issued in registered form.
not
III.
Subscriptions
branches
and at
Subscription and Allotment
be
will
received
the Treasury
the
at
Federal
Reserve
Department, Washington.
to
act
official agencies.
as
banks
and trust
and
are
authorized
Others than banking institutions will not be
permitted to enter subscriptions except for their own account.
from
banks
Banking insti¬
subscriptions for account of customers, but
only the Federal Reserve banks and the Treasury Department
companies for their
own
account
Subscriptions
will be
received
without deposit but will be restricted in each case and for each series to an
exceeding one-half of the combined capital and surplus of the
subscribing bank or trust company.
Subscriptions from all others must be
accompanied by payment of 10% of the amount of notes applied for.
Secretary of the Treasury reserves the right to close the books as to
The
any or
all subscriptions or classes of subscriptions at any time without notice.
2.
The Secretary of the Treasury reserves the right to reject any sub¬
scription, in whole or in part, to allot less than the amount of notes applied
to
make
reduced
allotments
upon
upon,
applications for smaller amounts and
or
to
reject,
applications
for
larger
amounts, or to adopt any or all of said methods or such other methods of
In the
final.
as
shall be deemed
by him to be
public interest; and his action in any or all of these respects shall be
Allotment notices will be sent out promptly upon allotment, and the
basis of the allotment will be publicly announced.
Treasury Morgenthau announced that the subscription
for the current offering of 1 H% Treasury notes of Series D-1939 and
1M%
Office of the Secretary,
Public Debt Service
Secretary of the
of
1939
Treasury Department,
Department Circular No. 575
allotment and classification of allotments
usual.
15,
bearing interest from June 15, 1937
for, to make allotments in full
It was the first time in
Due Sept.
Due March 15, 1942
1937
amount not
ing reserves.
OF AMERICA
Treasury Notes
is expected
to be $2,557,000,000) and the cost of "sterlizing" gold (the inactive gold
fund passed the $800,000,000 mark on Saturday June 5) made necessary
an offering of the size of $800,000,000.
The financing has been complicated
by the fall in the value of Government securities several months ago and by
the fact that this sale will be the first since the Federal Reserve Board re¬
moved millions of dollars of credit from the market through higher bank¬
of the Government (the deficit for this year
immediately
mature
that date.
tutions generally may submit
Deficit operation
$300,000,000
aggregating
UNITED
1.
maturity on March 15, 1942,
All subscriptions will
ing the offering:
the notes sold well.
Morgenthau said, because
t* any or all subscriptions or
as
without notice.
Payment for any notes allotted must be made or
bills
1942 has no Treasury maturities, since it
was expected before Congress ordered payment of the World War veterans
bonus last year, that these adjusted compensation bonds would come due
then.
Mr. Morgenthau pointed out that the March 15 date was the first
available for that year, and explained that the Treasury had only $200,000,000 of maturities in Deccember, 1941. the previous quarterly date.
Mr.
the books
before June 15, 1937, or on later allotment.
Treasury
Below is
lieving that the notes were
as
Subscrip¬
after June 15, and about $157,000,000 interest on the public debt becomes
5.
represented by Treasury officials as be¬
priced correctly, in view of the Government
security market collapse of two months ago and the more recent leveling
off. and in view of such developments as the increased reserve requirements
on member banks ordered by the Federal Reserve Board effective May 1.
It was said that the Secretary felt that it was essential to the Treasury,
half of the combined
be received subject to allotment and subject to the reservations set forth in
...
however,
one
accompanied by 10% of the amount of notes
classes of subscriptions at any time
4.
Comment
for their own
companies
applied for.
and regulrtions as
declined to discuss in detail this firming of the cost
Government borrowing.
The
notes
trust
exceeding
not
capital and surplus of the subscribing bank or trust company.
only two and a quarter years.
Mr. Morgenthau
Banking institutions gener¬
deposit but will be restricted in each case
amount
an
annual basis on Sept.
two-and-a-quarter-year
the
banks and
Subscriptions from
account will be received without
being a
offered,
bearing an interest rate of IH% compared with the l^%,,pec., 1936,
note, also showed the upward tendency of the interest charges, on shortterm obligations.
A more direct comparison came with the June financing
of a year ago.
Then the Treasury offered for cash and exchange a fiveyear note bearing 1H% interest.
Now the lh% interest rate is carried
The
These
Reserve banks and the Treasury Department are authorized to act as official
agencies.
in each
the previous year.
three-month shorter maturity.
more
outstanding.
now
Department, Washington.
$787,000,000 of maturing Treasury notes this bond issue and a
almost directly
notes
in the official circular issued today.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury
notes cf series D-1939 and 1
December Rates Lower
The $400,000,000 of
of Treasury
other issues
provisions are specifically set forth
our
commented, as follows, on the offering and also on the higher
rates borne by the new notes:
are
to ma¬
turity.
notes offered this week are not
securities
and three months on Sept. 15,
A-1942, will bear interest at the
1939.
of the
Previous reference to the June 15 financing plans
In
par
■"
.
(June 7) offering for
Secretary of the Treasury Morgenthau is today
subscription, at
the
The Treasury, with a working balance
the fiscal
the offering:
tions from all other must be
peak debt of $36,211,000,000 is comparable with a public
debt of $31,636,000,000 as of the end of May of last year;
000,000,
The following is the announcement issued June 6 by
Secretary Morgenthau, for publication June 7, bearing on
ally may submit subscriptions for account of customers, but only the Federal
public debt to the all-time high of $35,711,000,000, to
This will send the
of allotment
The notes will be issued only in bearer form with coupons attached, in the
The financing constitutes the first time in six
ury
and'the basis
Announcement of the amount of subscriptions
will probably be made on Friday, June 11.
other financial milestone."
were
3927
Chronicle
IV. Payment
1.
Payment at par and accrued interest, if any, for notes allotted here¬
under must be made
allotment.
or
completed on or before June 15. 1937, or
on
later
In every case where payment is not so completed, the payment
with application up to 10% of the amount of notes applied for shall, upon
declaration made by the Secretary of the Treasury in his discretion, be for-
3928
Financial
felted to the
United
States.
Adjt qualified depositary will be permitted
to make payment
by credit for notes allotted to it for itself and its
up to any amount
for which it shall be qualified in
when
excess
customers
of existing deposits,
Chronicle
in
agricultural and manufactured products
It also stated that 2,000,000 horsepower
is going to waste.
saving in
a
of
the transport of
$70,000,000 a year.
than
more
of potential
hydro-electric
energy
notified by the Federal Reserve bank of its district.
so
Roosevelt, sent
The following is the telegram of President
V.
F
General Provisions
1
1. As fiscal agents of the United States, Federal
to Mr. Freestone under date of
Reserve banks
are
au¬
thorized and requested to receive subscriptions, to make allotments on the
basis and up to
notices, to receive payment for notes allotted, to make delivery of notes
full-paid
on
subscriptions allotted,
and
they may issue
receipts
interim
pending delivery of the definitive notes.
It
2.
The Secretary of the Treasury
prescribe supplemental
offering,
which
at any time,
may
from time to time,
amendatory rules and regulations governing the
or
be communicated
will
or
promptly
to
the
Federal
Reserve
banks.
Hotel Roosevelt,
Your
letter of
Jr.
waterway and power project is deeply appreciated.
I am in complete agreement with youi declaration that ■'further delay
in
its
completion, with continued loss of transportation savings and
waste of
construction
the
on
Corporations in United States Report Gross Income
of $100,831)2531000 in 1934—145,101 Corporations
Net
Income
and
be reconciled with soun;l policies of economy and
cannot
power,
conservation of
Please
Had
May 21 transmitting resolutions adopted by the National
Lawrence
natural resources."
our
to
power
the earliest
at
bring about an agreement which will start its
possible date.
to the members of the
convey
splendid accomplishments
Council my hearty congratulations
achieved during its
best wishes for its continuing
my
My interest In and enthusiasm for
do every¬
hnB constantly increased and I propose to
project
thing within my
Secretary of the Treasury,
Council,
New York, N. Y.
Seaway Council favoring early construction of the Great Lakes-St.
this important
Henry Morgenthau
May 26:
Fred J. Freestone, Chairman National Seaway
the amounts indicated by the Secretary of the Treasury
Federal Reserve banks of the respective districts, to issue allotment
to the
1937
12,
June
first
of activity
year
success.
FRANKLIN D.
ROOSEVELT.
of
$4,275,197,000 and 324,703
$4,181,027,000-—Income and Excise Taxes
of $596,048,000 Paid
Deficit of
Presidential
Most
The aggregate gross income reported to the Treasury
by
corporations in the United States in 1934 amounted to $100,831,253,000, it was announced on May 30 by Secretary of the
Treasury Henry Morgenthau Jr., in making public the first
of
series of tabulations from the "Statistics of Income for
a
ing
comparable with those for prior years."
The following,
bearing on the data made available by the Secretary, is
advices, May 30, to the New York "Times"
from Washington
Corporations with net incomes for 1934 showed gross incomes of $62,920,-
757,000,
as
which
from
subtracted deductions
were
Gross
$37,910,299,000.
to
In the net income class the
amounting
manufacturing industries filed 34,023 returns,
$27,442,910,000, took deductions of $25,536,806,000, had net incomes of $1,906,104,000, paid income taxes of $262,466,000, and excess profits taxes of $3,477,000.
Next in importance came the trade industries.
These corporations filed
52,823
of
incomes
of
reported
gross
gross
returns,
took deductions
incomes of $22,949,508,000,
$22,279,172,000, reported net incomes of $670,336,000, paid $92,200,000
income tax and
$2,077,000 excess profits tax.
The net income manufacturing group was headed by the metals indus¬
tries, which filed 6,844 returns, reported gross incomes of $7,040,389,000,
took deductions of $6,505,242,000, had net incomes of $535,147,000, paid
income taxes of $73,627,000 and excess profits taxes of $788,000.
The
food
measures
5,374 returns, reported ,gross incomes of
$6,973,816,000, took deductions of $6,671,487,000, had net incomes of $302,328,000, paid income taxes of $41,768,000 and excess profits taxes of
industries
products
made
$642,000.
Public
tbe Congressional program outlined in press advices, June 4,
to which we referred in our June 5 issue, page 3702, we
quote from
Washington dispatch of June 5 to the New
following summary of measures desired
by the President and the trend of the conversation on each
York
Reorganization
gross
had
incomes
of
Utility Reports
Manufacturing
-
$919,298,000, paid
These
industries
corporations
$14,576,229,000
deductions
452,000,
had
compromise
filed
with
led
12,437
$926,189,000.
returns,
had
no
Trade
returns.
deductions
industries
incomes
gross
deficits of
and
which showed
57,269
filed
$13,650,040,000,
of
returns,
$10,410,613,000
of
the manufacturing group,
tries
of
income
net
no
incomes
88,053
of
which
net
York State,
24,318
income
of
tax
showed net
group
$3,588,045,000
gross
073,000
income
taxes
showed
class
deductions,
and
gross
and deficits of
788,742,000
incomes and 83,689
New York
for
$349,162,000.
In
income,
$1,720,000
incomes of
no net
reported
were
were
deductions
of
filed for 1934,
incomes.
In
$16,088,093,000
the
gross
$1,191,532,000 net incomes, $164,excess profits taxes.
The no-net$11,552,650,000, deductions of $12,-
$1,236,092,000.
proposed
made
in
far
so
♦
Taxes—The
ance
Early Construction
telegram to the National Seaway Council, President
pledged
to
struction
himself
to
"do
everything
within
effectuate an agreement which will start
on
the Great
Lakes-St.
my
con¬
Lawrence waterway and
project "at the earliest possible date." The telegram,
public on May 28, was sent by the President to Fred J.
power
made
Freestone
of New York,
Chairman of the National Seaway
Council, in response to a resolution adopted recently by the
Council
urging immediate action.
summarized
was
as
follows
in
The Council's resolution
New York "Herald
the
Tribune" of May 29:
The
than
resolution
of
the
Council set
was
touched
on
only
question of
of the progress
powers
to
instruct
Congressional investigation.
a
National
Planning—A discussion of the creation of regional planning
jpower authorities to study and recommend control of water and 6oil
resources and
the production and distribution of public power as outlined
in the President's message of
Thursday and the possibility of starting hear¬
and
ings
soon.
Farm
Tenancy—A
discussion
program"
of
enabling
finincing,
to
carry
$25,000,000
out
for
the
the
and
for
House
hour standards for
for
pressing
be
a
when
consideration
the country as
of
a
first
as
year,
worked
hearings will be fin¬
the
establish minimum
to
the
President's
recom¬
and maximum
wage
whole.
Clearance and
Slum
over
board
for
thereafter,
Senator Bankhead.
discussion of
begin
can
$10,000,000
$50,000,000
the President and
national
a
of
and
year,
and Hours—A general
Wages
ished
mendation
legislation to start a "demonstration
to buy land through government
appropriation
second
yesterday between
of
farmers
tenant
an
Low-Cost Housing—Discussion of the best method
long-time Federal program, when differences of opinion
between the Wagner-Steagall bill for Federal subsidies
a
adjusted
period of
years,
and the Treasury proposal of
a
capital grant.
President
Tells
Roosevelt Pledges United States to Peace—
C. T. U. Nation Is Always Prepared to
W.
Co-operate to Eliminate War
In
the 16th triennial convention of the world's
Temperance Union, President Roosevelt
pledged that the United States is "ready at all time to co¬
operate with all nations and peoples to make the spirit of
peace a practical and a living fact."
The message was read
to the convention, held in Washington on June 3
by Francis
B. Sayre, Assistant Secretary of State, who in turn said that
peace can be attained only by co-operation among the nations.
President Roosevelt pointed out that "not
only do we
desire peace but we are determined in all of our relations to
avoid those perils that would endanger the gains that have
been made."
His message follows:
a
message to
Woman's Christian
I
am
glad to know that
the organization in
It In
the
conflict
which the world
peace continues to be one of the vital
Temperance Union.
forthcoming sixteenth triennial
Washington
of principles
a
policies,
cause
aspirations
seaway
would cost less
and
ambitions
today witnesses, the United States remains steadfast in its
of peace.
We shall continue to strive
Divine Providence with heart and soul
the
convention of
great peace meeting is to be held.
and
determination to pursue the ways
under
serve
concerns
It is indeed fitting
and all
of
our
strength to
of peaceful humanity by setting an
example.
We rejoice today that all of the nations of the Western
Hemisphere are
at peace
with each other and with the
seeks
conquest.
peace
no
but
that would
we are
We have
no
rest of the world.
imperial aspirations.
determined in all of
our
The United States
Not only do we desire
relations to avoid those perils
endanger the gains that have been made.
We desire to be
a
good neighbor and
we are
ready at all times to co-operate
with all nations and peoples to make the spirit of peace a
forth that the
$25,000,000 a year during the period of construction and would result
is
to plug loopholes allowing avoid¬
by those in the upper brackets and the
income taxes
of
that in connection with the
power"
House
preparation of legislation
evasion
or
of the world's Woman's Christian
Roosevelt
justices
The
The subject of &
arm.
cil He Will Press for
a
new
drafting bills giving the President wide
Roosevelt Pledges Aid for Great Lakes-St.
Lawrence Waterway—Tells National Seaway Coun¬
President
In
discussion.
of the Executive Structure—-A discussion
the administrative
the
in
$10,061,-
net income, the metals indus¬
118,941 corporation tax returns
$14,896,560,000
incomes,
income
the number of
on
general
disposes of the issue.
generally.
of
$3,866,466,000 and deficits of $278,421,000.
In New
Judiciary—A
the Senate
'
with
gross
deficits
and
class
no-net-income
the
income taxes of $126,600,000 and
$329,000.
profits taxes of
excess
of
inclined to act until
not
incomes of $5,895,192,000, took deductions of $4,975,894,000,
reported
net
a
"Times" the
outlined by Messrs. Rayburn and Bankliead:
of
transportation and other public utility industries filed 9,808 returns,
Bankhead, Representa¬
of Texas and Representative Vinson of Ken¬
tucky.
Some Administration leaders said that if the pro¬
gram desired by the President is considered at this session,
Congress will not adjourn until September.
Supplementing
can
The
June 3 to discuss pend¬
on
attended by Mr.
was
•
.
.
to $58,645,-
corporations showing a
income of
permitted by law.
amounted
reported
A White House conference
tive Rayburn
of May 31:
deficit
outlined by President Roosevelt to Speaker Bank-
program
Reorganization
954,000,
Outlined
Schedule
with Administration
Leaders
Commissioner of Internal Revenue Guy T. Helvering.
048,000.
In all, Secretary Morgentliau pointed out, 528,898
corporations filed returns.
Of this number, 145,101 showed
net income of $4,275,197,000 and paid the income and excess
profits taxes, and 324,703 showed a deficit of $4,181,027,000.
The remaining 59,094 returns were filed by inactive corpora¬
tions showing no income data.
In his announcement Secretary Morgenthau said that the
returns for the calendar year 1934 were filed under the pro¬
visions of the Revenue Act of 1934 and "are not strictly
House. Conference
House leaders predicted this week that Congress would be
in session most of the summer, as a result of the legislative
head.
corporations, it is shown, paid income tax in 1934 of $588,375,000 and excess profits tax of $7,673,000, a total of $596,-
Require Congress to Sit
Summer—Seven-Point
White
at
1934, Part 2," compiled from corporation income and excess
profits tax returns for 1934, prepared under the direction of
The
Program Would
of
living fact.
whole world.
practical and
a
May God hasten the day when this spirit shall dominate the
Volume
Financial
144
President
Roosevelt
Con¬
Appointing
Measure
Signs
3929
Chronicle
$160,000,000 Appropriation to Subsidize Ship Con¬
struction—Asks $10,000,000 at Once to Start Pro¬
Approves Resolution in House Form—
Reported as Favoring Removal of Tax
Exemption in Case of Federal and State Employees
as well as Securities.
But Regards Constitutional
habilitation of
Amendment Necessary
8
Senate
gram—Would Construct 95 Vessels
President
Congress completed action
a
on
June 10
the bill creating
on
Nation¬
joint Congressional committee of 12 to conduct a
wide investigation of
tion to eliminate
On
10
to the President who
sent
the
June
by the House
had
loopholes in the present tax laws, and the
was
measure
tax,evasion and to recommend legisla¬
Senate
approved
June 8 in passing the
on
previously passed the bill
Roosevelt had
dent
on
signed it June 11.
amendments adopted
The Senate
measure,
June 1 shortly after Presi¬
urged Congress, in
special
a
message,
adopt legislation to close the loopholes in the tax laws.
to
This earlier action of the Senate, and
President Roosevelt's
referred to in these columns of June 5, page
were
message,
3763.
At
conference June 8 President Roosevelt said that
employees should pay income
taxes and that all tax exemptions should be removed from
Federal and States securities, but pointed out that the so¬
lution of the two problems revolved on constitutional amend¬
ments.
He indicated that there is little likelihood of such
a
press
he felt all Federal and State
amendments being approved.
In commenting on the Pres¬
ident's conference, Washington advices, June 8, to the New
York "Harald-Tribune" of June 9, further stated:
At the
State officials and
officials.
the Federal
time,
present
There
the
has
State
Similarly,
the
Governments
been agitation
able, and thus gain sizable
do
not
salaries of Federal
tax
recently to make these salaries tax¬
revenue.
State Governments and thou¬
Federal Government, the
sands of municipal
not tax salaries of
Government does
It is estimated
Governments sell tax exempt securities.
For
that
$55,000,000,000
years
there has been agitation to remove the exemptions, which cost millions
of dollars in tax
of
these
revenue a
securities
are
outstanding.
many
The $55,000,000,000 of securities is com¬
year.
Message to Congress Requests
Roosevelt in
President
gressional Committee to Investigate Tax Evasion—
launching of the "long delayed re¬
were requested on June
Funds to permit the
our
merchant marine"
by President Roosevelt in
President asked
The
special
a
for the revolving fund of
once
to Congress.
message
$10,000,000 be appropriated at
that
the United States Maritime
Commission, and also requested approval of an authorization
not
exceed $150,000,000
to
enter into contracts for
permit the Commission to
to
Under the 1936
ship construction.
Ship Subsidy Bill, the United States Government, through
the Maritime Commission, may subsidize ship-building by
paying up to 50% of the differential between sliip-building
costs in the United States and
abroad.
explained in his message that his
proposal would be inserted in the third deficiency appro¬
priation bill.
He said that "over 85% of the present Ameri¬
can merchant marine will be obsolete in five years," and ad¬
ded that "in order to carry out our policy this country must
build ships immediately."
The President uoted:
President
Roosevelt
To illustrate the
not
was
problem In another way, except for oil tankers, there
single seagoing vessel of the passenger, combination or
a
for either the domestic
only
the foreign
trade, and for the 15th consecutive
been
During that same period
American shipyard for foreign trade.
an
few
a
or
single seagoing ship of the general cargo carrying type has
year not a
built in
general
shipyard in 1936
carrying type under construction in an American
cargo
vessels were built for domestic sea-going trade.
cargo
Shortly after the President submitted his message to Con¬
Joseph P. Kennedy, Chairman of the Maritime Com¬
mission, revealed that the funds asked for by the President
would enable American ship-builders to construct 95 vessels
of varying types and speeds.
As to other details made
known by Mr. Kennedy we take the following Washington
advices, June 8, from the New York "Herald-Tribune" of
gress,
June 9:
Kennedy thought from
For the completion of the 95 ship program, Mr.
Of the 95. 46 would be cargo
posed of $35,000,000,000 of United States Government securities and $20,-
18 months to three years would be required.
000,000,000 of State and municipal securities, with varying degrees of tax
ships of the O-1 class, 14 cargo ships of the C-2 class, 10 passenger and cargo
exemption.
ships of the P-l class, 10 passenger and cargo ships of the P-2 class,
The problem of taxing salaries of Federal
one,
He explained that he had always advocated that
the President said.
Federal
it is
and
State officials should
Constitutional
a
and State officials is a simple
question of whether the State can tax Federal salaries and vice versa.
Mr.
Roosevelt said that it would be all right if the States passed corrective
laws
but he said it was not known whether this would be
and if Congress did,
The
President said
in
revenue
ment
that
the
same
difficulty applied to tax-exempt se¬
There ought not to be any, he explained.
were
would act
Treasury
very
but pointed out that if the Federal Govern¬
large,
alone and
would
be at
a
He agreed that losses
remove
tax
Chairman
The
explained that
standard
certain
which
sion
made
Senate last week.
three
changes
in the
They grew out of
O'Connor (Dem., N
a
resolution
as
approved by the
dispute between Chairman John J.
Y.) of the House Rules Committee and Administration
Before the House met today that dispute was compromised
leaders.
subject
prepared
and
making public tax evasion in¬
formation except on approval of the entire committee.
3- Treasury agents were authorized to aid in the investigation but not
to hold public hearings.
Representative O'Connor opened debate by explaining the changes
he turned to an attack on Administration
Representative
co-operate in
to
replace
to
"dictatorship."
.
P.
resolution provides a report
Representative
but
.
.
Boileau
(Prog., Wis.).
.
.
Dak.)
Congressional
leaders
the inquiry
names
of dodging
The
wanted assurance
loopholes.
next
indicated
that
in
a
the House
Washington,
soon
as
Morgenthau
Secretary
would
week by submitting to the committee in public
President has accused
Those named would then get a chance to appear and
Garner and Speaker Bankhead will appoint the
Senate
committee—six from each house.
approved the resolution after a
Senator Borah
tax returns
members
...
brief flurry of debate in
questioned the delegation of power to make income
public.
Approval was given, without even a record vote, when Mr. Borah
said he was satisfied with the
Senate
Finance
finally
explanation given by Chairman Harrison of
Committee and
Senator Barkley,
Democrat of Ken¬
tucky.
,4 Mr. Harrison, in asking acceptance of the House
no
doubt "the full sunlight of publicity"
who have used the methods
House
nor
cited by the President.
Senate wanted "any secrecy" in
evidence in
amendments,
said
would be thrown upon those
He was sure neither
connection with such methods,
connection with them "should be displayed to the
for
a
six-months trial
which are to
integrated with the ship-building
at
a
sum
subsidy allotted to
sufficient
generally
any
to
shipper is fixed by
cover
the difference
It is to be expected, Mr. Kennedy explained, that the subsidies
yards.
would vary.
only are most of the ships flying the American flag old
much slower than the ships in
are
foreign merchant marines.
make public returns
comply with the law.
between them and deliberate violators.
Barkley said he felt it would be undesirable to
of taxpayers
who had made "honest attempts" to
He said there should be a distinction
but they
Mr. Kennedy
fleet of 235 vessels
by 1942.
gave
figures showing that of the Government-owned
total tonnage of 1,400,000 tons, all would be 25 years old
By 1942, 91% of the domestic fleet of 467 ships with a total tonnage
of
2,182,000 tons will be 20 years old, 88% of the tanker fleet of 341 ships with
of 2,416.000 tons, and 85% of the foreign trade fleet of 381
total tonnage
ships with total tonnage of 2,464,000 tons.
The average speed of the various classes of ships is
between 10 and 11
,
The following
is the text of President Roosevelt's
message
Congress June 8:
to
proposed to insert in the third
is
item of
deficiency appropriation bill an
$10,000,000 to be added to the ship construction fund (revolving
mission under the 1936
to
enter
Act.
In addition the commission is to be authorized
into contracts for ship construction in an amount
not to exceed
$150,000,000.
essential
appropriation and authority to make commitments are
launching
for
the long
delayed rehabilitation of
our
merchant
marine.
Our
National
forth in
policy with reference to merchant marine is clearly set
Title I of the 1936 enactment:
for the National defense and development of its foreign
that the United States shall have a merchant marine
and domestic commerce
(a1* sufficient to carry its domestic waterborne commerce and a substantial
portion of the waterborne export and import foreign commerce of the United
States and to provide shipping service on all routes essential for main¬
taining the flow of such domestic and foreign waterborne commerce at all
times, (b) capable of serving as a naval and military auxiliary in time of
war or National emergency, (c) owned and operated under the United States
flag by citizens of the United States in so far as may be practicable, and
(d) composed of the best equipped, safest and most suitable types of vesels, constructed in the United States and manned with a trained and ef¬
ficient citizen personnel.
It is hereby declared to be the policy of the United
States to foster the development and encourage the maintanance of such a
merchant marine.
Over 85% of the present
five years.
American merchant marine will be obsolete in
In order to carry out our policy this country must build ships
immediately.
To illustrate the
was
public.n'v:"*
Mr,
are
between the construction cost here and construction costs in foreign ship¬
It is necessary
probably tomorrow,
President Roosevelt signs the resolution,
of the investigating
and that
Act
maritime
The additional
of the income-tax payers whom the
taxes.
Vice-President
he had
that shippers
fund) established and made available to the United States Maritime Com¬
defend themselves.
the
insisting
was
but the permanent contracts
The amount of the Federal
knots.
following comment on the approval of
amendments by the Senate was contained
Associated Press, dispatch of June 10:
session the
share
program.
the
It
Burdick (Dem., N.
that the resolution would really enable plugging of tax
The
being worked out
now
replace the temporary contracts all will be
by February 1.
Usher L.
the com¬
.
speed up corrective legislation, but his amendment was defeated.
which
that
thus far heard from
Funds would be ad¬
building 28 ships.
the ocean-mail subsidies
the Chairman said,
period,
demanded
be required to report to Congress by July 15 in an effort
Gerald
that the committee
As
added
Kennedy emphasized that the Commission in adjusting operating
Mr.
subsidies
Subcommittees were prohibited from
open
He
with
evasion.
The
.
of the construction costs.
Not
The joint committee was ordered to report to the House Ways and
Means Committee and the Senate Finance Committee on its findings of tax
to
.
.
however, the Chairman cautioned, only to those companies that
vanced,
1.
soon
change.
to
satisfied the commission that they were financially able to bear their
these modifications were adopted:
2.
of 16 H
corresponded to
designations
been prepared by the Commis¬
specifications that had
were
Operating contracts
Regarding the action of the House of June 8 in amending
passing the resolution authorizing the Congressional in¬
vestigation into tax evasion, we take the following from
United Press advices from Washington, June 8:
and
House
class
co-operate in the Government's contemplated building program.
find its cost of borrowing increased.
The
the
mission had reason to believe that shipping companies
exemption from its securities, the
disadvantage in the money market and would
the Manhattan type, and 10 high-speed tankers capable
as
knots sustained speed.
were
Constitutional.
curities.
trade
It is a
Roosevelt said with a smile.
question, Mr.
But
their share of income taxes.
pay
four
and cargo ships of the P-4 class, one special ship known to the
passenger
not a
cargo
problem in another way, except for oil tankers, there
single sea-going vessel of the passenger, combination or general
carrying type under construction in an American shipyard in 1936
for either the domestic or
year
the foreign trade, and for the fifteenth consecutive
not a single sea-going
ship of the general cargo carrying type has been
3930
built in
only
a
an
Financial
American shipyard for foreign trade.
few cargo vessels
There is
no
in
sense
marine in the face of such facts.
to
be
to
do about it*
a
merchant
new
During that
marine.
an
For
adequate
question comes—what
An orderly and
000 for administrative expenses,
are
going
we
makes
volving fund, makes
sum
$3,000,-
of $135 000,000 and,
amount
an
deducting from this figure the unallocated
of $95,000,000 in the re¬
needed
net additional requirement of $40,000,000
a
for grants if all of these projects are able to qualify.
"The
most modern
used
away.
economical program of replacement in
June 12, 1937
"The total of $132,000,000 involved in these applications, plus
period
first class merchant
adequate merchant marine has
us an
The
or a
The answer is, build ships;—the best and
ships—and build them right
same
built for domestic sea-going trade.
were
talking about
Chronicle
therefore,
committee,
for
under
grants
American ship¬
Under the law
yards in accordance with the statute requires that the commission be given
has increased
existing
from
law
the
which
amount
$300,000,000
may
be
$340,000,000.
to
of the project.
authority
make commitments.
now to
It is not
"Besides the amount to
intention to expand our merchant marine to drive out the
our
ships of other Nations.
However,
extended,
as
have facilities adequate for the
we must
exceed 45% of the estimated cost
no grant can
be available for allocation for grants of
000,000, there will also be available for loans
which
applications
are
now
pending in
a
$137,-
total of $124,000,000 against
elections have been
As I said
projects
with
connection
protection of the American shipper and for purposes of National defense.
where
school projects in the amount of $19,000,000."
on
March 4, 1935, in my message to the Congress on this subject:
Free competition among the Nations in the building of modern shipping
is a manifestation of wholly desirable and wholesome National
In such free competition the American people want us to be
held and in connection with the group of hazardous
facilities
ambition.
properly represented.
Their Government
keeping with
The America people want to
American
use
Senate
Mail
National pride and National needs.
our
Committee
ships.
it to them to make certain that such ships are in
owes
A
Votes
Preliminary
Inquiry
Into
Interference in Steel Strikes
preliminary investigation of charges of interference with
the mails in steel strikes and of the activities of steel
President
Roosevelt
from
tions
Asks
Civil
Congress
Limit
to
Service—Cites
70
Urges All But "Policy-Forming"
Under Merit System
Exemp¬
Rills—
Recent
Posts Be Placed
that
session
than 70 bills
more
which
were
offered to
the
present
complete exemption, and urged
Congress to place "all but policy-forming positions under the
merit system."
The President sent his message to Congress at the request
of the Civil Service Commission, which, in a letter to the
President, had voiced its dissatisfaction over the increasing
number of bills exempting employment thereunder from the
merit system.
The President's message, which was addressed
to Vice-President Garner and to Speaker Bankhead, follows:
I
have
propose
received
a
communication
from
the
Civil
Service
but minor positions, there have been
more
than 70 bills
introduced in this session of Congress which propose complete exemption
for all positions affected thereby.
A copy of the Commission's letter is
herewith.
method for administration of government business,
system which
the particular feature
the Guffey amendment to include activities of the
or
steel companies, the committee voted to call witnesses
The action
taken
both points.
on
motion by Senator Holt, Democrat, of Virginia,
by Senator Bridges, Republican, of New Hampshire, that
he had presented a prima facie case o mail interference that warranted a
despite
was
on a
a protest
formal investigation.
Chairman
McKeUar,
Democrat, of Tennessee, insisted, however, that
before voting on the resolution the committee should call
principals men¬
tioned in testimony today that post office officials in
understanding with union representatives
Niles, Ohio, had
an
not to accept mail for the Re¬
public Steel Corporation plant there.
It was agreed by the committee, before voting, that Senator
Guffey,
Democrat, of Pennsylvania, would be permitted to offer witnesses in support
of his
amendment
for
investigation of the importation of
an
gunmen
as
strike breakers by the steel companies and the storing of arms
by the com¬
panies.
'
Senator
■
,
Bailey, Democrat, of North Carolina, asked that the Guffey
amendment be broadened to include
a
general investigation of labor
con¬
ditions in industry generally, but Senator Guffey said it would be confined
to the steel industry.
Under Mr.
Holt's motion the scope of the preliminary
inquiry was not
clearly stated.
Aside from the undoubted fact that the merit system affords the best
of the
into the mail situation
Commission
which states that, in addition to numerous other bills exempting from the
merit system all
com¬
voted yesterday (June 11) by the Senate Post
Office Committee, said Associated Press advices from Wash¬
ington, yesterday. The advices added:
was
Without acting formally either on the Bridges resolution for an
inquiry
Congress was cautioned by President Roosevelt on June 3,
in enacting legislation creating Government positions and
exempting such posts from the civil service. The President
said
panies,
It will merely permit the calling of any witnesses the
com¬
mittee may desire, to decide whether adoption of the resolution or the
Guffey
amendment is advisable.
'
has the greatest appeal is the open competition it
+
provides to taxpayers to seek the public employment for which they pay.
Please let
me
urge
upon
the Congress the desirability of placing all but
House
Two
policy-forming positions under the merit system.
In its communication to the
completely exempt from the merit system employment thereunder.
more
than 70 such bills, three or four of which
are now
In addition there have been numerous bills introduced which contain
exemptions of all but minor positions.
The merit system fully warrants its designation because it provides for
free and open competition by the public to secure employment in all grades
of positions in the Federal classified service.
Two
open
of the recent
bills
transgress
this fundamental
even
competition for admission to the classified service.
They provide that after
a
period of service in
principle of
,
non-classified position
a
the incumbent employee may secure a classified civil service status by non¬
competitive examination, thus becoming eligible for transfer to
a
classified
position in one of the regular old-line establishments and yet his position
will continue to be exempt and be open for personal or political appointment.
The
merit
system
without
making for the utmost in
therefore,
urges
question
economy
is
good
business
administration,
and efficiency, and the Commission,
that the President take whatever steps
are
to
necessary
place his great influence in public opposition against the continuance of
such proposals and their enactment into law.
House Passes Measure
estimated that the taxes, which are to
automatically
June 30, will yield between $400,000,000 and
Extending Life of Public Works
Under parliamentary procedure requiring two-thirds
ap¬
proval for passage, the House on June 7, passed without a re¬
cord vote a bill extending the existence of the Federal Em¬
ergency Administration of Public Works for two years.
The
which has been sent to the Senate, also increases
$259,000,000 the amount of PWA reserves which may be
measure,
used for grants and loans during the two-year period.
House Appropriations Committee had favorably
The
reported the
to the House
on
in the next fiscal year.
The Committee also voted on June 3, by the same
margin
of 18 to 7, a two-year extension of the three-cent
postage,
which will also expire on June 30 if not continued.
The
following regarding the Committee's action on June 3 is from
a
Washington dispatch, June 3, appearing in the New York
"Times" of June 4:
The vote on the nuisance levies extension was along strict
party lines.
Republican leaders explained that they voted against extension in an effort
to force the administration to pare
expire
July 1 unless the
on
Senate follows the action of the House and passes the bill
continuing the organization's existence.
In reporting the
approval of the measure by the House on June 7, Washington
advices, that day, to the New York "Herald-Tribune" of
June 8, commented as follows:
The measure,
dent
of
that the
those
Roosevelt to
"earmarking"
keep the $1,500,000,000 relief appropriation bill clear
amendments,
was
denounced by
Representative Alfred
less under the suspension procedure to offer an amendment.
that an
amendment to give the
agency
more
He warned,
funds
would
be
House when the relief bill
"compromise,"
mittee in its report
"As of May 27,
$132,000,000.
on
as
came
out
construed
of conference.
by the
the bill today, was
1937, the PWA had
This
sum
House
as
Appropriations Com¬
follows:
applications
for
of school
were
grants
totaling
includes non-Federal projects where elections had
been held and bond issues authorized by the applicants.
list
gasoline and oil, should
on
on
Mr. Disney said later
of the committee was that all the nuisance
taxes,
including
be eliminated when the Revenue Law is
overhauled next year.
was
another
to extend all the
matches also was
on
special levies for only
one year
defeated,
instead of
two.
Members
seeking
the
to
causes
amendments
floor.
said he would seek
indicated
Representative
that
they
would
Dingell of Michigan,
take
their
for Instance,
reduction in the levy on automobiles and automotive
a
parts.
The position of the Republicans was explained in a statement
by
resentative
Rep¬
Treadway of Massachusetts, ranking minority member of the
committee.
Saying that the administration has twice extended the levies "in violation
of the pledge in 1932 that they would be allowed to
expire at the end of two
years," the statement went
"The
on
opposition
the ground
of
on:
the
Republican
dollars which
on
the revenues
in the expenditures for the
from
principally
these
nuisance levies,
Dext
would
year
which
fall
most
those least able to pay.
Republican minority
postage rate from 3 cents
000,000 in
based
the nuisance taxes raise.
entirely offset
"The
was
expenditures by the five hundred-odd million
"A reduction of only 7%
heavily
members
that the extension would be wholly unnecessary if the ad¬
would reduce
also
voted
2 cents, the
to
excess of the cost
solidly to
revenue from
reduce
the
which is
firstclass
some
$100.-
of carrying this class of mail."
It also includes
a
projects deemed hazardous to the lives of students which
submitted in response to
Senate
Congressional Hearings on Black-Connery Hours and
Wages Bill—Senator Vandenberg Warns Against
Hasty
Action,
Amendment
While
Resolution 97.
from
Interstate
L.
Lewis
Senator
Exclude
to
John
offered to the relief bill in the Senate and the fight might be revived in the
The
sense
designed to embody the compromise proposed by Presi¬
E. Belter, Democrat, of New York, who nevertheless found himself pow er-
however,
$500,000,000 from expenditures.
An attempt of Representative Disney of Oklahoma to end the taxes
gasoline and lubricating oils was defeated, 14 to 11.
ministration
June 4.
The life of the PWA is due to
expire
$500,000,000
on
An amendment to reduce the excise tax
Administration for Two Years—Bill Sent to Senate
Permits Use of $259,000,000 for Loans and Grants
measure
of
18 to 7, to report favorably a bill to extend for two
years the
manufacturers excises and so-called "nuisance" taxes.
It is
as
to
Continuation
Postage
On June 3 the House Ways and Means Committee
voted,
The Commission has been greatly disturbed by the increasing number of
bills introduced in this session of Congress containing provisions which
law.
Extend "Nuisance" Taxes
to
Years—Group Also Favors
Three-Cent
President, the Civil Service
Commission said:
There have been
Committee Votes
Borah
Products
of
Commerce—William
Heard
by
Suggests
Monopolies
Green
and
Committee—Opposition
By Representative Griswold
,
The Joint Congressional Committee
considering the BlackConnery Wages and Hours bill continued its hearings this
week, after the
ment of both
States.
measure
had received the virtual
indorse¬
major leaders of organized labor in the United
Inauguration of hearings on the measure was noted
Volume
Financial
144
in the "Chronicle" of June 5, pages 3766-C7.
William Green,
June 4
President of the American Federation of Labor, on
told
the
the broad principles
he approved
committee that
of the bill but
suggested that it be amended to provide that
governmental regulation of minimum wages and
hours should function
ouly
long
so
standard. John L. Lewis,
head of the Committee for Industrial
Organization, on
June 7 told the committee that the bill provided "a glimmer
millions of submerged American workers who
live in economic darkness and despair."
of sunlight to
now
Although the measure is not yet before the full Congress,
two Senate leaders discussed it in speeches this week.
Sen¬
made
of
favor
in
piling
and uncertain mandates of law
new
learned to live under mandates already
suggestion that such a program might be perfected by
June 15 and rushed to quick conclusion—involving, as it ultimately does,
the whole American economy—is a travesty upon prudence.
industry before
industry has
The.
created.
maximum
failed to bring conditions up to a
be
to
case
upon
committee's hearing on June 7, opposed
Mr. Lewis, at the
collective bargaining
as
3931
Chronicle
"wage-fixing" contrary to "American prece¬
what he termed
and
dent
Press
practice,"
advices,
in
Washington Associated
to
according
which,
him as
reported
further
part,
follows:
He made
ment
June 5 warned that it is dangerous to
determine
enact the bill before there is opportunity to
digest the implications of the validation of the National
Labor Relations Act by the United States Supreme Court.
Senator Borah on June 7 proposed that the bill be amended
to forbid to the channels of interstate commerce the products
said
he
Illustrating,
bare minimum pay rates.
government to attempt to
the mining industry and possibly order a
of
regulation,
or
principally objected to was any govern¬
that what he
clear
it
control,
above
want the
not
would
he
wages
reduction.
ator Vandenberg on
to
attempt
guilty of monopolistic practices.
of manufacturers
dispatch
Washington
a
"Herald Tribune":
so
representative of the craft unions in the American labor
that
Green,
effective even if
those fixed by the National Board to be
by the bill.
up
would long
stand for substandard conditions, while the day of the company union was
"about gone."
He considered it very important that collective bargaining,
rather than government fiat, should be the primary instrument in fixing
wages and
hours, and that the legislation to be adopted should make
It
Perkins, Secretary of Labor, who
contrast with Miss Frances
In
preceded
House Committees on
Labor, Mr. Green urged that 40c. an hour be set by Congress as a
minimum wage in industry throughout the country, with no differential
cutting below it.
He wanted any differentials to range between 40c. and
him
80c.
each
and
be left for the Board
the delicate eco¬
conditions in each industry and to
with regard to
geographical differentials which now permit industries
other on a basis of labor costs rather than efficiency.
proposed that the maximum work week
Both
of
to compete with
toward an eventual elimination
adjustments necessary in working
nomic
the
Senate
the
proposed that the question of wages
Perkins
fix
of
hearing
joint
hour.
an
Miss
to
the
before
Board empowered to
any
differentials in wages on a basis of the age
dispatch of June 7 to the New York "Times"
Mr. Lewis and the proposals by
A Washington
the testimony of
described
Senator Borah as follows:
his
that
democracy, he declared.
industrial
of
He
organization
proposed
the
the standard as
high as 40 and as low as 30, depending on conditions in the industry.
For the first time in the six days of hearing on the bill the atmosphere
of the committee room became ten6e during the testimony of Mr. Lewis
he became involved in an altercation
when
argument of
H. Jackson, Assistant Attorney General, that Congress could regu¬
prohibit shipment of goods in interstate commerce which "for any
Robert
or
effect that
try
was
today," and that Congress had the power
movement across State lines of goods
to offend against sound national policy."
than
greater
never
"directly to regulate or prohibit the
for
deemed
reason
any
"This
the
is
prohibit the shipment across State lines of com¬
produced under conditions which are deemed to be contrary to
sound national
to
take
sible
be
to
a
sound
from
the channels
of
tion
of
laws
of
the
channels of
I do say that if it is pos¬
interstate trade commodities which
of children or commodities
wage below what we
commodities can be excluded
interstate commerce which are manufactured in viola¬
the United States, or are shipped to the detriment
through
the
efforts
manufactured by those receiving a
been
have
deem
the
manufactured
been
which
that proposition, but
with
from
exclude
to
have
issue
no
minimum
wage,
then
of independent producers or manufacturers, or
of the consumers of the United States."
injury
Senator Vantlenberg's
in
Washington
a
to the detriment
"Unfortunately there
comment was reported as follows
dispatch
of
June
5
to
the
"Herald
is such a thing as economic indigestion
and also
suicide," said Senator Vandenberg, in an address over the
network of the National Broadcasting Co. marking the first measured Re¬
a
thing
the
the
measure.
"There
minimum
a
basic
"There
"to be made for
wage and maximum hours laws in the States; and for the theory
Federal standard to equalize competitive conditions.
is an equally strong case to be made against a national straitis
a
strong
case,"
said
Senator Vandenberg,
Jacket in these matters; but a still stronger case against the creation of a
new Federal bureaucracy with large discretionary and dictatorial powers—as,
seems
inevitable under the formula thus far proposed.
But I submit that
pell-mell into all
when, with our monitory
National Recovery Administration experience as a background, we know
the sinister possibilities in this ultimate field of action.
Nor is there any
there is
the
no
class
or
of
tradition and. precedent" by
.
that every worker should
minimum wage" determined without reference to col¬
"hold to American
Congress to
urged
by
protected
lective
week,
a
.
35-hour
suggested minimum pay should be 40c. an hour, for a
$14
or
.
conditions in the industry.
bargaining
Lewis
Mr.
rendered in industries where
service
week.
a
that
He noted
the
annual
wage
these standards would be about
under
700, which he described as a "material benefit to thousands,
possibly even
millions, of American workers," but warned:
be
would
"It
should in
any
calamity if such
a
way
a
minimum
wage
that referred to
as
be construed as a living wage."
V
opposition to the bill was expressed on
June 9, when Representative Griswold, a member of the Com¬
mittee, said that the wage-fixing provisions were "a delega¬
tion of authority far more riotous than that granted under
the National Industrial Recovery Act."
He was followed
by Representative Thomas, who proposed that the section
be eliminated from the measure.
A Washington dispatch
of June 9 to the "Times" outlined the hearing on that date
The first official
follows:
members were made while Earl Constantino,
The protests by committee
as
Manufacturers, was
in the
without it, such a law would rim the risk of being held unconstitu¬
tional.
V,
Senator
and
Hosiery
of
Chairman Black declared that the section must remain
testifying.
bill,
Association
National
the
representing
■'
■■■H'
Black pointed out that in the New
was
!
■
invalidated, principally, on the ground that it was arbitrary
provided no standards covering the "fair value of service
In another
:V"
York minimum wage case,
similar law was upheld by the Supreme
case a
rendered."
Court on the ground
that it contained the fair value standard.
Nevertheless,
not
as
the hearings entered the final stage,
only objections from members of the committee,
John L. Lewis, for the United Mine
O., has urged the elimination of it and all
Workers and the C. I.
sections.
From the ranks of industry, even the
held the provision
the section faced
but the combined
related
friendliest witnesses have
unworkable.
Standards Board could, after public hearing,
Under Section 5, a Labor
prescribe a "minimum fair wage."
exceed $1,200
year
a
In no case could a minimum be ordered
for fifty-two forty-hour weeks.
Mr.
he said, it would interfere with collective
Lewis opposed it because,
ing, and witnesses for industry because they
bargain¬
feared its administration by a
Federal board with broad discretionary powers.
pose,
at
A. Ryan
intended pur¬
chorus today was the Rt. Rev. John
While the measure might fail of its
of Catholic University.
adopted as "a promising attempt
of correcting the great evils of unemployment and
the economist said, it should be
beginning the process
under-consumption.''
been pro¬
"It provides the only effective
equally promising or equally realistic measure has
"No other
method of raising the wages
of the underpaid, of bringing about full employ¬
ment of our workers and full
operation of our industries."
Witnesses Opposing
Witnesses
the Bill
opposing the bill as written were Mr.
Constantino, Arthur
Harvey Willson,
Besse, President of the Wool Manufacturers Association;
Manager
of the
National Upholstery and
Drapery Textile Association;
Roy A. Cheney, Managing Director of the Underwear
Institute; and John
P. Davis of the National Negro Congress.
Mr. Besse said the wool
industry could see "nothing but disaster resulting
from the attempt to endow a
board with power to set any and all standards
of labor remuneration based on criteria
of which the board itself is the sole
%
opposition to the bill on June 10
and Robert B. Dresser
of the National Association of Manufacturers; in special ad¬
vices from Washington June 10 to the New York "Journal
of Commerce" it was stated:
Some of those who voiced
were
James A. Emery, Noel Sargent,
as
publican criticism of the bill and particularly of the rush tactics of
Joint House and Senate Labor Committee now holding hearings on
of
He
the service
judge."
Tribune":
such
of
bargaining is ineffective."
policy.
;
"I
which the entire labor bill is based: that
principle upon
has power
modities
confuse or impede progress by
and not
the measure to which he objected would authorize
Board to establish "a fair wage" commensurate with
posed by anybody," Father Ryan asserted.
Senator Borah went on:
Congress
employees,
The only exception in the
quoted from recent statements by the Assistant Attorney General to
"concentration of ownership and control of American indus¬
He
the
of
added:
part of
establishing the "fundamental principle
be
sound national policy."
offends against
reason
or
collective
which would
in his speech with the
expressed agreement
Borah
Senator
late
with Senator Holt.
and hours was necessary
convinced, to the minimum basic wage as a
am
opposition of industry and labor.
weekly hours be placed at 35 in
the maximum
that
authority in the administrative agency to vary
with
bill,
the
value
the law
enthusiastically the bill's general objectives, Mr. Lewis
would be "violently opposed" to one provision
vesting authority in a Labor Standards Board to abrogate wage contracts
arrived at through collective bargaining, even though the wage was below
the minimum set in the bill.
Such authority would violate the principle
While supporting
said
right
I
he asserted.
joint congressional commit¬
and spread employment, but quickly
power
adhere,
Standard
Labor
"the
as
be set at 40 hours, with
hours. Both opposed
or sex of workers.
fix maximums as low as 30
the
purchasing
should
He said
clear.
this
efforts at collective bargaining,"
our
experiments in wage-fixing as such."
he said, that any labor union
inconceivable to him,
was
all
nation-wide minimum standard of wages
a
"We
movement, urged
by collective bargaining be made
agreements fixed
they fixed standards lower than
set
limited
wage" in
square-jawed labor leader told a
burly,
increase
to
a
far as it applied to what he called the "very
class of workers whose total annual income is less than $1,200," Mr.
Indorsing the bill
The
tee that
fundamental
follows
of June 4 to the New York
testimony of Mr. Green was summarized as
The
in
"fair
a
"That would destroy
case
whatever to be made in favor of rushing
implications of any such legislative program
that
said
that the chief need of the nation at the present time is decentralization of
industry.
He urged that the board in establishing minimum wages consider
General R. E. Wood,
he was
President of Sears, Roebuck & Co., who said
speaking as a citizen and not as the President of his company,
the need of developing
the South industrially so that its people are not com¬
pelled to seek employment in
manufacturing centers of the North.
In Associated Press accounts from
Washington, June 8,
reported that President Roosevelt and Administration lead¬
ers in Congress on that day rebuffed a series of proposals for
major amendments to the bill; we also quote therefrom:
The President told reporters
he doubted the advisability of amending the
legislation to prohibit interstate shipments
Asked about the suggestion
the President
of goods produced by monopolies.
by Senator Borah that such a change be made,
said he supposed it would be possible but that he was alway
3932
Financial
somewhat suspicious of
anything that made the passage of legislation more
complicated.
Meanwhile the co-authors of the bill. Chairman Black (D. Ala.), of the
Senate Labor Committee, and Chairman Connery (D., Mass.), of the House
Labor Committee, expressed opposition to any effort to extend the wagehour provisions of the bill to agricultural labor.
Paul
P.
Chronicle
'
,
|
Brissenden, representing the New York and New Jersey mil¬
linery manufacturing industry, had urged the joint congressional labor
In
time proposed separate legis¬
same
i .j,„
I
1
j
i
i
Black and
Connery said they would prefer retaining the
provision in the "omnibus" bill, i;
>
L
child labor
,
.
.
until
posed
by
President
Roosevelt—Would
Revise
Financial Policies
June 25 in
One
which
their individual answers to
file
to
of
those
who
President
requested
of
Edward K.
according
9, which added:
delay
the
Canadian
the
was
organization,
to the New York "Herald Tribune" of June
At
the
the
to
June
for
in
the
of
aside
set
mons,
on
service
of
as
that
it
was
of
the
of
the
foreign
jurisdiction of the United States.
a
an
government's complaint and sum¬
Canadian firm are concerned, on
doing
concern
Governor Lehman of New York Signs Measure Creating
Mediation Board to Intervene in Strikes or Dis¬
putes
Governor
Herbert
Lehman
H.
New
of
York
a
of
of
strikes
in
was
the
expected
introduction
of
the House and another bill
with
conflict
four
the
pro¬
presented just before
was
Administration
in
bills
embodying the President's plans
which
is scheduled to be introduced by Senator Robinson.
One jof the bills sponsored by Senator
Byrd would strengthen
what is
now
the independent
general accounting
office,
Congress relinquish
control over executive expenditures,
except by passing upon
them after they have actually been made.
A Washington
dispatch of June 1 to the New York "Herald Tribune" de¬
opposing
the
President's
second
struction
its
pf
the
Finance
functions
of
of
to
RFC
bills
Corporation
other
borrowing
the
Byrd
existing
for
two
Jan.
of
as
agencies
years
for
1,
1938,
and
with
already
Recon¬
the
of
the transfer
immediate
has effected
certain
and
more,
abolition
the
together
President
The
power.
provides
duties
new
its
of
termination
the
extension
have
been
added to it.
The
the
resolution
office
of
presented
Director
of
by Senator Byrd requests the President to fill
the
Roosevelt has left this office
Budget
in
the
interests
since 1934.
vacant
of
Daniel
efficiency.
Bell
W.
is
Senator
Byrd
Home Owners'
submitted
previously
including
consolidation of
Loan
number
a
Federal
that
of
reorganization
agencies and
power
a
pro¬
merger
of
Corporation and Federal Housing Administration.
the
consist
to
Expedite
Against
Aluminum
Co.
of
America—Philadelphia Court Will Consider AntiTrust Action—Judge Mandelbaum in New York
Denies
Suit
Motion
for
Extension
of
had issued
anti-trust
Federal
certificate designed to
a
suit
against Aluminum Co.
of
government's
America from
the
District
Court at Pittsburgh to a special court of
Philadelphia. Mr. Cummings filed a petition
which automatically removed the case to the
jurisdiction of
three
Circuit
Court judges of the Third
District.
On
May 14, as noted in our May 22 issue, page 3429, Federal
three judges at
District Judge R.
"most
M. Gibson of
and
disputes.
expressed the belief
measure,
effective in
encouraging and
The Mediation Board will
members
to be appointed by the Governor
Senate; the Governor will also name
becomes effective
is from Albany advices, May 25, to the New York
"Herald Tribune" of May 2G:
In addition
to
making it
obligation of the Board to negotiate the
an
of
pending
obligation
on
the Governor to act.
The bill
labor
Governor,
the
effect
dispute,
Board
voluntary,
a
differences
the
precipitated
labor
such
threatened labor disputes,
or
specifically provides that "upon its
imminent
the
take
must
amicable
and
issues
such
and
in
and
may,
steps
it
may
in
employer
and
an
existing,
direction
deem
the
to
settlement of
which
employee
precipitate
of
expedient
adjustment and
threatened to
or
the
upon
as
expeditious
between
culminated
or
Board
the bill also places an
motion,
own
have
culminate in
or
disputes."
In
signing the bill Governor Lehman expressed confidence in the coopera¬
employers and employees with the State to avoid labor disputes.
The hill, which was sponsored in the Legislature
by Senator Duncan T.
tion of
O'Brien, New York Democrat, will become effective July 1, on which date
a bill
setting up a Labor Relations Board, of three members to he appointed
by. the Governor, also will take effect.
The Governor signed the labor
bill last
week.
organization
of
It
guarantees
their
to
employees the right to join any
choosing
own
for the purpose of bargaining
collectively regarding wages, hours of work and working conditions.
Governor Lehman of New York Vetoes Measure
Bank Assets
ing
Pledg¬
Deposits—Also Vetoes
Secure
to
Four Bills to Amend State Tax Law
Governor
June 7 that he
remove the
be
labor
on
Board
The following regarding the bill, which
Aluminium, Ltd.
on
will
of five
July 1,
Delay in Case of
Attorney General Cummings announced
in
signed
State Labor
the Chairman.
labor
Government
Board
with the consent of the
relations
Attorney General Cummings Files Petition
intervene
maintaining industrial iieaee."
Mr.
Acting
Director.
posals,
to
Governor, in signing the
settlement
scribed the other proposals of Senator Byrd as follows:
The
Mediation
The
that
request
within the
business
no
May 25 the O'Brien bill establishing
This program
Special Assistant
Rice,
extension until
Davis and his
The second motion was designed
company.
officers
L.
granted
brought by Mr.
second motion
a
copies
the
Walter
of
Mandelbaum
Judge
Canadian
far
so
ground
the consent
on
General,
hearing
a
fellow officers
to
time,
same
Attorney
14
Legislation providing for reorganization of the Federal
Virginia.
on
Canadian affiliate
extension of time
Government, particularly with regard to revision of its
financial policies, was introduced 011 June 1 by Senator Byrd
posals of President Roosevelt, and
York,
New
in
Court
the anti-trust action instituted in the New York district.
the
Senator Byrd Introduces Bills for Federal Reorgan¬
ization—Measures
Conflict
with
Program
Pro¬
District
officers and directors of Aluminium, Ltd.,
the Aluminum Co. of America, for an
ment in the
from the bill, and at the
lation on that subject.
States
of
Davis,
Senator H. Styles Bridges (R. N. H.) introduced an amend¬
Senate to eliminate the child labor prohibition
United
June 8, Judge Samuel Mandelbaum denied a motion by three
com¬
mittee to include farm workers in the scope of the bill.
the
June 12, 1937
May
28
Herbert
bill
a
deposits.
secure
blyman
H.
which
The
Gamble
of
Lehman
would
of
have
New
York
pledged
vetoed
bank
on
assets
to
had been sponsored by Assem¬
Westchester.
Governor Lehman sub¬
measure
mitted, along with his veto memorandum, a brief statement
by William R. White, New York State Superintendent of
Banks, which said:
Principal effect of this bill is to extend the unsound practice of pledging
assets to secure bank deposits.
The Banking Department has consistently taken the position for a number
hank
Pittsburgh issued an order
prohibiting government attorneys from bringing to trial a
suit instituted in New York,
April 23, for dissolution of the
company.
A Washington dispatch of June 7 to the New
giving
York
extended.
"Times"
discussed
General, in part,
In
discussion
"This
his
follow
can
new
government
in
the
28
and
in
day before
This
General
United
its
way
the
public
statutes,
case
to
of
be filed
Robert II.
recite
is
upon
that
an
Attorney
for
the
by
trial
the gov¬
merits
court.
its
New
to play
propose
injunctions."
Code,
must
hearing at
circuit
filing
by
asserted,
be
given
the
provides that
precedence
earliest
over
practicable
Attorney
general public importance.
General
of
and
Special
has
Assistant
become
of
in
The
to
ex
make
New
general
public
parte proceeding of April 29, the prepared certificate said,
sought
Attorney General and other United States counsel "parties
and
was
an
expression
by the court that the attorneys had
placed themselves within the jurisdiction of the Federal
Judge
had
Gibson,
submitted
trust
suit
the
itself
to
the
in
1921
view to
asserted,
jurisdiction
of
also
his
found
court
against the Aluminum
court at
that
the
so
Pittsburgh.
government
by virtue of
an
anti¬
company.
by the government of
Federal court
company
certificate
instituted
The filing
in
be
restricted
terminated
or
rather, than
law
which, he said, would have substantially
this was noted in an Albany
State's revenue;
bills, sponsored by Senator Buckley of New York and Assem¬
of Westchester, would have provided for a reduction in
Gamble
transfer
collects
State
under
2c.
tax
shares
on
shares
on
sold
sold
for
for
$20
less
or
than
more,
$5.
At
and
Buckley and Gamble bills would have provided for a
for less than $5 and %c. on shares sold for less
shares sold
Another
or
of
taxicabs
from
the
The
and
present
l%c.
the
shares
on
$20.
the
bills
tax
which
to
tax
deduct
on
fourth
would
property
the
tax
have
the
tax
gross
bill
Governor
persons
on
or
rejected
was
from
substituted for another
reorganization plan approved by
mortgage
mortgage
on
$1.
by
was
excess
last
by Assemblymen
the
of
lc.
on
Senator
corporations operating buses
gasoline in
incomes imposed by the
vetoed
exempted
the
paid
rate
than
tax
the
of
3c.
gallon
a
Legislature.
Schanzer
of
Brooklyn,
any
mortgoge
same
property
on
real
under
a
the court.
York.
the
defendant"
shall
Buckley and would have authorized
importance because of the restraining order issued by Judge Gibson April 29
"without notice or hearing" and the
preliminary injunction granted May 14
prohibiting the government's counsel from proceeding with the suit insti¬
tuted
security
assets as security
of any class or type of depositors to require the
to say:
on
stock
the
a
Attorney Walter L.
recently
the
Two of the
The
mandatory the establish¬
by the government attorneys—Assistant Attor¬
case
of hanking institutions to pledge
power
dispatch, June 4, to the New York "Times" of June 5, which
went
judges of the circuit."
the
such
lowered
blyman
he
he added, makes
the
the
on
of
On June 4 the Governor also vetoed four bills
amending
that
the Pittsburgh
We do not
power
deposits and the
the State tax
one
expeditious settlement of the issues
interest,
Jackson
the
issued
monopoly.
States
expedited
court
that the
The certificate
Rice—will
15,
expeditious
bring to
1
We want
less than three of
of
special
a
certificate
of
every
"not
section
of
ment
ney
to
Nation's No.
Title
because
case,
others
of
most
orders
by these restraining orders and
Section
by the
move
Cummings declared:
the
seems
view of the
the game of judicial chess.
raised
Mr.
move
determined
is
York suit against the
latest
that the
years
for
follows:
as
statutory procedure
ernment
The
of
the
of
occurred
at
an "expediting certificate"
Pittsburgh on June 8, with a
speeding the anti-trust suit against the Aluminum
held up by the preliminary injunction of Judge
Gibson of Pittsburgh.
Senator
Says
Walsh
Warns
Other
Against Sit-Down Strikes, but
Cannot Be Legally
Pro¬
Walkouts
hibited
Labor
throughout the nation will be unionized almost
100% within a few years, and almost every business and in¬
dustry will have adopted the closed shop, Senator Walsh of
Massachusetts said
on
June 7 in
an
address before
a
luncheon
meeting of the Boston Chamber of Commerce. At the same
time, Senator Walsh warned that such weapons as the sitdown strike
are
doomed to failure since they are contrary to
public policy, but he also said that it
was
"neither lawfully
Volume
Financial
144
possible, nor socially expedient, under the guise of public
welfare, to outlaw all strikes."
The Boston "Herald" of
June 8 quoted from his remarks as follows:
"We cannot legislate mandatory arbitration of all labor disputes, for com¬
3933
Chronicle
McCarran, threatened to filibuster in the event of introduc¬
tion of
Senator Burke said on the
the bill were prepared to
compromise that would increase the member¬
compromise measure.
a
filibuster any
opponents of
40
that
day
same
pulsory arbitration, if it is to be effective, must carry with it compulsory
ship of the Supreme Court, but he predicted that a filibuster
obedience, and that destroys the right to strike or the right to suspend
would
business."
but in
Senator Walsh said he assumed all believe not merely in theory
should be "just and reasonable" and sufficient
actual application that wages
to
of living "in decency and comfort" and working
provide a standard
hours for wage earners low as
The
housing conditions
economically possible.
child
asserted
Senator
labor, sweatshops,
been recognized
have all
low
unsanitary
wages,
outstanding social
as
evils
He said he had long been a firm believer in the
that must be eliminated.
but for lessen¬
principle of lower working hours not only for social reasons,
ing unemployment.
reduction in the hours of labor by legislative
The speaker said "that a
decree, without
the
power
new
pursued
have
employers
some
the long
in
ever,
past
Labor with its
policy.
ing
.
justices, one appointed from each of the Circuit Court dis¬
Provision
How¬
follow a similar course.
may
the public conscience and the public welfare will
run,
He stated
the
the public conscience does not sanction
exploitation of child
of labor
does not approve or condone the
the employer; that the public conscience
sit-down
bringing new
that
strikes,
new
a
era
in
industrial relationships is
organized labor, and carries with it new responsibili¬
power to
Hatch
The
of
15
require that the employer deal justly
"Both society and the government
moral
obligation
There is a similar
employees."
fcThe Senator said
we must
This,
they
Mexico,
of New
would
too,
the
that
stipulate
by Senator
court of fluctuating size had not
understood
for
a
amendment
an
be
would
number
The
of
Burke, Democrat
resisted
Indications
the President
would
to
appoint
back gradually
drop
that
would
ad¬
one
that
reiterated
the older
as
enlargement
any
debate, if necessary.
the
Judiciary
submitted
be
Committee
Senate
the
to
day
a
the
opposing
report
in
unless
so,
or
made.
were
Prediction
by
+
Nebraska,
of
months
in
were
bill
Roosevelt
labor unrest.
authorize
would
for each justice who had passed 75, until a maximum
year
a
reached.
major revisions
strive to eliminate the cause of
amendment to force
constitutional
a
retired.
justices
1 ikewise. they require the employer to keep inviolate
on
75.
at
additional justice in a year.
one
proposed
bill said
proposal
justice
was
Senator
the agreements that he enters into with his employees.
the
of
Democrat
ditional
ties.
with his employees.
justices
also quote:
we
yet been discarded by Administration supporters.
bargain collectively with the employer—unrestrained and uncoerced by
to
has
(June 8)
said, to qualify Senator Andrews's plan
was
justices represent the Circuit Court districts.
associate
Hatch,
also
of
retirement
Opponents
labor; public conscience today recognizes and approves the right
so-called
might be made, it
Senator Andrews
rule-or-ruin
a
Press
From the Associated
tricts.
by allowing the appointment of only
.
,
times
at
Under the proposal, it is said, the
compromise bill.
a
Supreme Court eventually would be constituted of a chief
justice appointed from the country at large and 10 associate
the controlling factor."
prove
in advices from Washington, June 8,
reported that a proposal by Senator Andrews, Democrat of
Florida, for the enlargement of the Supreme Court to 11
members received consideration that day by Senators seek¬
provision for the maintenance of minimum wages is
any
fraught with danger and hardships to the wage earners."
"In
be unnecessary.
The Associated Press,
President that
the
the
court
bill'
reform
would be passed at the present session
$4,367,000,000 Loaned by Agencies Under FCA in Four
Years, Governor Myers Reports
Incident
Administration
Credit
Farm
of the
anniversary
fourth
the
to
May 27 that total loans made since organization aggre¬
on
cases
involving the Administration's power program
comments
certain
referred
was
Governor W. I. Myers announced
that day,
on
of Congress, and his
tlie failure of the Supreme Court to dispose of
gress
in
to
June 5 issue, page
our
National Grange,
The
on
in
3762.
letter to all members of Con¬
a
June 9, urged the defeat of any compromise on
reorganization plan. The letter suggested that
Mr. Myers pointed out that the
largest part of the money was loaned through the Federal
Land banks and production credit associations, and
said
that no such vast_sums had ever before been loaned to
individual farmers by cooperative credit institutions.
Alto¬
gether, farmers obtained over 3,000,000 direct loans from the
the
cooperative and emergency agencies under FCA supervision.
compromise on the court plan.
A Washington dispatch of June 9 to the New York "Her¬
ald Tribune" from Albert L. Warner discussed the opposition
gated over $4,367,000,000.
Governor
Further remarks of the
follows in
Nearly 50% of the
slightly
liens
money
40%
than
more
and
loaned
was
as
individual farm mortgages and
on
for
Land
banks
and
first
the
and
tions received from
Some
mortgage
security
first
ers'
on
debts
second
than
Land
banks
in
bank
loans
in
good
First
Governor
809,000
the
banks
total
of
lad
first
on
the Land Bank Commis¬
held
loans
by
said the proportion of all
Myers
standing
Land
The amount of refinancing of farm¬
mortgages.
increased
short-term
of
financing
Myers said he considered the
the
Federal
estate
"With cash
uniform
farmers
set
was
1933
were
success
loans
of
the
production
during the four-year period.
of the
new
in
up
of interest
real
machinery,
livestock
and
supplies,"
stated.
he
"These
associations have increased their business each
cooperative
large
where
cash
past 12 months, or an increase
size
The
purchasing
months
for
then
and
37%
made in the
four-year
000,000
for
$232,000,000
to
farmers'
as
cooperative
Their business
compared with the preceding
credit
;
the
banks
the
the
of
which
committee
Senate
is soon
ex¬
five
add
of
influencing its
richly deserves.
because there
be no
can
or
decisions, then it
is just
principle to add
in
wrong
as
other number of justices with this end in view."
any
National
The
so
If it is wrong
additional justices to the Supreme Court for the purpose
six
to
or
it
thought of compromise,
no
grounds for compromise between right and wrong.
honorable
two
that
fate
be
should
"There
disappointed
Grange
Administration
the
the
after
soon
but with restraint. The letter
today showed that Grange officers after canvassing the sentiment of their
followers were ready to fight the court plan with as much emphatic vigor
court
plan
the
as
ized
announced by
was
bitter
most
Also
and
insisting
but he is
bill,
back
a
and
on
left
Andrews
Senator
would
labor
farm
President has
The
other
in
groups.
widening rift between this element of
a
the Administration.
both
on
ponement.
opposing it,
oppositionists
indicated
the letter
farmers
The Grange
legislation
apparently
the lower
be revised
would
doubt
organ¬
balking the
their
suggesting
willing
that
he
was
on
the
establishing
to defer
post¬
the farm
one
middle-grounder
court
bill.
proposal with respect
for
He
who
hopes
the Justice Department.
proctor, but
a
provide straightout
to
effect
the labor legislation.
President's
the
courts and
is in
by
been
compromise
no
Presidential
maintain
would
bill
Repeal of Capital
during the past four
Federal Land banks, $1,259,000,000
$918,000,000 ; production credit associations,
follows:
$413,000,000
corporations,
emergency
;
his
His
reorganizing
to
the Supreme Court section
eleven judges.
;
emergency
crop
$652,-
regional agri¬
loans, $149,-
I. O.
C.
Lewis and
thousands
out
of
work,
S. Tremaine,
Morris
tlie Congress
and
is
brake
on
welcomed
Comptroller
recovery,
by
keeps
tax-dodgers,
of New York
State, told
of American Private Enterprise in New York
City of jJ$ne 3.
Other speakers before the Congress, which
was
sponsored by the New York State Economic Council,
included
Louis
K.
Comstock,
President
of
the
Merchants'
Association, and Representative Clare E. Hoffman of Mich¬
Oppose Compromise
Roosevelt's court reorganization bill,
postponement" of the measure, was forecast
this week as opponents of the program ap¬
peared to be adding to their forces, particularly in the Sen¬
ate.
On June 5 Senate opponents of the bill, led by Senator
Also
Address * jCongress
of
Enterprise—Criticism of John L.
The capital gains tax acts as a
Mr. Tremaine said that repeal of the tax would add
igan.
in Washington
Comptroller Says Levy Im¬
K. Comstock and Repre¬
Hoffman
American Private
Land
for cooperatives.
"indefinite
York
years
in drought areas, $72,000,000, and banks
Some $18,000,000 of loans originally made
Marketing Act Revolving Fund was refinanced by
Defeat of President
Gains Tax Advocated 'by Morris S.
Recovery—Louis
sentative
12
feed loans
Agricultural
pedes
marketing,
during the past
Opposition to Court Reorganization Bill Increases—•
Senate
Opponents Threaten to Filibuster Any
Compromise—Proposals of Senators Andrews and
Hatch—National Grange and N. J. Bar Association
or
follows in part:
to Congressmen
report
judiciary will enter
It is devoutly to be hoped that Congress will mete out
measure, so repugnant to the spirit of our free Ameri¬
ill-conceived
institutions,
12-months' period.
cooperatives, $232,000,000.
from
the
The
period.
Federal Intermediate Credit Bank loans and discounts for private
;
adverse
phase.
new
a
this
also organized by the FCA in 1933-34,
financing institutions and farmer cooperatives, $614,300,000;
cultural
plan by the National Grange as follows:
Tremaine—New
by various institutions under the FCA
Commissioner,
000,000
were
cooperatives,
loaned
approximately
Bank
year,
farmers in preferred areas
almost disappeared during the
among
financing
servicing associations.
increased
Loans
are
upon
to
can
about $860."
was
banks
13
since
have
any
of over one-third compared to the preceding
750,000 loans
Over
months.
12
average
condemning
report
a
production credit associations loaned $260,000,000 in the
The
depression.
not only
following,
sections
a
in
also
the
"With
approved
bill tomorrow will have the indirect support of
attracting
but
4,
Grange letter sent
President
through the 550 production credit associations,
fertilizers,
feed,
seed,
of
June
on
the court
The
making large savings on the cost of credit compared with time-
are
purchasing
City
to
production credit
financing available throughout the country for the first time
rates
tic
Land
than 50% in
from less
Federal
1933-34, almost as significant as the
mortgage refinancing by the 20-year-old Federal Land banks:
which
system,
at
Federal
associations, amounting to $652,000,000
credit
over
the result of applica¬
as
87%.
volume
in
by the
loaned
twice
Mr.
1933.
to more than
representing
Commissioner,
the remaining amount by
and
and
more
is
loaned by the 12 Federal
was
loans which were made
was
'
State Bar Association, meeting at Atlan¬
The New Jersey
nearly half of all the mortgaged farmers in the country.
$1,259,000,000
sioner
Bank
Land
second mortgage
adjourn after defeating the court pro¬
such as ap¬
or
pected, the bill for the reorganization of the Federal
$2,177,000,000
over
years
recess
propriation bills."
crop
marketing and purchasing associations.
During the four
Congress
posal and passing "really essential legislation,
and livestock production on short-term
remaining 10% was advanced to farmers' cooperative
The
notes.
also summarized
were
the FCA:
announcement by
an
court
nearly
$250,000,000
to the
Federal
revenues.
The tax, he
declared, is probably the largest item of expense in auditing
income tax accounts.
His address, and other speeches be¬
the
fore
conference, were reported
as
York "Herald Tribune" of June 4:
Mr.
do
of
a
he believed the
Tremaine said
away
million
"When
repeal
with tax evasion and in due
we
dollars
to
have to
to the
of the law would
course
the government's
go
follows in the
New
:
do much to
should add nearly a quarter
revenue.
extremes
in
income tax
and
call capital
gains 'income,' it would appear that we are putting a premium on evasion
and
building
up
an
urge
to sidestep
every
possible payment," he said.
<
3934
"Wall
Financial
Street
Federal and
enough
has
tax
has
always
done
of Wall
out
much
so
to
Charging that the tax
said
that
the
said
the
not getting
we are
this
that
reason
the Comptroller added.
"punitive rather than promotive," the speaker
law
throw
of
out
men
jobs, cut wages
injure, labor
revenues,
the
harm
real
the law
of
did not trade and would not take profits when
did
not
from
come
from those who
came
they could get them, because
of the tax.
The tax retards recovery
by freezing
capital, thus hampering normal
up
trade, he asserted.
He
told
the meeting
there should be
the repeal of the law.
urge
Representative Hoffman said the
the
independent citizens' lobby to
an
killed in strike riots outside
seven men
Chicago last Sunday "died because John E.
Republic Steel plant in
Lewis sent them to their death."
"Although Mr. Lewis thinks he is sitting pretty, he is actually sitting
top of a volcano," he said.
When the tide turns against Mr. Lewis he
from power by President Roosevelt, just as Hugh Johnson,
Raymond Moley, Rexford Tugwell and other New Dealers were removed....
on
will be removed
Mr.
it
Comstock
have
ideas
my
of
group
who
strike,
them,
"Thank
I
how
to
as
although
this
country
was
prosperous,
ought to handle these Works Progress
we
said.
he
"If I
been given
have
necessity to tide them
would
that
out
strikers,"
men
over
an
WPA administrator and
a
were
employment in
emergency
would welcome them with
tasks
open
I would
arms,
off the
What
you,
payrolls.
say
to
the
Francisco, asking that a vote be taken of employees of
the Ford plant at Richmond, Calif., to determine their rep¬
resentatives for collective bargaining.
Ford officials announced
returned to Detroit from
imposed
tremendous
of paper work is
mass
new
Ford plants already belonged to
The Ford assembly plant at Richmond, Calif., closed for
days by a strike, reopened on June 7, as noted in the
following Richmond dispatch to the Associated Press:
Of
the 1,800 men normally employed, about 200 went to work preparing
plant for the arrival of materials.
Clarence Bulwinkle, manager, said
the
all
would be at
He expected
1
There
disbursements for the Pennsylvania RR.,
in addressing the
meeting in Atlantic City, N. J., on June 4, of the
Accounting Division of the Association of American Rail¬
roads.
In
dispatch to the New York
a
Mr.
Walker
can
be greatly reduced if railroads
was
uniform,
on
that
standardized
Federal
and
State
evade
the
were
railroad
such
in
social
security
of
cases
worker
To
to
employers
some
taxes;
methods.
He added
are doing all they
also
definite
employee could
confusion
State.
it
Often
was
trying
it.
These
attempt
States,
company
as
best be 'serviced'
benefits
for
in
of
case
unemploy¬
ment."
Dividing
interstate employee's work,
an
wages
basis.
common-sense
Criticizing Federal Relief Measures, Judge Harper of
Georgia Declares That Those on Relief Rolls Who
Can Procure Work Should Be Indicted for
—Comments
Social
on
Vagrancy
Legislation
Security
In criticizing Federal relief measures, Superior Judge W.
M. Harper, at Americus, Ga., in a charge to the Sumter
County Grand Jury, said that
can
work
procure
and
although relief funds
has
of
means
support,
such."
as
Press
from
accounts
Americus,
"Constitution," from which
published in
quote, also said:
we
The
judge declared "the agricultural industry finds itself in a precarious
because of extensive shortage of labor, and yet it is true that
large numbers who are eligible for such work are practically idle."
situation
"It would seem," he continued, "that the relief measures that were
adopted by the Federal Government some four years ago have given rise to
some
unwholesome conditions."
Judge Harper told the jury
section
large
this
at
time
numbers in
there
is
idleness
"it
very
may
spoiled
as
children
who should be
and,
safely
be
little real need
"It is apparent," the jurist added,
easily
called
back
relief.
to
There
are
once
spoiled,
much
are
stantial
harded
to
to
social
security
bill
legislation,
security
will
not
be
reached
the
judge
said
by
merely
"a
sub¬
taxation
Richmond
Bulwinkle
The
the agreement, approved
plant."
he had
said
Richmond
"no
strike
knowledge" of
noted
was
a
in
recognition agreement.
incentive
to
He said
who
make
"it
sits
upon
choosing
social
its
is not
idly
way."
the
man
by and
honest toil
and
be pressed
upon
may
who
seeks relief
awaits the
insists
old-age
upon
instead
of
pension,
relief until
employment,
nor
is
May 29
our
issue,
3605.
page
In Associated Press dispatches from
indicated
was
ployees
had
Inc., with
that
organized
Detroit
"independent"
an
the
Ford
on
of
group
Brotherhood
June 5 it
Ford
em¬
of America,
claim of 7,000 members signed in two days;
said, was revealed by Byrd W. Scott, one of the
founders, who said he has been a machinist at the company
for 20 years, who was quoted as saying:
this, it
and
10
a
was
B.
A.
number
a
to
20
The
started
was
of
by myself, John D. McDowell, Benjamin Love
employees who have worked for the company from
Ford
years.
organization
organization,
one
because
formed
was
not
we
wanted
affiliated with any national
independent labor
an
union.
He was also reported as stating that the F. B, A. would
seek to extend its activity to Ford plants in other parts of
the country.
U. A. W. A. officials
June 9 rejected an offer by the
on
Ford Motor Co. to settle
dispute arising from the union's
discharged in the Ford plant at
Somerville, Mass., for union activity.
Union officials de¬
assertion that 150
a
men were
manded immediate reinstatement of these men.
Associated
Press advices of June 9 from Boston summarized the dispute
follows:
as
Samuel Sandberg, New England organizer for the United
Workers, said the general
manager
to
the
Labor Board offering to reinstate ail men laid
production
season
in October.
resumes
with
company
or
"not
intimidate
charges placed
we
move
to
men
nor
employment
of
his
him who will contributed to the upbuilding
security."
off when normal
discriminate against
union workers
on
and
behalf
not
to
for union activity, if the union would withdraw
want
on
behalf of the
reinstatement
union,"
of these
men
Mr.
Sandberg asserted,
right now."
He said
the
would he by the Labor Board to call a formal hearing, and that
the meeting today was an attempt to avoid this
hearing.
Associated Press Detroit advices of June 2 discussed the
recent riot at
the Ford
plant
follows:
as
United Automobile Workers of America
The
has filed complaints with
regional officers of the National Labor Relations Board at Boston, Mass
,
Detroit, charging the Ford company with coercion and intimidation of
employees to prevent them from joining the union.
Officials of the Board
declined to comment.
assembly plant were laid off because of
a
Somerville, Mass.,
seasonal slackening of production.
At Detroit the complaint charged that the Ford company interfered with
the workers' "constitutional right to organize "
Strikes
in
plants
of two
other
automobile
manufacturers
marked
the
labor situation today.
a
dispute that closed the
Chevrolet gray iron foundry at Saginaw, Mich., employing
5,500, said the
plant
As
might
a
reopen
tomorrow.
result of the shutdown, Chevrolet engine plants at Flint will close
at 3:30 a.
A
m.
tomorrow
because of material shortages.
brief sit-down strike interrupted
for
a
few
hours
stamping department of the Packard Motor Car
Grand Jury Investigates Riot at
Dearborn, Mich., Plant
of Ford Motor Co.—Petition Filed with NLRB—
a
before the Labor Board."
'*1 refused this offer
'because
next
at
letter
The plant now is operating during a slack
The union official asserted also that the Ford cfficial offered
of the
a
instead of two shifts, Mr. Sandberg said.
one
Company and union officials trying to settle
it he who
Automobile
of the Somervihe plant offered
conference called by the National Labor Relations Board, to send
to
bounty for old ago and the unemployed, but it must be founded
sober, moral and law-abiding citizenship, imbued with a paramount
a
a
frowns
then
social
provide
of
recognition and $8 for a six-hour day.
President of the union local, said
by the workers, provided for "recognition in fact."
one
The Ford company said that some employees at the
Referring
he
by the United Automobile Workers,
Ford's
Mr.
and
work."
"that many grown-ups are equally as
when
union
the precise terms of settle¬
reports of
26
Detroit, Harry Bennett, Ford Personnel Director, said : "Nobody has
authority to recognize the U. A. W. as sole collective bargaining agency
in this
asserted that
for
in
called on May
for
cure."
upon
demanded
coerce
Associated
the Atlanta
visible
supplied him, is a vagrant under
are
law and should be indicted
our
"who is able to work
anyone
no.
the strike,
any
and benefits between States
to become almost an impossible accounting job,
Mr. Walker
reported, but administrators have agreed to interpret and amend the rules
a
supplies had been obtained from the East.
as
At
threatened
on
soon
did this,
the rules and "bearing in mind the point at which
on
as
much contradiction
Frank Slaby,
in
allocate
to
necessary
railroad
a
ones
work
full production in about 10 days.
was
The F.
not the only
are
employees
some
chaotic
avoid
one
good faith, based
the
reporting
administrators
employees whose work takes them between
service.
a
and Statas get together
In part, the dispatch added :
Mr. Walker revealed that
to
Tribune"
reported as adding that this new burden
to cooperate.
can
"Herald
of
five to
on
annual
the union, and predicted
12
the accounting departments of the railroads
brought out by H. J. Walker of Philadelphia, auditor of
was
he
as
that the company would sign an agreement before the end
of the year.
who
a
an
guards the plant, did not participate in the May 26 rioting.
The United Automobile Workers of America, a subsidiary
of the CIO, asserted on June 6 that all employees in some
Social Security
The fact that
soon
as
Eastern business trip.
Mean¬
while, Harry H. Bennett, Personnel Director of the com¬
pany, told the jury on June 7 that his department, which
ment
Laws Imposing Mass of Paper Work on
Accounting Departments of Railroads, According
to jfL J* Walker of Pennsylvania RR.
June 7 that E&sel Ford would
on
testify voluntarily before the Grand Jury
now on you
Goodbye, and good luck to you.'"
June 2 with the National Labor Relations Board at
on
San
of doubtful
said that they
to me and
came
gentlemen, strike.
Strike permanently.
government wants is to get you people off its payrolls.
From
are
beaten away from the gates of the plant. Union officials
charged that guards hired by the company had committed
unprovoked assault.
Company officials asserted that the
riot had been deliberately staged for publicity purposes and
had been inspired both by the union and by newspapers
which sought sensational stories. Meanwhile a petition was
for relief than at the height of the depression.
more
Administration
a
pointed
spending
was
"I
June 12, 1937
were
filed
-
that
He asserted that the real difficulty
dodger.
both
to
revenue
time
obvious
very
district, destroy opportunities, reduce
Tremaine
tax
of
source
the
for
stop legitimate trading,"
was
the taxpayer."
terrify
Mr.
rich
a
Street
"ramifications of the
the
in the financial
and
been
State governments, and at the present
money
Chronicle
here, making 2,000 workers idle.
production in
Co.'s light
car
the
division
v
Union Formed
Plant
by Ford Workers—Richmond, Calif.,
Reopened
Power
Strike
Paralyzes Industry for 20 Hours in
Saginaw Valley of Michigan—Over 180 Communi¬
A Grand
Jury in Detroit this week held hearings to in¬
vestigate a riot at the Dearborn, Mich., plant of the Ford
Motor Co. on May 26. Eighteen
persons were injured when
organizers of the United Automobile Workers of America,
an
affiliate of
the
Committee for
Industrial
Organization,
ties Affected
A one-day power strike, which had paralyzed industry for
about 20 hours in four large cities and about 180 communities
7
throughout the Saginaw Valley of Michigan,
was
ended
on
Volume
Financial
144
agreement, signed in Washington on
June 8 between the company and the United Automobile
Workers of America, with which the power workers are
affiliated.
The workers had earlier rejected the agreement,
and had taken possession of the several plants of the Con¬
sumers Power Co., including the main power house
in Zilto
accept
an
increase for the
workers
sole bargaining
agent. The strike was said to be opposed by the union.
The following bearing on the end of the strike is from
United Press advices from Flint, Mich., June 9, to the New
waukee.
The agreement provides a wage
and recognizes the union as the
York "Journal of Commerce" of June 10:
Mortimer,
Wyndham
first
Vice-President
of the
United Automobile
plants in the
Workers Union, announced that full service to all industrial
valley would be resumed tomorrow morning.
The heavy load required by General Motors and
other factories which dot
furnaces in the main
the valley, he explained, could be supplied only after
plant at Zilwaukee had been refired.
power
With
that the "outlaw" strike was settled, Mortimer
assurance
and other
the Youngstown Sheet & Tube Co., was referred
"Chronicle" of June 5, page 3770.
On June 9 the S.
demned.
struggle to end
signed an agree¬
In less than two hours they had
chartered airplane from Washington. D. C., where they had
ment last
night with Consumers officials.
Flint.
approval of the agreement from the company's workers in
won
final solution of the strike required ratification of the
Bay City and Saginaw
But
accord by strikers in
Employes in the company's main power plant at Zilwaukee joined in a
Saginaw and added their voice to approval of the agreement.
vote taken at
Under
of the
terms
last night at a union-company
agreement, signed
conference in Washington, the strikers were
be held
on
of 5c. an hour (they had
Approximately 1,400 workers
were
strike.
At the same time, the Post Office Department
repeated its refusal to accept parcel-post packages containing
food and destined for besieged workers in plants of the
Republic Steel Corporation. The Department justified its
refusal on the grounds that this would be an "abnormal"
service, and would formally range the Government against
the strikers. A Washington dispatch of June 7 from Turner
Catledge to the New York "Times" reported the Govern¬
attitude
ment's
the
More than 350,000 residents of Flint, Saginaw, Bay
City, Midland and
affected by the
Pittsburgh Governor Murphy ordered the State police and
national
The State Senate took official cognizance of the seriousness
situation late today when it passed a resolution
of the strike
urging the Governor to send
The resolution, sponsored
law enforcement officers "to end the disorder."
members,
Workers
was
compel the steel operators to sign a contract
saying that no formal action had been instituted that
Postoffice
Return
to
Four-
Work^After
definite
more
Government
The action of the Union and officers of the company
May 27 by the workers favoring
While no details of the
settlement were announced, it is understood that the workers
retained the 36-hour week, under which they had been work¬
ing, and compromised on their demand for a ten-cent-a-hour
wage increase by accepting a five-cent increase.
The statement of George E. Deming, Executive VicePresident of the company, and Union officials said:
acceptance of the new agreement.
Officials of the United
Electrical
and
Radio Workers Unions affiliated
Storage
O., representing the workers in the Philadelphia
1.
the G.
Battery Co. and the management have reached an agreement on all points
members of the Unions have approved this agreement and
at issue,
will be resumed
as
Work has been
progress on
rapidly
as
work
possible in the production of Philco radios.
suspended for four weeks while negotiations have been in
the new contract between workers and the Company and every
adjusted.
been a
splendid demonstration of the fine spirit that always has prevaded the Philco
family.
Picketing of the various Philco plants has been carried on by
small groups of men and women and always in the most orderly fashion.
point at issue has been completely explored and satisfactorily
During that period in which the strike was in progress there has
There
no
were no
for
need
efforts to use force, no disturbances, no bitterness
police or other protection.
sides and
a
sincere effort to fairly
engendered,
Office workers came and went
about their duties, and there was evident a fair and
friendly spirit on both
and completely adjudicate the points in
dispute.
Ending of Steel Strike Appears Near—80,000 Con¬
Walkout
Post Office
ages
at
Three
Independent Companies
Department Refuses to Accept Pack¬
Sent to Workers in Republic Plants—Federal
Adopts Non-intervention Policy
Government
approximately 80,000 employees in three of
independent steel companies continued this week,
despite efforts at mediation by Governor Davey of Ohio and
Governor Murphy of Michigan.
Occasional rioting was re¬
ported at plants of the Republic Steel Corporation, which was
the only one of the three concerns that sought to continue
operations.
The Republic plant at Monroe, Mich., was
re-opened on June 10 after more than 95% of the employees
had voted against the selection of the Steel Workers Organ¬
izing Committee, an affiliate of the Committee for industrial
Organization, as their bargaining representative. In Asso¬
ciated Press accounts from Pontiac, Mich., on June 11, it
The strike of
the largest
was
of Local 169.U.A.W.A., announced a
industrial holiday in Pontiac early
Monroe, Mich., for a mass
Steel Company employees
reopened last evening.
Federal laws
that
city-wide
today to enable union members to go to
demonstration in sympathy with striking Newton
whose picket line was broken up when the
plant
were
violated or
Defended
based his denial
Deputy Assistant Postmaster General, who
from postal inspectors on the
'
scene.
His statement
was
directed
mail addressed to workers in strike-bound plants was
an
steel
held up or "censored"
resolu¬
Mr. Donaldson's remarks were aimed specifically at a
tion introduced in the Senate
for
by
that
generally at the assertions, first made
officials and later repeated by newspaper columnists,
company
by Senator Bridges of New Hampshire, calling
investigation into the alleged interference with mail deliveries
at the
plants.
investigated
through
this
representatives and today I
this charge was false
local
our
wire from our Postoffice inspector saying
a
Donaldson said.
"Claims that mail deliveries are being interfered with in steel
strike areas
We have had no word to that effect from our
absolutely unfounded.
There is
no
truth to any such statements."
"""The Republic Steel Corporation
June 8 formally de¬
postal service
accept and deliver food packages to Republic plants.
A
Washington dispatch of June 8 to the New York "Herald
Tribune" noted that protest as follows:
on
manded of Postmaster General Farley that the
The demand
embodied in
was
a
letter, signed by John
corporation counsel and member of its board of directors,
informed the Postmaster General that the company
mails
supply food to its picketed plants and
to
which might result
S. Brooks Jr.,
which frankly
needed the use of the
thus avoid the violence
if the company itself undertook to deliver food through
' .( ■
"convenient channels."
the usual
"We hereby formally request you to issue
orders to the postmasters at
submitted for mailing
Niles and at Warren to accept for delivery all matter
Niles,
and
therefor.
"Unless you see fit to comply with this request, which we believe to be
entirely within our legal rights, we shall feel compelled to take such legal
to addresses at the
plants of this corporation at Warren, Ohio, and at
Ohio, when prepared and presented in accordance with existing laws
regulations and upon tender of the necessary postage
steps as may be advisable to us in
the premises."
pointed out further that Tom Girdler, Republic Steel Cor¬
The protest
poration Board Chairman, previously had
telegraphed Mr. Farley, bringing
the mail situation to his attention.
"Your telegraphic response
General
being continued and will be continued at Warren and at
said the protest, "is obviously
the actual
"Your
through Acting First Assistant Postmaster
Donaldson under date of June 5, to the effect that normal mail
service is
Niles,"
unsatisfactory and unresponsive in view of
happenings."
telegraphic response through Acting First Assistant Post¬
master General
Donaldson under tate of June 5, to the effect that normal
mail service is
being continued and will be continued at Warren and at
Niles," said the protest, "is obviously unsatisfactory and unresponsive in
of the actual happenings."
view
on
the part of the steel corporation "to be
attitude from Jesse M. Donaldson, Deputy
First Assistant Postmaster General,
Mr.
deputized to function
Department in making deliveries of mail to our plants," brought a
restatement of the Department's
who spoke only after he had reached
Farley by long-distance telephone.
"We cannot change the policies which we have
said Mr. Donaldson.
"We
never
been following all along,"
employ guards to resort to the law-enforce¬
I understand that the corporation has offered to be depu¬
ment business.
tized to function for us in making deliveries.
"They ought not to ask us to carry out what they can't do.
There Is
nothing to prevent them from loading up their own trucks with goods
running them in.
it for themselves?
It is not fair to ask the Post Office to become a law-
We
enforcement agency for them.
trial dispute at
U.
A.
W.
Portsmouth, Ohio.
A.
and
If they think they can do that for us, why can't they do
are
following
a
policy carried through
recently in delivery strikes at Philadelphia and Pittsburgh and in an
Formulates
indus¬
Mr. Farley is out of town at present."
New
Demands
for
Contract
with General Motors Corp.—Canadian Plants
ered
in
New
Proposals—Brief Strike
Motors and Chrysler Plants Ends
stated:
The executive committee
"normal" mail deliveries
affected by the steel strike,
Postoffice Department was outlined by Jesse M.
position of the
Ah offer
tinue
would give it juris¬
damaged.
Mails Situation
The
for your
No
that
denied
appearances
property was
postal inspectors.
Approximately 8,500 employees of the Philadelphia Stor¬
Battery Co., makers of Philco radios, returned to work
on June 1 with the signing of a new agreement between the
company and the officials of the United Electrical and Radio
Workers Unions, affiliated with the Committee for Industrial
Organization.
The workers had been on strike for four-
with
of Indiana
with them.
the time being,
Department of Justice kept itself completely out of the picture
the
are
age
on
officials
Department
interfered with by pickets at any point
were
and
"We
passed by a 14-10 vote.
Week Strike—
followed the vote taken
Labor Relations Board
The Labor Relations Board declined to take a hand for
and erroneous," Mr.
weeks.
White
the
at
made that he had sent to the National
was
received
Radio
intervention now or in
House as announce¬
personal
no
indicated
was
telegraphic request from 80 local unions in the Calumet region
by pickets.
guard to hold themselves "in readiness" for any emergency.
Fhilco
contemplated
future
to intervene to
steel
:
and supported by Republican
follows:
as
President
immediate
ment
a
the
of interference with the mails upon advices
affected by the agreement.
180 other towns and villages in this industrial valley were
From
complaint.
was
Donaldson,
pay.
\
the
revealed in Washington on June 7 that President
Roosevelt intends to withhold Federal intervention in the
It
pending
granted:
demanded
20c.); sole bargaining rights (the company agreed not to deal with any other
labor organization); equalization of pay for similar jobs in all cities of the
Saginaw Valley; one week's vacation with pay; two weeks sick leave with
A 40-hour week; a blanket pay raise
strike..
hearings would
The Board later announced that open
Act.
diction.
well.
as
W. O. C.
Wagner Labor Relations
with the union in violation of the
That
the strike which they con¬
Mortimer and nine other U. A. W. A. leaders flew here in a
a
to in the
formally complained to the National Labor Relations board
that the Inland Steel Co. had refused to sign an agreement
union officials left for Detroit.
They had spent all day in
and
also affects the Inland Steel Co.
The strike, which
June 9 when union workers of the Consumers Power Co.
voted
3935
Chronicle
Officials of the
the
labor
Cov¬
General
United Automobile Workers of America,
meeting at Detroit
new
at
contract
on
June 6, formulated
with
General
demands for a
Although
Motors Corp.
specific demands were not made public, it was said that
3936
Financial
they would affect hours, wages and union recognition, and
would cover the company's plants in Canada.
Strikes which closed two General Motors plants and three
Chrysler factories last week were ended on June 4, and
strikers returned to work
the
walkout
reported
was
the following day.
on
in
Calling of
"Chronicle"
the
of
June
5,
Chronicle
but
trade and
commerce
not in
a
department, has authority
well
as
as
and
zeal
theories
branch
seemingly
and
government.
the
desirous
schemes
They
to
without
'respective
nor
for
extend
their
reference to
the
of
right
mandates
of
Congress.
They fortify themselves with omnibus
to
almost
mittee
of
to
17
collective
U.
press
A. W.
A.
from
26npities named
a com¬
demands for revision of the union's
bargaining contract with
General Motors
Corp.
confer
not
revealed, hut it
understood they would affect
hours, wages, recognition and other points covered in the seven-page agree¬
were
These
The
committee
the workers'
17
of
demands
44-day strike. -U.
instructed by the 517
was
to General
Motors officials
delegates to present
June
on
11, the earliest
possible date under terms of the strike settlement contract.
The present agreement is binding until Aug.
,
notice
before either side
Homer
abrogate it
can
other
He and
union
fidence and urged to continue
Mr.
Martin
the first time at 10
a.
the
drawn
indicated that
sole
as
had
convention
was
named Chairman of the
voted
were
a
resolution of
the
bargaining committee would meet
tomorrow to outline its campaign
m.
up
list
a
of
specific
plan.
demands.
for
He said
Earlier
of these would seek the establishment of the
one
con¬
present policies.
that
announced
officers
11, and requires 60 days'
demand revisions.
or
Martin, President of the U. A. W. A.,
committee.
"rule
it
was
U. A. W. A.
.
.
by the U. A. W. A.
the form
rules
of
a
powers
and
regulations,
uniform law,
only be found buried
which
cuauses
framed
are
commissions
their respective
upon
or
known
orders
publicized
in the
as
archives of
and pronouncements
do not take
such, but in many instances may
their
commission
and
remain
un¬
the
to
general public.
These rules and regulations are, in reality,
borrowing of legislative function in order that by such rules and regula¬
tions they may weave their peculiar
policies and individual theories into
law.
They evade judicial review and constitute themselves not only a court
of inquiry, but also a court of final
adjudication.
The rules and regula¬
a
tions
be
may
violation.
changed at will and
Commissioners
be unknown
their
and
staffs
to those
charged with the
not
elected, they are ap¬
public which is required
to obey them.
Yet the individual may be subject to
imprisonment and
fine for disobeying the regulations of which he
has no knowledge and can
acquire no knowledge.
pointed.
In
June 8 closed the
on
Their
.
bargaining agency for all of G. M.'s 135,000 production workers.
Strikes called
absolute
commissions or bodies
inevitably, seek the right to control by
regulation" the social, economic and industrial life of the people.
or
was
ment which followed last winter's
are
bodies.
These accounts also said:
The demands
they
the
of
judgment upon
arbitrary
subject to their jurisdiction.
In many
the drafters of their own laws.
They lobby them through
instances
convention
of
branch
judicial
the
their
advance
the legislative
of
those
According to United Press accounts from Detroit, June 6,
a
and
powers
the
exercise
to
American industry,
of strong bias, prejudice
persons
interpretations
assert
constitutional rights
agencies
over
citizens.
individual
over
We find in these administrative
3767-68.
pages
June 12, 1937
President
Their regulations
"A Study
of the
known to
not
are
are
the
Public Utility
Industry"
on
June 4
at the convention of the Edison Electric
Institute, John T.
Madden, Dean of the New York University School of Com¬
factory of the Budd Wheel Company at Detroit and two
plants of the Ternstedt Manufacturing Company, which is
the automobile body hardware division of General Motors.
merce,
Approximately 1,500
quote:
men walked out of the Budd plant.
Associated Press Detroit advices of June 8 described these
strikes as follows:
Sit-down strikes
began here late today in some departments of the Tern¬
Manufacturing Company, automobile body hardware division of
stedt
General
Motors.
There
that
work.
two
plants
Walter
Automobile
were
Reuther,
Workers
of
as
affected
president
America,
their extent.
to
and
that
the
of
The management
employees
side
west
said production
local
was
said
returning
were
The
of
the
at
two
in
was
making
protest again delay in eliminating
adjustments. Ternstedt employs
wage
all shifts.
persons on
Company's
witnesses
Loren
strike
Houser,
started
were
heard.
Automobile
United
when
deadlock
a
Workers'
developed
in
organizer,
said
negotiations
the
with
the
Budd
ever
union
a
one
desired.
required
of
A.
F.
H.
J.
of
L.
Heinz
Co.
Union
in
Pittsburgh
Elected Sole
Reopens-—
Representative of
plete
and
May 25,
The plant
on
employes approximately 2,300 workers.
The company had announced on May 29 that it had
agreed
to recognize the Heinz
Employees' Association as the colective bargaining agent for the workers, and on June 1
granted a 10% wage increase.
The company at that time,
however, delayed reopening the plant, and on June 4 agreed,
with the two unions, to the holding of an election under the
auspices of the NLRB.
f. ———♦—
Threat to People's Liberties Seen by B. F. Weadock in
"Headless Fourth Branch of Government"—Dis¬
cussion at Convention of Edison Electric Institute
Madden
in
"Study of
Public Utility In¬
dustry" Treats of Aspects of FTC's Investigation—
Construction Expenditures of Electric Light and
Power Industry
A critical examination of the
and
imprisonments imposed
Federal
commissions
regulatory
upon
exercising
judgments, fines
the American
the
powers
public by
of
all
three
branches of government and not operating under established
Federal departments was made by Bernard F.
Weadock,
Vice-President and Managing Director of the Edison Elec¬
tric
Institute
in
fourth branch"
of
a
discussion
on
the government
June
2
before
of
the
"headless
the Fifth
totally independent of
any
department create
less fourth branch' of the government."
in part:
"headless"
branch,
as
well
as
many
He went
other
on
'head¬
to say,
Federal
or
.
Trade
.
This
was
capital
an
has
holds
a
and
been
bad,
was
incom¬
of arriving at
results because it
the reasonableness of the rates charged
the
adequacy
featured.
To
the
sup¬
Federal Trade
"write-ups"
the investor,
tell
of value
on
are
under
the
the
however, that
is
of the "write-up" were, is at best
only a
a
the
or
often
of
worse
the
than
Federal
an
half-truth, and
untruth.
Trade
Commission investigation affords no
implication that because a transaction was a
"write-up" it
that it had any undesirable social
consequences simply because
"write-up."
Madden
also
discussed
the
losses
to
investors
in
utility securities since 1929 and showed how
receiverships
involved less than 2% of the
capitalization of operating
companies and that, even under receivership, bond interest
in many cases, continued as usual.
of 21.7% for railroads.
was,
This compares with
figure
a
Construction expenditures
for 1937 by the electric
light
industry are estimated at $475,000,000 compared
$290,000,000 in 1936, Charles YV. Kellogg, President of
Edison Electric
Institute, told delegates to the annual
and power
with
the
convention
of that organization at its June 3
session in
The major portion of this year's
expenditure will
be for distribution
facilities, generating facilities represent¬
ing less than a quarter of the total, said Mr.
Kellogg.
Chicago.
With
the
return
to
normal rate of
construction, many
companies will require further capital issues and be faced
with the necessity for
raising equity money to support ad¬
ditional issues of bonds.
The larger operating companies
should not find this
difficult, he added. The smaller com¬
panies in the holding company systems, on the other
hand,
which depend wholly on
holding company support for equity
financing, and which represent in the aggregate 60% of the
electric utility business of the
country, may be unable to
raise
substantial
any
securities
until
the
Mr. Kellogg stated.
in
amounts
of money by the sale of
holding company status is cleared up,
The power policy of the Federal Government
has resulted
the production of far more power than
can
be used by
the
public in the
Mr.
areas
Kellogg alleged.
surrounding the government's dams,
of the
"When it is realized that
94%
electric energy of the Nation is manufactured
or sold
by the
privately-owned electric utilities, and that for 50 years these
utilities have been planning and
building ahead of the pub¬
lic's needs, it naturally follows that the
only way a power
shortage
could
be
cease
to function
history.
The
watts
Federal
at
Norris
produced
would
be
for
the
utilities
to
tbey have been functioning throughout
He likewise said:
as
Government
and
has
placed in operation to date
164,000
kilo¬
Joe Wheeler
Dams by the Tennessee Valley
Authority
370,000 kilowatts at Boulder Dam.
It is reported that 86,400 kilowatts
will be ready
at Bonneville on the Columbia River, near
and
Portland,
commissions,
It
liabilities but
inadequate,
a
consequence
"The whole
it
make
to
"write-up" in the property of the company of which he
security without at the same time showing him what the effect
half-truth
was
were
as
method
any question upon
companies
effectively
Commission
and
"During the course of the eight-year investigation,
Commission issued many press releases in which the
the
as
.
the reasonableness thereof.
assets
generally the question as to
porting the securities which had been issued.
December.
boards,
administrations, authorities, corporations and agencies which
new
a
are
useless
community.
or
their
Annual
Convention of the Institute, in session in
Chicago.
According to Mr. Weadock "a dozen agencies which
This
answer
consumers
Dean
Workers' Union called the strike of its members
as inoted in our issued of
May 29, page 3604.
—Dean
practically
would not
Workers
f jThe main plant of the H. J. Heinz Co. in Pittsburgh,
closed on May 25 following a strike of union workers, re¬
opened on June 9.
Reopening of the plant followed an
election held June 8 by the National Labor Relations Board
in which the Canning and Pickle Workers'
Union, an affiliate
of the American Federation of Labor, defeated the Heinz
Employees' Association, an independent union, as the sole
representative of the workers in collective bargaining.
Both
unions had claimed a majority, and the
Canning and Pickle
the
to
basis for
Plant
entire
an
report the growth of capital
limited to the books of account.
was
to
just
typhoid may infect
Senate did not authorize
inquiry into the rates to consumers,
any
.
evil
proportion and perspective.
The good as well as the evil must
and evaluated.
It is possible to
magnify one or several con¬
incidents and poison the public mind
of
case
"The
a
mixture of
things and events in
see
evil
there
was operating
agreement which might be terminated by either 6ide when¬
inevitable
an
But he endeavors to
weighed
com¬
which makes wheels for several automobile producers.
He reported that the plant, which employs 2,600 workers,
the fact that there' is
good in all things.
true
books of
pany,
under
impartial investigator does not expect to find flawless conditions.
ready to accept
United
the
halted
grand jury investigation of a recent riot outside the Ford
plant in suburban Dearborn recessed until tomorrow
one-man
Motor
and
system
approximately 12,000
after six
be
it
Mr. Reuther said the sit-down
piece-work
is
their
to
main plants.
the
"The
He
with the
spicuous
conflicting reports
were
only
discussed the broader aspects of the Federal Trade
Commission's recent investigation; from his comments we
definitely
The
new
Eventually
by
capacity of all Federal plants built, building or
6,500,000 kilowatts, and the cost is $1,250,000,000.
capacity from these plants will create a large surplus of power
planned
is
Volume
within
Financial
144
transmission
the initial
cost
and the
cumulative
sale
power
of
charges, the
during the many years before revenue from the
deficit
to equal operating expenses and fixed
cost to the taxpayer of these Federal projects would
be
may
construction
added the interest charges during
were
enormous
expected
of
many
which
court
consuming centers of the Nation.
If to
In
3.
removed from the heavy power
they are
for
range,
3937
Chronicle
law they were
with
apparent.
more
even
the marked decrease
Mr. Kellogg also called attention to
municipal owner¬
ship of electric plants as opposed to private ownership.
During the four years ending in 1936 only 30 municipal elec¬
tric plants were established, the smallest number in any
four-year period for the past 50 years.
During 1936, in 127
municipal elections on the question of municipal ownership
of electric utilities, only 49 elections resulted in its favor.
The program presented by the Institute at its convention
contained a list of many speakers identified with the electric
in
popular support of movements toward
light and power industry.
earned
not
and
principles
appointees
definite statutory limitation
the court in excess of a
the approval of
under
which
to
clear
In other cases fees were paid to
their amount.
on
appointing
for
as
In
political workers, and they were
Such appointments are part of an
be active
to
apparent
reason.
which
in
system
courts
the
and consciously
deliberately
are
and maintaining political organizations.
of building up
means
a
them
other
no
established
used
other
majority of these appointees were known by the judge or
The
4.
person
,
paid to appointees with the approval of the
were
had
not entitled.
named
be
fees
cases
they
judges of tbe
proposing that the system of selecting
Supreme Court in New York City be reformed to remove
tliem from politics, the report says that constitutional con¬
vention which will convene next spring is the proper place
The report refers briefly
for consideration of such changes.
of selecting judges adopted or advocated in Cali¬
fornia, Ohio and New Mexico, also the proposals of the
American Bar Association and Judge Edward R. Finch.
The
to systems
possibility
of adopting
of these schemes to fit con¬
some
ditions in New York City is suggested.
Proposed Wage and Hour Bill "Com¬
and Incomplete" Says United States
Chamber of Commerce—Finds "Sweeping Powers"
to Be Conferred on New Board—Sees "Uncertain¬
ties Involved" in Substituting Board Control for
Reforms recommended to end the abuses in the foreclosure
Administration's
plicated
system include:
Eliminating
(given on page 3469 in our
May 29 issue), the Chamber of Commerce of the United
States on May 29 pointed out that one of the chief proposals
is to "create another Labor Board, this time a National
eliminate
Board, with sweeping powers to be con¬
within limits, thus far
and maximum hours, to
prohibit child labor, and to regulate industrial employment."
"As first presented," said the Chamber, "the proposed
legislation is complicated and incomplete.
There are a
number of blanks to be filled in, including basic wage and
hour standards and the extent to which small plants shall
be exempted."
The proposals, the Chamber noted, raise in
new form
some of the questions
involved by the now out¬
lawed National Recovery Administration and not since the
ferred
to fix,
members
five
upon
vaguely defined, minimum wages
have
ended
have
codes
such
forward
brought
been
there
sweeping designs to regulate employment conditions through¬
out all
industry."
The -Chamber
likewise
pointed
to "the general trend
in
higher labor standards and
the uncertainties involved in substituting board control for
the
direction
of
progressively
Business
as
whole
a
is
plishments its willingness and capacity to improve labor standards.
practicable
wages
Through
The
increase
and
industry has made extraordinary progress
In the last decade increase in wages, accom¬
in
20%
of
weekly earnings
average
of
employment
hours of work, has resulted in more than
in
under
persons
16
of
age
has
virtually
been
a
to
Chamber
of
Commerce
of
Howard
York
New
June 3 a report embodying the results of a
two-years' investigation of the effects of politics and patron¬
age on the courts and judges in the special and trial terms
of the Supreme Court in New York and Bronx Counties.
Sweeping reforms for New York City are proposed in the
method of selecting judges and in the system of foreclosure
approved
on
No
proceedings.
selecting
in present methods of
change
judges or in the foreclosure system is sought for the rest
but its support is asked for the legislation and
necessary to bring about the de¬
of the State,
constitutional amendment
sired reforms in New York City.
The
investigation, which
Committee
to
on
when
being
been
finished
committee
the
took
Chamber,
taken as
1933
had
cases
conducted by the Special
of the
year,
single
a
which
Reform
Law
was
up
Chairman
drew
confined
task.
The
complete
committee
in foreclosure
actions as
representing a fair and comprehensive crosssection of political patronage in the courts, but explained
that there are other types of court appointments which are
itself
limited
to
study
a
of
appointments
individually much more profitable to political workers.
report of the committee attacks only the system of a
The
political patronage in the courts—not any judge or appointee 7
in foreclosure proceedings as an individual.
The committee presented its findings as follows:
1.
During
ments
New
or
and
York
active
were
the
year
1933,
2,823
individuals
received
earned commissions in mortgage foreclosures
Bronx
workers
Counties.
for
the
The great
major
15,858
appoint¬
in the Supreme Court,
majority of these appointees
organizations of the two
political
of the
2.
by the judges of the court
appointees, payable out of the foreclosure estate.
At least $1,422,792
Fees
to the
of this
totaling $1,713,472.73 were awarded
sum
was
mortgagee was
sheer waste so far as any benefit or service to
concerned.
the plaintiff-
Vice-President
a
Special Committee
of
on
the Chamber, is
Law Reform which
the report, and the other members
up
In
to
Charles Lj
are
adopting the report on June 3 the Chamber took steps
before the State Legislature and the
bring the matter
Constitutional Convention which will be held next spring.
Upon motion of Mr. Bernlieimer, the President of the Cham¬
ber was called upon to appoint a Steering Committee to
direct
the movement.
du
Pont
Under
Quoted as Saying "We're Working
Dictatorship"—Frank E. Gannett Recently
a
Warned
That
United
States
Headed
Was
for
Dictatorship
From Hyannis,
Mass.,
June 7, Associated Press advices
on
reported the Cape Cod "Standard Times" as quoting Irenee
du Pont of Delaware
dictatorship now."
Mr.
Pont
du
Institute
Mr. du Pont.
"I
be like.
that
Technology,
the Class
of
Osterville,
in
of 1897 at
night
Saturday
because of
the
fellows,"
you
paper
"You have got to get your Congressmen to fight and
they are voting to Roosevelt.
we've
guess
used to
classmates at the reunion
of
Congress licked
got
cut off the money
a
reported.
paper
has
saying that "we're working under
as
The Associated Press accounts follow:
addressed
Massachusetts
all
what
forgotten
It's up
the republican
form
of
government
to you fellows—each one of you—to do something
"
Court may not be changed, but it is getting so that even
body has to do
ning this
what Roosevelt wants.
country, and
ownership of all
if
it
continues
We have
dictatorship
a
to have
going
are
we
run¬
government
industries."
our
A few weeks ago, at
Geneva, N. Y. (on May 24), Frank E.
Gannett, publisher, charged that the extension of the power
and
authority of
the executive
of the United
department
States, on the basis of emergency needs due to economic
distress, was the same method used in Europe to establish
Mr.
dictatorships.
the
112th
Gannett,
of
commencement
Phi
ing classes that it was time such
the
In
tracing
pointed
the
out that
of
development
they
reclaimed by
Europe,
in
Dr.
Gannett
the bottom,
at
were
that
leader, little realizing where the road
once
the dictator had obtained
he made himself impregnable.
"The
United
America.
extension
States,
is
of
the authority
stating
developing
said, "now
he
President,"
in
knows
similar
Washington
in
power
a
the
in
held
a
taking would lead them, and that
were
He traced
ment
dictatorship
unbearable economic conditions
desperation the people accepted
power,
a
powers were
Geneva advices to the Utica "Press," from which
quote, continued, in part:
people.
we
in
Beta Kappa speaker at
College and the 26th
Hobart
Smith College, told the graduat¬
of William
commencement
Strangely
and
more
has
enough,
more
greater
no
of the executive depart¬
the increasing
that
one,
power
than
in
even
centralization
personal
ago,
in addressing Congress, that the
powers
man
any
Washington
just what and how many powers the President has.
year
of
government.
ever
itself,
He said, about
in his hands, held by
others, might shackle our liberties.
"I
they
the
that
say
are
if
the powers
are
dangerous in
powers
any
hands,
then
should be reclaimed by
people.
"If
he
should get
of the court, then
Dr.
States
has
he holds
dangerous in his hands, and these
control of the Supreme Court by being authorized to
appoint enough judges
counties.
foreclosure similar to that of
summary
Bernlieimer, John D. Dunlop, Lawrence B. Elliman, Robert
D. Sterling and Charles A. Weil.
the latest year in
the records
and
its
was
for
recommendations.
Ay res,
"The Supreme
of
State
the
of sale to
power
in
with its
ance
about it.
System of Foreclosure Proceedings
The
foreclosure by
for
legislative amendment to the foreclosure statutes in accord¬
quoted
Political Patronage in the Courts Endorsed
New York Chamber of Commerce—Reforms
Recommended in Method of Selecting Judges and
on
nominee as
organize
"Roosevelt
Report
by
procedure
new
(June 5), the
eliminated.
_•
conclusion, asked the Chamber to pledge
a
State-wide movement to secure the
necessary reform in the selection of judges through the con¬
stitutional convention of 1938,
and meanwhile to secure
measured in purchasing power,
years
the
12-weeks' advertising now required.
costly
report,
itself
Indus¬
action,
these objectives.
by reduction
panied
of
support
in
independent
in attaining
15%
and
provision
the present
the
Adopting
of a policy of paying the highest
the shortening of hours as far as
permit.
will
and
Pennsylvania.
try today, a a whole, is united in support
productivity
sell
to
No fee payable to plaintiff receiver.
the plaintiffs request.
Simplifying
demonstrating by practical accom¬
consistently
referee
!
appoint the plaintiff mortgagee or his
judges to
upon
Irenee
It also said:
private action."
the
and
compute
;
Requiring
receiver
Standards
to
v--
Limiting the advertising of notice of sale to one newspaper and to two
Private Action
Labor
referee
insertions.
Urging Congress to give "deliberate consideration" to the
Administration's wage and hour bill, advocated in President
Roosevelt's message of May 24
the
auctioneer.
fallen
to
in sympathy with his ideas to make
power
up
a
majority
would be unlimited indeed."
told
the
graduates that the only way by which the United
escape
the
perils
Gannett
could
his
the
of
dictator-ridden
personal
countries
government, and
of
the
fate
Europe, is by education.
that
3938
"If
the
truth
and
lies
in
not
need
Financial
millions
could
of
understand
centralization of
to
people," he said,
our
threat
the
and
more
of
more
"could be made to realize the
Fascism
power
and
in the
Communism
Executive,
we
that
Following
his
address
Dr.
Gannett
was
awarded
the
honorary degree
responsible concerns from
accepting trusteeships, or make the cost of such services prohibitive.
There is
provision of this bill
one
think would call for
(LL.D.).
1931
12,
June
its final form will be such that it will not deter
would
worry."
Doctor of Laws
Chronicle
some
originally Introduced which I
as
rather delicate interpretation,
should be brought to the attention of the advertising departments
trust companies.
should
and it is one that;
of the
be quali¬
the same degree of
under the circumstances if he
I refer to the provision that "The indenture to
fied shall contain provisions requiring the trustee to use
and skill
care
Government Has Three Methods of Avoiding Inflation,
Prof. Irving Fisher Tells Economic Conference—
Lists Controls
Open Market Operations, Raising
Discount Rates and Decreasing Gold Price
as
"Any great inflation would certainly be
great
a
curse,
and is, moreover, entirely preventable," Irving Fisher, Pro¬
fessor of Economics at Yale University, told the Southern
Session of the National Ecoomic Conference at Richmond,
Va., on June 4. He told the meeting, which was sponsored
by the Society for Stability in Money and Banking, that
there are three methods whereby the Federal Government
could avert any threatened inflation.
These, he said, com¬
prised open market operations in which the Federal Reserve
System would sell securities and withdraw the proceeds
from
circulation, action by the Federal Reserve Board to
discount rates of banks, and lowering of the gold
price.
The Richmond "Dispatch" of June 5 reported the
address and other speeches at the meeting as follows:
raise
"
"These
controls
Administration
It is
100%
of
all
safeguards
"if the
inflation
against
.
be to
would
of the old Bank of Amsterdam.
system
reserve
seriously considered in Congress."
now
Fisher warned,
not balance its budget and resorts to printing press
bank credit created by means of loans to banks.
strongest
very
the
revive
sufficient," Prof.
does
money or further
"The
be
not
may
.
.
,
the evening session platform with Professor Fisher was Dr.
Joseph E. Goodbar of New York City, President of the Society for Stability
in Money and Banking.
.
Other
factors
of
the
.
inflation
problem
were
discussed at
the afternoon
session
by Ralph W. Manuel, President of the Marquette National Bank of
Minneapolis; James W. Allison, former Richmond banker, now Vice-
President
and
Trust Officer of the Equitable Trust Co.,
and Donald B. Woodward, of New York
City, economist,
Wilmington, Del.,
Moody's Investors'
Service.
Mr.
Manuel
pointed
out "perverse functioning of our banking system
booms and deepens our depressions," and offered as
of correcting the faults:
whereby it feeds
means
our
That the savings
business and the commercial business in each bank be
completely segregated.
That
facilitate
and
the
commercial
economic
departments
of
process
be limited
creating
and
to
those intended
to
distributing useful goods
services.
our
June 5 issue, page
Edward B. Hall of I
3768.
Investment Counselors
Dangers in Pending Lea
rency
Essential
to
to
as
Nation—Sees Sound Cur¬
1
,
itself
'
'
as
having, whichever is
'
broadened to include de¬
tailed supervision over indentures, reorganization plans,
tend to increase the belief
and the like, It will
which I think is already
the part of investors,
on
prevalent, that the Government is supervising offerings so carefully that
individual need not study them for himself, but can assume that if the
broadening of
on
June 10,
which would thereby be conferred
Exchange Commission and declared
that "the provisions of the Secutiries Act indicate
Clearly that
it is not desired that any Government
agency should be
charged with the responsibility of acting as investment coun¬
powers
Securities and
selors to the nation."
Mr. Hall added:
Unfortunately, the impression that
form such duties
seems to
the Government is undertaking to per¬
be rather widespread, and it seems to
me
that
as¬
sumption of responsibility with respect to indentures and debt
arrangements,
and the making of reports on the effects of
reorganization plans, could not
fail to make it even more difficult for the
public clearly to understand this
point.
This danger is recognized in the Securities Act which makes it a criminal
offense to represent that the Commission has approved a registered issue,
and this is required to be stated on the front page of every prospectus.
Nevertheless,
sas
a recent
article by the State Securities Commissioner of Kan¬
reports that he interviewed several purchasers in his state of a
issue which he considered
highly unattractive, especially
of these purchasers stated to him that
they had
liance
on
permitted
'
Only recently in talking with
friend of mine who has
and
placed a great deal of re¬
the fact that the SEC had examined the investment and
it to be sold.
registered
price, and all
as to
others, I
a
well educated and generally well posted
a
broad experience in making investments for
was astonished to find that he also was under the
himself
impression
that the Commission would not permit an offering to be made unMfc they
considered the investment to be a reasonably safe and satisfactory one.
These two
new
bills would add burdensome expense to financing and to
the working out of reorganizations, as well as to the Government, and 1 very
much hope that Congress will take plenty of time to weigh the costs and dis¬
advantages of this legislation against the probable benefits.
Steps helpful in promoting general confidence, urged by
a balancing of the
budget, and the finding
of part of the Government's short term debt into
long term
Mr. Hail included
bonds.
I
From his address
am sure
that
a
we
quote:
majority of the members of
our
Association
bankers
are
who would like to continue the conservative
policies to which
they are ac¬
customed. namely, to encourage thrift, to discourage speculation, and to
recommend sound invastments.
Success in these endeavors requires general
confidence in the future purchasing power of the dollar.
question I have mentioned is asked
not universal and
complete, in spite of the fact that our present dollar is a
good dollar and is very popular indeed.
maintain
means to
good
sense to
do
The fact that the
often shows that such confidence is
so
a
Certainly this country has the
to which he said:
Everyone knows that
a
sound currency is necessary to general prosperity.
In last year's campaign both major parties declared themselves in favor of
sound money.
No denial is made tg the assertion that a serious
depreciation
of the currency would be a calamity far more serious than a stock market
bank
depositors,
holders
of insurance policies and
annuities,
and
to
a
new
an
amendment to the Securities Act of 1933
title to be called "The Committee Act of
would give the SEC broad powers to
regulate reorganizations
justments, including municipal debt arrangements.
1937/'
It
and debt ad¬
Among other things,
Its provisions tend to prohibit any one connected with
on a
an
imderwriting house
protective committee for any of its issues.
I know there have been abuses connected with
reorganizations, but I have
seen so much good work done
by bankers on committees, at personal sacri¬
fice and with no other motive than to
protect their customers, that I cannot
believe it is necessary or in the interest of investors to
may not expect
our
say that bondholders
the active assistance cf their bankers in the future.
members have expressed the opinion that if
to relieve the investment bankers of this burdensome
object.
bill
would
Also, there is danger that
be misinterpreted.
I
any
mean,
Congress desires
obligation,
we should
opposition we might offer to the
interpreted
really want to keep these jobs for selfish purposes.
as
indicating that
But if
we
we
honestly be¬
lieve the legislation is not in the public
interest, I think it is our duty to
say so.
The second bill, introduced by Senator
Barkley, is called the "Trust In¬
It also would add to the power of the Securities and
denture Act of 1937."
Exchange Commission and would give that body authority to stop an offer¬
ing of new bonds or debentures, if, on specified grounds, the Commission
was not
satisfied with the trustee selected
This bill
bers of
concerns our
our
or
with the terms of the indenture.
friends the trust companies as well
Association, but
we
the
millions of prospective beneficiaries of the Government's social security
(1) A balancing of the budget, largely by a reduction in Government
spending.
(2) The funding of a susbtantial part of the Government's short-term
debt into long-term bonds, and the sale of such bonds to the people and their
savings institutions, and not to the commercial banks; so that more of our
national debt may be carried by the savings of the people, and not by bank
credit artificially created for the purpose.
American
Newspaper Guild Convention Votes to Affi¬
C. I. O.—Will Also Expand Membership
Newspaper Employees
Delegates to the annual convention of the American News¬
paper Guild, voted on June 8 by 118>2 to 18to affiliate
with the Committee for Industrial Organization and to in¬
clude in the Guild's membership "white-collar"
newspaper
employees in addition to editorial workers.
The American
liate with
Include all "White-Collar"
to
Federation of Labor, of which the Guild is at present an
affiliate, had denied it jurisdiction over "business, advertis¬
ing and other unorganized newspaper workers."
The action
of the Guild
was described
as follows in Associated
advices of June 8 from St. Louis.
affiliation and
Press
as
the dealer
mem¬
hope that if it is to be favorably considered.
industrial
unionism
came
after the delegates
I. O.
had rejected
proposals by the Washington Guild to consider the two
subjects seperate
membership at large.
Twenty-seven of the 37 guilds represented cast solid votes for the resolu¬
and to refer the entire question to the
tion.
The Lea Bill in the House is
and would add
not
eco¬
sound monetary system, and I believe it has the
so.
The convention's vote, 118H to 18H. on a resolution favoring O.
Mr. Hall, who spoke at a dinner
given in his honor at the
Blackstone Hotel, Chicago, by the Central States
Group of
the Association had reference to the Lea and
Barkley bills, as
Several of
be
accepted without fear of serious loss.
♦—
Investment Bankers' Association of America cited
to serve
the
SEC
has permitted the offering or solicitation to be made, the proposition can
Prosperity
Calling attention to two new Federal bills affecting the in¬
vestment banking business, Edward B.
Hall, President of the
the
'
that if the authority of the SEC is
Hence I should like to mention two steps which I hope may be taken, and
which I believe would be helpful in promoting general confidence:
ing With Commission Responsibility of Acting
the
''
\
seems to me
program.
B. A. Sees
.
Goodbar appeared
and Barkley Bills Broadening Powers of SEC—
Additional Authority Might Be Regarded as
Lodg¬
on
would exercise
boom, and would be especially unjust to conservative investors, savings
Brief reference to the remarks of Dr.
in
It
nomic
obligation of the banks to their savings depositors be limited
to the liquidating possibilities of the securities in which their funds are
properly invested.
loans of
man
the trustee expressly or impliedly represents
the higher."
the
That
prudent
as a
fiduciary and had the degree of skill which the trustee has, or which
•
.
Sharing
.
were a
The negative votes were recorded
mative); Kansas City, 1
Houston,
3;
as follows: Buffalo, 1H
(1 ^ affir¬
(1 affirmative); Memphis, 3; Madison, Wis., 2;
Paul, 3 (1 affirmative); Pittsburgh, 1 (3
Minneapolis-St.
affirmative); San Antonio, 1; Toledo, 3.
The Washington delegation did
the final resolution.
not vote on
Robert M. Buck, Fred O. Baley and Herbert
Little, in leading the
Washington group's opposition to the resolution, said they were in favor
of C. I. O. affiliation, but opposed to
broadening guild jurisdiction
to take
in other newspaper workers.
Mr.
horse
Little likened coupling of the two issues
and
a
live
to
"hitching
up
a
dead
one."
Heywood
Broun, New York columnist and President of the Guild,
replied that voting for C. I. O. affiliates and against industrial unionism
was
like
without
"ordering corned beef and cabbage, without the corned beef
cabbage."
or
the
Losing 91 J4
to
49H
in
its efforts to gain
a
division of the question,
the Washington Guild, with the support of Charles Marsalek of
St. Louis
and A1 F. Cassi of Indianapolis,
sought to obtain authorization for a mem¬
bership referendum.
They were defeated, 93 2-3 to 49 1-3, opponents
contending delay, occasioned by such an election, would be prejudicial and
detrimental to Guild activites.
Immediately after the
vote
on
the
main
newspaper office workers Guilds in New
were
In
seated
a
as
question,
representatives
of
York, Cleveland and Philadelphia
"fraternal delegates" to the convention.
telegram to Mr. Broun, John L. Lewis promised full assistance to
the Guild "in all the great field of its
legitimate activities."
Volume
Japanese
Discussions
Trade
in
the
of
Members
Eagle."
Hotel—
Waldorf-Astoria
at
metropolitan newspaper—an extraordinarily well rounded
Economic Mission, headed by
Japanese
publication second
to none in the United States.
Choykuro Kadono, President of tlie Chamber of Commerce
readers of the "Times-Union" and looks for-
The "Eagle" welcomes the
Industry of Japan, were guests of the Chamber of Com¬
of the State of New York on June 3, as was also
and
Now it becomes Brooklyn's only
Brooklyn and Long Island.
of progress in
standard
"Eagle' * has carried the journalistic
For almost a century The
Country
Mission's Tour of
"Daily
enlarged and improved Brooklyn
of its essential features in this, the
Chamber of Commerce—Members also Participants
all
Brooklyn "Times-Union" will find
Effective today the readers of the
York
New
of
Guests
Mission
Economic
3939
Chronicle
Financial
144
ward
to
many
'
V.
of pleasant association.
years
/' '
,•
„
/
merce
Brooklyn "Times," which several years ago bought
the Brooklyn "Standard-Union" and subsequently became
the Brooklyn "Times-Union," was founded on Feb. 28,
1848, about six years after the "Eagle" was founded.
When
the "Eagle" acquired the "Times-Union" from Fremont C.
Peck, its owner, last December, it was announced that the
The
Wakasugi, Consul General.
The members of the
in New York on May 29. ; Their tour of
industrial centers in this country began in San Francisco,
Kuname
arrived
mission
May 11.
At a dinner given in the evening of June 1, at the
Waldorf-Astoria Hotel, in New York, by the National Recep¬
Trade
tion Committee for the mission, the National Foreign
"Times-Union"
Trade Council, the Amer¬
ican Asiatic Trade Council, and the Japan Gohan Club, Mr.
Kadono indicated that the primary purpose of the tour was
American-Japanese
Council,
the
to repay
the visit to Japan in 1935 of the American Economic
former Ambassador
merged
"not in any sense
was
combined
or
by it."
Reference to the acquisi¬
by the "Eagle" appeared in our
3936.
with the 'Eagle,' but owned
tion of the "Times-Union"
issue of Dec. 19, page
Mission headed by W. Cameron Forbes,
to
Japan.
of
Chamber
Commerce
June
on
4, and
New York
mated
the
welcoming
in
Mrs.
Japanese mission said:
Japan's growth
tion.
The
in
frequent
her
with
Association,
that
The rapid expansion
favor
by
that
States
while
States
as
is
by
concerned,
are
whole
a
The
has
fact
sharp
a
there
believe
better
visits
is
political
her
however,
that
So
far
as
the
foreign trade have contended
United
the
commodities,
individual
in
expansion has
this
imports.
Japanese
\
of
this
and
inestimable
of
are
cordial
more
with
the
and
confined
are
value
in
between
relations
government
activities
Its
engagements.
kind
will
creating
make
not
a
This
nations.
any
holding conferences
to
practical problems with various American industrial trade groups.
on
Will
in
Rockefeller, who died on May 23 at
Elizabeth
children,
two
Institute
Rocke¬
Mr.
Research.
Medical
for
Margaret Strong De
and John, and the
Mrs.
granddaughter,
his
Rockefeller
gained rather than suffered from Japan's aggressive
connected
not
to
Cuevas,
not the case.
was
students of
6ome
exceptions
understanding
mission
is,
in
rise
foreign trade methods.
We
000,000,
of Japanese exports has not been looked upon with
countries.
some
accompanied
United
the age
careful study of these
a
Named
to
of 97, left the residuary estate, approximating $25,-
were
our
Also
Residuary Estate,
Left
$25,000,000,
of John D.
Foreign Policy
However,
headquarters in this city, made
The will
few years
manufacturers
Japanese
charges, and reached the conclusion that this
been
during the last
trade
export
charges
"dumping" their output in foreign markets.
world-wide atten¬
attracted
Rockefeller
D.
at
Research
industrial nation has
an
rapid expansion of
resulted
has
as
Esti¬
Granddaughter,
Margaret S. De Cuevas—Institute for Medical
John
of
Most
J. Barstow Smull presided at the meeting of the
May 29,
pages 3GO6-07.
His will, which was filed on June 5 in the
Westchester County Surrogate's
Court at White Plains,
N. Y., contained the legacy to Mrs. De Cuevas in a codicil
signed on Oct. 3, 1934, changing the original will which
was made on June 2,1925, two years before Mrs. De Cuevas's
marriage.
In the original will the residuary estate had been
left in two equal shares to John D. Rackefeller Jr. and the
Laura Spelman Rockefeller Memorial.
A dispatch of June 5
from White Plains to the New York "Times" discussed the
feller's death
the "Chronicle" of
in
reported
was
bequests as follows:
Kadono said
Mr.
American
that his
large buyer of
a
foreign markets for their products.
trying to expand
were
country was
goods, and that Japanese manufacturers naturally
"We must sell to you in order to keep buying from
you," he
Speaking at
luncheon
attaching
foreign
only
the
bring
business
have
ours
for
closer
policy, the
of
shoulder
the
the
that
official
all-important
our
world's
responsibility
population.
and
visit of
This
latter
our
also
"Nichi
as
to
it
is
facilitate
of
men
the
two
of
aspects
international
attended
by
Niclii"
by
and
and
newspaper
Osaka
the
radio
newspapers,
"Mainichi."
At
Thomas, President of the National Foreign Trades Council,
Mr.
Kadono
William
and
S.
bassador to Chile, were speakers.
Culbertson, former Am¬
During the past week the
Japanese Economic Mission visited Boston, New Haven and
Washington. Besides being received this week by President
Roosevelt and Secretary of State Hull, the members of the
mission
also
were
bassador
at
delegates
guests
on
Council
Advisory
They
were
also
Yesterday
conference
a
munications Commission and
ness
June 10 of the Japanese Am¬
informal dinner.
an
attended
guests
of
at
a
the
a
with
(June 11)
the
Federal
the
Com¬
luncheon given by the Busi¬
Department
of
Commerce.
dinner given them last night
by the United States Chamber of Commerce.
On June 8
Mission,
a
group
headed
Cotton Exchange,
welcomed
by
to the
the
received
New York
on
by
for that purpose made large gifts to and for
died
Strong
fortune, estimated at well
giving
total of'more than $500,000,000 to philanthropic and
a
institutions,
Mrs.
final
codicil,
late Mrs.
their children.
will, leaves
the original
did
as
the
all
clothing
and
Rockefeller's
Mr.
all
These are specified as including
furniture,
paintings, engravings,
objects of art,
stables and
rugs,
china,
silverware,
statuary,
glass,
carriages, automobiles,
household effects, horses,
other
garages.
Rockefeller
D.
John
adviser,
and
As
trustees.
Cuevas's
De
of her
both
Jr.,
Debevoise,
Each
Rockefeller financial
a
children,
the Rockefeller
or
Institute.
Wide Discretion
death, the codicil provides that the trust fund is to be divided
her
her surviving children and the descendants of any deceased children.
among
the
long
lawyer, are
Executors Oet
On
Cutler,
Bertram
named as executors and
they are empowered with full discretion, during Mrs.
lifetime, to pay the income of the trust fund to her, one or
M.
Thomas
trustees
her share outright, except that
beneficiary then is to receive his or
shares
of
the
children
two
living
now
are
continued in
to be
trust
during their lives, the trustees still being empowered to use their discretion
in
De
paying the income to either of these children, one or more of Mrs.
the Rockefeller Institute.
Cuevas's other descendants or
the
On
death
are
be
If
paid
any
it
is to
no
are
go
to be
other
descendants
of
one
is
to the Rockefeller
now
of
to
these
paid
secondary
his
to
descendants
of Mrs.
De
or
descendants.
De Cuevas.
her
Mrs.
of
Cuevas living,
the
trusts,
the principal
Institute.
living should
die
and
Mrs.
should
Cuevas
De
die
leaving other descandants, the principal of the primary trust is to
the Rockefeller Institute,
to
but
is provided
it
that the
institute in
event is not to receive more than is legally permitted under the laws
York State.
New
of
beneficiary
a
the principal
none,
children
her
without
go
of
stipulates,
there
will
June 9.
books,
jewelry,
tapestries,
etchings,
linens,
educational
children—John D. Rockefeller Jr.,
Edith Rockefeller McCor-
his
amounts to
Prentice and
themselves and
mick—for
The
large
and
Rockefeller
Alta
Whenever there
luncheon
Rockefeller completed dis¬
over $1,000,000,000,
which Mr.
after
1906,
in
the bulk of his
of
were
a
granddaughter Margaret, was
tribution
York
Members of the mission
Mayor LaGuardia at the City Hall in
beneficiaries:
living."
not
by present and past officers and members of the
Exchange trading floor, they were tendered
following explanation of
the
gave
them, my oldest daughter, Bessie, the mother of my
They
Following their visit
Explained
Legacy
Rockefeller
and administering substantial sums and
New
by the Exchange at India House.
were
Cuevas's
De
Mr.
setting up this trust for my granddaughter Margaret and her descendants
grandchildren and their descendants because, when the
time came that I felt it wise to place upon my children the responsibility of owning
Mr.
Board of Managers of the Exchange.
codicil
third
to the exclusion of my other
If
visited
at
signed
was
canceled by the
were
"I am
codicil
where they observed trading.
codicil
second
changes
Both
1932.
change that made Mrs. De Cuevas and her children
the
of members of the Japanese Economic
Kadono,
4,
personal effects to John D. Rockefeller Jr.
Japanese
two
the
In
cooperation
consideration.
given
was
business
to
making steady progress and hope
are
we
larger
some
the
between
misapprehension
no
is needed
What
meeting at the Waldorf, on June 1, presided over by E. P.
both
Nov.
on
The
Foundation.
Rockefeller
Hills
Rockefeller
the
the Rockefeller Insti¬
substituted
codicil
at Lakewood
codicil.
third
Mrs.
Japan have
the other, the true statesmanship of these
on
the former need
luncheon,
executives,
and
contact
hand, and is,
the
In
Tokio
Pocantico
into
merged
been
having
second
The
Mrs.
relations
found
functions
now
the
for cooperation.
necessarily brought into
The
must
needs of
America
of
basis
In
men.
more.
the
public
their
to
and
smoother
themselves
future
men
one
on
the
for
tute
modest attempt in this direction.
a
efforts
constant
countries,
a
importance
country
cannot
fundamental
are
a
(preceding the
Memorial
1929.
of
recipient
as
signed
first,
Foundation for the Laura
half the residuary estate,
Rockefeller
the
Memorial
The
the will.
of
substituted
Spelman
in
codicil
third
1930,
Rockefeller
Laura
the
country the large business organizations are
your
men
for
The business
for
which followed
June 1
on
trade.
business
is
the
in your
more
of
alone
visions
ours
that
leaders
diplomacy
discussion
Waldorf-Astoria,
and
more
business
The
14,
night), Mr. Kadono said, in part:
learn
I
as
table
round
a
at the
dinner that
see
the
was
May
Spelman
Foundation
added.
Just
This
on
Spokesman
the Rockefeller family confirmed reports that the estate
for
amounted to about $21,000,000 before the deduction of
taxes.
$15,000,000 Tax Is Possible
Brooklyn "Times-Union" Ceases Publication—Essential
Features
Contained in Brooklyn "Daily Eagle"
Which Recently
The
Acquired It
j
Brooklyn "Times-Union," which
:
■
,
was
r
'
■'
'
j
V
acquired last
December by the Brooklyn "Daily Eagle," but which con¬
tinued as a separate newspaper published from the "Eagle"
plant, ceased publication on June 7.
The essential features
were contained in the June 7 issue of
Internal
State
the
entire
Associated
Press
estate
dispatch.
Rockefeller
Washington
the
on
estimated
basis
be
would
of
a
that the maximum
$25,000,000
$15,112,600,
estate,
according to
if
an
New York State officials said the State's share
be taxable.
Mr.
in
taxes,
taxable,
proved
would
$4,350,000.
succession,
the
rated
estate
be
out
its first page:
officials
Revenue
Federal
would
of the "Times-Union"
"Eagle" which carried the following announcement on
and
of
the
of
as
New
Officials
directed
transfer,
legacy
estate
an
as
in
did
his
and
expense
not
final
death
of
know
codicil
taxes,
what
that
Federal
administration,
part
all
of
estate,
and
"and
the
inheritance,
State,
shall
estate
not
be
be
paid
pro¬
provided by Section 124 of the Decedent Estate Law of the State
York."
3940
Financial
Death of United States
Representative P. A.jGoodwin
of New York
Chronicle
June 12, 1937
appropriate local
maintain
or
The
by
measures
sound
relations
universal action
in
each
establish
banks to
among
community.
Philip Arnold Goodwin, Republican Representative from
Twenty-seventh New York District, died at his home
in Coxsackie, N. Y., on June 6.
He was 55 years old.
Mr.
ment, American Bankers Association, 22 East 40tli St., New
Goodwin
numbers in the series is
the
elected to Congress in 1932 and reelected last
was
November.
Due
to
adopted
Senate
June 8.
on
A native
by
the
of
Athens, N. Y.,
Representative Goodwin had been identified with business
and banking in Coxsackie since 1902.
He had been President
and
director of the National
Bank of
Coxsackie from 1925
until 1934.
Thompson, Former United States
Senator—Had Also Served at One Time
of Nebraska Supreme Court
Member
as
William Henry Thompson, former United States Senator
Nebraska and one time member
of the
Nebraska
from
Supreme court, died
Neb., at the
in
Governor, to fill
He
Mr. Thompson was appointed
1933, by Charles W. Bryan, then
May,
vacancy caused
a
Robert B. Howell.
he retired.
June 6 at his home in Grand Island,
on
of 83 years.
age
Senate
the
obtained
City, at 25 cents
from
Publicity Depart¬
the
Subscription to the first four
a copy,
dollar.
one
Secretary Hull, Addressing University of Pennsylvania
Graduating Class, Reiterates "Good Neighbor"
Policy at Exercises Where He Receives Honorary
Degree
"The sterling worth" of the basic
democracy have been
proven
principles of liberty and
by experimentation with various
forms of social and political organization, Secretary of State
Cordell Hull said on June 9 in an address at commencement
Death of William H.
to
be
may
illness, however, he had not been able
to attend the present session.
A formal expression of regret
for the death of the Representative was
House and
York
study
He served for
served
the
on
by the death of Senator
a
year and a
bench
on
the
half, when
Nebraska
Su¬
Court for over six years.
He was appointed in
April, 1924, and the following January was elected to a
six-year term. Mr. Thompson was born in Perrysville, Ohio,
exercises of the
University of Pennsylvania, in which he re¬
honorary degree of Doctor of Laws.
Mr. Hull,
urging the perpetuation of the "good-neighbor" policy
among Nations said that democracy "is never ardently de¬
sired than after it has been brutally brushed aside by the
ceived
,
ruthless hand of
was educated at
Upper Iowa University and the State
University of Iowa, from which he received his law decree
in 1877.
dictator."
a
A
dispatch of June 9 from Philadelphia to the New York
"Herald Tribune" gave the following additional
excerpts
from Mr. Hull's address:
After pointing
master the
out that the
problem of
the
twentieth
century was to
complexities of technological progress without impairing human
welfare, Secretary Hull asked:
preme
and
an
in
"But
be
liberty, democracy and the benefits of scientific achievement
can
harmonized
ization? Must
of living?
into
Must
a
lose
man
man
cohesive and smoothly functioning social organ¬
liberty in order to achieve an advancing standard
pay
the price of poverty for the preservation of
liberty and democracy ?
"Can mankind,
with such knowledge of what is possible
been vouchsafed it, become reconciled to the loss of
one or
as
has already
the other without
being plunged into destructive conflicts between individuals, between groups
between Nations ?"
R. S. Hecht Named Chairman of ABA's
Ninth
to
International
America's task is to demonstrate that freedom and democracy are es¬
to the mastery of these problems and that
peace is indispensable
Representation
Chamber of
Commerce
at
sential
to the preservation of freedom and
Berlin
"It
R. S.
Hecht, Chairman of the Board of the Hibernia Na¬
tional Bank of New
Orleans, La., has been appointed by
Tom K. Smith, President of the American
Bankers Asso¬
ciation, as Chairman of the Association's representation to
the ninth general meeting
of the International Chamber of
Commerce, which will be held at Berlin, June 28 to July 3.
Mr. Hecht was President of the Association 1934-1935.
is
Attend Regional Trust Conference
for Pacific Coast and
Rocky Mountain States to Be
Held in Portland, Ore.,
Aug. 12-14
Blaine
Bankers
B.
to
Coles,
President
deavor to
our
Association, has sent
throughout
United
the
invitation
an
States
Division,
urging
to
their
American
trust
men
attendance
the regional trust conference for the Pacific
Coast and
at
Rocky
Mountain States, to be held in
Portland, Ore., Aug., 12-14.
In extending the invitation Mr. Coles said:
A program of
intriguing interest is in course
earnestly and cordially invite trust men from all
to attend.
I
feel that the
conference will
of
preparation,
over
be well worth
is at all
possible to include in your vacation plans
Northwest Pacific Coast, I hope you will
an
see
spend
few
a
days
in
Portland
timely subjects
made for
be
will
series of
a
the
at
assignments
discussed.
conference.
on
In
the
delightful entertainment
if it
so
of
arrangements
features.
on
to
as
national
and important
addition,
Relations for
first
affairs
Speakers
program
ABA Issues First of Series of Studies
The
while and
are
and
being
Public
Banks
a
free and self-gov¬
vitality of spirit,
as¬
clearly what is fundamental in the conditions which comprise
Secretary Hull argued that cooperation between Nations
to economic
measure
an
in
individual Nation,"
which
it shares,
resources
as
me
essential
he said, "is enriched precisely in
well
as
supplements, its
by playing the part of
munity of Nations—rather than leads
hermit existence.
"To
was
prosperity and political stability throughout the world.
"The life of
a
own
spiritual
good neighbor in the
com¬
self-inclosed and self-contained
a
these things are fundamental:
Peace and co-operation among
well as between individuals and groups within Nations, are
indispensable if the twentieth century is to bring to fruition, in the form of
the highest level of civilized existence ever attained
by mankind, the marvel¬
ous
as
gifts of the two preceding centuries.
among
Nations, checks the onward
of what
man
Strife
or
isolation, within and
of civilization and destroys much
course
has thus far accomplished."
Return from Abroad of J. P.
States
August visit to the
arrange your
prominence have accepted
I
and
the United
the necessary scope and
present-day social organization."
Nations,
Trust
possess
a better and fuller life.
"The first duty of each of us as a citizen Is to think
straight and to en¬
the
Urged
can
piration and enterprise to reach out for
and material
Trust Men
democracy. Secretary Hull said.
belief," he continued, "that only
firm
my
erning people
with
Morgan—Has
Tax
no
Sympathy
Evasion
J. P. Morgan who had been abroad since the latter part of
April, returned from London on June 7 on the Cunard White
Star liner Queen Mary.
In a talk with reporters in his suite
on board the
ship Mr. Morgan stated that he was in ''very
fine condition," and he indicated the possibility of his return
to Scotland in July during the grouse
shooting season. Be¬
cause of a misleading
interpretation placed on "off hand"
remarks on tax evasion made by Mr.
Morgan during his talk
with reporters, the following statement was
given out by
him at his Long Island home on June 9:
number
in the newly inaugurated series of
relations for banks being issued by the
Publicity Department of the American Bankers Association,
place before I had
with
Secretary Morgenthau's letter.
was
some
people
studies
on
public
recently made available.
Public Opinion," and presents
It deals
with "Banking and
of banking as a semipublic business, the unfortunate history of American bank¬
ing from the point of view of public relations, features of
banking tending to offend popular prejudice, current unfav¬
a survey
"My interview
shipboard with
on
seen
seem to
men
last
Monday took
have put on my off hand remarks, for I certainly have
sympathy with tax-dodging
no
newspaper
President Koosevelt's message on income tax evasion,
I am surprised at the interpretation
or
tax-evasion, and had
no
thought of de¬
fending such practices.
"What
I
feel
strongly is that
the terms of the law,
paid
more
when
a
taxpayer
has complied with
he should not be held up to obloquy
all
for not having
than he owed."
orable
public opinion regarding banking, the past failures
banking to deal with fundamental factors in public opinion
of
and the necessity that
deeper
go
than
public relations policies of banks must
publicity,
order to be effective.
clusions
The
propaganda
and
The study reaches the
advertising in
following con¬
:
semi-public
character
of
banking, and its historic vulnerability to
attack, make it imperative that under¬
standing of and attention to public attitudes and reactions play a larger
part in bank management in the future than they have in the
past.
popular
sentiment
Since in
tend
to
in
a
established banking practices and attitudes
lack of sympathy between banks and the public,
present
technical functions, as well as to foster
aiming to "humanize"
spirit of consideration
bank
political
number of respects
produce
tendencies
a
a
and
personnel,
and
a
constitute
professional
an
of
public responsibility
important contribution to better public
sense
relations.
Bank
based
W.
Aldrich
Views
Problem—Comments
Upon
Gold
as
Return
Government
from
Abroad
Incident to the continued reports anent
gold, and the likeli¬
hood as to the policy of the United States and Great Britain
with regard thereto, Winthrop W. Aldrich, Chairman of the
Board of the Chase National Bank of New York
was quoted
saying the June 8 "I don't think the United States should
do anything with regard to the gold situation
except to co¬
operate with England."
According to the "Wall Street
as
Journal" Mr. Aldrich added:
"Nobody really ought to make any comment on the gold situation.
The
whole thing is up to the Government and I think it is
being very well handled.
"The gold situation is out of the bankers' hands and is a
Government
.
problem and the President knows
advertising, publicity
and
propaganda,
to
be
effective,
must
be
underlying essentials in banking methods, policies, and operations
which conform to public interest and normal desires.
one
else and what he says
on
Since
public attitudes vary and banking practices are not homogeneous
from place to place,
only local surveys can determine particular conditions
and indicate specific remedies for
unsatisfactory situations.
Therefore any comprehensive
a
Winthrop
whole in respect to
first" instance
toward
effort to
remedy the national
situation
as
banking and public opinion should be directed in the
bringing about the development and application of
more about the gold situation than
about it is 100% correct."
The atmosphere appears
on
any¬
favorable, Mr. Aldrich said, "for
an agreement
stabilization of currencies, although, he added that he did not
speak on
that subject as an expert.
These remarks
from
Bremen.
on
made by Mr. Aldrich with his return
on the North German Lloyd liner
He had been abroad about a month, his
departure
Europe
on
were
June 8
May 4 having been noted in
our
May 8 issue,
page
3110.
Volume
Financial
144
I. Kimmel of Texas Named to Coordinate Activities
R.
of
Agriculture
of
Department
Southwestern
in
Chronicle
of
on
W.
Mills &
S.
the
I. Kimmel of Amarillo, Tex.,
long-range coordinated program in the South¬
western dust bowl.
The Secretary said that Mr. Kimmel
will coordinate all activities of the United States Depart¬
in
charge of
of
ment
a
Kansas,
100
Colorado,
of
counties
Oklahoma and Texas.
Washing¬
New York "Times" of June 3,
Mexico,
New
about
in
Agriculture
advices, June 2, to the
ton
the following to say:
also had
The
of the area,
farmers
Associations
working through the Agricultural Conservation
established
already
each
in
will
county,
part in working out the agricultural destiny of their
The total area in which
the program is being
play
important
an
acreage.
undertaken comprises
90,779,555 acres, of which 70,927,420 acres represent land in farms.
Of
this farm area, 26,958,370 acres are reported in cultivation.
The
principal element in the
shift
a
the
in
type of farming from
*nnd livestock operations.
Land
cultivation confined to
crop
"Soil
experts
now
agreed,"
are
in
crops
will be restored to
said
announcement,
department
a
grass
and
use.
"that
approximately half of this cultivated land must be returned to native grass
order
in
The
to
situation
get the
last
department
temporarily through the
made
About
farmers
to
use
possible the listing of
lands.
under
2,000,000
control."
undertook to meet
year
of
the wind
special $2,000,000
a
of
erosion problem
emergency
fund which
than 6,000,000 acres of the wind-eroded
additional acres were listed through grants made
more
partner
Frank
Shimmin
At
E.
of T. J. Watson of International
Corp.—Prospects of
AngloAmerican Trade Agreement most Favorable Factor
in United States Foreign Trade Situation
Anglo-American trade agreement are the
most favorable factor in our foreign trade situation, Thomas
J. Watson, President of International Business Machines
Corp. and Chairman of the American Section of the Inter¬
national Chamber of Commerce, said on June 8 upon his
return from Europe on the "Bremen."
According to Mr. Watson "foreign trade may be expected
to play an increasing part in reducing our tax requirements by
furnishing employment for American workmen;" he added
"it is aided by trade agreements which lower barriers to the
free exchange of goods and services between nations."
Prospects of
As
General
Commissioner
of
the
United
States
to
Government, he also attended the ceremonies commemorat¬
ing Aristide Briand's birthday,
as
the civilian representative
from the United States.
Appointed Deputy Chairman of the Board
of the Federal Reserve Bank of Atlanta
Board of Governors of the Federal Reserve
The
announced
Atlanta, Ga.,
System
appointment of F. H. Neely of
Deputy Chairman of the Board of Directors
June 3
on
as
the
of the Federal Reserve
Bank of Atlanta for the remainder
of the current year.
ment of Douglas W.
The Board also announced the appoint¬
Brooks of Memphis, Tenn., as Branch
Memphis branch of the Federal Reserve
Bank of St. Louis, for the unexpired portion of term ending
Dec. 31, 1939.
Director
of
&
Co.; Frank E.
McDonald, partner
Robert P.
renamed Vice-President of the Chi¬
was
Exchange.
Other officers appointed were:
Charles T. Atkinson, Secretary Emeritus; Jess Halstead,
Secretary; Sidney L. Parry, Assistant to the President;
Martin E. Nelson, Assistant Secretary and Assistant Treas¬
urer; Kenneth L. Smith,
Assistant Secretary; Walter R.
Hawes, Assistant Secretary and Floor Manager.
Alvan
Macauley
Reelected
Manufacturers
Elected
Alvan
First
President
of
Association—Alfred
Automobile
Sloan
P.
Vice-President—Others
Jr.
Elected
Macauley, President, Packard Motor Car Co.,
was
reelected President of the Automobile Manufacturers' Asso¬
ciation at the annual meeting of that organization held on
June
3
in
the
General Motors Building, Detroit.
Alfred
Chairman of the Board, General Motors Corp.,
P. Sloan Jr.,
elected First Vice-President of the Association.
Other officers of the organization were reelected for addi¬
tional terms as follows:
was
Passenger Car
tional
Division—Charles
W.
Nash.
Chairman
Nash-Keivinator Corp.
Commercial
Harvester
Division—W.
Car
F.
McAfee,
Interna¬
Co.
Secretary—Byron C. Foy, President, De Soto Motor Corp.
Treasurer—F. J.
Haynes.
Vice President, Washington
Vice-President
and
Office—Pyke Johnson.
General
f The only
Manager—Alfred
Reeves.
member added to the organization's Board
of Directors was William S. Knudsen, President, General
Motors Corp.
Other members of the board are:
new
A. Edward Barit (President, Hudson Motor Car Co.).
Robert F. Black (President, The White Motor Co.).
Walter P. Chrysler
(Chairman of Board, Chrysler Corp.).
E. C. Fink (President, Mack Trucks, Inc.).
Robert
C.
Graham
Paul G. Hoffman
(Vice-President, Graham-Paige Motors Corp.).
(President, The Studebaker Corp.).
Also Mr. Macauley, Mr. Sloan, Mr. Nash, Mr. McAfee and Mr. Foy.
the
Exposition, Mr. Watson participated
in the ceremonies at the opening of the Exposition, which he
characterized as an educational influence to promote inter¬
national understanding.
At the invitation of the French
H. Neely
Bennett
Co.;
an
French International
F.
E.
&
Stock
cago
Vice-President,
Machines
year
meeting of the Governing Committee held June 9
a
of Board,
Return from Europe
one
serve
Shimmin, partner of Robert P.
Co., and Charles Swift, partner of Swift, Henke & Co.
&
Vice-President,
by the Agricultural Adjustment Administration.
Business
of James
McDonald
Wallace C. Winter
wheat production to combination crop
best suited to that
areas
Barker,
campaign against the elements involves
new
elected to
were
Nominating Committee to serve one year are as follows:
Cathcart, partner of Harris, Upham & Co., Chairman; Emmet G.
James A.
June 2 tliat lie had placed Roy
Co., and Alfred E. Turner
Governing Committee.
Members of the
Dust Bowl
Secretary of Agriculture Henry A. Wallace announced on
3941
the
Trend
of Business in
Hotels, According to Horwath &
Horwath—Total Sales in May
In their
monthly
13% Above Year Ago
of the trend of business in hotels,
Horwath & Horwath state that "Increases in sales, rates
and occupancy over the corresponding month of last year
were
practically the same in May as in recent months.
For the year to date, total sales are 13% higher than in
the same period of 1936; rates are up 7% and occupancy
is at 69% of capacity, only three points below the average
for the same period in 1929."
The firm's survey continued:
survey
In New York City the occupancy was one point below that a year ago
whereas for all the other groups it was higher.
pancy
decline from April to May was
the last few years.
average in
The New York City occu¬
also somewhat sharper than the
Rates were
8%, 11% in Chicago, and
up
10% in Detroit.
The tabulation below shows how the decreases in sales from seven years
ago
have
been gradually diminishing in the last six months, and It also
gives the comparative standing a year ago.
While the figures reflect im¬
provement, it must be remembered that the present sales include a large
beverage volume and consequently the
room
and food sales are still con¬
siderably below the 1929-30 levels.
The decreases In total sales from the corresponding months seven years
J.
McD.
Murray Reelected President of the New York
Exchange—Other Officers Reelected
ago are shown in the
following:
Produce
John
McD.
reelected
of the New York
the annual election held June 7.
North American Grain Corp.,
Merritt
B.
Clifford
and
The
Treasurer.
of
following
Produce Exchange
S.
Board of
Chas.
Beane
It.
F.
and
reelected Vice-President,
Bowring & Co. was reelected
was
were
Moses
at
Robert F. Straub of Bunge
reelected
Board of Managers, to serve two years:
W.
Dec.
Murray of H. Hentz & Co. was unanimously
President
Cohen;
members of
the
Harold L. Bache,
newly
elected
to
the
Managers to serve two years were Axel Hansen,
Shirk and J. P. Zuurmond.
B. H. Wunder was
Jan.
New York City
24%
Chicago
Philadelphia
Washington
23
44.
17
Cleveland
Detroit
Pacific Coast
All others-
Feb.
24%
Mar.
April
Avge.
May
22%
17%
19
18
24
2
x2
14
39
35
38
34
32
37
3
1
12
IS
13
11
32
38
27
35
16
20
28
x3
0
21
13
9
x6
6
22
9
15
20
17
23
18
10
.1*
13
16
6
11
12
Total
14%
10%
.
19%
16%
16%
15%
17%
8%
8%
13%
28%
Same month of last year
25%
24%
27%
19%
18%
24%
xIncrease.
reelected to the office of trustee of the gratuity fund to serve
three years.
Exchange
The nomination of the officers of the Produce
Horwath
TREND
T.
R.
Benson
Elected to Second Term
as
&
Horwath
OF BUSINESS
IN HOTELS
the
annual
election
of
the
in Chicago,
June 7, Tliaddeus R. Benson, partner
M. Zeiler & Co., Chicago,
F.
was
seventh consecutive term.
Ralph Cleary,
Wentworth
W.
P.
Mansfield, partner
Others elected
were
Baker & Co.;
partner of Shearson,
of Thomson & McKinnon;
MAY,
1937,
COMPARED
announced by
Morton D. Cahn;
WITH
Room
Occupancy
(—)
Rate
Percent¬
age of
reelected President of the
partner of Cleary & Co.;
MacKenzie,
Decrease
of
Robert J. Fischer, partner of
Russell, Brewster & Co.; Charles C. Renshaw, partner of Mitchell, Hutchins
&
Co.; T. Clifford Rodman, partner of Shields & Co., and Sampson
Rogers Jr., partner of McMaster, Hutchinson & Co., were reelected members
of the Governing Committee to serve three years.
M.
IN
Percentage of Increase (+)
Same
Total
Exchange to serve his second term.
Paul B. Skinner, part¬
ner of Hornblower & Weeks, was reelected Treasurer for his
the Exchange as follows:
Arthur M. Betts, partner of Alfred L.
following analysis
Sales
Chicago Stock Exchange,
or
held
the
MAY, 1936
President of
Chicago Stock Exchange
At
also issued
by cities:
referred to in our issue of May 1, page 2930.
was
Rooms
Restaur't
This
Month
+8
-+-7
Chicago
Philadelphia
Washington
+ 13
+ 13
+6
~t~6
+ 12
+ 4.
Cleveland
+ 15
+7
+ 12
New York City
Detroit
Pacific Coast
All others
Total..
.
inc.
(+)
or
+9
+ 13
67
68
+8
70
69
+ 11
-r2
51
47
+3
+9
+ 10
70
67
-16
74
68
4-6
+ 11
+3
73
72
+ 10
+ 15
+8
+ 13
+ 10
+ 18
66
63
71
69
+ 10
+5
+ 14
+15
66
62
+6
12
+ 12
+ 13
67
64
+7
+ 13
+ 13
+ 13
69
66
+7
+ 13
Texas
Month
Last Year Dec. (—)
~r
0
Hammill & Co.; Alfred
Harold J. Mills, partner
Year to date
3942
Financial
New York State
tion to
League of Savings and Loan Associa¬
Hold
50th Annual Convention
at
Saranac
New
York
State
outstanding.
In
League of Savings and Loan As¬
sociations will celebrate its golden jubilee at the 50th annual
convention of the League, to be held June 16, 17 and 18 at
Saranac Inn, N. Y.
It was announced by the League on
June 5 that nearly 700 delegates had made reservation at the
Each
have
Bank
and
be
will
side at all convention sessions.
The annual
banquet, a leading feature of the convention
speaker Dr. James S. Thomas, President
College of Technology and a direc¬
tor of the Chrysler Institute, Detroit.
Introduction of all
living past Presidents of the New York State League will
take place at the banquet.
An announcement by the League
bearing on the convention had the following to say:
will have
as
its guest
of the Clarkson Memorial
A program of speakers celebrated in
financial, real
estate and Govern¬
mental field will address the delegates on the three days' sessions along
home-financing and
with
novel
thrift,
been arranged which will long
be remembered in
Included among the speakers will be Morris S. Tremaine, Comptroller of the
State of New York; William R. White, Superintendent of the
Banking
Department, State of New York; Horace Russell. General Counsel of the
Home
Loan
Bank
Board, Washington,
D. C., Morton
Chicago; Roy Wenzlick, author of "The Coming Boom in
Real
Estate";
McNamara,
Jr. of Brooklyn; Nugent Fallon, General Manager of the
Federal Savings and Loan Insurance Corp.; Edmund J. McCormick of the
Society of Residential Appraisers; Robert G. Clarkson, Vice-President of
the Federal Home Loan Bank of New York; O. J. Burns of the American
Loan
Institute;
Francis
J.
Ludemann,
Assistant
Reference
tions
Laconia, N. H.; Eugene A. Skehan, Washington, D. C.; E. C. Baltz, First
Vice-President of the United States Building and Loan League; and leaders
the savings and loan movement throughout the State,
reports
$160
a
the capital
included in
are
the Green
of
share.
The State Banking Department
liquidated at face value.
in
was
made to the
proposed union of the institu¬
issue of May 15, page
our
V::^;v
3207.
♦
Harold G. Macomber, formerly an
Assistant Treasurer of
the Naumkeag
Trust Co. of 8alem, Mass., lias been elected
Treasurer and Trust Officer of the institution, succeeding
in the former capacity William
O. Chapman, who resigned
May 1 after holding the office since the formation of the
company in 1909.
Other changes announced in the bank's
on
personnel are the election of Miss Elizabeth M. Rowe as an
Assistant
Treasurer, and that of Francis E. Currier as
Assistant Trust Officer.
George A. Vickcry is Presdent of
the institution.
Other officers are Charles F. Grush, Vice-
President, and Edward F. Woodman, Assistant Treasurer.
Charles E. Mason, associated with the firm of Charles F.
Co., was elected a Director of the Webster
& Atlas National Bank of Boston on June 8, it is learned
Rittenhouse &
from the Boston
"Transcript" of that date.
That the 10,163 depositors of the closed Mechanics' Trust
Co. of
Bayonne, N. J., were scheduled to receive, beginning
a second dividend, amounting to 5% and totaling
|337,935, following the signing of an order approving the
payment by Vice-Chancellor James F. Fielder, was indicated
in a Trenton dispatch, on June 2, appearing in the "Jersey
Observer."
The dispatch added:
June 3,
Deputy
Superintendent of the State Banking Department; T. W. Atkins of the
United States Building and Loan League, Chicago; E. Harrison Merrill of
in
directors
Bodfish,
Preston Delano, Governor of the Federal Home Loan Bank System; Thomas
G. Grace, State Director of the Federal Housing Administration; Daniel J.
and
debentures
B
at
officially has approved the merger.
Executive Vice-President of the United States Building and Loan League,
Savings
The
management lines, and a special entertainment program
features has
savings and loan history.
Federal
$50.
price of liquidation
class
in
of
value
par
a
the
Inn from all parts of the State.
Roy H. Bassett, formerly
Mayor of Canton, N. Y., President of the League, will pre¬
stock of the bank, which has 1,500 shares
common
has
fixed
$75,000
addition,
stock
June 12, 1937
will liquidate the
money
Island
Inn, N. Y., June 16-18
The
Chronicle
The action
taken upon
was
the petition of State Banking Commissioner
Carl K. Withers, who is in charge of the liquidation of the bank's affairs.
An initial dividend of 25%, totaling $1,370,702.48, was paid within
six
months
after
the
Commissioner
of
Banking
took
the affairs
over
of
the institution.
who will render
of various activities along advertising, management, supervisory,
accounting and other lines relative to the best conduct of the business.
ITEMS
Concerning the affairs of the defunct Vineland Trust Co.,
Vineland, N. J., a dispatch by the Associated Press from
Trenton
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were completed June 8 for the sale of a
membership in the Chicago Stock Exchange at $2,000, un¬
changed from the last previous sale.
_.L
June 3 contained the following:
on
Chancery Court approval of
creditors
of
the
Vineland
third and
a
final dividend for depositors and
Trust
Co., Vineland, will be requested by State
Banking Commissioner Carl K. Withers.
The payment of 7%, if approved,
Mr.
Withers
said
today
(June 3), would amount to $95,764 and
bring the
.
William Howard Taft, II, was appointed Assistant Trea¬
of The Bank for Savings in New York City, at a meet¬
ing of its Board of Trustees held on June 9.
^
total
distribution to
depositors to nearly 50% of their claims.
6,000
surer
George A. Yonng, a Vice-President of the Colonial Trust
Co. of Pittsburgh, Pa., died at his home in Crafton, Pa., on
June 5.
Born in Carnegie, Pa., Mr. Young, who was 62
On May 12, the Directors of the Fort Greene National
Bank, Brooklyn, N. Y., elected Edmund A. Burke President,
as of June 1, 1937.
Mr. Burke, who was heretofore Vice-
years
President of the bank succeeds
made
as
head of the institution Col.
Casper V. Gunther, who had been President of the institu¬
At the May 12 meeting of the
tion since February, 1934.
Board Gerald F. Varnum
was named
Cashier, also as of
Varnum, a Vice-President of the bank for the
past two years, will continue as Vice-President in addition to
serving as Cashier. He replaces in the latter post Frank A.
Lotsch, who had held the Cashiership since the establish¬
June 1.
Mr.
ment of the
bank.
old,
began
his banking career at the old Freehold
He became affiliated with the Colonial Trust
Bank in 1900.
Co.
in
1901, serving in
executive positions aud being
many
Vice-President, the office he held at his death, in 1935.
also was prominent in business organizations, being a
He
member of the Pittsburgh Chapter of the American Institute
of Banking, the Bankers and Bank Clerks Mutual Benefit
Association, and the Pittsburgh Chamber of Commerce.
A merger of the
First National Bank of Mahanoy City,
Pa., with the Union National Bank of that place, forming
the second largest bank in Schuylkill Couuty, was consum¬
mated
on
Irving Trust Company of New York, announced on JunelO
the following official promotions:
From Assistant Vice-
ferred
to
President to Vice-President—Charles W. Brugger, John W
The
Konvalinka, and Joseph W. Rowe. From Assistant Secre¬
tary to Assistant Vice-President—Charles G. Gambrell,
George A. Jacoby, Joseph S. Moss, Jr., and Walter E.
been assumed by the enlarged Union National Bank, giving
the latter total deposits of $5,300,000.
Total resources are
Seibert.
June 7 when the business of the latter
the
former
Bank, which ended
$2,000,000
headquarters
business
a
deposit
career
liability of
was
trans¬
the First National
of 73 years on June 5.
of
the
acquired
bank
has
$6,000,000.
Under the merger plan, it is understood, the
capital structure of the Union National Bank has been in¬
creased to
Arthur W. Mellen who has been associated with ^ The
Marine Midland Trust Co. of New York for over 25
years
and who, for the past 17 years, has been Vice-President in
charge of the Chambers Street office, has requested that he
be retired from active service.
The Marine Midland Trust
Co. is pleased to announce, however, that Mr. Mellen will
continue as Vice-President of the bank and will give his
service as such in an advisory capacity on a semi-retired
basis.
James
J.
Gallagher has been elected
an
Assistant
$625,000, consisting of $125,000 of common stock,
$200,000 of preferred stock (owned by the Reconstruction
Finance
Corporation), and $300,000 of surplus and un¬
profits amounting to $300,000.
The chief officers
of the Union National Bank are:
GeOrge W. Barlow, Presi¬
dent, and Joseph E. Ferguson, Vice-President and Cashier.
divided
The
Philadelphia "Inquirer" of June 7, from which
Some
with
the
of
personnel
the Union National,
of the old
Deposit
immediately take
old
quarters of the Union National,
the
First
his duties in charge of the Chambers
Street office of the bank, with Edward A. Dannenberg,
Assistant Treasurer.
bank in 1918 and
Mr.
Gallagher started
for
as
clerk in the
number of years an officer in
the Chambers Street Branch as well as being active as such
in
the
45th
came an
was
Street
Assistant
and
Street branches.
He
be¬
time
The
proposed consolidation of the Green Island Bank of
Green Island (P. O. Troy), N. Y., and the State Bank of
Albany, N. Y., became effective June 1, we learn from the
Albany "Knickerbocker Press" of that date, which said:
Green
Bank
of
Island
Bank
Albany
goes
out
of
business
figuratively places
will
securities,
Chairman of
in
become
at
representatives
liquidating
First
with
Pittsburgh
Gillet
office.
of the
National
and C. P. Beck, who
associated
the firm's
the
was
&
in
the
President of
Co.,
Mr.
Federal
dealers
Beck
was
in
at
Group 2, Pennsylvania Bankers Association.
Harry
Joseph, receiver for the First Natonal Bank of
Park, 111., announced on June 1 the third and final
dividend, amounting to 15.55%, to depositors of the institu¬
tion, bringing the total repayment to 55.55%.
In noting
this the
Checks
Chicago,
The
Corporation
Oak
Secretary in 1928.
Edward John Widness has been elected Vice-President of
the United Loan Industrial Bank of Brooklyn, New York.
State
National,
investment
one
a
William
Insurance
First National will become associated
others will assist
Vice-President of The Marine Midland Trust Co. and will
up
we quote,
added, in part:
at
$240,000
noon
on
today
its
after
counter.
which
ton, D.
Chicago "Tribune" of June 2 further said:
are
and
have
available
must
not
be
been
at
called
the
receiver's
for
delivered
before
by
that
office,
June
10,
date
will
3616
he
be
sent
its
Any
to
checks
Washing¬
O.
National Bank of Flint, Flint, Mich., on May
the
This
Avenue,
Ogden
said.
capital from $300,000 to $400,000.
25 increased
Volume
Financial
144
From Ellensburg, Wash., advices 011 May 29 by the Associ¬
ated
of
Press, it is learned that
a merger of
the Farmers' Bank
Ellensburg, with assets of $1,700,000, with the National
Bank of Commerce of Seattle, Wash., was announced on
that
day by C. C. McGranahan, President of the local bank, and
Andrew Price, President
of the National Bank of Commerce.
become the Ellens¬
Seattle institution, said the dispatch,
As of June 1 the acquired bank was to
burg branch
of
the
which added:
There
be
will
in the
change
no
personnel
or
with
bank,
policies
general
McGranahan as Branch
Sterling and C. E. Robinson as Assistant Cashiers.
Ellensburg
Mr.
Manager
and
of the
O.
J.
The appointment of Robert Rae as General Manager of
the Dominion Bank (head office Toronto) to succeed Dudley
Dawson who died recently, was announced on June 10.
Mr.
Rae had been Assistant General
Manager since 1931.
Toronto, in noting Mr.
election, outlined his banking career as follows:
adian
Press
advices
Toronto in
Born in
from
1890,
he entered the bank's service in
first Managership was of the Bleury and
Montreal in
1919.
1906.
His
St. Catharine Streets branch in
The following year he was named Assistant Agent at
New York and in 1926 was appointed New York agent.
main banking
Can¬
Rae's
He managed the
official staff of the Dominion Bank:
W.
Mize, formerly Manager at Leamington, to be Manager at Co-
5ourg.
|| J. W. R. Roddick, to be Manager at Leamington.
E. G. Elliott, formerly Manager at MacGregor, to be Manager at
Banff,
Alta.
IfcW. F. W. Van Buskirk, formerly accountant at Lethbridge, Alta., to
be Manager at Lake Louise, Alta.
IfcR. A. Stone, formerly accountant at Trail, to be Manager at Bralorne,
B. C.
A.
W.
Hutchings,
formerly Manager at
dropped 2% points to 119%, Brown Co*
(6%) pref. 2% points to 81%. Driver Harris pref. 3 points
to 108, Pepperell Mfg. Co. 2% points to 124 and Great At¬
lantic & Pacific Co. n. v. stock 2% points to 87.
Irregular price movements with a tendency toward lower
levels characterized the dealings on the Curb Exchange dur¬
ing the greater part of the trading on Thursday. Moderate
buying interest was apparent in the chemical stocks and
several of the more active issues registered small gains in¬
cluding Dow Chemical Co. 3% points to 135%, American
Cyanamid B 1% points to 33% and American Potach &
Chemical Corp. 1% points to 45.
Royal Typewriter stimu¬
lated by improved earnings moved up to its 1937 peak at
109 but declined % point in the late trading and closed with
a
net gain of 3% points.
Some of the utilities recorded
modest advances and buying among the industrial special¬
ties displayed slight improvement.
Following the fairly steady opening curb prices turned
sharply downward on Friday, and while the recessions were
not especially noteworthy, they extended to nearly every
Babcock & Wilcox
There
section of the active list.
were a
few issues that worked
against the trend, but these, for the most part, were among
the slow movers.
Public utilities were weak and most of
and oil shares were lower. The transfers for
day were 209,000 shares against 175,000 on Thursday.
As compared with Friday of last week prices were generally
lower, Aluminum Co. of America closing last night at 140%
against 146% on Friday a week ago, American Gas & Elec¬
tric at 30 against 32%, Carrier Corp. at 46% against 48%,
Electric Bond & Share at 14% against 16%, Fisk Rubber
Corp. at 13% against 13%, Ford of Canada A at 22%
against 23, Gulf Oil Corp. at 52% against 54, International
Petroleum at 33% against 35, Lake Shore Mines at 48%
against 49%, New Jersey Zinc at 76% against 78%, Niagara
Hudson Power at 10% against 11%, and United Shoe Ma¬
chinery at 86% against 88.
the specialties
office in Toronto from 1929-1931.
According to the Toronto "Financial Post" of June 12,
the following additional changes have been made in the
J.
3943
Chronicle
Bralorne,
to
be Manager at
Dawson City.
the
DAILY
TRANSACTIONS
THE
AT
NEW
CURB
YORK
EXCHANGE
♦
The following changes
in its official staff have been an¬
Bank of Canada (head office Mon¬
treal), it is learned from the Toronto "Financial Post" of
Bonds (Par Value)
Stocks
nounced by the Royal
(Number
of
Shares)
Week Ended
11, 1937
June
June 12:
Foreign
Foreign
Domestic
Government
Total
Corporate
T. D. Halloway to be Manager at Asquith, Sask.
Monday
51.000
22,000
W.* H. Walker, formerly at Asquith. to be Manager at Elrose, Sask.
Tuesday._____
139,235
1,065,000
1,150.000
$667,000
1,138,000
34.000
27.000
1,211.000
167,200
1,095,000
144,000
20,000
1,259,000
J.
Wednesday.
Thursday..
175.290
1,434.000
41.000
34,000
Friday
209,170
1,436,000
31,000
28,000
1,509,000
1,495,000
904,340
$6,826,000
$314,000
$139,000
$7,279,000
73.645
139,800
to be
R.
W.
Howat,
formerly with the supervisor's department, Vancouver,
Manager at Kingsway branch, Vancouver.
M.
A.
Ros,
formerly
Manager at
Ciego de Avila, to
$8,000
be Manager
Total
at'Santiago de Cuba. Cuba.
fc'j.
_.
$13,000
646,000
Saturday
G. D. Pulies, of Santiago, de Cuba branch, has retired on pension.
Jan. 1 to June 11
Week Ended June 11
Sales at
New York Curb
THE
CURB
Lo\yer prices have prevailed
on
the New York Curb Ex¬
1936
1937
1936
1937
Exchange
EXCHANGE
904,340
1,165,380
63,281,617
71,642,044
$6,826,000
$13,342,000
Stocks—No. of shares.
Bonds
change during most of the present week, and while a few
Domestic
selected stocks have been able to hold out against the
ward swing, the transfers were at one time close to the
Foreign government.—
314,000
304.000
$227,634,000
6,928,000
Foreign corporate
139,000
236,000
6,018,000
$432,516,000
9,326,000
6,009,000
$7,279,000
$13,882,000
$240,580,000
$447,851,000
BANK
CLEARINGS
down¬
lowest
level in two years.
Toward the end of the week there was a
slight gain in the volume of business but the changes in the
general list were unusually small and without special signifi¬
cance.
Industrial shares,
specialties and oil stocks attracted mod¬
speculative attention during the short session on Sat¬
urday and" a number of small gains were registered in these
erate
sections of the market
as
the session
came
to
an
end.
Aside
from these groups
there was very little interest apparent in the
trading, the transfers dipping to approximately 74,000 shares,
the smallest turnover in nearly a year.
The specialties were
represented on the side of the advance by Brown Co. (6%)
pref., which moved up 3% points to 82, Niles-Bement-Pond
which climbed to 56 at its top for the day, Thew Shovel which
surged upward 2% points to 61 and National Steel Car which
gained 4 points to 53.
Dragging tendencies were apparent all along the line on
Monday, and while there were a few scattered advances, the
list, as a whole, moved downward.
The volume of sales was
near the lowest level in two years, the total transfers dipping
to approximately 140,000 shares against 156,000 on Friday.
Mead Johnson attracted some buying and advanced 2 points
to 116, Singer Mfg. Co. gained 5 points to 310, Sanford Mills
4 points to 60, Quaker Oats 2 points to 112, and Penn Salt
3 points to 179.
On the side of the decline Royal Type¬
writer dropped 3 % points to 101, Niles-Bement-Pond. 3
points to 52, Lynch Corp. 1 point to 40% and Newmont
Mining 1 point to 104.
Curb market trading was dull and listless during most of
the dealings on Tuesday.
There were a few strong spots
scattered through the list but the market, as a whole, was
lower.
Most of the gains were among the industrial special¬
ties, Brown Co. (6%) pref. moving up 3% points to 84%
and Niles-Bement-Pond worked up to 54% at its peak for
the day but turned downward in the last hour and closed at
52% with a fractional gain.
Public utilities were generally
down and so were the oil stocks and mining and metal issues.
The transfers were again close to the lowest levels, the volume
of sales being under the preceding day.
Prices continued to move downward on Wednesday, many
prominent
trading favorites touching new low levels for
movement.
The volume of sales was slightly higher
and the number of issues traded in showed a small increase
the
over
the
the
previous day.
Oil stocks
industrial shares were off.
were
down and
many
of
In the specialties section
1
Total
COURSE
Bank clearings
with a year ago.
OF
this week will show an increase compared
Preliminary figures compiled by us, based
telegraphic advices'from the chief cities of the country,
(Saturday, June 12),
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 5.6% above
those for the corresponding week last year.
Our preliminary
total stands at $5,818,276,220, against $5,508,216,549 for
the same week in 1936.
At this center there is a gain for
the week ended Friday of 5.6%.
Our comparative sum¬
mary for the week follows:
upon
indicate that for the week ended today
Per
Clearings—Returns by Telegraph
1937
Cem
1936
$2,731,330,401
250,423,335
293,000,000
Week Ending June 12
+6.1
Boston
167,209,000
Kansas City
77,410,939
79,000,000
107,542,000
$2,574,315,510
227,504,118
272,000,000
168,470,000
66,218,385
69,900,000
98,038,000
107,153,470
100,790,156
+00.0
+6.3
76,855,253
75,364,421
61,703,726
49,585,674
32,032,000
+ 14.9
+ 14.1
+30.2
New York
Chicago
Philadelphia
St. Louis
San Francisco-
-
Pittsburgh
Detroit
Cleveland
70,957,905
56,570,857
_
Baltimore
41,700.000
New Orleans
—0.7
+ 16.9
+ 14.7
-\ 2.0
$4,059,153,160
789,410,357
days
All cities, one day
Total all cities for week
+6.9
670,920,160
+ 17.7
$4,466,902,150
1,041,314,399
—6.9
$5,818,276,220
Other cities, live days—
$3,795,981,990
$4,848,563,517
969,712,703
Twelve cities, five days
Total all cities, five
+ 10.1
+7.7
$5,508,216,549
+5.6
+8.5
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 yoday
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed
statement, however, which we
present further below, we are able to give final and complete
results
for
the
week
For that week there
previous—the
was a
week
ended
June^-5.
decrease of 25.7%, the aggregate
clearings for the whole country having amounted to
$5,651,513,344, against $7,611,226,032 in the same week
Outside of this city there was a decrease of 11.3%
of
in 1936.
3944
Financial
June 12, 1937
Chronicle
the bank
clearings at this center having recorded a loss of
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a contraction of 32.5%, in the
Boston Reserve District of 18.6% and in the Philadelphia
Reserve District of 15.5%.
On the Cleveland Reserve Dis¬
trict the totals are smaller by
10.8% and in the Richmond
Reserve District by 10.9%, but in the Atlanta Reserve
District the totals are larber by
13.4%.
The Chicago
Reserve District suffers a loss of 14.8%, the St. Louis
Reserve District of 10.9% and the Minneapolis Reserve
District of 10.5%.
In the Dallas Reserve District the totals
register an increase of 7.8%, but in the Kansas City Reserve
District the totals record a loss of 10.5% and in the San
Francisco Reserve District of 6.9%.
In the following we furnish a summary by Federal Reserve
33.2%.
districts:
Week Ended June 5
Clearings atInc.
or
1936
1935
Dec.
S
1937
1934
%
Seventh Feder al Reserve D istrict—Ch? cago—
439,517
Detroit
Grand Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend.
Terre Haute
Wis.—Milwaukee
Iowa—Ced. Raps
503,866
—12.8
536,600
97,936,167
2,931,647
1,291,668
1,123,831
17,464,000
1,274,389
4,196,661
19,613,026
1,052,920
7,842,643
2,992,324
Mich.-Ann Arbor
107,141,573
—8.6
3,218,913
—8.9
81,925,218
2,109,074
1,251,187
—9.2
429,425
60,261,113
1,616,560
1,015,718
1,422,168
1.315.830
—14.6
836,719
700,721
18,019,000
—3.1
16,551,000
11,499,000
1,938,995
—34.3
3,516,763
15,818,982
4,924,053
—14.8
1,055,349
4,181,921
22,687,924
—13.6
16,903,295
1,242,134
—15.2
1,009,889
9,647,099
—18.7
3,850,234
—22.3
966,281
555,240
6,744,861
499.932
668,184
—25.2
283,840,917
951,451
343,018,791
—17.3
7,885,068
3,162,909
490,156
247,376,243
1.080.831
—12 0
597,801
3,959,203
2,154,909
—32.3
1,364,373
5,S44,892
1,311,622
1,650,009
—17.3
3,030,828
679,051
1,475,646
854,117
2,547,141
894,895
1,107,068
450,929,578
529,486,118
-14.8
391,058.014
334,192,6/7
Sl,S00,000
68,900,000
25.006,220
12,013,154
19,445,788
11,104,793
Des Moines—
Sioux
City...
111.—Bloomingt 'n
ChicagoDecatur.
Peoria
Roekford.
_
.—
Springfield
+64.3
2,033,089
623,329
223,008,374
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
Weet Ended June 5, 1937
1937
1936
Dec.
1935
1934
Federal Reserve Dlsts.
S
$
%
S
S
Eighth Federa 1 Reserve Dis trict—St. Lo uis-12.6
99,700,000
87,100,000
Mo.—St. Louis..
1st
New
12 cities
Boston
2nd
3rd Philadelphia 10
226,483,340
278,161,860
-18.6
235,366.120
200,582,697
"
York. 13
27,315,623
14,037,772
Ky.—Louisville..
Tenn.—Memphis
3,488,293,407
5,169,152,728
—32.5
3,548,418,536
3,251,171.878
111.—Jacksonville
"
335,352,990
397,035,937
—15.5
335,113,463
280.768,890
4th
Cleveland--
5
"
269.231,461
301,819,414
—10.8
230.578,687
Richmond
6
"
126,992,090
142,511,083
—10.9
112,416,061
92,693,996
6th
Atlanta
10
"
131,961,233
116,357,983
+ 13.4
105,842,842
Chicago --.18
St. Louis.. 4
"
450,929,579
529,486,118
—14 8
391,058,014
334,192,677
"
129,121,395
144,967.702
—10.9
119,370,169
9th
x
x
x
90,037.498
7th
8th
—3.7
209,526,305
6th
—8.7
29,907,628
14,576,074
_
99,879,581
668,000
784,000
-14.8
550,795
429,000
129,121,395
144,967,702
-10.9
119,370.169
99,879.581
Qulncy
Total (4 cities).
Ninth Federal Reserve Dist rict- -Mlnne apolis4 .887,754
+ 5.1
5,135,944
Minneapolis 7
*'
96,635,884
107,975,545
—10.5
93,771,019
79,555,823
Minn.—Dulutb..
10th KansasClty 10
"
123,161,702
137 558,782
—10.5
120,583,167
102,642,102
11th Dallas
"
Minneapolis.—
49,876.612
46.278,341
+7.8
48,310,164
39,727,043
6
Fran—11
12th San
M
add
now
18,346,180
1,563,015
—6.9
204,480,443
159 422,774
N. Dak.—Fargo.
S. D.—Aberdeen.
1,912,069
,301,677
—16.9
2,170,732
689,500
702,999
—1.9
661,301
—25.7
5,545,308,685
4,940 201,264
Mont.—Btlllngs.
660,267
648,624
+ 1.8
594,813
346,619
2,576,471,514
—11.3
2,106 065,597
1,788,940,120
2,928,973
,579,132
+ 13.6
2,573,655
2,545,689
96,635,884
107,975,545
-10.5
93,771,019
79,555,823
91,671
118,134
2,252,430
73,152
2,040,969
our
444,237,764
+3.3
430,062,732
511,853,633
351,056,323
Helena
Total
,—
(7 cities)
Tenth Federal Reserve Dist rict—Kaans
Inc.
1937
1936
508,183
Omaha..
Dec.
$
1935
1934
$
Reserve Dist rict-
Boston
—21
656,314
840,259
1,905,131
190,584,903
—19.0
1,711,259
582,295
1,480,775
—19.1
201,876,076
174,026.245
662,355
655,684
2,350,671
235,534,972
660,077
—0.7
603,614
395,289
408,908
—3.3
624,478
+ 4.1
339,415
803,054
293,753
650,363
3,176,461
1,904,379
3,877,842
—18.1
2,908,072
2,865,402
1,835,243
+ 3.8
1,189,067
10,984,959
—7.9
2,365,092
.
—25.0
134,935
3,131,5S6
32,705,334
2,052,450
-24.5
3,289,500
-12.2
—5.5
2,626,634
91,771,922
2,842,126
25,438,092
_.
1,722,954
2,886,880
_.
Wichita
86,679,262
Mo.—Kan. City.
St. Joseph
-22.2
-16.1
—7.6
77,493
29,772,445
2,358,579
2,485,118
78,824,731
3,530,588
24,789,041
2,015,424
2,850,546
66,074,510
3,743,941
Colo.—Col. Spgs.
Pueblo
601,980
699,476
-13.9
795,444
-22.8
595,846
553,625
474,437
614,459
Total (10 cities)
123,161,702
137,558,7S2
-10.5
120,583,167
102,642,102
502,589
591 972
Lowell
New Bedford __
City
136,009
124,321
Kan.—Topeka
or
s
102,028
Neb.—Fremont
Lincoln
Clearings at—
Me.—-Bangor
2
detailed statement
Week Ended June 5
Portland
51,347,537
24,400,739
239,920,539
Hastings
Federal
59,410,491
—15.1
7,611,226,032
showing last week's
figures for each city separately for the four years:
First
4,898,600
—10.8
25 ,851,273
5,651,513,344
-—32 cities
We
3,953,288
71 ,004,086
2,286,142,351
Outside N. Y. City
Canada
63,358,828
21,950,303
—
223,473,652
112 cities
Total
St. Paul-.--
Mass.—Boston
_
_
River
Fall
Springfield
Worcester
15,708,224
—30.1
4,920,616
5.049,650
—2.6
10,726,100
—5.7
N.H.—Manches'r
10,115,500
533,741
545,436
—2.1
1,367,953
12,525,574
3,629,803
8,489,200
449,745
Total (12
cities)
226,483,340
278,161,860
—18.6
235,366,120
Second
Feder al Reserve D istrict—New
550,363
Eleventh Fede ral
Reserve
District—Da lias—
1,347,577
—35.0
1,756,160
856,114
34,006,751
+ 7.6
36,372,149
30,025,012
6,284,249
..
Dallas..—
2,074,312
36,591,509
Texas—Austin
4,800,527
+30 9
6,830,'t60
5,309,339
York-
Conn.
—
Hartford
New Haven
R.I.—Providence
N. Y.—Albany..
7,315,225
Binghamton—
1,293,961
29,500,000
14,336,573
—49.0
2,955 303
7,658,400
3S4.973
200,582,697
6,647,079
1,169,220
10,292,059
824,264
26,200.000
625,197
23,535,709
—5.9
—12.7
658,022
725,358
Elmira
1,375,270
33,800,000
842,880
613,685
+ 18.2
491,400
437,800
3,365,370,993 5,034,754,518
Buffalo
—33.2
,439,243,088
7,739,581
4,153,791
,151,261,144
1,435,202
4,079,911
496,132
>
Jamestown
New York
Rochester
—21.9
8,241,856
9,301,310
—11.4
—
5,846,979
6,302,169
—7.2
Westchester Co
3,215,012
3,367,345
—4.5
Syracuse——
8,004.149
468,523
6,306,256
3,396,915
Conn.—Stamford
4,720,387
4,490,900
+ 5.1
2,809,953
3,716,171
J.—Montclalr
516,041
*400,000
+ 29.0
561,837
Newark
18,330,777
24,167,202
—24.2
17,099,557
16,490,780
Northern N. J-
42,558,796
35,400,876
+ 20.2
37,961,662
Fort Worth..
1,677,000
852,453
2,304,000
783,961
—27.2
1.398,000
Wichita Falls..
La.—Shreveport.
3,123,824
2,308,790
+8.7
+35.3
1,953,395
1,903,578
Total (6 cities).
49,876,612
46,278,341
+ 7.8
48,310,164
39.727,043
Galveston...
Twelfth Feder al Reserve D istrict--San
Wash.—Seattle..
34,115,383
Total (13
Third
cities) 3,488,293,407 5,169,152,728
Federal
Reserve Dls trict
—
+ 1.6
28,455,627
—14.2
7,841,000
943,536
+4.0
649,870
541,944
Ore.—Portland
26,727,092
27,064,262
—1.2
23,148,289
18,584,579
Utah—S. L. City
14,175,266
—5.6
10,147,162
2,445,544
—7.1
11,944,045
3,636,770
2,730,401
126,271,000
15,015,352
4.208,379
3,617,302
140,545,000
—10.2
121,517,494
94,391,224
2,617,908
1,364,125
+2.3
1,930,644
1,579,391
Santa Barbara.
2,679,366
1,275.355
—6.5
Stockton
2,118,876
1,861,777
+ 13.8
1,147,718
1,478,585
921,127
1,301,183
223,473,652
239,920,539
—6.9
204,480,443
159,422,774
Calif.—L'g Beach
Pasadena._...
Chester
San
Francisco
681,521
—25.5
489,030
388,700
*470,000
—26.4
448,426
x
426,044
376,677
+ 13.1
1,404,622
—8.0
289,281
1,127,617
271,287
1,291,689
Philadelphia—.
326,000,000
386,000,000
—15.5
325,000,000
3,969,381
3,358,939
(11 cities)
1,470,871
2,141,888
1,220,724
+ 20.5
1,147.000
—15.7
934,518
1,401,413
—33.3
1,998,176
952,047
1,805,129
—11.9
1,358,866
1,135,500
—43.3
2,303,000
397,035,937
—15.5
335,113,463
280,768,890
-25.7 5,545,308,685 4,940,201,264
-11.3 2,106,065 597 1,788,940,120
2,446.000
335,352,990
5,651,513,344 7,611,226,032
cities)
1,070,316
643,800
2,357,560
Outside New York 2,286,142,351 2,576,471,514
1,939,685
1,590,516
6,967,000
(112
949,759
2,540,351
total
—5.7
20,186.060
271,000,000
Reading—...
.
San Jose
Total
507,743
Bethlehem—.
Franc! SCO—
980,994
Yakima
Grand
345,921
Pa.—Altoona
x
33,589,898
9,093,000
■32.5 3,548,418,536 3,251,171,878
Phila delphi
1,633.000
7,802,000
Spokane
32,147,183
N.
x
Lancaster
Scranton
Wilkes-Barre—
York
N. J.—TrentonTotal
(10 cities)
Fourth
808,647
1,894,496
x
x
54,029,985
57,124,813
—5.4
Cleveland
79,825,644
84,180,519
—5.2
Columbus
12,242,200
11,629,300
Mansfield
1,910,100
1,157,874
Youngstown—
Pa.—Pittsburgh
.
x
62,127,809
+ 5.3
47,156,337
65,533,216
9,838,900
+ 65.0
1,365,560
1,123,778
x
121,223,532
147,726,908
269,231,461
301,819,4141 —10.8
—17.
Canada—
S
Fifth Federal
Reserve Dist rict
W.Va.—Hunt'ton
x
40,141,799
7,402,900
x
98,730,019
209,526,305
S. C.—Charleston
Md.—Baltimore
438,020
-Richm ond-
.
334,478
3,004,000
+ 31.0
126,451
125,189
2,958,000
Richmond
—1.5
2,631.000
2,125,000
34,231,263
—14.0
1.935,383
1,125,099
+ 72.0
64,607,533
75,727,913
—14.7
28,209,586
1,105,264
58,451,048
21,892,712
D.C.—Washlng'n
27,599,725
28,088,330
—1.7
Total (6 cities).
126,992,090
142,511,083
—10.9
Sixth Federal
Nashville
Ga.—Atlanta
Augusta—
Macon
Reserve Dist rict—Atlant
3,632,396
13,853,847
43,400,000
993,413
1.009,716
Fla.—Jack'nville.
15,610,000
Ala.—Birm'ham.
18,850,434
1,803,688
Mobile
Miss.—Jackson—
3,395,167
25,006,175
894,792
48,896,464
15.646,376
15,288,810
—9.4
2,902,112
12,500,884
43,700,000
—0.7
35,200,000
1,052,738
906,947
11,636,000
13,437,600
1,608,365
x
—5.6
952,748
+ 11.3
761,577
+ 34.2
+ 40.3
13,040,000
12,210,561
+ 12.1
1,230,243
x
92,693,996
2,206,075
10,930,257
31,400,000
765,412
Vlcfesburg—_—
144,703
152,742
—5.3
115,112
32,663,036
25,179,614
+ 29.7
26,929,605
105,422
19,997,280
131,961,233
116,357,983
+ 13.4
16,961,270
84,068,365
14,626,951
—39.7
+20.8
4,882,614
4,822,851
+7.3
3,356,429
4,504,457
2,783,827
5,427,592
127,564,281
98,270,912
+29.8
52,674,754
6S,727,511
—23.4
Quebec
6,352,686
Halifax
3,154,364
5,775,788
6,089,844
19,265,310
34,018,281
5,259,055
2,940,974
+ 15.3
Ottawa
22,221,583
20,511,853
5,488,161
+5.2
6,386,245
—4.6
2,143,192
Victoria
2,164,328
1,931,260
1,904,401
+ 1.0
+ 1.4
3,177,144
3,598,404
—11.7
Edmonton
4,406,059
4,414,335
Regina
105,842,842
4,616,053
4,139,556
4,128,273
4,145,251
—0.4
5,665,585
1,742,052
1,808,650
4,437,037
4,580,211
3,158,820
Brandon
369,992
—11.3
312,739
340,71S
Lethbridge---^.-
446,236
417,105
521,108
1.637,464
—14.4
—3.5
454,702
1,6S7,449
377,575
1,297,134
535,255
St. John
Saskatoon
1,579,652
Moose Jaw
678,227
—0.2
596,167
1,076,100
936,451
650,921
1,014,955
1,133,121
+4.2
+3.3
Fort William.
—17.4
New Westminster
762,875
714,455
+6.8
624,922
545,692
220,683
721,682
281,511
695,712
649,193
1,249,913
—21.6
Peterborough
+ 5.4
+ 18.9
-
Sherbrooke
1,048,135
735,837
Kitchener
1,417,510
Windsor
3,606,618
339,126
+3.7
263,956
655,364
646,003
650,431
—3.4
Chatham
560,218
528,078
576,173
471,249
+6.1
+22.3
1,059,727
1,074,824
—1.4
547,971
700,377
444,237,764
430.062,732
+ 3.3
511,853,533
x
Figures not available.
* Estimated.
659,230
1,337,871
911,295
90,037,498
710,109
221,294
663,523
628,317
(32 cities)
916,042
529,595
1,156,872
2,528,327
382,744
738,651
616,387
Kingston
Sudbury
4,225,209
3.226,248
-1-13.4
Moncton
Prince Albert
1,742,797
1,539,209
2,799,074
+ 13.3
3,423,049
366,544
766,568
Total
(10 cities)
S
110,022,3IS
102,395,321
75,606,062
Sarnia
480,000
12,018,000
11,167,170
967,882
x
La.—NewOrleaus
Total
S
1934
174,383,683
119,950,138
68,368,385
Winnipeg-
Hamilton
1935
Medicine Hat
112,416,061
a—
+ 7.0
%
+ 6.5
Vancouver
Brantford
Tenn.—Knoxville
157,254,499
Dec.
London
106,684,674
230,578,687
29,453,429
Va.—Norfolk
$
167,496,793
Calgary
Total (5cities).
1936
Montreal
x
Cincinnati
Inc. or
1937
Toronto-
Feder al Reserve D istrict—Clev eland
Ohio—Canton
Week Ended June 3
Clearings at—
—7.5
433,894
2,261,217
321,068
700,590
581,256
413,861
554,851
6^9,586
351,056,323
Volume
Financial
144
3945
Chronicle
MARKETS
SILVER
AND
GOLD
ENGLISH
THE
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 26, 1937:
We
With
wide
in position
are
we
all foreign
practically
in
correspondents
countries,
extend world¬
to
GOLD
banking facilities to exporters and importers.
gold reserve against notes amounted to £321,261,366
on May 19 as compared with £318,661,810 on the previous Wednesday.
The open market continued to be active and the amount of bar g9ld
disposed of at the daily fixing during the week was about £3,000,000, which
The Bank of England
MANUFACTURERS TRUST COMPANY
OFFICE AND FOREIGN DEPARTMENT:
included
BROAD
PRINCIPAL
taken
55
the discount tended to decrease towards the
Member Federal Reserve System
Member New York Clearing House Association
Per
'
•
.
Pursuant to the
of
Act
RATES
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is
now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
May 25May 26
Average
---
on
u
below
a
record for the week just passed:
EXCHANGE
RATES
BANKS TO TREASURY
CERTIFIED
FEDERAL
BY
UNDER TARIFF ACT OF
JUNE 5, 1937, TO JUNE 11,
RESERVE
1930
25,780
16,159
Tanganyika Territory
Kenya
British India
1937, INCLUSIVE
495,747
-
381,879
45,369
116,593
Australia
Venezuela
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
Netherlands
New York
Unit
June
Europe—
5
June
7
June
8
June
9
June 10
June 11
S
S
8,580
Belgium
France
16,145
v
.186985*
.187042*
.187057*
.187100*
.187128*
Switzerland
.168378
.168498
.168563
.168632
.168721
Bulgaria, lev
.012950*
.012825*
.012825*
.012825*
.012825*
.012825*
.034848
.034832
.034832
.034837
.034828
.034825
.220283
Czechoslo'kla,
koruna
£5,907,770
U. S. A
Germany
France.
Finland
Netherlands
4,165
Switzerland
50,790
Yugoslavia
563
Other countries
£6,170,260
£2,879,206
May 22 carries gold to
The SS. Narkunda which sailed from Bombay on
.220258
.220216
.220364
.220254
.220245
.934416
1.933375
.937416
.933500
:.933750
Finland, markka.
.021775
.021787
.021793
.021770
.021787
.044481
Union of South Africa
.021770
details of United Kingdom imports and exports
month of April, 1937:
The following are the
of gold for the
044576
.044551
.044515
.044517
.044479
.400464
.400350
.400317
.400460
.400396
.400425
British West Africa---
Greece, drachma..009030*
.009041*
.009041*
.009042 *
.009048*
.009042*
.549839
.549810
.549810
.549810
.549789
.549823
Hungary, pengo
197700*
.052605
Tanganyika Territory
Kenya
relchsmark
.197700*
.197725*
.197725*
.197700*
.197700*,
.052607
.052607
.052607
.052610
.052608
.247915
.247868
.248064
.247916
.247862
.1S9175
.189175
.189175
.189300
.189150
.189150
Straits Settlements
Portugal, escudo
—-
41,571
29,324
British Malaya
Poland, zloty
—.——
British India
247941
Exports
Imports
£7,683,517
362,516
551,500
Southern Rhodesia
Holland, guilder
France, franc
Germany,
18,609
14,539
140,000
9,309
23,065
1,450
British India
Straits Settlements
the value of about £141,000.
England, poundsterrg4.935416
Denmark, krone
12s. 1.03d.
12s. l.lOd.
5,681
19,942
—.—
.187128*
.168288
12s. 1.16d.
B
15,581
Spain!
Other countries
$
Austria, schilling
Belgium, belga.-
12s. 1.12d.
Exports
£1,528,994
202,756
British South Africa.:
British West Africa
FOREIGN
12s. 1.12d.
12s. 1.12d.
the 15th instant to midday on the 24th instant:
Imports
give
12s.1.07d.
624d
6d.
6d.
6d.
5 YA.
7d.
6.17d.
Kingdom imports and exports of gold,
The following were the United
registered from midday
140s.
140s.
140s.
140s
140s.
140s.
140s.
JkEquivalent Value
jfe,
of £ Sterling
Fine#
Ounce
■May 20—'
May 21
May 22_--_-__—
— —
May 24
-
EXCHANGE
dollar parity, but
end of the week.
Quotations:
Member Federal Deposit Insurance Corporation
FOREIGN
proportion of offerings was
also made for an
gold from holdings; the main
some
for shipment to New York, but purchases were
undisclosed destination.
Prices continued to rule below
STREET, NEW YORK
Italy, lira
Norway, krone
£60,158
642,054
34,882
52,412
.044690*
.044660*
.044658*
.044662*
.044666*
.044660*
Australia
Rumania, leu
007282*
.007282*
.007296
.007296
.007296*
.007253*
New Zealand
Spain, peseta
053100*
.254387
.052928*
.052571*
.052642*
.052642*
.052285*
British West India Islands & British Guiana
.254345
.254345
.254525
.254391
.254354
Irish Free State
.228153
.228296
.228378
.228394
.228458
.228717
United States of America
.023060
.023060*
.023060*
.023060*
.023060
.023116*
Panama
Sweden, krona—...__
Switzerland, franc.-Yugoslavia, dinar
Asia—
——«——-—-
30,155,956
18,892
80,007
—----
——
Peru
China—
422,657
101,914
21,701
14,900
--
------
Venezuela
,297020
.297020
.297020
.296708
.296604
.295333
Soviet Union
,297187
.297187
.297187
.296875
.296770
.295500
Germany
,297187
.297187
.297187
.296666
.296562
.295000
Netherlands
Tientsin(yuan) dol'r
Hongkong, dollar
,297187
.297187
.297187
.296875
.296770
.295500
Belgium
France.
Chefoo
.303343
.303500
.302956
57,000
„
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
19,970,325
26,442
178,213
•
—
239,962
4,120
1,965
23,376
,303625
.303656
India,rupee
,372181
.372234
.372246
.372384
.372240
.372221
Switzerland
Japan, yen
287175
.287179
.287182
.287279
.287145
.287112
Singapore (S. S.) dol'r
578062
.578250
.578062
.578625
.578375
.578062
154.211
Yugoslavia
.303500
2,437,740
320,102
-—
113,655
225,132
15,570
54,486
Other countries
Australasia—
3 931875*3.931770*3.931071*3 933571*3.931145*3.931250*
New Zealand, pound. 3 962946 * 3.961041 * 3.960625* 3. 963541 *,3.960833 * 3.961041 *
£33,073,119 £31,023,141
Australia, pound
Africa—
South Africa, pound.. 4.888214*4.886160* 4.880000* 4.888928*4.883035* 4.883471*
North America—
Mexico,
.999817
999825
Canada, dollar
Cuba, peso
.000000
.999939
.999963
.999675
.999281
999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
997310
dollar
.999166
277500
peso
Newfoundland,
.999281
.997254
.997455
.997500
.997477
.997232
SILVER
South America—
.328800*
.329066*
.328950*
.328900*
,087172*1 .087172*
.087172*
.087188*
.087172*
by the Indian Bazaars and selling on
as yet no indications of any factor
wide movement from the present level.
United Kingdom imports and exports of silver,
registered from midday on the 15th instant to midday on the 24th instant:
The tone
likely to
steady and there are
is
cause a
.087172*
(Free) milreis
Chile, peso
,065262
.066066
.066075
.066025
.066000
.066037
.051725*
.051725*
.051725*
.051725*
.051725*
Colombia, peso
,570431*
.570345*
.570031*
.570025*
.570025*
.570031*
Uruguay, peso
789333*'
.789333*
.789333*
.789333*
.7S9333*
.789500*
.328883*
,328866*
milreis
J
,051725*
Exports
Imports
£250,307
Mexico
Canada
22,974
15,574
...
British India
Japan.;
9,485
-
5,489
British South Africa
*
Nominal rates; firm rates not available.
18,811
26,631
Germany
Belgium
.1,132
x82,000
31
France
PARIS
THE
Iioumania
BOURSE
Other countries
Quotations of representative stocks as received by cable
of the past week:
June 5
June 7
June 8
Francs
Francs
Francs
1,096
419
1,081
415
304
302
303
23,800
25,000
208
460
200
455
204
458
1,420
1,420
1,240
301
507
24,500
807
1,220
47
502
640
190
199
453
1,360
1,200
293
500
Transatlautique_
_
Citroen B
Comptolr Natlonale d'Escompte
Coty S A
Courrleres
Credit Commercial de France..
815
1,230
48
505
24,200
830
1,220
50
500
670
200
d'Electricite
671
190
670
190
Energie Electrique du Littoral-_
312
525
1,400
1,270
307
512
Kuhlmann
568
574
572
Pechiney
880
643
685
365
20
1,685
Rentes, Perpetual 3%
6i.20
890
641
689
358
20
1,661
60.10
60.10
60.10
66.00
126
1,240
880
635
687
356
20
1,684
60.25
60.10
60.20
66.00
64.90
90.25
5,200
1,700
1,015
67
120
1,200
150
370
94
'150
374
93
IN
—_
180
Credit Lyonnalse
Eaux Lyonnalse cap
-
Energie Electrlque du Nord_,
L'Air Liqulde
-
_—
'
Cash
20 5-16d.
20^d.
20 %d.
20J4d.
20VA20J4d.
May 20
May 21
May 22
May 24_May 25
May 26
Average
20.323d.
.
-
HOLIDAY
Lyon(PLM)
NordRy
Orleans Ry 6%
•——-
Pathe Capital
-
Rentes4%, 1917
1918
Rentes 4^%, 1932 A
Rentes4^%, 1932 B
Rentes 5%, 1920
Rentes 4%,
—
-
Royal Dutch
i
60.90
61.00
66.90
65.90
90.70
5.160
64.80
90.75
Societe Generale Fonclere
1,685
1,000
73
128
1,670
1,000
70
123
Societe Lyonnalse
1,290
1,268
Saint Gobaln C &
C
Schneider & Cie
Societe Francaise Ford
Societe Marseillaise
Tubize Artifical Silk,
Union
pref
Wagon-Lits
—
1,676
1,020
68
----
-
d'Electricite
59.90
59.80
59.90
66.00
64.80
89.80
5,210
150
400
97
(
147
381
95
i—
_ —_
France
Denmark
Norway
Switzerland
Other countries
£207,517
United Kingdom.
IN
The highest rate
20 7-16d.
20 7-16d.
20 7-16d.
20 5-16d.
20 7-16d.
20 5-16d.
20.396d.
4534 cents
4534 cents
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks as received by cable
each day of the past week:
June
June
June
June
June
8
Id
June
11
-Per Cent of Par-
Allgemeine Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
132
166
(5%)--.113
Dessauer Gas (7%)
119
Deutsche Bank und Dlsconto-Gesell. (6%) .119
Deutsche Erdoel (5%)
157
Deutsche Reichsbahn (German Rys) pf 7 % -125
Berliner Kraft u. Licht
(8%)
Dresdner Bank (4%)-..
127
126
130
130
130
166
113
166
166
113
113
121
119
120
120
119
119
156
125
155
156
125
125
105
105
166
161
105
165
161
164
163
163
156
155
155
152
43
*129
132
166
113
121
130
166
113
121
119
119
156
125
105
157
125
129
Gesfuerel (6%)
105
165
160
Hamburger Elektrizitaetswerke 48%)
151
151
18
152
18
152
18
18
125
124
124
124
123
19
19
18
19
19
19
214
214
215
214
214
213
.233
156
233
154
217
234
156
218
233
Farbenindustrle I. G. (7%)
Hapag
67
4534 cents
4534 cents
4534 cents
20
21
22
24
25
of exchange on New York recorded during the period
$4.9434 and the lowest $4.94.
Commerz-und Privat-Bank A. G.
61.50
61.40
51.30
66.70
65.50
91.00
5,230
YORK
May 19
May
May
May
May
May
900
348
NEW
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
from the 20th to the 26th May was
THE
1,370
1,190
U. S. A
LONDON
Bar Silver per
565
890
660
691
361
21
1,681
1,230
47
£141,563
7,500
3,355
45,880
3,530
1,900
1,060
1,473
1,256
Aden & Dependencies
Straits Settlements
Quotations during the week:
6,300
301
45
505
Cie DIstr d'Electricite
Generale
6,200
1,250
Canal de Suez cap
Cie
6,300
23,500
863
Canadian Pacific
Coin not of legal tender in the
Francs
1,081
403
Banque de l'Union Parlsienne..
Generale
June 11
Francs
301
Banque de Paris et Des Pays Bas
Cie
June 10
6,200
6,400
Bank of France
9
Francs
June
British India.
£432,434
x
each day
Conditions were quiet, buying
China account again having been the
of the week under review.
and lowest prices
main features.
The following were the
Argentina, peso
Brazil (official)
be narrow and only Kd. separated the highest
The market continued to
Mannesmann
Roehren
Norddeutscher LloydReichsbank (8%)
-
Rhelnlsche Braunkohle (8%)—
Salzdetfurth (7)4%)
Siemens & Halske (8%)
*
New shares.
105
~18
124
232
156
154
154
220
220
217
Financial
3946
ENGLISH
FINANCIAL MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
June
Tues.,
Mon.,
5
June
June
8
June
7
Wed.,
■
74 11-16
74 M
75J*
20d.
140s. 7Md.
Holiday
Calamba Sugar Estates
Calaveras Cement, 7%
101
101
100M
101
109 M
101M
Holiday
The
States
109 J*
109 M
109 H
Closed
50.01
'
45
50.01
45
50.01
44M
50.01
44M
45
50.01
50.01
U. S, Treasury
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
NATIONAL BANKS
(extra)--—
preferred
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
LIQUIDATION
Amount
May 29—The First National Bank of Blakely, Blakely, Ga
$100,000
ective Maj
Effective May 15, T
1937.
Liq. agent: A. H. Gray, care of tne
Succeeded by: First State Bank of Blakely,
liquidating bank.
Ga.
May 28—The Union National Bank of Ashland,
From $80,000 to $100,000—Amount of increase
Ashland, Wis.
20,000
>
of
2—Bank
America
National
Lowell, Mass.
Location of
County of Middlesex, Mass.
Certificate No. 1345A.
June 2—First National Bank & Trust Co. of Elmira, N. Y.
Location of
branch: Nortfnvest. corner of Franklin & Main Sts., Village of HorseCalif.
Y.
Certificate No. 1346A.
Wash.
Location of branch:
County, Wash.
Certificate
June 3—Seattle-First National Bank, Seattle,
North
102 Main St., Colfax, Whitman
No. 1347A.
DIVIDENDS
June
June
14
July
June
14
tl2Hc
150c
J50c
Carolina Power & Light, $7 pref.
are
"General Corporation and Investment
in the week when declared:
pany name in our
News Department"
June 28
June 30
June 30
June 26
June 21
June
18
15c
June
June
15
$23
June
50c
July
July
July
July
July
July
July
July
July
June
19
SIM
t43Mc
10c
—
div.) —
SIM
SIM
(quar.)
$6 preferred (quarterly)
Carriers & General Corp
45c
June
19
June
12
June
12
June
18
June 16
Colonial Ice Co., $7 cum. pref. (quar.)
Cum. preferred series B.(quarterly)
15
June
19
June
June
15
July
June
18
June
June
15
June
June 21
30c
(interim)
15
June
50c
—
Clark Controller Co
June
50c
(qu.)
6% preferred (quar.)
Chicago Ry. Equipment, 7% cum. pref
Churngold Corp
Cincinnati & Suburban Telep. (quar.)
June
June
25c
$1.12
$1^
A (quar.).
5% preferred series No. 33 (quar.)
—
5% preferred series No. 22 (quar.)-Consolidated Chemical Industries (quar.)
Class A & B (extra)
Commodity Corp
Connecticut Gas & Coke Securities, pref. (qu.)
Continental Bank & Trust (quarterly)
S3
SIM
SIM
SIM
37 He
1225c
75c
20c
Cream of Wheat
50c
Crum & Forster (quar.)
Preferred (quarterly)
25c
$2
50c
Davega Stores (semi-ann.)
5% preferred (quarterly)
31 Mc
60c
Davison Chemica1
Corp
Deposited Bank Shares, series B1 (quar.)
Detroit, Hillsdale & South West PR. Co—
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
June
June 28
July
July
July
July
July
June
1 June
1 June
1 June
_
20
20
20
15
15
15
15
July
18
July
19
July
6
July 15 July
Sept. 30 Sept. 20
1 June 19
July
June 25 June 19
June 18 June 14
July
1
$2
Jan.
5 Dec.
50c
20
June 30 June 21
1 June 21
$1.60
July
July
July
Aug.
July
July
July
July
July
July
July
SIM
June
June 22
July
July
June
June
SIM
6% preferred (semi-ann.)
Common (quarterly)
Duplan Silk Corp. (semi-ann.)
Preferred (quarterly)
Eastern Steamship Lines, pref. (quar.)
Elder Mfg. Co. (quar.)
8% 1st preferred (quar.)
5% class A preferred (quar.)
Elizabethtown Consol. Gas
Elmira & Williamsport RR., 7% pref. (s.-a.) —
Empire Safe Deposit (N. Y.) (quar.)
Endicott-Johnson Corp. (quar.)
Preferred (quarterly)
15
June 21
June 21
5Mc
Detroit Steel Products
Diamond Shoe Corp., 6H% Pref. (quar.)
.-
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
Dividends
15
75c
$1H
—
Trust & Savings Association, San
Vicinity of Laurel Canyon Road
Angeles, Los Angeies County,
Francisco, Calif.
Location of branch:
and Ventura Boulevard, City of Los
heads, Chemung County, N.
June
50c
Columbia Gas & Elec. Corp., 6% ser.
June 1—The National Bank of Commerce of Seattle, Wash.
Location of
branch: 501
North Pearl St., City of Ellensburg, Kittitas County,
Wash.
Certificate No. 1343A.
June
15
15
June 25
50c
Jim
«tP 1/3
Colonial Life Insurance of America
BRANCHES AUTHORIZED
June 1—Union Old Lowell National Bank,
branch: 88 Prescott St., City of Lowell,
Certificate No. 1344A.
June
June
July
Aug.
July
July
July
July
July
Cleveland Graphite Bronze
Climax Molybdenum
CAPITAL STOCK INCREASED
COMMON
16
10
10
June
July
Chemical Bank & Trust (N. Y.) (quar.).
Chic. & Junction Rys. & Union Stockyards
Department:
VOLUNTARY
June
June
June
—
(quarterly)Canada Packers, Ltd. (quar.)
Canada Southern Ry. (semi-ann.)
Canadian Fairbanks-Morse, pref. (quar.)
Canadian General Investors, (quar.)—
Canadian Light & Power Co. (semi-ann.)
Canadian Westinghouse Co., Ltd. (quar.)
5% preferred (quarterly)
The
19
Cannon Mills
price of silver per ounce (in cents) in the United
the same days has been:
BarN.Y. (for.)
19
19
June
Capital Administration Co., class A
$3 preferred class A
Capital City Products
Capital Management Corp. (liquidating
Carnation Co., common
109 M
on
XI. S. Treasury.
June
July
July
July
July
Calhoun Mills
British 4%
1960-90
6% preferred (semi-ann.)
Burco, Inc., preferred (quarterly)
Burt (F. N.) & Co. (quarterly)
June
June
Preferred (quarterly)
75
74 M
British 3J4%
War Loan...
July
June
Bucyrus-Erie Co., preferred (quar.)
Buffalo National Corp
June 11
June 10
9
20Md.
20d.
140s.6Md. 140s. 7d.
Silver, per oz_. 20Md.
20 5-16d.
20 3-16d.
Gold, p. fineoz.140s.3Hd. 140s.8Md. 140s. 7d.
Consols, 2 M%- Holiday
Fri.,
Thurs.,
Holders
When
Payable of Record
The
as
1937
12,
June
Chronicle
30c
50c
50c
$2
50c
25c
$2
SIM
S2H
75c
SIM
1 June 21
1 June 21
Aug
5
June
15
June
18
19
June
June
19
June
19
June 23
June
19
18
18
June
Juno
14
European Electric Corp., Ltd., class A & B com.
Evans Products (quarterly)
June
June
14
25c
June
June
18
Ex-Cell-O
The dividends announced this week are:
3c
30c
20c
Eureka Standard Consol. Mining
Name of
Share
Company
12 He
Acme Glove Work (quar.)
6M % preferred (quar.)
$1U
Adams Royalty Co. (quar.)
Aetna Casualty &
50c
Surety (quar.)
20c
Aetna Life Insurance (quarterly)
Affiliated Fund (quarterly)
15c
10c
Extra
Air
Reduction Co., Inc.
25c
(quar.)
75c
Extra
Akron Brass Mfg. (quar.)
121§
Allegheny & Western Ry. (s.-a.)
Alliance Investment, 6% preferred
Aluminum Co. of Amer., pref
Aluminum Goods Mfg. Co
Aluminum Industries (quar.)
American Bakeries A & B
Preferred (quar.)
—
Class A
American
—
.
(extra)
Bemberg Corp., 7%
preferred-- —
7% preferred (semi-ann.)
American Box Board.-
Holders
When
Payable of Record
July
July
July
July
July
July
July
July
July
2 June
June
Fear
Federal Mogul Corp.
Federated Department Stores
Federation Bank & Trust Co
19
1
June
5
5
1 June
15 June 30
15 June 30
15 June 30
15 June 30
1
June 10 June
July
t$6 July
July
t$2M
25c
July
10c
July
50c
July
July
25c
July
t$10M July
July
$3M
25c
July
1 June
19
1 June 25
1 June
15
1 June 19
15 June 30
1 June 15
1 June
15
June
15
1 June
21
1
1 June 21
1 June 16
June 30 June 21
75c
Foundry (interim)
$1.31 M June 30 June 21
Preferred <quarterly)
June 28 June 10
30c
Cities Power & Light Corp., class B stock
1 July
75c
10
Aug.
Convertible A optional dividend series
American Brake Shoe &
Amer
1-32 of one share of class B stock or
cash.
American District Telephone ofN. J
Preferred (quarterly)
July
June
1 June 18
June
15
July
American European Securities Co., pref.
35c
$1M
60c
111.)
June
15
June
(s.-a.)_
American Gas & Electric (quar.)
Preferred (quarterly)
American Motorists Insur. Co. (Chic.,
American Potash & Chemical Corp
68Mc
$1M
Class A stock opt. div. series of 1936 w w
1-16th of one share of class B stock or cash.
June
22
July
Aug.
July
June
11
July
8
(Fred.) & Co.,
common
Fernie Brewing, Ltd
Filene's (Wm.) Sons—,
(quar.)
—
.;
18
Foreign Bond Associates
Forest Cleaners & Dyers, Inc
25c
June
16 June
15c
Formica Insulation Co
Galland Mercantile Laundry (quar.)
Gar Wood Industries.-—,
General Capital Corp
20c
40c
July
July
July
July
July
15
1
1
6
10
50c
June 22 June
75c
25c
General Re-Insurance_
General Shoe Corp., A & B (irregular)
3c
40c
19
10c
June 30 June
19
43 Mc
50c
June 30 June
19
June 30 June
15
June
14
Houston Natural Gas Corp.
June
19
June
19
25c
July
July
June
5
$1%
June
June^lO
25c
July
Aug.
July
July
July
Payable in stock
Bird Machine
Bird & Son, Inc.
Bliss &
(quar.)
Laughlin, Inc., (quarterly)
Preferred (quarterly)
Bond Stores, Inc. (quarterly)
Boston Insurance Co. (quarterly)
Boston & Providence RR. Corp. (quar.)
Bridgeport Machine Co., common (quar.)
Preferred (quarterly)
British Columbia Elec. Ry., 5% pref. (s.-a.)
Broadway & Newport Bridge Co. (quar.)
5% preferred (quar.)
Bruce E. L. Co., 7% cumul. pref. (quar.)
3 M %
cumul. preferred (quarterly)
37Hc
14
10
15*
June
June
18
July
1
Dec.
Dec.
15
June
June
15
25c
3%
12Mc
June
June
18
50c
June
June
19
37 He
June
June
19
40c
June
June
15
July
July
July
July
July
Aug.
Aug.
July
July
June 21
$4
$2,125
25c
SIM
2M%
$2 M
$1M
$1M
87 He
June
16
June
15
June
15
June 30
June
30
June 25
June 25
15
June 30 June
June
June
June 25 June
1 June
10c
15
July
1
July
July
15
25c
2 June 15
15 June
10c
June
Bangor Hydro-Electric Co (quarterly)
Bank of the Manhattan Co. (quar.)
Bank of N. Y. & Trust Co. (quarterly)
Bath Iron Works Corp., payable in stock
June
10c
June
—
July
July
50c
July
July
July
(quar.)
15
SIM
July 15 June 30
SIM
July 1 June 15
June 19
t80c July
June 21
20c
July
June 21
13Mc July
June 17
40c
July
June 15
25c
July
$5 preferred (quar.)
Holmes (D. H.) Ltd. (quar.)
Horn & Hardart Baking (quar.)
^1
16
8
15 June
1 June 30
2 June 15
July
162 He
(quar.)
Heller (Walter E.) Co. (quar.)
18
20c
15
June
June
|63c
Interim
June
Atlantic Oil Investment Corp
•
Automobile Insurance Co. (Hartford)
Bakelite Corp., 6 M% Pref. A (quar.)
Bancamerica-Blair Corp
June
June 30
Hartford Fire Insurance
June
25c
15
Harding Corp., Ltd
7% preferred
$1$1
June
15 June 30
1 June 30
SIM
7% preferred (quar.)
(quar.)
9
June 21
July
July
—_
8% preferred (semi-ann.)
General Welding Co. (quar.)
Gold & Stock Telegraph (quar.)
Goodyear Tire & Rubber of Canada (quar.)
Preferred (quar.)
Gordon (O.) (Ohio), class B
Great Lakes Power Co., pref. A (quar.)
Greening (B) Wire Co., 7% pref. (quar.)
Greif Bros. Cooperage Corp., class A
Greyhound Corp. (quar.)
5H% preferred (quar.)
Hanover Fire Insurance Co. (quar.)
Harbauer Co. (interim)
Hinde & Dauch Paper Co
Apponaug Co. (quar.)
18
23
15
Atlantic Fire Insurance (quar.)_
June 25 June
21 June
18
Atlanta Gas Light Co., pref.
1 June 21
5 June 30
2 June 15
26 July
June
25c
9
15 June
15 June 21
June
June
—
July
July
July
July
S1.18M July
common
July
American Stores
60c
50c
-
—
(quar.)
June
15
15
June
50c
Preferred
Florence Stove Co.
Aug.
50c
15
June 24 June
50c
25c
June
SIM
Shipbuilding
June 24 June
2t!o
—
Extra
American
15
6Mc
Family Security Corp., A
7 % preferred (quarterly)
15
June
June 21
June
dividend.
One sh. of Fairchild Engine & Airplane Corp.
for each sh. of Fairchild Aviation held.
15
?
July
June
17 He
Corp
Fairchild Aviation Corp. special stock
Per
Extra
i
SIM
SIM
SIM
(Texas)
7% preferred (quar.)
Howe Sound Co. (quar.)
Extra
I-HI
Humphreys Mfg. Co
6% preferred (quar.)
Hunter Steel,, 6% pref. (quar.)
Hussman-Ligonier (quar.)
Extra
SIM
—
HI
International Button Hole Sewing Machine-III
Internat. Educational Pub. Co., $3H cum. pfd.)
International Nickel Co. of Can. pref.
(quar.)
Inter-State Royalty Corp., Ltd., cl. A
—
(quar.)_
Iowa Public Service, $lst $7 pref.
1st $6H preferred (quarterly)
1st
"
(quar.)
16 preferred (quarterly)
7% preferred-
6% preferred
Irving Air Chute (quar.)
Irving Trust Co. (N. Y.) (quar.)
Kahn's (E.) Sons Co. (quar.)
7% preferred (quarterly)
—
IH
HI I
IIIII
I HI I
1 June 15
1 June 19
1 June 19
June 30 June
7
June 30 June
7
June 30 June 21
June 30 June 21
June 30 June
June 30 June
15
15
July
1 June 19
25c
Aug.
1 June 20
25c
July 15 June 20
$1
July 15 June 30
50c
July
1 June 17
30c
July
1 June 15
t50c
July 15 July
1
3
t$lM Aug. 2 July
June 15
28c
July
June 19
SIM' July
June 19
July
SIM
June 19
July
SIM
June 11
July
SIM
June 11
July
SIM
June 11
July
SIM
June 15
25c
July
June 15
15c
July
25c
June 21
July
June 21
SIM July
30c
Insurance Co. of North America (semi-ann.) I
Inter lake Steamship
Iowa Southern Utilities Co.
6 H % preferred
25c
87 He
75c
75c
75c
July
July
July
15
1 June 15
r
Volume
3947
Financial Chronicle
144
Name
Payable of
of Company
43 54c
Jamaica Public Service (quar.)
Preferred B
(quar.)
7% preferred A (quar.)
Kalamazoo Vegetable Parchment Co.,
Kansas Gas & Elec. Co. 7% preferred
$6 preferred (quar.)
Kansas Electric Power 7% pref. (quar.)
6% preferred (quar.)
Shamrock Oil & Gas, 6% pref.
July
July
July
June
16
June
16
June
16
June
June
July
July
June
19
14
15c
$1*4
$14
$134
July
July
$!o1
July
June
June
37 4c
June
June
Lambert Co., common (quar)
50c
July
18
June 17
Langendorf United Bakeries, class A
50c
Preferred
new
(initial)
New
June
June
June
14
25c
June
June
14
50c
$154
July
July
31
31
25c
Aug.
Aug.
July
July
t$354
June
June
19
(quar.)
Lexington Utilities, pref
Preferred (quar.)
Lion Oil Refining (quar.)
t
,
25c
Extra
Loew's (Marcus)
Theatres, 7% pref
Lynch Corp. (special
Mahon (R. C.), $2 class A pref.
(quar.)
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June 30
10c
5c
$14
McColl Frontenac Oil, pref. (quar.)
25 c
McKoe Arthur (G.) & Co., class B (quar.)
Class B (extra)
,
I
Co.,
50c
35c
7% preferred (semi-annual)
75c
75c
common.
75c
50c
Midland Steel Products
$2
50c
8% preferred (quar.).
$2 non-cumulative (quar.).
Minnesota Power & Light, 7% preferred
M
t58c
SI *4
7% preferred (quar.)
$6 preferred
$6 preferred (quar.)
6% preferred
6% preferred (quar.)...
Mississippi River Power, 6% pref. (quar.)
Moore Corp., Ltd. (quar.)
Preferred A & B
+50c
$14
t50c
__
$14
$14
40c
$154
$134
374c
tl2%c
(quar.)
Murphy (G. C.) 5% pref. (quar.)
Machman Spring-Filled Corp
Manufacturers Finance Co. (Md.) 7% pref.)...
Mar-Tex Oil (quar.)
18
June
15
July
1
June30
June 30
June
18
June
18
June 30
June 30
June 30
June
15
June
15
June 21
June 21
Corp
Mayer (Oscar) & Co., Inc., 8% 2nd pref. (qu.)__
8% 2nd preferred (extra)
Merchants Bank of N. Y. (quar.)
Nanaimo-Duncan Utilities, 6 >4% pref
National Battery Co., pref. (quar.)
National Candy Co., 1st & 2d pref. (quar.)
Navarro Oil Co
50c
$2 preferred (quar.)
New Hampshire Fire Insurance Co. (quar.)
40c
20c
Special
$2
New Haven Water Co. (s-a.)
Newport Electric, 6% preferred (quar.).
New York & Honduras Rosario Mining
$134
&~Pow. (Mo.), 7% pref. (qu.)
11
15
June
8
United Loan Industrial Bank
June
8
United Pacific Insurance Co.
6% prior preferred
Ohio Public Service Co., 7% pref.
24
21
1 May
1 June
15
Universal Products Co
18
Universal Leaf Tobacco
1
(quarterly)
Van de Kamps Holland Dutch Bakers, (quar.)__
Pacific & Southern Investors, Inc., class
$3 preferred (quarterly)
Pacific Telep. & Tel eg
A
Preferred
(quar.)
Package Machinery (quarterly)
Penn Traffic Co
Peoples Natural Gas Co., 5% pref. (quar.)
Peter Paul, Inc. (increased)
Petroleum & Trading, class A
Phillips Packing, 534 % preferred (quar.)
Phoenix Insurance Co. (quar.)
Plough, Inc. (quarterly)
Plymouth Oil Co., common (quar.)
(quar.)
Procter & Gamble, 8% pref. (quar.)
Providence Washington Insurance Co
Providence & Worcester RR. (quar.)
Provincial Paper, Ltd., 7% pref. (quar.)
Prudential Investors, $6 pref. (quar.)
Public Service Co. of Colorado, 7% pref.
6% pref. (monthly)
5% pref. (monthly)
Puget Sound Pulp & Timber (increased)
Ray-O-Vac, 8% preferred (quar.)
Reece Button Hole Machine (quarterly)
15
June 30 June
19
July
15 June 30
June
June
1 May 20
1 May 20
July
1 June
July
1 June 21
18
June 27
July
$6 4 preferred (quarterly)
15
1 June
15
1 June
15
1 June
15
July
July
July
$154
$134
58 1-3 c
50c
2*
1 June
16
1 June
15
15 June 25
June 28
July
July
July
July
July
July
Irregular
Willys Overland Motor, $6 pref.
WJR the Goodwill Station, com.
June
10
3 June
9
2 June 15
15 June 30
1 June 15
1 June
15
1 June
15
June 21 June
3
Acme Steel Co.
New (extra)
Santa Cruz Portland
(quar.)
Addressograph-Multigraph Corp. (quar.)
Aetna Ball Bearing Mfg. (initial)—i
Agnew-Surpas8 Shoe Stores preference
Agricultural Insurance Co. (Watertown, N.
Air Associates, Inc. (initial)..
Alabama Great Southern RR. ordinary
Alabama Power Co.,
50c
June 25 June
Inc., conv. stock
(quarterly)
3734c
20c
July
July
15
June
16
June
16
Y.)
.....
Alpha Portland Cement
Aluminum Co. of Amer., 6% pref.
—
(quar.)
June 21 June 10
June 28 June
July
154%
50c
50c
50c
iig
(quar.)
...
June
July
July
1
15
15 May 28
1 June 10
1 June 21
1 June
15
June 30 June
15
July
Dec
30 Sept. 15
31 Dec. 15
June
30 June
Sept
15
Sept. 30 Sept. 15
Dec.
15
1 June
18
June 30 June
1 June
July
16
15
Dec
July
$154
$3 54
154%
16 June
1 June
June 30 June 15
1
June 25 June
$154
75c
25c
7
Aug. 16 July 12
1 June 12
July
1 June 12
July
2 July 15
Aug.
June
75c
preferred (quar.)
Chain & Cable Co., Inc., new..—._
1 June 21
July
25c
American Can Co.,
Special
June 25 June 15
2 June 15
July
10c
3%
3%
$154
$154
$14
50c
.....
(quar.)
12 May 28
June 25 June 15
2
June 22 June
15c
Manufacturing, Inc. (quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Leather Co., 6% pref. (quar.) —
American Agricultural Chemical Co
American Bakeries Corp. 7% pref. (semi-ann.)_
25 June 15
75c
$14
4354c
$154
Aluminum
Preferred
15
June
40c
£
5% pref. (quar.)
American Chicle Co.
15
June
35c
Allis-Chalmers Mfg. Co
American
June 30 June
25c
$7 preferred (quar.)
American Bank Note
Preferred (quar.).
Holders
When
Payable of Record
June 30 June
154%
Preferred
2 July 22
Aug.
2 July 22
Aug.
July 15 July
1
1 June 15
July
1 June 19
July
1 June 19
July
1 June 20
July
1 June 21
July
1 June 22
July
1 June 18
July
1 June 18
July
1 June 18
July
1 June 18
July
1 June 15
July
1 June 15
July
1 June 21
July
25c
14
30c
Adams Express
Allied Stores Corp.,
25c
1 June
$1
Inc
(quar.)
Abraham & Straus,
19
$154
$134
$134
18
18
14
10c
19
50c
1 June
July
July
75c
June 30 June
1234c
*_
10
40c
June 30 June
25c
12 June
$154
Extra
15
15
60c
1 June 21
15
June 30 June
1 June
July
Abbott Laboratories, Inc. (quar.)
1 June
$154
July
July
1 June
1 June 15
June 30 June 15
1 June 21
July
June
75c
75c
Per
50c
(quarterly)
A
Russeks Fifth Ave., Inc. (quar.)
Safeway Stores, Inc. (quarterly)
7% preferred (quarterly).
6% preferred (quarterly!
5% preferred (quarterly)
Sangamo Electric Co., new (quar.)
Rubinstein (Helena), class
15 June 18
30 June 30
15c
Share
15c
Ross Gear & Tool
July
July
July
July
10c
of Company
Name
1 June
75c
2 July 17
Aug.
1 June3l5
July
1 June 15
July
1 June{15
July
July 15 June 18
1 June 15
July
1 June 15
July
June 30 June 25
7
June 21 June
July 15 June 30
July 15 June 30
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
10c
(quarterly)
Telep. Corp., 64% pref. (quar.)
18
30 June 10
we
20c
(quarterly)—
14
14
1 June
and not yet
18
10c
1 July
50c
Preferred (quarterly)
1 June
25c
1 July
15 July 10
June 30 June 19
1 June 15
July
$1*4
Woodley Petroleum (quarterly)...
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube (quarterly)
Jul*
July
July
$154
35c
$154
$3
<
50c
—
June 30 June 16
June 30 June 21
June 21 June 10
June 24 June 14
June 25 June 14
20c
(quar.)
(extra)
$6 preferred (quarterly)
$5 preferred (quarterly)
Allegheny Steel Co., common
Allied Laboratories, Inc. (quar.)...
Allied Mills, Inc
Allied Products, class A (quar.)
20c
19
2 July 19
1 June 15
June 30 June 10
June 30 June 10
15c
6% preferred (quarterly)
Weyenberg Shoe Mfg. Co.. common
White Rock Mineral Springs (quar.)
1st & 2nd preferred (quar.)
Wichita Union Stockyards, 6% pref. (s.-a.)
50c
41 2-3 c
2 July
Aug.
July
22 June 21
June 30 June
$2 34
19
Aug.
June
M
July 26 July
9
1 June 15
July
1 June 21
July
July
July
July
1 June
15
June 23 June
35c
$2
(mo.).
Extra
Below
25c
Richman Bros. Co.
15
1 June
50c
Extra
Shawmut Assoc.
1 June
Preferred
20c
(quarterly)
Selected Industries,
15
July
July
50c
(quarterly)
Cement
Cigar, $2 pref.
June 30 June
30c
—
Rice Stix Dry Goods
Schwartz (B.)
15
June 25 June
Extra
1st & 2nd pref.
1 June
50c
Pressed Metals of Amer.
Reliance Mfg. Co.
15
$ L3134
Pratt & Lambert
Reed Roller Bit
Extra
19
15
June£l9
1
July
25c
15
July
July
July
July
6 June
July
25c
15
1 June 21
15 June 26
6 June 15
Aug.
Aug.
July
1 June
July
July
June 29 June 24
July
July
July
M
1 June
16
1
15 July
1 June 2l
40c
Extra
July
July
June
621?
50c
12
1
50c
25c
75c
(quarterly)
12
1 June
634c
July
July
25c
15
14
734c
Juiy
62J4c
37 4c
$24
$1*4
$14
$14
1 June
14
$1
18
1 June
June 21 June
$134
16
15
18
1 June
25c
Extra
10
Tune
Virginia-Carolina Chemical Corp., 6% pref
Virginian Ry
$14
Preferred (quarterly)
40c
Wagner Baking Corp,
$154
7% preferred (quarterly)
75c
2nd preferred (quarterly),
75c
rn
Western Union Teleg. Co..
]374c
West Texas Utilities, $6 preferred
$14
$6 cumul. preferred (quarterly)
75c
Western Electric Co
30c
Western Grocer Co., common
t75c
Western Groceries, Ltd. (quar.)
t$l *4
Preferred (quarterly
75c
Western Union Teleg. Co. (quar.)
25c
Westinghouse Air Brake Co., common
15c
Wetherill Finance Co., common (quarterly) —
50c
Page-Hersey Tube, Ltd
Panhandle Eastern Pipe Line Co—
$6 class A & B preferred (quar.)
Patchogue Plymouth Mills
Penna Illuminating Corp., class A pref. (quar.).
Pennsylvania RR. Co
fune
1
July
fune
15
June 21 June
$2
$134
:
June 25
fune
1 June
$1
75c
Pacific Can Co
15
15
fune
Van Norman Machine Tool.
25c
5% preferred (quar.)
fune
1
15
15
$134
$134
15
fune
1
June 2b
16
16
15
$5
50c
(quar.)
Ottawa Light, Heat & Power (quar.)
June
1
June 2b
1 June
10c
Old Colony Insurance
Ontario Mfg. Co
1
25c
2 July
2 July
1 June 21
July
2 June 15
July
3
July 30 July
1 June 15
July
15
fune 20
fune 21
Aug.
Aug.
July
July
July
July
July
20c
Extra
July
15
June
June 30
19
15
fune
1
37)4c
$1*4
14
1 June
41 2-3 c
June;21
funejl4
July
July
July
July
July
fune 21
1 June
1 June
50c
6% preferred (monthly)
5% preferred (monthly)
Oilstocks, Ltd
June 21
July
June
„15
7
June 30
June 30 June
1 June
July
15
58 l-3c
(mo.)
(s.-a.)
19 May
11
t834c
North Star Oil, 7% preferred
Oceanic Oil Co. (quar.).
July
50c
June 30 June
June 30 June
June 21 June
75c
(quar.)
Securities, 1st pref
United States & Internat'l Securities, 1st pref—
United States Playing Cards Co. (extra)
Universal-Cyclops Steel Corp. (quar.)
June 26 June
50c
June 24
50c
7% preferred
$134
North Amer. Rayon Corp., cl. A & B com.
July^
June
$24
$14
(quarterly)
United States & Foreign
31 July 20
June 19 May 24
June ,15
July
$1*4
United Shoe Machinery (quar.)
Preferred (quarterly)
United States Gauge Co.
JuneilS
50c
(quar.)
United Securities, Ltd.
June 21
*18
June
—
(quarterly)
(quarterly)
United Aircraft Corp. (Hartford)
June
14
Junej{18
June
June
62J4c
Preferred
87 34c
Noranda Mines, Ltd
July
July
July
July
Union Twist Drill
18
10c
18
June
June
Union Electric Lt.
July
$1.3134
$134
Newberry (J. J.) Realty Co., 64% pf- A (qu.)_.
$14
6%preferred B (quarterly)
13c
New England Fire Insurance (quar.)
$14
New England Power Assn., 6% pref. (quar.)..
Junep8
June 18
JuneJ14
11
June 30 June
Nehi Corp., 1st preferred
7
July
June
June
July
July
July] 7
50c
June
11
$2'
$2
55c
111
Julyj 30
t$3
June
14
18
$1*4
June
75c
June
June
June 15
25c
11
June 30 June
June
June 24
Aug.
Aug.
July
July
July
143 *4 c
(semi-ann.)
11
June 30 June
25c
Aug.
25c
June
15
$134
June
—
June
11
June
8134c
June;19
Sept.
40c
-
Trico Products Corp. (quarterly)
Twentieth Century-Fox Film Corp., com
Preferred
• ■
June
lc
Extra
June
Tom Reed Gold Mines
June 21
5c
Metal & Thermit
Rochester
June
June
55c
June;21
JunefllS
t20c
Tamblyn (G.) Ltd. (quarterly)
624c
5% preferred (quarterly)
74c
Taylor (K.) Distilling Co. (quarterly)
$1*4
Telluride Power, 7% pref. (quar.)
75c
Terminals & Transportation, $3 pref. (quar.)—
t25c
Texas Hydro-Electric Corp., $34 cum. pref
50c
Textile Banking Co. (quarterly)
50c
Thompson Products (quarterly)
$14
Preferred (quarterly)
25c
Tintic Standard Mining Co
15c
Tip Top Tailors, Ltd. (quarterly)
$1*4
7% preferred (quarterly)
$14
Title Insurance of Minn, (s.-a.)
58 l-3c
Toledo Edison Co., 7% pref. (monthly)
50c
6% preferred (monthly)
412-3 c
5% preferred (monthly)
18
50c
June £15
Swan-Finch Oil Corp..
Resumed
19
June
50c
Marine Midland Corp. (quar.)
Masco Screw Products (quar.)
&
June
June
50c
(quar.)
Marchant Calculating Machine
Mead Johnson
Extra
June
$7 4s
Mahoning Coal RR. Co
Manufacturers Trust Co., com.
Preferred (quar.)
6% class B pref.
June 20
$1
'
June d0
July
July
July
July
July
Extra
June 30
25c
.
Mack Trucks, Inc., common
June
i
JunejlS
JunejfclO
31>4c
A (quar.)—
Quarterly
Stanley Works (quarterly)
5% preferred (quarterly)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
Supertest Petroleum (semi-ann.)
10
June
(special)
Lehman Corp., new
pref
Spartan Mills (semi-ann.)
Springfield Gas & Electric, $7 pref.
Square D, $2.20 pref. A (quar.)
18
(quar.)
(initial)
pref. (quar.)
Southwestern Light & Power, $6
10
25c
Kaufmann Dept. Stores
Kirsch Co., A & B new
June
55c
Extra
Soss Mfg. Co. (quarterly)
Southwestern Bell Telep.,
June .21
$1>4
$2 >4
124c
$1*4
$1,125
$4
$1*4
25c
King Coalition Mines Co
Singer Mfg. Co. (quarterly)
14
June 15
June 15
July
$14
Silver
June
June}21 |
July
July
Ju.y
30c
$10 par (s.-a.)—
(quarterly)
6% preferred $100 par
Payable of Record
Share
Name of Company
Record
Holders
When
Per
Holders
When
Per
Share
July
July
July
50c
June
M
June
$1
June
June
31
1 June
10*
1 June 10*
1 June 17*
15 June 10
15 June 10
15 June 1 1
15 June' 1
3948
Financial
Per
Name of Company
American Capital Corp. $3 preferred
American Cigarette & Cigar, stock div
75c
July
June
15 June
15
3
June 30 June
15
com.
each com. share of American Cigarette &
Cigar held.
Preferred (quar.)
:
American Crystal Sugar (quar.)
Preferred (quar.)__
American Cyanamid Co. class A & B
June 25 June
15c
(qu.)_
American Envelope Co., 7% pref. A (quar.;_
7% preferred A (quarterly)
12
June
15
July
Sept.
SIM
.
12
June 25 June
SIM
com.
SI M
Aug. 26
Dec.
Nov. 25
July
American Express Co. (quar.)
American Felt Co
Preferred (quarterly)
American Fork & Hoe Co. (quarterly)
June
June
18
2
16
5
July
July
July
June
15
British Columbia Power Corp. A stock
British Columbia Telep. Co. 6% 1st pfd. (qu.)__
June
June
15
15
Broad Street Investing Co
75c
June
15 June
8
20c
July
50c
June 25 June
7
15c
July
July
June
10
June
2%
70c
7% preferred (quarterly)
7% preferred (quarterly)
American Piano Corp. A & B (initial)—
American Power & Light Co., $6 pref. (quar.)—
$5 preferred (quarterly)
American Radiator & Stand. Sanitary Corp
American Republic Corp. (irregular)—
American Republics Corp.
American Rolling Mill
American Safety Ra&or Corp. (quar.)
American Smelting & Refining Co. (quar.)
7% preferred (quar.)
American Snuff Co. (quar.)
Preferred (quar.)
American States Insurance Co. (Ind.) (qu.)
_
70c
SIM
sim
15c
16
June
15 June
1
July
June
12
June
15 June
6
Sept. 15 Sept.
Dec.
15 Dec.
June 21 June
June
June 30 May 28*
10
10c
June 30 June
10c
June 30 June
50c
July
10
15 June 15
British American Oil Co., Ltd (quar.)
British-American Tobacco Co., ord. (interim)
6% preferred (quar.)
30c
50c
June 30 June
15
June 30 June
15
2 June
2 June
5
June
15 June
2
$1M
June
15 June
2
sr"
July
July
July
July
July
July
1 June
10
50c
25c
Extra
Superpower Corp. 1st pref. Cquar.) —
Surety Co
Telephone & Telegraph (quar.)
Thermos Bottle Co.. pref. (quar.)
Thread Co. 5% pref. (semi-annual)
American Tobacco Co.. pref. (quar.)
American Toll Bridge Co. (quar.)
Quarterly
Quarterly
American Water Works & Elec. Co., Inc., com__
1st $6 preferred (quarterly)
American Window Glass Co 7% preferred
American Woolen Co., Inc., pref. (quar.)
American Zinc, Lead & Smelting preferred
Amofikeag Co. preferred (semi-ann.)
Anaconda Copper Mining Co
$2M
87 He
12Mc
June
2c
5
Anaconda Wire & Cable Co
Anchor Cap Corp. common (quar.)
15 June
1
1
June
June
15 June
7
June 21 May
21
June
18
June
18
1
20c
June
V4,
SI
12Mc
$1%
1*
2 July 20
2 June 19
June 28 June
M
SI M
g
June
June
1
June
15
June
15
June
10
15 May 25
1 June
1 June
10
June 25 June
15
July
July
10
Preferred
8% preferred (quar.)
Canadian General E,ectric (quar.)
Canadian Oil Cos., Ltd. 8%
Carter (J. W.)
Carter (Wm.) Co., Inc., 6% pref. (quar.)...
Carthage Mills, class A (quar.)
Class B (quar.)
Case (J. I.) preferred (quar.)
Ceianese Corp. of Amer. common (quar.)...
7% cum. prior preferred (quar.)
7% cum. 1st partic. preferred (s.-a.)
Central Hanover Bank & Trust Co. (quar.)...
Central Illinois
11
Central 111. Public Service $6
Associates Investment Co., common (quar.)___
75c
5% preferred (quar.)
Astor Financial Corp. 1st pref. (semi-ann.)
Atchison Topeka & Santa Fe preferred (s.-a.)__
Atlanta Birmingham & Coast RR. pref. (s.-a.)__
Atlanta Gas Light Co., 6% pref. (quar.)
Atlantic Refining Co. (quar.)
Atlas Press Co. (initial)
Autocar Co.. preferred
SIM
37 He
$2M
S2M
SIM
25c
June
Bangor & Aroostook RR. Co. common
62c
June 25 June
19
50c
June
July
July
July
15 July
1
Dec.
30 Dec.
15
June
15 May 29
15 June 30
3%
3%
18Mc
SIM
May 28
May 28
14
15
June
12
SIM
25c
June
25c
Sept. 15 Sept.
1
25c
Dec.
18 Dec.
1
t$2
July
July
15 June 23
15 June 19
12 May 20
SI
June
12
June
15
June
15
15 June
1
SI H
25c
June
75c
Corp
June 30 June 21
25c
June
15 June
June
15 May 28
July
July
July
July
July
June
4
June
4
June
18
June
22
$1
25c
5% preferred (quarterly)
7% preferred (quarterly)
B-G Foods, Inc., preferred
Bickford's, Inc. (quar.)
SIM
tS3M
30c
(quar.)
62 He
Biltmore Hats, Ltd., 7% pref. (quar.)
June
22
15
June
15 May
15 June
June
15 June
1
SIM
SIM
June
5c
Birmingham Water Works, 6% pref. (quar.)
Bishop Oil Corp
Black & Decker Mfg. (quar.)
25c
25c
__
Bloomingdale Bros.. Inc
37 Mc
75c
SI
62 Mc
Bohn Aluminum & Brass..
Bon Ami Co. class A (quar.)
Class B (quar.)
.
Borg-Warner (quarterly)
50c
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Wharf Co. (semi-annual)
SI
S3
50c
1
June 30 June
June 30 June
18
7*
June 25 June
15
15
July
1 June
July 31 July
July 31 July
July
1 June
June 30 May
July
1 June
June 30 June
preferred..!
5
June
15 June
June 25 June
15
15
15
29
10
1
1
1
17
June
19
May 20
May 20
June 30
June
5
June
5
June 30
of common
stock of Central Electric & Telep. Co. for
each five shares of common stock of Central
West Co. stock held
Centrifugal Pipe Corp. (quar.)
Quarterly
Chamberlin Metal Weather Scrip Co. (qu.)
Champion Paper & Fibre, preferred (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
Chesebrough Manufacturing Co. (quar.)
10c
Aug. 16 Aug.
10c
Nov. 15 Nov.
20c
June
—
SIM
75c
70c
Extra
50c
SI
30c
S38.50
SIM
SIM
7% preferred (quar.)
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati New Orleans & Texas Pac. (s.-a.)
S5
Extra
Cincinnati Union Terminal Co., 5% pref. (qu.)Preferred (quarterly)
S2M
SIM
SIM
5
5
16 June
12
1 June
15
8
July
July
July
July
1 June
1 .Tune
8
1 June
June 28 June
June 28 June
4
8
4
June 29 June 19
June 15 May 25
June 16 May 27
__
1 June
18
1 June
June 24 June
15
July
July
10
June 24 June 10
July
Oct.
July
1 Sept. 18
I Mar. 20
15c
City Auto Stamping (quar.)
50c
City Ice & Fuel Co. (quar.)
City of Paris Dry Goods Co. 7 % 1st pref. (qu.)_
SIM
7% 1st pref. (quar.)
SIM
Clarke Equipment Co. (quar.)
40c
Preferred (quar.)
SIM
Cleveland Electric Illuminating (quar.)
50c
Preferred (quar.)
$1,125
Cleveland & Pittsburgh RR. Co. gtd. (quar.)—
87 Mc
Guaranteed (quar.)
87 Mc
50c
Special guaranteed (quar.)
50c
Special guaranteed (quar.)
June 15 May 27
June 15 May 27
1 June 10
July
1 June 18
July
Clorox Chemical
June 25 June 15
v
.
15
15
June
July
July
Christiana Securities Co
14
15
June
In addition to cash div. one share
1
June
June
June
12
June
SI
preferred
June
June
June 19
June 12
July
July
West Co
15 June
July
July
July
July
July
1
10
19
June
Chicago Flexible Shaft Co. (quar.)
Chicago Rivet & Machine (new)
July
June
June
June 30 June
6% cumulative preferred
10
50c
21
June
June
10
25c
10
June
June
preferred
Central Power Co., 7% cum.
Central
June
June
Light Co., 4M% Pref. (quar.)..
June
1 June 15
1 June 15
15
July
July
July
July
July
6% preferred
June
July
July
25c
19
40c
s n.
Extra
Boston Woven Hose & Rubber Co.,
19
June
SIM
Belding Corticelli (quar.)
Preferred (quar.)
Bellows & Co. class A (quar.).
Class A (quar.)
Class A (quar.)
Bell Telephone of Canada (quar.;
Bell Telep. of Penna. 6M % pref. (quar.)
Bendix Aviation Corp
Benson hurst National Bank (quar.)
Berghoff Brewing Corp. (quar.)
Bower Roller Bearing
1
June
25c
1 M%
Stock dividend
Blaw-Knox Co
15 June
July
July
July
July
July
—
Bayuk Cigars, Inc
1st preferred (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quarterly)
Beech Creek RR. Co. (quar.)
Beech-Nut Packing Co. (quar.)
Preferred
5
2 June 25
l'June 14
1 June 14
June 15 May 21
July
July
Baldwin Co. (quar.)
15
Aug.
July
July
10c
SI
15c
Bethlehem Steel
June 30 June
June 211 June
75c
(quar.)
Cum. conv. preferred
Bangor Hydro Electric Co., 6% pref. (quar.)
7% preferred (quar.)
Bankers Trust Co. (quar.)
Barber (W. H.) Co. (quar.)
Bastian Blessing Co
Preferred (quarterly)..
:
Bath Iron Works Corp. (stock div.)
June
1
2 June 15
2 June 15
1 June 15
June 21 May 31
June 20 June 10
June 26 May 27
22 June
14
June 16 June
July
July
July
July
July
June 30 June 21
15
1
Carpenter Steel Co. (final)
Carreras, Ltd., Amer. dep. rec. A & B ord
Less British income tax and depositary expense
June
llJune 15
30;June 15
15
1 June 15
1 June 15
1 June 21
July
July
July
June 30 June 21
June 30 June 21
7% preferred (quar.)
10c
15 June
14
June 15 June
July
1 June
Cariboo Gold Quartz Mining Co. (quar.)..
Carolina Telep. & Teleg. Co. (quar.).
20c
June
v
preferred (quar.) —
Canfield Oil Co
Ashland Oil & Refining Co.
June 30 June
14
July
2 June 18
2 June 18
July
1 May 15
July
1 May 15
July
1 May 15
July
2 June 15
July
July 31 June 30
July 15 June 30
June 19
July
(quar.)
Canadian Industries, Ltd., A & B (quar.)..
Preferred (quarterly)
19
July
(quar.)—
Preferred (quar.)
1
1 June
J20c
15
15
June 21 June
June 21 June
June 30 June 15
June 30 June 15
Canadian Foreign Investment
Extra
July
July
SIM
16
2 July 15
1 June 15
June 30 June
July
2 June
June
(quar.)
60c
5% preferred (quar.)
15 May
July 26 June 30
July 15 June 30
July
2 June 15
June 18 May 31
July
2 June 15
July
2 June 15
—
(quar.)
Canadian Cottons Ltd.
Art Metal Construction Co
Art Metal Works Co. (quar.)
(quar.)
6§&°
Canada Permanent Mortgage (quar.)
Canada Wire & Cable, 6M% pref. (initial)
20
15 May 21
1 June 14
1
15 June
July
July
July
July
July
July
July
tl2Mc
Ltd. (quar.)
preferred (quarterly)
7% Cumu.
60c
62 Mc
50c
Canada Northern Power Corp.,
1 June
1 May 29
1 June 10
15 Dec.
S1M
Associated Breweries of Canada
Preferred (quar.)
35c
Canadian Ceianese, Ltd
Dec.
SI
Aug.
July
40c
75c
(quar.)
15
June
15c
SIM
40c
B
12
2c
50c
28
—
1 June
20c
Aug.
July
June
SIM
—
15 June
1
July
Extra
Canadian Canners, Ltd., 5% 1st pref.
Convertivle preferred (resumed)
Sept.15 Sept.
SIM
tS7
t$l
SIM
$2M
_
$6M preferred (quar.)
Appalachian Electric Power $7 pref. (quar.)
$6 preferred (quar.)
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. (Del.), pref. (quar.)
Armour & Co. (111.)
prior preferred (quar.).
Old 7% preferred (quar
Arnold Constable Corp
Arrow-Hart & Hegeman Elec. Co., 0M pf. (qu.)
July
July
16
$1
25c
Canada Cement Co., pref. (quar.)
Canada Malting Co. (quar.)
SIM
16
June 30 June
20c
A
1 June 21
1 June 19
June 30 June
June 30 June
25c
Burlington Steel, Ltd. (initial)
Burry Biscuit Corp. common
Preferred (quar.)
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.)—
Preferred (quar.)
Preferred
14
June 25 June
July
July
SIM
25c
Preferred
4
8 June
July
July 15 June 30
2 June 16
July
2 July 15
Aug.
1 June 16
July
1
1 June
July
20c
—
SIM
„—
American
American
American
American
American
60c
45c
California Ink (quar.)
Calumet & II eel a Consol. Copper Co
Canada Bread, preferred B
American Steel Foundries
7% preferred
American Sugar Refining (quar.)
Preferred (quar.)
American Sumatra Tobacco (quar.)
40c
SIM
$7 preferred (quar.)
$7 preferred (participating dividend)
Buckeye Pipe Line Co. common
Buffalo, Niagara & Eastern Power, 1st pref.(qu.)
Prior preferred (quar.)
June 30 June
75c
IS1M
tSlM
Budd Wheel Co
Aug. 31 Aug.
6
9
July 31 July
July
1 June 10
July
1 June 10
July
1 June 15
SIM
lOd.
U5c
30c
75c
10
1 June 15
June 15 May 29
J25c
—
Brooklyn Union Gas Co
Brown Fence & Wire (extra)
Brunswick-Balke-Collender Co., pref
Bucyrus-Monighan Co. class A (quar.)
50c
SIM
15 May 29
15 May 29
1 June 15
June
June 15 May 29
July
2 June 16
Bullard Co
June
July
July
June
July
July
50c
June
sim
SIM
SIM
SIM
15
5
50c
Extra
14 June
—
Babcock & Wilcox Co.
50c
11
June 25 June
June 15 June
7 Mc
ik
25c
American Motor Insur. (Chicago) (stk.div.)
American National Finance Corp. preferred
American Optical Co., 7% pref. (quar.)
American Paper Goods Co., 7% pref. (quar.)..
10 May 31
2 June 15
June 30 June
si
75c
15 June
14*
15 June
July
July
J 50c
June
June
10
June
Boyd-Richardson Co., 1st & 2nd preferred..
Brazilian Traction, Light & Power Co
Preferred (quarterly)
Bridgeport Brass Co. (quarterly)
Briggs Mfg. Co
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quarterly)
6% preferred (quarterly)
Brillo Manufacturing Co. (quar.)
Class A (quar.)
Bristol Brass (quar.)
July
$1
Payable of Record
Share
25c
$5 preferred (quarterly)
American Hawaiian Steamship (quar.)
American Hide & Leather preferred (quar.)
American Home Products Corp. (monthly)
American Ice Co., preferred.
American Machine & Metals
Holders
When
Per
Name of Company
SIM
American Hair & Felt Co., 6% 1st pref. (qu.)
1937
12,
June
Holders
Payable of Record
June
Payable l-40th sh.of Amer. Tobacco cl B
on
When
Share
Chronicle
75 c
Cluett-Peabody & Co. preferred (quar.).
Coast Counties Gas & Elec. Co. 6% pref. (qu.)_
Coca-Cola Co. (quar.)
Class A (semi-annual)
Coca-Cola International (quar.)
Class A (semi-annual)
Oolgate-Palmolive-Peet Co., preferred (quar.)__
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Breweries, Inc., A (semi-ann.)
Class B
Nov. 10
1
May 10
1 Nov. 10
1 Mar. 12
Sept.
Dec.
July
50c
July
July
July
July
July
S3
SIM
37 Mc
87 Mc
June
Common (extra)
Commercial Investment Trust Corp. (quar.)
pref. series of 1935 (quar.)
Commercial National Bank & Trust (qu.)
Commercial Solvents Corp., com. (s.-a.)
Commonwealth & Southern, $6 preferred
Commonwealth Telep. Co. (Wise.) 6% pf. (qu.)_
Commonwealth Utilities Corp. 7% pref. (qu.)_.
6% preferred B (quar.)
6M % preferred C (quar.)
1 June 19
15 May 25
1 June 12
1 June 12
1 June
12
1 June
12
1 June
5
June 30 June 15
July
1 June
15
June
25c
Corp., common (quarterly)..
Commercial Credit Co. (quar.)
Preferred (quar.).
conv.
1
Dec.
Sept.
25c
Class B
Columbia Pictures
S4M
June 30 June 15
Aug. 16 Aug. 10
Nov. 15 Nov. 10
SIM
SIM
SIM
$3.90
1 June 15
July
25c
17 June 10
15 June 10
June 21 June
1
50c
June 22 June
11
June 30 June 10
SI
$1.06 M June 30 June 10
June
5
SI
July
June
5
$1.06 M July
Mar. 12
$2
July
30c
July
July
SIM
SIM
July
July
Sept.
June
_
1
June
June
+75c
SI
11
June
15
l'June 15
1 June
15
1 Aug.
14
Volume
Financial
144
When
Per
Name
Share
of Company
June
Sept. 25
Sept.
Dec.
24
Dec.
Mar.
15
June
June
1
75c
15
July
June
83
Aug.
July
1
15c
June
June
1
3734c
(semi-annually)
Edison of N. Y. (quar.)
June
May 31
May
7
50c
30c
(quar.)
$5 preferred
Pow. (Bait.) (quar.)
June
$134
Aug.
July
July
June
20c
Consolidated
June
90c
__
8134
(quar.)
Consolidated Investment Trust
Special
Consolidated Laundries, $734
Consumers Power Co., $5
$434
May 31
50c
$234 preferred
Preferred
June
June
81
81
31
Quarterly
Quarterly
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Conn. & Passumpic Riv. BR.6% pref. (s.-a.)__
Consolidated Biscuit (quar.)
Consolidated Diversified Standard Securities—
Consol. Gas Elec. Lt. &
5
June
50c
June
25
June
15*
June
15*
May 18
May 18
July 15
Continental Oil Co
Special
Continental Steel Corp. (quar.)
Preferred (quar.)
Continental Telephone Co.; 7% pref.
1 Aug. 31
1 Nov. 30
J734c
734c
.
6c
25c
June 30 June
15
July
June
10
Oct.
Sept. 10
July
June
17
Oct.
Sept. 10
July
June
15
35c
July
June
19
35c
Sept. 20
June 15 May 12
Rubber Co.
50c
June
June
16
Faultless
$194
$134
July
July
June
15
Federal Insurance (Jersey
June
15
(quar.)
City) (quar.)
$134
Federal Mining & Smelting Co., preferred
Stock called for redemption June 15, 1937.
9
25c
June
June
June
9
25c
(quar.)...
June
25c
—
July
July
July
July '
June
15
June
15
Federated Department Stores pref. (quar.) —
Feltman & Curme Shoe Stores, pref. (qu.) —
June
15
Ferro
June
15
June
10
Ferry-Hawley Co., preferred (quar.)
Common (increased, quarterly)
Fidelity & Guaranty Fire Corp
Finance Co. of America (Bait.), cl. A & B (qu.)
7% preferred (quar.).
lass A preferred (quar.)
Clai
Finance Co. oi Pennsylvania (quar.)
First National Bank (Jersey City) (quar.)
First National Bank (N. Y.) (quar.)
First National Stores (quar.)
Preferred (quar.)
First Security Corp. of Ogden(Utah). ser A (s-a)
Fiscal Fund, Inc., insurance stock series..
.
81M
$194
July
July
June 30
3734c
niH
June
May 26
June
June
10c
June
June
75c
25c
June
July
10
June 14
June 10*
5634c
June
May 28*
June
June
16
$134
1
July
June
1
June
June
Enamel
10
$134
June
June
75c
June
June
1
50c
July
June
22
15c
June
June
19
June
June
19
June
June
19
July
June
19
$1
June
June 23
$25
6234c
$134
July
July
July
June
June
June
1
June
June
1
June
June
Sept.
Aug. 20
25c
June
June
15
50c
July
July
June
15
June
15
June
June
1
20c
June
June
5
125c
June
May 29
3734c
July
May 29
June
June
4
July
July
July
July
July
June
15
Class B (quar.)
25c
8134
2
$1
15
Fohs Oil Co., Inc
Foote-Burt Co.
15
Ford Motor Co. of Canada, A.
June
15
June
June
10
Foster & Kleiser 6% pref. (quar.)
Fox (Peter) Brewing Co. (quar.)
Extra..
June
15
Freeport Sulphur Co., preferred
Fruehauf Trailer new (quar.)
Fuller Brush Co. 7% preferred
25c
25c
M
Bank stock series
1
July
June
June
Fishman (M. H.) Co.,
Flintkote
June
June
June
15
July
July
June
15
Sept
Aug. 20
June 21
Dec.
Nov.20
Ju[y
Oct.
1
Dec. 23
July
May 15
1
15
June
19
General Gas &
June
15 May 31
15 May 31
June 21
June
21
Aug. 14
Dec.
Nov. 15
$134
$134
July
Jnne
25c
June
Juue
10
5c
June
June
10
$134
$134
June 18
$2
July
July
July
25c
June
40c
July
June 25
15c
June
June
$134
June
General Outdoor Advertisement
Aug.
14
«■»
Refractories
Opt. div. pay. in cash or
General Telephone Corp. common
June
18
May 29
83 conv. preferred (quar.)
General Theatres Equipment
General Time Instruments (quar.)
June
10
June
10
(quar.)—
Co., Ltd. (quar.)
Dominion Coal Co., 6% pref.
(quar.)
(quar.)
Preferred
(quar.)
Draper Corp. (quar.)
Extra
81 94
50c
1 34%
19
June
July
8
June
15
15
July
June
32
June
$134
8134
July
July
May 27
July
9
(quar.)
•
—
10c
June
10
10
June
15
June
15
July
June
19
June
15
June
15
50c
July
July
Aug.
Aug.
6
50c
Nov.
Nov.
0
8134
June
'June
5
32
July
June
5
3134
July
June
5
June
June
May 29
May 29
June
June
81.125
Assoc. (quarterly)
Quarterly
(s.-a.)
(quar.)
(quar.)
25c
(quar.)
5% preferred (initial)
Egry Register Co., 534% pref. (quar.)
Edison Bros. Stores
41.44c
8
(B. F.) Co
Preferred
(quar.)
(quar.)
87, 2nd preferred
Gorham Mfg. Co. vot. trust ctfs., common
Gorton Pew Fisheries Co. (quar.)
Grand Rapids Varnish Co. (quar.)
Granite City Steel Co. (quar.)
(-rand Rapids & Indiana Ry. Co. (s.-a.)
Grant (W. T.) Co. (quar.)
Great Western Electro Chemical Co.—
6% preferred (quar.)
Great Western Sugar (quarterly)
17
Greene R.R. Co
June
19
June
June
9
June
9
June
10c
June
May 14
May
4
50c
June
June
8154
8134
July
July
July
July
July
July
40c
(quarterly)
Extra
Elgin National Watch Co
El Paso Electric Co. (Del.) 7% pref. A (qur.) —
6% preferred B (quarterly)
El Paso Electric Co. (Texas), 86 pref. (quar.)—
El Paso Natural Gas Co. (quar.)
(s.-a.)„
8134
40c
83
8134
June
1
June 30
June 30
June 30
June
18
July
July
3
3
June
1
50c
June
June
1
1-8134
8134
r$134
July
July
July
June
15
June
15
June
15
17
June
17
17
June
July
July
July
June
18
June
18
June
June
10
10c
June
June
10
July
July
June
10
June
15
June
June 21
June
June 21
June
$134
$194
June
May 15
May 15
June
June
July
June 21
June
June
1
19
June
June
16
June
10
July
June 14
July
July
July
June
19
June
15
June
15
75c
June
June
7
$3
June
June
11
$50
June
June
10
3%
$134
July
July
July
July
June
4
June
60c
$134
pref. (quarterly)
June 30
June 15
June 21
(C. M.) Lamp Co
Haloid Co. (quar.)
Hamilton Cotton Co., Ltd., preferred
Hamilton United Theatres, 7% pref
Hall
June
May 28
May 28
June
June
50c
July
June
1
June
June
10
25c
8534 preferred (quarterly)
i
Water Co.. preferred (quarterly)-.
Halifax Fire Insurance Co. (M. S.) (s.-a.)
Hackensack
$134
$194
4334 c
10c
(quarterly)
June
June
15
50c
June
40c
June
$134
Hammer mill Paper
25c
—
$134
16
June 15
July
t$134
Watch
Co. 6% pref. (quar.)—
Hanna (M. A.) Co., common
Harbison-Walker Refractories Co., pref. (qu.)
July
June
25c
Gulf State Utilities Co.
Hamilton
30c
1
June
30c
Gulf Oil Corp
Gulf Power Co., 86
50c
9
June 15
25c
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
Guarantee Co. of N. Amer. (quar.) —
June
July
$2
35c
(semi-annual)
June
July
50c
June
Aug.
July
July
July
50c
(quarterly)
July
50c
June
1
$1
25c
—
(quarterly)
Greene Cananea Copper
81
—
June 10
$134
80c
Electric Auto-Lite
June
50c
.
Preferred
Preferred
June 20
$134
Goodyear Tire & Rubber Co
June
15
July
July
50c
Goodrich
June
15
June
6234c
(quar.)
10
July
July
June
9
1 June 15
60c
—
15
June
17
July
July
July
5c
Inc. (quar., optional)
June
10c
June
—
Co. (quar.)
June
10c
16
July
5634c
(quarterly)
class A—
June
10c
$134
3734c
75c
Extra
Preferred
16
1 June
40c
-
Godchaux Sugars Inc.
Preferred (quar.)
Goldblatt Bros.,
16
1 June
$134
(quar.)
(quarterly)
Goebel Brewing
Extra
1 June
$134
$134
$2 34
(quarterly)
(quar.)—
Conv. preferred
July
July
July
75c
85 preferred (quar.) —
Glens Falls Insurance Co. (quar.)—
June
18
$134
Gillette Safety Razor
15
June 28 June
25c
15
July
25c
15
June
1
50c
June
Glidden Co.
June 30 June
June 23 June
25c
(quar.)
June
May 29
May 29
25c
July 26! July 15
June 17
July
June 17
July
_.July 15
Aug.
2 July 15
Aug.
1 June 21
July
1 June 10
July
1 June 10
July
25c
Gilchrist Co.
June 30
$134
$134
$134
$134
13
6
15
75c
Special
6% preferred (quar.)
General Water Gas & Electric, pref. (quar.)
15
June
2 July
25c
June
July
July
July
July
July
July
July
July
Aug.
25c
(quar.)
Georgia Power Co., 86 pref.
85 preferred (quarterly)
Georgia RR. & Banking Co.
Gibson Art Co. (quar.)
June 30
10
May 14
stk. at rate of one sh.
19
July
10
12 May
for each 25 shs. held.
July
July
—
19
June
$134
$2
15
June 30
11
June
June
July
30c
pref. (quar.)—
June
Dec.
June
15 May 29
1 June 10*
**
85 pref. (quar.)..
June
July
Sept. 22
15
June 25 June
Corp. common (quar.)
Feb 15*38
Sept.
June 22
Oct.
June
preferred
jPr0f6ri*6(l
ink
8
June 20
$1
June
(quar.)
—
$134
July
—
Mfg. Co
—
(quar.) —
8
15
$134
Marl'
(quarterly)
Class A (quarterly)
Doctor Pepper Co. (quarterly)
Quarterly
Dome Mines, Ltd. (quar.)
(quar.)
(quar.)
pref. (quar.)
July
July
Dixie-Vortex Co.
Ely & Walker Dry Goods Co., 1st pref.
2d preferred (semi-ann.)
Empire Power Corp , 86 pref. (quar.)
Participating stock
Engineers Public Service 85 conv. pref
$534 preferred—'
86 preferred
$134
25c
General Motors Corp
Preferred (quar.)
General
Sept.
(semi-ann.)
———
—-——
Preferred (sera -arm.)
Diamond State Telephone preferred (quar.)
Diamond T Motor Car (quar.)
Preferred
(quar.)
Co., com
July
(quar.)
Aug.
July
July
General Ry. Signal Corp
Preferred (quarterly)
of a sh. of Pan Am.
for each sh. of Diamond
preferred stock held.
Corp.
Electric Controller & Mfg.
$134
_—
8534 preferred (quarterly)
2d & 3d of l-50th each.
(E.I.)
Debenture stock (quar.)
Duquesne Light, 5% preferred (quar.)
Durham-Duplex Razor A&B
Participating preferred
Duro-Test Corp. (quar.)
Eagle Picher Lead Co
Preferred (quarterly)
Eason Oil Co., pref. (quar.)
Eastern Gas & Fuel Assoc., $6 preferred
$434 preferred (quarterly)
(quar.)
General Investors Trust—
General Mills, Inc.,
General Public Utilities, Inc.,
Pref. stk. div. of l-50th
du Pont de Nemours
June
86 cum. preferred (quar.).
General Public Service Corp., 86
of 2-50ths; the
Extra
June
June
(Detroit) (quar.)—
Elec. Corp. 85 pref. (quar.)
General Printing
4-50ths of a sh. of Pan
Amer. Match Corp. for each sh. of Dia¬
mond Match com. stk. held.
Payable in
Corp., $3 pref. (s.-a.)
Diversified Investment Trusts (Ohio)
June
June
General Finance Corp.
July
July
July
15
July
General Electric Co
10
1
20c
American
June
$234
25c
Transportation
General Baking Co., pref. (quar.)
General Candy Corp. class A (quar.)
General
June
Common stk. div. of
Di Giorgio Fruit
& B. (quar.)
General American Investors preferred
July
— —
(quar.)
7% preferred (quar.)
Gannett Co., Inc., 86 conv. preferred
General Acceptance Corp., com. & cl. A
Extra..
1
—-
June
Sept.
Common
534% preferred (s.-a.) —
Co. common.
Florsheim Shoe class A
'June
10
25c
5
June
June
35c
19
June
June
15
June 10
50c
June
18
1
4394c
834c
$234
June
June
21
July
50c
8734c
June
June
10
Oct
$1.0634 July
82 34
t$234
8194
$194
Diamond Match Co
Dec.
Dec.
50c
June
Electrolux Corp.
15
Sept. 30 Sept. 15
50c
Extra
Electric Storage Battery
Preferred (quar.)
1 June 15
July
8134
$134
8134
8234
$234
Extra
Dec.
East Mahonoy RR.
Eastman Kodak Co.
15
3
3
June 30 June
June 30 June 25
Extra
Deposited Bank Shares, N. Y. ser. A (s.-a.) —
Payable in stock.
Derby Oil & Refining preferred
Detroit Gray Iron Foundry (s.-a.)
Detroit Hillsdale & Southwestern RR. (s.-a.) —
Devoe & Raynolds Co., A & B (quar.)
2nd preferred (quarterly)
Devonian Oil Co. (quar.)
—
Preferred
Sept.
Dec.
June 30 June
June 30 June
15
Oct.
Eastern Utilities
10 Nov. 30
15c
Quarterly
15
June
July
Preferred
Dec.
80c
80c
50c
Duke Power Co., common
23
Sept. 10 Aug. 31
15
Dairy League Cooperative Corp. 5% pref. (s.-a.)
Darby Petroleum (semi-annual)
Davenport Hosiery Mills
...
7% preferred (quar.)
Dayton & Michigan RR. Co. 8% pref. (qu.)
Dayton Rubber Mfg., class A
De Beers Consol. Mines, Ltd. (s.-a.).
Deisel-Wemmer-Gilbert (quar.)
Preferred (semi-annual)
Dejay Stores. Inc. (N. Y.) (quar.)...
De Long Hook & Eye (quar.)
Dentists Supply Co. of N. Y. (quar.)
Quarterly
Duff-Norton
2 Dec.
June
Cutler-Hammer
Driver-Harris, pref.
Sept. 21
Oct.
Jan.
June
634% preferred (quarterly)
Cooper-Bessemer Corp. $3 pref. stock div
l-20th sh. com. on each sh. $3 pr. pref. stock.
Cosmos Imperial Mills, 5% preferred (quar.) —
Covered Wagon Co. class A (initial)
Crane Co., 7% preferred
Creameries of America (quar.)
Crowell Publishing (quar.)
—
Crown Cork International Corp. class A (qu.) —
Crown Cork & Seal Co., Inc., preferred (quar )__
Crucible Steel, preferred
Orum & Forster Co., preferred (quar.)
Cuban-American Sugar preferred
Cuban Tobacco 5% preferred
Cuneo Press, Inc., preferred (quar.)_
Curtis Publishing 7 % preferred
Dominion Textile Co.
June 22
July
June
(quar.)
Continental Gin Co., 6% pref. (quar.)..
Dominion Glass
1 June 15
Sept. 23 Sept. 11
July
$334
5634c
5634c
5634c
87 34c
8734c
50c
(quar.)..
Continental Gas & Elec. 7% pref.
Match
25c
Emporium Capwell Corp
7% preferred (s.-a.)
414% cumul. preferred A (quarterly)
434% cumul. preferred A (quarterly)
434 % cumul. preferred A (quarterly)
Erie & Pittsburgh RR. Co., 7% gtd. (quar.) —
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Excelsior Insurance Co. (quar.)
*
Falconbridge Nickel Mines. Ltd
Falconbridge Nickel Mines (quar.)
Famise Corp. (quar.)
Fanny Farmer Candy Shops (quar.)
;
Fansteel Metallurgical Corp. 35 pref. (quar.) —
35 preferred (quar.)
85 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.)
81.125
preferred (quarterly)
Match
Payable of Record
of Company
50c
pref. (quar.)
Continental Assurance Co. (Chicago),
Continental-Diamond Fibre
Preferred
Name
Aug.
July
July
813
pref. (quar.)—_
three installments, the ist>
Holders
When
Holders
Payable of Record
25c
Oompo Shoe Machinery Corp.
Compressed Industrial Gases (quar.)
Confederation Life Assoc. (Ont.) (quarterly) —
3949
Chronicle
May 31
„
June
4
UJune 15
'June 30 June 19
July
July
20 July
6
3950
Financial
Per
Name of Company
Share
Harrisburg Gas Co. 7% preferred (quar.)
Harshaw Chemical (quarterly)
Preferred (quarterly)
Hawaiian Agricultural Co. (monthly)
Hazel-Atlas Glass Co.
(quarterly)
Hazeltine Corp. (quar.)
Hearst Consol. Publishers, 7% A partic.
Heath (D. C.) & Co. preferred (quar.)
Hecker Products Corp. (extra)
When
June
June
June 25
June 25
July
June
June
-
July
June 30
June
30c
June
14
17
1
1
June
June
June
June 28
June
June
June
(qu.)_
May 15
4
15
June
June
June
June
July
Heyden Chemical Corp. 7% preferred (quar.)—
Hibbard, Spencer. Bartlett & Co. (mthly)
Holland Furnace $5 pref. (quar.)
Hollinger Consol. Gold Mines (monthly)
June
July
July
July
Preferred (quarterly)
Hercules Motor Corp. (quar.)
Hercules Powder Co., common
June 22
10
June 10
June 18
14
15
June
June
July
June 18
June
Extra
June
3
June
3
J5c
June
May 31
June
June
S3
Home Fire & Marine Insurance (quar.)
Homestake Mining Co. (monthly)
Honolulu Oil Corp., Ltd
June
25c
50 c
Holly Oil Co. (resumed)
June
June 19
25c
(quar.)
12Hc
12Hc
8Xc
Extra
Horn (A. C.) 7% non-cum. prior partic. pref
6% non-cum. 2nd partic. pref. (quar.)
Hoskins Manufacturing Co
45c
June
June 20
June
June
June 20
15
June 15
June
June
June 11
Aug.
July
24
Nov.
Oct.
25
July
July
June
June
19
19
$2
62 He
37Hc
$1
IWi
Julv
July
__
June 30*
15 June 30*
June 28 May 28
37 He
Hussman-Ligonier Co. 5H% Pref. (quar.)
Hygrade Sylvania Corp., common
Financing Assoc. A (quar.)
$8 preferred (quar.)
$2 conv. preferred (quar.)
Illinois Bell Telephone (quar.)
Illinois Central RR., Leased Lines
Illinois Commercial Telep. (Wise.) $6 pref
July
68Mc
June 30 June 21
75c
-
Ideal
121I
50c
Imperial Life Assurance of Canada (quar.)
Quarterly
1 June
10
1 June
July
July
July
July
15
l'June 15
lJune 15
$2
$2
tS3
July
July
June 25 June
MX
Quarterly
Imperial Tobacco Co. of Canada (qu.)
Imperial Tobacco Co. of Canada ord. (interim).
Indiana Hydro-Elec. Power 7% preferred
Indianapolis Power & Light 6H% pref. (qu.)—
6% preferred (quarterly)
Indianapolis Water Co., 5% ser. A pref. (qu.)
Indiana Gas & Chemical Corp., $6 pref. (s.-a.)
Indiana General Service 6% preferred (quar.)
Indiana & Michigan Electric 7% pref. (quar.)
6% preferred (quar.)
Indiana Security Corp. 6% preferred (quar.)
6% preferred (quarterly)
Indiana Steel Products (quarterly)
—
—
—
Ingersoll-Rand Co. preferred (semi-annual)
SB
iioc
110c
mx
MX
81H
SIM
S3
S1H
SIM
SIM
37 He
37 He
15c
S3
Insuranshares Certificates
International Agricultural Corp. preferred
International Bronze Powder (quar.)
6% preferred (quar.)
Mining
$6 pref.
.
—
(quar.)
15 May 28
1 June 10
June
15 June
30c
Aug.
30c
Nov.
2 July
1 Oct.
35c
June
15 June
15*%
MX
65c
50c
50c
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly. _*
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quar.)
June 25 June
Extra
Lone Star Cement (quar.)
Long Island Lighting Co., 7% ser. A, pref.(qu.)_
6% series B preferred (quar.)
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Lord & Taylor (quarterly)
Lorillard (P.) Co. (quar.)
Preferred
15 June
5
1 June
5
1 June
5
July
July
July
July
July
July
July
July
1,'June
1
1 June 15
Oct.
ljSept. 15
June
July
1 June 11*
1 June 15
1 June
1
1 June
1
30,June 14
1 June
7
10 Nov. 26
1 June
July
1 June
July
July
July
July
(quar.)
3 Dec. 31
Dec.
Sept. 30 Sept.
June 30 June
July 31 July
Aug. 31 Aug
Sept. 30 Sept
Oct. 30 Oct.
Nov. 30 Nov.
Dec. 31 Dec.
1 June
July
Oct.
1 Sept.
Jan.
3 Dec.
June 30 June
June 30 June
June 30 June
1 June
July
_
Jan.
June 30 June 11
June 30 June 11
14 June
1 June
July
1 June
July
Sept. 10 Aug.
Dec. 10 Nov.
Sept. 10 Aug.
June 25 June
—
-
1
27
26
1
5
16
15
25
26
25
June
$1.10
$1.10
20c
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
Macassa Mines
Macfadden Publications, Inc., preferred
17 June 10
tSIM
tS3
tS6
37Mc
June
July
Lockhart Power Co., 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
15
Nov. 16
15 June 30
1 June 18
20c
l]Sept.30
June
1
Dec.
July
July
75c
Extra
Oct,
26|June 16
June
1 June
1 June
1 June
15 June
12
12
25
19
21
21
20
20
20
20
28
28
31
12
12
11
15
15
18*
17
15
15
1*
28
June 25 May
1 June 22
July
Co., preferred (quarterly)
Preferred (quar.)
Preferred (quar.)
Oct.
Preferred
Mangel Stores Corp., pref. (quar.)
Magma Copper Co
Magnin (I.) & Co. (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mahon (R. C.) & Co. $2 class A pref. (quar.)
Mapes Consol. Mfg. (quar.)
1 Sept. 21
Jan.
1 Dec.
21
1 June 19
July
2 June 12
July
Sept. 21 Aug. 31
July 15 June 30
June 15 June
3*
June 15[May 29
June
May 29
Aug.
5
Aug.
Nov.
Extra
Margay Oil Corp
Marine Midland Trust (quar.)
Marlin-Rockwell Corp. (quar.)
Nov.
July
July
July
July
—
June 30
June
July
July
Marsh (M.) & Sons (quarterly)
Maryland Fund, Inc., stock div
Quarterly—
——
——————
15
June
15
19
June
A *7
18 June
June
15
19
June
19
June
May 31
May 31
June
— — -
5
June
July
15 June 30
1
15 June 30
Massachusetts Fire & Marine Insurance Co
Master Electric Co. (quar.)
June
July
July
July
July
June
15
10 June 22
Mathieson Alkali Works (quar.)
June
June
11
15 Jline 19
Preferred (quar.)
May Dept. Stores Co. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
June
June
11
Sept.
Aug.
Aug. 16
Aug. 31
June 21 May 29
June 30 June
1
July
2 June 15
June
15 June
July
July
July
July
15 June 30
11c
June
1
1 June 15*
June 15
June 15
15 May 15
_
July
July
June
15
June
'June
June
15
1
7%
preferred
June
Nov.
(quarterly)
McColl Frontenac Oil Co. (quar.)l
Nov. 30
June
McKeesport Tin Plate Corp. com. (quar.)
McKenzie Red Lake Gold Mines, Ltd
July
Extra
„
May 15
1 June
10
June 15 June
1
June 15 June
1
June 15 May 29
June 30 June 15
;
McKesson & Robblns. Inc., preferred (quar.)-.
Mead Corp. (resumed)
Melchers Distilleries, Ltd., preferred (s.-a.)
June 30 June
15
Memphis Natural Gas Co.. preferred (quarterly)
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
Mengel Co., Inc., 1st conv. pref. (quar.)
Merchants Distilling Corp., oemmon
Merchants Insurance Co. (Providence)
Merchants & Miners Transportation Co. (qu.)—
July
July
July
Merck & Co
July
July
1 June
19
1 June
12
1 June
12
10c
June
lMc
IJune
June
15
50c
30c
30c
June
June
15
Dec.
Nov. 10
12 He
June
37Mc
June
May 29
May 29
50c
June
June
14
Mergenthaler Linotype Co. (quar.)
June
June
15
Mesta Machine Co
July
15 May
1 June
19
June
July
July
July
June
10
Metal & Thermit Corp., 7% preferred (quar.).
June 30 June
21
June
10
Sept.
May 31
Aug. 10
Dec.
Dec.
June
June
Lazarus (F. & R.)
25c
June
June
10
15
62 He
July
Aug.
July
June
15
July
July
14
,
Co., $2H pref. (quar.)
83
28
31
31
14 May
15 May
Sept. 15 Aug.
1 Aug
Sert.
June
June
$15*
37 He
Locke Steel Chain Co
Lunkenheimer
Jersey Central Power & Light 7% pref. (quar.).
6% preferred (quar.)
SIM
5H% preferred (quar.)
SIM
Jewei Tea Co., Inc., (quarterly)
SI
Johns-Manville Corp. common.
75c
7% preferred (quar.)
SIM
Joslyn Mfg. & Supply Co. (increased quar.).—
75c
Kansas City Power & Light Co., 1st pref. B
LH
Kansas Utilities Co. 7% pref. (quar.)
IX
Kaufman Dept. Stores, pref. (quar.)
Katz Drug Co
25c
4H% preferred (initial)
SI.125
Keith-Albee-Orpheum 7% pref
tSIM
Kerlyn Oil Co., class A common (quar.)
8 Mc
Class B common (quar.)
5c
Kemper-Thomas Co.—
7% special preferred (quar.)
SIM
7% special preferrred (quar.)..
SIM
Kennecott Copper
50c
Special
25c
Kerr Lake Mines, Ltd
oc
Kimberly-Clark (quar.)
25c
Preferred (quarterly)
SIM
Preferred (quarterly)
SIM
King-Seeley Corp
40c
Kings Co. Lighting Co., 7% ser. B. pref. (quar.)
SIM
6% series C preferred (quar.)
SIM
5% series D preferred (quar.)
SIM
Kingston Products (quar.)
10c
Klein (D. Emil) (quar.)
25c
Koppers Co., 6% preferred (quar.)
SIM
Kresge (S S.) Co
30c
Kroehler Mfg. Co., A pref. (quar.)
SIM
A, preferred (quarterly)
SIM
A, preferred (quarterly)
SIM
Kroger Grocery & Baking, 6% preferred (quar.)
SIM
7% preferred (quar.)
SIM
Krueger (G.) Brewing Co. (quar.)
25c
Lackawanna RR. Co. (N. J.)
$1
Lake Shore Mines Ltd. (quar.)
til
Extra
181
Land is Machine (quarterly)
25c
Quarterly
25c
7% preferred (quarterly)
SIM
7% preferred (quarterly)
SIM
7% preferred (quarterly)
81M
Lava Cap Gold Mining Corp
3c
Lehigh Portland Cement Co.,
Deferred (quarterly)
MX
Holders
When
Payable of Record
50c
.
Leath &
62 He
50c
50c
25c
25c
—
Quarterly
Le Tourneau, Inc. (quar.)
Quarterly
'
Lexington Telep. Co.. 6M% pref. (quar.)
Libby, McNeil & Libby preferred (semi-ann.)
Libbey-Owens-Ford Glass (quar.)
Liggett & Myers Tobacco Co., preferred (quar.)
Lily-Tulip Cup
Lincoln National Life Insurance Co. (qu.)
Quarterly
Lincoln Printing Co
Lindsay Light & Chemical Co., pref. (quar.)—
Link Belt Co., preferred (quarterly)
i—
Liquid Carbonic Corp. (quar.)
Little Miami RR., special guaranteed (quar.)—
Special guaranteed (quar.)
Original capital
Original capital
lJune 15
10*
2'June 30
June
50c
International Silver
Lehn & Fink Products Corp., common
(s.-a.)
Leslie Salt Co. (quarterly)
-
July
$2
International Salt Co. (quar.)
International Shoe (quar.)
Share
Louisiana Land & Exploration Co. (quar.)
Louisville Gas & Electric, A & B (quar.)
June
150c
International Products Corp. 6% preferred
Company
19
1 June 11
tS3
37Mc
37 He
SIM
62 He
15c
International Nickel Co. of Canada
International Power Co. 7 % preferred
7% preferred
Interstate Home Equipment Co
Inc. (quar.)
Intertype Corp., 1st preferred (quarterly)
2d preferred (semi-ann.)
Investment Corp. of Phila
Investors Fund of America (quar.)
Investors Royalty Co., Inc. (quar.)
Preferred (quarterly)
Iron Fireman Mfg. Co. (quar.)
Quarterly
Irving (John) Shoe Corp
6% preferred (quar.)
!
Jacobs (F. L.) Co_
June 30 June
10c
International Business Machines Corp. (quar.)—
International Harvester (quar.)
International Power Securities Corp.,
1
1 June
25c
'
Illinois Zinc Co
Jefferson Electric Co.
5
June
July
July
$2
Class B
Household Finance Corp. (quar.)
Preferred (quar.)
Hudson Bay Mining & Smelting Co
Humble Oil & Refining (quar.)
International
5
40c
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Houdaille-Hershey class A (quar.)
Per
Name of
—
Hecla Mining Co
Hein-Werner Motor Parts Corp. (quar.)
Helme (Geo. W.) Co., common
Hook Drug Inc.
June 12, 1937
Holders
Payable of Record
June
MX
Chronicle
com.
(quar.)
37 He
June
June 10
June
5
June
June
10
July
June
17
June
June
July
July
June
1
14
June 21
June
June
June
May 31
July
July
July
July
June
15
June
15
June
10
June
10
10
Sept.
Dec.
June 30 June 15*
June 15 May 31
June 22 June 14
June 30 June
Preferred (quar.)
Metropolitan Edison $6 pref. (quar.)
Metropolitan Edison Co. $5 pref. (quar.)
$5 prior preferred (quar.)
$7 preferred (quaf.)
$7 prior preferred (quar.)
Meyer-Blanke Co—
7% preferred (quar.)
Michigan Assoc. Telep. 6% preferred
6% preferred (quar.)
Michigan Cities Natural Gas
Michigan Sugar 6% preferred (resumed)
Midland Grocery Co., 6% pref. (s.-a.)
Midland Oil Corp. $2 conv. preferred
Midvale Co. (Delaware)
Midwest Oil Co. (semi-ann.)
Minneapolis Gas Light Co. $5 partic. units
Mission Corp. (special)
Mississippi Valley Public Service 6% pref. (qu.)
Mock, Judson, Voehringer, Inc
7% preferred (quarterly)
Mohawk Carpet Mills (quar.)
June
June
June
June
July
July
July
June
June
June
50c
July
July
July
June
15
June
15
Monsanto
June
15
June
June
June 21
June
12
June
June
1
July
June 24
1
Oct.
Sept. 24
Dec.
Dec.
24
July
Aug.
June
18
July
20
,9
June
June
July
June
June
June
June
June
Aug.
1 June 15
15 June 21
June 21 June
June
July
11
1 June 19
18 June 10
"
MX
July
June
50c
June
May 15
July
June 20
$1»1
June
19
June
1
$1H
July
June
19
15c
June
30c
May 25
June 15
June
15
June
June
50c
July
July
June
11
MX
June
18
June
$15*
June
50c
June
May 31
May 31
May 31
July
1
$1H
$1H
81 H
MX
83H
July
Oct.
1
Jan.
Jan.
2
July
June
4
Oct.
(quar.)
June
June
June
15
June
June
15
Sept
Aug. 27
II
Quarterly
■
(semi-ann.)
June
65c
$15*
(quar.)
Motor Products Corp
Sept.
June!15
50c
Morris Finance Co., class A com.
Class B common (quarterly)
Sept.
10
July
July
50c
Morris & Essex RR
Mountain Producers Corp.
Mueller Brass Co. (quar.)
10
June
25c
Quarterly.,
Quarterly
Nov.
June
June
87 He
Montreal Loan & Mortgage (quar.)
Moore (Wm. R.) Dr. Goods (quar.)
June
June
43 He
Montreal Cottons, Ltd. (quar.)
Preferred (quar.)
Nov.
July
June r?4
June 15
$15*
Co. (quar.)
Montgomery Ward & Co. (quar.)
Class A (quar.)
June
15
Dec.
Nov. 26
$1
June
June
30c
June
May 15*
25c
June
June
10c
19
June
June
14 |
14
Muncie Water Works, 8% pref. (quar.)
June
June
*1 |
Muskegon Piston Ring Co., (quarterly)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.)
6% pref. (quar.)
June
June
12
June
June
17
Sept.
-ept. 18
Dec. 16
Extra
14
June
1 May 28
$3
25c
Chemical
Preferred (quarterly)
Morris Plan Insurance Society
Aug.
12 May 27
1 June 15
1 June 15
July
July
July
2c
Montgomery < H.
July
June
1 May 28
1 May 28
50c
Monongahela West Penn Pub. Service—
7% preferred (quar.)
Monroe Chemical Co., pref. (quar.)
July
16
1 May 28
1 May 28
$15*
t$2H
$1H
Extra
June
18
20c
June
June
18
July
July
July
July
July
—.
June
16
1 June
1 June
Dec.
Volume
(quar.)
8% cum. preferred (quar.)
Myers (F. E.) & Bros. Co
June
15
June
June
19
June
June
7
60c
--
Stock div. of l-50th of a sh. of
6% pref. stock,
$100 par
SIX
5% preferred (quar.)
25c
25c
SIX
(quarterly)
25c
pref. (quar.).
National Gypsum Co. 5% 2d
7% preferred (quar.)
National Lead (quar.)
$15*
12Hc
SIX
-
(quar.)
Preferred B
SIX
(quar.)
National Standard (quar.)
40c
.
10c
Extra
62 He
50c
t$15*
National Steel Corp. (quar.)
.
National Sugar Refining Co. of N. J_National Supply Co., preferred
-
National Transit Co
2
2 July
Newberry (J. J.) Co. (quar.)
16
July
July
(quar.)
,
New York Telephone Co. 6H% pref. (quar.)
|
Niagara Alkali Corp. 7% pref. (quar.)
:
Niagara Falls Smelting & Refining Corp
Niagara Shares Corp. of Md. pf. A. (quar.)
Nineteen Hundred Corp., class A (quar.)
Aug. 15 July
June
Norfolk & Western Ry. Co. (quarterly).
North American Co. common (quar.).
July
July
Preferred
(quar.)
North Central Ry. Co. (s.-a.)
North Central Texas Oil Co., Inc. (interim)
North Ontario Power Co. 6% pref. (quar.)
Quarterly
Northern Oklahoma Gas Co. 0% pref. (qu.)
6% preferred (quar.)
;
Northern RR. Co. of N. J., 4% pref. (quar.)
4% preferred (quarterly)
Northwestern Telegraph Co. (semi-ann.).
|
1
1 June 15
15 June 30
1 June 10
Dec.
Sept.
|
1 Nov. 16
1 Aug. 21
1 Nov. 20
Dec.
5*
15 June
June
common
15
1 June
July
July 31
July 31
Nunn-Bush Shoe Co., 7% pref.
(quar.)
7H% 2d preferred (quar.)
Oahu Sugar Co., Ltd. (mo.)
Ohio Associated Telephone Co. 6% pref.
June
5
15 June
,
July
(qu.)__|
1 May 26
8
Ohio Brass Co
June 24 June
Ohio Confoction, A
Ohio Edison Co., $5 pref. (quar.)
$6 preferred (quarterly)
June
15;May 31
July
July
July
July
July
June 15
June
15
July
June
10
July
-
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Ohio Finance Co. preferred
Common
-
K Preferred (quarterly)
Otis Steel preferred (quar.)—
Paauhau Sugar Plantation (monthly)
Pacific Finance Co. of California (quar.)
5% preferred (quarterly)
Preferred A (quarterly)
Preferred C (quarterly)---
15 May 29
June 30 June 15
Sept. 30 Sept. l5
July
l,June l6
July
15 May 29
15 May 29
June 20 June 10
June
July
June 21 June
—
1
June
15
June 15
July
July
15
15
15
June
15
June
15
July
June 30
July
(Calif.), 7% pref...
10
10
1 June 30
June 25 June
10
- -
$1
$1H
preferred
6% 2d preferred
Pathe Film Corp. $7 conv. pref. (quar.)
Parke, Davis & Co
Park & Tilford, Inc. (quar.)
Paton Mfg. Co., 7% pref. (quar.)
Penick & Ford, Ltd. (reduced)
Peninsular Metal Products
Peninsular Telephone (quar.)
Quarterly..
7% preferred (quar.)
,.150
SI X
40c
50c
$1H
—
—
40c
—
—
(quar.)
$5 preferred (quar.)
f. $2.80 preferred (quar.)
Pennsylvania Electric Switch A (qu&r.).
Pennsylvania Gas & Electric, $7 pref. (quar.) -b -7% preferred (quar.)
Pennsylvania Glass Sand
^Preferred (quar.)
Pennsylvania Power & Light Co., $6 pf. (quar.)
ht $7 preferred (quarterly)
*14
*1
S\X
i
(quarterly)
Pennsylvania Salt Mfg
- Pennsylvania Telep. 7% preferred (quar.)—- —
Pennsylvania Water & Power Co., com. (qu.)_-
(quar.)
Oil, A (quar.)
15
1
1
1
July
1
June
15
June
15
June 22
June 30 June
19
June 21 June
1
June
15 May 31
1
15 June
June
12 May 28
June
1 June l5
Oct.
1 Sept. 15
5
Aug. 15 Aug.
July
Nov. 15 Nov.
7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co., common
Penn Central Light & Power, pref.
25c
30c
40c
July
July
July
July
Feb.
15 Feb.
----
fbc
$1
£1 ?
|1 X
*2;
_
~-
31H
12 He
Extra
June 30 June
June 30 June
June 30 June
June 30 June
June 30 June
nx
-
6H% 1st pref. (quar.)_
Royal Typewriters Co.,
Inc., com.
Preferred
SIX
six
six
(interim)-.
Rudd Mfg. Co.
Sabin Robbins
1
1X%
10
lyl%
July
July
20c
SIX
SIX
25c
1 June 20
1 June 10
1 June 10
1
June
19
June
19
June
15
June
June
15
15
June
15
June
15
15 May 29
1 June 15
1 June 15
1 June 15
1 June 15
1
1 June
15
10
1
1
July
July
60c
Sept. 15 Sept.
60c
Dec.
15 Dec.
37 He
50c
June
15 May 28
50c
12Hc
SIX
Aug. 12 July
8 June
Juiy
-
15 May 29
Dec.
1 Aug.
5
1 Nov. 15
July
1 June 21
Sept.
June 25
June
[June
(quar.)
7% preferred (quar.)
5H% preferred (quar.)
Schoellkopf, Hutton & Pomeroy, Inc.5H% cum. pref. (quar.)__
Scott Paper Co. (quar.)
Scovill Manufacturing Co
Scranton Electric Co. $6 preferred (quar.).
15
15 May 31
June 15 May 28
1 June 21
July
July
July
IJuly
July
Sept.
Dec.
July
July
July
1
[June 10
1 June
2 June
1 June
10
10
15
1 Aug. 20
1 Nov. 20
1 June 12
1 June
25c
1 June
June 29 June
75c
75c
12
21♦
July
July
$1
_
10c
40c
15
1 [June
1 June
June 22 June
June
Six
25c
SIX
15c
50c
5
5
14
5
12 June
June 30 June 15
July
July
1 June
19
1 June 19
June 24 June 10
2 June 15
July
20c
June 25 June
15
5c
June 25 June
15
SIX
75c
1 June 19
7
June 15 June
July
June
June
July
July
July
$1H
25c
Light & Power 7% pref. (quar.)- —
7% preferred A (quar.) —
—
6 % preferred A & B (quar.) ----- - ---------Savannah Electric & Power Co.. 8% deb A (qu.)
7H% ucuouuuio B (quarterly)
72 /o debenture u (quai uuu,
7% debenture O (quarterly).
1 H % debenture
(quarter
6H% debenture D (quarterly).
Schenley Distillers Corp
Preferred (quar.)
17
June 15 May 29
June
40c
40c
$3
—
1
15
25c
50c
Quarterly
1
2
Aug. 31 Aug.
June 15 May 29
1 June
50c
(quarterly)
Francisco Remedial Loan Assoc. (quar.) —
10
June 15 June
$3
50c
Preferred
Scranton Lace
June 15 June
June 25 June
60c
SIX
87 He
$2H
Co. (quar.)
Schiff Co. common
10
SIX
(quar.).------..
Paper Co., 7% pref. (qu.)
1
1 June
l'June
15c
Quarterly
St. Louis Bridge, 6% 1st pref. (s.-a.)
3 H 2nd preferred (seml-ann.)
St. Louis Rocky Mountain & Pacific Co
San
1 June 21
June 30 June
1 June
July
15 June
June 30
stock
Safety Car Heating & Lighting Co
St. Crqlx Paper Co. 6% preferred (s.-a.)
St. Joseph Lead
Extra
1 June 21
July
July
June 30 June
(quar.)
San Joaquin
15 June
July
July
July
July
19
June 15 May 29
June 15 May 29
(quar.)
Rensselaer & Saratoga RR. Co. (s.-a.)
Republic Portland Cement Co. 5% pref. (qu.)_5% preferred (quar >
Republic Steel Corp. 6% pref. A (quar.)------6% convertible preferred-Reynolds Metals Co., 5H% preferred (quar.)..
Reynolds Spring Co
Reynolds (R. J.) Tobacco Co. (quar.)
Common B (quar.)
Rhode Island Insurance Co
Richardson Co. (increased)
Rich's, Inc.. 6H% Pref. (quar.)
Ritter Dental Mfg. (quar.)
Preferred (quar.)
River Raisin Paper (irregular)
Riverside Silk Mills series A (quar.)
Roberts Public Market. Inc. (quar.)
5
July
July
July
July
July
July
July
June
15
1
1 June
Reno Gold Mines
Quarterly
June
fl<4.
15 June
July
Interim
5
June 30 June 16
July
July
July
June
7% preferred (quarterly)
5H% preferred (quar.)
6% preferred (quarterly)
8% preferred (quarterly)
Pyrene Mfg Co., common (special)
Quaker Oats (quar.)
Preferred (quar.)
Quaker State Oil Refining Corp
Queens Borough Gas & Electric Co.—
6% cumulative nreferred (quar.)
—
Radio Corp. of Am". $3 H cum. conv. 1st pf. (qu.)
Rapid Electrotype Co
(quar.)
Quarterly
—
Quarterly
—
Raybastos-Manhattan (quar.)
Reading Co. (quar.)
—
2nd preferred (quarterly)
Reeves (D.), Inc. (quar.)
___
6H% preferred (quar.)
Regent Knitting Mills, non-cumu.. pref. (qu.)-_
Non-cumulative preferred (quarterly)
Reliable Stores Corp. (quar )._
For the quarter ended June 30 1937.
Reliance Electric & Engineering Co
Re.iance Grain Co. 6H% preferred (quar.)
Reliance Insurance Co. (Phila.)
Reliance Mfg. Co.. preferred (quarterly)
Remington Rand $4H preferred (quar.)
Ruberoid Co., new
2
1
June 29 June
Rochester Telep. Corp.,
June 25 June
June 25 June
a.
1
15 June
July
July
Aug.
Aug.
Aug.
July
July
July
July
—
Preferred (quarterly)
Preferred
1
June
Pacific Tin Corp. (quar.)
Penn Valley Crude
2 June 15
June 21 June
Pacific Lighting Corp. preferred (quar.)
Pacific & Southwest Realty Co. 5H% pref
f
15
June
Extra
$5 preferred
1
15
15 May 28
1 June
(quar.)
—
June
Pacific Indemnity (quar.)
■v
15 June
15 June 15
Aug.
Nov.
—
14
June 30 June
Otis Elevator
Paramount Pictures 6 % 1st
15
10
June
6% preferred (quarterly)
Oklahoma Natural Gas 6% pref. (quar.)
6% preferred (quar.)
Old Colony Trust Assoc. (quar.)
Omnibus Corp., preferred (quar.)
Oneida Ltd. (quar.)
7% preferred (quarterly)
Onomea Sugar Co. (monthly)
Ontario Loan & Debenture (quar.)
Extra
15
June
June
Preferred (quarterly)
Ohio Water Service Co., class A (increased)
Oklahoma Gas & Electric, 7% pref. (qu.)
Pacific Truck Service, Inc.
Paraffine Cos. (initial)
15
June
June
June 15 May
(increased)
Ohio Oil Co
y
June
15 June 30
15 June 15
June 15 May 25
(quar.)
Pure Oil Co.,
July 26 June 30
July 26 June 30
1 Aug. 17
Sept.
(
-
Norwich Pharmacal Co.
iJuly
iJuly
July
July
July
July
7% 1st preferred (quar.)
7% original preferred (quar.)
Public Service Co. of N. H. $6 pref. (quar.)
$5 preferred (quar.)Public Service Corp. of N. J. (quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred (quarterly)
6% preferred (monthly)
Public Service Co. of Oklahoma—
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Public Service Electric & Gas, $5 pref
31
19
19
1
15 June 30
1 June
1 June
June 15 June
5% preferred (quar.)._
Publication Corp. (non-voting)--
19 May 29
1
" June 15
9
10
1 Aug. 20
Dec.
1 Nov. 20
June 30 June 15
2*
June 30 June
(quar.)
Prosperity Co., Inc., 5% pref
10
Sept.
July
July
Procter & Gamble Co., 5% pref.
5
Nov. 15 Nov.
(quarterly)
Co.—
Canada, 1st pref. (quar.)
Premier Gold Mining Co.
Sept. 10
July 10
June 18 June
1 June
July
2nd preferred (quarterly)
Prentice Hall, Inc. (extra)
10
15 June
June
Class A
Power Corp. of
June 30 June 15
9
June 21 June
Niles-Bement-Pond
5 Sept.
June 15 May 21
9
June 18 June
6% preferred (semi-annual)
1 May 28
1 May 28
June 15 May 29
July
1 June 15
July
1 June 15
July
1 June 11
July
1 May 28
June 14 May 25
July 15 June 19
July
1 June 16
New York Lackawanna & Western RR
New York Penna. New Jersey Utilities pref
New York & Queens Light & Power
6
Powdrell & Alexandre
July
July
New York «Sr Harlem ItR. Co. (s.-a.)
Preferred (seml-ann.)
1
July
Pocahontas Fuel Co
1
1 June
1 June 10
1 June 10
June 30 June
England Telep. & Teleg
Oct.
7% preferred (quar.)
7% preferred (quar.)
Plymouth Fund Inc. (extra)
Plymouth Oil (quarterly)
15 May 29
'1 June 16
15
15
1
1 Sept. 15
1 June 10
Oct.
July
Extra
15 May 29
1 June 12
1 June
June 30 June
2 June
July
Oct.
Pittsburgh Plate Glass Co
Pittsburgh Youngstown & Ashtabula Ry.
1 June 10
June
New Jersey Power & Light $6 pref. (quar.)
$5 preferred (quar.)..
Newmont Mining Corp
10 Sept. 30
10 Dec. 31
Jan.
July
7% preferred (quar.)
1 June 15
July
July
July
July
1 June 10
10 June 30
Oct.
Pittsburgh & Lake Erie RR
20c
50c
60c
T50c
SIX.
New England Gas & Electric Assoc. $5H pref
New England Power Co. (quar.)
July
July
—
Pittsburgh Metallurgical Co
June 30 June 19
1
July
1 June
June
June 30 June 15
1
1 June
July
1
1 June
July
Quarterly
7% preferred (quar.)
June 30 June 18
July
1 June 15
July
(quar.)
Philadelphia Baltimore & Washington
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)__
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)_
45c
.
Natomas Co. (quar.)
Neisner Bros., Inc. (quar.)
Preferred
2
15 May 28
Aug.
.
50c
National Oil Products
2
June 30 June 11
June
Pfaudler Co.
1 June 10
1
June 15 June
1 June 20
July
July
(irregular)
$5 preferred (quarterly)
Philadelphia Electric Power 8% pref. (quar.)
Phoenix Finance Corp.. 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
Phoenix Securities Corp., conv. pref. A
Pickle Crow Gold increased
Pioneer Gold Mines of British Columbia
1 June 12
1 June 12
July
July
(quar.)
(quar.)
Philadelphia Co., $6 pref. (quar.)
June 30 June 18
July
1 June 15
50c
1
National Enameling & Stamping (quar.)
National Grocers, preferred-
10
1 June 18
July
1 June 18
July
June 30 June 19
i
Pet Milk Co., common
Petroleum Heat & Power
7
17*
1 June
1 June
1 June
July
July
July
30c
June 15 June
June 25 June
Perfection Stove Co. (quar.)
2 June 15
2 June 15
15 June 30
June 15 May 28
+44c
(quar.)
National Cash Register
National Casualty Co. (Detroit) (quar.)
Preferred A and B (quar.)
National Dairy Products Corp
Extra
July
July
July
|50c
Preferred
Perfect Circle
ft
11
June
July
Perfect Accident Insurance Co.
June 21 June 10
June 21 June 10
36c
National Breweries, Ltd. (quar.)
Preferred A
June 21 June
July 15 June
40c
National Biscuit Co. (quar.)
Nationa. Bond & Investment
New
June
£1
(initial)
Preferred A & B
May 29
May 29
June 30
*5c
National Acme Co
National Baking
June
July
July
July
5c
1°
50c
Peoples Drug Stores (quar.)
Preferred (quar.)
5
June
3 5c
Muskogee Co. common
Mutual System, Inc., com.
Extra
Payable of Record
Share
of Company
Holders
When
Per
Name
Payable of Record
Share
of Company
Holders
When
Per
Name
3951
Chronicle
Financial
144
1 June
15
1 June 23
June 21 June
June 21 June
10
10
Sept. 20 Sept. 9
1 June 15
July
1 June 15
July
June 30 June
SIX
June 30 June
75c
June 30 June
75c
75c
7
[June 15
5
15 June
1 June 24
15*
15*
15
.Sept. 30 Sept. 15
Dec.
15 Dec.
1
'June 15 May
•June 15 May
June 15 May
1 June
July
1 June
Ju'y
sn
1 June
July
VI
1 June
July
SIX
31
31
31
June 30 June
1 June
July
16
SIX
SIX
75c
SIX
50c
SIX
15
15
15
15
17
June 15 May 29
June 15 May 29
29
June
15 May
SIX
June
24j June 15
40c
June
15 June
50c
July
$1H
60c
1
1 June 15
July
1 June
1
June 30 June 1
3952
Financial
When
Name oj Company
Seaboard Oil Co. (Del.) (quar.)
25c
(quar.)*_.
June
June
June
May
15
20c
June
June
19
June
June
19
June
15
10c
June
June
June
15
50c
June
June
15
62Hc
June
June
75c
June
June
3
UH
$1H
July
July
June
16
16
22c
June
30c
June
May 25
May 25
UX
UX
$1**
July
June
Oct.
Sept. 17
Jan.
Dec.
20
30c
July
July
June
15
SIM
Preferred (quarterly)
Seeman Bros., Inc. (quar.)
June
15
Extra
Selected Industries, $5H div. prior stk
Full paid allotment certificates (quarterly)--.
Serrick Corp., class A (quar.)
Class B (quarterly)
Servel, Inc., preferred (quarterly)
Preferred (quar.).
Preferred (quar.).
Sharon Steel Corp
$5 preferred (quar.)
Shattuck (Frank G.) (quar.)
Sheller Mfg. Corp. (initial)
15c
Sherwin-Williams of Canada, pref
Signal Oil & Gas, A & B (quar.)
Signal Royalties Co. (Los Angeles) A (quar.)
Skelly Oil Co. (resumed)
Sloss, Sheffield Steel & Iron $6 pref. (quar.)
S. M. A. Corp. (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Smith (L. C.) & Corona Typewriter
Preferred (quar.)
Smith (H.) Paper Mills, pref. (qtiar.)
Sonotone Corp. preferred (quar.)
South Carolina Power Co. $6 pref.
(quar.)
Southland Royalty
South Penn Oil Co. (quar.)
June
June
12Hc
UX
ms4
July
July
July
June
June
25c
June
June
60c
July
June
10
1*
$1H
June
June
11
20c
July
Aug.
June
18
Aug.
1
$1
$1
Nov.
Nov.
1
June
7
7
June
15
June
15
10c
June
June
5
37 He
37 He
June
June
15
June
June
15
July
July
June
10
June
10
$1H
$1H
15c
_______
South Porto Rico Sugar Co., com. (quar.)
Preferred (quar.)
50c
2
Southwest Portland Cement Co. (quar.)
8% preferred (quar.)
Soscie Gold Mines, Ltd. (quar.)
June
June 30
$2
June
t5c
June
Original preferred (quarterly).
6% preferred ser. B (quar.)
Preferred series C 5H% (quarterly)
Southern Canada Power, 6% pref. (quar.)
Southern Colorado Power preferred
Southwestern Gas & Elec. 7% pref. (quar.)__.
South West Pennsylvania Pipe Line
Spang, Chalfant & Co., Inc., 6% pref
Spencer Kellogg & Sons (quar.)
Spencer Trask Fund, Inc
Spiegel, Tnc.. new $4H pref. (quar.)
Square D Co., common B
Staley (A. E.) Mfg. Co. common (quar.)
$5 preferred (quar.)
7% preferred (s.-a.)
Standard Brands, Inc. (quar.)
Standard Oil Co. (Calif.) (quar.)
37Hc
37 He
34Hc
$1H
t$l
$15*
50c
$4H
40c
June 30 June
15c
June
June
35c
20c
SIM
3M%
June 30 June 20
June 20 June 10
June 20 June 10
July
1 June 20
1 June
7
June
June
15 May
15 May
15 May
15 May
15
15
15
15
28
28
17
17
17
17
31
15c
June
15 May
June
50c
June
15 May
15 May
75c
June
15 May
$2
June
June
15 May
15 May
25c
June
SIM
July
15 May
15 June 30
Extra
S3
...
Standard Oil Co. (Ohio), common
5% cumulative preferred (quar.)
Standard Products Co
Standard Silica Corp. (interim)
25c
40c
Standard Steel Construction $3 class A
Starrett (L. S.) Co
Preferred (quarterly)
Stecher-Traung Lithograph 7H% pref* (quar.)
7H% preferred (quar.)
7H% preferred (quar.)
Stein (A.) & Co., pref. (quar.)
Sterchi Bros, first preferred (quar.)
Second preferred (quar.)
Stix, Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Strauss-Hirshberg Co. (Increased)
Strawbridsre & Clothier Co. 7% preferred
Stroock (S.) & Co.. Inc. (quar.)
—
tSlH
SIM
SIM
SIM
SIM
SIM
SIM
75c
25c
___
_
Extra
Texon Oil & Land (quar.)
Todd Shipyards (quar.)__
Thatcher Mfg. Co
Thermoid Co., $3 conv pref. (quar.)
Thew Shovel Co.. 7% pref. (quar.)
Tide Water Associated Oil $4H pref. (quar.)
Preferred (quarterly)
(quar.)
5H % preferred (quarterly)
Tubize-Chatillon Corp., class A
7% pref. (quar.)
Tuckett Tobacco Co. preferred (quar.)
Tunnel RR. of St. Louis (s.-a.)
Twin Disc Clutch Co. (quar.)
15
June 26 June 16
June 26 June 16
June 30 June 24
Sept?30 Sept. 23
Dec.
31
Dec.
18
July
1 June 15
June 30 June 21
June 30 June 21
June 30 June
43 Me
Dec.
31
25c
June
15 June
5
t75c
June
15
50c
July
July
June
15 June
1
July
June
15
68Mc
37Mc
37Mc
50c
40c
30c
5c
50c
50c
SIM
15c
68Mc
20c
Dec.
June
_
July
25c
15
18
15 May 25
_
7
June
June
15 June
4
Tune 15 June
4
June 30 June 15
July
July
15 July
_
2
June 11
June 30 June
19
June
1
June 30 May 22
June 30 June 15
June 30 June 15
June 17
Aug.
July
_
July
July
July
20c
10c
July
July
49c
June
15
15
June
10
June
10
15 June
15 June
1
Oct.
25c
June
June
21c
SIM
SIM
SIM
$1.80
June
50c
July
July
July
July
July
July
July
50c
June
50c
60c
_
June
June
June
June
June
1
15
15
15
15
15
June
15
June
11
15 June
15 June
1
_
June
15c
50c
June 30 June
June 21 June
25c
July
June
9
June
June
9
10
July
July
June
10
June
10
1
10
5
1 June 15
June
25c
Dec.
June
June
June
1
June
June
4
June
June
15
June
15
June
15
June
May 21
July
June
10 June 21
15 May 21
June
15 June
Dec.
June
Dec.
20 Nov. 30*
1 June 15
1 June 16
June 29 June
4
July
—
June
1 June 15
July
June 21 June
10
10
1
July
1 June
1
July
1 June
Aug. 10 July 31
June 26 June
Dec. 27 Dec.
16
16
11 June 20
1 June 11
June 25 June 10
July
July
—
Valley RR. Co. (N. Y.) (s.-a.)
Y.)~(s.-a.)
Vanadium-Alloys Steel Co., extra
Vapor Car Heating Co., Inc. 7% pref. (quar.)__
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
Sept. 10 Sept.
Dec.
Extra
10 Dec.
June
15'June
June
15'June
June 15 June
Victor Equipment Co. preferred (quar.)__
Victor-Monaghan, 7% preferred quarterly)
Viking Pump (special)
July
June
(quar.)
Virginia Electric & Power Co., $6 pref
Virginia Public Service Co. 6% preferred (quar.)
Vulcan Detinning (interim)
Preferred
15 June
1
June 21 May 28
July
1 June 10
June 21 June 10
(quarterly)
July
20 July
Oct. 20 Oct.
June 21 June
(quarterly)Wagner Electric
Waldorf System, Inc., com. (quar.)
Walker (H.)-Gooderham & Worts (quar.)
Preferred (quarterly)
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.)
Ward Baking Corp., 7% preferred
Ware River RR. (s.-a.)
Warren (S. D.)
Washington Water Power Co., pref. (quar.)
Waukesha Motor Co. (quar.)
Wayne Pump Co
Weisbaum Bros.-Brower (quarterly)
19
11
3
15 May 21
15 May 21
June
July
2 June
Oct.
2 8ept. 18
July
July
1 June
June
25c
50c
10c
10c
12Hc
Extra
West Coast Life Insurance Co. (San Francisco)-.
Western Light & Telephone Co. pref. (quar.)__
—
$UI<£
43 Xc
43 Xc
19
15
1 June 30
June 28 June
—
Wesson Oil & Snowdrift Co., Inc—
July
July
Sept.
19
15 May 25
June 15
June
18
Aug.
9
Nov.
9
Dec.
July
July
July
June
15
June 15
June
June 21 June
10
June 21 June
10
10
25c
25c
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
June 30
July
July 30 June 30
Oct. 30 Sept. 30
25c
Westland Oil Roya'ty Co
Tnc. A, (monthly)
Westmoreland, Inc. (quarterly)
West Penn Electric Co., class A (quar.).
West Penn Power Co., 7% pref. (quar.)
__
6% preferred (quarterly)
Jan.
$1 H
West Jersey & Seashore RR. Co. (s.-a.)
July
10c
June
30c
%\X
ux
$1H
50c
$1H
Nov.
50c
Weston (Geo.) Ltd
(quar )
West Virginia Water Service Co., $6 pref.
Wheeling Steel Corp. $6 preferred--:
20c
Whitaker Paper Co. (quar.)
Extra
t$3
$1H
$1
50c
Whitman (Wm.) & Co., Inc , 7% pref. (quar.)-_
Wieboldt Stores, Inc. (quar.)
S5 preferred (quar.)
6% preferred (quar.)-.
Winstead Hosiery Co. (quarterly)
UX
UX
25c
$1X
75c
$1H
-
Quarterly
'
Wisconsin Investment Co. (interim)
Wisconsin Michigan Power Co. 6% pref. (qu.)__
Wisconsin Power & Light Co., 7% pref
6% preferred
Wisconsin Public Service 7% pref
6H% preferred
6% preferred
Industries
15
July
6
June
18
June
19
June
15
June
12
June 21
June 21
June 21
June
12
June 21
June 21
June 21
July
July
Oct.
15
15
Nov.
Oct.
15
16
July
June
10
$1H
!1.31 J*
$1,125
tux
t$i x
t$lH
June
15 May 29
15 May 31
15 May 31
June 19 May 29
June 19 May 29
June 19 May 29
June
June
June
t$l
10c
July
July
Sept
July
July
July
July
Aug.
Sept.
SIM
July
1 June 16
$1
SI8/
June
June
15 June
15 June
SI.
SIM
SIM
S3
July
July
July
July
1 June 10
1 June 10
15 June 30
l'June 15
Yellow Checker Cab Co.. class A
Yellow Truck & Coach Mfg. 7% pref. (quar.)
Youngst.own Steel Door Co
Yukon Gold Co
31
50c
25c
Extra
June
10c
Wright-Hargreaves Mines (quar.)
Wrigley (Wm.) Jr. Co. (monthly)-Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
30 Dec
15 May 31
June 15
July
June 30 June 17
Aug.
2 July
6
Aug.
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Weston Electrical Instrument
Extra
1 June
June
Quarterly
Western Light & Traction, 7% pref. (quar.)
Western N. Y. & Pa. Ry. Co. (s.-a.)
10
July
Preferred
Extra
1 June 21
15 June
1
June
Preferred
Wood (Alan) Steel Co., 7% preferred
$1
1 June 19
July
1
75c
15 June 15
1
15 June
1
15 June
June 30 June 25
June 30 June
4*
4
25c
5
15 June
19 May 29*
Sept. 20 Aug. 31*
1 June
5
1
15 June
June
15 June
5
Nov. 24
1 June 15
1 June 15
1 June 10
June
15 June
$1
8
July
July
July
June
25c
1
1
Sept. 15 Sept.
June
10
1 June 10
1 Aug. 2n
June 15 June
1
July
1 June 21
1
July
July
July
75c
25c
10
May 28
May 28
June
$1M
$1,125
$1M
Sept. 10
Jan.
June
June 21 June
"
Woodall
Oct.
10
July
.
-
June
July
7% 2d preferred (quar.)
25c
__
15
Sept. 30 Sept. 15
June
75c
Superheater Co. (quar.)
Sussex RR. (s.-a.)
Sutherland Paper Co. (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)__
Preferred (quar.)
Talcott (James) Inc
5H% preferred (quarterly)
Tamblyn (G.) Ltd. (initial, quarterly)
Quarterly
Taylor Milling (quarterly)
Tech-Hughes Gold Mines
Telephone Bond & Share Co. 7% 1st preferred1st $3 preferredTennessee Electric Power Co., 5% pref. (quar.).
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texas Corp. (quar.)
Texas Gulf Sulphur (quar.)
Tri-Continental Corp
1 June
43 Me
43 Me
Sunshine Mining (quarterly)
Roofing Co
IJuly
25c
Sunray Oil Corp. preferred (quar.)
Sunset, McKee Salesbook Co. class A (quar.)__
ClassB (quar.)
Tlmken-Detroit Axle Co., preferred (quar.)
Tobacco & Allied Stocks
June 26 June 15
June 15 June
1
2 He
S3M
Sullivan Consol. Mines (initial)
Sun Life Assurance of Canada
Sun Oil Co. (quar.)
1
1
June
$6 preferred
Utica Clinton & Binghamton RR
Debenture (semi-ann.)
Debenture (semi-ann.)
Utica Knitting Co. 7% preferred.
5
19
June
July
July
50c
June
15
15 June
15 June
July
$100 par (semi-ann.)
Extra
June 19
25c
Utah Power & Light Co. $7 preferred—
15c
___
15
«•
16
25c
Standard Oil Co. (N.J.) $25 par (semi-ann.)
June
Upressit Metal Cap Corp. 8% preferred
Upson-Wa.ton Co. (quar.)
15*
June
June
Extra
July
United States Trust Co. (N. Y.) (quar.)
United Telephone Co. (Kansas) 7% pref. (qu.)_
United Verde Extension Mining Co
19
29
15
25c
Extra
15
25c
Pr6f6IT6d
20
20
20c
Standard Oil Co. of Kentucky (quar.)
Underwood Elliott Fisher Co
20
20c
25c
Standard Oil (Indiana)
Extra
_
$1,125
Extra
Truax-Traer Coal, 6% pref.
15 June
June 15 May
July 15 June
July 15 June
June 15 May
July
1 June
June
July
June
July
July
,
75c
United States Steel 7% preferred
United States Sugar Corp., preferred (quar.)
United States Tobacco Co. common
May 31
July
Aug.
$1H
Common (quarterly)
United States Playing Card Co. (quar.)
Extra
:
June
Southern Calif. Edison Co., Ltd.—
Tilo
1
July
July
July
July
July
50c
June
(quarterly)
$1?*
Preferred (quarterly)
$1?*
Preferred (quarterly)
$1X
United Gas & Electric Corp., preferred (quar.)_
IX %
5% preferred (semi-annual)
2H%
United Elastic Corp. (quar.)
15c
United Gas Improvement (quarterly)
25c
Preferred (quarterly)
$1X
United Light & Rys. Co., 6% pref. (monthly).
50c
7% preferred (monthly)__.
58 1-3 c
6.36% preferred (monthly)
53c
United Molasses Co. Am. dep. rec. ord. reg
6X%
Less tax and depositary expenses.
United New Jersey RR. & Canal (quar.)
United Profit Sharing Corp
United States Graphite Co. (quar.)
Quarterly
Quarterly
Special
United States Gypsum Co. (quar.)
Preferred (quar.)
United States Leather prior preferred—
United States Petroleum Co. (s.-a.)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly).
5
—
July
July
July
Preferred
15
June
May 22
May
1
$134
$1
Extra
15
June
June
June
95c
(quarterly)
United Carbon Co. (quar.)
United-Carr Fastener (quar.)
Preferred (quarterly)
United Corp., $3 cum. pref. (quar.)
United Dyewood Corp., common (quar.)
15
June
50c
Shell Union Oil Corp., 5H% Pref. (quar.)
July
June
25c
First preferred (quarterly)
Union Pacific RR
United Biscuit, preferred
17
4
80c
tl5c
$5
-
Union Investment Co
3
June
of Record
Union Carbide & Carbon Corp
Union Gas of Canada, Ltd
Union Hardware Co. (special)
July
62 He
15c
Extra
Extra
Holders
Name of Company
1
75c
37 He
(quar.)
Preferred (quarterly)
Seaboard Finance, (quarterly)
June 12, 1937
Holders
Payable of Record
Sears, Roebuck & Co. (quarterly)
Securities Acceptance Corp. 6% pref
Seaboard Commercial Corp.
Extras
Chronicle
5c
25c
25c
25c
15 June
1
June 15
June
8
June
8
June
20
July
Aug
20
20
25c
Oct.
15c
July
June
$1
June
15 June
$15*
July
75c
June
6c
Sept. 20
10
1
1 June 15
15 June
1
June 221 June
8
..
June 25 June
June 25 June
June 30 June
15
15
12
♦Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in tne case ol non-residents of Canada
tax of 5% of the amount of such dividend will be made.
eduction of
Volume
York
Weekly Return of the New
Clearing House
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
York City
date last year:
June
Net Demand
Time
Deposits,
Average
Average
1937
9,
June
2, 1937
June 10,1936
Deposits,
Profits
corresponding
comparison with the previous week and the
in
JUNE 5, 1937
Undivided
*
Capital
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business June 9, 1937,
The
NEW YORK CLEARING HOUSE
MEMBERS OF THE
York
New
weekly statement issued by the New
Clearing House is given in full below:
OF
Condition of the Federal Reserve Bank of
City
The
STATEMENT
3953
Chronicle
Financial
144
Surplus and
Members
$
$
$
Assets—
National City Bank
Chem Bank & Trust Co.
13,010,800
134 585,000
398 545,000
39,036,000
56,699,400 al,464 968,000
431 939,000
54,108,700
163,636,000
179,693,200 61,421 116,000
438 254,000
42,429,000
67,191,000
57,151,000
23,557,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,837,000
Cent Hanover Bk&Tr Co
21,000,000
67,456,800
15,000,000
17,452,000
247 701,000
Flrst National Bank
10,000,000
104,479,100
525 860,000
Irving Trust Co
Continental Bk & Tr Co
50,000,000
475 427,000
60,860,400
69 569,000
4,014,700
125,302,300 cl,856 136,000
50 098,000
3,610,600
d754 892,000
74,400,100
15 332,000
2,727,000
4,000,000
100,270,000
500,000
Chase National Bank
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Trust Co..
Title Guar
Marine Midland Tr Co..
New York Trust Co....
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Redemption fund—F. R. notes—
Other cash
t
26,931,000
695 124,000
Corn Exch Bank Tr Co.
3,380,354,000 3,381,811,000 3,201,443,000
Total reserves
94,075,000
Bills discounted:
Secured
Govt, obligations,
guaranteed.
S.
U.
by
direct or fully
1,300,000
350,000
As
official
per
National,
reports:
2,200,000
1,490,000
82 899,000
32,801,000
75 900,000
8,324,400
79
7,387,000
1,921,000
49,234,000
210,233,000
330,691,000
184,105,000
210,233,000
330,691,000
68,473,000
479,025,000
184,105,000
181,885,000
725,029,000
725,029,000
729,383,000
740,900,000
741,062,000
741,554,000
85,000
4,708,000
85,000
92,000
3,846,000
147,814.000
5,692,000
126,785,000
10,851,000
32,835,000
1,094,000
3,253,000
264 627,000
3,690,000
1,996,000
5,909,000
Industrial advances
563,000
8,831,400
8,128,000
Bills bought in open market
66,085,000
7,932,200
7,926,000
2,041,000
5,904,000
discounted
bills
Total
87,484,000
,172,000
United States Government securities:
Bonds
Treasury notes
9,483,144,000
884,780,100
-
729,471,000
Total U. S. Government securities.-
♦
6,214,000
1,914,000
2,302,000
27,781,300
523,607,000
1,808,000
6,118,000
Other bills discounted—
Treasury bills
Totals
3,287,131,000 3,311,491,000 3,116,195,000
1,875,000
1,194,000
881,000
83,373,000
69,126,000
92,342,000
United States Treasury_x_.
.12,601,000
25,666,700
20,000,000
Bank of Manhattan Co.
Gold certificates on hand and due from
$
$
6,000,000
20,000,000
77,500,000
Bank of N Y & Trust Co
March
31, 1937;
March
1937; State,
31,
trust companies, March 31, 1937.
(a) $266,881,000; (b) $84,619,000;
Includes deposits In foreign
(c)
$130,432,000;
branches as follows:
$40,843,000.
Id)
Total bills and securities
Due from foreign
The
New
of
returns
following
are
Federal Reserve notes of other banks—-
Bank premises
All other assets
the figures for the week ended June 4:
INSTITUTIONS
NOT
IN
CLEARING
HOUSE
WITH
Loans,
1937
Liabilities—
778,655,000
925,351,000
903,732,000
F. R. notes in actual circulation.
Deposits—Member bank reserve acc't— 2,982,927,000 2,962,418,000 2,678,435,000
178,546,000
35,813,000
28,769,000
U.S. Treasurer—General account
22,486,000
45,117,000
50,337,000
Foreign bank
Dep. Other
Res. Dep.,
Other Cash,
Disc, and
Including
Banks and
Cross
Investments
Bant Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
$
$
Manhattan—
N.
Y
and
4,291,306,000 4,298,340,000 4,119,252,000
Total assets-
BANKS—AVERAGE FIGURES
STATE
AND
10,055,000
13,667,000
CLOSING OF
THE
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 4,
NATIONAL
141,355,000
10,055,000
13,849,000
Uncollected items
of banks and
number
members
not
are
publishes regularly each week
trust companies which
of the New York Clearing House.
The
"Times"
York
a
banks
67,711,000
Other deposits
Grace National
21,887,300
86.800
7,160,700
3,340,400
28,608,300
Sterling National...
Trade Bank of N. Y_
20,874,000
614,000
7,077,000
229,561
1,665,073
1,427,000
81,972
26,420,000
5,280,064
194,964,000
62,368,000
3,129,744,000 3,105,716,000 3,074,431,000
Total deposits-
-
136,306,000
51,257,000
51,474,000
Capital paid in.
Surplus (Section 7)
125,234
751,582
100,410
4,923,768
People's National
5,242,284
Manhattan—
FIGURES
Dep. Other
Banks and
Deposits
63,459,200
184,632
284,472
10,910,290
9,759,082
*690,233
Fulton
19,820,600
*6,266.800
605,900
477\600
Lawyers
United States
28,125,100 *10,972,200
638,300
37,229,900
73,927,303
23,661,694
16,209,136
83,591,827
81,874,000
3,639,000
37,895,000
5,616,052
55,000 115,184,000
*7,514,800
33,823,966
Kings County
*
Includes
amount
with
2,571,141
reserve
deposit
to
24,798,000
and
83.8%
on
553,000
6.042,000
bills purchased
correspondents
.
industrial
make
to
83.1%
83.9%
914,000
6,038,000
liability
ad-
bances
22,660,000
t "Other cash" does not Include Federal Reserve notes or a
10,240,000
,
bank's own Federa
Reserve bant notes.
x
These are certificates given by
gold taken
the United States Treasury for the
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.
over
36,421,328
100
Empire, $6,002,900; Fidu¬
Federal Reserve as follows:
total
Commitments
8,507,006
Brooklyn—
...
of
for foreign
71,834,700
10,118,049
8,014,500
2,352,106
577.148
3,280,100
Federation
Brooklyn
1,958,000
4,291,306,000 4,298.340,000 4,119,252,000
F; R. note liabilities combined
$
$
%
$
Ratio
Contingent
Empire
Fiduciary
51,474,000
Cross
Trust Cos.
Elsewhere
$
50,863,000
50,825,000
7,744,000
8,849,000
-
Total liabilities
Y. and
N.
Cash
7,744,000
9,091,000
2,149,000
All other liabilities
Res. Dep.,
Loans
Disc, and
Investments
123,087,000
51,261,000
Surplus (Section 13b)
Reserve for contingencies
TRUST COMPANIES—AVERAGE
145,554,000
7,744,000
9,091,000
Deferred availability items
5,798,838
Brooklyn—
ciary, $318,838; Fulton, $6,027,000; Lawyers, $10,082,700.
from the Reserve banks when the dollar was, on Jan.
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.
These figures are always a wpek behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a weekllater.
19, 1937, various chauges were made In the breakdown
of New York of April 20, 1937, as follows:
Commencing with the statement of May
announcement of the Federal Reserve Bank
of loans as reported In this statement, which were described in an
This classification has been changed primarily to show the amounts to
(1) commercial, Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying securities.
The revised form
also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located outside New York City.
Provision has been
made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought in open market" under the revised caption
The
chauges
In the report form are confined to the classification of loans and discounts.
"open market paper," Instead of in "all other loans" as at present.
Subsequent to the above announcement It was made known that
segregated as "on securities" and "otherwise secured and
A more detailed
the new Items "commercial, industrial, and agricultural loans" and "other
ASSETS AND LIABILITIES OF WEEKLY
1937, issue of the "Chronicle," page 3590.
REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON
Federal Reserve Districts—
Total
Boston
New York
$
$
$
Cleveland Richmond
Phlla.
ASSETS
$
Atlanta
JUNE 2,1937 (In Millions of Dollars)
Minneap, Kan. City
San Fran,
Dallas
$
$
$
$
22,158
1,288
9,292
1,163
1.88S
631
551
3,043
634
382
684
477
2,125
698
4,296
457
698
243
272
977
289
165
252
213
1,011
561
28
240
44
40
15
12
50
44
10
17
15
46
3,699
259
1,542
158
231
91
133
533
123
72
134
116
307
483
113
180
26
19
13
6
50
10
8
20
2
36
1,333
Loans—total
40
1,152
25
18
4
7
50
6
1
4
3
23
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured..
Open market paper
Loans to brokers and dealers
Other loans for purchasing or
carrying
720
;
361
39
38
20
17
97
13
15
15
59
83
239
61
181
28
26
80
45
19
21
372
123
estate loans
37
1,161
securities
Loans to banks
St. Louis
Chicago
9,571
Loans and investments—total
Real
loans" would each be
unsecured."
explanation of the revisions was published in the May 29,
6
74
3
4
2
5
12
9
1
1
4
119
29
22
45
12
15
9
GO
Other loans:
715
On securities.
72
278
45
/
9
776
60
230
56
48
44
60
27
48
27
31
104
420
3,299
332
861
275
170
1,460
193
160
250
186
681
22
467
93
60
43
31
173
49
12
46
28
Obligations fully guar, by U. S. Govt.
8,287
1,156
132
3,144
148
1,230
281
269
70
78
433
103
45
136
50
301
Other securities
5,278
243
2,571
258
342
136
106
809
145
78
165
113
Reserve with Federal Reserve Bank..
312
Otherwise secured and
unsecured..
obligations
United States Government
38
18
11
59
11
5
11
9
173
118
96
316
80
73
183
148
171
109
41
40
97
24
17
23
28
230
829
1,111
425
337
2,237
352
281
474
389
910
283
722
201
180
858
182
121
145
121
1,011
3
79
1
2
2
5
12
1S7
758
282
110
351
174
248
329
53
80
15
Balances with domestic banks
1,766
97
172
139
Other assets—net
LIABILITIES
1,340
90
552
89
15,274
5,231
995
6,954
278
1,129
Cash In vault
Demand
deposits—adjusted
Time deposits
United States Government deposits.-
142
1
26
3
5
292
345
196
5,139
215
2,001
560
10
520
4
1
905
Domestic banks
Foreign banks
Other liabilities
,
3
Inter-bank deposits:
35
412
24
20
3,607
237
1,615
229
346
1
15
9
""~5
331
358
S7
55
328
8
"
-~
2
—
Capital account
19
"""26
I
10
13
Borrowings
41
89
Financial
3954
Chronicle
June 12, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
wa<
issued by fche Board of Governors of the Federal Reserve System
•howing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
Thursday afternoon, June 10 >
on
The first table presents the
for the System as a whole in comparison with the figures for the eight preceding weeks and with those
week last year.
The second table shows the
Reserve note statement
Reserve Agents and the
returns
resources
the
teserve notes between
The comments of the Board of Governors of the Federal Reserve System upon the
Federal Reserve banks.
for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES
AND LIABILITIES
June
Three civhera (000) omitted
9,
FEDERAL
RESERVE
BANKS
May 26,
May
May 12,
May 5,
1937
1937
$
19,
1937
1937
$
$
AT THE CLOSE OF
S
Apr
BUSINESS JUNE 9,
28,
%
Apr. 21,
1937
1937
Apr. 14,
1937
June
10,
1936
•
I
$
1937
8,843,903
9,776
2S2.306
8,843,894
7,939,040
10,656
279,497
8,843,402
9,595
289,136
279,673
13,261
295,572
9,139,401
9,132,478
9,142,133
9,135.985
9,134,223
8,247,873
12,949
2,705
13,917
2,918
9,366
1,633
6,260
3,658
1,432
9,789
1,259
3,244
2,159
15,698
15,282
15,654
16,835
10,999
7,692
11,048
5,403
6,260
4,475
3,739
3,522
3,076
22,407
22,523
22,854
3,743
23,180
3,465
22,232
4,534
22,779
23,084
22,544
30,064
732,608
1,152,213
641,469
732,608
1,152,213
732,428
1,152,393
641,469
641,469
734,728
1,156,393
635,119
688,621
1,174,343
641,469
732,608
1,152,213
641,469
732,428
1,152,393
641,469
623.619
689,021
1,190,343
606,019
265,686
1,541,224
623,337
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
2,526,240
2,486,583
2,480,583
2,430,247
8,839,489
9,971
305,738
8,838,401
9,146,065
9,139,651
12,524
12,326
11,624
4,961
3,372
17,485
5,818
6,261
22,196
Total reserves
8,842,902
289,155
8,839,408
11,713
288,280
14,295
*
8,838,913
11,583
272,695
8,838,414
11,341
296,310
9,155,198
Redemption fund (Federal Reserve notes)
Other cash
2,
1937
$
ASSETS
hand and due from U. 8. Treas.x
on
OF THE
June
1937
Gold ctfs.
The Federal
and Liabilities separately for each of the twelve banks.
(third table following) gives details regarding transactions in Federal
results
of the corresponding
9,122,437
11,006
3,289
732,608
1,152,213
11,341
10,079
Bills discounted:
Secured
U.
by
direct
Government obligations,
fully guaranteed..
S.
and (or)
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
Total U. 8. Government securities
181
Other securities
Foreign loans
on
gold
______
2,468,971
2,572,268
2,570,655
2.568,570
2,569,257
2,569,718
2,564,162
2.520,824
2,523,097
""226
226
""228
"""228
"""230
"""230
"""230
"""230
"'"230
22,025
595,266
45,687
49,199
18,847
21,402
23,904
20,621
21,916
616,874
21,033
626,231
45,785
45,861
47,853
47,202
45,956
45,122
45,495
45,969
43,944
780,351
45,872
45,631
531,098
45,788
46,464
21,542
666,762
45,787
21,036
646,056
45,685
21,615
604,558
45,776
12,436,200
12,453,372
12,436,099
12,523,821
12,488,935
12,431,243
12,445,145
12,464,032
12.550,625
11,362,832
Federal Reserve notes in actual circulation
4,202,049
4,235,114
4,184,042
4,184,425
4,193,868
4,207,722
4,176,990
4,184,068
4,170,094
3,785,980
Deposits—Member banks' reserve account
United States Treasurer—General account..
6,928,977
6,853,710
115,099
6,943,597
6,918,227
8,942,727
6,882,362
6,876,640
6,900,752
111,674
5,833,391
Total bills and securities...
2,568,599
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uiicollected Items
Bank premises
.
All other assets
Total assets
701,718
693.276
"""238
48,051
44,685
LIABILITIES
__
Total liabilities
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
Commitments
to make
bills
purchased
136,725
181,699
173,966
7,224,263
7,284,849
7.285,047
7,285,449
7,265,238
645,317
132,198
145,854
27,490
618,046
132,202
145,854
27,490
705,826
132,199
145,854
27,490
660,697
609,920
132,193
145,854
27,490
145,854
145,854
27,490
27,490
35,940
8,644
35,940
7,196
35,939
35,974
35,993
7,677
•35,939
7,041
7,410
6,833
36,142
7,965
12,453,372
12,436,099
12,523,821
12,488,935
12,431,243
79.6%
79.6%
79.7%
79.7%
79.6%
1,532
1,532
1,532
1,532
16,956
17,018
17,188
17,311
17,183
12,525
Reserve for contingencies
All other liabilities
103,914
133,705
104,979
131,566
2,532
__
97,263
126,110
123,933
12,436,200
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
108,177
124,041
591,267
132,196
145,854
27,490
Total deposits
Deferred availability Items
116,777
121,749
7,292,760
Other deposits
80,486
139,671
139,470
Foreign banks
6,933,816
94,747
96,017
15,947
14,276
14,044
14,580
84,642
132,193
118,631
99,234
516,404
61,675
145,780
93,622
142,271
243,947
7,298,546
7,240,285
7,248,319
6,655,417
619,975
091,279
132,186
145,854
529,204
27,490
36,142
776,110
132,108
145,854
27,490
36,177
0,728
8,413
55,228
12,445,145
12,464,032
12,550.625
11,362,832
79.6%
79.7%
80.0%
80.0%
79.0%
1,034
784
17,454
17/528
17.530
19,211
24,798
15,911
10,226
4,159
132,183
130,871
145,501
26,513
34,118
for
lndiistrlal advances
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
7,101
10,424
95
59
41
253
120
U9
84
106
59
715
218
511
487
355
228
47
412
258
199
143
89
84
362
15.69S
15,282
15.654
16.835
10,999
7,692
11,048
5,403
770
364
874
206
30
171
2,715
1,935
1,663
457
136
243
310
198
59
16
886
581
666
541
614
301
395
469
2,915
3,073
2,858
2,749
2,789
2,795
353
656
586
165
108
133
574
722
586
465
406
367
236
132
362
328
299
14,295
61-90 days bills discounted
Over 90 days bills discounted
269
416
17,485
3,223
880
1,437
3,002
528
635
1,187
1,187
.......
Total bills discounted
1-16 days bills bought In
open market
16-30 days bills bought In
Open market.
81-60 days bills bought In open market
61-90 days bills bought In
open market
Over 90 days bills bought In
open market
Tota
bills bought In open market
v
26
5,818
6,261
6,260
4,475
4,534
8,739
3,743
3,465
3,522
3,076
791
812
794
817
795
837
942
883
781
1,491
_
297
324
178
188
206
245
221
249
233
360
_
1-16 days industrial advances
16-30 days Industrial advances
996
521
566
552
577
586
413
459
440
770
465
735
1,027
1,024
1,108
661
620
608
458
20,078
20,943
20,873
20,416
26,985
22.854
23,180
23,084
22.544
30.064
-
81-60 days industrial advances
61-90 days industrial advances.
Over 90 days Industrial advances
19,647
Tota lindustrial advances
1-16 days U. 8. Government securities
16-30 days U. 8. Government
securities._____
81-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
TotaljU. 8. Government securities...______
19,840
19,842
19,942
1,101
20,100
22,196
_
22,232
22,407
22,523
22,779
33,561
22,120
42,051
67,808
24,767
26,107
28,520
27,870
27,420
48,541
24,667
26,007
23,790
27,770
12,277
33,461
27,320
23,740
41,541
70,608
70,223
68.298
6X221
59,278
85,527
63,075
2,331,236
78,920
76,689
65,208
2,318,919
2,326,676
2,344,434
67,123
2,348.279
80,158
2,301,301
52,437
71,271
98,298
70,121
2,317,340
68,121
73,108
2,332,524
2,320,858
2,175,206
2,526,290
2,526.290
2,526.290
2,526,290
2,528,290
2.526,290
2,526.240
2,486,583
2,486,583
2,430,247
34,660
22,277
66,661
1-16 days other securities
16-30 days other securities.
81-60 days other securities
61-90 days other securities
Over 90 days other securities
Total
•
181
other securities
181
._
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral Held
as
4,496,626
4.498.606
314,181
4,501,461
4,496,178
4,494,218
4,480.484
312,584
307,593
288,456
317,228
296.416
4,474.511
298,417
4,074,896
288,916
4,235.114
4,184,042
4,184,425
4,193,868
4,207,722
4,176,990
4,184,068
4,176,094
3,785,980
4,550,132
16,324
20,000
4,538,132
19,943
20,000
4,537,132
4,535.632
4,521,132
16,759
4,516,132
15.891
10,848
7,472
4,510,132
10,949
4,087,023
4,113
35,000
4,536,632
16,344
45,000
4,518,132
18,037
20,000
52,000
52,000
52.000
52,000
37,000
4,586,456
by Aoent
4,505,125
270,011
4,202,049
In actual circulation.
4,517,118
315,069
4,578.075
4,575,169
4.586.523
4,597.976
4,589,891
4,580.980
4.575.004
4,573,081
4,128,136
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Tota'. collateral
••'Other
z
These
cash"
are
oentson Jan. 31.
the
orn visions
does not lnolude
Federal
Reserve notes,
t Revised figure.
certificates given by the United States Treasury for the gold taken over from
1934. these certificates being worth less to the extent of the difference,
of trie Qold Reset ja Act of 19S4
the Reserve banks when the dollar
was
devalued from
100 cents to 59.00
the difference itself saving been appropriated as profits by the Treasury
iade»
Volume
certificates
on
and
band
$
665,884
1,883
182,134
276,304
277,811
1,226
15,688
196,189
706
401
483
4,790
16,542
5,939
24,018
293,247
188,556
691,785
9,971
652
881
493
743
512
305,738
40,838
92,342
23,823
13,573
18,957
237,728 1,777,278
402
1,589
36,732
12,496
—
496,889 3,380,354
532,306
709,847
299,579
251,813 1,814,412
294,725
201,685
495
442
240
380
3
224
1,372
95
0,118
1,808
72
8
140
154
305
452
11
235
378
828
9,155,198
.....
-
280,110
095.531
507,990
455,399 3,287,131
8,839,489
from United States Treasury
Total reserves
$
$
J
$
:*
due
Redemption fund—Fed. Res. notes._
Other cash
$
$
$
RESOURCES
Gold
5
%
$
$
San Fran.
Dallas
Louis Minneap. Kan. City
St.
Chicago
Atlanta
Cleveland Richmond
Phila.
New Yorl
Boston
Total
Federal Reserve Bant of—
CLOSE OF BUSINESS JUNE 9 1937
OF THE 12 FEDERAL RESERVE BANKS AT
RESOURCES AND LIABILITIES OF EACH
(000) Omitted
Three Ciphers
System (
Gooernors of the Federal Reserve
Weekly Return of the Board of
WEEKLY STATEMENT OF
3955
Chronicle
Financial
144
tm
Bills discounted:
obligations,
Seoured by U. S. Govt,
other bUls discounted
97
494
629
76
717
7,926
1,448
495
442
5,818
22,196
732,608
223
394
374
149
3,994
900
2,123
221
920
328
791
655
61,861
97,303
38,575
60,678
32,284
80,726
126,979
46.750
184,105
54,172
62,446
33,781
50,623
28,184
23,828
37,482
70,693
20,866
35,992
56,616
31,519
641,469
32,298
50,803
28,284
28,601
44,987
1,152,213
71,309
112,167
2.526,290
184,109
725,029
213,336
245,922
133,034
111,091
278,398
111,385
82,176
83,050
Bonds.
U. S. Government securities:
Treasury notes
Treasury bills
Total U. S. Govt, securities....
2,568,599
188,222
17
314
22,025
595,266
45,687
Uncollected Items
Bank premises
3,033
All other resources
751,508 4,291,306
903,732
305,012
4,202,049
Deposits:
27
4
3
6
6
16
3,353
1,755
758
648
2,219
83,171
26,616
16,288
25,270
4,661
2,370
1,497
1,307
31,503
3,217
4,576
1,890
1,714
2,152
1,905
28,950
3,406
3,682
456,563
318,060
953,464
2,296
24,254
2,219
1,930
2,168
54,308
973
1,526
48,197
55,354
4,899
6,307
6,319
5,166
2,764
2,983
811,889 1,025,912
497,560
395,088 2,190,218
439,637
304,995
433,185
192,741
176,705
970,324
179,386
138,338
162,030
91,930
334,005
203,245
3,518
240,822
8,064
4,054
177,820
3,395
4,054
533,835
4,194
132,737
3,457
3,215
10,560
2,186
188
3,195
9,926
11,937
221,517
141,595
253,128
188,464
563,772
28,182
3,813
4,655
15,682
2,899
3,116
26,589
3,861
545
31,432
3,995
3,613
1,142
941
1,847
31,343
10,110
9,645
1,996
2,037
10,206
50,337
67,711
13,701
9,331
12,862
24,429
6,012
2,050
3,567
172,152 1,065,637
8,317
2,925
16,217
4,893
1,444
2,872
362,970 3,129,744
414,153
505,827
237,133
182,842 1,091,615
385,788
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
5,855
136,306
51,257
51,474
2,874
7,744
1,570
9,091
4,325
3,000
654
1,958
1,194
9,376
9,826
751,508 4,291,306
12,436,200
Total liabilities
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus .advances
"Other oash" does not lnolude
2,532
185
2,235
1,416
7,860
1,658
1,199
1,003
2,062
340
300
282
266
550
395,088 2,190,218
439,637
304,995
456,563
318,060
953,464
21,504
1,690
332
497,560
233
109
89
294
76
58
73
73
155
1,333
2,001
345
10
1,158
65
128
302
6,038
3,180
Federal Reserve notes.
Boston
Total
Federal Reserve Agent at—
S
S
STATEMENT
Atlanta
S
$
t
$
%
188,556
9,170
143,076
4,738
172,878
10,848
101,763
9,833
376,651
970,324
179,386
138,338
162,030
91,930
334,005
178,000 1,010,000
316
1,148
189,632
146,000
174,000
102,000
471
428
22
262
403
389,000
2,240
206,471
199,148 1,010,316
190,060
146,022
174,262
102,403
391,240
334,842 1,011,396
107,664
29,830
331,905
458,523
203,729
17,244
25,338
10,988
305,012
903,732
314,661
433,185
192,741
176,705
4,550,132
Bank
actual circulation
San Fran.
Dallas
$
$
$
193,684 1,000,115
29,791
16,979
4,517,118
315,069
4,202,049
Issued to F. R. Bank by F. R. Agent
Louis Minneap. Kan. City
St.
Chicago
S
Cleveland Richmond
Phila.
New Yorl
S
$
Federal Reserve notes:.
Held by Federal Reserve
3,851
1,262
248
Three Ciphers (000) Omitted
Collateral held
754
453
FEDERAL RESERVE NOTE
In
83,233
12,808
4,809
3,422
1,522
661
8,074
811,889 1,025.912
914
16,956
3,121
14,323
1,007
1,259
22,826
4,323
5,616
52,566
4,854
54,927
12,861
48,955
12,239
13,362
59,226
All other liabilities
224,162
3,392
462,681
5,333
8,644
Capital paid In
•
314,661
28,769
591,267
132,196
145,854
27,490
35,940
Deferred availability Items...
223,406
280,018
347,171 2,982,927
7,292,760
Total deposits
219,049
100,416
8
139,470
Other deposits
98,634
125,131
112,568
139,671
Foreign bank
124,127
10
3,543
U. 8. Treasurer—General aocount.
99,910
55,623
135,748
84,642
6,928,977
Member bank reserve account
25,046
21
LIABILITIES
R. notes In actual circulation
1,634
1,895
63,516
247,691
10,055
13,849
3,033
12,436,200
Total resources
•
4,708
141,355
60,000
49,199
Fed. Res. notes of other banks
112,277
112
114
72
112
460
133
219,172
85
foreign banks
1,123
23
740,900
226
Total bills and securities....
523
1,292
3,173
53.385
83,974
2,041
5,904
210,233
330,691
market
Industrial advances
F
240
14,295
Total bills discounted
Bills bought In open
Due from
620
11,006
3,289
guaranteed.,
direct and(or) fully
341,000 1.020,000
717
8,291
335,000
459,500
206,000
1,449
577
341,717 1,028,291
336,449
460,077
42,646
by Agent as security
for notes Issued to banks:
Gold
hand and due
certificates on
from United States Treasury
16,324
20,000
Eligible paper
U. 8. Government securities
Government
United States
York
Stock
20,000
4,586,456
Total collateral
Securities^
on
Transactions at the New York
the New
Stock Exchange,
Daily, Weekly and Yearly
Exchange—See following page.
Stocks,
United States Treasury
Rates
quoted
are
Bills—Friday, June 11
Railroad A
State,
United
Total
Week Ended
Number of
Miscell.
Bond
Shares
Bonds
Municipal A
For'n Bonds
States
June 11 1937
Bonds
722,021
3,438,621
Thursday
584,780
597,990
624,240
567,150
Friday
Tuesday
Bid
532,688,000
Monday
for discount at purchase.
342,440
Bid
Asked
3 1937
Ailed
0.38%
0.38%
June
10 1937
0.35%
Nov.
June
23 1937
Nov. 10 1937
June
30 1937
0.35%
0.35%
0.35%
0.35%
Deo.
4 1937
0.35%
Dec. 22 1937
Aug. 11 1937
0.35%
Deo.
Aug. 18 1937
0.35%
Jan.
Aug. 26 1937
0.35%
Jan.
1 1937
8 1937
0.36%
0.36%
0.36%
Jan.
19 1938
Jan.
26 1938
Feb.
2 1938
0.36%
0.36%
0.37%
Feb.
9 1938
Feb.
16 1938
Feb.
23 1938
$4,393,000
849,000
155,000
6,101,000
1,178,000
1,265,000
652,000
7,963,000
356.000
7,487,000
1,309,000
949,000
297,000
7,317,000
367,000
7,448,000
$5,960,000
$2,061,000
$40,709,000
0.58%
9 1938
Total
0.38%
0.38%
0.43%
0.43%
0.46%
0.46%
0.46%
0.52%
0.54%
0.56%
0.56%
0.58%
0.58%
0.58%
0.58%
2 1938
Wednesday
Sales
$234,000
$410,000
$3,749,000
5,097,000
6,133,000
5,866,000
5,711,000
6,132,000
Saturday
0.58%
7 1937
July
14 1937
21 1937
28 1937
July
July
July
Aug.
Sept.
Sept.
Nov. 17 1937
Nov. 24 1937
0.35%
Sept. 22 1937
Sept. 29 1937
Oct.
0 1938
Deo.
8 1937
0.35%
Sept. 16 1937
—
1 1937
Deo.
15 1937
29 1937
5 1938
12 1938
13 1937
0.37%
Mar.
Oct.
20 1937
0.37%
Mar.
Oct.
27 1937
4,942,896
218,471,695
$2,061,000
$257,653,000
$138,200,000
32,088,000
$2,467,000
5,111,000
42,255,000
177,295,000
1,163,011,000
1,368,512,000
$40,709,000
$49,833,000
$1,597,959,000
$1,665,297,000
Bonds
Government
5.960,000
State and foreign
Railroad and industrial
Total
Stock
Quotations for United States Treasury Certificates
Indebtedness, &c.—Friday, June 11
of
represent one or more 32ds
are
and Bond Averages
listed
on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
of
Bonds
Stocks
point.
10
Int.
Int.
Maturity
Rate
Bid
98.23
Asled
98.25
15
1941...
IH%
iH%
1 X%
IX %
Mar. 15
1939...
IX %
100.19
100.21
IX %
IX %
IX%
99.27
99.29
Dec
16 1941...
Sept. 15 1939—.
Dec.
June
16
Mar. 15
1939...
1941...
June
16
1940
Deo.
15
1940...
,
Maturity
Mar. 15
1940—
Rate
IX %
100.7
100.9
Mar.
15
1942...
1X%
100 6
100.8
June
16
1939
23* %
2X%
2X%
2X%
99.9
100.5
99.30
9911
Sept. 15 1938—
1938—
June 16 1938
Feb.
1
1938—
100.7
Mar. 15
100
Sept. 15 1937...
Bid
158,585,000
daily closing averages of representative
the
stocks and bonds
as
Figures after decimal point
247,848,799
3,438,621
Stocks—No. of shares.
Below
a
1930
1937
1930
1937
Exchange
0.37%
Oct.
Jan. 1 to June 11
Week Ended June 11
Sales at
New York Stock
Asked
100.18
100.8
100.10
101.25
101.27
102.12
101.11
101.13
102.12
102.14
3%
101.30
102
3H%
100.29
100.31
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trious
100.20
102.10
10
30
Indus¬
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
June 11.
170.77
55.60
26.78
60.37
106.95
109.44
87.61
102.16
101.54
June 10.
172.82
56.83
27.18
61.28
107.10
109.34
87.93
102.19
101.64
June
9.
173.47
56.90
27.37
61.50
107.23
109.38
87.98
102.35
101.74
June
8.
174.33
57.00
27.62
61.78
107.09
109.16
88.13
102.48
101.72
June
7.
173.88
56.77
27.41
61.66
107.16
109.20
88.08
102.36
101.70'
June
5.
175.00
57.13
27.75
62.00
107.09
109.06
87.95
102.56
101.67
3956
June 12, 1937
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY
AND
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless
they are the only
is taken of such sales In computing the range for the year
No
transactions of the day.
account
United States Government Securities
Below
furnish
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32 ds of a point.
we
a
Treasury
8 June
9 June 10 June 11
116.2
[Close
116.2
115.31
116
116
115.28
115.27
116
9 June 10 June 11
8 June
7 June
5 June
Daily Record of U. S. Bond Prices June
115.30
116.2
.../Low
116
115.30
(High
4Ms. 1947 52
7 June
5 June
Daily Record of U. S. Bond Prices June
100.20
100.20
100.23
Treasury
2&s. 1948-51
100.18
100.23
Low
100.20
100.20
100.17
100.18
100.18
100.20
100.17
100.18
100.18
115.31
115.30
100.23
14
3
111
67
51
3
3
2
42
2
(High
106.20
106.19
106.19
106.15
106.17
106.14
99.28
99.30
99.28
99.27
99.25
99.26
/Low
106.20
99.28
99.26
99.25
99.23
99.23
99.24
99.28
99.29
99.27
99.25
99.23
99.24
2
7
22
49
12
9
(Hlgh
99.20
99.22
99.21
99.18
99.18
99.16
Total tales in $1,000 units...
116
106.19
106.15
106.15
106.14
106.13
106.20
106.19
106.19
106.15
106.14
106.13
Total gales in $1,000 units...
10
5
4
3
27
53
(High
111.22
111.20
111.19
111.21
111.15
111.19
Low
3M9. 1943-45
Close
2Hb. 1951-54
Low
Total sales in $1,000 units
111.19
111.18
111.19
111.18
111.15
111.19
/Low
99.20
99.20
99.17
99.15
99.15
99.14
Close
111.22
111.20
111.19
111.18
111.15
111.19
[Close
99.20
99.20
99.20
99.18
99.15
99.16
Total tales in $1,000 units...
8
3
1
30
1
1
Total sales in $1,000 units...
24
5
75
14
15
3
(High
109.29
109.25
109.28
97.27
97.29
97.28
97.27
97.25
97.27
•/Low
109.29
109.25
109.25
[Close
109.29
109.25
109.28
2
3
3
106.25
106.30
106.23
106.25
106.30
106.23
106.25
106.30
106.23
3
2
1
4s. 1944-54
3^8, 1946-60
Totai sates in $1,000 units...
(High
107
Low
107
Close
3H8. 1943-47
....
107
■
Total sales in $1,000 units...
8
102.26
102.27
102.27
102.23
102.27
102.22
102.20
102.20
102.27
102.25
102.23
102.23
2
3
30
28
(High
104.14
104.14
104.10
104.10
104.6
104.6
104.12
104.12
104.10
104.6
Close
104.12
104.14
104.10
104.10
10
13
50
4
(High
/Low
3HB, 1940-43
106.17
Low
106.16
Close
106.17
3«S, 1941-43
106.15
103
103.3
103
105.15
105.16
105.15
106.15
106.12
106.11
106.16
106.11
17
7
(High
104.27
104.26
104.26
104.25
102.19
102.16
102.14
102.19
102.17
102.16
102.14
102.12
102.19
102.16
102.14
102.13
10
2
10
Low
103.2
Low.
101.22
101.17
101.12
101.13
101.22
101.17 V;--*-
101.12
101.13
Home Owners'Loan
102.6
102.5
/Low
102.2
102.3
102.3
102.3
102.2
[Close
102.3
102.6
102.5
102.3
102.2
(High
3s, series A. 1944-52
Total sales in $1,000 units...
104.26
104.23
104.27
104.23
104.26
104.24
104.27
104.23
6
1
3
7
6
37
Total sales in $1,000 units...
104.15
104.20
104.19
/Low
Home Owners' Loan
104.20
104.19
104.19
104.16
5
100
2
(High
106.12
106.8
106.12
106.8
106.6
106.12
106.8
106.6
3^8, 1941
......./Low
[Close
Total sales in $1,000 units...
2
[High
106.16
Low
106.15
Close
106.6
100.16
100.14
100.11
100.13
100.10
100.11
100.10
100.15
100.16
100.14
100.11
6
18
6
95
Low
99.29
100
100
100
100
11
12
6
100
100
100
100.2
15
18
99.31
100
100
99.30
100
100
100.2
100
Close
3
1
106.3
Note—The
106.3
106.3
bonds.
1
4
106.16
106.13
106.10
106.10
106.12
106.13
106.12
106.10
106.9
106.16
106.13
106.12
106.10
106.10
2
9
10
1
4
28
(High
100.21
100.23
100.22
100.18
100.18
100.20
100.20
100.16
100.15
100.15
100.13
100.21
100.21
100.16
100.18
100.15
100.17
15
22
61
38
35
23
102.29
102.30
102.29
102.29
102.24
table
includes
only sales of
bonds were:
coupon
100.17
/Low
above
Transactions in registered
106.8
1
Total sales in $1,000 units..
[Close
Total sales in $1,000 units
.
High
2*48, 1945-47.
3
100.15
100.11
99.31
Total sales in $1,000 unto...
27
3Ms, 1944-46
2^8, 1955-60
9
2
High
2MB. 1942-44
104.16
104.20
1
11
100.15
100.8
100.9
•
104.16
11
100.15
100.9
(High
2Mb, series B, 1939 49../Low.
! Close
102
102.5
10
15
Home Owners' Loan
104.24
102.5
102.2
102.3
102.24
104.26
104,15
1
1
1
1
...
104.26
104.15
6
101.13
High
104.27
Close
103
101.12
104.27
Total sales in $1,000 units...
103
2
101.17
(High
3HS, 1949-52
102.31
29
101.22
Low.
Total salts in $1,000 units..
103
102.31
103
103
5
39
11
102.31
Close
1
104.27
1
103
103.2
Close
3^8, 1946-49
102.13
102.19
102.19
High
106.9
10
....
102.15
Total sales in $1,000 units
106.9
33
1
102.15
2H8, 1942-47
1C6.9
106.15
103
1
102.15
Federal Farm Mortgage
4
106.16
103
102.30
(High
105.16
106.16
102.30
5
/Low
Total sales in $1,000 units...
105.16
11
102.31
102.31
103.2
105.18
103
3
10
104.3
105.19
Total tales in $1,000 units...
102.30
103.3
Total sales in $1,000 units...
26
2
48
102.31
[Close
104.3
4
12
High
r
105.22
97.27
2
103
Federal Farm Mortgage
3s. 1942-47
105.18
105.20
[Close
Total sales in $1,000 units...
97.21
97.25
25
Low
Federal Farm Mortgage
3s, 1944 49...
8
105.18
105.22
97.25
97.26
54
vClose
104.4
104.6
97.24
97.25
17
103.3
Total sales in $1,000 units...
102.22
8
Low
•
Total sales in $1,000 units..
97.25
97.28
High
102.22
102.23
Total sales in $1,000 units...
3s. 1946-48
Federal Farm Mortgage
3Ms. 1944-64
102.20
102.26
102.23
97.27
19
Low
Total sales in $1,000 units...
(High
[Close
97.27
97.27
2^s, 1949-53-.
/Low
3s, 1951-55.
2Mb, 1956-59
2^s, 1955 60..100.13 to 100.14
Treas.
United States
102.29
102.30
102.25
102.23
102.24
102.30
102.27
102.27
102.24
Transactions
102.26
2
4
22
11
5
Treasury Certificates of Indebtedness,
page.
&c.—See previous page.
102.26
102.29
Treasury Bills—See previous
United States
102.27
Low
13
Total sales in $1,000 units...
Treas. 4s, 1944-1954..111.17 to 111.17 I 3
Treas. 3%s, 1941-43..106.12 to 106.121
106.9
Close
■
2
the
at
York
New
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
Sales
STOCKS
for
Saturday
June
5
$ per share
Monday
Tuesday
June
June
7
$ per share
8
$ per share
Wednesday
June
467«
*4534
47
*46
47
*46
*55
63
*55
63
*55
60
*73l2
76
1634
247g
3038
2i4
1634
2514
30%
7312
16i2
2212
*30
*2i8
71%
2%
72%
2V8
2Vfi
*82
*44
*4312
12%
3
4512
46
12l8
3
4512
*43i2
*55
60
75
7414
74I4
73
73
17
17
16i2
16i2
1612
1678
*23i2
30i4
218
24i2
23i2
30%
*2is
700
Adams Mlllls
30%
600
2i4
200
70%
2%
4,700
Address Multlgr Corp
io
Advanoe Rumely
No par
Air Reduction Inc new.iVo
par
Air Way El Appliance..No
*55
24%
*23
24
*23l2
24
307s
*30lS
307s
*30
3012
2i4
*2i8
2U
*2is
2i4
7134
70i2
71v8
73
7H4
27«
278
*95
2%
12
3'«
3
318
3
45%
44
44l2
44
43i8
431?
46
2%
*95
1238
1214
1218
♦41
12i8
314
*4U2
*41l2
*3618
43
*41
44
40
*36l4
40
*228
231
2334
23 78
732
%
17%
17%
*76
78
61l4
*26%
*5%
01%
*39
92l2
27l2
6i2
401s
19
2212
2278
227s
22%
%
*8
732
532
732
532
1734
177s
1778
18
79
62i8
27
5i4
401?
23
75
76
6118
*26i4
5I4
27
*39
62
514
401?
228
*75
6H8
*26U
*5i8
18
75
60%
*26l4
94
♦92
94
9178
64
92 7s
93
♦9034
9234
*91
2312
243s
2314
2314
*9034
*22%
64
63
63
*63
23
Bid and asked prices; no sales on this
day,
1734
78i2
62ifi
27
925fi
92%
9034
24
♦62
*224
514
40i2
9312
02
228
*39i2
9034
♦
278
-
-
-
234
*95l2
-
L
5l8
39
*9U2
*9034
22%
62
1,000
«.
-
•
1218
1134
11%
3%
4434
278
42i2
3
12,300
44
1,500
45
42
42
4438
42
42%
40
*3612
39
228
2378
5U
70
228
2311?
23
*39
71
3,700
23"2
355„
3412 35
341?
34i2
33%
33%
1041? *103
10412 *103
1041? *103
1041?
19
19
19
19
*18i2
18%
I8I4
*
228
*8
1712
♦7612
6H4
♦2534
218
*JS5s
10434
24
62
3
45
*41
*36]8
*34i2
35*8
4*95%
il2
44i2
46
30i4
701.4
278
46
401?,
*1858
Acme Steel Co
61
74
♦43
19
700
*57
*38
*18
Par
Abbott Laboratories. ..No par
Abraham dc Straus
No par
1634
4434
*3412
60
100
47
731?
40%
*103
Shares
*4614
Lowest
16%
*42
355s
$ per share
4634
4634
226
2281?
23
226
22
316
17
177S
75
3,100
*74l2
37%
Oct
Jan
21%
Jan
80% Jan
7
391?
92
91%
2
Mar
13
July
17% Sept
2%May 28
63s Feb 18
2% Apr
12% Jan
12% Jan
12% Jan
5% Nov
22%
Allied Chemical A Dye.No
par
No par
Allied Mills Co Ino
Corp
218
May 18
21%June
2
2
Jan 26
2581* Mar 9
33is Jan 16
9azMay 27
21% Mar 6
15
100
75
June
8
85
67
June
1
83i* Jan 22
3934 Jan 28
87s Mar 13
50
May 14
2534June 11
4%May 18
34i4
27
Jan
Apr
Oct
157
Jan
245
Aug
23
Aug
34
Nov
Mar
9
6'4
Jan
Jan
90
Jan
81
19'4 May
4
Oct
r
75
Jan
July
10
21i2May 14
Dec
69
413s Jan 16
75% Feb 4
30
60
Preferred
65
Jan
Cash sale,
x
Ex-div.
Apr
y
8
Ex-rights.
20% Nov
69
35%
49
5
Nov
Deo
31*4 Nov
Jan
Jan
60
111%
101% Jan 22
83
60% Nov
64% Nov
Feb
98
52% Mar 15
11478 Mar 11
90
01% Nov
40»8
5
par
Nov
20% July
May 18
No par
(Del)..No
103
2378 Apr 12
No par
com preferred..
New stock,
110
Feb 11
No par
preferred
American Bank Note
n
Apr 26
59s4 Feb 11
18%June 11
332June
Amerada Corp
Am Agrio Chem
50
103
Rights
6%
1,400
delivery,
l
Alpha Portland Cem_..iVo par
Amalgam Leath Cos Ino new 1
400
2234
Industries Inc
Allls-Chalmers Mfg
1,500
86% Nov
6% Apr
91
Allen
5%
Apr
5% Jan 25
Mar 11
200
600
58
Feb
100% Jan 22
15«4 Feb 25
97
5218 Feb 18
45% Mar 15
91%
90%
a Def.
35%
Jan
*1%
May 27
31%June 1
100
t In receivership,
17% June
22%
Jan
35
800
64
3
9
438 Jan 26
2H% prior conv pref.No par
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd._100
5%
*62
28% Feb
59
10,300
Nov
No par
Corp
Allied Stores
9%
36
58% Feb 17
300
63
74% Feb
16% Nov
June 11
26%
1
70
Apr
Apr
June 11
25%
9178
22%
Mar
42
2634
921?
42
59
42
9,300
5
6
42i2June 11
60%
*39
22i2June
2934May 14
2igJune
67i4May 18
234 Apr 29
8
loo
59
514
Jan
Mar
Mar
100
700
Highest
share $ per share
69
100
3,500
per
55
Feb 10
63% Jan
16
$
share
8412 Apr 20
223g Mar 11
4618 May 19
58
per
113g Apr 29
par
Ala A Vlcksburg rr Co..loo
Alaska Juneau Gold Mln___lo
Allegheny
%
Pref A without warr
_
61%
39
No par
No par
share
400
_
68,200
17%
Express..
ver
300
_
S32
77
Adams
..25
*
200
_
Year 1936
Lowest
Highest
Pre! A with $30 warr
Pref A with $40 warr
22%
%
Range for Previous
On Basis of 100-Share Lots
Weet
? per share
Range Since Jan. 1
STOCK
7312
*38
*3412
June 11
YORK
EXCHANGE
17
*95
12is
2%
the
7312
278
72
47
Friday
June 10
9
$ per share
*46
NEW
Thursday
If Called for redemption.
Nov
Deo
34% Nov
5%
Deo
39% Deo
125% Mar
89
Nov
6512
Apr
73
Nov
Volume
LOW
PRICES—PER
SALE
HIGH
AND
SHARE,
NOT PER
YORK
62
02 78
6212
*130*4 134
*130*4 134
*130i4 134
6278
June 11
Week
$ per share
Shares
oonv
pref
100
'4 Apr
Rights
97
97*2
96
97*8
9634
96%
97%
*155*2 157
156*2 156*2 *155% 157
*155*2 157
56
55
54%
54
5534
55%
5534
5534
87
8778
*85
8778
*87*2 89
87*2
8734
32
31%
31
30%
3158 32*2 z31
31%
97
97*2
97
97
*155*2 156*4
156
156
9058
*55
*85
32
89*4
32
90
*8778
55*4
55*4
57*4
3234
3258
145
145
*140
146
141
141
*99
102
102
102
*99
10678 *102
*25
35
*25
30
*25
35
17
17
16*8
*16
17
16*4
16*4
*23*4
23*8
23*8
*23*4
24
23
27*8
27*8
16*8
23*4
28*4
93
8*2
*27
*90
27*8
*92*2
93
*90
8*2
*11%
8*s
8*2
14*8
300
*175
21*4
7*2
7*2
*42*8
4334
£39%
*4212
*3*8
3*8
314
*22
23
*2178
13*4
4534
115
*109
*109*4
*20*8 20*2
20*4
9
9*8
9*8
50
50
49*2
*13*4
14*4
45*2
45*2
8*4
58*4
49
217s
*149*4
35*4
29*8
28
26%
26%
3,300
American Crystal
93
*88*2
*11%
14%
300
*11*4
*175
7%
734
7*4
7*2
49
49*2
49*2
49*2
49%
*20%
2134
2034
*20%
21%
42
*39
42
40
17
*16%
17%
16%
7*2
7*4
*7*4
4034
21%
*62*8
878
9034
90*2
*145
145
146*8
40
12
Apr
25
Apr
13
Jau
No par
18i2May 18
preferred..
No par
37
22*2
100
25*2
25*2
48
48*2
89
91*8
146*8
145
834
*8%
*25*4
2534
25%
50%
49
30
88%
8884
86%
90
145
150
Amer Power A
58
57*2
*125
132
*125
2,100
20,000
55
56
55*2
55*8
1I1>932 111,932
*1119,6 112
57
*55%
Apr
21
May
10
112
preferred
132
700
25
Snuff
100
Preferred
»
14",000
Amer Steel Foundrlea__No par
100
1 Preferred
540
18
17
44
44
22*4
21*2
21*2
168
7,500
78
77
7734
75*2
76*2
74*2
75
1,500
American
77*2
77*2
77*2
76
77%
75
76%
4,700
13434 13434
1334
14
134
1363g 1363g £134% 134%
14%
13%
14*4
135s
17
17%
17%
1758
13578 136
13*8
14
17
177s
18
9.5*2
94
9
♦88
94
9*8
9
*62*8
63*4
62*4
127g
12*8
*75
63
6138
62
60*2
12%
12%
1234
61
*61*4
13
12%
Am Type Founders Inc
1st
100
Amer Zinc Lead A Smelt
5,200
12%
*100
190
*100
190
*100
190
61
*55
61
*55
61
*55
61
""266
65,700
20*2
5312
84
2112
*105
110
55*8
54%
53%
5434
52%
84*8
22%
82%
55*8
8212
5334
*82*2
21*4
55*8
21
82%
82
2234
22
82*2
2234
82
22
22%
2234
*105
110
*105
110
*20*2
20*2
2034
21%
8
*734
8*2
*7%
*105
21*2
8*2
8
42
24*2
8
22
110
*105
*20%
23
*20%
8
94l2
110
*102
67*2
69*8
68*4
12*8
10*8
12*8
*12*4
10 >8
*10*4
*97
100
17
*105
Archer Daniels Mldl'd.No par
""266
7% preferred
100
Armour«feCo(Del)pf 7% gtdlOO
23,900
Armour of Illinois new
110
*105
105
106
1,200
100
105
6634
65*2
6634
65%
12*8
12*4
*1134
12*8
12
12%
11%
12
1,100
10*2
10%
10*2
10%
10%
10
10*4
*97
*97
100
17%
1734
17*8
17*8
*97
100
600
98
18
98
20
1634
100
17%
18%
17
4,200
*85
90
*85
90
*85
90
*85
90
*85
90
90
115
*100
115
*100
115
*100
115
*100
112
*100
112
51*2
51
51
52%
96
94
94
84*4
83
84
100
90
*100
*51
*94
51*2
5378
96
84
*94
84i2
83*8
•52%
52*2
""766
52%
14,000
18
17*2
17%
200
*1278
22*4
*12*2
15*8
22*4
*6
22
*32*2
20
*18
19
18
*2912
31
30
30
28*2
28*2
26%
26%
400
2934
30
29%
30*4
29*4
29*2
29
29%
4,600
109
*107*2 108% *107l2 109
10914 109*4 *108
15*4
15*4
15%
15%
15%
15*4
15*4
15*4
50*2
50*2
5034
5034
50*2
50%
5034
5034
200
12,700
73%
300
5*2
22
*6
*32*2
15%
*12%
22*o
22%
*71
74
117
117
5*8
,
73%
*117
1,300
40
121
12%
12*2
100
22*2
900
6
35
*6*4
35
6%
35
03g
5*2
57s
5%
6
5%
5%
5*4
5%
5%
5*2
6%
6%
6*4
*5%
100
638
35
*32%
30
5*2
4,800
95*2
96
*90
96
*90
93
93
*92
93
93%
*92
95*2
200
30%
31*4
30%
31%
2934
30%
12,900
35
35*4
35*2
35%
34
34
34%
34%
1,300
41
41
*41
42
*40*2 42
*102l2 10334 *102*2 10334 *10212 10334 *10212 10334 *102% 10334 *102*2 10334
30
31*2
31%
3134
3238
32%
31%
31 *>8
31*2
32l2
31*8 31*8
27
25%
25%
2584
26
26%
*26*4
26*4
26*2 26*2 *26*2 27
*37
*
*
38*4
38*4
38*4
38*4
38*4
38*s
38*8
38*s
38*8
300
36
36
3458
42
42
42
42
*40*2
100
42
600
200
•
"27*4
27*4
•
15
*147g
*112
114
*112
2634
1478
2778
15
114
2634
2634
26%
15
15
112
112
15%
*112
27
15%
114
2638
15%
*112
26%
15%
114
26
1,800
15%
15%
112
5,800
26%
23
23
23
*22%
22%
23
22*2
*22
22l2
23*2
23*2
*102% 103
*102*2 103
*102% 104
104*4 *102*2 104
104*4 *103
*41
*41
42%
*41
42%
42*4
*41
42*4
41*4
41*4
*40*4 41*4
114
*10634 110*2
*10634 112
109*2 109*2 *108
109
109
109
*108
12%
12*8
12%
*12*4
12%
12*4
12%
*123g
12*2
125g
1278
*12*2
*8534
*8534
*8534
*8638
*8534
*85*4
20
20%
20
20*8
20*4
20
20%
20*2
20*2 2034
20*8
20*8
21
21
21
20%
20%
20%
20%
2078
*2078
21
2078
2078
49
*48
49
49
48*2
48*2
48*2
48
48
48*2
50
*47
85*2
83*2
85*2
87
80*2
85% 87
8538
85*4 8034
85*4
87*8
1884
18%
*18*4
18%
18%
18%
18%
1878
1878
1878
1834
18*8
114
114
*112% 113
114
11334 114
114
114
*113
11334 11334
•
-
20
—
54
28
28*4
♦
*53
2878
55
29*4
*53
2878
55
*52
28%
Bid and asked prices; no sales on
29
55
54%
54%
29%
28
28
this day,
Mar 13
44
Jan 18
37
Mar 11
11012 Feb 6
18*2 Ma:
6
52i8 Mar 10
70
Jan
14
June
21% June
4
3034 Feb
2
205s June
9*2 Feb
6
May 25
1
6*8 June
32
May 19
5212 Mar 25
558May 18
9*4 Jan 12
29*2 June
3
Apr
538June
4
434June
4
IH4 Jan 29
9*2 Jan 30
100
82
3
120
Feb
5
88% Jan 21
205s Jan 4
33*8 Jan 4
120
Feb
5
100
100
60
100
38i2May 13
1003s May 11
45
10
preferred..
2958May 18
No par
Barker Brothers
6H% preferred.....
Barnsdall OH Co
Bayuk Cigars Inc
preferred
Creamery
$5 pref w w
Beech Creek RR Co
60
June
23%June
38
1
Feb 17
5
24%May 14
No par
100
25
14t4May 13
11134 Apr 19
22i8May 19
101*4 Jan 5
40*2 Jan 5
No par
...60
Feb
5
15%
Apr
47*4 Mar 17
21
Apr
Feb 11
39
Deo
llOig Fjb
43% Mar
Jan 21
42
114
Feb
700
200
28
28
1,500
6% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Def delivery, w New stock,
14*s Jan
16*4 June
May
110
28*4 Feb
9
18
Jan
8
100
Aug
43U Feb 19
35
Feb
112
Mar 30
15»4 Feb
2,000
2
10684 Mar
87
No par
24*8 Nov
13*4 Jan
Jan 21
Jan 16
Beth Steel new (Del)
9
32
Apr 29
21,500
8
3514 Feb 1
20*4 Jan 16
12
Beneficial Indus Loan ..No par
Best A Co
No par
2*2 July
2*8 July
29*2 Apr
33*4 July
40*2 Mar 17
84
600
Jan
Z112
9
105
1,300
205$ June
Sept
109
18*8 Jan
20
4,600
Apr
11
Apr
13*2 Apr
12%May 17
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref
Bendlx Aviation
6
54
a
3
29
Beech-Nut Packing Co
*52
t In receivership,
17%June 11
2658June 11
900
—
54
Jan
215s
Feb
200
'
tm
.No par
Barber Co Inc
Beatrloe
.-
Jan 26
Feb 18
9434May
48
Bangor A Aroostook
400
*2278
*103
Jan
90*4
104
Jan 13
Preferred
1st
59
9
106
97% Apr 30
Mar 11
Pref assented
120
112
7
5512 Mar 17
9334May 28
4
94
Baltimore A Ohio...
Conv 6%
4,400
Feb
9
133
Preferred
95
31*8
345s
Dec
98
Jan 28
Mar
6712 Feb 18
May 13
Assented
100
95
101
5
50% May 14
Del(The)new.3
J Baldwin Loco Works.No par
5*4
Apr
125
4958 Mar 24
15%June
Jan
8*s
12*8
June 11
2484 Mar
1
June
Jan
712
Jan
3
89%June
112
Feb
47*4
11334 Apr 26
Prior A
5%
31*2
*90
30*2
1538 Apr 28
Jan
Aug
104
95
98
May 21
Avla'n Corp of
4,700
9,400
30*2
*90
*89*4 100
16U Feb 27
17*8 Jan 21
2
Mar
May 13
No par
Automobile...No par
Austin Nichols
No par
638
6%
6*4
6
2
May 15
28
Auburn
6
Jan
70i2 Mar 13
50
*2134
5*4
*89*4 100
126
Jan
4% June
66*4
1
...No par
100
preferred
Preferred
1234
5*2
31*2
0%
Atlas Powder
23*2
5*8
100
4
107
1
*21%
6%
100
Feb
100
Corp
105*4
57%May 11
25
4% conv pref ser A
Atlas
*12*2
5*2
30*4
100
Preferred
Atlantic Refining
15%
6*2
6*s
*91
100
Atl G A W I SS Lines..No par
23
6%
*91
100
..100
Atlas Tack Corp
*33
6*2
35
75
121
5*8
5*8
5
35
*12*2
*72%
*117
6*8
6*8
6*8
6*2
*6
0*2
35
*32*8
15*>8
22%
0% 1st preferred
7% 2d preferred
Assoc Investment Co..No par
6
Mar
1384 Feb 27
100
1
111
99ia Mar
10
Preferred
Apr
May
2
lli2June
July
118
4
90
3
37
8
Feb 18
Jan
7
95
Associated Dry Goods
10*4 Feb 10
81*4 Jan
No par
Artloom Corp
June
40
4
2
107*4 Jan
Jan
May
9
15*i
121U Feb
Apr 26
44i*
50%
73
100
No par
Arnold Constable Corp
6
5% Jan
40
Atlantio Coast Line RR
99*2
121
No par
$0 conv pref
Preferred
Armstrong Cork Co
8
8
97
37*2 Jan 12
May 21
11634May
3% July
24% Jan 16
111
Feb 13
69% Jan
53*4
73
97
4
20%June
6% pref with warrants..100
52%
*116
6
105
Atoh Topeka A Santa Fe..l00
Preferred
100
5258
7234
Jan
130
99%
121
35
1,600
51%
7234
Jan
Feb 23
13,400
99*4
116*2 116*2 *116
Cap
99*2
94
5112
73
Anchor
8434
9938
*71*2
28
81
*91%
50*2
30
69*2 Mar 10
734 May 13
85*4
9938
29*8 30*2
108*8 108*8 *107*4 110
15*4
15*2
15*2
15*s
50*2 5034
50*2 50*2
May
4
94
51
30
24
8334
99l2
29*8
Jan
793g Feb 23
94
5034
30*2
44
44% Jan
94
99
29*2
62*4 Sept
Feb 23
84%
50*4
*28*2
92*4 Jan
7*8 Sept
Fob 23
83*4
99*4
*18
Feb
20
94
50*2
20
Apr
185
Jan 13
52%
99*4
*18
Jan
878 June
19*8
143s Jan 18
Jan 12
03s Jan
100
53*2
99*2
20
Mar
88*2 Mar
136
79
53
99
*18
Apr
87
Jan 28
29*a Jan 13
107
Jan
20*8 Mar
20*8 Feb
1
June
Apr
149*2
Jan
9978 Feb
8% May 18
5934May 18
94
Jan
500
4,100
66
99
Dec
48*4
257g Jan 25
187
Apr 10
300
65
68
24*2
129
150*2 Jan 26
74%May
74i8May
18
8
_
10*2
100
17
110
67
70*2
1234
11*4
*97
17
*106
Jan
128i4May 13
13i8 Apr 28
1034May 18
79
""360
41
42
40%
120*4
120*4 *119
*106% 108*2
109*2 £108% 108*2 *106*4 109
109*4 109*4 *10S
11%
11*4
1134
11%
1138
11%
1134
11*4
117S
11%
91
95
91*4
92%
92*2
£93% 93%
95*2
93*2
9412
107
Apr
3% Apr 14
Anaconda W A Cable..No par
300
23
110
42
*41'
42
42*2 *40*2 42
*118*2 122
*118*2 120*4 *118*2 120*4 *119
*108*2 110
11*2
1-1*4
Anaconda
No par
$6.50 conv preferred.No par
Andes Copper Mining
20
A P W Paper Co
No par
8
8
25
Copper Mining. .50
$5 prior pref
7,700
*41
*118*2 120
Jan
20*2
107*4
143»4 Jan 13
1
25
Preferred
190
53
100
133*8
'
*56
*81
Woolen
Preferred
1,000
,62
10
No par
No par
preferred
American
400
834
25
...100
Am Water Wks A Eleo.No par
12,400
93
12%
61
8%
*100
110
*93*8
8%
57
84
♦100
17*4
834
9
190
55*8
*7*4
17
*88
93
4,600
56
59*8
*40*4
14
25
Tobaoco
Preferred
Jan
5
Feb
3
23
28
18
18
100 Z124% June
Common class B
800
*100
190
*56*2
54*8
*20*4
■
134
13%
17%
17%
*88
93
167*4 169%
*8%
8%
123a
I2l2
*105
*88
93
8%
62*8
12*8
168*2 16834
Jan
67*i Mar
26*2 Jan 20
5678 Jan 11
16%June
43% May 14
21% Mar
77
Jan
104
115
7
2% Apr 26
160i8 Apr
*76
Jan
136*2
73U Jan 21
Jan 20
485sMay 14
Telep A Teleg Co... 100
167
Apr
148
109% Apr
Am Sumatra Tobaoco..No par
300
77
*9
20
23
*21%
•
100
Preferred
200
79
*88
*100
*21%
23*2
169% 170*4
No par
Sugar Refining
78
14*8
18
23
Amer
*76
136
14*8
*21%
16*2
1634
Amer
79*4
136
23
*21%
22*4
300
16%
17%
45
Stores
American
3,900
*42
167*2 168
166*2 167
77*2
77*2
79
*43*2
16*2
*41
43%
43*2
43*2
*125% 128
126*2 126*2 *125% 128
16*2
1738
45
125*2 125*2 *125*2 126*2
*125*2 126*2
,
17
17*2
45
18
66*4
Feb 20
10718 Apr
68*2 Jan 29
Jan 15
56%June 2
132
May 19
Rights
17
*43
Dec
25*8
58
138% Apr 14
105
Jan
23*4 July
31
3
Mar 19
29
79%May 13
100
1
Apr
105*4 Mar 11
154
Jan 28
Jan 23
41
Feb
18*4
157
22U Apr 27
Co.No par
Refg.No par
Feb
Feb
305s
Jan 21
170
Apr 16
30
American
200
43
45U Mar 11
Preferred
500
-
Jan
Feb
31%May 13
Amer Smelting A
24,700
-
7ig
2734June 10
Rolling Mill
Amer Shipbuilding
1,610
-
j35%
26
new.18.60
American
Amer Safety Razor
1,100
..
Dec
Feb 16
87i8 Jan 18
72i2 Jan 12
29ia Feb 3
20i8May 13
153
Apr
Apr
75
Mar 11
4334May 19
100
27
118
10i2 Jan 13
1
8%May 18
53
May 19
........
Apr
23*8
American Seating Co..No par
10" 100
5634
*55%
57*2
June
62
Light...No par
Preferred
145
*125*2 131*2 *125*2 131% *125*2 131%
56
5412
57%
56*2
57*2
56*4
55*4
5634
111'932 111% *1119,6 112
lll'%2 111,9« *1119,8 112
*127
132
£57
58
*565s
57*2
00
8
135s Jan 20
6884 Mar 10
129i2 Feb 1
2*s Sept
10*2 Sept
9% Apr
29*8 Mar
9
June
45%May 18
No par
No par
$6 preferred
No par
Am Rad A Stand San'y.No par
$0
700
49
*145
5
125
8i2June 10
0% conv preferred
100
Amer News N Y Corp..No par
10,500
25*2
49*2
90%
145
Feb
17*4 Mar
4
June 11
20
Amer Metal Co Ltd
2534
52%
5878 Feb
7
Jan
105
2,600
*25%
49%
4*4 Mar
27&S Feb
100
49
49*8
5034
4934
4934
119% *102% 119*2 *102% 119*2
63*2
62*2
*62%
62%
*623g
63*2
50*2
2534
Jan
13%May 14
119*2 *101
48
91*4
37
5
3
16
15
11
4
42
Amer Mach A Metals ..No par
8*2
523s Mar
American Locomotive..No par
1,500
*8%
4
Amer Internet Corp...No par
Amer Mach A Fdy Co.-No par
51
Oct
May
2,200
1,400
9
4%
31 *8
4,700
2034
834
9
11% Mar 13
6534 Mar 13
1334
500
Oct
2
6
45%
Preferred
Jan
2% Jan
17% Jan
No par
0% non-cum pref
400
Feb
21
Apr
42
l
Ice
Jan 22
0i2 Jan
37i2 Jan
l
60
Amerloan
May 20
16% Apr 28
10
6% conv pref
Amer Home Products
108
Oct
5
preferred
Amer Hawaiian S3 Co
13%
*20*8
Jan
38% Jan 22
58% Jan 22
Mar
45
105
Apr
175
4
Mar
68% Jan 18
Amer Hide A Heather
21
23*4
225
4
3*2
9*4
May 19
400
*23
2334 2334
25%
13%
13%
13*2
13%
13%
46
47
46
46
4678
110
110
*108
110
110*4 *108
20
20*4
*20*4
2034
2034
2034
£43%
1084 May 18
H2d preferred 0% cum...100
*56*2
13i2 Jan 28
17
Jan 18
45
1,100
8934
9914 Mar
4
Apr
89
2
9
$6
3*8
3%
20% July
16*4 Jan
No par
Co
2,300
7*4
Nov
7*2 July
3034 Mar 31
335s Jan 21
Jan
8%
No par
875g May
3
June
92
2d
43*8
*145
10
100
40
40
46
145
Jan 25
23&S Mar
0i2
29*4
700
3
44
3%
65
2534
*47*2
89%
48
29
Jan
1334
500
17
8*4
x59%
2534
2534
*47
27
Apr 26 xl06
June 11
2,100
41
7%
7%
40
2134
41
*16%
3%
4938
Sugar
Preferred
43%
*101
Nov
148
7
1,400
3%
50*4
Apr
111
Apr
3234June
Amer & For'n Power...No par
6,800
50
43*2
44
3*2
9
67
3058
226
500
9
119*2
7*2
7*4
*40
4034
4334
4334
3*4
23*4
133g
May
4
100
Amer Express
-
7*4
7
17
*40
9
4
162
Feb
8
7
2258 May 15
25*4May 13
Tiling new__l
Amer European Sees
m
49*2
40
*16*2
m m ^
m
300
*175
300
14%
*11*4
14%
*38
7*2
39*2
4334
3*4
23*4
14*2
46*4
113
2034
Jan
71
104*2 Feb
13%
Corp__20
0% 1st pref
Amer Enoaustlo
1,100
8%
8*2
834
30
*6258 65
8%
8*2
8%
8*2
8*2
834
834
8*2
834
56
59
*54
59
59
60
5734
5734
*5734
59*2
46
46
48
x49
47*4
507s
48*2 4834
47%
47%
49i2
21
21*2
21%
20%
21%
20%
22*8
21l2 22
2H2 22
160
*153
*153
160
*153
160
160
*149*4 160
*149*4 160
36
35*4
36%
35%
35%
35%
34%
3538 3578
35*4 36*8
28
29
28
£29
30
30
30
30
2734
29*8
29*8
63
63
Am Comm'l Alcohol
17
119*2 *110
*110
23%
1,300
*8%
174
Jan 25
98
141
Deo
2714 Apr
No par
(Alleg Co)__26
Co
10
23
42
41*2
*41
Amer Colortype
23
2034
'
Am Coal of N J
„
15%
93
110
'
*175
300
—
"Y.iioo
15
23%
8%
8*2
Chlole
American
200
'
m
9
7
Apr 20
May 28
115
100
6% pref
300
35
*25
49
20l2
16*2
17*2
8*2
14*8
300
16%
16
92
Preferred
11,300
102% 102%
35
8
49
*38
42
17*4
7*2
92
*175
20l2
2178
*39
28*2
93
American Car A Fdy ...No par
70*4
Apr
May
Jan
121
30% June 11
100
Preferred
300
1,300
140*2
*130
149
*25
*8*4
*11*2
49
49
35
28*4
734
7*8
7*4
758
49
*135
106% *102% 106%
23%
28*2
28
300
*175
149
*25
*92*2
14*8
*11*2
*139
100
Amer Chaln&CabCoInoNo par
3,900
26
40
124
li2Mar 31
7
95%May 18
152% Apr 12
60i2May 13
87
Apr 28
Can
Amerloan
$ per share S per share
share
160
Mar 25
125
per
80*4 Feb 18
Feb 18
57*4 Apr 28
Am Brake Shoe A Fdy.No par
1,700
64
64
64
63%
6334
65*2
*130-4 134
*130*4 134
*130% 134
$
$ per share
Par
Lowest
Highest
Lowest
June 10
$ per share
9
June
Year 1936
100-Share Lots
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
$ per share
$ per share
$ per share
63
*62
8
June
7
June
5
June
$ per share
Wednesday
Tuesday
Monday
Range 'or Previous
Ranot Since Jan. 1
STOCKS
Sales
CENT
NEW
Saturday
3957
New York Stock Record—Continued—Page 2
144
85
Feb
6
13
Dec
Mar 17
83
June
l9%May 14
30ia Feb 11
215s
Jan
203s Apr 29
23*4 Jan
62*4 Jan
20
Jan
48
Jan
48
June
7
73
Jan
4
183sJune
4
11334 June
7
x51%May 14
24%June
r Cash sale, x Ex-dlv. v
1
5
8
105i2 Mar 11
20
Jan 18
i29is Feb 16
69*4 Feb 10
38
Jan 21
Apr
16*8 Apr
107*2 July
45*4
23
Jan
28*4
Deo
Ex-rlghts. ? Called for redemption.
Deo
Deo
New York Stock Record—Continued—Page 3
3958
HIGH
AND
LOW
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
June
June
7
June
5
Tuesday
8
June
$ per share
| per share
$ per share
Wednesday
Thursday
9
Friday
STOCKS
the
June 10
June 11
$ per share
On Basis of 100-Share Lots
EXCHANGE
Week
I per share
{ per share
Shares
Lowest
Par
$ per
25
25
25
25
*2418
29
25is
29
2412
*2458
2412
29
2434
*2534
29
24i8
*2534
25
29
24i2
*245g
255S
*24
29
Bloomlngdale Brothers.No
par
28
*77
87
*76
85
*76
85
*76
85
*75
85
*75
85
Blumenthal A Co pre!
100
79
35l4
a;3078
3H2
4278
89
45
2378
4512
1H2
3038
4212
*86i2
*43l2
235g
4358
IH4
*134
16k
3H4
12,800
42l2
2,500
3484
43
42i2
42%
35
43U
343s
35
3434
86l2
*4212
23 78
4584
*1112
86k
*85l2
86i2
42
4234
*42
44
2384
24
23k
24
46i2
46
4612
*86k
46
12
*11 k
*2
in2
*2
2i4
173s
4534
»4484
*4114
3k
17l2
17i2
46
4734
4312
*46
4238
4212
3k
17
17
22i2
2314
67
6734
2978
3k
16i2
2978
♦44k
*1834
225s
67'4
2858
3514
4212
88
44
24
4614
Ilk
42
1H2
2i8
177s
45l2
4814
4238
3k
17
23
68
2934
*2884
4212
235s
4538
*44
47
1912
♦19
19k
2378
4638
*1112
47
47
87
44
115s
2i8
1734
46
46i2
4234
*2
17k
44U
17k
17i2
4638
*46
48U
*43
4312
45U
46i2
4284
334
358
*3k
*163s
*8612
*4312
2384
45
lll2
a:17
45
*46
18
2338
2278
2338
23
67
67
6758
6758
2878
70
1912
28
19k
27l2
47
*4538
19k
&
'
19U
"
9
878
*68k
87s
9
68
834
834
*55
*3384
2614
*7i8
*2514
343i
26k
734
*34
27
*25
2638
*7U
56
50
57
34k
2678
3434
2638
35k
35342634
3584
25
28k
15
*28
29
*28
37
37
37
37
37
51
*50
51
*50
37k
*4978
33s
51
35s
37k
51
14l2
3l2
1478
27
2634
2914
55i2
133s
27U
30i8
55i2
1312
2684
2978
*5584
133g
50
*44
45
3k
1434
14k
26i2
29k
33s
30i8
♦
*53
60
~13k
135S
*44
45
1478
1434
*50l4
1434
60
1338
13i2
44
44
*13U
50k
51
*44i8
*1314
14l8
50k
101
101
99
99
99
*981*4
*34U
35i2
34k
*32
*3412
35i2
8k
8l8
8k
171
173
123
8k
170
170
123
3412
*120
94
94
39k
114
*112
113
43
44
44
45
103
21
7634
114
4538
77
77
3334
*33
7k
*33
778
94
4038
77
33i2
753
103
21
21
15
*13
15
*13
1412
*13
*10
1078
*10
107s
*9k
10i2
*98k 105
68k
69
1634
1678
*98i4 105
6834
69k
1678
1634
*98k 105
68i8
69
1634
1634
63
*63
65
108
108
93i2
3978
*13
25
*17
22
*17k
24
*17
77
7834
278
7914
*77
79
58k
*93i2
59k
258
98
*92k'
1214
*1238
*15i2
*1634
*12k
17
*54
63
17i2
13
*63
758
39
434
378
1214
*24k
*56
57k
23S
212
6
6I4
5k
512
16
17U
1278
*54
16l2
712
38k
*100k
107
41
88
*85«4
93"
*90
*48
13
1978
103
5212
161
*58*2
1978
16
17
11134
19
1878
*8134
83
70
*65
70
88
*8638
93's
*90
162"
59
20
103
52l2
109
109
*30
40
*30
40
*30
*34
*1814
3534
19k
88
*85
*90l8
88
*18i4
21
*17
¥i"I2
21
103
52l2
52
103
5238
36k
♦
1,700
88
*85
500
17*4
600
1238
500
18k
*1812
21
*18
21
*18
21
117i2 118
118
118
14
218
120
67l4
106
14i8
214
54
55
15l2
36k
15i8
36i2
1514
15U
1514
36k
37
37
*52
1812
*18
5412
*102
66
106
1378
2i8
54
145s
3658
106
67k
106k
14
2k
54
1458
37
Bid and asked prices; no sales on this day
200
21
1878
2i4
100
2,500
18
21
14
1,600
5,300
51
33k
*18
67
50
a;33
33
40
*1812
3034
21
32l2
4314
43k
*42
1138
1134
11
1134
8512
84
84
*84
*7512
88
6H8
62
*103
66
106
1418
21S
X52
106
6612
106
800
43
*7512
6012
6% prior pref
100
ChampPap A Fib Co 6% pf 100
Common
No par
Cab
5
-
Chesapeake Corp
Chesapeake A Ohio
No par
25
series A
100
tChic A East 111 Ry Co
6% preferred
50
50
1,100
Preferred
100
100
100
Chiokasha Cotton Oil
10
Childs Co
No par
Copper Co
June
Corp
City Ice A Fuel
300
2,700
800
June
77
Apr
678 Jan
8
Apr 29
2
Jan
4kJune
2k Feb 16
5kJune 11
SkMay 18
16
1534May
12k Apr 12
Sept
9k
Deo
Deo
Jan 14
35
Apr
57
Feb
6k Apr
97k May
12
Nov
47k
Feb 10
Feb
Jan
8k June
67k Sept
Mar
Aug
48
22k
Jan
90k Mar
59
Jan
6878 Mar
61
Jan
Feb 13
100
74
Oct
Nov
19k Mar
72k Dec
111
38k
69k
100
Deo
Deo
Apr
Nov
77k Nov
Mar 11
4k Mar 16
lk May
4
Mar
18k Mar
Jan
Jan
8k
Dec
Apr
2k
Feb
14k
Dec
4
Jan
6
12kMay 19
32
3k
2k
lk
13k Mar 17
*
108k
May
12
Jan
Jan 20
25k May
3k Mar 18
7k Mar 17
6k Mar
Apr
2k Apr
2k Apr
4k
19k Feb 17
0k May
12k
Oct
12k Apr
40k May
24k
65k
Deo
33
Feb
70k Jan 25
33k Nov
lk
2k
Feb
5k
Feb
Feb
Deo
Feb
3k Mar 17
lk
10k Feb 19
3k
3k
Apr
Apr
Apr
8
Jan
8
8
July
19k
Jan
32k
17k Sept
8k Mar
22 k
Jan 29
Oct
3
7
Jan
30k
14k
Deo
Mar 11
25
Jan
61
Dec
157»Mar
80
3
135k Feb 11
138k Nov
85k
15k
Jan
23
92
Feb 18
72k
Jan
89k Nov
100
60
70
Feb 23
45
5
Clev El Ilium Co pref.
Clev Graph Bronze Co
7
Apr 28
32k Apr 7
98 May 21
No par
105
(Thej.l
35
_
Special
50
Cluett Peabody A Co. _No par
Preferred
100
Coca-Cola Co (The)
No par
Class A
No par
Colgate-Palmolive-Peet No par
preferred
Feb 16
Mar 19
Jan
Jan
Jan
21k Feb 18
Mar
50
Nov
Nov
10k Mar
1
4*4
40kMay
103k Apr
8
23k
Jan
46 k Mar
5
90
Feb
98
Oct
113
7
107k
Jan
111k
Deo
July
47k
Oct
Jan
Jan
13k Nov
5
44k Apr 22
86
Apr 23
47k Mar 31
82
Feb
50k Feb 26
48
Mar
51
48
Apr
77k
124
Jan
129
Jan
134
Nov
58
Nov
90
Jan 14
78
Jan
2
126
Jan
4
98k Feb 11
13278June 3
6
170k Apr
122k Jan
67
Jan
6
19k Feb 11
59
June
33
2
84
9
55k
25k Mar 19
13
Jan
100
100
102
June
1
No par
50
June
1
104k Jan 6
02k Feb 13
100
108
June 10
No par
26
Jan 18
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
33
May 18
18
June
45
Apr 12
51k Feb 10
27k Mar 5
90
Deo
Oct
Deo
July
June
21k
Deo
Aug
39k Apr
100k
Feb
112k Mar 11
Collins A Aikman
5% conv preferred
4%
1st preferred
Columbian Carbon
100
v 10
Col Plct Corp v t 0
100
No par
No par
preferred
Commercial
100
Credit
10
4k% conv pref...
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Solvents..No par
7
18i2June
9
21k Apr
May
3034June
38i2May
28
111
11
18
11
18
June 11
83kJune 9
8934 May 15
5634 Apr 8
100
No par
3714
900
Congoleum-Nairn Inc..No par
13k Apr 28
3534June
1
13kJune
2
Ex-dlv.
1
May 19
y
00k Nov
Jan
30
Oct
28k Sept
48
Deo
1ST
36k
Feb
8k
19k
Dec
Jan
37k Mar
16
Jan
1
94
Jan
39k Jan 20
46k Jan 20
20k Jan 14
31
May
z45k
Jan
39k Dec
51k
Jan
14
Jan
30
23k July
Jan
8
90k
Jan
108k
101
Jan 14
80k
Jan
103
44
Jan
69k Jan
8
Jan 12
80k Jan 26
Jan 26
100k July
55
Jan
97
Jan
21k Jan 21
14k June
Jan 13
Apr
Apr
7
July
30k Aug
4k
75k Jan 13
19k Feb 11
45k Mar 11
2k
59k
Mar
130k Aug
108
114
4784May 20
*
Jan 25
120
No par
r Cash sale.
Jan 14
29
Mar 15
No par
n New stock
30
125k Apr
63k Apr 28
1037gMay 19
J6 preferred series
Def. delivery,
86
27k Jan 14
June
Commonw'lth A Sou
a
Deo
3712
19
1
3k Jan 2
Ilk Jan 6
21
Apr 28
54kJune 11
Conde Nast Pub Inc
*365g
Jan
Deo
39k
Jan
101
4
400
373s
32k
6k Nov
63kJune10
4
24i2May 13
3
86k Mar 10
2kMay 14
2kMay 14
12
Apr 28
25k
23k Feb 10
7
15
*3658
115
2
June
7,400
26,100
1,200
{ in receivers nip,
May
14k Mar
547gMaly 18
91
53
1512
54
32
1378
*14i4
Apr
111
53
*14
19
9
14l8
214
2l4
Nov
110
8
Apr 29
52
218
*91
64k
82k June 11
Equipment
No par
C C C A St Louis Ry Co pf 100
5%
65
Jan
21k May
Dec
100
Preferred-
6% preferred series A...100
103
July
107k Jan 26
35k Jan 4
167gMay 21
46k Jan 22
6 zl06kMay 13
No par
18k June 11
Chrysler
6%
60
108
25
500
"2" 100
Feb
June
143
82k Jan 7
39k Jan 12
12k Jan 28
May 18
May 13
14kMay 18
100
12.75 conv pref
No par
Columbia Gas A Eleo..No par
65
14
Preferred
Preferred
21,300
103
10612 10612
18
100
4% 2d preferred...
"""766
88
6034
31
100
{Chicago Great Western..100
Colonial Beacon Oil
~1~7O6
9k
186
106
5
Clev A Pitts RR Co 7% gtd.50
103
18
1
May
.1
Clark
500
Oot
Deo
24k Jan 11
l",406
700
Nov
103k
Jan
9
41k Jan 15
2,600
"""220
53
Feb
Jan
48k Mar
36k Jan 13
73«4May 18
18k
6k May
92k
116
June
3
City Investing Co
City Stores
"
50
33
*18k
106
190
*102
22
1934
*100
lMOO
1,900
88
34i8
115
2
Chile
8258
34
Feb
41kMay 20
6
June
7% preferred
100
6% preferred
100
Chicago Yellow Cab..-No par
16k
*18
100
6
6
10
{Chic Rock Isl A Pacific...100
300
21
85k Jan
26k Jan
106k Jan
12kMay 14
Chicago Pneumat Tool.No par
Conv preferred
No par
5k
35
Mar 24
08k Nov
2
Central RR of New Jersey. 100
Central Vloleta Sugar Co...19
500
6
40
35kJune
7kMay 14
100k Apr 28
1,200
238
10812 108i2
52k Jan
5% preferred
100
Central Aguirre Assoc. -No par
Central Foundry Co
1
Central 111 Lt 4H% pref.-lOO
800
j,
34
21
No par
1,500
*10
*17
Celotex Co
258g
90
*30
Caterpillar Traotor
No par
Celanese Corp of Amer.No par
7% preferred
100
{Chicago A North WesternlOO
51
40
170i2 Feb 9
129k Jan 22
37
9k Apr 20
4
900
103
*30
6
138
116
1,800
3,100
51
IO8I4
Jan
Jan
7
1
100
100
-
12i8
*102
108
4
1,200
*30
*17
67i2
200
*48
~9~2~k
June
2ig
4k
334
70
Jan
Feb
Jan *100
91
34
{Chio Ind A Louisv pref..-100
Chicago Mall Order Co
6
{Chic Mil St P A Pao.-No par
40
53
*15
"""266
258
10714 110k
185S
1878
*65
87
Feb
106
Preferred
3
3334
20k
*18
2's
14,400
109
18
105i2 105k
80
"2", 500
109
34l2
1334
*901S
220
6,100
63
82i2
8
102
1
Preferred certificates
16
2
5
Carriers A General Corp
Case (J I) Co
16k Nov
Jan 18
6
Jan
5
Jan
10k Jan
Apr
12k May
45*4 Jan
Feb
60
77k
109
18
3334
*102
116k 11634 *116^2 117k *11612 119
*11634 11884
33
33
33
33
33
33i8 33U
33k
*42
44
*42
*42
4314
4314
*42i2 43k
12
1178
1178
1134
1134
1178
1112
II84
*84
*84
8534
85i2
8412
84i2
8312 8312
7934
*75k
*75l2 8934 »7512
8934 *7512 88
63
62
63i2
62i4
6212
62i2
62k *62
53
*85
*48
*48
34
120
1214
*54
6
9
18k Mar 11
99
103
5814
91k
131
132
*131
13478 *131
13478 *131
13478
161
16H2 16212 164
zl62l2 164
161k 16H2
59
59
59
59
58
*58l4
*5672
*5612
20
20
1978
20k
20k
1958
197g
1978
52
*67
187S
23g
55g
*5i8
*1534
17U
17k Mar
01k Jan
8
60
100
100
9434
55
June
1334June 10
98kJune
Checker
75g
7l8
734
712
*714
7i2
38
3812 39
3812 3834
37i2
*100i2
*100i2
*10012
107
107 ~
106
106i2 107 "
10712
*40
4134
*39i2 42
3912
41l2
92"
*48
*101l2 103
*102
6
8312
109
120
24l2
57k
10
44
Jan 14
Stamped
Carpenter Steel Co
Preferred
700
12 lg
1
Cerro de Pasco Copper-No par
~l"500
218
4I2
334
lli2
24i4
54U
26
No par
Capital Admin olass A
Preferred A
1
Certain-Teed Products
8
8
*2l4
Canadian Pacific
Cannon Mills
3,000
22
*258
5
2,400
12k
187s
*64
7712
5714
*93
212
li.034 11234
15
1034
25l2
110
17
*17
Canada Dry Ginger Ale
Canada South 11 y Co
Century Ribbon Mills—No par
40
800
12
83
42
230
800
*83g
19
107"
43i2
25i2
8378
42
4134
500
97g
123g
113l2
712
39i8
2,700
31,600
2512
2]8
458
37g
63
107
107
52
5812
*54
38
40
*9i2
1038
*9814 105
*1684
*12i4
*100k
200
*112
*13
22
-
Nov
Carolina Clinch A Ohio Ry.100
50
337g
15
13
712
734
39
140
5034
100
11
63
110
*105
45I4
*54
*109
68
68k
*105i2 106
14k
1334
214
2i8
115
*12l2
70
11,700
1338
*11314 120
92
93i8
9212
4038
3858
3978
19
13478 *132
59
1334
5034
8334
70
13
133s
*514
*15i2
6
3
Apr
Deo
*238
578
238
6
Deo
Jan
Aug
534
16i2
23s
*5U
•1534
48k
k
6k Feb 25
60
*98i4 105
68i2
6778
6612
67ig
*1534
163s
15i2
15l8
60
60
60i2 61
IO8I4 IO8I4 *10812 110
61
62 k
6284 63k
*56
30k
50k Mar 31
4
Jan
1714
1234
1234
*48
160k 161
57k
2
Deo
Dec
Oct
54
600
410
Mar 22
2k Jan
33k
61
2,600
334
12ig
24l2
Apr 29
50
.1
Apr
Apr
100
63
17
17U
63
*63
734
*56
378
1214
2478
37
50
22
30
8
*83g
25i2
2i8
No par
Paoking
preferred
2
56
*54
16
*63
39
2478
2558
2i8
434
California
Callahan Zinc-Lead
5
Jan
29k
88k
56
534
16i2
1714
1234
112
42
5214
4k
378
13i8
25
578
106
103
218
614
42
1934
2i4
2k
106
*58
*2k
4k
378
112i8 1137s
19
1878
8334
8384
*100k
*131
*83S
25k
70
8334
*85
1034
2534
19i8
8378
11338 11438
*90
*9
2558
No par
0k Mar
16k Apr
54k June
Jan 11
60
166
*25s
8i2
*2i4
123s
48k Feb
Byron Jackson Co
91
40k
8
9
34k Mar
100
30k
3
258
12k
10l2
27
No par
Preferred
16k Nov
33k Nov
Jan
3
8
9k Feb 25
33«4Mai 9
Apr
9484
314
8k
25g
*2i4
4k Apr 28
2078May 14
673sMay 27
6
79
93s
5
1
2
Mar
33k Deo
31k Nov
10k
*76i2
58 I4
2U
6
Oct
9
2k Jan
8k Jan
14k Apr
13k Deo
29k Dec
2k Jan
30
*9212
2k
12k
Jan
28«4May 14
34k
20k Jan 12
166
*9i2
7
13k
30
Deo
25
37k Feb 13
38k Mar 19
8
4434
76i2
3
Jan
10
5% conv preferredButte Copper A Zinc
Byers Co (A M)
5%
"7\606
45k Feb
18k Mar
36k Mar
24k
Butler Broe__
Deo
35k
Apr 29
9584
*5i2
600
33s
1438
1
59k
Apr
Apr
12
59
*6
700
Feb
Mar
14
Jan
2534June 11
25kMay 13
55 May
7
12k Apr 29
7914
*2i2
28
39
115k Sept
Apr
Campbell W A C Fdy_.No par
79
*9
258
6k
578
28
110
9
Jan
8k
Ilk
20k
Calumet A Hecla Cons Cop. .5
58i4
56
700
June
4i8June
15
85
7,000
*92i2
9k
56
22k
6812
9
2
45k Jan 18
35k Feb 9
11®4 Jan 29
Deo
Deo
Sept
15k May
2,600
17,600
97
334
*12i2
22l2
68i2
7
65kMar
50k Apr 9
31
May 13
2 5k June
100
tBush Term Bldg gu pf ctfslOO
143g Jan 11
22k
21k
115
30
58k
12k
934
2,600
Debentures
8k May 13
May 14
Apr 28
107k Sept
9k Jan
27
58
2534
2i8
412
4
1314
25i2
53g
Burroughs Add Mach_.No par
JBush Terminal
No par
117k Mar 12
2534
29i8
*9212
2i2
*838
2584
2k
4k
37s
*1212
23k
514
No par
preferred
June 10
14l2
5834
*2k
*12i8
700
104
3078
97
3k
*3
290
1,700
100
2684
*17
*9
*2l2
*1878
22
95s
214
1238
1034
2578
238
57l2
*512
64
3i8
»5612
*6
,
60
*3
25
No par
170
*13
15
11
*9l2
*9814 105
69
69l2
16k
1678
IO8I4 IO8I4
5914
6234
434
Bullard Co
8
7734
59
4
No par
14
33
57k
1212
25k
Feb 15
Bulova Watch.
28
784
57
4
Jan
13
2,900
33
110
I2I4
98
8
78
7612 *75i2
33
33
32i4
32k
734
784
778
75s
784
*10134 103i2 *10134 103i2 *10134 103
21
21
2114 2114
213s 2H2
*76i2
57
2512
*2i8
*4i2
71
3,500
110
214
1238
*838
100
No par
7%
*32
46
24k Jan 11
25k Feb 3
Budd Wheel
44~12
45k
Sept
8k May
8k Jan
14
34
3984
7
7% preferred new
Budd (E G) Mfg
*32
93
65
3l8
Bruns-Balke-Collender.No par
Buoyrus-Erie Co
6
100
115
110
*9
Jan
*9884
94
*62
*17
65k
200
4078
115
♦108
57k
45
170
63
57l2
Oct
Jan
1,000
8k
174
Oct
50
3,400
1,500
2,800
17,000
2,400
12234 *11314 120
115
4618
103
21
*8
173
114
7k
10214 IO2I4
21
174
12234 *115
93k
3978
4038
♦112
8l8
17034
12284 *115
106
45k Mar 30
17kMay 11
1578May 14
*97k 100
987s 9878
34l2
Feb
67
14
*
100
100
51k Mar
68k Sept
Jan
97k
44k May
45
1384
Dec
40k
2
Jan 14
29l2
3i4
33
Apr
52«4
29 k
338
50k July
12k Mar
Jan
27i2June 10
*4418
1334
14
51
51
*
101
*9714
3U
1412
69
Jan
No par
51
39
Dec
4k
Jan 12
53
102k Jan
l"806
37
*50
*37*2
*4978
33s
27
14
2934
5i2
2214
69
2884
Apr
47
38k Jan 14
4
4
6,800
5i2
29
14
43k
41
No par
"
19
29
27
21
538
*1638
2712
1378
29k
2938
♦101
26
June
65'4June
Feb
64k Mar
Brown Shoe Co
30
884
29
14k
734
35i2
21
1
Jan
6k Not
18k
Brooklyn I olon Gas
1,800
7178
8i2
5534
3534
26l4
22i2
6878
26k
28k
77
8i2
5534
2238
*6812
1478
33i2
858
*67
No par
June
Ilk
lk July
yl2k July
700
1858
1612
69
137s
734
884
7478
8k
5784
36k
265s
512
19i2
Preferred
Bklyn Manh Transit---No par
$6 preferred series A-No par
Apr 28
100
105
2214
45
33
105
300
48
69
*44
*76l8
2778
*4558
1858
16k
2214
14
.2738
2814
94
163s
12,300
1,500
2,000
5
32k Aug
Apr
Jan 13
1712
23i2
7H2
2778
70
2778
15
4038
8
No par
Co
8
June
15
Brooklyn A Queens Tr.No par
55s
*1434
94
3kMay 18
16i2June 7
334
5l2
51
40
Jan 23
500
5i2
39
8is
47
Brlggs A Stratton
Bristol-Myers
2
Apr
Nov
47
Jan
0
59k Feb 11
53k Feb 13
Apr 22
300
200
69k
358
41
41
46
1378
*29k
53s
2214
*6812
♦37
51
27
44l2
*70
May 27
15k Mar 23
4k Jan 11
23k Feb 23
437s Mar 30
8,800
9,400
100
Deo
63k Mat
100k
June
25k
Oct
37k
47
tBotany Cons Mills olass A.50
Bridgeport Brass Co ...No par
Briggs Manufacturing.iVo par
42
2934
*4978
60
17k
19i2
28i4
Corp
Jan 18
28
23i2June 1
387« Apr 28
8k Jan 28
Boston A Maine
*4H4
*3k
*1714
22i2
*2912
7338
2878
1412
5's
4k
20
5
16 84
14
2278
*5014
4k
738
2678
15
5
Apr
40k D©0
80k June
39
ov
120
16k
Jan 22
93
Deo
38k
18k May
77k July
46k Apr 13
400
2
2934
»22i2
»69i8
2834
►
7
4078 Apr 8
86k Mar 22
41«8 Mar 12
4934 Mar 3
48k Feb 13
200
1U2
1378
5k
1334
2634
3038Junell
24k
14k July
297g Mar 10
32k Jan 7
June
Highest
share $ per share
per
94k Jan 16
No par
Borg-Warner
share
3
No par
Class B
8,900
Apr 28
per
5
Bohn Aluminum A Brass
Bon Ami class A
45
$
5
Borden Co (The)
2934
5k
534
*53
55
45k
1878
22
Lowest
Highest
share
Feb 26
Boeing Airplane Co
7,900
28k
558
27
8i2
5684
35k
26k
No par
2378
29k
14i8
14
29k
28U
834
*68 k
8i2
70
29k
534
2258
29k
14
2934
312
878
7434
83S
834
100
Blaw-Knox Co
46
104
884
*6814
75
26
♦29i2
1384
9
8i2
104
89
225s
29
29
884
*6814
878
55
55
56
9
7478
45k
1878
I6I4
5,300
44
44
47
4234
358
18
2338
70i2
2778
2212
16k
1678
1634
*16k
1612
1678
163s
16k
*104
108
107
*104
*104
108
107
*104
♦67
17k
4534
*4U2
3s8
*1714
358
♦17
19
42 I2
4212
86
44
2878
*453s
3438
Range for Previous
Year 1936
Range Since Jan. 1
YORK STOCK
NEW
for
Monday
Saturday
June 12, 1937
Oot
Aug
84k Sipt
128
Nov
91k Nov
136
24k
6k
Nov
Feb
Feb
82
Feb
15k
Deo
44k
Jan
Ex-righrs.l} If Called for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
I per share
*12
14l2
*12%
*
*8734
*87%
33s
12i2
35
*12l2
*12%
45%
8734
*87
90
3*4
3*4
1234
♦12%
1234
3478
103*2
10*2
1584
87*2
33s
3*4
12%
3434
*125s
34*2
3l2
1258
3514
10334 10384
103
*534
5a
10%
43
2834
23
3
3
278
23
23
3
*88
90
88
54
53
2H4
*20
36%
36
3634
2%
2%
2%
44i2
28i2
44%
2778
4434
2778
32
32
32
*20%
40%
1934
63
*8
*7234
*49
55
*49
55
*49
78
78
79
79
79*2
♦13
15
2034
*1314
20%
15
*2014
*13*4
20*2
20*2
104
135
578
187g
20%
29
20
44%
1~33~%
29
285s
20
44%
*19i2
63*4
332
2018
*45
40%
112
60%
61
29%
*36*8
17*2
36%
*17*2
29%
36%
18
213g
21*2
2U2
11%
*50
55
81
*14
19%
19
19*4
43*4
43%
41
17%
18*4
1734
6%
6%
6*4
16
*22
*58
60%
*83
29%
175s
2134
2H4
21*4
21%
85
85
85
85
85
*1934
21
*1934
21
20
20
zl934
1934
1734
*36i8
37
*36
37
*36*8
*37*4
4034
*9%
38*4
*37*4
*3734
41
41*2
40
38*4
41%
58ig
*43%
59*2
49*2
*45
49*2
*45%
27
27*8
*26%
2784
27
34
*84
7g
2%
5*4
15%
115
156
1934
36%
*3734
40%
9%
37
39
37
38*4
*36%
*3714
17%
21%
*4314
♦27
28
34
*17g
7g
218
*2
*4%
5U
*4*2
*34
*9*2
10
2*8
5*4
60*2
*2
*434
15
*14*2
15*8
14*2
*112%
*112*8 115
*112*8 115
154*2
156*8 1 5734
157*2 158
14*2
*131% 133
113
113
*11*4
12
*167l2 169
*131*2 1325s
*113
155
150
150
34
34
33*2
335„
13
13*4
13*8
133s
40
3934
10*2
403g
107g
107g
132% 132%
11334 rll3
11*8
11*8
168*2 169
*150
9*2
10
58%
*11*4
113
11%
169
170
150
150
3334
12%
58%
9*2
58*2
*4634
60
49*2
27
27
14
*1%
2
*4*2
*14%
*4*2
♦14%
15%
115
115
155
157
17
1634
17*8
69
69
69
70
64
66*2
66%
66*2
67
3634
36*2
36*2
*1
*3*2
*3%
4*4
25
25
25
58*4
*56
*10834 109
*8
8*2
is8
37
*36
4
3%
25
2434
56
*36
1*4
1
56
24%
*55%
5%
*17
7058
5%
17%
*1734
18*2
*25
26
2434
25%
18*2
18
18%
1838
*7534
9%
*7534
934
2318
934
23*8
*23%
*3%
*3*2
334
37g
2414
24%
3%
2234
57
67*4
5534
334
....
9%
24
3%
3*2
24%
5534
*19*2
52*8
1978
*88l2
52
90
*51l2
*125
135
*99
19%
*88%
*126
102
*7*4
77g
*7
7*2
*3*4
*3312
3%
35
100
*93
37*2
37
*
52
19%
90
136
*98% 102
7*s
,
.
7%
7
7
534
17%
25%
18%
24
*88%
*120
*76
8
2434
*3%
3%
23%
56%
*7%
7
3%
95
95
*94
37
37%
3734
50
140
*19%
*88%
*120
-
8%
25%
3%
3%
23%
57
16%
1%
3%
106
106
8%
300
*5%
5%
17
16
1,700
1,300
2,100
7
13g Jan
5
100
>4 Jan 12
2
Apr 28
1
4%May 18
100
JDuluth S S A Atlantio
Preferred
No par
Silk
100
Preferred
Du P de
Nemours(EI)A Co.20
100
6% non-voting deb
Eastman Kodak (N
No par
No par
15H preferred
$6 preferred
600
1,200
60
Corp
preferred
100
Engineers Public Serv
1
$5 conv preferred
No par
5%
Equitable Office Bldg_.No par
Erie
100
First
100
....100
60
Vacuum Cleaner
6
preferred
2"666
100
Fajardo Sug Co of Pr Rico.20
95
95
38
preferred
5
300
Exchange Buffet Corp.No par
220
Fairbanks Co
350
Preferred
200
30
26
100
7%
33g
34
*94% 100
37%
37%
a Def.
Feb
136%
De®
116
De°
31%June 11
Apr
185
Aug
152
July
166
Mar
47% Nov
5
Dec
7»4
Feb
6%
Jan
25%
Deo
5*4
16
Feb 23
6
26% Jan 14
7% Feb
1
17%
Feb
62
May 18
92% Jan
7
32*4
Jan
94%
Dec
59
May 18
87
8
29%
Dec
44% Jan 16
Jin
Dec
87%
393ft
%
Jan
1%
Feb
1% Jan
22*4 Nov
6%
Deo
June 11
Jan
2
2
Jan 19
3%May 28
8
Jan 18
June
21% Apr 28
55%
Jan 14
105%June 10
29
Jan 18
60
Feb 11
115% Jan 19
17«4 Jan 16
56%
Jan
29% Dec
53% July
69
Feb
Aug
116
July
110
16%
Deo
45%
Jan
Jan
Feb 19
48
Jan
89% June
72%May 13
86% Feb 10
55
Jan
97
5%June
7
13% Jan
8% May 18
59
May 19
66 May 14
24
18
78% Jan 30
81
Apr
Apr
10%
11
35% Mar 17
16
Apr
34%
Oot
7
28% Mar 17
June
80
Jan 14
14% Jan 21
34% Mar 3
6«4 Jan 21
3% Apr 29
2084 Apr 2
28
734June
8
53ft Jan 28
Jan 28
49%May 18
71% Jan 15
Mar 31
210% Jan 14
June
9
70
103
94% Apr
129
9
Apr 28
5% Jan
3%June
100
Federated Dept Stores. No par
4
7
32%May 15
100
93
June
50
36
May 12
9
Jan 11
29% Jan 18
88%May 25
66% Jan 27
Oash sale. * Ex div
Oct
June
934 Jan 15
23% Mar 17
23%June 5
33gMay 13
50
84*4
4
*7538May 27
160
7%
Apr 28
7
4)4 % preferred
40% Nov
15% Nov
Apr
Apr
28%
30*4
Federal Water Serv A ..No par
Fidel Phen Fire Ins N Y
Jan
Apr
10
37% Feb 11
Mar 17
Federal Motor Truck..No par
n New stock, r
156
16
Federal Screw Works..No par
delivery.
3
Jan 11
12%
6% July
45% Feb 11
500
2,000
De«
5
ll%May 19
19%June11
100
100
*111%June
Mar
3434 Apr 28
1,100
300
2
No par
Preferred
Preferred-
1,000
17
16
Federal Light A Traction...
Federal Mln A Smelt Co
136
3%
X In receivership,
Second
6% conv preferred
*7
129
1
Fairbanks Morse A Co.No par
*98% 102
7
7
135% Feb 19
115% Jan 22
36
Endicott-Johnson
Jan
May 27
131
X Elk Horn Coal Corp. No par
6% part preferred
50
El Paso Nat Gas Co
3
70
Oot
Deo
184*4 Nov
15%May 18
No par
No par
18%
Apr
Electric Power A Light. No par
preferred
13% Aug
Jan
133
9%May 14
4% Apr 28
3
884
180% Jan 18
Elec A Mus Ind Am shares—
Boat
4% July
148% Apr 28
163
No par
5
Jan
120
175% Feb
(The)
1%
Feb
122
Apr
2,000
38
Dec
114
May 28
Apr 29
57
93
Jan
Dec
Nov
Jan 19
112
151
Eltlngon Sohlld
% May
8% Jan 16
17% Jan 19
150
57
*129
2
6%
3% Feb 19
100
4
24
88%
14%June
Eleo Storage Battery..No par
*135
88%
June
J).No par
6% cum preferred
Eaton Manufacturing Co
24%
3%
334
3%
3%
27
300
800
Jan 16
39% Jan
Evans Products Co
37%
May 28
7
Convertible class B..No par
Eureka
90
this day.
40%
1,800
93
40
Jan
3~900
37%
41% Jan 25
25
Aug
24%
3%
3%
25%
95
951]
Oct
41%
"8%
37%
Dec
19
Jan 28
Erie A Pitts RR Co
*88%
35
34%
93
9
Jan
4634 Feb 17
8
*33
Apr
9
Feb
61
24%
*98% 102
*7
7%
*7
7%
3%
338
33%
33%
18%
Mar
25
38% May 13
900
*7534
140
Mar 17
96
35%May 18
8
*130
29
Oct
Apr 10
No par
Dome Mines Ltd
8
5734
23
Co No par
Class A
Doehler Die Casting
Electric
3,700
14,600
400
19%
90
338
36
Ltd No par
Co
6,300
900
19%
338
No par
Dixie-Vortex
Eleo Auto-Lite
18
19%
7%
43
5% pref with warrants..100
8,200
25
*19%
7
Oct
10%May 14
18
50%
19%
7
37%
11184 June 11
*24
50
7
4
5
72
*67
50%
140
40% Feb
No par
34%May 21
17%May 18
20% Apr 28
84
May 21
1934May 13
25
2534
1834
24%
Jan
Aug
40%
*24%
*18%
*7534
57
Deo
Oct
Eastern Rolling Mills
68
24
63
30%
Duquesne Light 1st pref...100
200
6234
*65%
2434
3%
3%
Jan
2
700
600
*61
5%
42
36% Feb
260
8%
68
17
6
May
28%May 14
No par
$6 preferred
63
72
76% Feb 19
20% Apr
Distil Corp-Seagr's
$7
*65%
17
11%
21%
30
Match
2,000
*61
*53g
Apr
June
22
Participating preferred
2,900
50
*98% 102
*33%
334
4
13
93g Apr
May 13
Feb
128
11134 June
60
153
7
May 19
May 13
146% Jan
100
Diamond T Motor Car Co. .2
65%
36
*1
105% 106
8%
8%
*67
Feb
Feb
Devoe A Raynolds A ..No par
68
50%
7%
3%
34
20
9,100
60
36
*135
7
Bid and asked prices; no sales on
24%
18%
*130
50%
19%
90
*98% 102
*33%
*33%
24%
56%
50%
*19%
16%
*18%
24
56%
5%
16%
....
3%
*3%
72
*5%
9%
26
3%
334
734
23%
3%
34
3%
*67
72
*5%
17%
*24%
*18%
*130
*130
*135
*67
*76
15584
500
*66
6*8
154
2,800
71*2
*584
114% 114%
583g
*66
9%
Jan
3%
2434
70
Jan
Co... 100
preferred-.100
Duplan
2434
62
Oot
23%
43ft
Detroit Edison
700
*55%
62
54*4
Apr
Dunhill International
56
*65*8
Jan
14%
Det A Mackinac Ry
200
25
*105% 109
10884 *105*2 107
8%
8%
8%
8%
8*g
8*8
*61
62%
62
*60*2 63
62
70
*65%
68
70
*65*8
*65*8
36*4
Jan
Deo
56
3%
29
3
100
25
384
19%
683ft Mar 17
24% Mar 17
10% Feb 18
Deo
58%
106
*56
5
June 11
16% June 11
36%
1*4
15
15
1
33% Nov
June 10
41
51
200
23g
4%
4%
3634
Apr
19
100
Jan
%
25
334
3%
2434
58*8
3634
*1%
1
1634
108% Dec
108*4 Deo
32% Nov
Jan
"2",700
*150
69%
Jan
Jan
27%
27%
*34
*1%
434
15%
66%
63%
1738
Jan
27
Apr
934
70
Deo
52
7%
434
63
107
29
10%
68*2
5
50%
434
16%
68%
65%
17*2
5
Jan
137% Apr 21
3134 Mar 6
5
263gMay 24
Feb
55
10%
63
24
109
12% Mar 8
77% Jan 25
12%
40%
1038
4%
68
Jan
9%June 9
47%May 17
32
484
Apr
Deo
70% Jan
88*4 Deo
19% Nov
45% Apr 29
12%
11*8
434
7%
90
Dresser(SR)Mfg oonv A No par
39
40*2
9% Mar
21%
Douglas Alrcr Co Inc..No par
31%
434
Jan
Dec
Dominion Stores Ltd..No par
12%
10%
Jan
Apr
400
4038
3934
43%
18% Jan 16
114
24%
Corp. 10
Diesel-Wemmer-Gilb
Diamond
36% May
Deo
44%
24,900
33"
10%
1043ft Jan
Feb 27
Dee
14% Ma'
129
9%
49%
12%
39%
4034
No par
20
59
90% Mar 10
20
Dee
59%
*9%
58%
*48
33
10%
;
Jan
Sept
Jan 14
62
73%May 21
14% May 18
19
Apr 29
100
Apr 23
3%
Jan
4
10%
86
Oct
Deo
125
61% June
12% Dec
82% Oot
12%
17
1
200
7,300
33%
68
1
20
37
3734
40%
12%
3934
1
15*2
500
39
33%
1034
z36%
%
2%
4%
200
800
"37"
13
*62
3634
49%
200
33%
40*8
434
*
*150
434
1634
5
1934
6,500
85%
1934
*83
*112% 114%
155% 15534
♦150
pref
5% non-cum
""266
1,000
13212 132% *13234 13334 *132% 13334
11334
11134 113
113% 113% *113
11
10%
10%
10%
11*4
11*4
169
169
170
16934 170%
170%
434
17%
*47g
17%
23
85*2
50
23%
36%
17%
22%
27
*3,
%
*84
6
..25
Conv 5%
Dayton Pow A Lt 4H% PM00
Preferred
29%
36%
17%
*2834
29%
36%
1934
36%
38%
40*4
9%
60%
No par
Deere A Co
300
113
29%
*35
Ino
Mar
2334 Mar
6%May 18
62
29
preferred
Cutler-Hammer
53gMay 13
16%May 13
7234May 26
48
Apr 28
fDenv A Rio Gr West pref .100
*22
36%
1
pref..100
No par
500
*58
29
99% Mar
6%
62
36*2
17*2
6
63%
Jan 11
109% Jan
83s Mar
June 10
17%
*56
29
85
Delaware A Hudson
16%
Jan
43
6%
1634
Sept
6%
14% Jan 12
127
Jan 30
16%
18%
6*4
9
173g Jan
20% Feb 11
1
700
May 14
Delaware Lack A Western..50
*22
62
1% Sept
1,300
16%
29%
*22
Jan 11
10%June
A
3,400
1,200
MarlO
3
28
3
Deo
56*4
135
6,600
17%
~
29%
*1634
40
19%
May 20
8%May 13
Davega Stores Corp
"MOO
7% May
Apr
95% Apr
81*4 Mar
Jan
42%
112% 112% *112
113
*112
17%
29%
*84
10
59%
49%
19
*18
44
85
*9%
130% 131
*27%
28%
19*2
Class
Deo
Nov
91% Nov
68% Nov
49% Nov
Dec
37% May 21
Curtlss-Wright
8%
700
28
44
112
*17
55
*14%
15%
20%
20%
*103% 104%
133% 134
28
*84
5834
15
20*2
104
4,600
7% Mar
50%
140
35% Sept
No par
Preferred
Deo
Apr
69% Oct
82% June
170
Deo
37% Nov
25% Apr 13
10834 Apr 15
Jan
110
100
Mar
46
Jan
50
No par
Packing
Curtis Pub Co (The)
4
44%
Mar
43%
Jan
35% May
16% June
Preferred
Cudahy
28'4 Jan 15
44
9
10
Feb
15% Mar
Jan 16
37
100% Feb
l%May 28
100
46
l'332May 27
47% Jan 28
115
Sugar
35
Jan
24% Mar
May 27
May 11
100
Cuban-American
Oct
Nov
105
9 8% June
No par
(The)
41
136
46% July
17
87%
July
4
3
Jan 28
40
5
No par
Preferred
Jan 15
55%
56% Jan
51
Cuba Co
Apr
63% Aug
158
Aug
Feb 13
June
Crucible Steel of America. .100
Cushman's Sons 7%
78
15
15,200
80
*50
♦79
3,200
800
534
1834
5*2
18
*7334
81%
36%
1734
21%
42
5%
18%
80
55
*36*8
17*2
40%
400
44
29
29
29
140
38
*79%
*13*4
20*2
*57
62
118
85
Zellerbaoh Corp
$5 conv pref
Dec
25
45
$2.25 conv pref w w..No par
Pref ex-warrants
No par
Crown
28% June
8
56% Feb
18%May 14
70% Apr
No par
Crown Cork A Seal
Cuba RR 6% pref
"MOO
a
11%
29
400
38
*49
29
1,500
118
80
18%
6*4
112
1118411134 *111
17%
17%
*1634
1778
*22
297g
297g *22
1%
11%
8%
20*4
*6
*58
1%
*9%
85
20%
No par
400
11%
104
No par
Crosley Radio Corp
Feb 11
Apr 20
Apr
2% Apr
121
332June 10
29% Apr
Rights
Cream of Wheat ctfs
35%
71%
113%May
100
Jan 23
171% Jan 14
10% Mar 16
4
100
preferred
5% conv pref wl
200
1,000
61%
62
118% 123
7%
Jan
42%May 14
3
1013s June 11
600
400
86
20*2
25
11,400
11%
*103% 104*2
133
133*4
Crane Co
19%
38%
5%
18%
*7334
5,300
99*2
85
534
6
Preferred
17% June
77
Apr 14
153
19
11%
18%
100
No par
*97%
*3934
25
Corn Products Refining
Coty Ino
300
Jan 23
35% Mar
62% Apr 29
54% May 13
2,800
"""500
86*2
5%
5,000
% 293,700
*45
40*4
38
Corn Exch Bank Trust Co..20
31
2034
73%
46*8
40%
2O84
72%
119
*118
39
29
*1934
*423s
140
9,200
*30*2
3934May 14
263g Jan 4
5
Continental Steel Corp.No par
11,500
332
S32
31
21
73%
1
Motors
Continental Oil of Del
500
101% 10134
47
47
9,100
116% 116%
116% 116%
101*2 102
74
18%
15
18
1778
*6%
7
40
63
*7234
134
132
7U
*36
63*4
63
80%
28%
44
43
18i8
*6%
27%
55
18U
18
Continental
2%
*30*2
*19%
73*2
5%
18%
*10384
*103%
13234
285s
5,000
353sMay 13
2
May 13
21
*38%
11%
*85*2
80
104
Continental Insurance...$2.50
110% 119
80
134
3,900
*62
63
63
64%
6312 63%
*116% 123
*116% 123
*116*2 123
1%
*1*4
1*4
1*4
1%
1%
*1*4
*9%
11%
11%
*9%
lll2
*95g 11*2
8
8;
834
834
9
8%
8%
55s
1838
*7234
534
185;,
Deo
37*4
63%
80
55s
185s
*7234
Nov
63*4
37
119
11%
Not
109
2534
4234
3%
473g
*45
86*4
4
Jan
1934May 14
1934
11*4
86*4
5%
183s
Jan
Continental Diamond Fibre..5
99
113$
1%
67%
1,100
19*4
87
11%
87i2
6% Jan 91
10934 Feb 17
21%
28
36% Nov
jan
21
99
113s
85%
11%
*8534
9
2
1038
21
*19%
73*4
39%
2% Apr 29
May 18
l5isJune
21
316
31%
*3034
118
26% Mar
2
37«4 Jan 14
69% Jan
99%
118
15*4 May
4
Feb 24
50% Apr 28
40
*38%
Deo
20
20*8
rj
Jan
Deo
Continental Can Ino
19%
39
1%
9%
6,300
4434
12*4 Nov
37%
52%
2%
Deo
106% June
June
88
44%
*2734
17%
Jan
5% Sept
101
% May
51*2
37*2
2%
44%
2784
July
9% Nov
Apr
Apr
3%
11%
Feb
Oct
109
12% June
88
37%
2%
4334
Jan
102
Feb
20%
483s
1% Feb 27
87
100
7%
Apr
27%
13% Feb 26
17% Apr 5
52%
40
120
Nov
90
*99*4
39
Nov
94
,st6June 2
2ls4May 18
20% Jan
No par
Preferred
95
Feb
4% Sept
15% Apr
13% Apr 6
5234 Apr 6
37% Apr 13
33
Continental Bak class A No par
Class B
Jan
73%
105% Jan 23
10% Jan 4
8% Jan 26
Rights
800
Jan
5%May 18
%May 13
5% preferred v t 0
100
Container Corp of Amerlca.20
3,700
72%
5
5134
99*4
*117
*110i2 120
39
*3878
1,400
Mar 11
Mar
90
20*8
1U
310
11,600
48,200
2%
2%
19*2
*958
87a
9
8%
9%
^Consolidated Textile. .No par
Consol Coal Co (Del) v 10..26
3
99*4
119
11%
»934
2,400
1,900
%
10*4
Preferred
9
4
14%May 14
9
Consol RR of Cuba pref...100
23
*3934
63l2
6312
100
1*16
40%
1978
73*4
*45U
47
40%
*116l2 119
1%
1%
300
Nov
92
10484 Apr
18,300
2834
1
99i2
*19*2
20%
74
No par
300
11
15%
43
283g
21
7334
47
40*2
20i2
♦7312
*4514
47
40%
20
99»2
*99
43
2%
102%June
%
1034
42
42%
27%
28%
,51«
1*16
21% 22%
6
22*2
..No par
Consol Laundries Corp
5
Consol Oil Corp
No par
15*8
58
10%
%
63
3iK
32
305s
6
1034
3,000
Jan
Deo
86
95
June 11
33
19*4
65*4 June
1834 Jan 9
49% Jan 23
108
Jan 12
Consol Ed Co of N Y..No par
105% 105%
*5*2
6
105
33%
June
1
12%June
1,400
12,600
preferred
Aug
8
634 Jan 20
13
$5
15
May 18
3
No par
Preferred
16
Jan 14
18% Jan 15
87
Mar 2
9
8
87%June
1
34
*10
10*4
1534
10*4
15*4
193s
74
♦45%
*8
32
83% Apr
preferred
100
pref ex-warrants.. 100
26*4 Mar
Jan
19% Jan 23
22
7
12%
102% 102%
99%
21
74
102*2
102
1,900
Prior
Consol Film Industries
Jan
80
100
33
105
116% 116*4
101% 102%
116*8 116*4
Prior
10
3%
No par
Preferred
170
58%
59%
58%
58%
59%
58*4
15734
15734 *154
155% 155% *154
7%
7*2
7%
734
7%
7*2
44
43*2
43%
44
44%
4418
43*2
102% 103%
3t6
%
87
90
102l2 103
2%
44%
28*2
2%
734
42*2
87
Consolidated Cigar
per share
14%May 21
13%June 4
ll%May 19
37*2
63
43%
11618 116l8
10
3
$
par
21
44*8
♦27%
58*4
734
800
*87
3*8
13
..No
Connecticut Ry A Ltg pi.. 100
82%
*
Cigar
Congress
Highest
\ per share $ per share
$ per share
5234
37
157
734
Shares
1734
11*4
*13%
11%
90
3*8
1234
Par
Lowest
Highest
Lowest
92
♦20
64
58*4
♦153
$ per share
*12
14%
34
3
5134
37*8
25S
44*2
29
63
64
42i2
4434
116% 116%
103% 1035s
9«
516
44%
87
*87
233s
*87
21
*277g
58%
157
7%
734
7%
92
53*2
365g
2%
x44%
2%
44U
28%
58
2%
21
2178
36
64
3
52*8
♦21
156
22*2
*87
54
64i4
58
10*2
23
2%
88
54
5778
11
16
1734
11*2
82l2
87*2
*
105
23
*64
102*2
Weel
*13*8
11*4
15*2
1534
15*2
*10434 10538 *10434 105*8
*534
*534
63s
63g
63s
58
%
%
84
34
1034
1034
1034
1034
1034
44% ♦43*4
*42*2 45
45
293s
28*2
29
2834 29
1*16
1*8
1%
l'w 13ib
155s
105
*15478 157
34*4
35*8
1033g
*10
11
*10
1%
22%
1%
*87*2
87*4
63a
2834
8734
87*2
3*4
*75
90
%
1034
45%
28%
l'l6
58
1034
82*2
*75
12*8
72*2
88
106
•6
12*8
80
1534
15%
1234
80
11
*10
1734
♦12*4
June 11
I per share
*12
14*2
14*2
*87%
35%
*105
*12
*13*8
*8784
10278 103i4
$ per share
1734
Friday
the
June 10
*13
18
13%
Year 1936
EXCHANGE
Thursday
9
June
$ per share
*12
14*2
% per share
*12
1412
18
1278
82%
88
90
33s
12i2
*12%
7
June
Wednesday
Tuesday
June 8
Monday
5
June
100-Share Lou
On Basis of
STOCK
NEW YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
3959
New York Stock Record—Continued—Page 4
144
150
5%
11*4
Jan
29
Oot
68
Jan
69
Jan
12
Jan
4%
122% Jan
31% Feb
18*4 Apr
Jan
Mar 11
37
Aug
2
8% Mar
Jan
5*4 Mar
2% June
8% Apr
34*4 Jan
84
Apr
16% Aug
Jan
40%
23% July
4
Jan
Dec
18% Sept
69% Mar
25
Deo
71*4
Deo
210%
Dec
61%
,
Deo
27*4
Deo
101%
Dec
92
123% Nov
12% Mar
11% Feb 19
7%
Jan
11% Feb 25
3
Apr
2%
Jan
20%
Jan
46% Nov
6
Jan 14
6
Deo
6
Oot
43*4 Mar
4
108% Mar
9
106
Dec
115% Nov
Jan 18
38
Apr
49*4 Nov
45%
y Ex-rights
$ Palled for redemption.
New York Stock
3960
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 5
CENT
Sales
STOCKS
yvit*
X.TTT'TTr
j or
Saturday
Monday
5
June
June
$ per share
7
June
$ per share
39
*28%
Tuesday
33*8
♦10234 103
8
104
104
*103
the
June 11
$ per share
104
103
39
Lowest
Par
*103% 104
41*8
41*8
40*2
41**2
30
31*4
57*2
30*4
31*4
56
56*8
*50
56
*50
56
*52
56
*54
37
*3334
37
*3334
37
*3334
37
*3334
37
37
52l2
53
53
124
*117
*3334
5
53g
♦118
45
4414
*112
*112
31
5*4
*52l2
53*8
124
4378
115
*10
5*4
41%
40%
41%
2,100
30%
31
29%
30%
10,000
534
5*4
*53
54
53*4
53*4
119*2 119*2
43%
45*8
44%
112
115
40%
31%
*5%
120
*44
40*2
30%
5*4
*116
44*4
z40
41*2
112
113
113
53%
1,800
*11834 120
43
43%
1,600
53
119
44*2
*110
45
115
*110
11
*106
*10
11
58
26r>8
*50
60
108
*
53*2
35
*2914
*514
*24*4
5*2
26
10*2
*9%
10
60
*934
*55
55
55
*9%
*55
10
9%
56
9%
*55
200
56
10
26*2
2,900
100
102
May
3
29%May 17
Florence Stove Co
46
No par
1 Follan8bee Bros
Food Machinery Corp new.. 10
434%
preferred... 100
conv
40
10
Preferred
No par
Francisco Sugar Co
7% pf 100
Freeport Sulphur Co..
10
Preferred
Apr 12
%
share
20%
J an
401* Hepi
x247»
Jan
100ia
Feb
Apr
36U Deo
105*4 Nov
39*4
40
5
5
30ia Sept
Deo
66*4
Deo
34 U
Deo
45
39i2Mar
9
25*2 Mar
978 Feb
1
37s Aug
Jan 19
38i2May 18
106
May 19
9%June 11
55
June
9
24%May 14
68*8 Nov
42*8 Deo
4614 Feb
5812 Feb
3
47% Jan 25
share
Feb 19
41^ Mar 11
107*2 Feb 9
5214 Mar 1
8
1161?
Highest
share $ per
per
June
5
No par
F'k'n Simon & Co Inc
May 25
per
33% May
No par
Foster-Wheeler
40
58
Apr
3
32
June
128
Apr
5
3
106
Aug
541a Feb
135
Jan 14
Apr
24i8
95«4 July
11*4 Mar
48it
120
45*8
127
Deo
Deo
Deo
Feb
183s Jan 12
83
Jan
32U
9
Jan 13
Nov xl35
Oct
Feb
Apr
Jan
78
Deo
Apr
63
53 «a
Feb
July
97*4
23i| July
35*8
100
106
Fuller (G A) prior pref.No par
$6 2d preferred
No par
47
May 22
4
473s
140
26
Apr 28
48i2 Jan
8
31 *2
1,500
Gabriel Co (The) cl A ..No par
4% Jan 6
22
Apr 26
74 Mar
3
3*4
Jan
7*8 Aug
30
Nov
30
230
102
*101
Preferred aeries A
Ayr 28
First National Stores..No par
Fllntkote Co (Tbe)
No par
60
26
2578
26%
26
26%
25%
26%
26%
106
106
*106*2 109
*106*2 109
*106% 109
*106% 109
52
*50*2
53*2
*51
*50*2
51%
51%
50
50
53%
35
28*4
28*2 *28*2
28%
28*4
27%
27%
*27%
34%
5
5
5
5
5
5%
5
5
*434
*434
25
2478
26
2434
25*2
25%
26*8
26%
26%
26%
26*2
32%May 18
170
113
2658
*50
39%
Rubber... 10
Florahelm Shoe class A .No par
"i',300
5%
54
119
200
5%
5%
$
share
per
Firestone Tire A
500
55
*53*4
*33*4
514
4034
30*4
$
Lowest
Highest
Fllene's (Wm) Sons Co No par
~~3~666
32%
32%
103
EXCHANGE
39
*28%
32%
Year 1936
On Basis of \QQ-Share Loll
olUUn,
Shares
*28%
32%
33
Range for Previous
Range Since Jan. 1
OTAA TJT
iUittt.
Week
$ per share
39
*28*2
32%
33
103*2
103
33
Friday
June 10
9
VADTT
IHJCiW
Thursday
$ per share
39
*28*2
33*4
32*8
June
$ per share
39
*28*2
33
Wednesday
June 12, 1937
*101
102
*101*8 102
101% 101% *101% 102
*101% 102
12%
125S
I25g
12l2 ,12%
*12
12U
12%
12*4
12%
12%
12
12
12*4
I2I4
12*4
*11%
12I4
*1134
12%
11%
11%
*100
*100
101
101
*100
101
*9912 101
102
*100
*100
102
69
69
69
69
69*2
69%
6934
70*1
*6834
70%
68%
68%
12*2
1234
12l2
12%
1212
12
12%
12%
12
12%
12%
1134
10
GamewellCo (The)
Gannet Co
No par
$6 pf. .No par
conv
June
95
7
May 13
117
Mar 25
73
Jan
33
Jan 16
106% Jan 28
108
Ilia May
100
Nnv
106*1 Aug
1234
2,200
Gar
3
12% May 14
12*4
19i2 Feb
1
1,300
Gen Amer Investors...No par
Preferred
No par
10%May 13
15ia Mar
9
15*4 Deo
8ia May
Mar 13
105% Jan
5
97
Jan
4214
10»4
Apr
Apr
76
Deo
20
Nov
155
141
141
8*8
*139
858
25
25
49
49
141
139
139
*8*2
8*4
8*2
8*2
24*2
2412 24i2
49
49
485g
48r's
*118*2 120
*118*2 120
*24
*118*2 120
40
40*2
~54r4
133*2
545s
"53%
5434
3918
39*8
39
39*8
2*8
2
2
2
*45
52
48
2
*
40
133*2
*
139
"8*4
8*2
24*4
2414
*
139
8*4
24%
*48*4
*
"5334
39
industries Inc
Gen Am Trans Corp
General Baking
$8
30
8612 Feb 17
5
preferred
65%May 14
1134june 11
19i2 Jan 14
No par
8%
1,100
General
Bronze
General
Cable.
No par
1,100
118
*
800
Class A
300
3934
133%
3934
"51%
7%
-
-
-
-
-
No par
cum prelarred
100
General Cigar Inc
7%
'
53
-
No par
preferred
100
General Electric
No par
37%
8,300
General Foods
No par
2%
37
138
5
1,400
48%
46
118
101
5
23%
22
43*4
3,900
139
~~8%
8%
24%
49
*48*4
49%
*118
120
11934 120
40
41
39%
*39%
*
*
133%
133%
133%
54i2
"53*4 54*8 "53" 5334
37
39*4
38% 39%
38%
2
2
2
2%
2%
*40
40*2
*
*
l",306
Wood
3,100
Gen'l Gas A Elec A
2
27,100
June
1
8%May 14
22
May 13
45
May 18
53
63*2
63*2
*118
120
55*4
118
545S
118
54
*4918
*63
64
64
50
63
50
*48
63
63%
*49*8
*50
547g
54*2
52
52
10*2
10*8
107g
1034
1034
10%
1034
1778
17*8
1734
17*8
17*2
17*2
17%
*106i2 10834 *106*2 10834 *106*2 108*4 *106
10834
4
4
4
334
378
*378
3%
334
45*8
45*2
45*4
46*4
46*8 x45
46*8
45%
*
109
108*2 108*2 *106
108*2 xl04% 104i2
3*4
"334
3*8
3%
3*2
3%
3%
3%
36
40
36
3514 35*4
*3478
*3478
*34%
*60
61
61
61
*56
58
56
56
58
*23*2
*33*2
35*2
xl5
15*4
2334
23
35
*61
24
35*2
23l2
*48
63
*50
35
15*8
15*8
*8034
83*2
24*4
85*2
46*2
153S
81
15%
81*2
24*4
11%
17%
52
*63
120
xl20
*118*2 120
*118
119%
55*4
5438
54%
52*2
54%
52%
53%
118*4 *117*2 118*4
117% 117%
117% 117%
10%
1778
*35
52
*118*2 120
5534
118
6334
48
65
117% 118
79,000
1,500
50
52
50
11%
11%
17*4
*17%
3%
44%
3%
58
*58
60
59
59%
120
23%
22%
*34%
1434
2234
*22%
24
37
*34%
37
15
14%
36
15%
82
80%
80%
500
24
24%
23%
83%
24%
83%
4,400
83%
47
47%
45%
46*4
55
55
*54%
4%
*434
4*4
434
*6*8
6*2
6*2
6*8
6*2
6%
6%
6%
6%
6%
*
114
*107
114
*107
114
*107*2 113
*107% 113
*107% 114
"44"
42
43
43
4438
43*4
43
44*8
43*4
43%
42%
4134
81
81
81
*80*8
81
*8058
81
80%
*80% 81
81%
81*4
4,900
54
*54
55
4534
*53
53*2
5*4
6*2
*4*4
3958
3978
46*4
46
53*2
53*2
54
*478
5
39
3978
116*2 116*2
*118
120
*11119
1117K *1111!.
834
834
90*4
37s
934
*90
334
9*4
*318
18*2
*33*8
37U
3*4
18i2
37
21
4%
47%
39
41
40%
40%
11834 120'4 *119*2 123%
1117s
*11 Ho
8%
*8%
1 11 7o
46%
*54
*11119
8%
38%
90
90
9
$6
*90
90*2
334
37g
334
3%
9%
93g
93g
9%
3*8
18i2
3*8
18*2
36*2
37*2
37*8
21
3%
3*8
*18*2
18%
*33
37*2
36*2
37*2
*90
90%
*90
*90
90%
334
3%
334
3%
3*4
9%
9%
9
3%
lSog
*3%
3%
*18%
18%
18%
36%
*33
*33
34i2
*33
37%
37*2
37%
37%
£37%
2] i2
21
21
20%
21%
54%
35*4
5334
54%
35*4
5334
54%
5134
35
35%
35
*135
138
138
*135
*135
*5058
30
*70*4
60
75
138
30
*135
60
*50%
30*2
*50%
*29*4
*70*4
30
*70U
85
138
60
30*4
85
35
*135
138
*135
-
-
-
—
-
-
138
-
—
-
—
29%
30%
*70%
85
70%
13*8
1378
13*2
13%
13%
14%
14%
1434
1434
11*2
11*4
11%
11%
11%
2*2
234
2%
2%
2%
2%
500
*32
48
*32
48.
*32
48
*32
48
11*2
*11*4
12
*11%
12%
*11%
12%
*49*4
52
*49
52
*49
51
*47
30
29*4
*30%
15*2
*27*4
29%
*27
30
*27
31
*30
31
1134
48
11*4
*49
51
*49
51
*29i4
31
30*4
157g
*29*4
30*8
*15*2
27*4
30*2
*3018
11
*100
27*2
*104
101
*100
44
*128
1334
*13
99*2
*85
27*4
107
*100
45*2
138
*13
157g
*30%
*15*2
*104
101
45*2
3034
*80
1534
27*2
103
107
101
101
15%
28
28
1,100
*103
106
101
*100
45
44
45
*128
138
*128
13
13
*13
99*2
*80
13*2
12*2
12*8
*100*2 105*s *102
*140
155
5
102*8
155
5
*434
102*4 102*4
1238
12*2
*145
29
*2778
*28is
29
*145
*2S*8
155
*140
29
28%
155
101
*100
45
43
138
13%
13
13
9834
98*4
*80
4*4
434
30
44
*128
102% 102%
12
11%
100% 100%
*140
28%
101
138
44%
*28%
155
1,700
500
11%
12%
300
28%
28%
155
*145
155
*145
155
*150
155
*148% 155
130
125
125
*125
130
128
128
*126
61
*60
61
*60
61
*60
61
*60
*106*4 108*8
37
*35*2
42
*40%
107
107
*10634 10812
26
2534
10634 10634 *106*2 107
*106*2 107
24
24*2
2338
25*4
25*2
*2434
33
33*4
32% 33
33% 33*4
*35*2
40*2
41
40*2
*111
----
*111
382
38*4
21*4
387
382
*35
37
*35
*88*2
15*2
90*8
1534
76*2
7634
3*8
40%
—
—
—
—
387
40*2
10634 *104
40%
*111
*33
35
40
40
38
38
*111
*111
382*4 385
378
383"%
-
35
35
21%
21
35
2134
61
5934
60
61
2034
*59%
61
*59%
*89
90*4
90
91
90%
*88
90
88%
15*2
16
76*4
77
15%
76*2
77*4
*7*2
934
16*4
16*2
3*8
2758
28*8
3*8
33g
27*8
2734
47
*45
47
63
65
*64
66
18*2
18*2
*18*2
19*2
*7*2
16
3*4
27*2
45*2
63*2
*18*2
15*4
3*2
-
200
Feb
Jan
Mar 26
3434May 19
Sept
Feb
10'4
Feb
Oot
118
35ig Deo
86ig Nov
3l7g
Apr
Mar II
xlOO
Deo
1057*
Deo
153*2 Mar 10
87
Jan
116*2
Dec
Apr
14%
Deo
13i2
Jan 18
96
Jan
5
77
Jan
434 Feb
9
2
June
15
Jan 12
Jan 22
1*8 July
3%
Apr
16
Feb
Feb
8ig
8
Jan
5
Mar
8
96ig July
4»a Feb
11 *4
6*g
Mar
Jan
Apr
24ij Aug
28ig Jan
x25% Nov
16
Jan
32%
Jan
2
4212 J an
145i2 Mar
2
31
Jan
2
136
12%May 13
10% May 26
1678 Feb
8
14*4
10
No par
2i8May 18
534% preferred
Preferred
Gulf
100
40
Mobile A Northern. .100
11
44
Dec
62U Nov
47
May 14
29%June
59i2 Mar
6
Jan
621 a
34»4 Feb
30
Jan
34'g
Deo
26% Apr 17
36
33
June
37
Aug
10
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
Preferred
100
Hat Corp of America cl A
1
preferred
100
$7
Dec
100
June
98
May 14
43
Apr 27
128
Apr 13
12i2May 25
9834June 10
11^8 May 18
105
Jan 22
58ia Mar
140
5
6
30%
Jan
Jan
Feb 26
120
Jan
1734 Jan 11
12
Jan
104
Nov
107
Feb 26
8
Jan 14
109'4 Mar
1578
3
Jan 25
4*8 Apr
99*8 Dec
125g Aug
15i2
32
Deo
Nov
I25ig Nov
105ia Mar
55
Deo
135i2
Deo
IKI4 Nov
115
Jan
9
Mar
133
Mar
21*8
Jan
May 17
126
Feb
9
117
May
141
Jan
May
6
166
Jan
6
150% July
165
Deo
27i4May 19
l4478May 17
125 May 22
185
.No par
100
No par
No
par
preferred...No par
6
No par
..100
Mining
100
B
par
No par
com
stk No par
preferred
..100
Houston Oil of Tex
15%
8,000
75%
3,200
Howe Sound Co
1,000
Hudson
A
Jan
xl04
Oot
140
preferred
Household Fin
5%
14
Feb 18
Deo
Mar
100
Powder
preferred.
Class
Feb 16
20% Feb 10
19*4
26
Holland Furnace
7%
31
108
66
100
Chocolate
conv
4
Jan 13
Conv
preferred
No par
Hinde & Dauche Paper Co. 10
$5
30i|
9
May 14
No par
cum
Jan
2
4
v 10-No par
July
9%
Jan
June
101
Motors
Hercules
13%
Jan
24
25i2 Apr
103
2
Preferred
Hershey
June
25
Helme (G W)
Hercules
Dec
25
Watch Co...No par
Corp
4*4
9
.J....25
Water
Hecker Prod
I77g Nov
5
Preferred
634%
Oct
Jan
Jan
Printing
Hamilton
59
Dec
1*8 July
65
17ia Mar
7% preferred class A
Hall
Feb 27
Ilia Mar 18
4»4 Jan 11
May
8
100
Hackensack
15
v
10 new 25
6
Manhattan
58
Apr 27
102% Mar 12
36
June
3
35i2May 13
105i4 Apr
21
2
Jan 27
3Ha Mar 4
11034 Apr 27
336 May 14
395s Feb 11
Feb
9,700
150
Deo
135
Apr
111
102
37
Jan lw
June
52 J4 Feb
1201?
30®4
43ia
11434
431
2534
26%
4,800
44%
44%
400
66
*61
66
*61
64
90
19
*18
19
*18
19
170
80
Jan
119
Feb
5
30 ig
Jan
49*4
4
Mar
9
Jan
7
Mar
3
108
Feb
115
Mar 29
407
108
9
19U
June
Jan
Jan
124
33*4
427g
Dec
544
27% Feb 11
397g June
2214 July
33
73
Jan 11
54*4 June
88i2June 11
94
Apr
8
Jan
4
17 la Jan 22
90ia Mar 10
578 Jan 21
Deo
Dee
Opt
Dec
Oot
Mar 20
12
62*4
35
June
9
20'4 Apr 28
573s Mar 25
41
Jan
5
15i8May 14
1578 Jan 21
23U Feb 17
l
Sept
Jan
7i4June 11
Illinois Central
46
687g Sept
4
3
Hupp Motor Car Corp
27%
*44%
Oot
Jan
Aug
100
3%
41
84
126
No par
27%
45*2
25ig Apr
3
135*1 Feb 2
67'4 Jan 21
100
Preferred
Hudson Motor Car
3%
Deferred delivery,
116
Greyhound Corp (The).No par
Guantanamo Sugar
74
a
Jan
Dec
7ia
95
15%
t In receiversblp.
55U
68
37g Jan
6*4 Nov
397s Nov
77
j
37*2 Dec
62% Sept
65
27*4
18%
Nov
3
3%
*64
Nov
92
Mar
2734
45*2
19*4
27 ig
Oct
98
500
64
4
Jan
Jan
70i4June 11
500
4,300
90
Aug
6*4
Greene Cananea Copper... 100
15%
3%
June 11
Deo
Jan
*3
3%
3
Deo
31*4
60% Mar
22
Apr
76
27
734May 18
141
Deo
89
39'a Mar 10
16%
3%
45
4
Deo
Dec
70
84
21*8 July
Jan
4'8
48ig
71
44'8 Nov
19*8 Oot
74
May 12
Feb
Deo
llSig Mar
64% Mar 10
300
734
July
8734 Mar 11
8
88%
1534
3%
17
63g
67
Deo
June
30>8 July
13*8 June
47*8 Mar 11
May
61
7%
2
Apr
28% May
33*4 Apr
32*a Apr
110
Deo
5934 Apr 24
Houdallle-Hershey ol A.No
15%
Nov
27%June
500
934
Jan
7
135
1
1,600
16%
Aug
77
123>g Nov
Green (H L) Co Inc
Homestake
*7%
123
Green Bay & West RRCo.100
Holly Sugar Corp
9%
Oot
22*8 Oot
46*8 Oct
4214 Deo
149*2 Aug
1,600
16%
Apr
Apr
4'
I
------
*7*4
31a
32ia
106
7912 Jan
June
Hollander A Sons (A)
1534
Jan
27*4 Jan
34
40
934
105
13*8
5634May 20
1,000
16%
Feb 17
4
770
3%
Jan
Jan
50i2 Mar 11
3
3%
3%
8U Feb 19
115
Jan
15%
*3
Jan 18
678 Feb 25
Feb
78*2
*3
Bid and asked prices; no sales on this day,
E5E
-
5Ha Jan 28
19
21
36*2
*3
-
9
40*8
100
35
35
3
-
—
700
380
*21%
*59*2
90*4
15*2
77%
3
-
378
-
------
106% 106% *105% 106%
2434
2434
2434
2434
33
33
33
32*4
2134
16*8
3*4
■
37
37*2
10
1
106 34 *103
*35%
37
21 *2
1638
♦
*35*2
-
4
Jan
33
60
6078
10534
21*2
21*2
*7
*46
37
------
130
*59*2
*59*2
61
3
106*4 10634 *104
37
200
28%
*60
21*4
31
No par
-------
*145
*35*2
5,200
101
155
537a
9
90U Mar
534May 14
110^2 Apr 29
...No par
10
101
293s Mar
5^8
2734
4818
47*8
28%
-------
*140
*125
*35
58%
100
Hayes Body Corp
61
33*4
5H2May 14
4U Apr 28
111
Hazel-Atlas Glass Co
127
----
88i8 Feb 23
18%June
700
155
385
80
May 18
20'8 Jan 4
8278May 17
3978 Apr 30
No par
900
*60
3314
l4'4June 11
4
99%
434
4%
127
385
Jan 25
4378 Feb 11
207s Feb
1
7
2
103% 103%
*145
"*111
3334
June
7
70
138
*13
300
15%
28
106
44
13*2
15
15%
28
4
35
Jan
50
*103
Jan 13
22t4Juue 10
No par
Preferred
"""266
30%
28
*80
99*4
99*4
4%
4%
4%
4%
102*4 102*4 102*4 102%
12
12*4
12%
12*4
105*8 *100*2 105*8 *100% 105*8
5
*102
*15
300
30
30%
5*8
6518 Feb
117ia Jan 22
5«4 Jan 20
6
June
------
104
*128
4412
138
31
Oct
Jan
6% Jan
49
30
*32
2%
116
118
Feb
88
2
3
2,900
2l2
11*8
*238
11%
2%
*11*8
2%
11%
238
■
19,100
11'8
13%
11*4
1334
1034
1
70ia Feb 11
122% Feb 2
124
7
No par
Western Sugar..No par
Preferred
LOO
10
------
Jan
Gt Nor Iron Ore Prop. No par
1,400
60
70%
4
1
90
—
—
*5034
30
July
Feb
No par
Great
1,900
60
58
Jan 18
Great Northern pref
18,700
30
*50*4
Oot
65%
70 U
Granite City Steel
Grant (W T)
'
4.600
53%
35%
77
4878 Jan
Conv pref series
1,700
70%
14%
*128
preferred
par
Graham-Paige
3,200
34%
37%
20*4
2034
53 38
*15i2
*2634 27
*103l2 107
Apr 26
100
700
3
18%
21
12*2
No par
Preferred
2,800
3%
18%
9%
3%
35
48
3
3334June
Motors
1
Gr'by Con M S A P 2d stpd..5
Grand Union Co tr ctfs
1
8,500
9%
35
*1134
50
1
Gotham Silk Hose
10
334
93S
21*8
54*8
*36
No par
preferred
preferred
$5
500
53*4
85
(The)
conv
Goodyear Tire & Rubb. No
22,900
1,300
3434
*70'4
-
834
90%
53 78
64*2
-
-
700
39%
834
35
30
-
11,100
116% 118%
834
53l2
29*2
-
No par
H$7 2nd pref
834
35
*50*8
-
No par
No par
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)..._No par
2,100
■
1117K
8%
40%
39%
119% 120*4
434%
71
Jan
3i2May 18
41i4May 13
xl04%June 9
par
I
Brothers
Feb
Jan
19
Jan 19
Gobel (Adolf)
500
4*8
14
110
No par
preferred
Glldden Co
300
434
434
6*4
Jan
Jan 18
106i2May 21
loo
Conv preferred
$6
78
3*4
Deo
641a Jan 29
70*8 Feb 17
No par
preferred
Gimbel
400
Nov
16*4
-
8%
*33
37*4
21*4
478
*80
Dec
44
140
69 ig
Gen Theat Equip Corp .No par
*82*2
55
Feb
9
Jan
Gen Time Instru Corp.No par
Gillette Safety Razor..No par
82
Apr
333g
Feb
Jan
300
24%
152
34ia
44 U
6*4
June
83%
Jan
6478 Jan 21
18*8
56
24%
*82%
46*4
84
59>a June
1'
May 18
12,300
128*4 Nov
9
1,900
14%
Jan
Mar 20
57
*80
80*4
24*2
83*2
85*2
46*4
8
General Refractories..-No par
Gen Steel Castings pf..No par
25
24*4
*84
May
1
51% June 11
114% Apr
Jan
Dec
19
Gen Realty & Utilities
$6
Mar 22
Jan 13
17
70%
49
15*4 Feb
2,400
700
Deo
4
5214 Jan 23
604 Jan
Preferred
300
60*8
Mar
65
878May 17
3%
34
Deo
15Apr 13
Railway Signal...No
61
Jan
28
42i2May 21
Public Service....No par
60%
11*4
Jan
I
Gen
""3%
Oct
5*4
No par
Gen
81
24
*84
1
Gen Outdoor Adv A ...No par
50
34
22*2
35%
1434
117
10
No par
1,300
3%
24
100
Preferred
1,500
61
58
60
3%
44%
44%
*
34%
58
No par
Common
10
61
61
5
General Printing Ink
$6 preferred
2,300
34%
60*2
8
General Motors Corp
$5 preferred
2,000
"3%
6134
June
64% Apr
104%
*3*4
44%
104%
200
11%
1734
10834
48
General Mills
220
53
117
51%
117
10834 10S34 *107
*
700
Jan
7
152
No par
Oot
141
134
May 17
49% May 18
36
May 13
l%May 19
Apr
4
4
126% Mar 31
.No par
Conv pref series A...No par
30
Feb
Nov
Feb II
14
32i2 Mar
1121* Apr 28
39
Apr 29
$7 pref class A
*45
153
l77g Nuv
14 »8
104%
May 19
6*8
48*4
4414
Feb
Feb
Mar
*78*8 Nov
Jan
I37a
Deo
Jan
65
Dec
3ig June
8*» Apr
13*a May
3
May 11
22it Jan 28
4
38
Mar 17
44i2June 11
67ia Mar 11
30
June
lines
100
62
72
Jan 20
58
Jan
RR Sec ctfs series A
100
14s4 Jan
25ia Mar 11
11
May
Jan
17*8
Feb
22*8 Nov
Apr 24
100
100
67g
6%
pref series A
Leased
n
Newstook.
r
Cash sale.
EES
x
May 10
Ex-dlv,
y
4
Ex-rlghta.
18*8 Apr
29*a Oot
64*8 Sept
73U Oot
20
If Called tor redemption.
Oot
Volume
LOW
SALE PRICES—PER
HIGH
AND
39V8
130
7
June
5
June
3878
101
101i8
131
June 11
Wecb
$ per share
*13
14%
Shares
14
14
38%
39
131
*131
*132
148
105
102
38%
*132
102
132%
*132
100
100
99
132
13U4 131i4
*132
*132
39
103%
Ingersoll Rand..
No par
23%
24%
"23%
4%
4%
434
4%
*678
7
57
5634
*7
7i8
7%
7%
19%
19%
19%
678
19
6%
6%
6%
56
55
56
*55%
154
150% 150*2
11234
*150
111% 112%
146% I4634
112
14634 1463.1
12
1212
1178
24%
25%
*434
478
67g
7%
55*8
55%
56*2
109% 109% 109
7
7
7%
19%
19%
1978
6%
6;%
6%
#51
54%
55
150
150% 149%
111% 112%
110%
146% 14678 *146*.i
12
12
12%
108% 108%
109l2
*109
7
55*2
7
*6%
*55
24%
4%
12%
67g
2378
14,766
4%
678
6*2
6%
56*2
55%
55%
*109
7
6%
19%
1978
6*2
109%
6%
900
187g
19%
13,100
6%
6*8
6%
2,200
6%
50
51
51
leb
5
106
May
147
137
Jan 21
125
Aug
140
Dec
88% July
122
Nov
1
131% Mar 6
is]6May 13
17% May 18
33% Feb 23
316June
148
148
107
149% *147% 149%
109
109
146%
146% 146% *146% 146%
12
11%
11%
11%
12
111
1018
10
10%
10
10%
10%
11%
10%
1134
11*2
59%
11%
1178
12
12
12%
12%
59%
60i4
59%
59%
60
132
*130
132
60%
132
*130
59%
60%
597g
19%
18%
19
14%
*14
1878
13%
14%
7%
14%
14%
1334
13%
13%
13%
13
13%
7
7l2
7i2
*6%
634
*6
678
*6
47%
*25
25
25
43%
*39%
43%
42
44
44
*39
4034
*92%
94
93
10%
10%
1012
*100% 103
2
rl%
*5%
47%
25
47%
25%
44
44
*43*2
40*2
*40
*39
*25
93%
11%
10%
r2
18%
24%
24%
23%
23%
*101% 102
*101% 102
18%
*18
18*2
18%
18
18%
190
Interstate Dept
16,300
129
124% 124% *124
124i4 124%
12112 121%
33
33
*31
33
*117
120
120
120
21
100
*95
*16l2
16%
12
11*2
11 r>8
59
1534
16's
4178
*6ls
♦56%
2114
32%
*27%
2734
*27%
2734
200
*21
23%
*21
22
100
*96
99
*96
99
16%
1534
11
102
*1534
16
15%
1534
41
57
15
2534
*25
3812
25%
*36l2
*
37
*17"
1734
134
"l7~
*134
134
*101S
11
4118
*15i8
43i2
4134
6734
10%
42%
16
4312
15%
*43
68
67*2
1134
1134
1134
*26i8
2634
*26%
*97
100
99
*97
99
*156i2 164
*1978 21%
157
*21
48'4
68
8134
Kinney
500
Kresge Dept. Stores
100
105
100
Kress (S H) A Co new..No par
33
Kroger Groc A Bak
No par
Laclede Gas Lt Co St Louis 100
24%
*37
1834
18%
18%
5,100
19%
*16%
19%
60
25
25
20
15
*24%
19%
*12%
24%
28
19%
*12%
24%
15
25%
180
17%
1%
*
180
"16%
1%
10
10%
10
4234
43%
*15%
15%
43
43
43
43
43
68
65%
66%
65%
11%
26%
12
1134
26%
*26%
*97% 100
99
98%
11%
26%
99
99
*98
100
162
*21
*67%
21%
67%
68%
68
55%
49
54
5438
55%
49
*54
4834
48%
*48%
2:79%
8134
81%
813g
82%
139%
*20~
*
139
"19%
21%
*
139
"1934
20
*
13S34
"19%
20
88l2
88%
88%
88*4
88%
88%
88
33
33
32
3234
32%
32%
32
32
31
*31
*31
32
*31
130
31
131%
130
*130
*130
131% *130
46
46%
45
46
46%'
4534
46
46
47
46
1238
11%
48%
*1178
*4814
*11%
12%
49
50
*4
*312
*3»4
5
5%
49
*334
*3%
5
32%
32
32
*31
131% *130
47
46%
4634
*11
12
*87%
45%
6634
*
31%
1,400
Llbby McNeill A Llbby No par
—
—
-
-
-
—
Corp
5
Preferred.....
Lily Tulip Cup Corp...No par
Lima Locomot Works..No par
100
No par
No par
No par
Long Bell Lumber A
Loose-Wiles Biscuit
5%
(P)
...
Mar 31
21
June 11
200
Madison Sq Gard v t
300
1
10
MacAndrews A Forbes
3,700
Magma Copper
*4534
*4
5
5%
*4
5%
*3%
5%
*3%
5%
June 11
31
106
100
preferred
47%
12%
5
50% May 14
6*2 Jan 4
10
*10
*4
105%June 1
2%May 14
26
Co
Ludlum Steel
6%
4
4
100
preferred
Lortllard
10
5
4
Preferred
3,600
*410
Jan
64% Jan
7%
1,800
59
No par
Louisville A NashvUle..... 100
32%
xl834May 28
Inc
Loew's
Loft Inc
50
May 20
43% Jan
Lone Star Cement Corp No par
500
94% May 19
51%May 14
3,500
6,100
May 20
No par
Belt Co
2,100
900
4
No par
preferred
138% Mar 30
19% Apr 29
8634 Apr 29
29*4 Jan 4
30%May
130
4
Mar 31
No par
Macy (R H) Co Inc
42%
No par
Mack Trucks Ind
44%May 14
ll«4 Mar 19
45
May 13
0-No par
10
t Manatl Sugar
100
Certificates ol deposit...100
Jan
5
334May 17
19% *___.
19%
14
*1712
*
*12%
14
*1*2%
14
*12%
14
*12f2
14
*12%
14
Mandel
..No par
4%May 14
15%May 17
17
May 10
1334 Apr 28
18%
*17
1838
*16%
18%
*15%
1838
*1534
18%
*16
19
t Manhattan Ry 7% guar.100
18% May 10
7%
8%
2034
734
20
19%
*15'4
*3%
*16*2
*
8
20
*20
*16%
18
19%
8
8
5%
*
8
*7%
20
21
18
8
20
*378
4
4
4
4
10%
10%
10*4
♦10%
*134
2%
*134
*20
4
lOhi
2%
•
4
10l4
*134
*16%
2%
*12
15
*12
28
*2818
»334
*334
14
*11%
14
*28
28%
*27%
334
*52
3334
26
24
23*2
9*2
54l2
10%
*9%
*142
55*2
541
10
9*2
105"
105
25%
23%
934
50%
35%
51
35
*35
36
145
*142
145
56
57
57
9%
*
50
52
9%
9*2
36%
*35
♦
*40
43%
26%
23%
34*2
341
145
*142
*41%
26-%
50
54
10
*134
36%
37*2
104% 104*2
*36
*
*.I—
*142
5638
9
9%
38
37%
106
36%
*
*
43%
19%
500
3%
700
10%
10,700
*134
*12
15
28
28
130
4
50
*42
25%
23%
9%
51%
934
35%
*3434
*142
57
57%
8%
9%
36
*
4
*3%
*42
43%
25%
23%
24%
22%
9%
35%
51%
9%
3434
------
------
9,300
3,900
4,500
2,100
1,100
145
9
36
20
56
2,000
8%
35%
57%
145
56
145
106
23%
51%
3434
9%
52
37%
43%
2534
8%
35%
1,000
*
*11
400
37%
—
106
Bros..
100
7%June 11
25
Maracalbo Oil Exploration..!
19% Apr 29
Modified 5% guar
Manhartan Shirt
Marine Midland Corp
Market Street
2%
13
51
106
2%
2,100
10
4%
10
7%
28
*3%
23%
36%
37%
758
19%
3%
734
30
Ry
Preferred
Bid and asked prices; no
sales on this day,
t In receivership,
a
Def. delivery,
(Del) .5
100
100
preferred
preferred
100
100
Marlln-Rockwell
No par
Prior
2d
3%May 18
1
No par
No par
Mathieson Alkali Wks.No par
22
7% preferred
.-100
Department Stores—10
Maytag Co...
No par
May
Preferred**!,
No par
Preferred Sx-warr'ti-No par
Prior
preferred
n New
No par
7
50
June
4
3
May 14
June
7
3278May 27
142
May 17
51%June 2
8*4 June 11
July
Jan 14
5378 Mar
3
84% Apr 19
110
Jan 23
*eb 2
Mar 11
Jan 26
Jan 8
May 12
28% Feb 8
147»4 Jan 20
2834 Jaii 13
99
Mar 17
4134 Mar 11
36
19
Oot
89
May
12
Jan
Feb 11
12384 Nov
2184 Nov
38% May
65
47%
80% Nov
Jan
Mar
23%May 5
83% Feb 15
378
75%
IO34
43%
Feb
Apr
9%
May
Jan 13
110
Oct
4
97
175
Nov
22
25
Jan 28
61
180
Jan 18
114
Feb
18% Nov
I884 Dec
45*i Nov
Jan
May
4
26»4
July
2
7
113% Feb
50% July
Apr
Apr
16%
2
Nov
13
Nov
31%
Jan
115
Jan
9784 Mar
116%
Jan
160
Oct
Deo
19
Apr
170*4
23%
25%
Jan
36
July
32% June
43
Apr
Feb
63*2 Nov
55
Deo
46*i
Dec
67%
Deo
104*2
Feb'
2
Apr
3%
Feb
35%
Jan
Jan
61%
Dec
3%
107
108% July
8% Mar
Oct
45
Jan
May
113
Sept
x3884
Apr
21%
26%
151
140
Dec
20
May
57% Jan
22% July
Jan
Jan
30%
102%
33
Oct
132*2 Feb
62% Mar
9
127*1
Jan
8
27%
Jan
58% Mar
-
Oot
Oot
35
Feb
42
Jan
134*2 Nov
49%
Oot
65*4
8
40%
Apr
Jan 20
MarlO
8%
34%
Jan
Jan
57
778 Jan 12
1%
Jan
7%
Jan
Nov
9
15%
63
7
Jan 11
15%
Dec
Nov
Deo
Mar 30
30
35*2
Dec
18
Nov
21*2 Apr 6
1678 Jan 11
7
June
39
Jan 14
32
Dec
67%
Jan
12%
Deo
23%
24»4
Dec
6*4
Mar
16*i Jan 20ft
29% Jan 30
3*2 Mar 29
Jan
(Glenn L) Co..
28%
9
Jan 16
15% Mar
6»4 Feb 17
14% Feb 13
187|
Martin-Parry Corp
79
1
Marshall Field A Co...No par
Masonlte Corp
58% Jan
9
Apr 28
Martin
12
8%
June
10%May 14
24%May 14
Jan
7%
94%
134june
334 Apr 29
10
41
d Change of name
*
100
Pref ctfs of deposit
19%
20
1(H)
Preferred
17
28
25%
145
*16
*
*12
334
43%
9%
834
*3%
28%
4%
*3%
23%
24
20
2%
*12
4*8
17
19%
4
28
26
2578
*134
*16%
*
10%
13%
*43
45
*43
10
18
June
15% July
1
Feb
43%June 10
21% Feb 11
15*8 June 11
No par
Link
Liquid Carbonic
45%
47%
48%
1
700
5
*47%
6
Apr
20*2
24% Mar 17
384 Jan 18
18% Jan 18
203
6
134 Apr 29
June
6
1
277g Mar 11
51% Feb 1
June 11
9%May
Louisville Gas A El A ..No par
47%
48%
Lehman Corp (The)
131%
44%
46%
Jan
Mar
1734 Mar
4
60
Preferred
800
32
*31
4634
12%
16
88
*87
48
160
50
No par
3
4
35% Apr 28
100
preferred
13834
19%
19%
131% *130
46%
*11%
Jan
151
80%
*45
17
100
79
1334
5
93
78
32
32
Apr 28
Life Savers
700
32
41% Jan 14
24
13
Liggett A Myers Tobacco—.25
Series B
........25
1,100
7,100
88%
23%June
18%June
61% Apr 28
9% Jan 2
25% Feb 25
57
20
Jan
43
49
13834
"26"
88
47
47
46%
*
1934
Jan
33%
200
*105% 106
*10538 106
*10538 106
*105% 106
*105% 106
♦105% 106
2%
2%
*2%
23g
2%
2%
2%
2%
2%
2%
2%
2%
60
59
60
60%
59%
58%
#59%
57%
57% 58%
5678
5634
7
7
7
7
634
6%
6%
*7
634
7
7
7%
31
31
31%
31%
31%
31%
32% 32% *3138 31%
*3n2 33
*108
109%
10734 108
109
109
109% *108
109% *108
110
110
21
22
21%
22
21%
21%
2134
22
21%
21%
22
21%
*
Dec
Nov
No par
48%
55%
18% Nov
28
No par
49
Nov
32% Nov
19% June
Libbey Ownes Ford G1
100
4%
Jan
PI
18%June
16% May 18
Lerner Stores Corp
21%
*21%
64%
56%
Apr
Apr
Apr
20%
51
3834June
500
Feb 30
135
300
158
158
30
147
Mav 11
June
No par
6
1,900
Deo
7%
Feb
99
97%
46*2
Oot
63% Nov
Aug
26%
97
158
*2138
21%
67
67
55*8
*157% 162
21%
213S
158
12
1134
26%
*96
Oot
18% Jan
3% May
1578 Jan 16
8%May 18
Lehn A Fink Prod Corp
3,600
3,900
24%
29% Jan
400
65%
17»4 June
71
8
300
4,000
43
67%
99%
48*2
10
Jan
74%
Lehigh Valley Coal
*15%
100% 10034
48*2
10
£41
28%
107
3584
100
2,200
600
Feb
Jan 13
Lehigh Valley RR
4234
15%
113j
conv
Jan
Dec
47% Jan 23
24% Jan 14
2778 Jan 14
Leblgh Portland Cement...25
4%
Jan
24%
17%
Jan 14
No par
(The)
3,700
16
26'%
99%
800
------
June
Feb
Nov
28%
20% Mar 8
4684 Apr 14
9% Mar 30
Jan
47%
21
33%
110
87
19%
109% Feb
8
5
Jan 12
5*2
Apr
Apr
No par
Co
1%
1%
No par
preferred
16%
68
11*2
*26%
2,400
37
16
15%
6%
Lambert
24%
~16"
10
Lee Rubber A Tire
45
*15%
*43%
6734
Co..:
Lane Bryant
180
10
42%
No par
Preferred
Kresge (8 S)
15
37
1%
10
3,500
20%
*
1634
42
10%
42%
42
*157
25
3734
37
38%
*
1%
*10%
18%
19%
No par
Preferred
*16%
•17%
27%
19%
134
82
No par
Co
Dec
Deo
69% Mar 10
9
38% Apr
Kimberly-Clark
60*4
Jan
19%
23% Feb 11
15%June11
100
80
Jan 14
110
Keystone Steel A W Co No par
No par
June
9%
134
*53%
81%
Dec
*106% 125
*30
37%
1%
48%
82
23%
Jan
35
2
20% May 26
5,800
16%
68
Jan
27% Jan 18
2634June
54
38%
55%
*53
17
48*2 Aug
36% Nov
21%
180
213a
Jan
54
17%
157
19%
21
25%
*
100
Jan 16
Mar 5
56
16%
12
4478
June 11
32
21
17%
9934 100
68
*66
25
*37
2634
26
55
*12%
68
Jan
21
♦25
45
13
56%
21%
15
10%
42%
15%
Mar 17
56
27%
1934
19%
*12%
37
29
21%
*25
25%
4
Jan
6%
*16%
180
180
121
Apr 29
300
Dec
Nov
51
6%
Deo
133
116
May 25
38%
Deo
126%
Mar 17
11
Kennecott Copper
Feb
12134
152
121
41%
18%
39% July
May
Sept
93% Nov
75% May
6
101
15%
9%
Feb 16
20
Stores.$12 60
:
6
B
15%
38%
*534
9%
2
..1
Class
16%
35
Jan
Kendall Co pt pf ser A .No par
*15%
9%
126
15%June 11
31,700
1,800
*31
88
Kelsey Hayes Wheel conv cl A1
58%
*106% 125
8
98% Apr 28
57%
130
Jan
pf..l00
5834
58
155
8
*6
*16%
15
40
31% Nov
126
Jan
68*i
46
57
21
19%
500
24% Aug
Apr
113
5
Apr
2284
136
*40
27%
19%
*12%
Kayser ( I) & Co
Oct
5
126% Mar 29
87%
Feb
107
June 11
6%
6%
17%
*25
193s
Kaufmann Dept
Jan
June
Jan
115% Aor
100
Preferred
15
2
Nov
19%
377g Nov
31-%June 11
10
*6
40
6%
*56*2
213s
11
102
15%
102
120
..
Jan
Mar 18
2l38
39
*39
16
11
102
11%
11%
102
120
82
6
NOV
93
Apr
26% Jan 30
30
Apr 15
May 13
100
Keltb-Albee-Orpheum
500
16%
*16
1534
11
102
1134
59%
57
28
19i4
600
99
10
10
10
10
10
*9%
*10
1078
*106% 125
*106*2 125
*106% 125
♦106l2 125
33
*32
33
*30
37%
37%
*30
37i2
19
19
18%
1834
19
18%
1834
1S34
*12
32%
21
59%
21%
*2414
32
*96
60
634
16*2
32%
*20%
58
57%
19l2
20
*27%
104
2]i2
*16'8
1,300
20
99
*11*2
125
pf ser B No par
Kansas City Southern
100
21
*102
No par
10%
Oot
Feb
53%
35
11% 8ept
Jan IK
107% Apr
Apr 29
Kan City P <fe L
50
2734
41
*6
3134
3134
rll8% 118%
June
Jan 16
71
Kalamazoo St & Furn Co.
2034
2034
323S
121
Jones & Laugh Steel pref-.lOO
32%
2734
1534
*39
6%
*39
33
593s
5734
15*2
59i2
20%
21
16%
11*2
104
*102
104
*102
21
16%
16*2
*
33
120
60
May 18
1
400
*97
21
*20%
21
100
*31
*117
Feb 19
15% Feb 19
17% Apr 26
25% Jan 26
210
122
*27%
*20%
27%
27%
2734
*2634
*95
33
20*2
33
*32
33%
*117
120
Apr
36%
9
30
Oct
15
110
5
No par
Inc
Preferred
180
June
1
Tea
47
Dec
Oot
Oct
61% Nov
Apr
4
20%May 27
101
No par
_.l
Johns-Manvllle
2,500
Jan
Jan 25
Mar 11
Dec
11%
10%
Jan
52
49% Jan
934May 14
..100
Preferred
Jewel
*123% 124
120
32%
120
122
33
21
20*2
2112
2112
*32i2
33
*3134
*117
123
124
122
123
124
123% 12334
122
122
122
122
124%
90
Stores.No par
Island Creek Coal
2,100
3
Dec
8%
98%
Jan
23
100
No par
Rights
79i2
2834
June
42%May 13
Jan
2
31%
Dec
1478
Apr
19%
Not
23%
Jan
57*2 Feb 16
100
Inieriype Corp
8%
25
No par
Preferred
40
500
28
28
28
28
27*2 .27*"
28%
28% 28%
28*2
*122*2 126
*122*2 126
*122*2 126
*122% 126
*122% 126
*73%
79*2
*73%
79*2
79*2
*73%
79*2
*73%
*73%
77
127
129
128
129
Z128
129%
1287g 129%
129l2
127% 127%
3
10
8
6
6
43%May 26
No par
preferred
7%
*122io 126
*7334
Jan 30
June
6
100
Preferred
Inter Telep <fe Teleg
26,000
18
28i4
28
190
18,600
2%
18%
Feb 16
12is4 Apr
5% Apr 28
No par
Certificates
93%
11%
94
10*2
23%
9% Apr
Dee
136
Feb
Jan 12
Jan 6
Feb
18%
66% Nov
Apr
Jan
Jan
90*4
Internat Rys of Cent Am.. 100
•
7338 Mar 10
13534
Deo
8
De.
2%
1%
20%
3>4
100
Preferred
220
13%
10*i
43% May
334
7,600
Shoe
94
Jan
125%
5%
Sliver
11
4%
6
No par
International
94
Apr
6
Class O
International
10%
Apr
2»4
6
No par
International Salt
94
Dec
160
Jan
Class B
200
11%
106%
Jan
2434 Apr
18
Apr
2,100
400
93
101
A..No par
Dec
Jan
16% leb 23
10% Feb 24
100
400
40*2
24%
Inter Pap & Pow cl
194
66%
148%
Jan 29
1834
55% Apr 29
127%May 27
Int Nickel of Canada_.No par
40
*25
*43%
10%
101
31,900
May 18
Dec
5
7
10
7%
Apr
160
4
Dec
5% Mar
Jan 18
162
Jan
48*2
25%
443g
48*2
Jan
11234June
189
June 11
9
40
47*2
25%
44%
41%
22»4 July
15% Apr
20
*5%
63*2 Apr 14
4
6%
6%
4
6% Jan
10,700
93
2%
18%
6%
40%
93%
10%
18%
17S
18%
6%
47
24%
23%
24%
23%
100% 100% *101
103*2
23
22%
6
6
6*1
*5%
6
47
25l2
43i2
105*2
6*8
Jan
Deo
578
18%
16%
678
7%
103% 108
6%
*578
7%
7%
1037S 105*2
7%
7%
105
6%
47
25%
*46%
43%
*25
7*2
105%
6%
6%
48
*46i8
7%
104
1037s 104%
*6%
6%
106%
105
Jan
4
1
Jan
Sept
2% July
8% Jan
Corp
112
9% July
25
Preferred
19%
Apr
Int Hydro-El Sys cl A
"5",900
59%
19%
107
5,800
132
*130
132
*130
132
*130
Nov
99% Apr 7
144% Apr 30
100
Internat Mining
19%
4884
2*2
148
No par
1,400
19%
May
9% Apr 14
Int Business Machlnee.No par
12
19%
Jan
37
64% Apr 20
111% Jan 6
ll%Mur 16
42
Int Mercantile Marine. No par
19
4
187a
28% Mar 11
100
6,500
19%
19»4
7%
Dec
2
Prior preferred
Harvester
Oct
10%
5
Feb
5
Preferred
5
Jan 20
Jan
434
..No par
Internat
Jan 18
16%May 13
No par
Deo
24%
Jan
6
13«4
Jan 21
Agrlcul
Internat
6%
4
107% Apr 24
No par
11%
58%
12*8
*130
Rubber
Iron
Interlake
10
11
*11%
6%June
41
100
6% preferred
Intercont'l
9%
lO's
4%June
J Interboro Rap Tr v t C..100
1,500
23,800
1,300
111%
1
d Interchemlcal Corp. .No par
900
*48
50
Feb
144
50
19*2
16% Nov
41% Nov
4%
Apr 28
125
100
Steel
Insuranshares Ctfs Inc
900
109*2 *109
7
6*2
share
per
Jan
25% May
22% Jan 20
47% Apr 20
133% Mar 27
94 June
1
Inland
3,300
1,000
678
Highest
share $
per
Inspiration Cons Copper...20
6,505
23%
4%
4%
56
56%
109
25
2378
434
$
share
per
No par
6% preferred
"
Rights
24%
24%
4%
Lowest
Highest
$
share
per
1234 Jan 4
36% Jan 26
No par
101%
100
$
10
Industrial Rayon
800
*132
103%
Indian Refining
400
133
132% *131
Par
3,500
39%
Ranoe for Previous
Year 1936
100-Share Lots
Lowest
June 10
14%
39%
*13%
On Basis of
STOCK
EXCHANGE
$ per share
9
June
YORK
NEW
the
Friday
Thursday
$ per share
13%
3878
13%
38%
14i2
3978
*1334
40
131%
8
June
$ per share
$ per share
$ per share
14
14
Wednesday
Tuesday
Monday
|
hangs Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
for
Saturday
3961
New York Stock Record—Continued—Page 6
144
20
Jan 21
39
Jan 20
6?g Mar 27
6184 Mar 4
3078 Mar 10
29% Apr 30
1378 Jan 10
74
Feb
8
2%
8%
Jan
Apr
Jan
6% July
18*4 Jan
1%
2% July
41
May
Feb
1284 Aug
3% Mar
23
Nov
45
Nov
7%
Dec
66% Nov
25% Nov
11%
Jan
6%
Apr
12
27%
153%
Apr
42% Nov
Mar
5
4184 Jan
17% May
165
Jan 25
66% Mar 11
15% Jan 11
Jan
163
Dec
43% May
70
Nov
13*2
Apr
21%
Dec
55
Feb
50*2
Apr
110%
Oct
35
June
3
°44
Jan 13
43%
35
June
3
45
Jan 13
44
Nov
104%June
7
111
Jan 22
103
Jan
from Intern atlonal Prlntl ng Ink. Corp.
stock, r Cash sale, x Ex-dlv, y Ex-rlghts. ^ Called for redemption.
Feb
New York Stock
3962
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
Record—Continued—Page 7
NOT PER CENT
Sales
STOCKS
fnr
vttw
JOT
Saturday
Monday
June
June
5
7
June
27
2738
Wednesday
8
June
$ per share
$ per share
$ per share
27*8
164
Tuesday
27
2634
264
264
17
17
17
17
90
*86
94
*86
92
88
88
♦49*4
504
*494
504
*204
214
*20
3478
344
3434
354
35*4
1378
3534
3638
3638
504
204
3434
364
144
1458
154
134
*494
204
3484
364
1484
444
134
994
*85
164
13
994
284
444
*
284
954
*72
41
724
114
3834
12
28
McGraw Eleo Co
403s
1934
800
MoGraw-Hill Pub Co ..No par
33
334
5,600
Mclntyre Porcupine Mine*. _5
34
1,300
McKeeaport Tin Plate
204
344
34
35
15
144
454
134
994
284
954
*4458
134
45
154
444
*85
28
994
284
274
274
274
2734
95
97
97
97
95
95
190
♦72
73
72
72
*704
71
400
114
394
114
11
114
2,500
404
*384
394
310
444
134
114
124
394
394
394
134
40
*
34
62
624
18
34
"63"
624
184
1838
2834
2834
294
284
29
384
384
*3758
39
*364
444
*13
994
♦
34
1,500
34
6284
634
1,100
184
7,700
28
174
274
1778
2784
284
634
284
3,600
10
$3 oonv preferred
MoLellan
6%
mmmmmm
1,400
_5
McKesson A Robbing..
1,300
134
*85
18
184
28
39
444
23,300
154
"63"
63
184
*334
144
134
994
*85
124
♦
200
334
1134
34
174
1834
4934
1,500
Mead
5
No par
Stores
1
oonv preferred
100
Corp
114
*1144 115
*
100
*
1334
*97
133s
98
34
358
358
*26
2834
74
7
274
.74
7
64
264
44
Mengel Co (The)
5% conv 1st pref
__.l
100
Meroh A Mln Trans Co .No par
Mesta Machine Co
5
Miami Copper
Mld-Confinent Petrol
>.5
__10
90
90
90
544
544
334
*894
534
*394
434
*39
40
*60*4
62
624
138
*614
14
54
544
14
324
*204
324
3258
20
204
*394
41
614
14
314
1984
138
33
204
*39
253s
894
28
73
724
*1064
254
844
124
674
*65
14
*24
*34
34
44
284
284
7
7
264
2034
44
84
400
*34
44
10
*27
124
124
*65
674
184
184
36
20
1234
244
*35
*194
204
134
244
1234
244
1534 1534 *1534
264 264 *263s
*96
98
96
344
2234
344
1,300
28
90
64
64
2,600
254
254
44
314
894
74
90
34
3334
224
224
22
304
304
*29
154
344
35
34
158
*157
*157
15
324
204
14
5,300
315g
3.100
Mother Lode Coalition.No par
Motor Products Corp
No par
1934
1,600
Motor Wheel
40
1,700
1,000
Mueller Brass Co
*65
67
67
*65
67
*65
10
3,800
67
1834
18
184
174
184
13,800
354
194
354
194
364
354
364
300
194
1234
124
124
24
2458
244
234
244
1544 *1534 1544 *1534 1544
27
3:263s
2638
*264
264
96
*9334
9934
*9334
9934
35
35
3534
3534
344
184
*114
1834
1,500
1258
234
700
*19
204
123s
1234
234
154
224
2234
1085g 1085g
2234
34
15
35
34
35
158
158
158
304
-
-
-
-
78
774
78
*42
564
22
*194
*105
314
334
804
80
80
4538
44
45
584
584
584
89
89
264
264
*1984
3284
*774
444
*584
244
314
264
584
90
*2658
*534
5534
105
90
*194
314
804
4434
*41
49
*53
105
*1044 105
*41
46
22
106
24
mm
mm mm
20
*204
334
22
1934
1934
10
34
324
*774
334
10,700
7934
500
80
80
80
*774
80
444
434
414
434
38,100
60
434
*5834
4414
60
4434
6084
604
58
584
700
88
88
894
894
2634
27
274
*864
264
8934
90
2634
254
2634
94
*84
174
9
130
174
National Power A Lt__ .No par
National Steel Corp
National Supply of Del
1838
94
9
9
184
18
19
94
184
1224 12234 *1224 125
19
*12334 125
*127
*127
30
*12334 125
Mar
1
■'
9
2
Jan 18
Nov
59*4
Feb
Jan
71
Feb
24 Nov
434
27
Oct
Nov
447§ May
1024 July
14
Apr
43
Jan
794 Aug
108
Deo
224 Mar
624 Nov
42
June
100
100
284 July
1124 Mar
107
Dec
10
Apr
244 Nov
New York Central
Preferred series A
334 Mar
374
Mar 11
Jan 22
155
150
Jan 29
1374
24 Jan 18
1
Jan 18
New York Dock
944 Mar
1097sMay
Oct
171
Dec
Jan
147
Nov
Deo
614
9*8 May
7s Jan
147g
3
Feb
Feb
78
Jan
754 Nov
744
Jan
13i8 Feb 25
574 Feb 13
64*4 Mar 10
7
109
Jan 11
Jan
6
37
Mar 17
Apr 28
Jan 18
Jan
Deo
Apr
Apr 19
]2is Jan 15
41*4
54
194
14
133
Feb
Dec
Deo
74 July
104 June
124 Nov
324
60
41
644 Nov
Apr
Apr
1044 Apr
134
Jan
Nov
110
Nov
Feb
43
Apr
9
Apr
40
Deo
Jan
83
Deo
Jan
494
Oct
104
734 Apr 30
98i* Feb 10
40
Jan
4
55U Mar 17
324
274
41
Jan
4
72
Mar 17
174
Jan
534
83
Jan 14
100
Jan 22
364
Jan
95
Sept
15
Nov
25isMay 13
15*4 Apr 29
Oct
3178 Mar 19
21ij Mar 20
100
8
Mar 23
1278 Jan 22
17
25*8 Jan 22
60
121
May 14
May 17
10% pref
50
IN Y Investors Ino...No par
N Y Lack A West Ry Co.. 100
125
N Y A Harlem
Apr
364 Nov
8
130
1
26*8 June
5
100
Preferred
Oct
4
574
Apr
100
June
25*8 June
19
NYC Omnibus Corp..No par
112
28
3
28
N Y Chlo A St Louis Co... 100
Oct
Mar
1
No par
No par
1074
Mar 17
100
N Y Air Brake
Deo
324 Nov
171
4
Newport Industries
1074
Apr
44
May 18
52
Dec
Apr
18ig Apr 22
63s June 11
No par
100
Deo
38
2
Nelsner Bros Inc.
Deo
35
1214 Feb 26
978June
Jan
1644
374
Jan
307a
I07s Jan 28
Jan 26
100
384
Dec
153
21
14*4 Jan 14
Jan
Oct
Deo
154 Mar
112t2Mar 11
May 20
2458 Mar 9
4 Apr 27
70
474
194
21
8*4May 18
14May 4
62
204 May
124 Apr
94 Apr
284 Oct
8
617b Jan 22
No par
No par
1
6% pref series A
X New Orl Tex A Mex
Mar
8
25
Purchase warrants
*9
9
84
84
184 *1734
184
*1224 125
*12284 125
9
Mar 13
112
Apr 29
Apr
25
Preferred
440
2,600
68
Dec
39*4 Nov
26 4 Feb
678>Apr29
Nat RysofMex l»t4% pf.100
2d preferred
100
900
8934
Jan
414
1014 Nov
364 Deo
1034 Feb 3
387g Feb 25
274 Feb 5
2938June 11
Newberry Co (J J)
'■■mm
544
35*4
604
Jan
33*4 Jan 13
1
48
Natomas Co
43
Mar
Apr
33*8 Mar
Mar 11
No par
National Tea Co
106
Feb
103
May
167
164May 18
133
300
2634
184
107
100
1,100
344
*204
334
2338June 11
100
2,900
*41
74
334 Deo
May
11
18*8 Jan 21
145
B
1284 *123
1294
64
63g
64
*534
Feb
70
71
HUMay 18
A
1,000
*105
173s Jan
Preferred
3,300
544
Feb
Oct
4
21
90
68&8 Jan 23
Preferred
400
Feb
33*8
Jan
"J2 Apr 20
20*4 Feb 11
Nat Mall A St Cast's Co No par
78
43
*4
108i2 Jan 26
100 il0734june
100
No par
10
9934
106
Feb 17
8
1434May 18
314 Apr 28
154*4 Apr 26
200
.......
Deo
9*8
39*8 Mar 20
2138May 18
100
Nat Distil Prod....
6,200
Feb
64
297i
99*8 Mar 19
364 Feb 11
Jan 27
Apr
10
774
*534
Mar 10
Apr 8
1134May 18
No par
6% preferred
9934
*105
197g Aug
34 Feb 26
May 18
257s Apr 29
934 Apr 9
2958 Jan 5
7% pref olass A
600
Feb
64
Sept
37i Jan
79
Deo
24
2
69
June 10
No par
7% pref oiass B
Nat Depart Stores
78
*41
554
*105
334
10
5% pref ser A
994 100
43
*535g
554
106
144
Jan
Jan
46
24
National Lead
10
54
664 Jan 18
May 13
No par
4,300
10
1*8 July
24 Aug
2*4 Jan
16*4 June
Jan 18
18
Acme.—......... 1
33
10
94
101
47i2 Mar 11
324
64
12i4 Mar 17
4078 Jan 23
Jan
x245g Jan 28
334
126
Apr 5
9*4 Mar 17
8
*334
a;10
34
May 28
5
3,700
46
7
8
2
678 Jan
24'4 Jan
70
154
*42
1264
64
4
35
400
159
24 Jan 23
Sis Mar
6>4 Jan
33s May 22
25t4May 18
102
15
*53
*125
li2 Apr 29
2&8June 9
100
15
774
7
No par
Nat Enam A Stamping.No par
Nat Gypsum Co
1
101
Deo
884 Jan
12*8 Mar
27
100
10
101
Nov
120
Jan
244May 14
844June 7
No par
7,400
10
784
103
112
Dec
64
574
Jan
294
144
784
102
1004 1004
1024
12634 12634 *12434 1284 *123
128ig
64
64
64
64
64
64
10
*10
10
10
104
104
784
102
Apr
164 Mar 11
101
Mar 10
Apr
304
78
Mar
119
154
*130
77
88
r65
MarlO
28*8
294
1434
*157
Jan 22
Mar 17
124
Feb
Feb 13
304
159
307i Nov
Jan
214
110
Mar 15
304
*157
xl74 Apr
51
20
135
*130
135
*130
135
13634 *130
1364 *130
1374 *130
*
*50
*50
51
51
50
50
5034
*494 52
504
504
934
934
958
9»4
938
94
94
94
958
93s
94
94
*1
*1
*1
*1
*1
*1
i84
134
14
134
14
14
4
*l2
4
*4
*4
58
4
4
*4
4
4
s8
Deo
106
2
26
Nat Cash Register
Nat Dairy Prod
10
Nov
120
4
5
Jan
38i| Jan 15
-
1,500
504
484 Mar
8
31
304
36*« Mar 10
122
1934june
*29
304
304
164
3834June 10
7% cum pref
100
Nat Bond A Invest Co .No par
9,900
Oct
65
3078May 27
Nat Aviation Corp
National Blsoult
6,800
"45"
Jan
National
500
224
"ian
1
Nash-Kelvlnator Corp
300
264
Nov
Jan
Nashv Chat A St Louis... 100
13,100
154
264
Deo
5
_
Murray Corp of Amerloa._100
Myers F A E Bros
No par
............
174
Oct
12
Mulllns Mfg Co olass B
1
Preferred
No par
900
35
91
Munslngwear Ino
Murphy Co (G C)
6% preferred
Rights
130
400
184
122
5*4
*4 May 12
14
314
Jan
Dec
405g
May 13
May 28
May 13
14
36
12*4
5514 Jan
67i May
x95
314
59
14
21*8 NOV
Deo
284 Deo
1084
9
Jan
39
Dec
Jan 16
48
50
.
494 Nov
Jan
Hi* Apr
*95
724 Mar 6
264 Feb 23
Mont Ward A Co Inc..No par
Morrel (J) A Co
No par
100
124
41
Morris A Essex
27,000
37*4
14*4 NOV
8
Apr 29
30
114
9
May 14
624
124
Jan 13
7
524
*394
12
Feb 16
86
86
*604
124
34*4 Apr 19
101
28
5412
12
1238
8
10
624
72i4
Jan 12
Jan
20
Monsanto Chemical Co
107
19
11212 Jan 14
100
preferred
Carpet Mills
Mohawk
40
107
Apr
64 Mar 17
700
86
Jan
84
345s Mar 17
800
2534
11
Deo
May 14
May 4
964June
96
Nov
49*8
40i2 Nov
484 Sept
1314 Mar
109
Sept
114
108
46
244
Oct
4
1,300
284
34i4May 18
May 17
234 Nov
1014 DM
June
2
*39
86
274May 15
June
16
4
*604
*254
724
May 25
24 May
92
381a
Jan 14
Mar 24
Mar 17
47*4 Mar
Apr 28
14*4 Apr 29
29
28i2 Jan 19
163s Feb
7
Highest
share $ per share
37
Dee
Feb
per
424
424
16U
4712
Jan
x5384
14
314
1934
34
24ig Feb 11
2
54i2Marl2
106UMar
Jan
554
138
June 11
58
100
894
537s
40
6
$ per share
36
Jan
2
3
Conv
6134
158
158
100
t Missouri Pacific
40
*604
34
154
344
par
40
614
304
*293g
1434
304
*29
No
No par
544
40
1434
3034
304
304
*29
314
154
22
Mission Corp
Mo-Kan-Texas RR
324
*9334
9934
334
344
22
224
224
*1084 1124 *1084 1124 *1084 1124
1084 1084 *1094 1124
*108
109
109
*108
109
109
109
*108
*1084 109
*1084 109
17
1738
174
1738 *174
173s
174
174
1634
1634
164 •164
7
7
; *64
7
7
*64
7
7
7
*64
64
64
33*4
preferred
100
4% leased line otfs.._...100
Jan
3834June
7%
Preferred series A
300
8
No par
11
Minn St Paul ASS Marie. 100
3,700
*34
No par
Preferred
100
3234
*32
90
14
34
264
44
84
*34
84
33
300
*14
*24
x394
2534
9934
*96
*14
900
99
1934
1834
244
*92
204
264
24*4
*264
98
20
36
*1534 155
9,100
1284
314
*65
134
134
134
204
124
20
20
60
50
994
32
184
*12*4
1144
14
3134
38
18*4
*36
104
114
39
39
4034
4034
3834 3884
26
26
2534
254
254
264
*2584
*86
89
86
86
844
854
844
28
27
27
*264
273g
284
284
75
73
*7238
724
724
724
724
*1064 107
107
*1064 107
*1064 107
*2738
73
I62'
8% cum 1st pref
100
Mllw El Ry & Lt 6% pf._.100
Minn-Honeywell Regu.No par
4% conv pref ser B,___100
Minn Mollne Pow Impl No par
41
*40
*274
Midland Steel Prod
210
113
98
64
90
544
300
105
13
29
90
3334
90
*24
28
7
37
*
1
May 17
25*4
114
994
May 28
124June
98
934May 11
703g Apr 29
37
134
*34
334
33*4
113
*
6
No par
No par
114
24
44
*34
*84
*3238
84
105"
*14
258
4i8
84
3234
4
838
384
1144
134
994
*96
2634
4
*86
133g
84
3234
4
84
114
113
64
264
84
124
28
27
4
*1064 107
994
1»4
34
44
26
274
*264
44
1334
28
34
*34
274
*110
*258
*34
14
14
*25g
134
*14
*258
113
*974
14
98
115
115
133g
1358
994
134
114
*37
9934
964
964
1054 1054 *104
1054
♦110
113
*110
113
*
9934
1053s 10538
1054 1054
*110
114
115
39
12&8 Jan
No par
$6 pref series A
Melville Shoe
'
*38
Jan 12
18i2May 19
3284May 10
31igMay 11
44
Lowest
Highest
share
per
254 June 11
1438May 20
86 May 17
1,300
164
344
3534
15
$
McCall Corp
No par
MoCrory Stores Corp new
I
6% oonv preferred
100
264
344
*354
144
41
*60~
62
Par
4934
194
50
20
Lowest
100
*86
Year 1936
100-Share Lou
90
254
164
17
98
50
504
204
204
26
164
124
*_
34
_
184
28*4
*50
On Basit of
oluuix
Shares
*86
Range for Previous
Range Since Jan. 1
strnnir
Week
$ per share
x uxvh
EXCHANGE
73
95
724
7334
41
"284
94
73*4
114
~62~
454
134
*
*94
94
*
214
45
454
134
"284
1634
June 11
26
2C34
17
♦86
the
$ per share
$ per share
Friday
June 10
9
vhptt
•w hi w
Thursday
1931
12,
June
34 July
104 May
135
Jan 20
119
137
Mar 12
294 Nov
Jan
150
Oct
138
Sept
'
*127
*127
_
*14
*1
90
1
'm
*90
90
44
1738
*24
1034
258
24
1034
1034
594
9134
44
*58
89
9034
*127
■
m
1
94
*90
94
4
154
258
258
114
1034
4
44
94
*99
334
*494
2434
5234
114
*994
334
994
99
34
334
114
*50
51
50
314
314
1934
664
20
164
*95
44
43g
*29
164
204
674
164
101
*95
*29
33
194
664
68
438
604
724
87
*122
130
♦75
*76
804
24
24
♦
9
*27
154
•
*
*29
1934
194
664
*164
164
1634
101
*122
804
794
244
130
*
»•
*95
*
24
247
24
*584
704
106
2334
52
1134
*98
24
23gMay 20
8i2May 18
56 May 20
No par
No par
66
June
1,480
73
June
9
X Norfolk Southern
100
2
Jan
4
200
Norfolk A Webtern
1,750
7%
70
Adjust 4%
.100
100
pref....
100
North American Co
No par
Preferred
900
No Amer Edison pref..No par
*994 100
324
314
50
Northern Central Ry Co...60
Northern Paotflo
100
27U Jan
130
Northwestern
49
Norwalk Tire A Rubb_.No par
Prrferred
60
*29
35
33l8
494
50
26,000
♦4
43s
*29
44
800
13,700
10
..60
1
Telegraph...50
194
1934
19
314
1938
Ohio Oil Co
No par
6734
65
67
63
64
5,000
Oliver Farm Eq new
No par
164
164
3,300
OmnlbusCorp(The)v t 0No
164
*
164
100
*14"
*
"l4~
1434
184
234
24
244
115
944
194
84
28
154
14
1634
244
644
100
39
394
3934
394
1324 1324 *1234 1324
174
*
60
115"
934
194
84
*254
144
224 May 18
51*8 Apr 6
200
North Amer Aviation..
115
174
mmmrnmm
700
6,400
8,600
*804
244
♦
700
244
644
*115"
__
700
mmmmmrn
par
100
No par
Otis Elevator
No par
Preferred
Otis
20
82
A.
Oppenheim Coll A Co
110
125
*119
Preferred
100
Steel
.No par
Prior preferred
$5.60
100
Preferred.
100
Pacific Amer Fisheries Ino...6
Pacific
20
250
J In receivership,
a
Def. delivery,
Jan
4
Jan
May
574 Feb
3
17*8 Jan 21
8
Jan 28
3658 Mar 11
53i2 Jan 22
67gMar 3
40
4
227g Apr
4
73
164June
99i2June
8
261* Feb 16
14
14
18
18
Mar
105
174 Jan
5312 Jan
l2i4May
3334May
127i2 Mar
14i2May
H2is Jan
83
934 Apr
14 Aug
210
8
26i4May 18
2
May
Jan
105
3U
67
Jan 14
347a Jan 14
93
4
Apr
114
Jan 18
Feb 13
193s Mar
454
140
5
Apr 20
1
Jan 21
Feb
3
24*8 Mar
8
234
624
64
Apr
98
Jan
Feb
Jan
974 Apr
234 July
50
Aug
2
Jan
19
Aug
Feb
994 Sept
64 Dec
184
Deo
74
Feb
July
114
104i2 Jan
May 22
4
94
272
9&8May 18
9778 Mar 16
Mar 23
74
24
164 Mar
99
Sept
104
Nov
1094 Aug
27g Jan
3104
Oct
116
Oct
354 July
59
144
June
Dec
1064 July
103
38*4
67
Nov
Feb
Mar
44 Mar
32
Nov
124 Aug
18
Deo
244
69 4
Deo
17
Jan
July
107
Jan
8
Jan
244
Apr
123
Jan
254 Mar
1154 Feb
194 Nov
39*4 Nov
136
204
June
Mar
23
134
Mar
6
124 July
70
July
Jan 26
97
Mar
8
79
Dec
834
Deo
47
Jan
70
Nov
114
July
114
July
"l3~ July
22"
Deo
120*4 Nov
Jan 26
Owens-Illlnols
144
67s Feb 11
19i* Feb 11
761* Jan 22
10234 May 3
112i4May 5
4*4 Mar 3
Jan 12
20
14
Apt
Apr
75
2,500
15
Jan
3
28
3,900
8
90
8
Apr 29
194
254
Fob 10
9*4 Mar
264 Feb 25
May 18
934
8
Jan
60
19
254
97
Jan
1
22
No par
93
9
.
125
7
Jan
Outlet Co
194
274
2
1st pref..No par
Outboard Marine A Mfg
5
conv
934
230
9
23634 Apr 29
102
Apr 8
10.600
514
81
15
JN Y Ontario A Western.. 100
Corp part stk—1
N Y Shlpbldg
20
174
2
1,200
13,200
50
101
5
preferred
N Y Steam $6 pref
$7 1st preferred
23 34
224
June
378June
13i4June 11
1134
81
84
910
90
100
514
81
*264
1,700
7,200
100
preferred
994
804
194
Conv
114
122
934
X N Y N H A Hartford
8,300
994
122
115"
238
110
10,300
May 19
7aJune 10
12
130
*
714
2404 241
52
*494
4i8
32
604
.
994
51
44
25g
12
.
1,800
*1044 10584
244
*994 100
324
44
1458
83
80
248
106
994
334
Bid and asked prices; no sales on this day.
-i==
24
24
*240
144
144
394
394
1324 1324
174
184
*122
794
244
244
*
644
644
*1144 115
*11434 115
9334
934 94
934
934
194 *194
194
194
1934
9
9
9
9
*84
294 *27
294 *26
294
*16
17
18
154
*154
-
44
674
*95
*234
644
*1144
9334
194
130
51
33
14
*134 144
144
144
144
394 3934
394 40
394
395s
1314 1324 *1234 1324 *1234 1324
18
1734
1738
174
174
184
*122
*994
32i2
438
4
78
80
194
164
624
7934
67
101
114
71
*240
50
44
24
124
73
334
51
438
134
24
«...
1
92
44
154
66
994
*88
92
4
61
*24
'
...
*4
15
253g
994
334
mm
1
60
234
1034
249
*88
*1034 106
254
Sm-m
258
114
154
*1044 106
*1044 106
2434
244
244
244
*50
53
534
534
524
524
524
12
124
1238
124
124
114
124
*1004 10038 *1004 10034 1004 1004 *984 100
244
'
4
44
154
24
124
1534
58
564
96
9334
1034 104
24
24
60
m
1
99
974
1014
24
24
24
24
246
*240
*240
247
*240
106
*127
1
*90
44
974
*103
mm mm
1
17
154
61
m.m
964
4
17
mi
V 1
Glass Co. 12.50
Coast
10
1st
No par
2d
n
preferred
preferred
.No par
New stock,
r
Cash sale.
*
76
114
Mar
4
115
x824 Apr 28
17i4June 1
23
8
June
3
June
9
96i2May 10
Jan
7
15*8 Feb
1
34
15
Deo
254June 11
40
Mar
3
84 July
324
Dec
14
274 Feb
2
44
294
Deo
Ex-dlv
June 11
y
Ex-rights
Jan
Jan
U Called for redemption
Volume
LOW
5
June
29%
43
*30*4
43
43
30*4
*30
*134
•134
9
*10*4
»234
*1734
♦52
180
I8I4
19
19%
19%
*127i8 140
*131% 145
17
17
17
17%
"2",300
28
900
19
19%
19%
1738
17%
*28*2
19%
136
*128
142
17%
28i2
2812
458
3778
4%
4%
3778
24%
4%
4
*37
3734
1,100
24
24l2
*4%
7*4
4%
4%
4%
7*4
7
7
41%
91*4
*40*2
6%
*40*2
91
90
4
4
4
*3*2
4
4
7%
7*4
7*4
*7%
7*4
7%
90
17*4
&171*
ft 8*2
£46*2
8*2
47
%6
»32
42*4
87*2
42*4
*
"*5*4
9
1*4
1*8
1*4
1*4
83
83
42%
44
40
S7%
*80
87%
6%
*79
87*2
83
81%
6
6%
10
*9%
890
1
*13
15
*13
15
*13
15
*13
15
84
*72
84
*72
84
*72
84
*72
56%
56%
55%
56
55
7
*5*4
7
49
*44*2
49
16%
56*8
57%
7
*5%
7
*5%
7
•44
49
49
*44*2
49
♦16
16%
*44*2
16*2
55%
*5*4
*44%
16%
*16
16%
*15%
16%
*15%
*28*2
30*2
*29
30%
51%
30
30
49
49
*
51%
12
•10*2
m-rnmm'
•
MM*.
*175*4
92*2
*2*4
14
14%
29*2
92*2
234
*26
29
♦
124
"36*2
1%
"*!%
26%
26*2
17*2
25%
*5*2
*1%
18
25*4
26
*5*2
6
2
*17S
8%
8%
22
22*4
*2112
23
♦57
62
59%
5934
♦115*2 116%
100
500
36%
1%
27%
*16
25%
25%
5%
*5%
*1%
2
9%
21%
*21
23
*57%
62
59%
59%
116
116
21
39*2
149
*108
110*2 *108
56
17%
18*4
110% 110%
101
*100
148
56%
57
5%
400
2
1%
1%
200
*8*4
8%
900
3,600
8%
21
20*2
*20%
20%
20*2
61
*56
60%
18%
16%
16%
16
17
16%
*16*4
17*8
17%
8%
17*4
9
*93
*89%
105
9
17*4
17%
8%
17*4
9%
16%
8%
16%
8%
17%
8%
105
*92
*91%
60
*135
*99*4 101
17
17%
*99
17*4
8%
*93
16%
17%
8%
17*4
8%
105
*93
69
68%
68*8
£67%
67%
*67*2
68
*67%
8
8%
8%
8%
8*4
7%
8
7%
33%
33%
39%
200
45
200
39%
*38%
39%
*38
39*4
*60
70
*2%
2*4
29
17*4
1734
26
*22
2%
.
2*4
*2%
*8
8%
*60
2*4
2*2
2%
*38
8
8
8
60
70
*60
8%
70
*2*4
*2*4
2%
39%
*21
29
21
21
*20
22
200
18
*18
18%
18%
18%
*18*4
19
18
18
600
*24
26
24
24
300
♦22
25
24%
24*2
85
*23*2
23%
25
25
25
22
36
3478
*116
38
*103
371a
116
103
90
26
26
*10378 106
*104
26
2234
*21
20%
104
103
38
*36
381
76
*89
90
90
26U
106
20U
26%
*126% 134%
*89
26
263
105
105
*105
19
21
21
90
36
36*4
80
*-_.
89
25%
26*2
107% *105*2
21
*18%
50*4
89
25%
*25%
2534
107% *105*2 107%
19
20*2
18%
50
50*4
50%
*61
61%
*61
12%
*11%
22*2
21
21
*21%
72
33
*20
2234
*20
*20
*65%
72
*66l2
72
*66i4
71
*65%
72
*64*2
68
*37
40
38
38
*37
38
36
33
40
36
*36l2
*5*8
7
*5%
6i2
*5*4
5912
3 >8
712
59l2
*3%
314
6*4
58%
3%
*5%
5834
6*4
59%
7
738
7U
*1134
*12
14
*12
1412
*26
34
*26
34
*
Bid and asked prices: no
*5%
£58
3
7
*12%
34
*
1,700
100
1,500
6,500
22%
*64%
22'4
*3i8
30
110
12%
*20
712
200
62
*11%
*11%
3'8
800
90
12%
*1U2
5834
100
300
80
*
61
*61
1212
59
5,700
40,600
126% 126% *126% 134%
51*4
6H2
*1U2
*538
400
36
61
5H4
*6014
51
35%
36*4
35%
11434
*112% 115*4 *113
102%
*98*4 102
50*2
50l2
5034
61%
12U
51
116
34*2
106*2 £102
*36
36*4
36*4
*__
75
75
*lll2
*60%
36%
*103
80
75i2
751j *75
1341
*127i2 13412 *12712 13412 *12634
90i2
35%
3434
3578
118
116i8 *116
*75
♦102% 104
37^8
5,000
85
116
*
200
2%
23
23%
23% 24
24% £23% 24%
*82
*81% 83*2
84*4
84% 84*2 £82% 82%
105
*101
105
*101
105
*101
*100% 105
*100*2 105
*100*2 105
6
6
5%
6%
6*4
6%
6*4
6%
6*2
6*8
6*2
6*2
3512
10
29
85
*115
400
8%
70
18
24*2
24
*82
3,300
*21
27
58*4
3
3%
6%
7
14%
34
sales on this day,
*12
*_
57%
10
200
*>-•.
--
»»
56
Jan
90
Deo
Jan 11
16
Jan
31
Nov
No par
255a
Jan
45*2
Jan
Jan
Jan
54*8 Aug
10218 Oct
Jan
1*2 July
1678 Mar
7,6June
Jan
81*8
7*2 Feb
3*4
100*4
x87%May 28
4%May 20
8% May 19
Jan 12
14
8*s
3*s Feb
June 11
Apr
4
54*a Jan 14
June 11
68
Mar
6
87*4
4
44
June
28% Jan
1318
8
77
Deo
160
May
Jan
Mar
Deo
Mar
7*2 Apr
23*8 Dec
1378
43
29
Deo
122
Mar 10
49
Jan
110
Deo
4
Jan 12
14
21
Jan
167
July
297s Apr 22
May 21
215s Apr 14
20
2234 Apr 30
33*8 Feb 4
117g Jan 22
12
17
No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
Class
10
100
A
Preferred..
hM % preferred
100
Reynolds Metals Co...No par
100
1
Reynolds (R J) Tob class B.10
Reynolds (R J) Tob class A.10
6H% oonv pref..I..
Reynolds Spring new
Rltter
Roan
Pow_.
17*2
17*4
2,400
Deo
Deo
66
Dee
122*2
103*2
Apr
Feb
50*8 Nov
113
July
8
July
130
Apr
Apr
144*2 July
164
July
113*8 Jan 25
112
Jan
Jan
243s Feb
6
99
Jan
7
16
Apr
3
16
-Aug
103
May
107
1534 Apr 28
8
8%May 28
2334 Feb 25
1878 Jan 21
12'4Mar 6
7
103
65i4May 18
80
103
Jan
May 18
Apr 29
45
Apr
Jan
7
Jan 15
6
38
Apr 26
8
June 10
62
Apr 28
2%May 13
9% May
20*» Nov
19*4 Oot
16*8 Oct
9*4 May
83*2 Jan
68*8 Apr
49
Jan
50*4
39
Jan
60
Deo
8
37
Jan
47
Nov
133s Jan 16
Jan 20
83
4*8 Mar
5
8
9
21
Apr 28
80
May 19
97
May 14
Jan 2
30
94*4 Jan 30
Feb 18
110
9*2 Feb 18
97s
Jan
65*8
178
Apr
Oct
125s May
16
Aug
17*2 Am 1
81
Deo
99ig Sept
4*8 July
Apr]
27% Jan 4
109
Jan 19
47*4 Mar 111
124
Apr 23
1678
2
110*4 Mar 10
33% Jan 19
71
Jan 21
4938 Apr 14
98
Apr 14
78*4 May
10
Apr
12634June 10
89 June 10
18
15
11
17
7
1134May 28
No par
60
33
Apr 27
June 11
6
June
1
Jan 29
4334
24*4 June
31
Deo
Deo
24*8 Nov
25
NOV
90*2 Nov
Apr
114
8*4 Mat
297t
128
Deo
Dec
104*4
Ort
39*4
79*2
Deo
Deo
Apr
138
Oot
92
Dec
98
Nov
22*2 May
105
Apr
34
Feb
117
Jan
34*4 Jan 22
25
July
36*4 Nov
50
Apr
60*2 Nov
67
8
Jan 26
14
Feb 23
68
Jan
31*2 Feb 4
86*2 Mar 10
38
June
587$ Sept
8*4 NOV
65*8
13&8
Feb
Jan
Mar
1912
Feb
35
32
Jan
75*4
Deo
5*8 June
10*2
603s
Deo
4
934 Feb 19
Mar 11
65
Jan 27
4»4 Mar 17
11*8 Feb 25
20*4 Mar 5
26
May 27
37*2 Mar 11
delivery, n New stock, r Cash sale, x Ex-dlv.
Jan
Deo
90
June 11
2
May
4ig
Apr 17
303s Jan 14
112
Jan 8
6
Jan
77
16*4
100
95*4 Jan 26
139
II
3
Oct
35*2
Jan 11
4334 Jan
5
Apr
July
107g Nov
Mar
60
80
38*8 Nov
223s Feb
22i2May
102i2May
1834June
49 May
14*4 Jan
108*2 June
Jan
35*2 Mar 31
29*8 Mar 9
Jan
Apr
117*8 Mar
Jan
May 20
99
2478 Mar
133*4
91*4 May
5
June 11
6
Apr
Deo
287s
17
June
89%
3634 Jan 11
47
Mar 8
24
21
114
10*8 Apr 19
734 Mar 22
29
Jan
4
11234 Feb 27
Feb 15
17%May 13
108
3678
72*8 Feb
22
1*2
2*8
77a
18
July
4an
Jan
Feb
3*8 Mar
6*4 Dec
Jan
15
Oot
Jan
37
Oot
1
f In receivership. a Def.
Feb
Dec
39
Apr
Antelope Copper Mines
preferred
28*4
73U
115*4
100
1st
Oct
40*4 May
t St Louis Southwestern...100
Preferred
100
2,400
6%
14%
Oct
57*8
128
June 10
t St Louls San Francisoo__100
3
6
*12
Oct
Dec
Deo
Dec
3»4
113*8
21
Dental Mfg
13*8
146
100
Republic Steel Corp
Feb
Deo
27*4
26*2 Mar
29*8 Deo
11*4 Deo
128*2 Jan 21
37
.
July
3*4
162*8 Jan 25
50
60
60
5
No par
1st preferred
100
Reliable Stores Corp
No par
Reliance Mfg Co
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sar RR Co—100
Reo Motor Car
5
Apr
41*4
167
140*8 Jan 20
No par
Co
DC
9*8 Apr
112*4 Nov
4
June
Pure Oil (The)
Rels (Robt) &
Deo
12478june 11
114
5538May 14
-
43g
30*8
28*4
118*2 Jan 4
5234 Jan 21
112*4 Feb
Oct
6*4 May
65*2 Jan 15
147i2May 11
III
MarlO
Silk Hosiery
Jan
Jan
Jan
1*4
15*2 Jan 20
55% Jan
Jan
May
4*s
3% Jan 22
No par
Preferred
Apr
1*8
ll7s
*5 .Ne par
Real
Jan
5
Feb 16
Jan 12
47*4 Mar
Pullman Ino
preferred
2d preferred
Oct
58*8
137*2 Jan 30
4
114i2Mar 25
37%May 18
100% Mar 23
1st
June
2%
85s Feb
2
97% Apr 29
31% Jan 7
Apr
1*4 May
Jan 12
28
No par
Reading
Deo
187
Feb 11
No par
Aug
18*4
36*2
31% Feb 11
31
Feb 10
No par
62*8
Feb
86
Corp of Amer
Jan
Dec
Mar
19%May 18
Radio
37*4
155
61%May 22
..100
6% preferred
100
Purity Bakeries..
No par
Quaker State Oil Ref Corp..10
Dec
Deo
176
20%June 10
8% conv preferred
Deo
Jan 18
6
100
18*4
7*8 June
50
8%
Feb
Jan
20
Jan
167
Dec
84
11*8
190
Jan
33s
Mar
52*8
49*4
Jan
76*2 Jan 22
175
2%May
19
88
May
27%
333s Jan 18
56
Feb 17
18*4
Nov
8
2034 Apr
4
July
16
38*8 Jan
5*2 July
70
July
74*2 Jan 13
3
June 10
10%June
Jan
9*2 Jan 20
1478May 18
Jan
101 *4
7*4
59*4 Apr
6%May 13
3%
Apr
66
49% Jan
75
Mar
12
Mar
84*4 Feb 25
20
Jan 16
7
1214 Apr 28
6% conv 2d pref
Procter & Gamble
No par
100
100
Dec
10*8 June
5978 Mar 10
5% conv 1st pref
preferred
preferred
preferred
19*8 Mar
56*4 Deo
13*4 Feb 19
June 11
t Postal Tel & Cable 7 % pf-100
Pressed Steel Car Co Ino
1
6% Pf (ser of Feb 1 '29).100
Pub Serv Corp of N J ..No par
18*4
73sMay 17
5%May 20
15s Apr 26
8
May 13
Class B
46*2 Aug
Nov
112
1238 June
215s Mar 11
No par
4.700
34
8
25
Porto Rio-Am Tob cl a .No par
58
7%
34
Jan
2
3
Ruber'dCo(The)capf>tk No par
Rutland RR 7% pref.....100
St Joseph Lead
10
400
6*4
91
June
1638May 14
l%May 14
24% Mar 22
Poor & Co class B
Feb
7*2
19
No par
5
Plymouth Oil Co
Pond Creek Pocahon. .No par
27*4 July
45
Oot
June
17
Deo
78
167
Pittston Co (The)
74
Jan
Feb 16
Rhine Westphalia EI A
14*2
3
100
Pittsburgh & West Va.—100
Pitts Young & Ash 7% pf-100
13.50 conv 1st pref.-No par
*44
39*4
25
Pittsburgh United
t Radlo-Kelth-Orph
No par
Raybestos Manhattan-No par
*37%
*38*8
100
preferred
6%
1,100
45
33*2
1
10*2 Mar
Jan
Jan
1
May 14
pref
Jan
Apr
88i2June 11
cum
Jan
4*2
4
100
7%
3*8 June
28*4
64*2
No par
Pittsburgh Steel Co
5,300
33%
39*2
34
4
2
24*4 Jan 27
68
*44%
33%
Mar
4812 Mar
174i8 Apr 23
Preferred B
*37*4
39%
*44%
*38%
8%
39%
45*4
*22
21,800
45
33%
40
45
65
700
8%
39%
34
40
46
8%
17*2
105
*37%
*4438
33%
40
70
3,000
45
34
33*2
*45
39*4
100
17
7%
33*2
*37*4
*8*8
102
17
4
100
Pub Ser El A Gas pf
530
5
No par
Pittsb Screw & Bolt
$5 preferred
71,900
116*4 June
58
Oct
Apr 12
7%
-^mmm
Apr
May 11
6%
18%
17%
18*4
8
*60
—
38
55
100
«.
Mar
6
165
500
109% 109%
18%
69
*38*g
147
110
65*2 Feb
100
900
109% 109*2
8
8*2
3,300
114*4 11434
124% 124%
68*4
65
70
101
101
68*4
7%
*8%
3,100
2,100
111
17
-
112%
112*4 *110
112% *110
56%
55*2
57*4
57
56*2
57
18
18%
18%
111% £109% 109%
*99*4 102
100% 10034 *100% 102
18%
17%
110% 111
149
100
116% 116%
38
38%
116% 116%
38*2
38%
*138
22
59%
60*4
60*4
60%
149
200
5*2
20*2
116
*138
57
1,200
5%
*57
61
112% *110
110% *110
56
56
*138
149
*138
♦138
25
25
5,400
20*2
21%
116
27%
18*4
*16
100
*1%
8%
23
*20*4
*57%
59%
1%
59*2 Not
11634 Jan 27
49
Preferred
380
*5%
8%
8%
17%
25%
17%
*25
2
8%
21%
27*4
38*2
38*2
38% 39
10134
101% 102% 101% 101% *101
*10178 102*4
*114*4 115
114
114
114% 114% *114% 115
114% 114U
*123*4 126
*123*4 126*4 *123*4 126*4 *123% 125% *123% 126
*39
1,100
4%
34*2
*1%
26%
1%
26%
25%
6*4
*1%
2
10
Feb
Pirelli,Co of Italy "Am shares'
Pittsburgh Coal of Pa
100
Preferred
100
Pitts Term Coal Corp
109
"34"
34%
200
20
*4%
*
109
*1%
1%
27%
18*4
1%
27%
18*4
5%
8%
*8%
22%
2134
*21% 23
*58*2 62
59%
59%
♦115*2 116%
38% 39
102
102%
410
2%
4%
4%
"34"
25%
6
19
♦
90*4
*2%
*18%
165
*16
25%
■!
4%
35
88*2
*25
234
19
20
5,500
Apr
30
Mar
678
26*8
70
Preferred
14%
28%
13%
28%
90*4
*2*4
2%
110
*1%
17%
90*4
91
"34"
26%
1%
27%
*25
28%
*
14~~
13%
28*4
9
63s Jan
112*2 Nov
7
10
Pitts Ft W & Chicago
*174
*174
4*4
412
109
*105
165
•1*8
26%
♦17*8
11
59
*18%
20
~36%
36%
Plllsbury Flour Mills
10
175
*2*4
*
110
"36*2
36%
*10"
800
*52
90%
2%
4%
4%
4*2
4%
•412
♦
30
49
*38%
♦
Pierce Oil Corp
*166
~14%
pref
400
Feb
73
Aug
Mar
5
I
No par
100
No par
6
100
100
26
preferred
Phillips Petroleum
Phoenix Hosiery
Jan
1*8
Apr
Apr
17*2 Nov
3*4 Deo
Jan
No par
15%
15%
11
*10*4
60
1178
6% June
69
s,6June 11
preferred
No par
X Phils Rapid Tran Co
-60
10
Jan
4*8
10*8 May
87
40
Rights
Apr
23
60
Jan
Philadelphia Co 6% pref..-60
Preferreo
-
59
*25
91%
*2*4
♦18%
20
-
-
175
13%
91*4
2%
*2*4
*18*s
49
*52
11
*174"
14%
29*2
*25
7
*5*4
*44*2
6
Phillips Jones Corp
Jan
47*4 Mar
32*2 Nov
40*4 May
Apr 29
June 11
4% Jan
73
43
7%
«•» «•
*166
*52
92
m
9,600
59
*16*4
*175%
14%
*.
Deo
5*4
8
23
2
1
10
17
63
.
26
preferred
Dec
37*2
9
11212 Apr 12
44%May 13
No par
Phelps-Dodge Corp
22*4
Jan
50*4 Mar
100
Pfelffer Brewing Co
Aug
Jan
2*4 July
73s Feb 18
64
Jan 13
No par
Preferred
Phillip Morris A Co Ltd
175
10%
57
175
29
91*4
20
•18*s
*
55
"16%
14*4
14%
51%
*164
60%
175
*164
175
30
30
*
12
*10%
♦55*8
60%
*56*2
♦
51%
m
Deo
June
10334 Mar
12i2 Feb
76*j Feb
2934 Feb
34
Phila & Read C A I
MM.'
84
55*4
174
69
758 Jan 14
39%June 11
100
Petroleum Corp of Am
7%
Deo
10*2 Jan 5
2378 Mar 11
—.-.1C0
100
preferred
5,000
15
*13
*72
100
4,000
1%
81
80
2
4938June 11
*6
-
490
15
30
-
9%
1%
82%
57%
30
«,
5*4
84
♦
1,400
7
22
50
No par
People's G L & C (Chic)...100
Prior
June
334May 18
7
May 14
50 May 18
No par
Pere Marquette
Deo
25
8*8
38i8May 13
87
May 19
No par
Pet Milk
-
*8%
*72
56
-
2,000
2,400
87
♦13
56%
*558
•
12,000
40*4
*
9*2
1%
81%
1%
82%
«,
'*32 442,486
s16
6
9*2
1%
900
«.
.
"5%
6
10
81%
1%
82
**32
Cement
Peoria & Eastern
100
400
109*2
17*2
4i8May 18
8
Preferred
«. -
_
44*2
45%
%
*41
%
**32
-
Feb
July
7*8 Aug
2834 Jan 28
6i4May 18
14i8 Feb 5
3% Jan 2
No par
Peoples Drug Stores
1,900
97*2
103
5
8*4 Feb 25
4434 Feb 3
29*2 Feb 3
37
Penn G1 Sand Corp v t 0 No par
8*4
8%
42%
46%
45%
-
•
74*2
67
Jan
Apr
26'4 Jan 28
23i2June
2.60
Pennsylvania RR
400
Jan
18*2
Apr
Apr
200*2 Jan 28
May 14
Oct
4*4
34*8 Jan
4
No par
17 conv pref ser A
200
1,500
17%
17
42
5*2
9*4
1%
81%
5%
8*4
44*2
47
*79
8%
17%
8*4
17%
8*2
"3?
87%
5*2
5*2
8%
*8*4
17%
8*4
43
45
42
*78
17%
8%
ii32
42%
42
17%
Penn-Dixie
13,700
19
*15
19
*15
19
*15
19
*15*4
17%
8%
19
*15*4
17%
17*2
8*4
8*4
46*2 47
% 716
19
*T5%
Penn
135s
205s
Jan
2734May 13
No par
Coal & Coke Corp
10
500
Jan
Deo
1*8
16%May 13
TraiiEporta'n.No par
No par
EnterprNo Par
400
678
17»s
6
Apr
12*4 Aug
123s Feb 18
126
Penney (J C)__
1,300
Jan
23*2
11*4
6
2934 Apr
17%May 13
May 13
1
Co
Penick & Ford
300
4%
7%
53%
26%
40*2
*45
51
51
6%
July
10978 Mar 18
Peerless Corp
31
90*2
90
52
52
55
*52
41
152
4
Patino Mines A
2,100
16
89*2
6%
6%
Jan
June 11
Pathe Film Corp
4,100
15%
6*4
*40*2
16
16
Parmelee
500
1,600
26
26
26
27% *26% 27%
26%
2634
26%
39*2
40*2 41*2
41
41% 41%
41%
41%
41%
50
*50
49%
51*2
*50
51
53%
51
•49
*4834
53l2
*11212 114% ♦112% 114% *112% 114% *112*2 114% *112% 114%
•112l2 116
45%
45%
45%
45*4
45%
45*4
46%
46
46%
46*4
*45*4
t46
*8
10%
*8
*8
10%
10
*8
10%
*8
10
10%
Sv*8
39
*32
39
*32
34
34
*32% 39
36
*33
♦33*2 36
78*2
78*2
79*4
*77%
78
78*4 *77% 79%
78*8
78%
f7634 77%
79
78
80
80
81
81
80% 80%
*80*4
*80*4
480*4 81
26*2
4138
800
24is
2412
4%
7*4
16*4
6%
140
June
Parke Davis A Co
Parker Rust Proof
2
99
Park Utah CM
3734
Jan
65
1
1
3,400
Dec
149
II
100
10
412
153
100
Ino
Park-Tllford
Jan
100
preferred
preferred.
4i2
41
*3%
*7%
7*8
54*2
1st
2d
118
60
Paramount Pictures Ino
24,500
Dec
4
Jan 20
4% Jan 25
121 May 13
90
MarlO
preferred
2812
434
7*4
16%
6*2
16
conv
28
91
91*4
*52
38
4%
38
28%
29
41
16%
6*2
41%
7*8
1738
*7%
16%
6%
7%
4
4*8
7*8
5418
26*2
41%
53%
7*8
400
47*4
9
Jan
No par
8% oonv preferred
Paraffine Co Ino
510
67
100
*4%
7*8
90*4
*4
106
65
106
58*4 July
Dec
14*4 May
4478 Jan
8%May 14
May 3
234 Jan 12
fPanhandle Prod A RefNo par
100
24i4
6%
278
600
44*4
5334 Jan 14
152
20«4May 14
Pan-Amer Petrol A Transp„_6
per
Apr 28
133
No par
100
*234
10214 111
Corp
Packard Motor Car
16,900
70
4%
*40*2
9034
Pao Western Oil
9
1112
834
101
24*4
6*2
*11
*67
4%
41
"V.366
23
23
9
11%
234
share $ per share
39% Nov
30
Dec
41
July
3084 Jan
I
share
32<4 Jan 14
38
Jan 12
per
2
134l2June
100
100
10
preferred
6%
*100
24%
16*4
Paolflo Telep A Teleg
70
434
7*4
15%
Pacific Mills
250
100
24%
7%
500
24%
878
lll4
234
103l2
4*4
4%
4%
7*4
16*8
6*2
40*2
90*4
29
139
June 11
29
No par
29
*135
*23
No par
Corp
139
29%
141
100
♦24*4
24*2
*24
29%
*65
47%
37
Paolflo Ltg
103
37%
37*4
Pacific Gas & Electric
2,100
69
4%
3734
5,100
42i2
*140
23%
9i8
11%
3
*234
4%
4%
4%
100
29i8
42l2
106
*132
29
45S
22l2
29
*67
18
29
29
29
3
*2178
293s
4278
*135
*11
(Cal).lO
26
Paolflo Finanoe Corp
2312
29
4258
%
share
2178June 9
28%May 14
4U2May 18
per
Highest
Lowest
Highest
Lowest
%
Par
105
1934
19*8
*17*4
18*2
Shares
*99*2 100
67
*133% 144
144
J
$ per share
*2214
141
2318
8%
9%
12
*2%
100
19%
19*2
•136
9
112
67
100
•99*2 100
138
23.%
*11
105
66%
*66
30%
137%
23
9%
12*2
234
234
111
109
23*4
Week
2178
2978
43
2918
*135
9
*11
3
43
*134
mmmm
22%
23*2
9%
12%
•22*2
29%
136
*134*2 136
21%
29i2
4278
29%
22%
*22*2
29%
42%
30*4
135
135
2934
23
*21*4
23l2
29%
43%
3134
*2134
2978
$ per share
g per share
S per share
the
June 11
$ per share
$ ;per share
Range for Previous
Year 1936
EXCHANGE
Friday
June 10
9
June
8
June
Thursday
Wednesday
Tuesday
Monday
7
June
Saturday
On Basis of
YORK STOCK
NEW
for
1
IW-Share Lots
Range Since Jan
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
3963
New York Stock Record—Continued—Page 8
144
v.Ex-rights. T Called for redemption.
New York Stock
3964
LOW
AND
HIGH
Saturday
June
Monday
5
June
$ per share
35is
PRICES—PER
Wednesday
8
June
$ per share
*22
23
22
22
2012
41%
42
41%
42
96
96i2
96
1%
*1334
1%
14
*158
134
*13%
40
14
4014
1%
*434
4138
40
1%
Ik
63g
*8
*8
89
8958
2934
42
8%
8834
20l2
2012
4H2
42
*95i2
9634
15g
*13i2
40%
1%
40%
434
434
43
4218
8%
893g
*8
89i2
2978
10934 110
47g
1U
478
47g
43
89
$ per share
Shares
158
14
1%
4278
*8
34i4
3314
100
109
34I4
*98
*107
10934 10934
20
20%
41l2 4158
*9512
96i2
*15g
134
*13i2
14
*40
40%
1%
1U
478
47S
42
13%
29%
13%
33
"130
138
1,700
434
42
8%
885S
2934
1234
800
*40
1%
4%
40%
8i4
8734
2834
1234
*58%
*38%
28%
13%
3214
*59
59%
40
*38%
28%
29%
104% 104%
14%
14%
4634
59%
105
*59
40
*38% 40
28% 30
104% 105
14%
14%
2884
105
14%
14%
46%
46%
46%
59%
46%
46%
*58%
*38%
59%
29
29%
40
*38%
10434 10434
14%
14%
47
46%
*3%
3%
3%
334
3%
3%
*3%
334
56
55
55%
56%
*55
55%
55%
100% *100
100% *100
100% *100
100%
*147% 160
*147% 155
*150
155
150% 150%
*100
♦99% 102
102
*99% 102
*101
102
32
*31% 33
*31%
31% 31%
31% 31%
33
33
33
*32
33
*31%
*32
33%
*21
22
22
22
*20%
*21%
22
*2138
*54%
*100
19%
19%
19%
19%
1938
19%
*113% 115
*113% 115
*113% 115
334
3%
3%
3%
3%
334
33S4
*34
34%
34%
34%
34%
*
143
*
143
24%
25%
~24%
51%
37%
52%
38%
51%
37%
50
51
*51%
49%
*51%
55
*8
65
99
25
99
1934
115
334
2434
51
38%
37%
50%
49
51
51
*62
65
99
99
55
8%
99
734
734
61%
9934
5%
61%
*99
6
6
5%
6
22
22
23
*21
23
534
*2034
*73%
*31%
80
*21%
*73%
80
80
*73%
*31%
32
*73%
31%
1734
*29%
47%
1934
*18%
*29%
*47
32
18%
18
30%
47%
*29
20%
21%
84%
47%
84%
19%
84%
534
18%
30%
47%
20%
42%
42%
12%
12%
42%
12%
8%
8%
8%
8%
7
7
6%
84
85%
42%
1234
7
17%
17%
*37%
43
17%
*36%
45
45
3%
43%
43%
43%
43%
*_
35
66%
66%
*18%
67%
44%
66%
18%
16%
16%
19%
14%
20
*43
*65
1458
67
*118% 122%
43
44%
4%
4%
*32%
34
*34
35%
*16%
17%
23%
23%
30%
30%
187g
19%
14
14%
*11%
12
51
51%
*6%
12%
7%
12%
60%
60
7%
7%
66
66%
*65%
66%
18%
18%
18%
18%
16%
*16%
1634
*16%
19%
13%
16%
20
7%
6%
634
634
*634
7
13
1234
12%
12%
13
60%
59%
60%
59%
60
7%
7%
7%
35%
7%
46
46
*62
62%
10%
*62
62%
*10
10%
89%
*88%
9%
834
*3%
*9%
25%
5%
*22
17
17
23%
16%
*96%
22%
60%
98
60%
23%
60%
12%
13
14%
*17%
18
14%
8934
7%
*70
19%
3
8%
75
19%
3%
90
*75
90
80
100% 101%
23%
24%
140
140
92%
92%
27
28
26%
26%
*
20%
534
2,900
20%
400
32
17%
28%
*46%
2034
47%
2134
80
*30%
30%
17%
17%
5,300
2934
47%
800
21%
16,400
84
17%
84
16%
38%
41
45%
2%
42
42%
43%
42
*234
40
42%
43%
35%
14%
10%
47
47%
48
48%
48%
8934
834
8%
8%
8%
834
*33.i
4
3%
3%
4
10
*9%
25%
5%
*25
24
*22
17%
5%
17
934
*9%
934
*9%
25%
5%
25%
25%
23
23
5%
23%
17
98
97
97
22%
22%
60%
6034
60%
12%
14%
13
12%
14%
17%
15%
18
19%
3%
90
*70
19%
75
100
2734
26
26%
76
24
24%
13934 140
92%
*27%
25%
36
*62
36
8%
4
9%
26
5%
60
6034
12%
12%
1*4%
14
*17
18
3734
37
37%
36%
36%
46
46
46
46...
24%
2334
140
24
140
*45
24,100
4,300
200
"""166
10
2,500
2
2384 Jan 12
34% Apr
5
4534 Apr
2
19%May
Conv $4.50 pref
No par
8178June
Square L' Co class B........1
2734 Apr
Standard Brands
...No par
12%June
KPreferred
No par 120'5i6 4pr
Stand Comm Tobaoco
1
778May
Stand Gas A El Co
No par
5%May
13
Jan
26
95% Apr 28
48% Mar 8
Prefeired
No par
$0
No par
15
18
15 May 18
37%May 18
No par
42
cum prior pref
$7 cum prior pref
Standard Oil of Calif
Standard
No par
Oil cf Indiana...25
50
11
30
June
Jan 18
16%
Jan 20
128% Feb 8
12% Jan 22
44
2184
14%
120%
6%
Apr
32% Mar
8
9%
2484
2684
Apr
Apr
05
Jan 12
72% Jan
7
4
Jan 11
2
Feb
50
Feb 19
35
Aug
60
Feb
9
32%
30%May 14
63%May 18
33%June
9
25
76
Mar
9
55%
48
Mar
5
1
May 27
119
Feb 10
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co.
10
Sweets Co of Amer (The)...50
Swift A Co
26
Swift Internat ltd
No par
Symington-Gould Corp ww..l
Without warrants..
Talcott Inc (James)
9
preferred
60
Telautograph Corp...
5
Corp
Texas
Corp (The)
25
1st paid receipts
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur ...No par
Texas Pacific Coal A Oil...10
3,400
300
1,200
4,200
400
1,100
1,000
92
*26
26%
26
26%
25%
26%
92
1 In receivership.
700
2634
25%
600
25%
8,900
qDef
Jan
14
14
18
Apr 26
6%June
delivery
Jan 25
23
Jan 20
6%
20%
28%
Apr
Apr
2384
8
13
50
Nov
Mar
8
Jan
Jan
15
Jan 21
12% Nov
Jan
8
67% Feb
2
Jan 20
17%
1584
3
8%
Jan 12
684 May
1034 Apr 28
15% Mar
3
6%
60%
05% Apr 22
28%
Jan 18
43% Apr 16
44
634May 13
35
Jan
9% July
33% Mar 31
8
23% June
x30%May
15%May
H78May
ll%May
Mar 11
9% Mar 15
June 11
Apr
Jan
Apr 10
44
Mar 30
0
Nov
33
Jan
7%
4234 Apr 29
35%May 18
54% Mar
48
Feb 19
33%
Apr
62
64
Jan 13
69
Mar
100
85
No par
The Fair
Preferred
Thermoid Co
1
Feb
9
9% Apr 29
Apr
pref
Tidewater Assoc Oil
$4.50 conv pref
1384 Mar
6
93%
6
1
28
Jan
Jan
884 June
Jan
4
8%June 11
13% Feb
3
3%June
8% Jan 13
15% Mar 5
3%
8%
28% Feb 11
10% Jan 25
40*4 Jan 25
24%
4%
Jan
20
Apr
14%
Jan
25
par
3
9%June 11
23
Mar 22
86
Oct
8% May
Jan
Jan
Jan
10
16%May 18
21%
No par
9134Mav 20
98
Tlmken Detroit Axle
10
Tlmken Roller Bearing.No par
2l%Junell
59%June 1
28% Feb 11
12%
79
60
Apr
11
Apr
Transamerlca
Corp
No par
TranBcont A West'n Air Inc. 5
Transue A Williams St'f No par
Tri-Contlnental Corp..No
6% preferred
No
Truax Traer Coal
No
Truscon Steel
par
par
10
20th Cen Fox Film
CorpN#
3
8
May 13
104% Apr
8%
15
7
Jan 11
June 11
4
Feb
4
17% Feb
3
22%
27%
Jan 11
Jan 22
11% Mar
8
109% Jan 21
Jan
7%
Apr
40% Mar 13
50
1
par
Union Carbide A Carb.No par
25
Union Oil California
Pacific..
100
Preferred
100
Union Tank Car
United Aircraft Corp
r
No par
Cash sale,
5
x
18
Apr 28
2%May 15
76% May 13
03
Feb 17
95
Apr 28
23%June 1
126% Jan
90% May
4
7
26% Apr 30
23%May 18
Ex-dlv.
v
Jan
4%
Jan 13
Twin Coach Co
93
Jan
3
Feb 24
100
7%
8
42«4
Preferred
Jan
10% May
Mar
12
33«4
9% Apr 28
60
Apr 29
14%
Jan
26% Mar
par
Rap Trans. -No par
n New stock,
1278june
13% May 13
17 June 2
Feb
June 10
No par
Preferred
Twin City
pai
Union
92%
13
47%
39%
20%
28%
9% June
5,600
4,900
2,400
26%
Jan
3
Jan 28
1,300
92%
Jan
27
Jan 22
73
26%
118
2
15%
73
9234
4
3
16%
Ulen A Co
No par
Under Elliott Fisher Co No par
Union Bag A Pap Corp No
27%
Jan
10%May 14
1,700
27
Jan
Jan
Deo
7% Mar
21% June 11
2,700
9%
70
61% Feb
No par
13,900
14%
Jan
Apr
4%May 14
30 May 13
32% Jan 2
478june 11
5,700
4,400
2484 May
No par
No par
Thatcher Mfg
$3.60 conv pref
cum
125
Jan
1134\lay 13
Texas Pacific Land Trust.. 1
Texas A Pacific Ry Co.... 100
$3 .60
Feb 17
77% Jan 11
Jan
Mar
4078 Apr 28
5
Tennessee
81
99%
23%
23%
138% 13934
4
65
100
81
98
Jan
No par
Preferred
6h%
2
Jan
par
19
3%
No par
Corp (The).
Jan
2% Feb 26
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co No
130
*2%
studebaker
Jan
9% July
8
40%May 18
May 18
100
700
75
18%
Stone A Webster
Sun Oil.
Apr
Apr
42
100
300
934
1
Jan
14% Mar
1
Third Avenue.
8,100
Apr
73% June
2984 May
16% Apr
13% Jan
28% Feb 11
500
200
46
*9%
*70
92%
this day.
310
300
5,600
100
8%
8%
8%
8%
105
*104% 106% *104% 106%
9
9
9%
8%
9%
140
100
500
37
24
4,100
3,900
1,000
15
139
1,700
27,400
13
*7134
7534
99% 100%
3~800
21%
61%
73
300
62%
12%
14%
99% 10034
700
88
9%
*25%
4%
21%
3%
1,900
10,900
800
8%
19
10
47%
*3%
10
300
5,100
4,200
5,600
88
14%
7,100
14,700
1034
14%
10%
2734
on
7%
35%
*934
*92
Bid and asked prices; no sales
*42
59
15
73
100%
Jan
Mar
6%
20
6034
84
2
36
17 May 14
28% Jan 4
Feb
101%
5*4
Feb 20
13%
13
3
31
94
Jan
Jan
0*4 July
63% June
16%
2234
*18%
5%June 11
19%June 2
75 May 22
3078June 10
19
34
17% Jan 20
33% Jan 9
21%
z84
58% Feb 5
98 May 24
1178Mar 16
77% Mar 17
104% Jan 7
9% Jan 28
1438May 18
19 May 18
22%
19%
3%
0
65% Jan 20
Stokely Bros A Co Inc
22%
88
60% Mar
65
22%
6034
*3
Spencer Kellogg A Sons No par
S perry Corp (The) vtt
1
Spicer Mfg Co
No par
Conv preferred A
No par
Spiegel Inc
2
9
Jan 29
17%
75
No par
Apr 29
June
Feb 11
16
19%
Apr
75
98
85
12«4
21
17
*934
43% Mar 17
6
98
*70
Jan
4
4
17%
10
Feb
23%
17%
98
75
Jan
25
34% Jan
16
*9%
150
4
Jan
Jan
Apr
2
32% Jan 13
65% Mar 11
63%May
17
18
preferred
155
Mar
3% July
20
sterling Products Inc......10
Stewart-Warner
...6
700
900
98
*17
9,500
7,100
5,700
17%
15%
17%
8%
Mar 29
734June
Stand Investing Corp..No par
16%
16
*70
19%
22
100
1,100
18%
1334
10%
4
934
3,300
66%
35
8934
834
5%
3,200
100
Sept
12% May
Standard OH of Kansas
.10
Standard Oil of New Jersey .25
6%
10
26
1st preferred
Spang Chalfant A Co Inc pf100
Spark* Withington
No par
Spear A Co
1
21
110
Ptarrett Co (The) L S__No par
96
3%
76
*27
9
*15
22
89%
101
93
105
5
*3
76
23%
24%
13834 139
75
8%
5%
89
101
93
22%
13
8%
*3
16%
*96
6034
72
*88
25%
23
14%
19%
62%
10
*88%
8%
88
*62
560
16%
37
9
12%
14%
*1734
70
37%
62%
10%
8934
*36
4
*87%
80
18
10%
*934
42% Jan 12
22%May 13
par
9
100
7
11%
Spalding (A G) A Bros .No
Apr 21
June
6% Feb 20
June
141
40% June
100
12%
14%
*62
334 Apr 29
Jan 11
Feb 15
15,200
7
10%
10%
33
115
Dec
Sept
Feb 16
44%
12%
5734
14
62%
South Am Gold A Platinum 1
So Porto Rico Sugar...No par
Mar 18
54
8
66
7
1434
*9%
110
*3% June
19% Jan
40
12%
59%
11%
*62
""366
66%
1634
3534
*36
June
10% Jan 15
100
Jan
Apr
Apr
Dec
97%
*42
43%
66%
18%
14%
11%
36%
So cony Vacuum Oil Co Iuo. 16
Preferred
54%
40%
29 s4
20%
30% Apr 28
21
jan
884 July
1984 Jan
*33%
65%
66%
35%
36%
30i 2 June
Smith A Cor Typewr..No par
Snider Packing Corp...No par
15 60
2%
43%
7%
35%
14%
*44
70
20%
*73%
80
7%
35%
*17%
1734
8%
8%
105
105
*104% 106% *104% 105
*9%
9%
9%
9%
9%
*9%
*15
16% *15
16
16% *15
37%
37%
37% 37%
37%
3734
47
*45%
*4534 47
*45%
4634
10
10
10
*9% 10%
9%
8%
*634
12%
5834
Mar 10
Mar
51
,
634
12%
59%
197
120
Mobile A Ohio atk tr ctfalOO
19%
19%
19
19%
19%
19%
14
1434
14
14%
14%
13%
13%
67
65
66% *65
65
*65
67
67
*65%
122% 122% *118% 122% *118% 122% *118% 122% *118% 122%
45
45
45
*42
44%
43%
43
43
44%
43%
5
434
5%
4%
5
5
4%
434
434
4%
32
32
32%
*32
32%
33
32
32%
32%
31%
*34
*34
35%
35
34
35%
35%
34%
*33%
34%
*16%
*16%
17%
17%
*16%
17%
17%
*16%
*16%
17%
24
23%
23%
23%
23%
2334
23% 2334
23%
23%
31
30%
30%
31
30%
30%
30%
30%
30%
30%
19
18%
19%
19%
20
19%
19
19%
1934
18%
14%
14%
15
14%
14%
1434
1434
14%
14%
14%
12
*11%
*11%
12%
*11%
1134
*11%
1134
11%
11%
50
51
*50%
50
51%
50%
51%
51%
50%
50%
14
98
Jan
June
85%
*50
66
36%
23
42
43%
*33%
65%
43%
*65%
18%
16%
19%
1334
66
18%
*36
*95%
*234
44%
66
36%
5%
33%
65%
*43
18%
*35
10
44
66
11%
26
17%
*38%
*16%
19%
3534
14%
5%
23%
18
Floss Sheff Steel A Iron...100
$6 preferred
No par
Smith (A O) Corp
10
July
%6 Apr 28
98% Apr 29
51%
6%
45
..100
89
102
Mar 10
4% Apr 21
60% Apr 22
102% Feb 4
Jan 27
45
7
42
42
24
634
1734
25
100
800
45
'uaMay 10
3% Jan
._io
100
8%
6%
17%
38%
4334
*38%
44%
1778 Mar 11
58
105% Feb
May 13
Southern Railway
8
41
66%
1484
2,700
30
45
40
65%
8
16,500
*8
43%
44%
33%
Feb
47%
53%
8%
43%
44
Mar 20
Jan
Jan
3434 Feb 19
12% Apr 28
26
Jan
43%
30%
40
100
Jan
11%
2084
484
Mar 10
Sliver King Coalition Mines. 5
Simmons Co...
No par
Preferred
59%
15%
1
35%
61%
9934
4
Jan 21
47
5%
Fob
Feb
49%
9934
5%
Mar 10
"Jan
Apr
14
37%
60
Mar
%
2
30% Aug
3% July
65
42% Jan
400
5
1
120
100
200
Apr
May 13
9% Apr 28
Southern Pacific Co
734
Jan
102
Southern Calif Edison
"
2
2
Jan
17% Feb 10
95
17,000
734
61%
9934
2%
8%
54%
11%
95%
Deo
1% May
7% June
58i2June 11
37% Mar 12
25% ApJ 28
No par
Solvay Am Invt Tr pref
June
93
3% Feb 9
23% Feb 10
45% Jan 14
5
Jan
11
37% July
98% Mar 15
4
Jan
50%
8
2
5134 Mar 17
26
3,100
62
7
27% Mar
18
18
13
13
81
24%
1,500
634
*43
10
110% Sept
Jan 11
24%
48%
35%
16,200
42%
*
154
2434
51%
1,400
12%
44
67
*141
4,700
42%
43%
44%
334
34
12%
4234
35
154
334
34
800
*41
43%
66%
3%
34%
57,800
3
Sheaffer (W A) Pen Co.No par
Shell Union Oil
No par
Conv preferred
100
70
19%
Feb
par
As par
Conv preferred ser A
Preferred
114
113
par
No par
pret
Sharps A Do time
300
1834
Aug
9
42% Mar 10
100%
114
108
29
Skelly Oil Co
41%
12%
433.1
4334
*43
19%
115
6
No par
simms Petroleum
100
Dec
Jan
Sharon Steel
Corp
July
113
34
conv
27
96
3
Apr 28
1234June 11
800
100
$ per share
6
No par
300
""600
share
Jan 13
Mar
Servel Inc...
Shattuck (F G)
150% 150%
*99% 102
30%
30%
32
*3134
21%
21%
32%
2134
per
40
103
li4May 14
4i2June 11
3658May 13
7ig Jan 2
Seaboard Oil Co of Del-No par
Seagrave Corp
No
Sears, Roebuck & Co..No
334
53%
12%
8%
z38
100
14%
41%
4234
43%
*
8,700
1,500
1,900
3,000
12%
8
1734
20
$
5
1
Preferred
*3%
53%
31
30
3%
11
*9%
*25%
17%
200
42
7
*38%
4434
~~3~606
No par
share
May 19
14ig Jan
40%May
9334May
li2May
13%May
t Seaboard Air Line...No par
$5
84
8%
7
1,000
1,700
83
*234
35%
14%
4
12%
31
*3134
*21%
19%
*46%
21%
85
3%
11
3%
42%
2034
83%
41%
12%
*234
14%
*87%
9%
85
3%
35%
*10
47%
21%
11,200
8,600
Scott Paper Co
per
31
100
...
46%
*99
150
150%
*99% 102
*73%
30%
17%
30
*284
10%
48
29
47%
*8
1734
35%
14%
48
31%
47%
20%
200
40
Year 193n
Lowest
Highest
97i2 Jan
106% May
10934June
Savage Arras Corp
No pa>
Schenley Distillers Corp... -5
5H% preferred...
100
JSchulte Retail Stores
Preferred
2,900
100
14
334
55%
9934
534
2034
80
700
100
100
46
100
*734
31%
17%
18
100
62
23
31%
17%
12%
45
*2%
31%
42
43
45
5%
300
6% preferred
7% preferred
%
No par
Rights
*3%
*54%
49%
51%
50
2,300
58%
28%
28%
10434 10434
46%
24%
50%
36%
37%
49%
*51%
8%
55
14
46%
*141
52
37%
29
334
24%
52
58%
38%
40
3438
34
24%
5834
104%
14%
115
154
50%
65
28%
104
3%
*34
*141
38%
8%
*61%
*98%
142
2434
51%
52%
*8
8%
*61
142
193S
115
5834
90
700
20i2
4II4
96i2
158
14
40%
8834 89
29i2 297s
30%
29% 30%
*13
13
13i8
1314
13
13U
13%
3212
32i4
32i4
32
32% 32%
*31
32%
3234
*101
*99% 103
103
*100% 103
*101
103
*102
115
*101i4 115
11%
1134
lll2
1134
1118
11^8
11%
11
11%
Ills
11%
llig
2938
33
Par
Safeway Stores
5% preferred
500
110
20i2
41l4
9612
15g
*12%
Lowest
60
109l2
Range for Previous
On Basis of 100-Share Lots
EXCHANGE
1,000
100
110
4258
8i2
*8
8%
89%
88%
2934
3434
*98
109
109
134
14
4014
114
40
13S
47g
42
4138
109
9634
*95i2
is4
*13%
*39%
$ per share
9912
June 12, 1937
Ranye Since Jan. 1
STOCK
Week
3434
9912
20l2
42i4
42
*94%
the
June 11
9
STOCKS
NEW YORK
Friday
June 10
3434
*
98
Sales
Thursday
9
$ per share
361s
35i8
*3434 35
*
99i2
99i2
109
109% 10912
109
109i2 109
*109% 111
*109% 111
*109% 110
98
Record—Continued—Page
SHARE, NOT PER CENT
for
Tuesday
7
June
¥ per share
*34i4
SALE
Mar 13
17% Jan 22
94
Jan 20
25
22% June
31%
Apr
884 May
65% Jan
Mar 29
6%
100%
Jan 20
Jan
8
91% Mar 27
111
Feb 20
28% Feb
4
14834 Mar 10
9984 Jan 13
31% Feb 4
35% Mar 5
Ex-rights.
2% June
74% June
38% May
71% Jan
2084 Aug
108%
90%
22%
20%
Jan
Jan
Jan
Apr
Called for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
June
5
June
$ per share
$ per share
1578
20
1534
*19i4
15%
*1914
1578
20
24
24
24%
2414
*11312 HSU *11312 11514
8334
8334
8312
8312
*32
33
3278
33
412
45g
412
4%
*38
*2212
*100
1214
12U
24
12%
3 834
38
3878
12i2
23
24
*100
101
101
17
7834
12
10734
1134
III4
65
300
31,300
600
"~5~666
1,000
1,200
21,100
2
2
*134
214
*134
2U
*134
2l4
17
16ig
*163g
16ig
16lS
16U
*16i4
16%
1634
2,900
16%
1878
*55
1878
3412
9
93g
*17
978
17i2
17
17
*108
10914
108
162
109
62
34
34
16i2
16l2
*100
*161
165
1,300
5
United Eng <fe Fdy
United Fruit---
1
Preferred
1834
18%
*57%
61%
*57%
1634
110
*100
16%
52
50l2
51%
49%
1178
1138
1178
1178
6OI4
12%
11%
50%
11%
3,000
2,500
60
1134
59l2
1134
5834
5834
60%
57%
58%
19,400
92
92
91
91
91
9H2
91
9114
90
91
88%
89%
87
87
8734
88
8814
8734
86%
86%
87% 8834
68
68
67%
67%
67i2
102
97%
99%
99% 101%
13134 133
133% 134
134is
128l2 *123% 128% *123% 126
157
157
161
*150% 15634
2,000
67
69
*6734
101U 10234
67l2
99i2 10134
68
67l2
995g 10134
125
125
136
13412 *134
*12378 128
*123i2 128
*153
161
*15014 151
67i2
9934
134
135
*134
*155
88I4
134i8
*12312
*155
161
700
75,600
6&g
7
6l2
65g
6>4
6l2
634
684
6%
45g
45g
4%
45s
434
434
434
4%
434
*65
69
65lS
65i8
*65
68
*20i8
205s
2058
20
20
*18%
20%
4,300
2,100
6%
45g
*68
68
*6H2
2
2U
134
134
134
5412
*53i2
2812
28i2
28i2
37i2
3734
*3612
*
♦
115
*42 "
43i2
*
70
80
70
71
72
144
*143
144
17S
55
29
2
1^4
*5312
*37
*42
r8
4234
"42"
28%
*36%
37l2
1
115
72%
*61%
*5334
9%
S34
*
~iih
95
*
*58
7l2
*6i2
*22
225g
*126
89
*85l4
*12012 123
128
128
*86
128
*126
89
*12012 123
*5U
6%
»5l2
6
115JJ
1178
115s
1178
*7i8
in2
♦718
135s
♦26i4
1H2
135g
135s
26i2
26i2
14
54
107
107
107
107
107
380
1378
15is
46
15i2
46
46i2
*l93g
*193s
1912
193g
1912
46%
*1914
29
29
*25i8
30
*25i8
30
30
6
6
6
6
77
135g
77
1334
578
*75i2
1312
*54
61
34
*547s
*5g
6018
*5g
878
87S
814
60i8
3.
6%
22%
*6%
22%
7%
*14
100
14
14
"i'boo
26
26
14%
15%
46%
48%
48
48%
1,000
13,900
5,900
19%
*19%
19%
19%
19%
*27
30
1338
13%
58
1
.
58
*8%
9
*8i4
13%
*54
61
5%
13%
5%
13
13%
15,400
Jan
Feb 18
47
Jan
Mar 11
60
67
June
7
Jan
4
3034
30
30
29
29
47
4778
47%
48%
47
47%
5,600
*412
*80
5
*434
5
4%
300
30
*4%
4614
478
47
4%
*80
*80
*80
~"l"%
*1*2
48
48
*1%
48l2
~T%
48i2
*ll2
*15g
178
*15g
49
49
49
50
4912
Universal Leaf Tob
4%
~T%
49
*1%
47
"Y%
48%
2,500
82
81
81
82
82
*81
82l4
*81
82
92
92
94
94
*93l2
96
93%
93%
92
92
70
*94
96
9514
96
95
9512
95i2
93
95%
93
94
86
86
85
87
250
121
121
110
86
1634
1634
16
16
*2i2
3ig
25g
25g
738
73g
73g
73g
58i4
43i2
58l4
5734
59&g
44
44
44
16
157
24
24
2%
714
7l2
57
5912
•
14434
45
455g
14234 14434
150
4478
24
38i4
*3734
38%
38i4
*3734
38l4
20l2
20l2
205g
2034
21
2078
*295g
30
29i2
30
30
30
30
*108
111
"46%
114
*108
114
123
*
*108
*113
123
*115
123
48
49
4634
47
4714
*10214 104
*10214 104
*102i4 104
221s
2218
22lS
*2112
22U
*2H2
2414
24
2378
24
24i8
2378
1512
*14%
434
*4ig
15
4's
15
4ig
*29
30i2
*27
30i2
5
5U
5
5I2
9i2
9l8
9%
7834
7834
914
*79
4634
47U
46
3514
3514
*34l2
*84
87l2
*93
98
5212
53
2558
2578
12712
*126
38U
38l2
8534
8514
*69
5234
253g
35
4lg
*2712
29
4lg
5i4
514
9i2
933
80
*79%
4578
4612
34
86i2
98
3412
101
697s
84
3378
3234
538
578
5%
Vpid
148
15
*4lg
*28
5
914
*79i2
4534
33%
140% 142
148%
23%
5,900
300
4l2
29%
5%
93g
20%
""766
30
10
82
46%
3434
*4%
"MOO
Va El A Pow $6 pref—-No par
Virginia Iron Coal A Coke. 100
5% preferred
100
-
400
16
4%
300
.
8,900
2,000
99
400
500
86
99
130
*6734
69%
900
6712
67i2
67
53
53%
52
52%
1,200
25
5312
26%
*5234
26i8
127i2
24%
25%
2334
24%
37,400
39i8
85
84l2
85i4
9934
99
99
127i2 127%
39i8
8314
*97
33%
3334
33l2
538
534
5i2
and asked prices: no sales on
39iS
85%
lOOtg
39%
s3%
*97
33%
34
534
this day,
127
534
127
38%
84%
39%
x81%
100
34
1,200
83%
*95% 100
7,900
33%
584
3,100
32%
584
t In receivership,
5%
a Def.
7
Jan
5
Mar
4
98
2884
Apr
Jan
Feb
40
Apr
June 11
49
No par
Walgreen Co
No par
26
Walworth Co
No par
11% Jan
Walk(H)Good AW Ltd No par
Preferred
No par
Ward Baking class A_.-No par
No par
Class B
100
Preferred
6
Warner Bros Pictures-
No par
f Warner Qulnlan
No par
No par
jWarren
Bros
Convertible
A 0 par
No par
6
Wayne Pump Co
1
No par
Webster Elsenlonr
1
Wesson Oil A Snowdrift No par
Conv preferred
No par
West Penn El class A--No par
delivery.
Apr
May
Jan
Aug
Aug
2% Aug
19% Feb 11
Feb
8
Jan
4% June
9%
30
4
1834 Mar 11
5%
42% Apr 28
19
May 5
29 June 5
49% Mar 16
17%
1034 Feb 26
99% Mar 2
2%
47%
5
9%
Jan
26%
8
1
Jan
Apr
5% Apr 28
May
75
3
11% May 13
59
Apr 27
%May 18
19% Jan
50% Feb
18
Jan
69% Jan 23
184 Feb 17
44
4%
15%
63g Feb
1
12% Jan 25
Feb
2
35% Jan 16
24
Apr
Apr
10% Jan
Mar 10
3384 Apr 28
46
28% Apr 29
45%June 5
4
May 14
38% Feb 19
Apr
Jan
Apr
Apr
% June
Jan
Jan
Apr
19% Apr
21
483gJune 10
984 Feb
1
2% Jan
6
6%
June
83
1%
Jan
4
43%May 14
80
Mar 13
90%June
56
Mar 17
May
1
Aug
33% June
84% Feb
4
78
9
91*4
1
102
Jan
109
Feb
Jan
100
92
May 22
Feb 11
96
Jan
100
100
6% preferred
100
Western Auto Supply Co.-.10
85
June 11 xl00% Jan 19
87
Feb
9
116%
8
111«4
Jan
Jan
Preferred
6% preferred
West Penn Power
pref
100
Western Maryland
2d preferred
..100
100
Western Pacific
100
Preferred
1st
50
preferred
Weston Elec Instrum't.No par
No par
Westvaco Chlor Prod.-No par
30
5% preferred
118
Apr 10
110% Apr
2738June
8
9
4
June 11
15% Apr 29
2%June
634June
54% May
41% Apr
130% Apr
143
May
21
36%
1
11
13
28
12
14
May 17
Jan
7
19%May 13
29%May 27
123% Mar
115% Jan
28%June
1184 Mar
9
5
23% Mar 6
484 Mar 17
11% Mar 17
83% Jan 22
5784 Mar
6
167% Jan 22
170
Jan 22
30% Jan 22
39 May
6
27% Feb 23
34% Jan 7
Apr 13
Wheeling A L Erie Ry Co.. 100
90
Jan 18
115
Jan 18
123%May
6
Mar 11
114
38
May 20
110% Mar 17
.
65
Feb
9%
Feb
72% May
3484 Jan
94% Jan
123% Jan
22% June
35% Oct
1984 June
3H4 Nov
34
Jan
96% Nov
250% Deo
163% Oct
160
Jan
39
Jan
32
July
35%
91
July 2120
39%
21% July
84
109%
July
23%May 15
18%
18% Jan 25
1384 July
4%May
27% Apr
4% Apr
884 Jan
78 May
5
No par
WorthlngtonPAM (Del .)Nopar
100
Preferred A 7%
100
Preferred B 6%
Wright Aeronautical — No par
Wrlgley (Wm> Jr (Del) .No par
25
Yale A Towne Mfg Co
Yellow Truck A Coach OiB-.l
100
Preferred
Young Spring A Wire. .No par
.No par
Youngstown S A T
&H% preferred
100
Zenith Radio Corp— .No par
1
Zonite Products Corp.
Cash sale.
2
18
28
28
2
18
44%May 19
32%May 13
81
684 Mar 22
46% Jan 4
6% Jan 25
3%
16
284
70
47
23%
Jan 22
Feb
Apr
Apr
Jan
6% June
12% Feb 27
9134 Mar 2
65% Jan 20
4484
Jan
4
112% Mar 25
56
Jan
June
Apr
Apr
Apr
4
100
MarlO
47
Jan
90
May 18
128
Mar
6
62%
Jan
67
June 10
76
Jan
7
63
7734
48% Apr 29
20% Jan 4
Apr 28
37%May 18
75% Jan
5
9734June 2
x31
Apr 8
123
5%June
Ex-dlv.
y
3
62% Jan 27
37% Feb 16
142
Jan 23
46% Feb 15
101% Mar
115
6
Jan 27
40% Feb 17
9% Jan 16
Ex-rlgbts.
Aug
33% Apr
884 Jan
83% Jan
42% July
4184 Jan
105
Oot
3384
99
33% Feb 16
.
Feb
5% Aug
14%May 15
.—100
S6 preferred
10
Woolworth (F W) Co.
r
12%
23% Sept
4
21%June11
21% May 13
No par
preferred.
New stock,
4
Apr
1% Nov
No par
Whlte Sewing Mach__
n
Jan
15
60
White Rk Mln Sprctf.
Conv
99
~~8% Apr
No par
White Motor
200
2,900
4
14
xll4%
5
Mar 17
100
Co
Mar
109
70
18% Mar 16
Waldorf System
Jan
28»4 Aug
120
100
16
4%
Mar 12
6
Jan
2
784 Jan 5
13
Apr 28
260
126
126
39%
1284 Jan
37
135
4
Wilson A Co Ino
300
53
53
Feb 15
9
7,600
45%
99
Feb 17
70
115
3% Jan
Wilcox Oil A Gas
69
69
11784 Feb
6
100
9%
*82
6% Apr 28
21%May 26
Apr 26
124
74% Apr
100
-
300
33%
86
9
6
Preferred A
f Wabash
2.900
99
67%
June
107
1284 Apr
122% Jan 11
10% Mar 16
5%
45%
33%
101%
4
51%May 18
7% Jan
100
Preferred
28%
46
98
May 12
100
IOC
Virginia Ry Co pref
Vulcan Detlnning
WhlteDentalMfgCo(TheSS)20
79
86
100
300
9
86
47
16%
*110%
Sept
6% preferred
1,100
79
98
6
June
May
2,000
9%
*84
3
June
Mar
30
72
21%
79%
34%
115
Jan
July
84
23%
106
9%
79%
45%
100
44% Jan 20
111% Mar 27
5H% conv preferred... 100
49%
5%
34
4
1
Feb 26
2234
5%
Jan
48
Jan
3%
Mar 27
21%
*4%
2% Jan 20
58% Jan 20
39% Mar 11
88
Wheeling Steel Corp.—No par
Preferred
100
28
4% Jan 13
June
80
122
5%
100
*9814 101
4%
29
7
l%May 13
Apr
Mar
Mar 18
1,000
114
29
50
57%
Mar 27
Class A
30
*14%
153
Jan 18
85
270
*109
15
Jan 19
108
80
100
No par
Westlngh'se Air Brake.No par
Westlngbouse El A Mfg
50
30
15
15
164
5% non-cum pref
Va-Carollna Chem
Western Union Telegraph.100
106
142%May 17
70
May 26
41
38%
110
2108
10514 107
22%
*21%
22%
22l8
23%
23%
23% 2378
May 13
May 17
Jan 21
5
7,800
47%
68
86
2
Jan
Apr
67»4 May
21
Apr 29
8,500
*120
9% Feb
8% Feb
115%
19%May 24
May 17
45
*3734
50
June 11
65
26
56%
*22%
122
9
3%May 17
236
100
55%
*20
6%June
par
44
38%
21
147
5
Corp of Am .No
3,200
114
4934
100
7
634
24
*92
253g
150
85
263g
6
200
*2%
2734
30
*120
503A
1
No p<ir
Vlck Chemical Co
400
3%
98
53
33i2
16%
85
'
335g
8%
*14
3%
7%
57%
*92
12712 127l2 *126
39i8
3878
3878
*98%
99
99
86i2
*92
6934
*67
4634
15
101i2 102% *10014
102
102
80
15
8
16%
27%
*109
30%
114
*120
47
*20
21
8%
3,700
2,400
44%
142% 143%
*3734
210
11134 112
45
*2%
7%
56%
24
*2333
*2318
*3734
8%
*14
*148
150
2478
*2318
*3734
*2014
111
58
157
*149
24
2i2
73g
143
*148
8I2
1634
234
44
1421s 144
157
14312 14478
*149
Si2
*15
16
*2i2
*7lg
5734
82
87
86%
85%
86i2
119% 11958 *119% 121
111% 111%
11134 11134
2734
27%
2814
27i2
87
*86
120
12034 12034 *119% 121
*11114 11234 *111% 11234 *11112 11234
28
28
28
28
277a
2778
8%
*8i2
8i2
834
8i2
834
Apr
Van Raalte Co Inc
270
1201
5
Preferred
200
97
86
Oct
9
5
84% Jan 11
1
futilities Pow A Light A
Vadsco Sales
Wells Fargo A
*81
95
160
Preferred
*91
*81
131
5
No par
100
Preferred
*80
*80
"l"78
9
Jan
Waukesha Motor Co
*30
30
5
Mar
169
No par
500
38
46l2
Preferred olass A
900
*35
2914
136
pref
Warren Fdy A Pipe
38
*478
150
May 15
Apr 29
Universal-Cyclops Steel Corp 1
100
38
46
May 13
120
Corp
1,700
3834
2914
126% Mar 11
Jan 22
75
131
United Stores class A..No par
""760
38
5
United Stockyards
34
38
467s
75% Jan 18
72% July
68% Jan
46% Jan
100
8%
38
3H2
9
100
Preferred
Vanadium
72% Mar
No par
100
Corp
Preferred
USTobacco...
2534
40
45i2
*30
U S Steel
34
*37
30l2
Jan
105
734
2534
*24
*25
Jan
1)8
34
37
37
Aug
May 18
100
2934
9
Oct
10
71
79
preferred
$3 85 conv pref
30i2
*25i2
*26
29
Mar 30
50
1st
U S Smelting Ref A Min
Preferred
2,600
Si2
30l2
*26
112
4%
Apr
61
*54
4
Aug
31% Aug
16%
400
85
*75
61
200
29
*25
6%
Jan
8%. Jan
49
9
15% Mar 13
223gMar 17
21%
7%
700
78
Jan
6%
80% May
May
19% Jan 12
11%
1534
*6
4
72% Mar 31
1,400
14%
78
Jan
17
Preferred B
300
Jan
160
May 13
10
26%
77
*54
8%
*8
40
26%
15%
4634
6>4
6
8.
*5g
8I4
11%
210
10
22%
132
*128
132
30
15i2
46iS
19l2
*547s
141?
15i2
1512
13i2
*8
26i2
45%
14
1H2
*7i8
14i2
26U
15-4
1384
*213g
*128
132
455s
77
6%
7l2
225g
*6i2
Feb 10
June 11
300
m2
14
263g
*7i8
*26i4
77
4,200
8%
z54
*21ig
Feb
Vlcks Shr A Pao Ry Co comlOO
95
57
153g
77
""500
41%
19%
24% June
3
137
172
10
7% 1st pref
*56
15
*70
200
*83
85
85
85%
88
87
*85'4
86I4
*118% 124
*118% 123
120l2 120l2 *118i2 123
6
5%
5%
*5%
578
6
534
*558
11%
10%
1134
1134
11%
113.4
lll2
*1112
26l2
6
2,700
37%
58
*120
128
27%
*86"
"~8~%
5
44% Jan 4
84
May 17
50
107
108
69
2,400
I84
55
58
59
*57
5834
10834
10812 *106
7
7l2
*6l2
*6l2
*22
22%
245g
*21%
59
*10812 110
8%
15%June
105% Apr 28
156 May 10
49
115
"41%
41%
*83
9
9
9
9
*36%
373g
*86
9
26%
2884
95
95
184
1S4
No
Universal Pictures 1st pref. 100
"4", 900
Nov
Apr
No par
110
75
2
2
55
400
145
144
2
300
72%
*71
72
10
No par
200
20%
*18
144
115
«_
65
65
4218
*42 ~
42
95
95
134
*5334
2878
28%
37i2
375g
115
2
55
*5334
29
2812
3712
115
*67%
1%
*134
55
144
2i8
218
218
134
*703g
80
*6112
80
*61l2
218
5412
205g
144
*141i4 144
68
2i8
2014
68
144
*6112
*65
70
2OI4
72
*141
*65
87
Jan
20% Jan 19
34% Jan 13
U S Rubber
10
*
7
4%
70
7
4%
113% July
U S Pipe A Foundry
U S Realty A Impt
2,300
200
Deo
Jan
11%May 17
No par
v t c
June
8%
6O84 Nov
Jan
No par
20
t c
v
16% Feb
29% Aug
105
Apr
Prior preferred v I e
1,800
87
July
2
20
Class A
6OI4
4
48% Aug
32%
June
66% Jan
14% Nov
13
89
1,200
1178
Jan
91
100
16%
200
93
9
p'dt
U S Leather
49
2434 Mar
100% Feb
Jan
6%
92
2
13% Apr 23
1,400
50
15% May 18
June 11
Jan
8
43% Feb
58i2
52
4
16% Feb
32% June 11
123g
5212
Jan 14
113% Jan 14
53% Jan 11
60i2
5212
17
II84 June 11
10634June 11
15
109
8684 Mar 19
50
12is
53
534May 13
Jan 7
77 May 17
46%
2684 Apr 19
106% Feb 26
9% Mar 11
63
Mar 2
U 8 Industrial Alcohol.No par
60
*52
5%
8
3
5 J4% oonv pref
110
Apr
Apr
Apr
35% Nov
9% Feb
40%
IO84
Mar
23% Mar 22
70
Mar 22
"l~,266
*16%
9684 Nov
Jan
8% Jan 14
16
600
9%
*100
Jan
46% Jan 14
1
18% Jan 4
9634 Jan 26
Jan
117
68
June 11
33
100
U S Hoffman Maoh Corp.-.5
33%
110
Oct
25% Sept
37% Nov
33% Nov
22%
3% Jan 28
7% preferred
*8%
9%
111
3
Mar 17
100
32%
34
Feb
91
35
Apr 30
1% Apr 29
Preferred
61%
878
16%
23%May 20
113% Mar 16
6934 Apr 28
Jan
16% Apr
24% Mar
No par
U S Freight—
U S Gypsum
900
18%
*33
.No par
30
*18%
93g
No par
United Gas Improve._..No par
2,400
165
6H2
3412
*100
110
*161
*134
I8I4
*33U
914
16is
914
*9i8
16%
109% 109%
162
I8I4
*56i2
18l2
1812
*57
62
34
35
I6I4
I6I4
10914 109i2
10
100
United Electric Coal Cos
300
31% Feb 10
30% Jan 11
117»4 Feb 6
ll%June
5
United Dyewood Corp
13
243g Jan 12
6
4%May 19
No par
Preferred
92
17
Preferred
United Drug Inc
15% May 14
19%May
Highest
$ per share $ per share
$ per share
share
$ per
29
130
16%
92
165
No par
Unlted-Carr Fast Corp No par
United Corp
No par
4,200
3,100
100
United Carbon.
1634
16%
16%
16%
106% 107%
17
95
10914
Preferred
20
1,300
No pai
U 8 Dlstrlb Corp__
17
*92
109
United Biscuit
100
17
95
19i2
*55
""666
2%
17
*92
*161
Corp...5
United Amer Bosch—No par
United Paperboard new
10
U & <fe Foreign Secur—.No par
Preferred
100
17
95
161
Un Air Lines Transp
100
17
*92
161
161
*914
lll2
8,800
16
17
*1618
*1814
*34
612
*47
108
1534
Year 1936
Lowest
Highest
Lowest
Par
Shares
$ per share
16i2
95
16
I6I4
15l2
1512
10812 10812 *10814 109i2
*159
1218
108
18
*19%
20
*19i4 20
*23
2334
2378
2334
2334
11514 *113i2 11514 *113% 115%
84
83%
83%
*83i4
84i4
327S *30l2 32l2 *30% 31%
434
4%
4%
412
45g
33
37i2
35%
3634
37
12
123g
123g
1218
12l8
23
22%
22%
*2112 23
*100
101
101
10034 *100
6%
6-%
6i2
638
6l2
48
47%
47%
4714 4714
79
7938
7834
7914
79U
12
12
1134
12lg
12i8
10634 10684
10734 *10634 1071s
10%
1034
1H2
10%
1U4
17
212
17
79
$ per share
I6I4
*98i4
65g
4812
793g
1214
612
47i2
Week
20
*23%
*2334
2378
113l2 11312 *11312
84
84
83i2
*30
3278
*30i2
45g
478
412
237
3734
3838
123g
123g
123g
*2234
2314
z22%
101
June 11
*92
95
*2
16
*1914
6I2
17i8
1678
16
20
Friday
the
June 10
9
$ per share
155g
*19i4
*100
6%
48l8
7912
79l2
12%
12%
1214
10918
*108
1091s *108
12
12
12i8
12is
*92
$ per share
4818
658
4814
7934
1238
6%
4814
7934
June
8
June
7
Range for Precious
EXCHANGE
Thursday
Wednesday
Tuesday
Monday
On Basis of
YORK STOCK
NEW
1
100--S7»ar« Lots
Range Since Jan.
STOCKS
Sales
CENT
for
Saturday
3965
New York Stock Record—Concluded—Page 10
144
Jan
11% Jan
5S4 July
If Called for redemption.
Oct
Nov
Oct
Deo
Feb
3966
/«ne n>
YORK
Bond
STOCK NEW
EXCHANGE
,droceR
ylkeeW,yadirF
and Yearly
On Jan. 1, 1909, the Exchange method of Quoting bonds was
changed and prices are now "and interest"—except for income and defaulted
NOTICE—Cash and deferred delivery sales
outside of the regular weekly range are shown In
the year.
Friday
BONDS
N
Y
STOCK
Last
Sf
EXCHANGE
Week Ended June
11
S.
disregarded In the week's
range,
when selling
No account Is taken of such sales In computing the range for
Week's
Friday
or
Bid
*
Asked
High
Jan.
No.
Low
N
Y.
STOCK
Low
15 1947-1952 A
O
115.30 115.27
116.2
246
113.16 121.14
3%s—Oct
15 1943-1945 A
O
102
104.2
D
106.13 106.13
111.19 111.15
106.20
15 1944-1954 J
15 1946-1956 M
111.22
44
S
109.25
109.29
8
D
106" 23 106.23
102.22 102.20
104.3
104.3
107
14
104.28 110.18
102.27
79
101
104.14
107
102.10 107.30
105.16 105.15
Copenhagen (City) 5s
105.22
29
104.20 107.27
106.9
106.19
106.17
68
104.24 108.24
25-year gold 4%a
♦Cordoba (City) 7a_.
8%s.__Mar
3% B—June 15 1943-1947 J
3s.Sept 15 1951-1955 M
S
June
15 1946-1948 J
D
3%s___June
3%s.__Mar
3%g___June
3^s
Deo
Treasury 3%a
Treasury 3%b.__ Apr
Treasury 2%a—Mar
Treasury 2% a. ..Sept
Treasury 2%a___Sept
16 1940-1943 J
D
3s
Treasury 2%a
Treasury
16 1941-1943 IVI
S
109.26
109.12 115.20
107.12 114.9
106.28
15 1946-1949 J
D
104.23 104.23
104.27
60
102.20 108.24
15 1949-1952 J
D
104.15
104.20
108
102.24 108.18
Aug 16 1941 F A
15 1944-1946 A O 106.9
15 1955-1960 IVI S 100.17
15 1945-1947 M S 102.26
106.3
106.12
34
104.24 108.24
106.8
106.16
54
104
109.25
100.13
100.23
194
99
104.30
102.23
102.30
57
16 1948-1951 M S 100.18 100.17
99.24
99.23
1951-1954 J D
100.23
52
99.2
104.16
99.30
101
98.4
103.17
100.18 106.16
S
99.16
99.14
99.22
136
98
103.18
Deo 15 1949-1953 J D
Federal Farm Mortgage Corp—
3%S
Mar 15 1944-1964 IVI S
97.27
97.21
97.29
165
96.6
101.22
2%b_._SeptlS 1956-1959
M
Treasury 2%s
3s
May 15 1944-1949 IVI N
3s-
15 1942-1947 J
Jan
2%s
1 1942-1947 IVI
.Mar
J
B
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 IVI N
2%a series B__Aug
2lis series G
Foreign Govt.
1 1939-1949 F
A
102.30
20
101.7
102.13 102.12
102.19
73
100.11105.17
102.31
101.13 101.12
103.2
42
101.8
105.23
4
99.6
104.10
102.5
102
102.5
100.11
100.8
100.16
99.29
101.17
100.2
59
99.24 105.3
133
98.28103.2
60
98.16 102.31
(Republlo
A
23
♦81nk fund 6a Apr coup on _-1948 A O
Akershus (Dept) Ext 5s
1963 M N
23
23
99%
99%
♦Antloqula (Dept) coll 7s A
12 %
12%
1945 J
J
,
1945
12
12
♦External
s
f 7s series C
1945
11%
11%
s
f 7s series D
1945
12
12
♦External
s
f 7s 1st series..-1957
♦External
sec s t
♦External
sec s
11%
11%
*11%
*11%
101%
Argentine (National Government)—
If External s f 6s of Oct 1925.. 1959 A O
ITExternal s f 6s series A
1957 M S
f 6s of May 1926
1960 M N
1 External a f 6a (State Ry)__1960 M S
101"32
100,si6
8
tExtl 6s Sanitary Works
1961 F A
fExtl 6s pub wks May 1927.. 1961 M N
1 Public Works extl 5%b1
1962 F A
S f external
1971 M N
4%a
S f external conversion 4s
Australia 30-year 5s
External 5s of 1927
"lol
23
28
30
29
42
6
22
9
20%
20%
1
S
107 %
102
107%
102
104
A
f 7a
Bergen (Norway) ext
s
31
37
133
4
110
110
J
110%
108 %
110%
25
D
118 %
118%
100%
22%
22%
13%
37%
118%
13
1960 M S
f 5a
•Berlin
(Germany) s f 6%a
1950 A O
♦External sinking fund 6a.-.1958 J D
♦Brazil (U 8 of) external 8a._._1941 J D
♦External a f 6 %a of 1926
1957 A O
♦Externa!
s f 0%s of 1927—1957 A
O
♦7a (Central Ry)
1952 J D
Brisbane (City) a f 5s.
1957 IVI S
SlnklDg fund gold 6a
1958 F
1950 J
D
39
A
20-year
46%
39%
6s
103
37%
37%
101%
101%
103
101
22%
3
4
17
22%
5
46%
39%
65
39%
39%
101%
101%
103%
20
18%
11%
103%
1957 M
136
53
41
7
98% 101%
101% 102%
External
a
f 6a aer C-2
1960 A
*28
D
J
102 %
101
101%
88
103
100'516102$i
100% 103%
101'5iel02%
100^32102%
101
102%
lOO'5*^
96% 101%
90%
91%
104% 110%
104% 110
99% 102%
98
104
108
25%
110%
105% 110%
115% 118%
99
102%
18
25
18%
42%
24%
35
47%
35
47
35%
47%
59%
99% 103%
99% 103
8
1952 J D
1953 M N
1957 F A
♦7a stamped
1957 F
Cordoba (Prov) Argentina 7a_. 1942 J
.....
101
100%
101%
101
5
101%
3
87
88%
27
55
103
88%
89%
82%
83%
83%
1
O
80%
79
81%
59
83
80%
57%
83
56
86
62%
32
64%
27%
5a
O
107%
107%
111%
98%
99%
98%
93%
1952 M N
10-year 2%a
Aug 15 1945 F
25-year 3%s_.
A
112
99%
1961 J
7-year 2%s
1944 J
30-year 3s
1967 J
♦Carlsbad (City) af 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan s f 6a..July 15
♦Farm Loan a f 6s...Oct 15
93 %
44
21%
28%
19
107%
112%
27
9
*57
1954 J
50
1950 M
A
ser
♦Public wks 5%a
External g 4%a
1st
aer
1951
38
99%
66
♦5 %a unstamped
25
101%
28
104% 105%
100% 102%
84
97% 100%
Haiti (Republic)
6a
6
4
Irlah Free State extl
• f
20
D
a f 7s....
(Province of)-
Lower Austria
60%
100%
22
17%
119%
114%
115
24%
124%
111% 119%
119% 130
121
27
29
77
20%
31%
23%
27
70
18%
25%
5
25%
32%
33%
55
27%
26
27
34
27%
28
13
23%
28%
28%
*33%
28%
29
15
23%
28%
"32%
29%
99%
-
34%
,99%
6
o21%
5
19%
99%
a21%
7
105
*23%
1
26%
*23%
25%
J
25
D
87
J
100
88%
58%
17
15%
105
21%
2
21%
38
47%
25
19%
107
30%
30%
30%
27%
58%
111
23
115%
93%
94
71%
82%
100%
86
93
89%
150
87%
46
85%
2
74%
40%
40%
*20
A
96% 100
21%
25
85%
85%
74%
99%
87%
'"74%
35
1
*114%
S
41
27%
21%
25
58
M N
1951
25
32
33
*27
i
1947 M
1952 J
117% 124
29%
J
...
♦Leipzig (Germany)
98
105% 107%
*118%
A
Japanese Govt 30-yr • f 6%a. 1954 F A
Extl sinking fund
1905 M N
5%a
Jugoslavia State Mtge Baak♦7a with all unmat
coup
60%
99
107%
*118
1960
Italy (Kingdom of) extl 7a
Italian Cred Consortium B...
Italian Public Utility extl 7s..
80
80%
79%
II
24
100%
89%
40 H
25
104%
95
98
11%
21%
271
22
28}
11
5%
4%a..l943 MN
i
11
17
♦48 of 1904..
1954 J
Milan (City, Italy) extl
6%s.__ 1952 A
Mlnas Geraes (State)—
6%s
...1958 M
♦Sec extl
a f 6%s
♦Montevideo (City) 7a.
♦6s series A
1959 M
1952 J
7%
11%
11%
11
5%
16
5%
1
5%
9%
10
5%
9
D
D
*7%
O
S
27
70%
82
20
25
34
17
24%
65%
33
60%
64
27
*65
70
*60%
65%
102%
102%
D
103%
5
103%
25
..
---
O
Norway 20-year extl 6a
1943 F
A
103%
106%
106
106%
7
1944 M
S
106%
External sink fund 4%s
External a f 4%a
1956 M
8
103%
101%
97%
102%
106%
104%
33
..1965 A
1903 F
O
f 5s...1970 J
(City) extl 8a
1952 F
21
21
D
17 H
17%
18
5
1961 J
D
17%
17%
17%
18
5
13
27
9
2
33
102%
98%
D
a
1953 M
A
1958 M N
..1955 A
..1953 J
O
84
79%
100%
D
1903 M N
♦Stamped
Pernambuco
103
98%
102%
*20
A
8
13
22
Apr 1058 A
Municipal Bank extl
13%
27%
27%
103%
4s a f ext loan...
9
5%
8%
73%
A
5«
9%
26%
F
a 1
9%
"71%
73%
S
..1959 M N
(State) extl 5s__1957
5%
5%
7%
♦STreaa 6s of '13
aaaent(large) *33 J
♦I Small
J
External
t»
6%
5%
5%
5%
J
6%
5%
..1954 J
♦Assenting 4a of 1904
♦Assenting 4a of 1910 large
♦Assenting 4s of 1910 small
New So Wales
5%
7%
..1945 Q
♦Assenting 5a large
♦Assenting 5a small
8 f
5%
5%
5%
6%
*5%
♦Assenting 5e of 1899
21
0
59
136
1
23%
84
85
18
30
68%
101% 105%
101% 105
104% 107%
106% 109
101% 105
99% 103
98%
95%
102% 103%
17
24%
75% 85%
79
77%
100%
*105%
*75%
66%
79%
101%
66%
2
64%
70
23%
24%
15
22%
30%
18
71%
97% 101%
105
74%
80
107
85
(State of)—
♦7s Sept coupon off
1947 M
8
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl a f 6a 1st ser.. 1960 J
D
♦Nat Loan extl a f 6a 2d aer.. 1961 A O
♦Poland (Rep of) gold 6a
♦Stabilization loan a f 7a
♦External sink fund g 8a
81
19%
123
27
1946
5s
21
1957 J
3971.
98
♦Hungarian Land M Inst 7 %s. 1961 MN
♦Sinking fund 7%s aer B
1961 M N
•Hungary (Kingdom of) 7%a..l944 F A
Panama (Rep) extl5%a
♦Extl a f 5s aer A
see page
78
65
*61%
107%
21%
117%
105
A
Oslo (City) sf 4%a
For footnotes
20%
O
19
U
20%
Helalngfora (City) ext 6%a
1960 A
Hungarian Cons Municipal Loan—
♦7%a unmatured coup on... 1945
15
"23"
81%
81%
78
1968 F
Oriental Devel guar 6a.
Extl deb 5 %8
23
78%
78%
~78~~
19
♦Nuremburg
S
82
78%
J
15
♦Cologne (City) Germany 5 %s.l950 M
73
"78""
O
17
*71
82%
78
•
82
78%
O
46
D
78
60%
74%
72
*78""
D
1965
ser
21%
1951 J
*7§""
1952 A
a f
21%
18
45
78
77%
78
*76
♦Hamburg (State) fts
1946 A
♦Heidelberg (German) extl 7%s '50 J
21
18
78
O
25%
1965 J
♦Sink fund secured 6s
"20%
17%
*50%
♦(Cons Agrlc Loan) 6%a
1958 J D
♦Greek Government a f aer 7s__1964 M N
11
18
102%
100
105%
♦German Rep extl 7a Stamped. 1949 AO
♦7a unstamped
1949
German Prov <fe Communal Bka
13
17%
98
100%
.
_
34%
17%
101
102% 104%
68
50%
103% 105%
103% 105%
99%
♦5%e of 1930 stamped
34%
39%
20%
1962 M N
9
31
27
30%
102% 105%
101%
1949 J
7s unstamped
..1949
German Govt International—
34%
1961 AO
"79
20-year external 6s.
20
42
21%
21%
21%
1960 M S
4
al04
►
21%
6a
98
..1941
20%
a f
1
105%
7%a unstamped
External 7s stamped
20%
♦Guar
12
101%
♦Frankfort (City of) s f 6%S—1953 M N
French Republic 7%a
stamped.1941 J D
20%
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
90
80
99
105%
♦El Salvador 8a ctfa of
J
dep new.1948
Estonia (Republic of) 7a
J
1967
Finland (Republic) ext 6a
1945 M S
21
6s
77
70%
95
100%
J
1969 M S
21
a f
90% 101
93
99%
A
1952 J
...1955 F
..1940 A
21
♦Guar
98
al04
..1942
5%a of 1926
A
♦Chile Mtge Bank 0%a
♦Sink fund 0%i of 1926
20
103%
'59%
59%
61%
al03% al03% al04%
Deutsche Bk Am part ctf 6s___1932
|*Stamped extd to Sept 1 1935... M S
Dominican Rep Cuat Ad 5%s..l942 M S
a f 6a.
J
Jan 1961 J
♦Extl sinking fund 6a..Sept 1961 M S
♦External sinking fund 6a
1962 M 8
♦Externa! slnkli g fund 6a... 1963 M N
♦Ry ref extl
2
15
31
Apr 15 1962 A O
Denmark 20-year extl 6s
External gold 5%a
38%
20%
21
75
97%
*102
June 30 1945
Czechoslovakia (Rep of) 88
81nklng fund 8s ser B
34%
O
6
97
98
External loan 4%s
1949
Sinking fund 5%a...Jan 15 1953
31%
1960 J
1960 A
♦Farm Loan 6» aer A Apr 15 1938 A
♦Chile (Rep)—Extl a f 7a
1942 M N
♦External sinking fund 6a... 1960 A
♦Extl sinking fund 6a...Feb 1961 F
37
99%
98%
93%
61%
50%
154
33%
33%
al02% al02%
102%
102%
A
♦Sec extl
1960 A
47
97
79%
74
97%
♦Mexico (US) extl 5a of 1899 £.1945 Q
142
26
100%
95
79%
D
80
28%
99%
97
S
1949 F
External 5s of 1914
1964 J
89
27 %
20
20
Costa Rica (Republic of)—
♦7« Nov 1, 1936 coupon on.. 1951
Cuba (Republic) 5s of 1904
1944 M
♦Medellin (Colombia) 6%s
♦Mexican Irrig assenting
102%
2
77%
78%
"i
2
3
33%
102%
89
♦Sink fund 7s July
J
coup off..1967 J
♦Sink fund 7 %a May
coup off 1968 M N
Canada (Dom of) 30-yr 4s
J
102%
32%
101%
80%
1975
100
23
23
D
"70%
A
23
A
1950 J
105%
S
1984 J
30%
30%
2
23
A
102
101
1976 A
3% external a f $ bonds
Bulgaria (Kingdom of)—
38
28%
20%
38
23
O
A
1961 F
28%
26
23
1957 A
1947 F
1977 M
a I 4%e-4%a
Refunding a f 4%s-4%s
Extl re-ad J 4%a-4%s
Extl a f 4%s-4%a
23
28%
23
1947 F
♦Sinking fund 7a of 1927
♦7a unmatured
coupon on
18%
1976 F
Extl
28%
28%
28%
28%
7 %a June 1 1935
coup on
2
100%
O
External a f 6a ser C-3
1960 A O
♦Buenos Aires (Prov) extl 63—1961 M S
♦6a stamped
1961 M S
♦6%a stamped
28%
J
♦5%sstamp(Canad'an Holder)'65
Budapest (City of)—
♦6s July 1 1935 coupon on
1962 J
Buenos Aires (City) 0%s B-2..1965 J
20
20%
17%
16%
12
2
187
107
20%
11%
12
123
107%
30
100
11%
91%
107%
101%
102 %
104
91%
J
J
12
1955 J
s
O
J
30
12
101 %
A
1955 J
1949 M S
6a
External 30-year
s f
100%
01%
12%
1955 J
Belgium 25-yr extl 0%s
s f
101^32
1957 J
(Govt) sf 7a—
External
1001732
22%
97
12%
12%
12%
12%
11%
12%
1015,6 101'532
100'5,6 101',6
10i",6101"32
10015,6 101>32
100'732 100 %
10i"32101"32
100'532 1009,6
1972 F
♦Bavaria (Free State) 6Jis.__.1945 F
23 %
101%
1015,6 101,s32
1956 M N
External g 4 %s of 1928
Austrian
lob's-;
23
100
101%
7s 2d seriee-1957
f 7s 3d series. 1957
Antwerp (City) external 5s
1958
* Argentine Govt Pub Wks 6s._1960
If Extl
High
A
♦Colombia Mtge Bank 6%s.. 1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦Dresden (City) external 7s___1945 MN
23
23
♦External
f 7s series B
Low
High
of)
♦fla Apr 1 1935 coup on. -Oct 1961
♦6s July 1 1935 coup on Jan 1961
2d series sink fund 5%a
1940 A O
Customs Admins 6%a2d aerl961 M S
5 %a 1st aeries
1969 M S
& Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
s
Since
Jan. 1
106 10
103
100
1942-1944
103.3
Colombia
5%s2nd8erlea
♦External
Range
Asked
&
Foreign Govt. & Mun. iConcl.)
4%s—Oct
Dec
Bid
Price
11
High
Government
4a
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Range or
Friday
Sale
EXCHANGE
Week Ended June
1
Week's
Last
BONDS
Range
Since
bonds,
unless they are the only transactions of the week, and
footnote In the week In which they occur.
Friday
Low v.
11.
a
Range
Sale
Price
are
,
20
21
14
19%
28
20%
84
17%
26
20%
27
17%
15
47
62
63
50%
66%
34
60
80
47
47%
4
45%
64
20
19%
19%
19%
49
1940 A
O
19%
49%
1947 A
O
63
1950 J
J
.
26
Volume
WeeJk'e
Last
Range or
Range
Sale
EXCHANGE
Week Ended June 11
-
Y.
Friday
Bid
* Asked
Since
STOCK
Fertlgn Govt. &Munlc.
Price
"Nft.
—1961
1960
1982
♦Prussia (Free State) extl 0Ks 1961
♦Externa! • f 6b
1962
Queensland (State) extl ■ f 7S..1941
26-year externa! 6s
1947
J
28
J
26 H
M N
M
"22 %
111K
110K
110K
1946
1963
off
♦6 Kb Aug coupon
off
A
O
F
A
28K
"25K
24 H
29%
25%
A
♦7b May eoupon off
1946
1968
1966
♦7« June ooupon off
O
♦6b June coupon off
30 %
20
26
34K
22%
33
Auburn Auto conv deb
19
23K
28
25
"~26K
26 %
15
O
74 K
74
75
18
A
72%
83%
37%
42
25 <%
23 K
23 %
1
21%
27
27%
25K
M N
♦Extl 6K» May coupon off—1957 M N
27
J
3
27
P L E A W Va Rya
25
34%
36 K
32%
21
28
"29"
37%
31K
37
J
4
29
36%
29 %
4
25
1968 J
J
26 %
25K
20%
29
24
O
95%
94 %
95%
51
91
98
21%
7
27K
29 %
52
26
27%
28
1945 J
D
J
D
21%
♦7b Nov 1 1935 ooupon on...1962
M N
D
♦Hlleelan Landowners And 6s.
_
1968
1947 F
45
45
32
32 %
1946
1966
1971
Tokyo City 6a loan ol 19 2
1952
Externa! a t 5K» guar
1961
Trondbjem (City) l«t5K*
1957
♦Uruguay (Repub.lc) extl 8s..1946
a
6Ka
40 K
A
95 K
95K
95 %
2
90K
104 H
104 K
105%
11
101 %
J
78 %
78%
S
73 K
78 %
73%
1
80%
45
O
A
78 %
102
65K
71
1960 M N
69 %
65 %
70 H
1964 M N
69 %
65%
70%
102
80%
RAILROAD
AND
63%
111
J
"25""
*107%
84%
D
S
101
D
100
98 H
98 %
Ala Gt Sou 1st com A 6a
1943 J
99 X
100%
100%
1952
100%
84
Aliegb Val gen guar g 4a
Allied Stores Corp deb 4 K«
64 %
65
76
70
64
O
99
95 %
lOltf
94 %
58
87%
96 %
83
93%
60
69
93 %
83
83
64%
62 K
65 %
95
95
O
o
A
M
S
A
American Ice a f deb 5f
1953 J
Amer I G Chem conv 5Ha
1949
6Ka~ 1949
M
S
D
J
J
108%
3
99%
7
"97K
97%
14
100
76
76
95K
96
106 %
105 K
100
78%
96
debentures
debentures
♦Am Type Founders conv
1961
1906
deb.I960
107% 112%
98% W1K
100K
97
87 %
87
97
Guar
93 % 100
127
41
106 %
79
105K 109K
105K
105%
15
103 %
106H
113
113%
90
111% 114
104 %
113
105%
31
104K
"99 H
99%
98 %
98 %
140 %
143
99%
113
96% 102 %
186
99%
294
143
16
Deb g 6s aenea A
1975
deb 4Kb I960
MN
A
O
96%
102%
136% 200
107 %
107%
108
12
103
106
105 %
106
86
J
1996
Ark A Mem Bridge A Term 6a
1964
Armour A: Co (Del) 4s series
1st M a f 4a aer C (Del)
Armstrong Cork deb 4a..I
Fe—Gen
Adjustment gold 4a
g
4a
B.1955
1967
I960
1996
1995
1995
4*
M
34
J
8 I Income deb............1967
64
F
97 %
J
97 %
J
105%
1910....—1960
Corv deb 4Ks
1948
Rooky Mtn Dtv 1st 4s
1955
M N
106
106
107K
J
D
J
1962
102
11
102
107%
1
104 %
109K
103K 110
105
105%
"~~3
108K
108%
42
108
105
115K
112
122K
6
117
132K
A
100K
85 K
O
105 %
3
110
9
100 %
100 %
1
85%
86%
88 K
88 %
88 %
J
61
59%
63%
63%
*101%
105%
03 K
J
J
112K
H2K
39
109 % 110
117
21
113
118
118H
20
8
71
110K
113K
113K
123 %
124 %
14
J
21
102K 105K
115
23
110
108
28
106 K 110K
103 %
38
D
114%
107%
J
103 K
103
J
73 %
103%
6a aer A.Dec 15 1952 J
D
M N
101K
J
8
110K
14
102
A
O
I
93
29
40
80
78K
27%
81
M
O
8
113K
111
113%
1966
F
J
J
J
...1987 J
23 %
29%
29 K
24
40
25
20
*25%
32 K
J
Naw York Curb Exchango
-
102
109
5
102
28
104K
7
99 K 104 H
100K 108 %
71%
"56%
Vilas & Hickey
-
125K
106
73
31
63
76%
56
60
69
65
88K
52
53
6
50
78 K
Industrial Bonds
NEW YORK
A. T. & T. Teletype NY 1-911
100
101 %
BROKERS
Indianapolis and St. Louis
34
1
102 %
104%
23K
244
106
101 %
31
150
3971.
—
19 %
30
102 K
J
1987
18
♦140
A
.1901
23 K
19
*10""
S
A
18
*
S
1951
18H
29 %
S
1941
29K
18
"l8~
J
M
36K
28%
18%
J
J
106 %
85
29
J
J
101
85-
D
J
106K
108K 111
31K
A
1959
99 % 105K
83 K
72%
103 K
*76%
D
M N
116H
♦27 K
*
D
J
104 K
101K
110K
73%
2
110%
J
Cent 111 Elec A Gaa lat 5a
2-7900
99 K
95%
105%
105K
114K
107K
Cent Hud G A E 1st A ref 3 Ks. 1965
Private Wiret to Chicago,
89 K
94%
105%
107
Telephone HAnover
110K 110
120K 128K
"95%
...1959
♦Chatt Dlv pur money g 4s_. 1951
♦Mac A Nor Dlv lat g5s
.1940
♦Mid Ga A Atl Dlv pur m 68.1947
♦Mobile Dtv lat g 6a
1946
Central Foundry mtge 0a
1941
—
112K 118M
110K 116K
J
O
-
118K
114K 121
114K 121
S
D
«e
4
38
112
175
1938 J
{♦Cert New Engl 1st gu 4a
42
119K
112K
115K
115K
Cent Illinois Light 8K«
106^
5
113K
112K
Gen mortgage 5e
20K
7
112K
5%e aeries B
103
24 %
%
S
113
,
5
101K 103 K
114%
22
118K
A
Mambors
83
73K
.4°'
115K
105
-
59
113K
110
49 WALL STREET
89
14'
A
♦105K
Naw York Stock Exchange —
32
31
86
113
22 %
J
F
93
3
D
1948
82%
19K
J
1950
1981
101H 102
108K 110
68
105
105
103 K 106 %
20
1970
Cart A Ad lat gu g 4s
Railroad, Public Utility and
32
—-
June 15 1955
Carriers A Gen Corp deb 5a w w
111
24%
100
105K 109
100 % 101" 12
20
O
N
J
O
O
•111H
BOND
85
118K
Caro Clinch A O lBt 5s
General
1
106K
20
J
113%
105%
♦20
O
J
108
43
105%
106
M
108K
95 %
A
fie
4%n
cons g
93 K
93%
F
Central N J gen g 5a.
For footnotes sea page
103
12
118
Oct 1969
6a
♦Ref A gen 5a aerlea C
112
107%
gold
♦Ref A gen
112
106 %
36
114
"93K
..
108
106 % 116
4
104%
113
O
{♦Central of Ga lat g 5a..Nov 1946
♦Consol gold 5a
1945
99 %
95
40
103%
A
100K
103
106
D
94 %
86
105 K
*107
"92
255
118
M N
1957
105
102
"~50
89
109 %
July 1969 J
♦Cent Branch U P lat 1 4a
37
106
J
64
101
87%
*102
1956 F
Guaranteed gold 4Ks--S«Pt 1951 M
Canadian Northern deb 6Ks.-. 1946 J
Canadian Pao Ry 4% deb atk perpe» I
Coll truat 4Kb
..1946 M
fie equip trust ctfs
1944 J
Coll truat gold 5s
Deo 1 1954 J
Collateral truat 4 Ks
1960 J
{♦Car Cent lat guar g 4a
1949 J
lat A
42 K
74
33
8
110K
106
Nov
Trans-Con Short L lat 4a... 1958 J
M
Cal-ArU, lat A ref
4Kb A
105H
97%
1U%
D
Conv g 4a laaue of
97
98
110
1956 J
Conv 4a of 1905
"97 H
110K
D
23
102
A
1955 J
gold 4a of 1909
v
S
34 %
65
86%
Iook
103K
S
Guaranteed gold 4 Ks
104 % 107
♦ADgio Chilean Nitrate—
{ Ann Arbor 1st g 4a
Canadian Nat guar 4Kb
Guaranteed gold 5a
8
113
F
M
..1952 A
♦Consol 5a
...1955 J
{♦Buah Term Bldgs 5a gu
1900 A
CalGAECorp un\X A ref 5a... 1937 M
Cai Pack conv deb 5a
1940 J
♦Camaguey 8ug&r 7 a ctfa
1942 A
Canada 8ou cona gu 5a A
1962 A
76
3
Amer Water Worka A Electric—
AnacoDda Cop Mln af
1938
1981
IBuff Recb A Pitta gen g 5s...1937
Consol 4Kb
1957
|{*Burl C R A Nor lat A coll 6a 1934
Buffalo Gen Elec 4 Ks aer B
Guaranteed gold
Guaranteed gold
106
Am Te/ep A
Teleg—
MN
20-year sinking fuml 6H&...1943
J
Convertible debenture 4 Ha..1939 J
93 H 102 %
97 %
108K
s
M N
4
99 %
108 %
O
IVI
2
210
11
♦Certiflcatea of deposit
166""
99 K
93
14
25%
89
D
{♦Bush Terminal lat 4a
107
101
♦104 K
99 K
44
20
J
J
Bruna A West 1st gu g 4s
74
A
Am A Forelgn Pow deb 6a
Am Interest Corp conv
114K 115
105K 110
108""
D
1956
2030
Aiplne-Moatan Steel 7b
103%
99%
*62
...1951 Vi A
4Kb debentures
79
108
F
...1949
1950 A
1960
1998
1942
1950
100
28
79%
62 %
.1950
3%a
94
"83 K ""83
27%
M N
99% 105%
1
3
*109
J
6b
18
f deb
73
06 K
84 %
*
1957 M N
F A
a
104"
26
100%
87%
1950
Brown Shoe
106
131
5
24
lat lien A ref 5a series B
109 K
*66
A
♦6b ttamped..
100
D
Alb A Susq 1st guar 3 Kb
Atlegb A West 1st gu 4a
84
5
D
A
6s
84
39
O
1943 J
•Albany Perfor Wrap Pap 6g._1948
6a with warr assented
1948
1946
1944
100%
101
101
%
24
Bklyn Union El lat g 5a
1960 F A
Bklyn Un Gas lat cona g 5a..-.1945 M N
1st Men A ref 6e aerlea A.....1947 M N
J
"3
79
Bklyn Qu Co A Sub
1947
Alleghany Corp coll tr 6a
84
"27%
85%
1948
4a aeries B
83
O
J
120
"25"
22
"83K
77%
1941
115K 121K
13
23 %
103K
95%
.96
85 %
stamped
18
23
'I03K
J
o
J
119K
125K
22%
1944
1967 M S
1956 IVI N
gtd 5a. 1941
74 K
102K 103 K
*20
84 K
M
22%
~23K
54
con
110
*102
D
A
110K
74 K
125
125
D
I960
103
112
H8K
119K
J
D..1960
'"16
♦162'"
O
93K
110
15
107%
*
D
O
A
82 K
73%
82%
111
107
39 %
Adriatic Else Co erU 7s
Conv
78
•112K
45 K
A
Stamped
85%
44
O
Atch Top A 8
146
84
A
A
3Ka
3Ka
75 %
84 K
J
Brooklyn City RR lat 5s
1941 J
Bklyn Edlaon cona mtge 3Kb..1966 MN
M N
Bklyn Man hat Transit 4Kb... 1966
F
conv
85
74
S
98
1946
♦Coll A
84
74
M
Debenture gold 5a.
10-year deb 4Kb
conv
"84"
A
92 H
5e
28
S
F
♦Certificates of deposit......
INDUSTRIAL
Adama Express coll tr g 4a
Coll a-uat 4s of 1907
Coll A
J
M
78
♦If AblUM Pow A Paper 1st 68.1953
cons
101 % 10? %
88
99%
93 K
83%
4Kb aerlea J J
1961
{♦Boston A N Y Air Line lax 4e 1955 F A
I {♦Botany Cona Mills 6 Ks
1934 A O
lat
105
102
98
84%
94%
116K
103K
18
l«t r
70%
97
30
1948
lat M 5a aerlea II
COMPANIES
1st
*er
63%
110
56
29
o
71
40
114
93
O
63%
84%
97 H
97
106 %
104 K 108%
105
85
D
84%
U3%
104
81
85 K
103%
98
O
1982
♦Warsaw (City) externa! 7a...1968 F
Yokohama (City) extl 6a
1961 J
106
92
...I960
Cona mtge 3%» set E
Big Sandy lat 4a.
Boston A Maine lat 5« A C
Vienna (City of)—
6» Nov coupon on
1
107
104%
70%
83X
Venetian Prov Mtga Bank 7»—1952 A
105H 100 K
104
A
M
105K 107H
103%
MN
6b
70
104%
1955
oont
4
100',6
1O0K
103 %
1959
Beth 8teel
32
4
J
eons
99% 103
76
F
54
83%
100', a 102
05
85K
74
105K
97
•Berltc Elec El A Undergr 0 %n 1966
73%
72%
176
♦External
65
60
♦External a f 6a
71%
1
~7l"
Wl N
60%
42
0
MN
J
1951
♦Deb alnklcrg fund 6 Kb
♦Debenture 6s
105K
78%
M
48
7
75
65
100 %
D
J
8KS--1943
♦Berlin City Elec Co deb 8Ka..l951
95 %
A
A
B f
Belvldera Delaware
39%
F
5
7
45%
1O0K
1951
lat A ref 6a aerlea C
54
30
F
f 5H>
a 1
30 K
J
7s Feb coupon off
Taiwan Elec Pow
24
8
Styrta (Province of)—
Sydney (City)
31K
49
104
J
99%
99%
102 % 106%
*105
AO
105 %
75
100'ie
M N
110
K
48 %
45
25
25 K
7
A
J
♦Silesia (Pror of) extl 7a
4a
Bell Telep of Pa 5s aeriea B
29 K
24
1996
1943
1961
Beech Creek ext lat g 8Kb
22
*22
SerbB Croats A Slovenes (Klaaflom)
♦8s Not 1 1B85 coupon on
1962 IVI N
106%
48%
100 K
Battle Creek A Stur i»t gu 3s.. 1989 J
19K 24
90
2000
1960
4a «tamped
34 %
1940 A
1946
..1996
1941
1950
rel 4»
4Kb
rel
94%
30
84%
Bangor A Aroostook lat 5s
Con
88
113K
Ref A g«n M 6a aer F
35
99
"75"
D
1995
Ref A gen 5e aerlea D
44
43
110
48
105
m"
12
39
92 %
"05""
Tol A Cin Dlv lat ret 4a A—1959 J
35 H
10
Secured af 7a
g 6K»
5a
Ref A gen 6a aeries O
87%
27
♦External 6a July ooupon off.
♦Sinking fund
gold
High
111%
108
94
July i948 A O
Refund A gen 5v series A
Oonv
J
♦External 8s July ooupon off .1950 J
♦External 7a Sept coupod off 1966 M %
♦8axon State Mtge inrt 7a
July 1948
Southwest Div lat 8K-5fl._.
San Pau<o (State of)—
1936
25K
37 %
37 K
103
1940
5a assented
Bait A Ohio 1st ( 4e
1st
J
112K
91%
4K«---1939
1941
{Baldwin Loco Works lat 5b...1940
33
32H
32K
Low
118% 118H
U0K
102 %
91%
103
40
29
26 %
A
-,1962
13
No.
Ii5"~
110%
If Atlantic Refining deb 5a....-1937
91
26 %
1963 J
1*8* July coupon off
32
21K
25K
26K
Sao Paulo (City of Braall)—
♦8a May coupon off
113
109
~25K
D
J
Roum&nla (Kingdom of) Monopolies
F
♦7b August coupon off
I960
♦Samrbruecken (City) 6a
1
30%
25K
M N
1962
(City) extl 6Ka
14
D
1967 J
♦8s April coupon off
High
♦1O0K
Austin AN W 1st Jug 5«.
oO—
Rio Grande do Su! (State
24
16 %
24
109K 113K
16
32
32
31
100
Since
Jan. 1
A tked
*114%
1946 J D
J
1944 J
J
1st 30-year 5s series B
1944 J
M S
Atl Coast Line lat cons ta July 195'i
General unified i%e A
1964 J D
MN
LAN coll gold 4s
Oct 1952
MN
10-yr coll tr 5s
May 11945
J
Atl A Dan 1st g 4a
1948
2d 4a
1948
Atl Gulf A W ISS coll tr 5a
1959
17K
19
110K
'"§2"
1960 M 8
"12
23
A
Bid
Atl A Charl A L lat 4 %H A
33%
27 H
25
92
of)—
♦8s April coupon
Rome
"ill%
A
22%
21%
o
F
5
96 %
22
o
A
27
*94
S
a
28
21
26K
D
J
.
Rio de Janeiro (City
High
Low
At! Knox A Nor 1st g 5a
♦7K> July coupon off
Prague (Greaier City) 7 Kb
♦Rhine-Main-Danube 7s A
11
Ended June
Friday
Sale
Price
Low
NO.
Porte Ajegre (City of)—
♦8s June coupon off
Week
if
EXCHANGE
Range
Range or
Last
BONDS
Y. STOCK
N
Jan. 1
High
Low
(Oonet.)
Week'e
Friday
Friday
BONDS
N.
3967
New York Bond Record—Continued—Page 2
144
June 12, 1937
New York Bond Record—Continued—Page 3
3968
Week's
Friday
EXCHANGE
STOCK
Y.
Week Ended June
Range or
Last
fe*
BONDS
N.
Friday
Sale
Bid
Price
11
A
Asked
Low
Columbia G A E deb 5a—May 1952 IVI N
Debenture 5s—.k—Apr
15 1952 A O
Debenture 5a
15
Jan
1961 J
A
994
1114
*1124
1054
A
106
M N
1965
Commercial Credit deb 34s.—1951 A
O
1014
101X
J
Commercial Invest Tr deb 3 4s 1951
Conn A Passum Rlv 1st 4a
1943
*1034
0IO64
O
J
Conn Ry A L lat A ref 44s.-1951
No.
•65
5
1
109
"22
102
1084
54
94
45
1004
103
994 1054
....
al064
107
2
105
11
Consol Edison (N Y) dob 3^8^1946
34s debentures
;—_ 1956
♦Consolidated Hydro-Elec Works
Friday
O
1054
1044
1054
56
O
1034
1034
104
47
*224
31
Lasi
BONDS
N
Y.
STOCK
Week
EXCHANGE
Ended June
Range or
Sale
11
A
Low
Through Short L 1st
Guaranteed g 6s
1949 F
108
A
107)4
O
4a. .1954 A
.....I960 F
gu
A
Central Steel 1st g a f 88
Chea A Ohio 1st
General gold 4 4s
S
1992 IVI
Craig Valley l8t 6a
125
"40
19
122
97
97)4
96)4
108
5
107)4
109
13
123)4
9834
71
128)4
102«
98 4
48
102 4
111
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1114
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110)4
120)4
110)4
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110)4
115
55
5534
107)4
*105
1941 IVI
S
107)4
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1958 IVI
s
lat A ref 4 4s aer B
lat A ref 6a aer A
1977 F
107)4
111)4
A
113)4
112
111
116)4
1971
{ {♦Chicago A East 111 lat 6a.. 1934
{♦C A E 111 Ry (new Co) gen 53.1951 IVI N
♦Certificates of deposit
gu g
108)4
104)4
95)4
125)4
4
*106
Chic A Alton RR ref g 3a
1949
Chic Burl & Q—111 Dlv 34s~. 1949
Illinois Division 4a
1949
IfCh G L A Coke lat
112)4
55
80
97)4
1989
116
*101)4
36)4
"36)4
36
36)4
1982 IVI N
lat gold 6a
<■
106
98
1989
Chicago A Erie
High
33
8834
1
6a...1937 J
{♦Chicago Great West lat 4a__1959
118)4
J
M
S
100 )4
40 )4
41
108
8
26
20
"39)4
"90
1947 J
♦Refunding g 5a aer B
♦Refunding 4s aer C
1947 J
J
*
34
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J
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1993
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1941
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1950 M N
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1937 A O
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1954
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1947
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1940
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1977
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J
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112
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1996 F A
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98
1939 IVI N
g 6a
con
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88
1941 M N
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Since
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{♦Cent RR A Bkg of Ga coll 681937 IVI N
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la
Friday
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Price
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984
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107
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J
A
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984 1054
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60
..1961
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1004
994
1114
98
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99
984
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1948
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J
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1
52
23
304
1044 107
974 1014
103 4 106
97
1074
103 4 1034
1084 111
Volume
Friday
Week's
Last
Range or
Sale
Z
Friday
»t3
BONDS
N
Y
EXCHANGE
STOCK
11
Ended June
Week
Price
NO,
«•
Grays Point Term 1st gu 6s—1947
J
A
F
A
J
J
1944
1950
Great Northern 4%s series A.-1961
General 5 He series B
1952
1st A gen s f 6 %s
No.
D
General 4%s series E
G
H
Gen mtge 3%s ser T.__
♦Green Bay A West deb ctls A
General mtge 4s series
Gen mtge 4s series
98
87 %
88M
10
113%
19
118M
112
106
105%
38
32
100%
118% 141%
106
105%
105
r
j
131
130 M
136 M
247
r
j
111
110%
111%
269
i
J
95%
167
95%
,
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Feb
102%
102%
96
"
102
102 %
1946 A
O
103%
1952 J
J
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♦Harpen Mining 6s
1949 J
J
Hocking Val 1st cons g 4 %s
1999 J
J
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119%
♦Hoe (R) & Co 1st rntge
1944
O
90%
{♦Housatonlc Ry cons g 5s
1937 M N
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J
Houston Oil sink fund 6%s A..1940 IVI N
Hudson Coal 1st s f 6s ser A...1962 J
1949 M N
120
67
♦Adjustment Income 6s.Feb 1957 A
O
25M
25%
Extended
1952 J
Refunding 6s
40-year 4%s
84
2
100%
5
97%
80%
79%
----
5
126%
100',6 102%
100',6 101%
101
103%
44%
57%
47
73
120
1
116%
67
64%
"69%
124
85%
36%
25
----
92%
Liggett A Myers Tobacco 7s
5s
Lombard Elec 7s
ser
95
-
81%
90%
Louis A Jeff Bdge Co g 11 4s
79%
90
28
9
76
73%
106%
96% 104%
-
»
71%
109
93
4
93%
80
107
-
-
98
95
102%
85
89%
90
....
«
92%
94%
98%
100% 100%
"98%
94
101%
111 Cent and Chic St L A N O—
1940
1950
83%
77%
106%
1*101
103%
1956
Ref A Imp mtge 3Ms ser B-.1986 M
Inland Steel 3%s series D
1961 F
84%
25
81%
30
76%
87%
107%
15
103%
0
100% 107
5
103% 105%
S
106% 108
104% 104%
35
35
103%
99%
5
43
5s
♦Adjustment 6s
Ber
ser
98% 105%
108
101
98
99%
51
96
103
101%
12
100
102
34%
14
34
12%
65
42%
11
32%
33
4
32
17%
40%
32%
33
11
32%
40%
71%
90
89%
102%
12
.
76%
78
142
76%
74
77
45
72
43
100%
97%
97%
87
87
87
95
95%
99
59
101%
97%
64
21
{{♦Manatl Sugar 1st
s
101%
88%
446
79
74
76
216
67
■»
63%
75
89%
80%
9%
3
43
7%
106
100
33
101% 108
53
"86%
88%
.108%
Kansas Gas A Electric 4%s
53%
51
51%
66%
50%
1950
101%
-6
51%
26
50
64
85%
95
101%
53
1960
•
86
88
1980
♦Karstadt (Rudolph)
93% 102%
84
96%
103
108%
103%
104%
1st 6s.„1943 M N
20
*40
■
28
30
31
27%
53
*92%
*85%
1947 A
O
C
{Mid of N J 1st ext 5s
75
75
78%
37
103 %
41
102
Mllw El Ry A Lt 1st 5s B
91
92
20
99
92
!04%
106%
100
12
104%
13
106%
103%
85
103%
106
102%
11
11
40
12
19
41
11
D
*2%
24%
*104%
105%
J
J
M
S
*92
IVI N
107
167""
105%
196
A
90% 100
99
100% 104%
11
10%
24%
104% 110%
21
101
*54
62%
101
101
101%
"48
100
J
101
101
101%
41
J
105%
5%
20%
103% 105%
1
D
O
103
103% 107%
100
109%
'
*85
95
81
81
35%
36%
55
108
90%
105
100% 105
95
*83
-
1949 IVI
1962 Q
97% 103%
3
1951
1952
1979
1940
{♦Mllw A No 1st ext 4%s(1880)1934 J D
1st ext 4 Ms
1939
Con ext 4 Ms
1939
{♦Mil Spar A N W 1st gu 4s.._ 1947 IW S
J
{♦Mllw A State Line 1st 3%s._1941 J
{♦Minn A St Louis 5s ctfs
1934 M N
M St P A SS M con g
"ii
24%
S
*50
90""
1
15
81
99%
91%
40%
57
63
35%
57
11%
21%
16%
"36
s
14%
5%
6%
50
F
4%
4%
9
3%
8%
46
21%
37%
20
32
102% 105
40%
35
103%
*2%
1961 J
1971 J
84%
37
1977 M S
J
33%
92%
82%
"93%
*32
O
A!
19
92%
*70
J
D
19
1940
City Air Line 4s
♦1st A refunding gold 4s
67
57%
S
♦Miag Mill Mach 1st s f 7s
Michigan Central Detroit A Bay
♦Ref A ext 50-yr 5s ser A
106
90%
1977 M
1956 I
109%
88
25
.
90
54
1953 IVI
Metrop Wat Sew A D 5%s
1950 A
{{♦Met West Side El (Chic) 48.1938 F
100
42
88%
108%
55
*16%
April 1940 Q J
1st 0s with warr._1945 IVI Ni
Metrop Ed 1st 4%s ser D
1968 IVI S1
1st gold 3 Ms
Ref A lmpt 4 Ms series
192
102% 104%
100
105%
79% 80%
33%
Market St Ry 7s ser A
♦4s (Sept 1914 coupon)
17
97%
100
87
30
Mead Corp
♦Mex lnternat 1st 4s asstd
6
102
40
D
1943 J
f 6s
94% 100%
109% 115
57%
34%
57
partlc In
s
110% 115
93
81%
57%
98
'SB
33%
Manila RR (South Lines) 4s—.1939 IVI N
1st ext 4b_
1959 IVI N
Marlon Steam Shovel
85%
103%
57
j"
2013
Manila Elec RR A Ltsf 5s
96
90%
105%
33%
O
♦Certificates of deposit
4s.
99% 108%
57
•
A
{♦Manhat Ry (N Y) cons g 4s. 1990
♦Second
103%
O
♦Certificates of deposit..
Jack Lans A Sug 3 Ms
68%
83%
94%
24
104
95
76
102%
22
97%
104
102
88%
95%
7
111
81
94
"72"
102%
101%
""7
104
83
J
s
96%
"87%
D
-—-I960 J
f 7Ms.__ 1942 A
Gen mtge 4Mb ser A
5
J
D
"97"~
87%
110%
112%
105% 109%
106% 111
D
1945 J
Maine Central RR 4s ser A
17
72
7%
87%
7
109
9
67%
12
106%
103
{♦Man G B A N W 1st 3 Ms...1941 J
34
90% 100%
106
49
102%
103%
Mfrs Tr Co ctfs of
101
116% 124%
112
McCrory Stores Corp s f deb 5s 1951 IVI N
McKesson A Robblns deb 5 Ms. 1950 IVI N
91
98%
*106%
S
127% 135
99
91%
J
11
*93
18
64
91%
J
91
Atl Knoxv A Cln Dlv 4s
1955 IVI N
Lower Austria Hydro El 0MS--1944 F A
64
---1950
106%
104%
113
64
♦Certificates of deposit
Apr
100
113
1st Mtge 5s
impt 5s
6
1980
1945 M S
J
1952 J
Mob A Montg 1st g 4 Ms
South Ry Joint Monon 4s
1
A
Ref A
102%
*106%
22
76%
Kansas City Term 1st 4s
102%
1946
80
1941
Kan City Sou 1st gold 3s
100
102%
101% 103%
14
18%
{{♦K C Ft S A M Ry ref g 48.1936
35
92%
22%
O
103%
92%
68%
Jones A Laughlln Steel 4%s A.. 1961 IVI
Kan A M 1st gu g 4s
1990 A
108
102
2003
64
James Frank A Clear 1st 4s___1959 J
102%
102
1st A ref 3%s series E
Paducah A Mem Dlv 4s
67%
8
103%
104%
43
22%
IVI
*103
66
S
1944
{♦Iowa Central Ry 1st A ref 4s_1951
105
*102%
98%
20%
A
106% 100%
*101
104%
23
1955 F
6
98%
22
1956
Debenture 5s
108
73%
99%
72%
104%
"6
S
73%
97% 101%
79%
69%
98%
95%
56
52%
1st lien A ref 6%s
1947 F
Int Telep A Teleg deb g 4%s._1952 J
Conv deb 4%s
1939 J
120%
108
66
104%
62%
Int Rys Cent Amer 1st 5s B__,1972 IVI N
117
166"
108%
21
lnternat Paper 5s ser A A B-..1947
Ref s f 6s series A
1955 M
129% 130
24
2003
64%
1956
lnternat Hydro El deb 6a
Int Merc Marine s f 6s
12
124
2003
62%
A.-July 1952
♦1st 5s series B
132
2003
63%
IVI N
♦1st g 5s series C
131%
*108
106%
97
O
129%
3
61%
1952 J
A
116
93%
20
1947 A
deb 4s
conv
{♦Int-Grt Nor 1st 6s
5
41
278
67
Int Agric Corp 5s stamped 1942
120
1st A ref 4 Ms series C
1st A ref 4s series D
A I Namm A Son 1st 6s
Interlake Iron
109
123%
123%
105
106%
108%
St Louis Dlv 2d gold 38
86
2
120
1940
Unified gold 4s
1st A ref 5s series B
70%
107
127%
1945 M
72
107
118%
66%
♦Certificates of deposit
6
118%
105%
1932 M
71%
127%
62%
♦Certificates of deposit
7% notes
70%
A
18%
{♦10-year 6s..
1932 A
70%
64%
O
A—.1969 J
ser
103%
57%
62 M
62%
42
70%
A O
J D
M S
IVI S
IVI 8
105%
J
50
62%
D
63%
A
tlnterboro Rap Tran 1st 6S.-.1966 J
♦Certificates of deposit--.
100
59%
91%
78%
*30%
103%
99%
1965
1
Hioh
Low
9
102
Louisville A Nashville RR
—
96%
Ind Bloom A West 1st ext 4s..1940
58%
No
1951 F
Louisiana A Ark lst>5s
91%
77%
Since
1944 A
Lorlllard (P) Co deb 7s
96
83%
1951
4s stamped
85
*97
1951
83%
1950
1938
.1949
1949
1949
Long Dock Co 3%s ext to
Long Island gen gold 4s
101%
M N
F A "99%
1952 J
A
18
99
*
1963
Range
Jan.
Asked
High
59
A
Little Miami gen 4s series A.--1962
Loews Inc s f deb 3 Ms
1946
87
80%
93%
1963
A
102
O
O
O
1951 F
Lex A East 1st 50-yr 5s gu
37
*96%
Joint 1st ref 6s series A
1941 A
1965 A
1944 A
Leh Val Term Ry 1st gu g 5s
;SV
82%
Si
72%
*103%
93
85%
•03
98
♦1st A ref 4Mb series C
Illinois Steel deb 4 Ms
Bid
107 %
1951
conv
5s
102
fit Louis Dlv A Term g 3s.-.1951
{♦10-year
cons
107%
"80 k
1951
{♦Ind A Louisville lstgu 4s
Hind Union Ry 5s series B
General
102
*82
"72 %
Price
1940 J
J
2003 IVI N
2003 IVI N
2003 IVI N
4 %s
Lehigh Val (Pa) cons g 4s
General cons 4%s
Guar ref gold 4s
1953
Ind 111 A Iowa 1st g 4s
Leh Val N Y 1st gu g
110%
86%
A
Friday
Low
110
Litchfield Dlv 1st gold 3s...1951
Western Lines 1st g 4s
114%
7
111%
J
1966 F
3 Ms
11
106%
86%
1950
Range or
Sale
•Sa,
11
June
Unified gold 4s
87
1953 M N
Weeks
Last
fe
EXCHANGE
Ended
110
1955 M N
g
108
27%
Week
101%
*89
Purchased lines 3%s
Collateral trust gold 4s
Gold 3 Ms
120
90%
80%
52
1955 M N
Springfield Dlv 1st
STOCK
*101
Refunding 4s
Loulsv Dlv A Term g 3%s
Omaha Dlv 1st gold 3s
99%
105%
26
1951
1952
1
93%
25
105%
1951
1st gold 3s sterling
Aug
Y.
*101
Collateral trust gold 4s
Cairo Bridge gold 4s
Friday
N
102% 105%
*110%
1951
1st gold 3%s
103%
1C7M
3
26%
105%
Illinois Bell Telep 3%s ser B.—1970
Illinois Central 1st gold 4s
1951
1-1598
99% 105%
102%
69 M
92%
16
45
120
100% 106%
96
103%
102%
102
A
Tele N Y
T A T
106%
8
45
A. 1957 F
NEW YORK
A
is""
■!
96%
102
-
"16"
"66"
100'16
D
York Stock Exchange
St.
BONDS
100116
100%
J
1 Houston Belt A Term 1st 6s.. 1937 J
39
_
Hackensack Water 1st 4s
Houston A Texas Cent 6s gu_.1937 J
17
102%
.>100
*91%
O
A
16
*91'%%
J
Wall
63
95%
92%
106
J
O
Members Neto
111%
Telephone Whitehall 4-2900
11%
*
99
D* H. SlLBERBERG & Co.
68%
10K,
*105
M N
1966 A
1st gold 3%s
109%
108%
j
1961 A
ser
115%
100%
r
Stamped
Hudson A Manhat 1st 6s
108
105%
O
Hudson Co Gas 1st g 5s
114% 119%
106
O,
10-year deb 4 %s
5
4
j
1st mtge 6s series C
1950 A
Gulf A S I 1st ref & ter 5s Feb 1952 J
Gulf States Utll 4s ser C
116%
117%
r
J
BANKS AND DEALERS
FOR
98%
95%
84%
110
112
Feb
4%s
"90"
3
96
Gulf Mob A Nor 1st 6%s B..-1950 A
Gulf States Steel s f
BROKERS IN BONDS
J
1976
1977
1946
1946
1967
1940
4s
1
High
Low
J
♦Debentures ctfs B
Greenbrier Ry lot gu
Jan.
113
J
1973
General 5s series C
Since
§<§
*95
D
Gt Cons El Pow (Japan) 7s
Range
—
st^
Asked
High
Bid
Low
General 4 %s series
3969
New York Bond Record—Continued—Page 4
144
4s Int gu_1938 J
J
22%
22%
"25"
23
2
5
10
♦Ctfs
strnp (par $645)..1943
25
1st
1938 J
J
20
w
*10
20
w
♦Ctfs
w
stmp (par $925) —1943
*21
21
31
1st cons 6s gu as to Int
1938 J
J
24%
25%
w
35
1st A ref 6s series A
1946 J
J
18
18
7
*27%
25
17
30
99
25-year 5%s
1949
1978
1941
1959
IVI
s
15%
16
3
96%
15%
28%
J
J
82%
84
2
82%
95%
♦Ctfs with
warr
(par $925)..1943
'
1946 IVI
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4%s.--1961
Stamped
1961
Keith (B F) Corp 1st 6s
s
98%
*108%
J
98%
11
115%
108
"97%
*
*97~"
97% 101%
99%
99% 107%
cons
68
1st ref 6 %s series B
1st Chicago Term s f 4s
1990 J
D
1962
J
J
J
J
65%
*104
109%
109%
109%
1961
*102
107%
107%
108%
Mo-K-T RR pr lien 5s ser
101%
101% 102%
Purchase money 6s
Kings County Elev 1st g 4s
101%
146% 161
100% 108%
1997
151%
151%
1949
101%
*110%
101%
111%
114
1954
*112%
114
112%
119%
1941
1*101%
102%.
101%
102
103%
104%
Kings Co Lighting 1st 5s.-—-.1954
hirst and ref 6%s
Kinney (G R) 6%s ext to
Kresge Foundation coll tr 4s..1945
3%s collateral trust notes
104
1947
100%
21
1<*3%
111%
lul% 102%
Uniform ctfs of deposit
49
1959
50%
43%
50%
101
93%
90
Coll A ref 6%b series C
1953
59%
58%
61
56%
70%
Coll A ref 5%s series D
1960
58%;
58%
60%
56
70%
50
51%
50
62
55
99%
99%
98%
*100%
104%
Laclede Gas Light ref A ext 6s_1939
Coll tr 6s series A
92
92%
1942
Coll tr 6s series B
1942
50
*
Lake Erie A Western RR—
5s 1937 extended at 3%
2d gold 5s
Lake Sh A Mich So g 3 Ms
Lautaro Nitrate
to—1947
1941
1997
68%
70
102
102%
102%
100%
98
99%
106%
109%
33%
J
Cons sink fund 4 Ms ser C
1954 J
Lehigh A New Eng RR 4s A—.1965 A
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 5s. 1944
1954
1964
1974
Is A ref i f 5a.
1st A ref s f 6s
1st A ref s f 5s
5s
For footnotes see page
-jt
F
33
95
J
94%
94%
O
102%
103%
62%
3971
ivi's
"l8~"
S
1978
M~N
38
40
M N
"l4"
13%
O
38%
38%
1981 F
A
1949
39
39
15%
39%
"112
35
37%
38%
37%
2
38%
40%
38%
87
37
♦Montgomery Dlv 1st g 6s..1947 F A
♦Ref A lmpt 4 Ms
1977 M S
1938 M
S
Mohawk A Malone 1st gu g 4s.1991 M
4
95%
July.1938 MN
83%
{♦Mobile A Ohio gen gold 4s...1938 M S
45
45%
7
29%
29%
33%
62
31%
31%
34
53
108
89%
107%
108
10
102%
102%
103%
44
103
15
S
1st mtge 4 Ms
1900
0s debentures
.1965
78
77
75
95%
31
38
89%
6
Monongahela West Penn Pub Serv
56%
100
124
38%
♦Certificates of deposit
5% notes
"85
19
40%
37
♦Certificates of deposit
♦1st A ref 5s series I
39
18
38
1980 A
♦Conv gold 5Ms--.
♦1st A ref g 58 series H
4
38
*36%
♦Certificates of deposit
94%
56%
"95""
40%
37
105%
62%
100
38%
104%
57%
1954
68
38%
90
100%
62%
k
23
6§"~
Monongahela Ry 1st M 4s ser A '00 IVI N
86
*96
33
J
34%
57%
A
42
69%
A
106%
90%
97%
*86
54
66%
O
31%
62%
S
41
77%
F
92%
34%
95
1938
Secured 6% gold notes
Leh Val Harbor Term gu
M
J
86%
65%
A
♦Certificates of deposit
♦Secured
1975
1954
84%
69%
68%
1977 M
♦1st A ref 5s series F
86%
*36%
—1975
41%
"l3
J
♦Certificates of deposit
♦General 4s
Mo Pao 3d 7s ext at 4%
I
■
'
Co Ltd—
♦1st mtge Income reg__
Lehigh C A Nav s f 4 Ms A
A
40-year 4s series B
♦1st A ref 6s series G
{♦Kreuger A Toll secured 6s
"55%
76%
1962
Prior lien 4%s series D
1978
♦Cum adjust 5s ser A
Jan 1987
{♦Mo Pac 1st A ref 5s ser A
1965
1961
4 %s unguaranteed
1937
55%
J
Plain
23%
*95
M N
J
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
Kings County El L A P 5s
*82%
13
96% 100%
95
100%
107
IfMont Cent 1st guar 0s
IT 1st guar gold 5s
1937
1937
102%
*1003,6
*100%
100
101%
108%
110%
104%
100" jz 102%
102
lOO'sz 102%
New York Bond Record—Continued—Page 5
3970
BONDS
N. Y
STOCK
Last
!s*
EXCHANGE
Week Ended June
c
11
Price
A
Low
Montana Power 1st A ref 3)68-1966
Montreal Tram 1st A rel 6a
1941
Gen A ref a f 58 aeriea A
-1955
Gen A ref
Gen A ref
f
8
100
*7634
*7634
o
D
*
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
Nash Flo A S lstgu g 5a
1937
96
96
86
86
1*11454
10334
10534
{♦Naugatuck
1977
-
*234
*534
O
O
334
10634
10634
11934
*
"l2
O
D
12334
11934
*10034
10634
10634
I
88
"9434! *9234
12334
15
82
63
7434
11934
11834 12734
11634 12534
10734
10034 101
10434 1 07 34
90
20
9434
"48
9234 10334
38
92
9034 10036
4434
51>4
4834 5934
"
49
"31
10
103
47
5434
5134
4836
60
49
49
4634
54
55
5134
5536
6234
5034
54
51
4836
57
68
*110
19981 ^
2013
1940
10234
10234
97
°!
O1
97
102
10134
8934
89
2013 A O
1952 IVI N
9834
9634
10934
10834
J
9634
Conv secured 3348
N Y Cent A Hud River M 3
H8.1997 J
Debenture 4p
1942 J
Ref A lmpt 4348 ser A
J
10434
10434
2013 A
O
8934
1998 F
A
8934
9134
1998 F
A
90
91
8934
101'is
1937 A
O
1974 A
o
"9834
98
1978 M
s
87
87
Oct 1 1938 A
o
110
10234
9834
102
9034
9834
10934
9734
10534
9034
26
112
95
106 34
84
99 34
8634
10336
9634
114
94
510
104
116
94
7
197
51
8834
37
88
3
101
88
86
104
33
A
*10834
5534
5734
1953 F
1951 F
A
1938 A
O
Certificates of deposit
N Y Edison 3348 ser D
1st Hen A ref 334a ser E
N Y A Erie—See Erie RR
1965'A
1966.A
I
O
10034
100
O
10034
100
56
58—1948'J
9536
9836 10054
100
106
10536
10934
109
5934
109
5536
5634
5534
5934
56
_
Purchase money gold 4s_- —1949IF
9734
10236
127
1*10934
N Y Dock 1st gold 4s
8erlal 5% notes
9854
9734 105
10334
"10334
A
105
145
25
A
103
10954
10434 10856
8654
9634
90
10034
1953 F
10236 1 3534
9234
101*16
9834
11334
141
100
1946 F
1997
Ref A lmpt 4 34s series A
Ref A lmpt 6s series B
10034
10034
7234
72
56
97
10534
9756 10556
_
D
12134
12234
A
11334
11334
1946 M N
2000 IVI N
1973 IVI N
11654 12534
10956 11734
N Y Lack A West 4s
ser A
434s series B
1973 IVI N
N Y L E A W Coal A RR
5348-1942 IVI N
N Y L E A W Dock A
lmpt 58.1943
N Y A Long Branch
gen 4s
1941 M
9534
o
3954
1940
o
1957 IVI N
♦1st A ref 4 34s ser of 1927—1967
D
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
9334
♦General 4s
1992IM S
102
102
10734
10534 10634
106
108 34
9436 10534
98
3934
3534
41
3734
3634
39
35
45
43
60
6434
6434
67
60
71
2134
21
24
20
3734
4134
4134
43
4134
55
9334
9334
9034
9934
2334
24
1634
2334
D
16
O
O
22
1st mortgage 5s
1951 IVI N
1st mortgage 5s
1956 M N
♦General gold 5s
♦
Terminal 1st gold 5s
N Y Telep 1st A gen s f
434s
N Y Trap Rock 1st 6s
J
10534
10234
99
99
99
98
42
42
1943 IVI N
1939 M N
1946 J
"8634
10434
10534
8334
4
14
"76
10534
10534
143
46
l!
107
D
83
10734
39
42
7934
91
29
6934
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1957 M N
1948 J
4s
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge4s
} {♦Norfolk A South 1st g 5s
N A W Ry 1st cons g 4s
North Amer Co deb 5s
No Am Edison deb 5s ser A
Deb 5 34s series B
Aug 15
Deb 5s series C
Nov 15
North Cent gen A ref 5s
1961
com g
4s.
5s
1969 M N
82
10
102
110
29
102
10956
105
10456 10456
100
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11254
106
114
116
121)4
*11856
120
117
123
10734
10156
10334 10756
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8754
9154
10756
107
101
.1963 M
1962 J
101
,
9134
Pacific Coast Co 1st g 5s
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1946 J
9054
9156
68 56
D
1964 J
D
1st A ref mtge 354s ser H
1st A ref mtge 3 34s ser I
1961 J
Pao RR Of Mo 1st ext g 4s
♦2d extended gold 5s
Pacific Tel A Tel 334s ser B
1938 F
1938 J
1966 A
Broadway
Corp—
1st M s f g 38 loan ctfs
Paramount Pictures deb 6s
334s
Paris-Orleans RR
ext 5
10636
6854
10754
10334
9956
9956
9956
10156
10154
,
D
9934
9936
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D
J
D
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101
10134
91
99
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37
58
42
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68
67
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8
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67
67
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1953 J
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9056
98
99
9156
9754 103
49
3934
5034
65
77 34
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D
I*.
28-year 4s
1963 F
A
__
106
10254! 1°2
Penn-Dlxle Cement 1st 6s A... 1941 M S
Penn-Glass Sand 1st M 4 34s
I960 J
~
Pa Ohio A Det 1st A ref 4 34s A. 1977
4 34s series B
1981
100
Pennsylvania P A L 1st 4 34s
Pennsylvania RR cons g 4s
10034
1981
9954
*10434
10634
10634
..
...
11636 12254
85
9054
10034 1013
10154 1065
95
10556
10556
10554
10756
10256
104
10034
11256
11254
99
9936 10654
9934 102
100
10334 10554
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10456
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100
10
109
113
7
11256
9954
119
92
11956
1965 J
1968 J
11156
111
11834
11834
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1970 A
10256
10754
11756
10254
10754
12
112
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Peoria A Eastern 1st
cons
4s
119
1940 A
.
*90
*
94 54
Phelps Dodgeconv 334s deb w 11952 J
Phlla Bait A Wash 1st g 4s.....1943 M
D
1981
5s series A.
J
Phlla Electric 1st A ref 3 34s...1967
{♦Phlla A Reading C A I ref 5s. 1973
♦Conv deb 6s
N
9356
9354
108
*11056
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101
11356
9256
1656
11334 123
9854 107
10354 11134
10354 11154
10556 11154
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112
9034
16
1654
108
46
10234
94
13
9434
25
D
92
101
9334 10356
11056 1947
108
111
125
9734
10256
107
11334
116
129
114
3
112
119
11254
2
10854 117
107
100
9734 10634
102 34 10336
10256
10336
69
2654
2856
68
2654
1154
Phllllpplne Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s. .1943 A
Pirelli Co (Italy) conv 7s
.1952 IVI N
99
2634
113
10034 106
27
J
1949 IVI
11734
11254
9754
J
S
324
108
11254
11654
10934 11654
96 34 10354
11554 123
10656 11556
114
.
A
D
1967
108
10756
11034
102
102
94
1974 F
1977 1
1656
1656
S
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General 4 34s series D
10654
O'
J
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67
110
*11854
11334
1956 J
1980 IVI
sec
50
10756
April 1990 Apr
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1974 F A
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J
1956 J
Phlla Co
133
10856, 10856
1943 A
1947 M
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48
103
1984 J
6s
337
108
1952 A
cons
10954 10954
10636
209
11334
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1981 A
107
104
10754
10434 110
*10954
*106
1943 W N
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1948 M N
4s sterl stpd dollar May 1 1948IM N
Gen mtge 354 a ser C
1970 A
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1960 F
68561—
1*11756
S
S
S
A
D
F
90)4
48
1942 J
1937 M
99*4 10534
91
49
*8954
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1*104
10556
1941
100
98
1944 J
334s
105
9854 104
*3856
1952 M N
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10054
9956 10254
9956 102)4
*3856
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82
111
9954 10754
.
Parmelee Trans deb 6s
1944 A
Pat A Passaic G A E cons 5s... 1949 M
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1942 Nl
Penn Co gu 3 34s coll tr A
Guar 334s coll trust ser B
Guar 3 34a trust ctfs C
68)4
103
1*106
1968.M
34s
{■♦Park-Lexington 6 34a ctfs
10654
10254
9856
9956
103
1947 M
conv debentures
9956
1H56
*11756
..
1961 J
1966 J
33
10956 109
10156 106 34
10554
9954
lii" 113"
11156
J
11
12
72
II
20
1854
21
92
1834
5054
2654
19
102 34
2934
30
10954
2334
3234
27
28
22
81
81
69
122
103
10634
101
105 34
10334
4
104
10434
29
102
103
11
125
8234
112
22
11634
10334
120
31
27
11634
10334
10334
*116
11036
*11056
97
106
8534
30
10834
98
10756 11134
109
11336
109
11354
10934
11054
111
11334 11354
A
108
11254
III
111
*110
109
1960 F
A
*110
109
11434
11434
1963 F
A
*11554
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454s
General M 5s series A
1970 J
D
General mtge 5s series B
General 4 34s series C
1975 A
O
1977 J
1943 M N
Pitts Va A Char 1st 4s guar
Pitts AW Va 1st 4 34b ser A.— 1958
1st M 4 34s series B
1958
1st M 4 54s series C
D
113
122
12536
111
12454
11356 124
*11634
11734
11754
11734
11756
11756
11756
10736
10756
10756
11354 12334
107 56
11234 113
87
9634
10456
*107
87
88
O
Pitts Y A Ash 1st 48
1960
*
ser
1948
A
O
D
"88
89
89
10134 10634
9954 107
12034 12534
8954
*109
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10934
11
*12034
11054
5
10836
D
1953 J
1957 M N
100
10734
1974 IVI
1949 F
Series G 4s guar
Series H cons guar 4s
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cons guar
*95
109
1942 A
1942 M N
1945 M N
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Series F 4s guar gold
Series J
10756
1940 A
Series C 4 34s guar—
Series D 4s guar
2
103
1974 M
Pitta C C A St L 4 34s A
Series B 4 34a guar
Porto Rlcan Am Tob
79
10234
1946 J
9434
10234
'lol"
45
9834
11156
10334
10354
79
81H
10156 11236
6956
8256
9656 106
10954 112
112
*109
1946 J
2254
10634
10334
11236
98
10134
11634
136
75
87
11054
11054
1945 IVI N
—1946 J D
13
104
F
118
10634
83
87
80
111
1943 F
_
High
75
....
1947
cons g
Low
*10256
83
104
1957 Nl
2234
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10534
10436
9954
9956
111
90
10134
1996 O
1963 F
16
10634 10934
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10034 104
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J
50
9034
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1941 M N
1943 M
1965 MN
Ontario Power N F 1st g 5s
103
10354
2234
1st mtge 394s
1972 J
Ohio Indiana A West 5s..Apr 11938
Ohio Public Service 7 34s A
1946
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 434s
High NO
1*10736
A
1962
gen 5s series C
D
..1974
1st 434a series D
D
1977
Port Gen Elec 1st 434s ser C—1960 M
1st 5s 1935 extended to 1950
10034 10634
29
103
1955 A
Niagara Share (Mo) deb 5 34s.-1950 IVI N
Nord Ry ext sink fund 6
34s
1950 A
| {♦Norfolk South 1st A ref 5s_-1961 F
♦Certificates of deposit
10234
*10454
♦Og A L Cham 1st
Ore Short Line 1st
Jan. 1
96
92 34
84
90
1434
10834
10234 10854
99
10754
98
29
10734
95
132
90
107""
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105
10536
106
106
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4254
100
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6s stamped
1946
{♦N Y Westch A Bost 1st 4343-1946 j""j
Niagara Falls Power 334s
1966 M
Nlag Lock A O Pow 1st 5s A
*8634
10434
10534
4654
14
*100
1st con gu 4s.--1993
102 34
103
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1938
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Since
§
05
47
41
4734
4434
~"
1955
{♦jN Y Susq A West 1st ref 58.1937 J
|*2d gold 4 348
1937 F
4636
4434
43
43
A Boston 4s 1942
N Y Queens El Lt A Pow 3
34s. -1965 M N
{N Y Rys prior Hen 6s stamp..1958 J
J
N Y A Rlchm Gas 1st 6s A
1951 IVI N
N Y Steam 6s series A
1947 IVI N
47
3534
39
98
39
"42
3934
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J
{♦N Y Ont A West ref g 4s
102
41
1956 J
..1948 J
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10956
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J
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103
39
s
J
9834
10334
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s
1956 IVI N
9934 107
103
*10534
10734
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O
♦Non-conv debenture 4s
10156
102
J
♦Non-conv debenture 334S--1954
♦Non-conv debenture 4s
.1955
99
*100
98341
103 34
S
{♦N Y A N Eng (Bost Term) 4s 1939
{♦N Y N H A H n-c deb 4s
1947
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*9754
.....
98
11134
10334
2047
1st g 4 34s series C
N Y Greenwood L gu
g 5s
N Y A Harlem gold 334a
7456
2047
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*7234
10534
7334
9754
11134
105 34
2047
2047
2047
Paramount
21
49
North Pacific prior Hen 4s
Gen Hen ry A Id g 3s Jan
98
92
5234
*7234
♦Stpd as to sale of April 1 '33 to
April 1 1935 Incl coupons.-1945
gu g
Range
2
Asked
*85
8534
9434
49
A
5s—
88
9134
48
guar
Ref mtge 334s ser C
1966 J
Paducah A 111 lstsf g 434s
1955 J
J {♦Pan-Am Pet Co (Cal) conv 6s *40 J
♦Certificates of deposit
92
"50"
Bid.
♦April 1 1934 A sub coupons. 1945
♦Oct 1935 and sub coupons.. 1945
75
23
Sale
~(T"
9434
*49
10-year 3348 sec s f
Ref A lmpt 4 34s series A
Ref A lmpt 0 s series C
756
92
1944 M N
Gen A ref 4 34 s series A
*636
65
.
77
Consol 4s series A
N Y A Putnam
4
10236 10734
77
9334
118
12234
67
„
90
336
83
64
1945.
4s collateral trust
N Y Connect 1st gu 4
34s A
1st guar 5s series B
16
8634
119
—
1954
A
354
106
♦Certificates of deposit—
Ref 4 34a series C
634
5
Last
Price
I Low
{Northern Ohio Ry 1st
Oregon RR A Nav
356
*82
1956
Lake Shore coll gold 3 34s
Mich Cent coll gold
334s
IN Y Chic A St L 1st g 4s
"634
*234
1956
6s
4
*234
♦Certificates of deposit—
434s
336
;1
11
1st A ref 7s series B
434
4
_
♦1st 68 serial C
♦1st 4 34s seres D
♦1st 5 34s series A
ice
10634
*234
*334
*234
'57
1952 A
1955 J
New Orleans Term 1st
gu 4s—1953 J
{|#N O Tex A Mex n-c lnc 5s_.1935 A
♦1st 5s series B
1954 A
{♦N Y Provide
103
4
1965
1954 IVI N
New Orl Pub Sorv 1st 6s ser A
First A ref 5d series B
♦Conv debenture 3 34s
♦Conv debenture 6s
41
4
NOANE 1st ref A Imp 4J4S A1952
N Y Gas El Lt HA Pow
g
124
4
D
3-year 6s
104
106
4
New England Tel A Tel 5s A—1952 J D
1st g 4348 series B
1961 M N
N J Junction RR
A
guar 1st 4s—1986 F
N J Pow A Light 1st 4
34b
-I960 A O
New Orl Great Nor 5s A
1983
Refunding 5?4s series
6
*234
1945
conv
9134
9834
10054 102 34
4734
6334
95
100 J4
10234 107
1957
RR 1st g 4s
\N Y Cent RR
97
*3
on
f 4s
gen guar
102
86
1977
coup off
♦Consol guar 4s
Bdge
96
11234 119
10634 HI
1957
Newark Consol Gas cons 5s
1948
{♦New England RR guar 5s—1945
N A C
9734
1957
♦4s April 1914
coupon on
1951 A
♦4s April 1914 coupon off
1951 A
♦Assent warr A rets No 4 on '51
s
31
4434
10034
9934
10334
10534
A rets No 4 on. 1926
Nat Steel 1st coll
43
87
115
9234
10034
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien
434s—
warr
9734
84
85H
129
*41
8034
84
9034
1957
coup on
♦Assent warr A rets No 4
♦4s April 1914 coupon on
♦4s April 1914
coupon off
♦Assert
80
78
Ended June
High
9934
9934 104 34
83
8534
7934
8634
78
—I.*90
A
Week
92
*106
A
Nassau Elec gu g 4s stpd
J
1951
Nat Acme 4)4s extend to
D
1946
Nat Dairy Prod deb
336 s w W-.1951 IVI N
Nat Distillers Prod deb 434s
1945 M N
Low
13
8234
*7634
9034
9034
N. Y. STOCK EXCHANGE
Jan. 1
78
o
1955
Constr M 5s series A
1955 M N
Constr M 4 34s series B
1955 M N
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at
N
5%.«1941
♦434s July 1914
♦434s July 1914
99*4
O
1955
Nat Ry of Mex pr Hen 434s
♦4 34s Jan 1914
coup on
94
BONDS
Since
§£
High No.
42
9434
94
O
2000
4348 series C
Gen A ref s f 6s series D
Morris A Essex 1st gu 334a
Asked
99*41
J
1955
f 5s series B
a
D
Range
rS
Friday
| Bid
Week's
Range or
Friday
Friday
Range or
Sale
*>
June 12, 1937
Week's
Friday
68..1942
{♦Postal Teleg A Cable coll 5s 1953
Potomac Elec Pow 1st M
336s 1966
Pressed Steel Car deb 5s
1951
*119
*110
5654
5654
106
"7756
7754
25
4368
w w
11434s w w drawn bonds
436s without warrants
Hx
w
drawn bonds
Purity Bakeries
s
f deb 5b
1950
1950
1950
1950
1948
60
109
106
15
7S34
18
5634 7554
10554 10836
7754
2436
8834
4534
26 36
236
10134
10254
8
100
106
9454
25
{♦Providence Sec guar deb 4s_.1957 IVI N
{♦Providence Term 1st 4s
1956
Pure Oil Co s f
9736
11034
12434
11954
12056
1st
conv
111
89
108
10
8954
9534
30
92
100
*1334
20
20
*77
11256
11056
11254
-
11536
110
11254
10533Z 105332 1053,
102'932 102'932 1022',
9854
9854
-
-
-
793
98
25
208
4
8534
110
2856
90
13154
10936 H2 54
102 56 1053j6
102193210221M
9754 101
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for deb 6s A com stk
(65% pd)._.
S^Debenture gold 6s
Reading Co Jersey Cent
'
1941
coll 4s. 1951
Gen A ref 454s series A
1997
Gen A ref 4 34s series B
1997
*
9156
10654
11214 12634
11454
8954 10456
933/
47
106
106 «/
67
105
106
1065 i
15
10536 108
8954
10854
Volume
Week's
Lcui
Range or
Rang*
Friday
Since
Sale
EXCHANGE
STOCK
Week Ended June
11
Bid
Price
*
Asked
NO.
Low
w.1956 M S
Rensselaer & Saratoga 6s gu—1941 M N
Republic Steel Corp 4 Ha ser A. 1950 M S
Gen mtge 4 Ha series B
1961 F A
Purch money 1st M conv 5Hs *64 M N
Gen mtge 4 Ha series C
1956 M N
J
Revere Cop A Br 1st mtge 4 5* a. 1956 J
107 H
Remington Rand deb 4Kb w
1946
♦Rhelnelbe Union s f 7s
J
1928
1953
♦.Cons mtge 6s of 1930
1955
{{♦Richfield Oil of Calif 6s„ 1944
1155*
112
164"
197
127
97H
60
95
100
13
108
97 5*
113
96
102 H
103%
30
285*
34 5*
28
24
20
18
23 H
40
19
23 5*
23 H
19 H
265*
23 H
156"
96 H
96 %
118
97
97
102 H
J
23 H
23H
F
A
A
119
118
J
♦Rhine-Ruhr Water series 68—1953 J
♦Rhine-Westphalia El Pr 7s...1950 M N
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of
105
112
212
♦109 H
156
O
"23 H
19 H
26H
45 H
44H
J
1035* 1045*
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535*
74
72 H
76
25
39 X
58
91
91H
69 H
84
35 5*
62 X
116H 116 H
89 H
77 H
44
36 H
*117
107J* 10 sH
19
28?*
♦108H
M
19
20
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25
20H
25H
22
22
205*
32 H
23
34 X
Saguenay Power Ltd 1st m 45*81966 A
St Joe A Grand Island 1st 4s..1947 J
O
ISt Jos Ry Lt Ht A Pr 1st 5s.. 1937
J
25 H
26 H
100 H
101
J
101H
1095*
*108 H
M N
97
1996 J
J
1996 A
O
98 H
99X 104H
42
107
112H
97
lOU'u
100
103H
98H 102
"l5
99H
103 H
St Louli Iron Mt A Southern—
1933 IVI N
79
78 5*
78
♦Certificates of deposit
*
77
60
76 X
79
Guar
A
47
23 H
29
20 H
86
11
85
A
J
101H
J
*104H
119
1st 6S..1952
110H
♦Omaha
115
♦Toledo A Chic Dlv g 4s
J
27 5*
A
1950
O
1933
18X
133
16H
17H
17
15
"46
14
15
135*
13 %
20 H
13
16H
Walworth Co
38 H
5H
8H
~21
7H
14 H
7H
75*
13
7 X
14 H
{♦Warner-Qulnlan Co deb 6s
{♦Warner Bros Co deb 6s
33
31
M
S
98 %
985*
J
D
*84 X
J
J
109
995*
*985*
1961
1947
108 H
95 X
99
81
87
....
S
66
60
66
A
23
23
235*
10
72
72
!
24
F
105
1950
..1965
5
M
99 X
995*
1045*
*121
72
2
100
60
105
61
97 X
107 %
101H 105 X
1035* 106?*
107H
1075*
15
1055*
105
1055*
34
9
105
A
99
O
1st mtge pipe line 4 Ha
1951
J
D
So Pac coll 4s (Cent Pac coll). 1949
IVI
S
1st 4Hs (Oregon Lines) A... 1977
IVI
S
Gold 4Ha.
1968
IVI N
Gold 4 Hs—
1969
M N
Gold 4Ha
1946
So Pac of Cal 1st
con
gu g
If So Pac Coast 1st gu g 4s
So Pac RR
1950
6s.. 1937
1937
1st ref guar 4s._._1955
1st 4s stamped
Southern Ry 1st cons g 6s
1955
1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel A gen 6 Ha
Mem Dlv 1st g 6s
1956
St Louis Dlv
1951
1st g 4a
1996
East Tenn reor lien g 6s
1938
Mobile A Ohio coll tr 4s
1938
J
A
Staten Island Ry 1st 4Hs
1961
1943
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 3Ha
1950
♦Symington-Gould conv Inc wwl956
Without warrants
1956
Tenn Coal Iron A RR gen 5s. .1951
Tenn Cop A Chem deb 6s B...1944
Tennessee Corp deb 6s ser C..1944
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g 4 Ha. .1939
1st cons gold 6s
1944
Gen refund s f g 4s
1953
23
915*
102
895*
90 H
65
89 %
905*
54
89
95
88 X
995*
108
885*
995*
1075*
101H
99H
92 H 100 H
87 H
98
87 X
87
97 H
97 H
1005*
103
96%
102 H
1085*
20
106 X
109 H
J
J
"105H
1055*
168" "l24
103
j"j "l075*
106%
108" "108
104
108 H
A
O
A
77%
O
A
O
J
77%
785*
975*
67
100
100 H
60
103 %
103 H
97 H
J
96 H
J
1035*
995*
M
S
*1025*
M
S
D
F
"1055*
A
J
D
J
1015*
25 H
92 H
1055*
101 %
25H
104
"97%
D
J
131
100
J
J
975*
*105
112H
IVI
1065*
F
mum
1125*
995*
7
5
....
92
95*4
101 %
28 H
11
99
106 X
36
25H
1045*
4
98
......
118
105
40
101H 106 H
102
95
35
1065*
1065*
34
*142H
.....
....
....
1035*
1035*
2
140
1979
West N Y A Pa gen
ser
A
"90"
•
murnmmmmw
"90"
"92" ""6
1065*
1065*
*1155*
g
126
103
105
.....
1
....
87 H
104
106
109 X
115
118 X
109
1085*
109
24
104 H
1055*
31
1035*
loin
104
103 %
104 H
99
100
105 H
108
108
108
2
105
110
J
123
123
123
7
118
128 5*
103
1045*
8
101
103 H
30
101
108
103 H
S
99 H
34
H
3
"3
"38
"~5
105%
"37
78%
80
96
96
96
94H
94H
95H
59
48
49
24
*60
*96"
107H
34
3
62H
75 %
101X
107 X
A
O
101 x
76
80
102H
104H 110H
110H 1125*
106H
11
104 %
108 H
116
1275*
8
117
123H
108H
105H
109
4
106
44
103H
104
78
107
108
20
108
108
108
2
Y"j
M N
109 H
106 H
106
iim
3LH
32H
25
21H
32H
19
315*
395*
102
8
101 H
104 H
'161
101H
100 X
101%
101
66
98% 111H
102H
91
98%
107 H
100X
22H
91H
101X
104
98 H
109 H
23H
7
92H
33
101
23 H
2361 J
J
92 H
J
J
87
1966 M S
*107
108%
1949 M S
87
1
A
99H
100
*103H
""4
104
{♦Wlckwlre Spencer St't 1st 7s_1935
1942 J
Wtlmar A Sioux Falls 5s
J
Winston-Salem S B 1st 4s
1960 J
J
{♦Wis Cent 50-yr 1st gen 4s
♦Certificates of deposit
1949 J
J
65
86
96
107
106
1135*
97 H 103 H
102 H 105
38
325*
47
38 %
34
31
47
16
D
Wilson A Co 1st M 4s series A. 1955 J
90 H 10054
37
17
D
1938 J
25 H
19
38
J
♦Ctfs for col A ref conv 7s A. 1935 MN
Wllkes-Barre A East gu 5s
315*
105
109H
1940 M N
18H
30
16
62
*103H
101H
101
2
104
24H
*17H
{♦Sup A Dul dlv A term 1st 4s '36 MN
17
♦Certificates of deposit
1035* 1035*
99
1035*
101 %
"62
"25%
25
106 %
24
1
245*
3254
18
17
26 H
17
16 H
24
*108H
~24H
25
{♦Wor A Conn East 1st 4H8..1943 J
99H
105H 108
32
100 X
J
1065* 109H
102
31
J
♦Ctf dep Chase Nat Bank..
55%
2
s
2361
44 %
61H
119
S
D
90
99 H
94
93% 100 X
108
D
ser
109 H
119
♦Westphalia Un El Power 6s__1953 J
RR 1st consol 4s
77 H
103H
1951 J
Registered
104
105H
i960 IVI
Wheeling A L E Ry 4s
40
119
30-year 5s
1st 4s guar
395*
44
119
25-year gold 6s
West Shore
43H
33 X
77
*109
106H
41
31%
35
~35H
79H
*
44
30X
*27 H
105
445*
41H
33
32
31
33
33 X
32
34 H
25
*22
133
137
101H
101
101 %
35 H
28
133
116
J
Youngstown Sheet A Tube—
Conv
deb
1951 F
3 Ha
1st mtge s f 4s ser C
A
1961 M N
38
105
1235* 162 H
98 H 105
0
Cash sales transacted during the current
week and not inoluded In the yearly
range:
103 %
'8
iooH 108 H
1095*
109H
1095*
6
107 H 109 X
week,
a Deferred delivery sale; only
Under-the-rule sale; only transaction during
by maturity,
f Accrued
interest payable at exchange rate of $4.8484.
r
Cash sale; only transaction during current
transaction
during current week,
current week,
x
Ex-Interest.
n
{ Negotiability impaired
If Bonds called for redemption or nearlng
maturity.
receivership, or reorganized under
assumed by such companies.
{ Companies reported as being In bankruptcy,
Section 77 of the Bankruptcy Act, or securities
106%
103
—
J
M
105H
103 H
m'tmmmmrn
A
71 X
97%
36
35H
A
1946 IVI
4Ha...1950
.
62 X
143
117
1045*
A
33
81
68 H
91X
33H
48 H
86
106 H
74 X
81H
1946
Funding A real est
100
103H
98Ji
*73H
*27 H
O
1952
♦5s assented
82 H
*27 H
1977
gold 4s.__1943
{♦Western Pac 1st 6s
80 X
79%
195
105
J
1977
1980
1st 4s
80 X
11256 159
102H 107X
F
Gen A ref 5s series B
80 X
90 H
No sales
F
2000
Gen A ref 6s series D
Maryland
1st A ref 5 Hs series A
s
Tex A N O con gold 6s
Gen A ref 6s series C
3Hs series I
70
*27 H
1966
mtge
177
94 H
....
....
A
107H
*33r
1961
1st
109 H
121H
D
103
105
102
.....
J
97
101
4
*110
S
1055*
1105*
101H 1055*
96 H
100
21
*120 H
IVI
85H
93 H
F
IVI
77 H
1055*
J
Texas A Pac 1st gold 5s
Tex Pao Mo Pac Ter 5H8 A..1964
1st mtge 4s ser H
1005* 100H
112H
101
105H
92 X
34
A
Ltg 5s stpd gtd__1950
White Sew Mach deb 6s
J
J
101H
v
102?* 103 H
*1015*
110
94
*62H
1945
WheeUng Steel 4Ha series A... 1966 F
M N
1951
J
1943
965*
95%
J
Texarkana A Ft 8 gu 6Hb A-.1960
Texas Corp deb 3 Ha
95 H
89 %
J
S'western Bell Tel 3 Ha ser B..1964
M N
S'western Gas A Elec 4s ser D.1960
J
J
{♦Spokane Internat 1st g 6s... 1955
1946
97 5*
90
O
J
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
19
95
95
1981
10-year secured 3 5* a
San Fran Term 1st 4s
"955*
99 H
67
103
6
*__
A
Western Union coll trust 5s...1938
Soutl ern Natural Gas—
57
"3
80 X
West Penn Power 1st 5s ser E.1963
Western
59%
4
96H
105
1939
102 X
57
*95"
1945 F
105H
105H
107 H
1055*
68
109
5H
21H
41H
104H 109X
103H
93H
s
Westchester
3H
4
19
*
1941 IVI
245*
825*
3H
"24H
103H
1955 A O
1939 IVI s
1939 IVI s
73
98X HI
110H 110H
110H 113H
*55
105
108
105H
1055*
505*
185*
105H
106H
96H
Wash Water Power s f 5s
15
S
1085*
108H
S
Wash Term 1st gu 3Ha..
1st 40-year guar 4s
89X
130
A
1055*
100
__
96 H
102H
3H
22 H
32 H
22
*3
22 H
102
100
107 H
F
J
67 H
Washington Cent 1st gold 4s..l948 Q M
118
M
J
69
49
102H
117H
100?*
rn.mm.mmm,
1057j2
50
52
8
*110
1st ref gu g 3H8-.2000 F
Warren RR
109
48
50
105H
1955 A
*31H
M N
60 X
1980 AO
Plct deb 6s
32 H
49
....
1st M 4s
Bros
33 H
22
24H
50 H
...
6s debentures
36H
170H
105H 107X
50 H
♦Certificates of deposit
Walker (Hiram) GAW deb 45*s 1945
235*
22X
121
98
20
17
107 X
113
1978 AO
♦Ref A gen 5s series D
A
1951
Southern Colo Power 6s A
365*
8%
10
16H
1941
1st mtge A ref 4a
35H
26
32
O
South A North Ala RR gu 5s.. 1963
^South Bell Tel A Tel 1st s f 6sl941
M
1976 F
♦Certificates of deposit
43 X
121
114H
27 X
148
100H
5 Ha A. 1975 IVI
285*
28 H
28
44
gen
111
28 H
49H
D
♦Certificates of deposit
♦Ref A gen 5s series B
F
1946
Southern Calif Gas 4Hs
{♦Wabash Ry ref A
95H 103H
112
09H
1941 IVI
♦Ref A gen 4 Hs series C
♦Certificates of deposit
114
63
101H
101H
106H 109
14
1941 A
lstg3Ha
A
1935
♦Silesia Elec Corp 6Ha—
3 Ha
265*
27H
Dlv
1st g 4a
MS
.1951
Skellj Oil deb 4s
Dee Moines Dlv
Warner
1935
1952
Oil
27 X
♦
43
16H
1951
Socony-Vacuum
41H
27 X
7H
135*
13H
17 X
*135*
MS
1945
Sllealan-Am Corp coll tr 7s
.
*
A
deb 4Ha—1951
f 6 Ha
26
13 H
Shlnyetsu El Pow 1st 6 Ha
♦
{Siemens A Halske s f 7s
s
26
F
26 X
265*
115
~28H
28 H
O
A
Oct 1949
{♦Seaboard All Fla 6s A cts.,.1935
♦Debenture
O
A
♦Certificates of deposit
conv
»•
M N
26 X
27
97 H
9
98 H
1941 J
1939 J
1st 5s
105H
4s. 1950
Shell Union OH deb 3Ha
♦Det A Chic Ext
110
O
38
93H
92X
28 H
99
1954; J
110H
A
96H
109
109H
111H 116H
29 H
1939 f
1135*
J
50
121H
99?*
♦2d gold 5s
109H
1989
4s
99 H 103 X
108% 112H
54
103
1
97 H
116H
29
1939 M N
{♦Wabash RR 1st gold 5s
1135*
26 %
1959
g
124
Virginian Ry 35*8 series A
108 5*
27 H
{•Alt A Blrm 1st
106 X
62
U5H
99
A
.1966 M
108 5*
S
1946
♦Serlee B certificates
101H
107 H
29
103 X
113
119
109H 114H
110
116H
29H
28 H
1958
101H
♦Stamped
♦Certificates of deposit
♦1st A cons 6s series A
27
101 H
19
""I
7
106H
2003 J
1st cons 5s
95H
107 H
10227JJ106H
16 H
23
24
28H
1955 MN
A
4s
110
27
{♦Refunding 4s
19
37
ser
Va Iron Coal A Coke 1st g 5s.. 1949
Va A 8outhwest 1st gu
110
N
1st 6s.. 1942
g
Virginia El A Pow 4s
104
21
107 X
29
1942 J
101 %
♦Stamped
{{♦Seaboard Air Line 1st
{♦Gold 4s stamped
♦Adjustment 6s
65 H
54
96
85 H
135
*_
N
100
90
110H
113H
27 X
{♦Vera Crus A P 1st gu 4Hs_. 1934 J
J
{♦July coupon off
J
M
97 5*
*1x05*
Vanadium Corp of Am conv 5s. 1941 A
Vandalla cons g 4s series A
1955 F
Cons s f 4s series B
1957 M N
J
M
107 H
975*
1959
109 H
28 H
16H
118
90
117 H
29H
1947
♦Debenture 5s
♦Vertlentes Sugar 7s ctfs
50 X
20
102
96
96H
107 H
IVI
♦1st lien g term 4s
J
107
♦Sink fund deb 6 Ha ser A...1947
Utah Lt A Trac 1st A ref 5s...1944
74H
63
29
101»J2
106H
J
♦Un Steel Works Corp 6Hs A. 1951
♦Sec s f 6 Hs series C
1951
J
San Diego Consol G A E 4s... 1965
Sharon Steel
23
39
20 H
19
19
101 m
109H
113H
J
U 8 Pipe A Fdy conv deb 3 Ha. 1946 IVI
U S Rubber 1st A ref 5s ser A..1947 J
J
1943
1946
51 H
36 H
*
305*
100
21
16H
117H
A
1953
6b
(Del)
37
3
*107
J
Co
106
63 H
50 H
"Boh
Drug
33 H
25H
J
United
33H
20 H
85
104H
104
104
U N J RR A Can gen 48...... 1944 M
{{♦United Rys St L 1st g 4s„.1934 J
36 X
23 H
14
O
24
6
23 H
D
O
1970 A
13
25
96H
J
35-year 3Hs debenture
1971 M N
United Biscuit of Am deb 5s..1950 A O
{♦Utll Power A Light 5 Ha
26
63
A
33 H
25
♦2d g 4s Inc bond ctfs.-.Nov 1989 J
J
f.. (♦1st terminal A unifying 6s. 1952
J
♦Gen A ref g 6s series A
1990
J
St Paul A Duluth 1st con g 4s.. 1968
J
{♦8t Paul E Gr Trk 1st 4Ha— 1947
F
{•8t Paul A K C Sh L gu 4Ha. 1941
J
1943
t8t Paul Minn A Man 6s
J
fPaelflc ext gu 4s (large)...,1940
J
St Paul Un Dep 5s guar
,1972
S
965*
235*
25H
11
85
IVI
Utah Power A Light 1st 5s._. 1944
20 H
f 6 Ha series B
955*
A
s
37 H
fvi's
s
96
IVI N
S
85
25H
116
115H 123
98 X
96
June 2008 IVI
34-year 3 Ha deb
83
108H
102H 107H
97 X
Union Pac RR 1st A Id gr
1st Hen A ref 4s
June 2008 IVI
1st lien A ref 6s
100H
97H 103
1155*
109H
112H
106 H
115H
48
43
82 H
♦Ctfs of deposit stamped.
MN
1989
;St L 8W 1st 4s bond ctfs
♦Guar
*117H
1155*
J
1952
4s. .1947
35*a debentures
2
•103H
s
Union Oil of Calif 6s series A.. 1942 F
25
26 H
J
89H
885*
99
73H
46H
*103
S
IVI
1945
Union Elec Lt A Pr (Mo) 6s__1957
fUn E L A P (111) 1st g 5Ha A.1954
{{♦Union Elev Ry (Chic) 58—1945
82
40
82 H
25
25
23 H
Scioto V A N E 1st gu 48
80 H
D
1952 F
f 7s
sec s
39
37
25 H
J
...
♦Certificates of deposit...
•Con M 4 Vis series A
1978
79
24 H
*♦8 L Peor A N W 1st gu 6s... 1948 J
St L Rocky Mt A P 5s stpd— 1955 J
{♦St L-San Fran pr lien 4e A— 1950 J
♦Certificates of deposit...
J
♦Prior lieu 5s series B
I960
Phen
101
80
66
J
{♦Schulco Co guar 6 Ha
18
O
O
Santa Fe Pres A
73
1950
45
1948 A
San Antonio Pub Serv
97 H
49
Toronto Ham A Buff 1st g
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4 Ha—.1941 J
S A A Ar Pass 1st gu g 4s
91
81X
105?*
Tol W V A Ohio 4s ser C
66
1977 M
1962 M
♦{Rlv A G Dlv 1st g 4s
100H
1005*
100 H
Tol St L & W 1st 4s_.__
26H
{{♦R I Ark A Louis 1st 4 Ha—1934
St Lawr A Adlr lBt g 6s—
2d gold 6s
92 H 101 H
285*
19H
♦1st con A coll trust 4s A—.1949 A
f 6s
32
24 H
45
{♦Rio Grande June 1st gu 5s—1939 J
♦Rio Grande West 1st gold 4s. 1939 J
b
95H
32
50
1955 F
♦Ruhr Chemical
95
98 H
23 5*
1952
D
21
104H
23 5*
Rlchm Term Ry 1st gen 5s
Gen mtge 5s series E
47 H
187
D
M
Higk
Low
155
26H
I960
1942
4s..1946
Trenton G A El 1st g 5s
1949
Trl-Cont Corp 5s conv deb A—1953
Tyrol Hydro-Elec Pow 7Hs
1955
No.
62 X
Tol A Ohio Cent ref A Imp 3?*8
44
♦Rlma Steel 1st s f 7s
High
D
100X 106
Since
Jan. 1
Asked
49 X
21
21
1953
100
(VI N
5*
A
Low
49 X
1960 J
J
♦Adj inc 5s
Jan 1960 A O
J
Third Ave RR 1st g 5s
1937
J
Tide Water Asso OU 3 Ha
1952
Third Ave Ry 1st ref 4a
Ujlgawa Elec Power 8 f 7s
Rocb G A E 4 Ha series
Bid
Tokyo Elec Light Co Ltd—
1st 6s dollar series
130H
M N
♦Certificates of deposit
Friday
Price
5 ft.
11
Ended June
Week
Range
Range or
Sale
EXCHANGE
High
Low
32
107 H
107
Last
BONDS
N. Y. STOCK
Jan. 1
BQ<4
Hia*
A
Week's
Friday
Friday
BONDS
N. Y.
3971
New York Bond Record—Concluded—Page 6
144
*
Friday's bid and asked price
♦
Bonds selling
z
Deferred
flat.
delivery sales transacted during the current week and
In the yearly range:
No sales.
No sales transacted during current week.
not Included
New York Curb
3972
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless they are
regular weekly range
are shown in a footnote In the week In whioh they occur.
1937
selling outside of the
the week, and when
the only transactions of
No account Is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (June 5, 1937) and ending the present Friday (June 11,1937).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, m
which any
dealings occurred during the week covered:
Last
STOCKS
Acme Wire v t c com
Aero
20
High
Air Device* Corp
Alabama
29%
400
14%
14
100
14
500
600
3%
26%
Gt
Southern..50
80
*
Alles & Fisher Inc
May
Jan
Jan
1%
80
Jan
67
June
87
Jan
40
60
May
June
77
Jan
5%
Jan
7%
2%
com..
Jan
3%
June
6%
Mar
Common
*
1%
May
2%
Jan
S3
*
21%
Jan
3%
3%
300
Allied Internat Investment
pref..
conv
Aluminium
6%
Cocommon..*
preference
140 %
118
.100
Aluminum
Goods Mfg
*
Aluminum Industries com *
IBM
Aluminium Ltd common..*
105"
6%
preferred
100
7%
105
108
121% 121%
21%
22%
2%
2%
American Airlines Inc.-.10
65
65
21%
Common class B
10c
preferred
%
7%
June
2%
Am
Jan
14%
Jan
140
Jan
98%
121
131
May
May
Feb
Mar
May
32%
3%
62
Jan
75
17%
Feb
24%
Jan
11
%
84
3%
84
3%
4%
Class A
25
33
33
33
Class A with warrants 25
34
34
34%
4%
Class B
1
3%
Amer Cyanamld class A. 10
Class B n-v
10
Amer Dlst Tel N J com..*
32%
50
May
3%
31%
5
Amer Foreign Pow warr
2
June
89%
3%
8,000
*
Preferred
~3o"
*
Amer Gas <fe Elec com
109%
9%
31%
American General Corp 10c
$2 preferred
..1
$2.60 preferred
1
19%
21%
20
'l8%
25
preferred
100
31%
200
32%
2.000
3%
33%
9,500
5
5
2
2%
25
Amer Meter Co
700
2
uune
330
3,800
230
June
300
106
June
150
100
100
19%
21%
27%
18%
1,600
48%
49%
125
1%
1%
44%
100
45
"T%
'29"
*
6%
29%
106%
1
Arkansas Nat Gas com...*
Common class A
*
""206
6
7
10
8%
May
Apr
6%
£1
A
1%
2%
1
Feb
Feb
preferred
Feb
Jan
8%
85
5,450
44
2,300
11
7%
"26"
200
"600
70
Feb
35%
Jan
125
Mar
Jan
5%
4%
24
48%
112%
12
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Apr
82
Mar
1%
Jan
lan
Mar
2%
Mar
Apr
May
5%
69
Jan
38
53
Apr
10%
Jan
May
Jar
2%
Jan
6%
1,000
5%
29
105%
Feb
7% 1st partic pref...100
Mar
110%
Jan
Feb
96
Jan
11
May
5% May
15% Feb
8%
Jan
10%
Apr
13%
Mar
1%
1%
1,800
2%
2%
6,500
1%
Apr
2% May
87
*
1
1%
6%
22%
10%
5
11
87
2
22%
1%
6
10%
10%
10
*
118
1%
1
2%
Bardstown Distill Inc
Barium Stainless Steel... 1
5
"16%
1
Barlow & Seellg Mfg A
Bath Iron Works Corp
10%
Baumann
(L) & Co com..*
7% 1st pref
100
1%
2%
4%
16%
10%
10
Jan
Centrifugal
Jan
Feb
Charls Corp
10
Cherry-Burrell Corp com *
Chesebrough Mfg
26
Chicago Flexible Shaft Co 5
Feb
10
87
June
88
May
b,700
2
May
4
Jan
700
19
2
7%
11
4,800
1%
May
3,700
6
May
1,200
7
11%
2,100
6%
Jan
Jan
Apr
29%
3%
9
Mar
Mar
Feb
pref
1
com
13
1
com
Bell Tel of Canada
5%
13
5%
100
114"
Benson & Hedges com
*
Conv pref
*
Berkey & Gay Furniture. 1
Purchase warrants
common
2%
1
*
pref.
4%
18
18
Jan
8
Feb
16% June
21
Feb
500
100
900
2%
1
114"
4%
18
10%
June
8%
Mar
Apr
15%
May
3% June
11%
Apr
6%
June
159
Feb
May
100
4
May
50
18
Jan
2%
4,600
1%
13%
2,900
300
2%
May
11% June
11
May
103
Jan
2:18
27
May
May
4% May
18
8%
169
5%
Mar
Feb
Jan
7
May
May
11
Jan
56%
Jan
19
Feb
"34% "34%
15%
Jan
%
Adr
(Botany Consol Mills Co.*
Bourjols Inc
*
see page
3977
5%
5%
300
5
"6%
124
Apr
24
Apr
Apr
Feb
%
7%
Jan
Jan
Mar
preferred
1%
1%
Claude Neon Lights Inc..1
Clayton A Lambert
200
6
26%
Cllnchfleld Coal Corp__i00
Club Alum Utensil
Co
*
Cockshutt Plow Co com..*
Development...!
sb
6% Income stock A___£i
6% conv pref
£i
Colorado Fuel A Iron warr
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
Mar
83
June
8%
7%
161
Jan
Jan
Apr
Jan
3%
Jan
Jan
23%
May
May
1%
15
31%
2%
26%
Jan
Mar
7%
Anr
Jan
2%
5
Mar
100
26
35
1,700
2
May
May
87%
June
102%
June
97%
Jan
Jan
54%
Apr
9%
30
9% May
14%
38%
Feb
Feb
39%
Mar
30
300
28
Mar
T.566
6%
May
May
325
108%
Jan
300
6%
"6%
3%
10%
124
June
9
15
Jan
57
105%
Jan
Feb
Jan
Jan
June
Mar
Mar
Mar
93%
1%
14
14%
86
14
86
2%
1%
14
2%
1%
14%
26%
Jan
15%
89%
19
Jan
May
96
Feb
500
14
June
22%
Feb
100
82
June
91%
Apr
2% June
6%
2%
Jan
2,400
3,300
1%
Apr
May
14
Jab
Jan
Apr
26% May
52
Jan
15% May
14
May
4% May
33%
26%
Jan
7
Mar
17
May
19
13
26%
25
900
"26%
27%
Mar
May
Feb
Mar
75
71%
117
117
100
65
64
65%
750
15
15
15
300
1%
2%
46
87%
2%
46
4%
1%
88
28,400
2,300
Jan
110%
52%
Jan
14
47%
4%
425
200
Jan
Apr
45
45
54
54
54
29%
39%
21
9%
150
700
2 %
Feb
92%
5%
Apr
2% June
45% June
4%
Feb
2%
2%
37%
2%
200
39%
13%
13%
"T%
6%
1%
40%
13%
6%
1%
Jan
79%
Feb
June
76
Feb
9% June
Apr
35% June
Jan
%
Jan
500
39%
June
300
10
100
Jan
Jan
June
54
3,200
400
5%
Jan
Mar
8%
40
60
58
42
4
37
Apr
76% May
17% Mar
Jan
76
48
45
16%
82%
123
Jan
% May
1,400
3%
Jan
4
1
16
Feb
-
May
Jan
15%
4%
40
3%
10%
48%
15%
9
2%
22
Feb
Feb
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Mar
9%
6%
6%
""4% "1% "4%
13%
262
13%
362
6%
107%
14%
63%
66
6,600
'"160
1,800
600
100
7%
5,500
May
15%
3%
Jan
8%
Feb
4%
6%
Jan
4%
May
Jan
May
4%
24%
Feb
Feb
74%
Apr
June
104%
10%
Jan
1$
56
65
6% June
Jan
32
June
39
Jan
107% 110
2,200
107
May
139
Jan
%
7,700
"33% "33%
""75
'is
1%
25%
Feb
200
3ie
33%
Mar
32
Dlstrlbut___I_i
t c ext to 1946—
May
39%
Warrants
v
Apr
Feb
45
400
Mfg.I*
Cleveland Eleo Ilium... *
Cleveland Tractor com..I*
Mar
73
1,200
3,000
*
City Auto Stamping
~*
City & Suburban
Homes 10
Clark Controller Co
1
New
7
31%
Apr
123% 124
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv__l
Compo Shoe Mach v t c..l
34
"34%
Feb
36
Commonw
'"'26
*
"28%
Jan
4%
48%
43%
25
Feb
32%
May
20
Jan
June
Jan
5%
Apr
5%
5,900
Commonwealth Edison 100
Commonwealth A Southern
16
100
Preferred BB
Cities Serv P <fc L $7
pref I*
$6
%
Jan
May
4%
50
24%
Jan
38% M&y
1,100
Jan
Mar
100
46%
9%
28%
65
1,600
7% 1st preferred
46%
32
48
Borne Scrymser Co
285
89
Conv 5% preferred..100
20
Bohack (H C) Co com
75
88%
Columbia Oil A Gas
1
Columbia Pictures com..*
16
1%
82%
"2
Feb
46%
Mar
1%
2,000
20
2
37%
17
2",100
%
700
24
Jan
47
Jan
Jan
6%
5%
26%
Feb
Mar
*
"2% "3"
Mar
4%
1%
2%
*
2%
83
1%
20
1%
15%
1
Jan
28% May
4% May
155
May
Blumentbal (S) <fc Co
5
8
2~300
Thompson (J R) com...25
Mar
4
"""*
"""*
Colon
Feb
Blue Ridge Corp com
$3 opt conv pref
1,300
""*'
B
Mar
125%
19
*
Mar
14% May
36% May
2% May
42% Mar
16%
27%
5%
4%
May
1
13%
36
*
June
113%
*
Bliss (E W) & Co com
Bilss & Laughlln com
13%
Jan
3%
......
6% % pf.100
Jan
600
27
3%
43
156
Mar
17
3%
Mar
June
5
80
1
79%
6
1
Preferred
200
20
82
100
Preferred
Mar
100
Mining..
Chllds Co preferred
Cities Service common
Mar
4%
Beaunit Mills Inc com... 10
Beech Aircraft Corp
28
114%
Chlca Rivet & Mach
new.4
Chief Consol
11% June
11%
1% June
2% June
2,000
Mar
Chamberlin Metal Weather
Strip Co
5
Mar
11
%
'29.100
Pipe...
*
7j2
1%
May
10
Jan
5%
ser
39%
%
300
%
Feb
100
Jan
13%
57%
17
preferred
May
Jan
4%
100
May
Jan
3
38%
June
40
warr 100
is
June
775
6% pref without
7% preferred
Conv pref opt
8
250
Cent P & L 7%
pref... 100
Cent & South Weat
Utll.SOo
Cent States Elec com
1
Jan
47
3,600
ll
5%
150
2
Jan
%
700
»
Cent Hud G A E
Cent, Maine Pow
7% pf.100
Cent Ohio Steel Prod
Conv
2%
23
31% 32%
117% 122
5
"»
com""*
Jan
Tobacco—
warr
•
$7 div preferred
1st preferred.._
3
500
54%
Feb
Jan
new.. 10
%
1
Mar
June
Celluloid Corp common. 16
3
June
300
..1
Carolina P & L $7 pref...*
$6 preferred
*
Carrier Corp
Carter (J W) Co common. 1
Feb
Jan
%%
106%
7
27
"5%
8%
42%
Feb
Feb
Mar
25
5
*
Jan
10%
Jan
Apr
30%
2,700
*
Carnation Co common
Carnegie Metals com
Corp of Amer
1
Celanese Corp of America
12%
13%
11%
Carman & Co class A
Class B
Catalln
May
May
Apr
70
Feb
Apr
28%
.*
Casco Products
Castle (A M) com
6%
8%
800
%
25c
Jan
6%
""266
Syndicate
Jan
2,000
12%
Apr
___1
Capital City Produots
Carlb
Jan
6,000
June
315%
28%
June
pfllOO
4%
5%
9
6%
non-votlug
Canadian Indust7%
Canadian Marconi
69 %
7%
il
J
"25% "T
B
May
May
2% June
85
Mar
Hydro-Eleo—
Jan
3,000
Feb
9%
97
1
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Canadian Canners com
*
Canadian Car & Fdy
pfd 25
Canadian Dredge & Dock*
99
76%
6%
5%
Am dep rets A ord
sh..£l
Am dep rets B ord shs. £1
May
3%
Feb
2%
39
Cables <fe Wireless Ltd—
June
4%
Jan
23% June
4
Jan
28
%
Austin
Babcock & Wilcox Co
%
3
1% June
100
6%
8%
Mar
Mar
36%
Burry Biscuit Corp.. 12%c
Cable Elec Prod v t c
*
54%
600
170
Mar
50
*
36
26%
28%
1,100
8
Automatic Products
5
Automatic Voting Mach..*
Class A common
convertible pref
June
Burma Corp Am
dep rets
18% June
27% Mar
Jan
32%
3%
1,300
12%
26%
4
Warrants
Jan
Jan
Feb
4%
52
2
Sliver Mines
26%
8
Apr
19
46
25
38
41
*19"
25
47
136
Jan
Apr
May
May
100
7%
Bunker Hill & Sullivan 2.50
Burco Inc common
Jan
24%
31
106% 107%
1%
1%
6%
7%
Feb
31
Apr
May
May
14%
23%
$3
17A
35%
97
Mar
*
Corp warrants
Atlas Plywood Corp
For footnotes
Jan
32
23%
37
18
Atlas
conv
33
Apr
97
May
300
Atlantic Gas Light pref. 100
$2.60
Mar
97
220
1,700
V t o common
Blckfords Inc
*30%
100
i§3%
1st preferred
6% preferred
100
Canadian Indus Alcohol A »
3%
6%
29%
*
Atlantlo Coast Fisheries. _*
Atlantic Coast Line Co. .50
Bell Tel of Pa
400
*
$5
Canadian
28
warrants
Corp
31
31
Buckeye Pipe Line.....50
Buff Nlag & East Pr
pref 25
Jan
Mar
Assoc Laundries of Amer.*
Bellanca Aircraft
May
May
May
30%
19
Feb
88
11%
.1
conv
22%
9%
Brown Forman
Distillery. 1
$6 pref erred.
»
Bruce (E L) Co
*
Feb
100
300
Feb
Mar
100
77
51% June
*
36%
8,400
11
1
Common
$1.50
Class A pref
32
1%
92%
30
Jan
22%
78
Assoo Gas & Elec—
Bell Aircraft
Jan
22%
213%
6% pref
42
1%
92%
.....
5
Amer deposit rots
5Baldwin Locomotive
May
2%
6%
Jan
52
13%
Associated Elec Industries
Avery (BF)
Axton-Fisher
%
700
*
June
100
"
Arkansas P & L $7 pref..*
$5
Class B
May
May
4%
Angostura Wupperman__l
Apex Elec Mfg Co com..*
Appalachian El Pow pref.*
Art Metal Works com
Ashland Oil & Ref Co
45
43%
6
American Thread pref...6
Anchor PoBt Fence
*
Option
"800
3%
Am dep rets ord
reg.. 10s
British Col Power class A. *
19
1
2
Preferred
100
Apr
Feb
1%
£1
31%
10,800
44%
Am Superpower Corp com *
1st preferred
*
Arcturus Radio Tube
9%
2,400
19%
21%
27%
18%
108%
3%
7%
16%
51%
82%
Mar
41%
June
18
"1%
Amer Pneumatlo Service.*
Amer Potash <fe Chemical.*
Preferred
4%
Apr
Apr
Apr
Apr
300
32%
108% 109%
9%
9%
31%
32%
Jan
Apr
200
100
82
49
*
Amer Seal-Kap com
Jan
26%
126
May
May
May
1,000
25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co.
1
Class
Amer dep rets reg
38
Amer Hard Rubber com.50
Amer Invest (111) com
*,
Amer Laundry Mach
Amer Lt <fc Trac com
127
21%
400
Brown Co
4% May
June
18
*
com
33%
127
36%
10
Brown Fence <fe Wire
com.l
Mar
42
84
118
7% conv pref erred... 100
Amer Equities Co com
1
6%
9%
Jan
Cities Power & Lt—
Amer Fork & Hoe
""%
Jan
Mar
1%
*3t6 June
2,100
35
84
Mar
14%
Apr
Mar
British Celanese Ltd—
20%
*
Jan
30%" Mar
May
28
Mar
8
$5.50 prior pref
*
Amer Centrifugal Corp___l
9%
Jan
Jan
16
*
common
Mar
Jan
lOo
$3
Brlllo Mfg Co
Class A
Jan
1,200
"loo
.....
common
18%
8
Feb
108%
.100
17%
24
Capital—
Class A
preferred
119%
800
1,400
12
"17% "l7%
3%
177%
200
70
65
11
11
"17%
"9%
Apr
Apr
200
100
3%
1,800
""%
*
June
111
200
25%
Corp class B
16%
120
1.000
200
17
7%
American Beverage com__l
American Book Co
100
Amer Box Board Co com.l
American
118%
16%
Brill
2%
32%
700
24%
British Amer Oil
coupon..*
British Amer Tobacco—
Am dep rets ord bearer £1
650
140% 148
117
3%
...100
Class A
72%
June
*
Bright Star Elec clB
100
Apr
Apr
June
31
Bridgeport Machine
Preferred
35%
1%
300
200
Bridgeport Gas Light Co
350
61%
27% June
20%
300
1%
22
19(17
x
High
Low
3%
preferred
100
Brazilian Tr Lt & Pow...*
Breeze Corp
1
,
.
,
Range Since Jan.
for
Shares
22%
1%
1%
22
100
2d
72
a:60%
Alliance Invest common..*
4
5%
34%
High
28
00m.
7% 1st preferred
80
77%
70
*
Feb
June
% June
Bowman-Blltmore
,
Week
of Prices
Low
Price
Bower Roller Bearing
Mar
May
22
May
200
Jan
38
Jan
300
%
preferred
2%
2%
4
27
2%
27
...
Ala Power $7 pref
6%
June
3%
*
Warrants
25%
14
25 %
or
Apr
66 %
24
Jan
May
Feb
*
preferred
High
May
3%
21
"2M
eom___l
Investors common
Conv
42
25
"400
Week's Range
Last
Sale
Continued)
Low
Shares
47%
47%
STOCKS
Range Since Jan. 1, 1937
for
Week
of Prices
Low
■
.
„
Sales
Friday
""3% "3%
*
B
Agfa Ansco Corp com
1
Alnswortli Mfg common. .5
$6
Price
Supply Mfg class A_*
Class
Air
Week'* Range
Sale
Par
y
Sales
Friday
25%
26
150
'"loo
June
*16
2%
Jan
Jan
June
64
25%
May
May
34
14% June
17
Jan
14%
17%
Jan
1%
"14% "14% "14%
June
32
May
2%
Jan
Jan
Mar
=£§r
Volume
Sales
Friday
STOCKS
Weet't
Las i
(Continued)
Sale
Par
Range
Lou>
High
23
•
Consol Copper Mines
6
Consol G E L P Bait com *
24%
1,600
5%
10%
20%
200
9%
1
17,800
69
70
May
33%
Mar
Jan
11
5% May
Jan
7%
11%
June
89%
Jan
69
700
Mar
100
114
114
10
113
Apr
114%
Feb
-1
2
2
900
2
June
4%
Mar
2%
Mar
Consol Mln A Smelt Ltd..6
80
5% pref class A
Consol Gas Utilities
X
100
X
June
50
100
Mar
7%
1,500
73%
7%
Apr
7%
May
10
Jan
*eb
135
Mar
2%
Apr
3%
Jan
9%
10%
1,700
6
.Feb
17%
Mar
X
Warrants
Consol Retail Stores new.l
80
113
100
preferred
Consol Royalty Oil
10
Consol Steel Corp com..
Croft Brewing Co
Mar
61%
Mar
Gen Flreproofing com
*
Gen G & E $6 conv pf B__*
22%
1,500
May
Apr
62%
7,400
2%
June
3%
5%
5%
5%
Jan
Jan
23%
1J
13%
34%
13%
May
39%
Mar
Mar
14%
Jan
5,200
%
500
28%
3
21%
2
Mar
38
20
Jan
1%
12%
May
7
5,100
12%
3%
21%
200
3,900
5%
6%
6
10
6%
May
May
1%
12
2%
16
May
6%
11%
30
6
S16
12%
%
516
12%
22,400
600
%
100
11%
June
Apr
June
106
May
23%
13%
500
30
11%
150
6%
"82"
6%
82
69
1,000
0%
25
17
700
76
17%
2%
17%
2%
600
15%
100
17
50
Diamond Shoe Corp com.*
4%
Jan
....
£1
28%
Dominion Steel A Coal B 25
18%
28%
18%
28%
19%
preferred
33%
*
*
Driver Harris Co
132
80
10
7% preferred
36%
108
100
Dublller Condenser Corp. 1
Duke Power Co
100
Durham Hosiery cl B com*
Duro-Test Corp com
76
3%
75%
May
15%
Jan
Jan
28%
Apr
33
Apr
14
Feb
16
Jan
Guardian Investors
87
Jan
8%
May
Apr
88
Jan
19% May
20
Jan
Feb
3% May
11
Feb
5%
% prior preferred. 100
6% preferred
100
Eastern Malleable Iron.25
Eastern States Corp
*
z43~~
"~3%
5%
58%
242%
23%
3%
30
Jan
10
107
Mar
Apr
Jan
Apr
1%
Apr
5% June
Jan
6%
17% May
44
25
9
9%
14%
16%
20%
2%
14%
16%
20%
2%
16%
*
58
58
*
68%
68
Elsler Electric Corp
1
Elec Bond A Share com..5
$5 preferred
56 preferred
2%
1
com
Class A
5%
l
Elec P A L 2d pref A
29%
28%
17%
110%
Mar
Apr
Mar
50
159%
96
42%
111
6%
79
Apr
Jan
3%
1
14~~
Electrographlc Corp com.l
100
"31%
"14"
50%
"53%
31%
50%
51%
52%
56
Jan
Hey den Chemical.
May
Feb
Feb
10
Jan
27
Feb
Hires (CE) Co cl A
Hoe (R) & Co class A
Holllnger Consol G M
Holophane Co com
*
Holt (Henry) & Co cl A..»
Border's Inc
"20%
5%
Falstaff Brewing
1
8%
Fanny Farmer Candy
Jan
Humble Oil & Ref
20%
6%
82%
82%
Feb
Hussman-Llgonler Co
Jan
13%
Jan
May
May
Jan
Jan
June
23
Jan
May
24
Mar
May
100
*
*
Ferro Enamel
1
38%
1
*"r~
38%
June
80
Feb
68
June
87%
Jan
5%
5%
June
11%
Jan
5%
300
5% May
9%
Jan
650
80
Jan
Jan
54
40
7%
May
6% June
3%
79
6
Preferred
50
Ctts of deposit
3977.
Jan
18%
Jan
June
22%
Jan
June
117%
Jan
128
Mar
85
May
May
8%
Jan
Jan
Feb
47
Apr
16%
Mar
*52%
6
Jan
%
Apr
1%
Jan
7,300
51%
May
63%
Feb
92
Apr
June
90
Feb
17%
Apr
600
5
%
200
87%
5
#52
%
55
84
84
25
4%
84
Jan
14%
4%
"4% "xl'x
Jan
"360
4%
May
17%
Apr
24
May
70
17%
18
200
56
56
25
56
7%
Jan
Jan
Jan
Jan
3%
A or
4
Jan
2%
400
1%
Jan
1%
11%
700
June
300
1%
10%
June
15
200
15
June
1S%
Feb
1,300
13
June
17%
Feb
46
2%
1%
10%
May
62
Feb
15
16%
15%
13
15
16%
6%
7%
8%
Apr
June
7%
June
11
Apr
9
500
6%
May
10%
Jan
Apr
Mar
June
Jan
43%
43%
50
36
Jan
25%
25%
200
24
June
11%
11%
700
11
Apr
22
22
200
19
Jan
8
Apr
16
June
20
34%
Mar
9%
15%
6%
210
15%
39%
34%
25%
300
2,100
23
11%
Feb
8
17%
7%
35%
375
Apr
34%
June
Jan
28%
16% May
42%
43%
Apr
May
35
Apr
15%
33%
11%
19%
22%
Feb
41%
Jan
Jan
Jan
Mar
Jan
105
Apr
112
Jan
Apr
42
Feb
May
87
Feb
Jan
23
Mar
1
May
2
16
May
24
106
20
17
106
77
Feb
28%
29%
2,700
77
"28%
27
79%
2,100
75
1
1
16%
"~9~
3%
3%
16%
100
100
"9"
"166
7%
3%
400
3%
45%
75
"14%
"""260
3%
31%
7%
Jan
May
98 %
Jan
400
Jan
May
May
Feb
27%
Feb
26
Apr
May
5%
Feb
Feb
Mar
Mar
3
31% May
40%
60
Apr
Jan
72%
Feb
74
Feb
51%
25
48% May
50% June
53%
56%
250
52% June
77
Mar
150
55
81
Feb
50%
150
*
100
500
2
16,100
36
250
%
1%
1,000
2,900
6%
5,700
9%
4,300
13%
"""260
39%
1,200
21666
8%
30%
10%
1,300
800
112%
20
13%
1,700
Jan
13
Feb
5%
Jan
53%
11%
Mar
7% June
27% June
8%
33% May
June
13%
28
May
32
60
1,500
May
Jan
02%
8% June
May
Apr
Feb
21%
4,200
20%
20%
100
9
500
20%
20%
Apr
9%
24%
Apr
24
Feb
14
8%
20%
Jan
16
Mar
Mar
Imperial Tobacco of Great
Mar
22%
17%
13%
75
7%
27%
8%
Imperial Tobacco of Can.6
3% June
300
7%
27%
May
29% June
14% June
1%
34
May
June
*i«
Jan
%
Jan
21%
Jan
18%
Jan
5% June
37%
100
11
11
200
21%
21%
and
Non-voting class A
Class B
*
Vtc common
1
12%
65%
47%
Feb
International Cigar Mach *
Internat Holding & Inv..*
24
Apr
Apr
17%
15%
47%
Feb
Feb
Mar
Feb
7% preferred
,316
12%
64%
,316
100
"2%
Jan
Feb
30%
600
44
200
25%
%
Apr
'ste
Pref $3.50 series
29
50
A stock purch warr
%
%
Internat Metal Indus A..*
International Products.
13
International Petroleum..*
Registered
'5~506
*
6% preferred..
Internat Radio
"33% "35%
Corp
100
1
33%
Jan
"l4"
6
6%
"13% ~14%
500
June
"2~666
6
Feb
100
6
.
Jan
May
34%
*33%
Jan
13% June
% May
Jan
2%
18%
39%
Mar
Mar
38
Mar
8%
103
Jan
Apr
Mar
15% May
1%
Feb
May
1%
1%
June
3%
Feb
Feb
't6
%
Internat Safety Razor B_*
Jan
%
Jan
Jan
H
7%
Feb
Mar
International Utility—
82%
Jan
Class B
1
1%
1%
1%
1,600
Mar
Feb
Internat Hydro-Elec—
100
92
12
74%
16%
Jan
Feb
Feb
28%
4%
16%
72%
2%
22%
Apr
16%
Mar
Mar
Jan
,3t6 June
Jan
June
*
18%
4%
Jan
2%
Class A...
114%
4%
T266
""2% ~T"
Jan
Jan
May
May
May
June
Feb
10%
Jan
105
64%
75
850
18%
1%
111% June
Jan
39%
Apr
May
22%
13%
66
Mar
%
Mar
Industrial Finance—
100
Jan
Jan
15
36
2%
2%
*
Insurance Co of No AmerlO
Feb
44%
Jan
May
7%
20
Indian Ter Hlum Oil—
Jan
Feb
Mar
Mar
Mar
91%
Feb
1%
3%
30%
24
Mar
45%
20
7% preferred
100
Indpls P & L 6 % % pref 100
2%
Apr
36
37%
Britain
19%
19%
12%
Jan
Ireland. _£1
Indiana Pipe Line
10
Indiana Service 6% preflOO
31%
27% Mar
8% Feb
11% Mar
8
8%
21
Old warrants-
100
27%
4%
Jan
June
37%
*
Am dep rets ord reg__£l
Imperial Oil (Can) coup..*
Registered
___*
13% June
13%
Jan
Apr
120%
8%
Illinois Zinc
68
400
"""%"
112
Feb
38
Jan
75
65% May
13%
5%
33%
7%
Imperial Chem Indust—
14
56
,
1
%
Feb
600
Illuminating Shares cl A..*
Fire Association (Phlla).lO
100
Feb
107
May
2,200
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities.*
57%
14
13%
M*r
3I6
15%
1
500
5
*
150
*
Common
900
"20% "21" ~2~666
5%
8%
600
SHuylers of Delaware Inc—
Apr
8% June
200
1
Fansteel Metallurgical
Fedders Mfg Co
Corp...
Jan
71
19
100
100
Flat Amer dep rots
Fldello Brewery
5%
*
1,400
34
l
6%
4,100
Hormel (Geo A) Co com..*
68%
34
3
100
%
*
58%
16%
Ex-cell-O Corp
Falrcblld Aviation
10
100
10
..*
10
5
Illinois Iowa Power Co...*
29%
7is
1%
Feb
5
com
Jan
2
716
Feb
39%
25
w w
Jan
15
Preferred
4%
28%
29%
1%
Jan
51
42%
2
June
2
For footnotes see page
Heller Co
2%
14%
15
*
15
May
June
10
14%
6%
38,500
Equity Corp com
10c
Eureka Pipe Line com
60
European Electric Corp—
Option warrants
56 preferred
50
25c
Hygrade Food Prod
Hygrade Sylvanla Corp.
Emsco Derrick A Equip..5
Evans Wallower Lead
June
40
41%
7%
Hewitt Rubber
1% Mar
7% Mar
45
100
7% preferred
100
8% preferred
100
Empire Power Part Stk..*
3%
3%
1
Elgin Nat Watch Co
16
Empire DIst El 6% pref 100
Empire Gas A Fuel Co—
6%
77
pref ww
*
Elec Shovel Coal 54 pref..*
conv
1st preferred
6% preferred
Hecla Mining Co
Helena Rubensteln
Jan
16%
50
Feb
24
122% 123%
Elec Light....25
15
6%
Electro) Inc vtc
5%
5%
54
*
Option warrants
Electric Snareholdlng—
Common
Flak Rubber Corp
Hartford
80
3% June
1,100
Feb
400
1,900
14%
5
May
62
9
Edison Bros Stores new..2
First National Stores—
$6 preferred..
Gypsum Lime & Alabas..*
*
Hall Lamp Co
Haloid Co
preferred
Hud Bay Mln & Smelt
63
Easy Washing Mach ,,B"_*
Economy Grocer y Stores.*
7% preferred
25
41% May
900
Jan
16
300
10%
Gulf States Util $5.50 pref
21
450
23%
3%
$7 preferred series A
*
$6 preferred series B__.*
preferred
Gulf Oil Corp
Jan
57%
95%
45%
41
1
10%
5% June
125
59
Apr
25%
10
"41%
Jan
Mar
100
700
Jan
June
90
"14%
200
5%
Apr
May
85
85
7% 1st preferred
Gt Northern Paper
Horn & Hardart
Common
75
8%
"ll%
37
4,000
Apr
3,300
"9%
Hearn Dept Store com...6
108
18% 220%
Apr
36%
%
12%
Jan
80
8%
11%
June
21%
2%
Apr
83
19%
June
%
400
10%
Jan
*
Feb
107
10%
1,000
30
June
10
225
76
Feb
35
100
2,200
Apr
Jan
600
%
2%
14%
10%
Feb
Jan
400
TOO
100
35
26
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Hazeltlne Corp
*
30
5%
Jan
25%
2%
14%
8%
Hartman Tobacco Co
129
8%
Mar
25%
2%
Jan
East Gas A Fuel Assoc—
preferred
*
Non-vot com stock
May
100
5%
Jan
38%
36
1
100
25
& Die...*
Grocery Sts Prod com..25c
200
8
51%
Jan
36
Feb
3%
June
18%
36
10%
68
June
48
Great Atl <fc Pac Tea—
May
325
15%
600
3ie
extended
Feb
34%
1
Duval Texas Sulphur
Eagle Plcher Lead
Vtc agreement
18%
12
600
900
800
100
*
Gray Telep Pay Station. 10
135%
3%
76%
Feb
16%
6
Class A
100
Draper Corp
Class B
$7 preferred
.__*
Goldfleld Consol Mines...1
Feb
15
6%% preferred
100
Douglas (W L) Shoe Co—
June
24
Grand Rapids Varnish...*
108
500
Domln Tar A Chem com
Jan
Mar
40
10%
*
64
100
Jan
96%
100%
8%
May
9
316
Apr
May
39
May
26
Jan
Feb
100
27%
75%
*
♦
June
"300
Feb
49%
Preferred
Grand National Films Inc 1
Mar
25%
-----
Jai
Mar
15%
35
3%
200
June
Feb
23%
04%
1%
26%
"16% "16%
49
600
50%
9
6
Dow Chemical
Georgia Power $6 pref
C) com
Gilbert (A
9%
Feb
1%
23
3%
22%
%
S3 preferred
Gorham Mfg Co—
15
Jan
100
6
3%
1
Distilled Liquors Corp
Distillers Co Ltd
15%
"27%
1
Feb
June
2% May
.
2~306
May
May
Feb
1%
Gorham Inc class A
50%
108%
16%
18%
6%
'16 June
*
Jan
Apr
16%
*"!% "ix
Warrants
Apr
12%
90
17%
com.
Detroit Paper Prod
Detroit Steel Products.
82
73
16%
20
Detroit Gray Iron Fdy_._l
pref ww
Jan
73
100
preferred A
Feb
May
14
72
Dennison Mfg 7% pref. 100
Detroit Gasket A Mfg coml
6%
Gen Water G A E com
Greenfield Tap
£1
Derby Oil A Ref Corp com*
Preferred...
*
General Tire & Rubber...6
Feb
19%
29
73
3
49
June
De Havlland Aircraft Co—
reg
Mar
89%
S3 conv pref
2%
Apr
13%
100
40
Dayton Rubber Mfg com.
Class A
35
Feb
May
40
Davenport Hosiery Mills.*
Jan
98
83
Godchaux Sugars class A.*
%
200
100
*
Glen Alden Coal
Jan
11%
12%
13%
22%
29%
100
Ad"v
Jan
Feb
40
6
19
Jan
Warrants
Feb
5
11%
com
Jan
25
4
*
Cusl Mexican Mining..60c
Jan
Mar
June
100
^tc_*
Feb
June
3
150
Curtis Mfg Co
Jan
21%
100
1,700
*
1%
May
12
%
1%
12%
$6 preferred
Gen Outdoor
S3 preferred
2,600
"l6
1
com
Jan
Mar
June
1%
*
General Telephone com.20
June
23
700
12%
33%
18%
,
Gen Rayon Co A stock
400
3
May
56
1
Gen Investment com
Jan
17
18%
Jan
7%
Feb
1%
5,800
24
3%
6% pflOO
Gen Pub Serv $0 pref
»
May
94%
4%
5% May
100
86
1%
3%
18%
3%
Amer dep rets ord reg_£l
Jan
%
Cuneo Press Inc
7%
♦
Feb
Feb
75
*
Feb
26
preferred
6%%
300
15
18%
Drug Co com._25c
14%
700
18
21%
1
Preferred
May
12%
17%
20%
34
Crown Cork Internat A._*
11%
11%
Jan
May
12%
Jan
Jan
11%
14%
June
8%
17%
June
June
X
Crowley, M liner A Co...
Crown Cent Petroleum...1
5%
9
Gen Electric Co Ltd—
25
Feb
Jan
100
12%
June
Apr
Feb
200
1
Conv
8%
35
Mar
8%
29%
31%
10%
11%
15
Common
16%
10
2%
9%
11%
Froedtert Grain & Malt-
17%
32%
13%
6%
9%
100
35%
*
56
lOOfrcs
5
400
500
5
Elec Power Assoc
(Peter) Brewing
Franklin Rayon Corp com 1
400
8%
17
400
Crocker Wheeler Eleo
4 %
Jan
May
A mer dep rets
Fox
20
11%
Creole Petroluem
7%
2%
Jan
65
Ford Motor of France—
Jan
£1
Det Mich Stove Co
Jan
Jan
33
34
6%
22%
25%
2%
11%
100
Am dep rets ord
Dejay Stores.
600
102%
32%
2%
Cramp (Wm) A Sons Ship
A Eng Bldg Corp... 100
Darby Petroleum
23%
Apr
UN
"ix
com
22%
*
Class B
May
33
5%
com
preferred
22%
Am
1
*
Courtaulds Ltd
6%%
Ford Motor of Can cl A..*
85
23%
.........
Cuban Tobacco
Apr
75
t
$6 preferred A...
6%
6%
100
Corroon A Reynolds—
Crystal Oil Ref
6%
2,100
61%
*
S3 prior preference—-*
Copper Range Co
Copperweld Steel com...10
Cord Corp
<
6
Crown
dep rets ord reg..£l
6%
1
8%
preferred
Cooper Bessemer com
Preferred.
40%
6%
89
$4
ICoRden Oil
39%
»
preferred
Gamewell Co $6 pref
General Alloys Co
17
Cook Paint A Varn com..*
High
Low
36% May
Ford Motor Co Ltd—
19
Continental Secur Corp..5
Range Since Jan. 1 1937
for
Week
Shares
39%
Florida P & L $7 pref
1
19
Cont Roll A Steel Fdy_.
of Prices
High
Low
500
89
9%
Cont G & E 7 % prior pf 100
Continental Oil of Mex—1
Common.
Sale
Price
Par
High
Low
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1 1937
(Continued)
5%
1
Consol Biscuit Co
Sales
Friday
I
for
Week,
of Prices
Price
Consolidated Aircraft
8%
3973
New York Curb Exchange—Continued—Page 2
144
New warrants
International Vitamin
1
5%
5%
5%
500
16
5
May
New York Curb
3974
Last
Week'* Range
for
Sal*
of Price*
Low
High
Price
36 5*
Interstate Hosiery Mills
Interstate Power $7 pref-*
65*
Investors Royalty..
1
Iron Fireman Mfg ▼ t O..10
Irving Air Chute
215*
12**
1
*
Italian Superpower A
Warrants
1
16
*
Jacobs (F L) Co
Jeannette Glass Co
7
365*
65*
3*16
205*
115*
5*
116
155*
7
Range Since Jan. 1 1937
Low
Share*
200
37
130
85*
nl6
215*
125*
500
300
1,200
Jan
65* June
7t«
Jan
205*
Apr
115* May
100
Ji
116
5;500
600
1ZH
7
425*
245*
Mar
Jan
Jones A
765*
75
82
70
81
925*
40
905* June
55* May
905*
Jan
1015*
'"400
102"
June
100
Ken-Rad Tube A Lamp A *
Kingsbury Breweries.... 1
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products
1
205*
20
2
64
64
6
6
1
Klein (D Emll) Co oom.
Klelnert (I B) Rubber.'..10
11
1
Koppers Co 6% pref—100
Kress (S H) A Co pref—10
Kreuger Brewing
1
Lackawanna RR (N J). 100
62*
,
Jan
11
100
25
1085* 1085*
115*
100
115*
Jan
Feb
May
105*
Jan
105* May
115*
300
155*
705*
505*
5"l"66
475*
Lakey Foundry A Mach__l
5 5*
5
55*
600
45*
975*
-—*
85*
Develop....25
85*
9
1
Lehigh Coal A Nav——*
1
15*
7,200
3,000
275*
*
275*
45*
*
285*
45*
12,100
100
Jan
N Y Auction Co com
N Y
Jan
Jan
Apr
Feb
Feb
285* June
Jan
45*
May
7
Mar
Mar
24
May
225*
June
225*
225*
25
Locke Steel Chain...
5
zl35*
1
125*
155*
125*
700
Lockheed Aircraft
»145*
125*
Jan
*
105*
105*
105*
3,200
3.200
95*
Lone Star Gas
105*
Apr
145*
Jan
*
35*
35*
4,000
35*
May
65*
Jan
Corp
Long Island Ltg—
Jan
Feb
4
125*
15*
10
105*
100
815*
new
1st pref new
2d pref cl A
Warrants
450
"345*
Jan
34
1065*
Mar
Feb
Mar
Mar
Jan
115*
86
225
75
75
Mar
1195*
Mar
5H
Feb
May
10J* June
4,800
105*
815*
125*
Apr
Mar
32
'"166
815* June
65
Jan
16J*
Feb
100
Feb
Feb
94
Feb
75
June
78
May
Feb
115
Feb
Tsoo
si6 May
n
Feb
Apr
2
Feb
115*
Apr
16
Feb
Apr
98
Apr
40
12
125*
15*
15*
405* 425*
65*
85*
16,000
400
15*
Apr
Apr
155*
100
25*
Jan
235*
235*
235*
114
Apr
425*
Jan
June
3
May
55*
105*
Feb
Jan
400
65*
June
May
Apr
82
255*
Jan
May
100
85*
Mar
Jan
500
13
3
May
Apr
Feb
10
Jan
3
145*
3,160
235*
100
85*
500
25
800
Jan
335*
225*
3 5*
165*
255*
Jan
55 5*
Jan
Mar
Apr
May
7
May
145*
Feb
85*
185*
23
May
44J*
Mar
Mar
Feb
116
225
1015*
Jan
121
Mar
5
600
45*
May
May
7
Jan
73
Apr
39
JaD
535*
7
65*
60
60
5*
75*
15*
May
56
Juno
5*
33
955*
33
955*
955*
50
2
25*
25*
85*
2,500
1,000
2,000
1,800
15*
8
900
8
Feb
Apr
55*
2,500
2
"25*
2 5*
52
*
45*
5
600
*
1
1
15*
800
pref
*
75*
75*
75*
50
800
6% prior preferred...60
515*
435*
515*
Jan
495*
Jan
515* June
25*
May
55*
1.000
5*
1,800
42 5*
No Am UtUlty Securities
Nor Cent Texas OU
55*
Nor European Oil com...l
Nor Ind Pub 8er 6% pf.100
7% preferred
5*
Nor Sts Pow
315*
325*
605*
63
99
99
com.
33 preferred
Jan
7
Feb
2
Feb
10
Jan
108
1095*
1095*
13
13 5*
13
135*
285*
135*
285*
101
1
400
.....
35*
285*
101
35*
101
4
525
100
"65"
200,
2,300
May
24
Mar
90
Mar
Midwest Oil Co
95*
95*
600
3
35*
200
95* June
25*
Apr
10
3
Mining Corp of Can
*
Minnesota Mining A Mfg
MlnnP A L7% pref.. 100
Miss River Pow pref
100
Mock, Jud, Voehrlnger Co
Common
395*
395*
40
500
125*
85*
235*
Monroe Loan Soc new A.l
35*
35*
125*
105*
235*
35*
100
7,100
200
100
136~
138"
"no
"33"
138
"33"
"""75
Moody Investors pref
♦
Moore Corp Ltd com..
Class A 7% pref
100
35*
35*
200
Mtge Bk of Col Am she.
Mountain City Cop com 5c
Mountain Producers
10
H5*c
115*c 125*c
65*
65*
I
Pa Gas A Elec class A
2,100
1,600
Jan
Penn Traffic Co
"2l"
*
"2l"
"166
100
165*
165*
125*
29
29
*
1
*
"m
100
"40"
75*
~4l"
64
85*
Feb
June
8
Jan
l.lOO:
F?b
Pa Pr A
*
May
""250
38
May
Mar
600
59
5 5*
Apr
Mar
Feb
Apr
32,600
60
"35*
Phillips Packing Co..
May
21
June
1555*
285*
Apr
20
Mar
Mar
975*
Mar
155*
"155*
""166
155*
*
10
15
155*
2,300
5*
Feb
June
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Common
ir
'"166
Pitney-Bowes
66
645*
67
Meter
June
June
44
June
"5",700
"l35* "11"
15
June
195*
"600
115*
Jan
Plough Inc
195*
995*
100
94
98
550
94
60
177
179
100
Jan
*
Pneumatlo Scale Corp... 10
Potrero Sugar com.
5
25*
Powdrell A Alexander
95*
915*
Jan
Power
May
19
Apr
10
105*
105*
9
35*
75*
35*
June
12
85*
55*
175*
Apr
Mar
Mar
Feb
Mar
Jan
89
May
May
113
82
May
112
Jan
162
Jan
179
June
Mar
45*
Jan
Mar
""366
76
May
95
Feb
175
120
June
151
Apr
Mar
37
Feb
50
315*
300
10
June
June
105*
300
95*
1,100
Apr
June
20
1165*
34
Jan
Feb
Mar
252*
25*
200
2,100
155*
Feb
Jan
115*
Mar
Apr
40
Mar
19 5*
2 5*
Jan
JUne
35*
June
105*
4
100
6
75*
500
75*
100
40
195*
20
500
300
185*
885*
500
15
995* 100
15
165*
12*
16
1,000
1145*
100
15*
335*
35*
65*
Feb
Feb
Jan
May
95*
Jan
June
425*
275*
Corp of Can com..*
6% 1st pref
100
21
21
25*
95*
22
Mining
25*
For footnote* see page 3977,
/
25*
25*
June
16
June
May
May
1475*
25*
Jan
Jan
155* June
V.ioo
25* June
95*
Apr
400
50
*
1
25*
95*
1165*
Apr
Feb
Mar
100
6
5
Pratt A Lambert Co
40
16
Feb
14
34
12*
Feb
J an
~76~"
1255* 128
47
Jan
Apr
40
Pleasant Valley Wine Co. 1
8
135*
75*
Pittsburgh Forglngs..... 1
Premier Gold
*
4
50
16
May
110
72
125*
25*
*
Common
June
64
Feb
PlttB Bessemer A L Erie RR
15
Apr
Jan
Mar
425*
"35*
252*
Pittsburgh A Lake Erle.50
1,000
National Refining Co...25
9
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
5* June
305*
Postage
Mar
75*
335*
Feb
June
355*
105*
1
105* May
900
~4i"
5*
*
4
125*
32 5*
Pioneer Gold Mines Ltd-.l
35*
53
43
Jan
111
10
Conv pref ser A____..10
Pierce Governor com
*
Pines Winter front
l
59
Feb
Apr
June
June
34
*
3
Jan
Jan
Phoenix Securities—
Jan
May
Jan
30
3
177"
..*
June
15*
..—50
National P A L S6 pref...*
13c May
oom
6
515*
Feb
31
55*
90
"975*
*
44
National City Lines com__l
100
125*
100
3
100
Jan
VA
June
Jan
3,000
Jan
75 5*
65
5
2
Jan
Jan
33
Philadelphia Co
55
89
Feb
Jan
85*
Phlla Elec Co $5 pref
*
Phila El Power 8% pref.25
55
Feb
50
Feb
145*
Feb
295*
1075*
150
Apr
445*
145*
Mar
Apr
65
8
Jan
265*
10
105*
325*
37
184
Mar
Mar
245*
54 5*
.....
123?* 127
June
Apr
May
28
Apr
200
25*
105* May
55
Corp..*
65
"76"
65*
Candy Co com..*
Nat Rubber Mach
33
Perfect Circle Co
11
35*
1095* May
Pa Water A Power Co....*
29
Jan
106
26
Pepperell Mfg Co
100
Jan
Apr
7
Jan
500
Feb
itn
29
34
Jan
1,100
Feb
98
June
Mar
125*
Apr
5
55*
44
125*
15*
95*
65
65
44
23
Feb
10
65
Mar
Mar
165* June
1115*
Apr
May
May
May
165*
125*
305*
May
13
103
June
75*
Jan
50
33
112*c May
112
200
31
*
Feb
May
975*
100
June
24 5*
*
17
Apr
Jan
Jan
108
45*
65
Pennroad Corp v t 0
157
1805*
35* May
Mar
67
27
635*
*
18
3
.*
National Baking Co com.l
Nat Bellas Hess com
1
Nat Leather common
Feb
Apr
June
37
Jan
1115*
295*
1
Li 37 pref
36 preferred
Penn Salt Mfg Co
45*
Feb
355*
25
100
140
3
Mountain Sts Tel A Tel 100
Nat Mfg A Stores com
National Oil Products
32.80 preferred..
35 preferred
Mar
1355*
45*
Mountain States Pow com*
—
Feb
42 5*
(Tom) Distillery.. 1
v t o
Jan
118
25
Jan
37
110
295*
29
Montreal Lt Ht A Pow__
6% preferred
Nacb m a n -SprlngfUled
Natcon Corp
98
Mar
12
Montana Dakota Util-10
Murray Ohio Mfg Co
Muskogee Co com
May
165*
115*
65*
Jan
Feb
Penn Central Lt A Pow Co
May
125* May
85* Mar
235* June
35* May
41
Feb
May
May
*
Penn Mex Fuel Co
Monarch Machine Tool-.*
*
Jan
335*
88
!..l
Montgomery Ward A
43
Feb
Peninsular Telep com
Preferred..
Mar
114
2.60
Molybdenum Corp
5
Jan
125*
215*
Pender (D) Grocery A...*
Class B
45*
145*
108
26
Patchogue-PlymouthMUls*
Jan
May
.
1035*
Jan
350'
10
3
Jan
Jan
965*
Jan
800
55*
"75*
71
20
Jan
905* May
May
43 v*
1045* 105
Pantepec OU of Venes
1
Paramount Motors Corp. 1
75
80
Jan
27
295*
*40"
500
79
Apr
305* May
83*
Pacific Tin spec stock....*
Pan Amer Air ways..... 10
35*
80
*
Jan
June
340
*
3
*
she
Apr
18
10
Pacific Ltg $6 pref
*
Pacific P A L7% pref.. 100
Pacific Public Service
*
Mid-West Abrasive com50o
Mid vale Co
75*
May
Apr
1065*
*
pf.25
55*% 1st preferred.25
3130 1st preferred
87 5*
800
Oliver United Filters B__.*
Parker Pen Co
Midland Steel Products—
109
108
15
100
78 5*
Apr
1015*
92 5*
1095*
50
6% conv pref
Oldetyme Distillers
2,400
45*
Apr
Jan
251*
..5
Jan
8
21
62
Jan
May
18
6
2
18
325*
Mar
45* June
1
May
75* May
300
Ohio Brass Co cl B com..
Jan
Feb
80
105*
30
.
104
Ohio Edison 36 pref
35*
15*
905*
fNor Texas Elec 6% pf.100
Northwest Engineering..*
Novadel Agene Corp
*
Apr
Feb
79
105*
cl A.. 100
oom
100
90
100
com
55*
*16
79
Nor N Y UtU 7% 1st pf 100
Northern Pipe Line
10
Jan
65*
i
Jan
Apr
35
605*
505*
45*
Apr
Jan
77
Jan
Pacific G A E 6% 1st
1
75*
Apr
Overseas Securities
25*
600
515*
Jan
115*
185*
35*
355*
37
2
Jan
200
106
May
May
Feb
115*
1,650
Jan
12
10
Feb
35*
1,800
44
955* June
2
3
35*
56
Jan
Feb
32
6
May
May
55
Oklahoma Nat Gas
Jan
Jan
25*
800
435*
.*
Jan
May
J*
35*
$6 preferred
Jan
7u
55*
100
725
62
"is
1,500
Common
OUstocks Ltd
25*
65*
25*
65*
North Amer Rayon cl A..*
Class B oom
*
Jan
Mar
Mar
315*
115*
25*
805*
May
May
65*
*
Ohio Oil 6% pref
100
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref—100
6% 1st preferred
100
Middle States Petrol—
t c
5,540
Nema Electric
72
45*
*
Preferred
56
Nor Amer Lt A Pow—
38
Steel Tube..2.60
Sugar Co
505*
25*
Class A pref
Feb
700
200
135*
13
8
1
Bumper Corp.-l
Gas A OU
1
500
25*
65*
55
235*
*
National Fuel Gas
Apr
1115*
'"""80
12
525*
15*
.
pref
65*
16
155*
1115* 1115*
115*
*
3
Corp com
Part preferred
*
Metropolitan Edison pref.*
conv
Mar
37
1155*
75* June
115*
5
Metal Textile
$3
Jan
1365*
95
Class B common......5
Nlpisslng Mines...
13
135*
*
Co..
Nat Bond A Share
Feb
15*
Niles-Bement- Pond
17
65*% A preferred...100
Nationa
Mar
5
Apr
40
""5* ""
Class A opt warrnew...
Class B opt warr new-
Jan
85*
—
Nat Auto Fibre A
Mar
305*
945*
98
Jan
Apr
Moore
13
110
100
Mar
55*
non-cum div
Mar
1405*
.93
"75"
100
2d preferred
2d pref cl B
80
275*
$2
285* May
400
300
600
109
100
93
Participating preferred.*
Merritt Chapman A Scott*
conv
5%
5%
5%
6%
Apr
Merchants A Mfg <*i A...1
v
Common
295*
135*
May
95*
"34"
N Y Water Serv 6% pf.100
Niagara Hudson Power-
May
May
115* May
60
Memphis Nat Gas com...5
Memphis P A L $1 pref.
Mercantile Stores oom...*
Class B
1115*
76
205*
Dredging...*
Mead Johnson A Co
Midland Ol!
Apr
88
Mar
4 5*
UN Y Telep 65*% pref. 100
New York Transit Co
5
65
65*
1
o
t o
Jan
995*
85*
75
May Hosiery Mills pref..*
v
900
1065* June
98
May
98
...1
100
3
McCord Rad A Mfg B—*
Class A
Founders shares
285*
135*
107
109
7% pref. .100
36 preferred
*
N Y Shipbuilding Corp—
.
900
425*
Massey-Harris common..*
Master Electric Co
1
Michigan
Michigan
Michigan
Michigan
295*
..10
Y Merchandise
N Y Pr a Lt
715*'
95
Margay Ou Corp
Marion Steam Shovel....*
Mexico-Ohio Oil
May
Apr
25*
1005* June
35*
85
35*
Communication ordregJEl
Iron
200
14
70
71
Marconi Intl Marine—
Mesabl
76 5*
500
25*
1005* 105
26
83
7% preferred
100
6% pref class B__—100
—*
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
Lucky Tiger Comb g m__10
Lynch Corp common....6
Majestlo Radio A Tel
1
Mangel Stores
1
$5 conv preferred
*
Mapee Consol Mfg Co
*
Loudon Packing
MoWill lams
785*
765*
25*
June
Jan
Apr
35
Niagara Share—
Common
Mass Util Assoc v t
1005*
N Y A Honduras RosarlolO
Apr
Jan
765*
18
*
N
161*
225* June
"26
Jan
City Omnibus—
Jan
135*
25*
250
"566
Jan
45*
255* June
75
May
125
May
Warrants
Feb
305*
50
"l95* "26"
£765*
25
Jersey, Zinc
Fob
»ie
23
*
6% preferred
12 5*
Jan
255*
79
255*
755*
*
100
Newmont Mining Corp.10
New Process common
*
20
75
....5
175*
May
Apr
50
75
Jan
Jan
14
75
Apr
June
100
Feb
Feb
Mar
105*
100
com
1115*
135*
75*
265*
*
B
Nev-Callf Elec
135*
*
Class
Jan
Jan
New England Tel A TellOO
New Haven Clock Co
*
Feb
Jan
25*
235*
21
45*
Mar
15*
New Mex A Ariz Land_._l
110
Feb
59J*
50
14
New
May
1125*
Jan
Apr
Feb
Mar
Feb
Apr
25*
Feb
Jan
785*
35*
285*
Mar
15*
700
200
32
Apr
215*
Jan
May
1095* May
215*
21
1
2
215*
195*
Mar
Feb
Jan
Jan
Jan
Jan
95*
125* May
195*
Apr
May
Apr
Apr
Apr
25* May
10
600
28
805*
Jan
106
165*
Lane Bryant 7% pref..100
Lefoourt Realty com
1
655*
85*
85*
Mar
245* June
8
May
200
Jan
June
48
com
30
Mar
Mar
75*
675*
Apr
64
55*
«»u
175*
105*
25*
22
5*
Jan
June
June
New Engl Pow Assoc
800
105*
49
50
13
New Bradford OU
May
45* May
"25
25
35*
500
-
High
Jan
131*
Jan
46
25
5*
80
Feb
155*
Lion Ol 1 Refining
Jan
7% preferred
155*
Lit Brothers
95*
1265*
35*
885*
20
*
5
53
Lot*
1,700
5*
53
Range Since Jan. 11937
Share*
Nehl Corp common.....
1st preferred
285*
2*605
*
45*
High
Nelson (Herman) Corp...5
Neptune Meter class A..
Neetle-Le Mur Co cl A_.
Jan
485*
Loblaw Groceterias A
Jan
1145*
Lake Shores Mines Ltd... 1
Line Material Co..
Jan
Jan
Knott Corp common
Leonard Oil
Jan
June
Klrkld Lake G M Co Ltd. 1
Preferred
89
965*
100
2
64
"55*
Low
for
Week
Nebel (Oscari Co com...
Nebraska Pow 7% pref. 100
19
"
"5" ""5"
45*
12.50
800
25*
.,
Nat Union Radio Corp...l
Navarro Oil Co
—*
300
21
_
Price
Conv part preferred...*
National Steel Car Ltd...*
255* Apr
1115* May
Julian A Kokenge com.
Kansas G A E 7 % pref.
Kir by Petroleum
755* June
Nat 8ervlce common.
National Transit
Jan
May
755*
815*
100
..100
100
Naumburg
2.60
Laughlin Steel. 100
of Price*
National Sugar Refining..*
National Tea 55*% pref.10
Jan
Jan
905*
65*% preferred
6% preferred
7% preferred
Week'* Range
Sale
High
845*
400
5*
'l6
165*
75*
Last
Par
Jersey Central Pow A Lt—
Jonas &
STOCKS
{Continued)
Week
Par
Sale*
Friday
Sale*
Friday
STOCKS
{Continued)
June 12, 1937
Exchange—Continued—Page 3
2,600
21
Feb
May
335* June
22* June
Feb
19
Jan
Apr
8
Feb
45*
Jan
122*
335*
Feb
41
Jan
45*
Feb
Jan
Volume
Week's Range
for
Sale
of Pricet
Loto
High
Week
far
Price
42
com
28
Pressed Metals of Amer..
%
28%
28%
100
516
%
S16
May
28
May
% May
% Mar
1,900
%
Producers Corp
300
Par
High
Lots
45
Feb
1
2%
35%
Feb
Common class B
*
2%
•16
Jan
Preferred
*
Feb
„
1st pref
Standard Steel Spring com*
Standard Tube cl B
.1
103
Jan
May
105
Feb
Starrett (The, Corp v t c
10
108
108
May
109
Jan
42
44
220
41% June
08%
21
22%
150
20
June
41
Mar
May
98
Jan
76%
90%
60
6% preferred
100
112
50
7% preferred
100
117% 117%
112
25
112
Jan
June
117%
Apr
93
Jan
Feb
119%
117%
Mar
Apr
Pub Service of Okla—
92
6% prior lien pref...100
7% prior lien pref...100
Pub Utll Secur $7 pt pf
101%
101% 101%
40
June
100%
Apr
1% May
*
103
Feb
106%
Jan
4%
Jan
90%
60%
Jan
Jan
Apr
Puget Sound P A L—
70
$5 preferred
SO preferred
Pyle National Co
31%
__»
31%
34
100
625
16% II"
"566
Jan
8
Jan
90
109
June
40
125%
17%
150
17%
Apr
May
20
20%
75
20
June
111% 112%
135
17%
*
Ry A Utll Invest cl A
May
May
17%
11134
135
100
com
65%
29%
20
6
com
Pyrene Manufacturing.. 10
Quaker Oats com
♦
6% preferred
Quebec Power Co
Ry A Light Secur
70%
135
%
1
May
25
14%
124%
Feb
150
Class A
*
%
Jan
*
%
Jan
Jan
32
Jan
24%
Jan
41
Common
37%
*
37%
37%
50
preferred
Jan
5%
50c
Red Bank Oil Co
*
13%
Reed Roller Bit Co
*
33%
Reeves
5%
200
4
Jan
13%
33%
13%
200
10
"V
Reybarn Co Inc
1
5
Reynolds Investing
Rice Stlx Dry Goods
1
1%
*
Richmond
33
1
"1%
49
Mar
53%
7%
Mar
Feb
Mar
Mar
8%
Feb
Apr
2%
100
100
4% June
Feb
Mar
Feb
1,300
5%
5%
98
0% preferred cl D...100
Roosevelt Field Inc
5
Root Petroleum Co.....
...20
5%
11%
Rossia Intemat'onal
916
5%
1,500
11%
100
9
400
Ryan
13%
48
*
Petrol
12%
48
13%
7%
Jan
6
St Regis Paper com...
97
7% preferred..
100
Samson United Corp com. 1
Schlff Co
"s"
Securities Corp general
Seeman
Selby Shoe Co
Industries
S5.60 prior stock
Amer
*
Tublse Chatlllon Corp
6%
June
Jan
Mlnlng__6
Shawlnlgan Wat A Pow._»
Sherwln-Wlillama com..25
Apr
97
6
1,000
60
10
97
June
May
Feb
3
Apr
500
22
10
25
37
300
2%
45%
2%
7%
45%
100
2%
2,000
7%
900
Jan
6
69
600
2,200
117%
May
May
5%
58
4%
Jan
2,100
400
104
%
51
54% May
WarrantsUnited Chem'cals
78%
Jan
5%
Jan
Jan
Feb
Mar
May
36% May
2% May
44% May
2% June
0
Apr
May
2% May
24
June
100
4,200
17%
4%
18%
27
27
124% 125%
108% 108%
24
Jan
%
Apr
3,700
200
1,000
8% May
3%
15%
25%
May
50%
4%
9%
30
Jan
Jan
Mar
Apr
Mar
6%
Jan
Feb
Jan
Feb
Mar
114
Feb
3%
310
1,300
40
Ian
3% June
295
Apr
5% June
35
7%
370
6%
Apr
25
5
72
72
200
10
4% May
8%
72
June
83
10%
South
44%
$7
*
»
160
10
Jan
May
100
5
Jan
7%
Mar
3%
100
2
Jan
5%
Feb
11%
Apr
44
45
900
42
Apr
48
Jan
27
100
27
June
42
Jan
10%
1,500
8%
Mar
10
9%
9%
conv 1st
United Stores
pref
v
Standard Cap A Seal com.l
(Neb)
22%
Universal Products
*
_
Class B
.
*
19%
preferred....
U0
Valspar Corp vtc com..l
Venezuelan Petrol
Apr
4%
20
700
450
4%
15%
Mar
Jan
5%
21
19%
"30%
3977
150
43% May
03 %
Jan
1,400
19
20%
11%
300
11
13%
Mar
Apr
37%
300
33%
45
Mar
25
11%
36%
Apr
May
Jan
102% June
105%
Jan
Apr ;
%
Apr
19%
42
May
May
May
May
18
Apr
15
3%
5%
33%
2%
28
50
Apr
Apr
46
11
Apr
17
Jan
Mar
Feb
Apr
Feb
114% June
Jan
June
10%
May
35
Jan
Mar
Jan
44
10%
Feb
Feb
19%
4%
22%
22%
98
Feb
Mar
41
Feb
Jan
Apr
2%
Jan
3%
18%
June
5%
Mar
4%
Apr
May
May
1
61
101
31
Feb
5%
Jan
Jan
7%
Jan
Jan
Feb
112
May
43%
May
6%
77%
Jan
73
,
Mar
18%
Mar
8
Apr
10%
Jau
55
Apr
Apr
66
Jan
4
Jan
2% June
5)
Jan
95% June
101
June
18 %
May
Feb
105
Mar
115
®i6
Jan
May
Jan
Feb
3
72%
2
Jan
Feb
Jan
5%
Feb
Apr
1% June
13%
Apr
8
9% Mar
31%
Feb
85% May
11%
Feb
13%
Feb
9%
Feb
6%
Feb
4%
11
May
15%
Jan
00
Jan
5%
June
9%
June
3V» May
3% June
2
3
Jau
June
4%
Jan
May
13% Mar
114%
Feb
18%
Jan
%
Apr
Apr
Jan
May
17%
8%
Apr
85
Jan
30%
Mar
13%
Feb
52% May
% June
2
Jan
Mar
111
Mar
8% May
108
May
2
Apr
13%
124
3%
89%
June
94
5%
June
11%
Feb
Jan
Jan
Jan
11%
Jan
39%
41
1,400
39
June
75%
Jan
26
50
25
June
45
Feb
May
75
Feb
7%
100
""400
"6% "7%
2~66o
7%
Jan
5%
June
Apr
1%
June
6% June
2% May
8%
245
1%
12
Jan
Apr
June
Feb
Mar
7% May
2%
88%
2,300
675
84
Mar
96%
Jan
38
38%
230
14
900
47%
18%
Jan
13%
37%
Apr
12% May
1% June
83
93%
2%
£86%
£86%
a;38%
13%
1%
500
"""3" '"2% "3%
2",600
27%
250
1%
1%
26
26
%
May
2%
•
Jan
4%
3
Jan
Feb
Mar
Jan
Mar
June
26
34*|
May
May
10
Mar
14
Mar
Feb
700
516
8,900
June
1%
160
4% June
18%
Jan
1%
4%
Feb
16
4%
5
6%
%
%
400
%
May
3%
3%
2,600
3%
Jan
4
17%
3%
May
100
12%
Jan
5%
5
2,500
14%
200
21
350
5
May
15%
75
May
May
6
17%
8%
22%
23%
Jan
Apr
Jan
60
19
Jan
35%
Feb
Apr
Feb
2%
900
Feb
Mar
Apr
Feb
80%
4%
94%
61
60
Jan
June
9
"24% "24%
'"~50
May
103%
6
Jan
4%,
4%
Jan
2%
2%
%
%
12%
12%
3%
%
400
6%
1
4%
Jan
May
May
89%
%
4%
2
Jan
2%
June
6%
Feb
%
June
1%
Jan
2% May
12% June
3%
Mar
28%
2,600
Jan
13%
7%
250
700
6
Apr
10%
Feb
150
55
Mar
73
Feb
33
Apr
"64"
63
64
25
26%
Jan
500
25
June
6%
~T%
6
100
6
Apr
9%
1%
2
3,000
1%
Jan
3%
83%
June
12%
June
18%
Feb
5%
June
10
Jan
7% pref ..100
Vogt Manufacturing
Class B
May
June
Va Pub Serv
Walker Mining Co..
17%
5
•
100
Feb
Jan
Jan
17%
Apr
22%
Feb
2%
9%
May
4%
Jan
Mar
11%
300
1%
June
2%
Jan
500
2%
Jan
5
Feb
Waltt A Bond olass A..
19%
23
Feb
100
Wagner Baking v t e
Wahl (The) Co common.
44%
1% May
5
25%
vtc conv pref
Van Norman Mach Tool
May
Jan
Mar
11
Venezuela Mex Oil Co..10
Jan
102% 102%
44%
100
For footnotes see page
4%
19%
44%
19%
4,800
1
Jan
May
7%
6%
27%
Jan
May
5%
Prtorlty stock
Utility A Ind Corp com..6
Conv preferred
7
lUtH Pow A Lt oommon
1
Apr
27
Jan
6
4%
18
74%
Utility Equities Corp
1
22%
Feb
245
*
4%
22% June
800
"T% "1%
8
12%
300
Mar
13%
55
7%
Pictures oom._l
Mar
22%
15%
25
"39%
:.l
Insurance..
Universa
Waco Aircraft Co
25
20%
22%
Jan
June
V
8%
.5%
•
Mar
20%
600
•
Mar
5
*
to
1%
200
9%
•
Jan
10
11%
1
®i6 May
% May
8%
Feb
3%
Feb
% May
20% May
Am
15%
39%
107
7%
*
7%
Am dep rets ord reg..£l
200
60
90
Utlca Gas A Elec 7 % pf 160
5%
Feb
Feb
Apr
2,400
1
com
Feb
Spanish A Gen Corp—
preferred
1
Mar
27
So West Pa Pipe Line..50
Standard Oil (Ohio) com 25
""5%
Utah Pow A Lt $7 pref..*
Utah Radio Products
*
Jan
155
5%
3%
19%
3,100
89%
Feb
300
Standard Invest $5% pref*
Standard Oil (Ky)
10
2
Unlverdbl Corp vtc
28
700
110% 112
2
2%
112
3%
25%
5%
Mar
May
ill
14%
5%
100
111500
3%
25%
Southland Royalty Co...5
100
'"§% "9%
14%
6%% pref series C...26
•
%
United Wa ijPaper
»
Universa Consol Oil.. .10
Mar
400
Feb
Feb
20%
8
52% May
Jan
29%
preferred
19%
Mar
Apr
May
Standard Dredging Co—
Common
19%
7
Apr
May
%
1%
27%
6%
3,300
17%
85
3%
500
6%
25
Universal
10
15%
14
50c
27%
1%
93
112
United Verde Exten
27%
25%
Conv preferred.:
700
Mar
27%
Stahl-Meyer Inc com
Standard Brewing Co
2%
3%
29%
Jan
Jan
Oil
Preferred
U S Rubber Reclaiming.
U S Stores Corp com
41 %
dep rets ord bearer £1
Spencer Chain Stores
*
100
2%
.25
U S Radiator
Apr
Standard
com
Jan
May
26
Tjoo
2
6%
Feb
36
3%
'11666
9%
3%
3%
9%
*
Feb
200
1%
6%
100
2,800
"5% ~~6%
5% May
Southern Colo Pow cl A.25
2,300
3%
"5%
100
20%
1%
4%
12%
1%
25
22
lc
1st pref with wart
U S Lines pref
U S Playing Card
38
Conv
United Shoe Mach
Jan
37%
South New Engl Tel..100
Southern Pipe Line
10
Southern Union Gas
•
"22
Apr
Jan
98
1
OH
United Profit Sharing
Preferred
United Shipyards cl A
Class B
1
38
Penn
♦
U S Foil Co class B
6% original preferred.26
6% preferred B
26
preferred
*
Am dep rets ord reg
United N J RR & Canal 100
Apr
Southern Calif Edison—
7%
Common class B__
$0 1st preferred
28%
2%
8%
Soss Mfg com
1%
1,600
*
Feb
June
1
3
40
40
102
11%
1%
*
Mar
24
United G A E 7% pref.100
United Lt A Pow com A.*
Milk Products
33%
108
31
3%
Mar
10
Feb
1
warrants
$3 preferred
United Molasses Co—
154%
10
1
1st $7 pref non-voting.*
Option
U S and Int'l Securities..*
308
25
June
%
*
Mar
2%
1%
12%
28%
United Elastic Corp
United Gas Corp com
June
Apr
25
Amer dep rec ord reg.£l
Sioux City G A E 7 % pf 100
Smith (H) Paner Mill...*
Solar Mfg Co
97%
*
com
United
May
122
% May
308
100
70
$3 cum A part pref
*
United Corp warrants....
Line stamped
25
Slmmons-Broadman Pub—
100
200
*
Mar
500
8%
8%
3%
24
Conv pref
*
Simmons Hard're A Paint *
1,400
101
190
May
1%
%
7% preferred.'
Union Gas of Canada
Union Oil of Calif deb rts..
Union Stockyards
100
United Aircraft Transport
26
104
2%
25
Feb
5%
3
10
65
Jan
17%
17%
2%
95%
2
June
Jan
2%
24
5%
38% May
96
27
700
Union Elec Light A Pow—
94%
125
""166
3%
70
80c dlv preferred
*
Ulen A Co 7%% pref..25
Shreveport El Dorado Pipe
Sonotone Corp.
...l
Tung-Sol Lamp Works..1
Apr
1,250
6% cum pref ser AAA 100
Sherwln Williams of Can.*
Singer Mfg Co
Singer Mfg Co Ltd—
Class A
Mar
8
141
1,550
3%
62 %
3%
1
11%
1
Denn
Trunx Pork Stores
103
8%
62%
3%
1
10
Jan
100% 101%
*
500
warrants..
Jan
£1
com
14%
4%
Common
Transwestern OH Co
17%
49% May
103
Seversky Aircraft Corp.-l
13%
2%
Trt-Continental
4%
28%
101%
Seton Leather
13%
£1
June
5%
Mar
12%
425
Todd Shipyards Corp
*
Toledo Edison 0% pref.100
Apr
I
reo
800
17%
7%
52
Sentry Safety Control
Shattuck
Mar
June
100%
25
70
61
£1
8,500
52
2%
certificates..
dep
Am dep rets ord reg
Am dep rets def reg
'"7% "8%
97
Jan
8
...
preferred..
Unexcelled Mfg Co
3
24
900
12,700
3,700
57
Tobacco Prod Exports
Tobacco Securities Trust
14%
Jan
22
6
Selfridge Prov Stores—
*
Tllo Roofing inc
1
Tlshman Realty A Const
Tobacco and Allied Stocks*
Jan
2%
1
Conv stock
Allotment
Mar
55%
110
Ino—
Common
300
57
2
Apr
Apr
43%
2%
4%
1,200
500
3%
28%
X5H
104%
5%
x6
%
24
•
11%
36
I64"
15%
38%
*
Selected
4%
Jan
37
1
26%
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref. .100
Apr
3
*
Inc
Segal Lock A H'ware
Selberllng Rubber com
3%
26%
Taylor Distilling Co
1
Technicolor Inc common.*
%
41%
*
Bros
Jau
50
36
16%
250
1
1
3%
9%
27%
52
*
com
200
35%
1
700
22
Scranton Spring
Brook—
Water Serv SO pref
•
200
15%
10%
300
41%
6
common
17%
100
316
60
Manufacturing.26
Scranton Lace Co
5%
17%
6,100
113% 114
13%
22
Savoy OH Co
Scovllie
.
*
com
200
20
15
%
8
4,400
43%
19%
17%
13%
6
4%
4
42
Trans Lux Plot Screen—
June
4
500
Tonopab Mining of Nev.l
12
128% 128%
Rt Anthony Gold Mines. 1
8t Lawrence Corp Ltd
•
$2 conv pref A
60
Jan
May
5% June
1,100
18
19%
Jan
Jan
4%
2,500
21
...l
Jan
Apr
114
%
20%
...1
pref
50
Sunshine Mining Co..-10c
Superior Ptld Cement B._*
conv
1
48
5,300
100
23
18
18
May
"""25
200
7% preferred A
100
Tonopab Belmont Devel 1
Apr
6%
5%
1,2C0
1,800
20%
Jan
%
90
5
2%
1,400
%
*
Texon Oil 4 Land Co
Thew Shove JCoal Co
9
6%
''l6
*
Tasty east Ino class A
2%
23
♦
Sunray Drug Co
Sunray Oil..
5%%
4%
2%
Feb
Feb
900
com.. 1
Stroock (S) A Co
{Stutz Motor Car
Sullivan Machinery
6
5
13%
50
12%
48
Safety Car Heat A Lt.100
Sanfod Mills
950
110
*
pref
Consol
101
Jan
35
50
13
8%
6%
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp....5
104%
4%
12%
110
Feb
"is
Jan
Jan
107
13
8%
Jan
11% June
40
Royalite Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave new.2%
Rustless iron A Steel
J
Ryerson a Haynes
5
MOO
20
June
May
2%
5%
1
"8% "6%
Taggart Corp common
*
Tampa Electric Co com..*
Mar
1%
8%
2d preferred
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
1
Jan
1%
1%
"166
"8%
_*
Feb
Mar
32%
5%
8%
~I§"
100
%
x38%
Jan
%
pref
"l8~
preferred—.....60
2
22% June
4% May
1% May
8% June
600
5
1st
Swiss Am Elec oref
Jan
T, 000
4%
0%%
Sterch: Bros Stores
Jan
Rochester Gas A Electric—
conv
"is"
Jan
*5% May
Relter-Foster Oil
*
Reliance Elec A Englng..6
com
1,000
34
7u
Jan
25
16% June
93
*
28%
1%
Jan
*
com
pref
Steel Co of Canada ord
5%
$3.30 class A partlclpat.*
Swan Finch Oil Corp... 15
Raymond Concrete Pile—
com.
1
.
Jan
May
Class B
10
7%
7%
69%
June
16%
Wholesale Phosp
A Acid Works com
20
25 %
Rainbow Luminous Prod—
Rath Packing Co
2% May
2% May
36
28
Stein (A) A Co common..*
com.
High
Standard
21
Common
$2.50
700
Jan
42
Pub Serv of Nor 111
conv
""5% "5%
Mar
Jan
14%
108
$7 prior pref
$6 preferred
St.20
900
11%
May
Public Service of Indiana
Rad
5%
June
99
(Daniel;
5%
May
9
May
Low
1,800
11
101%
100
100
6% 1st preferred
Raytheon Mfg
1,000
716
50
$6 preferred
conv
19%
716
400
Pub Service Co of Colo—
S3
16%
7iC
9
1,300
300
16%
11
13%
1,300
100
36
I
9
Prudential Investors
13
3
2%
2%
2%
36
1937
Range Since Jan.
for
Week
Shares
1
Standard Products Co
Standard SHver Lead
%
17%
13%
Providence Gas..
7%
Standard P & L
Low
Price
11
8Propper McCallumHos'y
Prosperity Co class B
of Prices
High
Sale
{Continutd)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1 1937
Last
Sates
Friday
Sales
Friday
STOCKS
{Continued)
Prentice-Hall
3975
New York Curb Exchange—Continued—Page 4
144
1%
2%
1%
2%
Jan
New York Curb Exchange—Continued—Page 5
3976
Sales
Friday
STOCKS
Last
Week's iRange
for
(Concluded)
Sale
of Prices
Wayne Knit Mills.
5
Low
7%
Welsbaum Bros-Brower.-l
8M
Wellington Oil Co..
1
7%
8M
11%
5%
11M
5%
Wentworth Mfg
.1 25
Western Auto Sup com.. 10
West
Friday
Wee I
Price
High
Range Since Jan. 1, 1937
400
7
Mar
8%
Feb
Denver Gas & Elec 58.1949
400
8%
Apr
10%
Apr
Det City Gas 0a ser A. 1947
600
Grocery
Co
104
Feb
9
West Texas Utii $6 pref..»
West Vt Coal & Coke
*
82 M
Weyenberg Shoe Mfg
1
Williams (R C) & Co.....*
13%
4
7
(Wll-low Cafeterias Inc..l
M
3%
82 M
3
50
400
13%
200
7%
200
M
Apr
9
62
3%
200
Jan
13% June
7
Feb
May
%
Apr
8%
8%
Jan
Jan
May
Jan
6% preferred
£1
Wrlght-Hargreavee Ltd..*
6M
Youngstown Steel Door..*
Yukon Gold Co.
5
"2%
Mar
24
6%
67
2%
1941
1st & ref 58
..1951
1st & ref 5s
1956
1st & ref 5s_
196J-
lst & ref 4 %s
1967
Aluminum Co a f deb 5s '52
93%
83
78%
5s called
1948
Amer G & El deb 5S..2028
Am Pow & Lt deb 6s_.2016
Amer Radiator 4%s._1947
Am Roll Mill deb 5s.. 1948
Amer Seating 6s stp__194fl
Appalachian El Pr 5s.l956
Appalachian Power 5s. 1941
Debenture 6s
2924
Ark-Louisiana Gas 4s 1951
Arkansas Pr & Lt 5s.. 1956
First Bohemian Glass 7s '57
Florida Power & Lt 5s .1954
Mar
23%
Jan
Apr
6%
Apr
5s ex-warr stamped.1944
8%
80%
4%
Jan
Gatlneau Power 1st 5s. 1956
101%
Mar
Deb gold 6s. June 151941
Deb 6s series B
1941
101%
6%
Apr
61%
2%
Apr
800
Jan
102
30,000
94
98%
Mar
91
105%
May
Mar
Jan
..1953
Glen Alden Coal 4s... 1965
107
May
Jan
107
105% Mar
108% June
Gobel
(Adolf) 4%s...1941
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
105%
104%
Jan
108%
Mar
Hackensack Water 5s. 1938
104%
Jan
106%
Jan
May
107
June
Mar
109
109
Mar
Apr
119%
102%
Apr
104%
Jan
June
67%
Jan
98%
37,000
94%
42,000
49
68
Apr
5s series A
May
106
96%
5,000
Apr
95
Jan
53%
Jan
Jan
83% May
62%
Jan
Hall Print 6s stpd
♦<k St. Ry. 5%s
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 0s.. 1943
A
61
Jan
May
05%
Jan
Debenture 5s
47
47
48%
18,000
May
65%
Jan
50
56
5,000
53
May
69
Jan
83%
84%
8.000
82
91%
Feb
22,000
98
Apr
Apr
105 %
Jan
111 Pow 4 L 1st 0s ser A *63
1st 4 ref 5 %s ser B. 1954
5,000
158
Jan
240
Mar
1st 4 ref 6s ser C... 1956
S f deb
5%s_..May 1957
158
Jan
240
Mar
185
♦Hungarian Ital Bk7 %s '63
Hygrade Food 6s A...1949
0b series B
97%
4mb series H
97%
100%
Feb
227
Mar
13,000
83
22,000
67% May
89% June
June
104
Jan
114%
Jan
105%
Jan
113% June
Mar
Jan
May
104%
8,000
Jan
Feb
99
Jan
52
54
48,000
52
June
Jan
51
June
72%
72%
75%
70%
67%
Cities Service Gas 5 Mb '42
Cities
Service
Gas
Pipe
100%
101
51% June
Jan
Jan
Jan
12,000
103%
Apr
106
Jan
2,000
104%
Mar
107
June
Cities Serv P A L5M«-1952
6Ms
1949
♦Commers APrlvat 5Ms'37
64%
64%
95%
12,000
92
Apr
100
Jan
107% 107%
102% 102%
67
65%
3,000
106
Mar
110
Jan
7,000
101%
104
34,000
65
Mar
May
95% 96
7,000
100
*99
70%
71% "9",000
67%
70% 170,000
100% 101% 14,000
95
Apr
101%
Apr
105%
101
101%
64% 66%
64%
66%
9,000
84
Jan
Jan
Jan
107
June
86%
Apr
"89% "4^060
53
48
96%
90%
90%
94
"82"
82
65%
64%
*68
'I06"
105% 106
6%
6%
75
1956
4 %s series F
1958
Iowa-Neb L 4 P 5s... 1957
5s series B
1961
Iowa Pow 4 Lt
4%s..lS58
Iowa Pub Serv 5s....1957
Isarco Hydro Elec 78.1952
Isotta Fraschini 7s... 1942
Italian
Superpower 6s. 1963
50%
28%
6s '57
73
1960
Conn Light A Pow 7s A "51
Consol Gas El Lt A Power-
9S%
6s series B
1947
4%sseries C
..1961
Jan
Kansas Power 5s
69
May
82
Jan
June
83
Jan
1st mtge 5s
99%
Apr
103,
Jan
101
1Q^O
J 954
1958
1940
83%
Cuban Telephone 7Msl941
Cuban Tobacco 5s.... 1944
loo--
Delaware El Pow 5Ms. 1959
102"
For footnotes see page 3977.
1,000
Feb
103% June
Mar
33%
Apr
76%
Mar
Mar
88%
86%
Feb
77
Feb
109
Jan
Jan
107%
Feb
102
Mar
100%
Feb
100%
Mar
106%
104%
Jan
99%
Jan
8,000
106%
2,000
106
56,000
15,000
Mar
72,000
95% June
23,000
90
Apr
94
Jan
105
May
100%
82
June
99
Jan
Feb
107
Feb
88%
June
101
105%
Mar
109%
7~66o
June
100
2,000
~
Feb
70
May
"75",000
103%
Mar
7,000
6%
June
Jan
Jan
Jan
107%
June
111
June
82%
106%
14%
77
Jan
Jan
Jan
Apr
Jan
Jan
73%
Apr
Apr
83%
Jan
Feb
104%
3,000
19,000
79% May
74
Jan
"imfio
June
88%
Jan
94%
June
96%
June
105%
104%
Feb
104%
60,000
3,000
Apr
99%
Mar
Feb
106% May
106
May
79%
Feb
Jan
80
Feb
50
54%
39:660
50
June
71
Feb
48
48%
2,000
40
Mar
50%
Jan
104% 104%
104
104%
*93%
96
118% 118%
1,000
48,000
103
Mar
105%
Apr
102%
Apr
105%
Jan
94%
May
97%
Mar
"1:660
117%
Apr
121%
Jan
Jan
*75
"50%
104%
104
66
Jan
72
1,000
80
101
June
101
100
95
93
95
Apr
1969
85
83
Lake
5s.. 1943
84
85
99% 100
95
95
104%
105
105
107%
Apr
May
May
Long Island Ltg 6s...1945
106%
Louisiana Pow 4 Lt 5s *57
105
June
♦Manitoba Power 5%sl951
Mansfield Min 4 Smelt—
♦7s without warr'ts.1941
107%
Apr
102%
Mar
24,000
100%
Mar
106%
Jan
31,000
102%
Mar
104%
June
72
96%
June
1942
112
2,000
69,000
126
Lone Star Gas 5s
105%
106%
111%
90%
Jan
Apr
101
Jan
May
130
Jan
23,000
98%
Apr
104%
Feb
3,000
107%
May
109%
Jan
1,000
118
Apr
125%
Jan
79% 25,000
83
84% 168,000
103% 103%
4,000
100
100%
4,000
*60
73%
75
May
93%
Mar
83
June
98%
Jan
102
"~8~, 000
Feb
103%
Apr
97
Jan
100%
Mar
73
Mar
102
June
80
105%
Mar
104%
84
May
May
99%
11,000
7,000
82
101% 101%
Sup Dlst Pow 3 %s '66
104%
May
100
85
1fKimberly-Clark
47
8,000
12,000
9,000
7,000
101%
1948
Jan
56
1947
May
103
"5,000
Mar
Jan
113%
102
Mar
98
31%
3,000
96
1955
Jan
77%
105
Mar
69%
5 %s series F
5s series 1
(♦McCallum Hos'y 6 %s '41
McCord Rad 4 Mfg 6s '43
Memphis P 4 L 5s A..1948
Mengel Co conv 4 %s.. 1947
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
Midland Valley 5s
1943
Milw Gas Light 4 %s__ 1967
Minn P 4 L
A stamped—.1943
May
June
Jan
102
20%
104%
Mar
May
28%
110%
107% 107%
118% 118%
95
Feb
Mar
Feb
4,000
101
20%
101%
27
70%
6%s series D
79%
31,000
102%
Jan
June
85
80
43,000
Apr
49
H...1961
ser
64% June
73%
97%
Jan
Kentucky Utilities Co—
67%
98%
63% June
99
3,000
Jan
May
80%
75%
94%
97%
96%
96%
*105
105%
l03% 103% 104%
68%
68%
Kansas Eleo Pow 3% s_ 1960
Kansas Gas 4 Elec 63.2022
Jan
98,000
127%
2,000
18,000
100
23
35,000
Apr
81
112
98
Jan
Jan
109
105
72
62
Jan
Mar
104% 105%
103% 103%
*124
94%
May
112
103%
Jan
28% June
89%
Jan
89%
Feb
66
103%
104%
Jan
Jan
105
Llbby McN 4 Llbby 5s '42
3mb series H
1965
Com'wealth Subsid 5 Ms '48
88
75
75
1,000
*69
73
107% 108
m00
49
54% 105,000
28%
38
42,000
80%
74%
94%
96%
Jacksonville Gas 6a._.1942
Stamped
Jersey Central Pow 4~Lt—
22,000
6,000
102
105%
75%
109%
"
....
Lehigh Pow Secur 6s__2026
Lexington Utilities 5s. 1952
111
Mar
Feb
Feb
97
65
Feb
110% 111
May
June
66
Apr
111
51
Mar
3,000
66
113%
106% 106%
104% 104%
103% 104%
Mar
48
72%
Jan
106%
June
108
84
110%
111
May
68
77
20
25%
107
94
94%
*98% 100
5,000
1981
84
7,000
106% 106%
102% 103%
100% 101%
95%
96%
90
June
i~66o
"
25
97%
97%
103% 104
103% 103%
*33% 40
78 v 79%
80%
80%
108% 108%
Apr
10,000
48
109% 109%
104
104%
99% 100%
40
*30
4,000
1957
105
106%
89
47%
1956
Crucible Steel 6s
Mar
112%
1st 4Mb series C
Cont'l Gas A El 5s
May
47
1st 4 Ms series D
1st M 4b series F
Gen mtge 4 Ms
Consol Gas Utll Co—
Apr
77%
97%
112
1st M 5s series A... 1953
1st M 5s series B...1954
6s
5s series D._
Feb
Commonwealth Edison—
(Balt) 3Ms ser N...1971
Consol Gas (Bait City)—
76%
Jan
May
Jan
Interstate Public Service—
93
104%
104%
103%
Jan
Mar
94
1950
Community Pr A Lt
Community P S 5s
1957
98
Apr
1966
100%
....1952
94%
27,000
Mar
1955
..1943
7s series E
7s series F
Interstate Power 6s... 1957
Debenture 6s
1952
June
65%
106%
103%
1955
Jan
52
(♦ChicRys 5s ctfs._..1927
Conv deb 5s
6%s series C
105
100
78
Cincinnati St Ry 5%s A '52
6s series B
ser A. 1957
Mar
8,000
72,000
98
1940
"78"
(♦Intercontln'ts Pow 6s *48
International Power Sec—
89
Chic Pneu Tools 5 Ma. 1942
18,000
"3~66o
25
103%
64%
Apr
5,000
95
21%
70%
78
9,000
94,000
Midland Ry 4Mb A 1956
Chlo Jet Ry A Union Stock
109%
65%
106%
75,000
8.000
85%
91% 211,000
12,000
69%
9,000
28%
85
*52
""48"
1950
May
26,000
19
21%
76%
79%
92%
51
54%
51%
54%
105
105%
106% 107
22
25
82%
64% June
79%
52%
Jan
101
22~6o6
65% June
99%
51
Jan
99%
86
2,000
78
105
""89%
1963
103%
Feb
104%
104
28%
79%
79%
79%
80
*77
Too"
99% 100
*106%
Gas 5s A1952
3,000
95% June
Feb
May
Jan
85
28%
1st lien 4 ref 5s
♦Indianapolis
ind'polla P L 5s
Mar
Apr
*74
*17
*17
Indiana Service 5s
Jan
Jan
Jan
May
91%
Jan
Jan
94
"moo
Jan
88%
107%
108
.2,000
104%
102%
101%
101%
*103
85
1957
June
101
Feb
Mar
65%
99
6s
105%
10,000
98%
100%
94
1953
1951
101%
Chicago A Illinois
Cities Service 5s
...1947
6%s series B
.
91%
1961
Yards 5s
08 series A
6,000
38.000
99
10,000
"67"
Apr
98%
Apr
Jan
12,000
22,000
6,000
Mar
92%
Cent Pow A Lt 1st 6s. 1956
Cent States Elec 6s
1948
ser
101%
107% 107%
*110%
114%
97
Jan
Indiana 4 Mich Elec 6s '55
124
97
101 %
JaD
Mar
100% 101%
June
Jan
113
111%
97
125
13,000
46,000
16,000
145
119
2,000
Jan
98%
101
101%
101% 101%
101% 101%
12T600
Jan
130
100%
"9l"
115%
"if.ooo
Apr
*107%
Mar
104
Mar
96
Jan
110
97%
*113% 115
105%
105% June
Indiana Gen Serv 5s. .1948
Indiana Hydro-Elec 6s '58
15,000
97
Cent Ohio Lt A Pr 6S..1950
Cent Power 6s ser D..1957
6s series B
225
Jan
114%
102
1981
6Mb ex-warrants-..1954
Cent States PAL 6Ma '63
Chic Dlst Elec Gen 4%s'70
Jan
143
International Salt 5s.. 1951
1st A ref 4mb ser F. 1967
1968
146
63,000
119
Cedar Rapids M A P 5s '53
Central 111 Public Service—
6s series E
1956
6s series G
"e'ooo
114
109% 110
Feb
Indiana Eleotric Corp—
5s series C._.
109%
Jan
102%
87
97
...1949
Idaho Power 5s
1947
111 Northern Utll 5s... 1957
(Baldwin Locom Works—
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 6s...1956
Mar
May
93%
66,000
98
6%b with warrants-1943
May
105%
33
90%
89%
100
May
Buffalo Gen Elec5s...l939
Gen A ref 6s
1956
33
May
75% June
Jan
89%
1947
45%
44%
83
83%
69%
70%
90
89%
105% 105%
103% 103%
102% 103
Jan
Jan
94
94
♦Hamburg Elec 7s
1935
Hamburg El Underground
42
Broad River Pow 5s.. 1954
Mar
103%
90%
Mar
1,000
94
104
45
Birmingham Elec4Ms 1968
Birmingham Gas 5a
1959
103%
2,000
105
105% 105%
1977
26,000
46
*119% 122
135% 136%
9,000
102
94
68
Mar
Apr
51
136%
Jan
88%
iv.ooo
1998
101%
91%
104%
103%
102%
96
1960
4,000
85%
49
6s series C
June
69
<k Lt 5s.. 1978
44%
Bethlehem Steel 6s
105
i5~666
Georgia Pow
♦Gesfurel 6s
stpd._1950
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '58
Guardian Investors 5s. 1948
51%
1957
Feb
9,000
73%
108%
Jan
Jan
47%
1st M 5s series B
Jan
Jan
89% May
96 M
114%
63
106
Apr
171% 174
171% 176
1,000
105%
99%
June
92% June
June
171%
Jan
70% 70%
105% 105%
*32% 50
75%
76%
85
44
♦6s stamped x w.,1938
93%
Gen Wat Wks & El 5s. 1943
Georgia Power ref 6s..1967
47%
Bell Telep of Canada—
1st M 5s series A...1955
June
♦Certificates of deposit.
105
*177
Apr
83
♦General Rayon 6s A. 1948
(♦Gen Vending Corp 8s.'37
76% May
♦fls stamped w w. 1938
♦6a without warrantsl938
Jan
Feb
52,000
Jan
19,000
180
96%
Jan
Jan
Jan
97%
Apr
84%
100%
95%
87%
108%
80
180
102
85%
104%
83
100
Jan
June
104%
103%
JaD
39~666
♦6s with warrants.. 1938
Mar
May
83
1,000
13,000
May
105
.
4%
2
100
Jan
Gary Electric <fc Gas—
102
"83%
Mar
105
"76*"
Jan
Feb
Conv deb 4%s C...1948
Conv deb 4%s
1949
Conv deb 5s
1950
Conv deb o%s
1977
Assoc TAT deb 5 Ms A '55
Atlanta Gas Lt 4 Ms. 1955
Jan
4%
13%
101% 101%
70%
105%
Feb
17,000
1968
12 %
96%
"86""
12%
17,000
*44
May
May
June
8%
116
8%
18%
200
78
7
2%
Apr
May
May
Jan
May
3,000
105%
107% 108%
82,000
107%
90
90
46,000
91%
5.000
105% 105%
24,000
102%
102% 103
5,000
105% 105%
105% 106% 109,000
106%
109
108% 109
9,000
*111% 113
166% 100% 100% i~5~66o
78
6,000
101%
May
105
Associated Elec 4%s..l953
Associated Gas & El Co—
Conv deb 6%s
1938
1,000
8%
7%
2%
78%
102%
8%
3,300
105% 106%
106% 107
105%
Aluminium Ltd deb 5s 1948
109% Mar
107%
Apr
106% May
102
4%
3
96%
Jan
Feb
Mar
102
13%
100% 101% $39,000
*92%
103
103%
800
H02% 104%
100%
96%
105%
109
400
Gen Pub Util 0%s A. 1956
1st & ref 5s
106
20,000
16,000
Mar
103%
83%
General Bronze 6s....1940
General Pub Serv 5s. .1953
Abbott's Dairy fig
1942
Alabama Power Co—
1 1937
High
100%
2%
"83%
200
67
6%
Law
15,000
2%
2
5,000
2%
4,000
100% 100%
83% 84% 154,000
103% 104% 27,000
83
85% 113,000
2,000
103% 104
Mtge
Banks 6s-5s stpd...l961
Firestone Cot Mills 68.1948
Firestone Tire & Rub 5b '42
bonds
6s
7
6
5
15
Amer dep rets (new)...5
Line 6s
8%
2%
18%
14%
8%
1
Range Since Jan
S
Finland Residential
Jan
6
2
com
Petroleum
Woolworth (F W) Ltd—
Empire Oil & Ref 5 %s. 1942
Ercole Marelli Elec Mfg—
6 %s series A
1953
10
May
13%
"166
High,
*108% 108%
106% 106%
105% 106%
105%
1952
Feb
Feb
95
21
200
~8l"
Empire Dlst El 5s
June
1950
Jan
300
15
78%
4%
14%
El Paso Elec 5s A
78% June
Apr
21
14%
Wise Pr & Lt 7% pret.100
Wolverine Portl Cement. 10
14
8%
12%
1%
9%
Elec Power & Light 5S-2030
Elmira Wat Lt & RR 5s *66
Apr
Mar
Mar
Erie Lighting 6s
1967
♦Farmers Nat Mtge 7sl963
Federal Water Serv 5 %s '54
3
21
14 %
Winnipeg Electric cl B...*
95%
5%
Eastern Gas & Fuel 4s. 1956
Edison El IU(B08t)3%8 '65,
16% May
100
21
3%
Aug 1 1952
♦Certificates of deposit
Dixie Gulf Gas 6%s..l937
June
62
Apr
82% June
for
J Week
"166%
♦0%s
Aug 1 1952
♦Certificates of deposit
♦Deb 78
Feb
June
1950
Low
1937
Detroit Internet Bridge—
Mar
9
9
117
1
Woodley
Mar
30% May
102%
Jan
21% Mar
*32
*
*
-
new
7%
5s 1st series B
Apr
Jan
7H
Williams Oli-O-Mat Ht..*
Wlllson Products
13%
28
West N J & Seashore RR 50
Wolverine Tube
Feb
98
104
*
Westmoreland Coal Co...*
Conv preferred
Apr
16%
Western Maryland Ry—
7 % 1st preferred
100
Wilson-Jones Co
5% June
26%
101
20
Western Tab & Rta
Mar
of Prices
Price
High
7%
10
Week's Range
Sale
8%
11%
5%
Cartridge 6% pf 100
Western
Low
Sales
I
Last
BONDS
(Continued)
Shares
300
June 12,
Jan
Jan
5s
4%s
1978
1955
105% 106%
104% 105%
*90%
93%
*23%
98%
92%
101%
93
Jan
107%
Jan
May
May
May
103%
Jan
Mar
99%
Jan
104%
Jan
101%
111%
Jan
3,000
73,000
15,000
100%
12,000
103%
May
Mar
Mar
7,000
10,000
103%
104%
Feb
Feb
43,000
103%
Apr
92%
May
105
Jan
22%
May
2b
Feb
60
Mar
40
100%
Jan
105
Jan
106
Feb
105%
Apr
107
106%
May
May
50
99%
89%
109
109
99%
2,000
90%
17,000
111
103% 103%
*92
90
97%
98%
103
97
93%
91
Fob
99
May
104
89% June
104
Jan
118
Apr
31,000
105
14,000
101%
~
-
».
-
-
15,000
99
12,000
98
98%
29,000
103
103%
20,000
Mar
May
90%
Apr
85%
May
97
June
95
100%
Apr
Mar
107%
99%
97%
106%
102%
100
Jan
Jan
Jan
Mar
Feb
Jan
Jan
BONDS
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Week
Price
77%
78%
87%
87%
12,000
51,000
14,000
108% 108%
$67%
74%
Week's Range
for
Sale
of Prices
Low
High
99
Price
Jan
"71 %
June
84%
May
100%
Jan
Feb
109%
Apr
May
84%
Feb
100%
Feb
Debentu re6s.Dec 1 1966
14%
Jan
Standard Investg 5Hs 1939
Jan
{Standard Pow
♦Starrett Corp
Stinnes (Hugo)
2d stamped
2d stamped
70%
♦Convertible 6s
93%
$6%
5%s.
86%
75%
44%
75
44%
107
108
93%
2,000
7%
«.
104% 104%
86
87%
78
74
May
107
107%
97%
Feb
Jan
44
May
51
Jan
23,000
107
June
110
May
103
17,000
14,000
104
83
85%
117% 118
67%
May
June
20,000
103
67%
June
45
117% 117%
85%
June
103%
83%
108
117%
118
93%
6
-
5,000
38,000
97,000
50,000
6,000
69%
28,000
116%
103
Mar
June
66%
Jan
Jan
May
84%
Jan
Jan
15,000
65% May
68
67%
68%
56,000
65%
90%
92
76,000
92%
94%
45,000
86
86
87%
76
75
76
May
84%
Jan
May
90% June
101%
Jan
102%
Jan
89%
99%
99%
9,000
86
Mar
33,000
75
June
Jan
92
Jan
Feb
•Tietz
99%
2,000
99% May
105%
101
101 %
6e
103
Mar
109%
Jan
58,000
105
Apr
106%
Jan
100% 101%
101% 101%
$112% 114
46,000
100
Apr
104%
Jan
1,000
100
Apr
Apr
104%
112%
May
110%
84
Mar
86%
Feb
5s series A
Apr
100%
Jan
4Hs
47
May
93
5%s serif* A
Nor Cont'l Utll 5%S—1948
15,000
55%
5,000
106**
$107% 109%
No Indiana G A E 68-1952
Jan
69%
108
101
101
101%
15,000
100
Mar
100%
....
100
100%
9,000
100
June
95
97
m.
97
31,000
7,000
104% 104%
m.
N'weetern Pub Serv 5s 1957
95%
Ohio Power lat 5s B—1952
~io~6~~
95
5 Mb series E
Okla Nat Gaa
106
.1961
4%s—1951
97%
101%
1946
Okla Power A Water 5s '48
6s con v debs
"97%
-
-
.
75
Pacific Pow A Ltf 58—1955
Jan
Penn Cent L A P 4
93%
Ha-1977
1979
5s
------
Deb 5Hs series
99%
1950
1954
„
108%
Penn Water A Pow 5e.l940
Apr
91%
1981
4a series B
17%
{♦Peoples Lt A Pr 5s—1979
5Hs—1972
Phila Rapid Transit 6s 1962
Pledm't Hydro-El 6Hs *60
110
Phlla Elec Pow
May
Mar
110%
Feb
Mar
15,000
90
14,000
1,000
116% 116%
95%
97%
$113% 114%
73%
76%
93
6,000
7,000
-
56,000
2,000
102%
95
82,000
100% 100%
2,000
Pittsburgh Coal 6s
Apr
98
Apr
100%
Jan
108%
Jan
Va Pub Serv 5Hs
100
June
108
Jan
Jan
94%
70%
Jan
Ward Baking 6s
117
Jan
93%
Jan
Elec 68-1953
Portland Gas A Coke 5s '40
107%
Potomac Edison 5s E.1956
4Hs series F
1961
Potrero Sug 7s «tpd__1947
108
PowerCorp(Can)4Hs B *59
99
$76%
98%
Power Securities 6s.—1949
♦Prussian
Electric 6s_1954
98%
$23%
Wash Ry A Elec 4s„ .1951
Wash Water Power 68.1960
102%
105%
Jan
West Penn Elec 5s
Jan
1st A ref 5s
1966
Jan
West Texas Utll 5s A 1957
"92%
West Newspaper Un 6s '44
West United G A E 5Hs *55
105H
93
June
105%
Jan
5,000
105
May
109
Apr
100%
May
100 %
Jan
23,000
107%
Mar
88%
16%
5,000
88
Mar
May
Mar
112
June
30%
99%
Jan
Feb
Jan
Jan
23
Feb
♦Baden 7s
3,000
71%
June
Jan
Buenos
12,000
105%
Jan
Apr
85
107%
Apr
109
Jan
4Hs series D
99%
25
18,000
98% June
102
Mar
Feb
Mar
147
Jan
112
Jan
105%
Apr
101
Mar
103%
104
8,000
25,000
101
Mar
104
May
103% 103%
105% 105%
103%
June
23,000
102
100%
Apr
Jan
83%
Puget Seund P A L 5Hs '49
1st A ref 5s series C. 1950
80%
76%
1st A ref 4 Hs ser D.
1050
1968
Queens Boro Gas A Elec—
5Hs series A
—1952
♦Ruhr Gas Corp 6 Hs-1953
♦Ruhr Housing 6%8—1958
Safe Harbor Watar 5Hs *79
Quebec Power 5s
San Antoaio P 8 5«
San
72 H
Jan
116
Jan
Jan
89%
72
7,000
June
92
1,000
94 H
Apr
June
103
Apr
102
Jan
Jan
106
Feb
Mar
107
June
Feb
103
Mar
Jan
97%
20,000
94
May
104%
Jan
90%
14,000
90
June
102%
Jan
87%
89
May
101
Jan
32%
36,000
30
$99% 100%
105% 105%
tl06% 107%
May
May
27~666
31
100
108
Jan
105%
107
Mar
Apr
June
106%
Apr
Apr
105%
106
114%
Jan
91
June
99%
Jan
Ifs'ooo
21,000
97
6,000
48,000
50%
15,000
32,000
49%
103%
105%
105%
92%
May
105%
106
91H
105
Jan
101%
105% June
104% 104%
97%
97%
93
32% June
107
1,000
106 H 107
103
51,000
Feb
Jan
79%
105%
Feb
Feb
108
Apr
Feb
107
Apr
Mar
Jan
102%
Jan
June
107%
Jan
88H
91% 132,000
81% May
100%
Jan
94
95%
33,000
7,000
106
Apr
Feb
30
1,000
22% June
3,000
22
Apr
29%
1,000
18%
Jan
25
Alree
(Province)—
—1952
89H
90
6,000
83 %
89
90 %
9,000
11,000
84 H
14
May
Mar
91**
Feb
June
21
Feb
Feb
Mar
•
91
Feb
14
$25%
24%
—1952
♦6s series A
14
1955
1953
5Hs—
5s
99
♦Secured
1947
6s
22 H
♦Hanover (City) 7s.. -1939
♦Hanover (Prov) 6 Hs.1949
26%
Apr
27%
Jan
Mar
24%
5,000
20
Mar
26%
3,000
99
Apr
102%
Jan
5,000
97
Apr
101%
Feb
50
Apr
99
$50
22%
♦German Con Munic 7s '47
19**
101 %
101
Danzig Port A Waterways
External 6Hs
1952
15
22
74
22%
22%
$23 H
25
20%
26%
Feb
Jan
25
Mar
Jan
25
Mar
17
Mar
23%
May
17 H
18
Apr
23%
29%
Mar
Jan
24 H
Jan
31%
Feb
15
23 %
$21 %
20%
26%
77
17
17
14,000
11,000
Apr
21
Feb
Apr
Mar
Jan
♦Medellln 7s series E.1951
15%
15%
15%
84%
70,000
98%
Jan
Mendoza 4s stamped.. 1951
92
92
92%
4,000
91 %
Jan
96%
80
81
May
96
Jan
Mtge Bk of Bogota 78.1947
92%
Jan
♦Issue of May 1927
22%
23
7,000
22
77%
22,000
28,000
70
76
♦Issue of Oct 1927
23
23
1,000
21**
Feb
Jan
104% May
27%
103%
Apr
Feb
27%
10,000
15 H
Jan
21%
Mar
14,000
2,000
103
Apr
107
Jan
27
Mar
Apr
100%
June
105% May
108%
.
•.
-
*
-
-
25
108% 108%
11%
12%
104% 105%
$-—
52
Shawlnigan W & P 4%s '67
_
-
-
22%
18
Mar
Apr
21%
_
-
~
--
~2~do6
Feb
94
8,000
23%
June
34
26
4,000
21%
May
35%
♦6Hs certificates—.1919
"1%
May
♦5Hs
1921
♦5Hs certificates...1921
"in
72
72
1949
17
17%
-1061
$17
132
Jan
Mar
29
Mar
28% June
47
Mar
♦Santiago 7s
26
Jan
103%
Jan
Apr
107%
102% 102%
23,000
Mar
105
1,000
9,000
1,000
1,000
Mar
104%
Mar
105
Feb
72
Mar
Apr
101
Jan
109%
Jan
1%
1%
Jan
Jan
Jan
1%
8,000
52,000
1,000
17,000
Apr
1%
Apr
Apr
Jan
1%
18
18
1%
Apr
Jan
81%
Mar
15% May
1,000
7,000
Jan
62%
20%
Mar
16
1%
20%
Mar
Jan
Jan
68%
91%
♦7s
1%
1%
Jan
2
May
101%
101%
101%
1%
1%
♦Santa Fe 7s stamped. 1945
22
95%
25%
♦Russian Govt 6 Hs.—1919
110%
~
100 % 106,000
Jan
107%
-
25H
1H
Mar
107
-
99
23%
1958
18%
11% June
100%
Apr
127% May
23,000
♦Parana (State) 7s
18%
Feb
22
May
20,000
1.
1931
Mtge Bk of Denmark 5s '72
108%
104%
105%
70
92%
93%
Carolina Pow 5s_1957
t!7H
$10
8s stamped
♦Rio de Janeiro 6Hs--1959
ls'ooo
Jan
Feb
1,000
70
Sheridan Wyo Coal 68-1947
Southeast PAL 68—2025
'
-
102% 102%
102% 102%
102%
-.1968
1st 4Hs series D. —1970
-
129
106% 106%
1955
69% May
♦Lima (City) Peru 6Hs.'58
♦Maranhao 7s
1958
♦Mtge Bk of Chile 68-1931
25
1948
92%
95
22,000
27,000
102
92% June
Feb
Feb
*
No par value.
the rule sales
range,
Sou Calif Edlaoa Ltd—
1945
106%
106
106%
42,000
Mar
107
Jan
3%s.May 1 1960
102%
103%
102% 103%
36,000
99 %
M ar
108
Jan
103
103%
23,000
99%
Apr
108
106%
106
107%
27,000
104% 104%
75%
77
93%
95
3,000
x
not
0 Deferred
Included
Ex-dividend,
y
in
delivery sale9 not Included in year's range,
n Under
year's range,
r Cash sales not included In year's
Ex-interest.
t Friday's bid and asked price.
No sales were transacted during current
week.
Jan
Debenture
Ref M
110%
Jan
96**
105%
Scrlpp (E W) Ce 5HS-1943
Sou
Apr
June
Mar
25
Pub Wks 6s -1937
4 Hs series B
79
May
*22
♦Schulte Real Est 6s..1951
Server Inc 5s
23,000
27,000
107
99
101%
$110%
$24%
31%
28% 28%
102%
102% 102%
♦Saxon
Jan
102%
73
83
103% 104
B.1958
Joaquin L A P 6s B
Sauda Falls 5s
Jan
94%
44,000
101
101
1966
{♦St L Gas A Coke 6s—'47
89%
June
2,000
1,000
26,000
Mar
Pub Serv of Oklahoma—
4s series A
Mar
June
75
103% 103%
1960
4Hs series 1
Apr
Mar
103%
104
24**
72
12,000
23
♦Prov Banks 6s B—1951
21% May
104
1st A ref 4 Hs ser F.1981
Mar
26,000
21%
23
♦7s stamped
Danish
108%
~i~66o
Cent Bk of German State A
98% June
103%
Feb
23
Feb
103
1978
1980
4Hs series E
^ »
Feb
24
23
Mar
4,000
1,000
14,000
•
Jan
79%
Mar
21%
1947
81
2,000
129
117%
Mar
1951
♦20-year 7s
Jan
99%
17,000
"90%
♦7 Ha stamped——1947
♦Cauca Valley 7s
1948
104
18
Mar
66%
20%
19%
90
106
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
77
76
111
1,000
FOREIGN GOVERNMENT
107
77%
15,000
AND MUNICIPALITIES—
108
104
94
1937
Feb
Jan
3,000
106%
Mar
Jan
16,000
June
23
1966
Wise Pow A Lt 4s
York Rys Co 5s
Apr
Apr
62%
104
104%
105%
102%
107
106%
Yadkin River Power 5s '41
102%
18%
3,000
May
Apr
Apr
108
5,000
4,000
95%
49 H
Wheeling Elec Co 5s..1941
W iso-Mlnn Lt A Pow 5s '44
106%
1,000
•
June
Jan
110% 110%
105% 105%
103
103%
110%
1956
2030
Mar
100
55
108
Jun e
107% 108
104%
West Penn Traction 5s '60
Pub Serv of Nor Illinois—
5s series C
105 H
103
108
133% 134%
1937
105%
Public Servloe of N J—
6% perpetual certificates
31
Wash Gas Light 5s... 1958
106
71
107%
1954
5s income deb
Jan
102%
June
90
103% 103%
21%
21%
71%
72%
107% 107%
♦
May
108%
52
Jan
Feb
106% May
104
May
96 H
$84
99% June
18,000
7,000
26.000
Jan
Hotel—
May
20,000
47%
96
90 H
1946
6s
119
Mar
94%
60
75% May
$102% 102 %
6Hs'57
A.. 1946
1st ref 5s series B...1950
91
39,000
Apr
$106% 108
21,000
91%
17%
18%
109% 110%
109
$105% 107%
1952
E
series
99%
105
Jan
Jan
111
$
2.000
91
71
1948
'Pomeranian
6s
Mar
Jan
111%
106% May
Feb
June
104
72 H
92
92
89
93
55
104 H 105%
79
80
72 H
Mar
Mar
113
104%
23
54%
52
t
Jan
99%
Feb
Mar
40,000
80
Mar
June
Jan
Feb
40%
106
May
79 H
73
Vamma Water Pow
96% May
113
106
18%
106%
76
113% 113%
Utlca Gas A Elec 5s D 1956
Apr
107
115
Feb
93%
27,000
104
..1944
Hs
106%
105
Jan
80
106** May
$105%
104H 104 %
1973
6s series A
4
Jan
June
Jan
Jan
5,000
51
1952
6s series A
105
88%
Apr
"14",000
23
108 %
54
Mar
Apr
30
May
104%
Apr
"52",000
108
76
14,000
102% 102%
108% 108%
$107
1949
Pittsburgh Steel 6s
108""
20,000
91%
99% 100
88
88
105H 105 H
109
$107
95 %
94%
Jan
85%
United Lt A Rys (Me)—
105%
$106% 108
4Hs series B
1968
Peoples Gas L A Coke—
100
23
1974
1959
A Rys (Del) 5Hs '62
Un Lt
Feb
106% 107
107
Penn Pub Ssty 6s C—1947
48,000
1945
f 6s
Jan
103
93
B—1950
5s series D
s
Jan
Penn Ohio Edison—
6s series A x-w
♦1st
6Hs
5Hs
105
Jan
91
1971
Penn Electric 4s F
"95"
United Lt A Pow 6s—1976
105%
Mar
102
1938
Palmer Corp 6s
105%
Conv 6s 4th stamp. 1950
Waldorf-Astoria
1941
1st 6s series B
Pacific Ltf A Pow 53. -1942
4,000
100 H 101%
30
t26
77 H
Pacific Gas A Elee Co—
Pacific Inrest 6s ser A.1948
68%
66
74
106%
105% 105%
Pacific Coast Power 5s '40
June
24
111%
89
90
69
Jan
109%
107%
98%
78% May
68%
100 H
Jan
Mar
5,000
5,000
71%
76 H
Jan
Jan
102
106%
82
72%
Jan
Apr
9,000
33,000
107
110
24
107
104%
5,000
106
71
Utah Pow A Lt 6s A-2022
1954
Mar
26
Ohio Pubilo Service Co—
5s series D
102%
May
May
71
106%
108**
103%
Jan
106%
71
12,000
10,000
49%
Mar
$24
21,000
108%
103%
106
98
May
6Hs-'41
105% 106
108%
103%
105%
97%
101%
37
102
United Elec N J 4s—1949
46,000
4,000
3,000
7,000
United El Serv 7s ex-w 1966
105%
104%
60%
Jan
95%
98
108% 108%
105% 105%
1st A ref 4 Ma ser D.1956
94% May
102%
Feb
Apr
June
Union Elec Lt A Power—
♦United Industrial
1966
series D
37
May
Northern Indiana P S—
6a series O
7,000
82
1957
88
92%
55%
No Amer Lt A Pow—
Mar
44%
42 %
42 H
105% 106 %
$105% 105%
82
1967
91
$87%
Nippon El Pow 6%S—
Jan
96
Apr
45
1944
«8 3d stamp.—
102
May
32
42 H
—.1954
May
Mar
65%
97
$107% 108%
'52
5,000
105% 103%
96%
$108
1962
Twin City Rap Tr 5Hs
Ulen Co—
108% 108%
5s series B
------
Mar
68%
(Leonard) 7HB-1946
Toledo Edison 5s
New York Penn A Ohio—
96
37%
106""
Tide Water Power 5s. .1979
104%
Mar
June
45
Ternl Hydro-El 6 Hs-1953
Texas Elec Service 58.1960
95%
96
68
35%
{♦Texas Gas Utll 6s.-1945
Texas Power A Lt 5s.. 1956
63
2022
New Orleans Pub Serv-
Mar
67
68% June
67
Tenn Public Service 5s 1970
68%
95%
23,000
44.000
34
1957
6s series B
Mar
48,000
3,000
26,000
30,000
96%
Tennessee Elec Pow 5s 1956
85
68
94%
Jan
Mar
95
09%
69 H
67
A Lt 6sl957
Inc 5s. 1950
Corp—
4s
1940
4s
1946
Super Power of 111 4Hs '68
1st 4 Hs
1970
Syracuse Ltg 5Hs
1954
99%
95
70% June
69%
67
69
121%
68%
91%
110
Mar
5,000
15,000
68%
67
1951
Apr
80** May
113
126%
Jan
95
69
72
70% June
68% June
3,000
68
♦Certificates of deposit
Debenture 6s
High
Low
9
71H
70 H
70%
1935
70%
68 H
{♦Stand Gas A Elec 6sl935
♦Certificates of deposit
77%
107
Range Since Jan. 1 1987
Week
High
Low
9
78%
88%
Loot
{Concluded)
Range Since Jan. 1 1937
Last
Sales
Friday
Sales
Friday
BONDS
Debenture
3977
New York Curb Exchange—Concluded—Page 6
144
Volume
3%s
July 1 '60
1st A ref mtge 4s—1960
8ou Counties Gas 4 Hs 1968
Sou Indiana Ry 4s„—1951
Ref M 3%s B
„
76
S'western Assoc Tel 5s 1961
-
102
S'western Lt A Pow 5s 1957
So'weat Pow & Lt 68—2022
So'west Pub Serv 68.-1945
«
_
..
103%
102
86%
103
36,000
7,000
102
2,000
87
3,000
104
9,000
103
104
102%
Mar
110%
Jan
Jan
105
May
75% June
93% May
99% Mar
87
Jan
86
100%
♦
Bonds being traded flat.
{ Reported in receivership.
U Called for redemption
e
Cash
saies
103%
Jan
Jan
104%
Jan
Mai
106
Jan
not
included In weekly or
No sales.
May
transacted during the current week ano
yearly range:
104
y
Under-the-rule sales transacted during tne current week and not Included In
or yearly range:
weekly
No sales.
x
Deferred delivery sales transacted
In weekly
or yearly
range:
during
the
current
week and
not Included
j
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons,"
consolidated
"cum," cumulative; "conv," convertible; "m," mortgage;5 "n-v," non-voting stock:
"v t c," voting trust certificates: "w 1." when Issued; "w w." with warrants; "x-w"
without warrants.
3978
Financial
Chronicle
June 12,
1937
Other Stock Exchanges
Sales
Friday
Stocks (.Concluded)
Ask
Bid
Unlisted Bonds
Ask
Bid
Par
42%
11 West 42d St 6%S—1945
45
93%
Stamped
Fox
and
Prudence
21
Ctfs of deposit
500 Fifth Ave 6%s...l949
Harrlman Bldg 6s... 1951
57
12%
38
-
-
61
-
*
Hathaway Bakeries pref.*
Isle Royal Copper Co.-.25
60
78
2124-34 Bway Bldgs 5%s 43
---
16%
6s 38
ser
.
-
.
13
-
—
»
Internat Commerce Bldg—
68
Majestic Apts 6s
30
6
1948
City & Suburban Homes.
Lincoln Bldg Corp vtc...
-
4
_
4%
4%
—
Old
Established 1853
Established 1853
39
m,iimore, MD„
Members
New
York
and
Baltimore
Members
Neto
100
RR
to
June
Stock
*
Inc.
Sale
Stocks—
Par
Arundel Corp
Price
82%
May
4,109
Mar
Apr
May
x6
Mar
142
Mar
June
93
3%
11%
June
68c
19%
24
57
23
66
18
May
22
29
30%
88
29
June
Jan
Mar
41%
24
24%
Mar
44%
40%
7%
7%
Apr
9%
2%
Jan
23
23
Feb
3%
80
379
1%
Jan
3%
56
Apr
6%
65
4%
1%
9
354
840
40
June
Jan
29%
June
Jan
Jan
Mar
11%
Mar
Apr
23
50
Jan
39%
6%
25%
Jan
2%
2%
100
2%
Feb
3%
Jan
13%
13%
725
13%
Feb
20
326
19
May
May
16%
19
13 %
37
May
33%
Jan
41%
May
Feb
33
Mar
Mar
98
Jan
46%
Jan
39
38%
39%
1,449
31%
31
31%
155
85%
85%
88%
1,276
38 %
2%
38
39%
135
36%
Apr
24,810
1%
Jan
2%
Jan
1%
Apr
2%
Mar
Apr
Feb
Feb
19%
12%
Jan
46
Feb
1
1%
*
*
Warren (S D) Co..
2%
1%
*
8%
1%
10
13%
Venezuela Holding Corp..*
14%
8%
185
8%
38
60
38
34
25%
84
13
6%
35
Jan
■
High
Shares
Low
securities
chicago
21
21%
596
18
53
54
330
46
Listed and Unlisted
High
Jan
23%
Jan
54
Mar
May
May
3
Jan
9
Jan
Apr
Paul H.Davis & Go.
136
*
4%
4%
4%
405
1%
4%
28
27%
24%
June
38
JaD
New York Stock Exchange
69
29%
70%
310
69%
302
69
June
89%
Jan
New York Curb (Associate)
114
114%
86
112
Apr
*
com
114
U
24%
*
39%
*
26
50%
20
38
48
49
39% May
Jan
12%
48%
Jan
181
13%
13%
25
22%
2,717
10
10
Merch A Miners Transp..*
Monon-W Penn P 8—
34
7% preferred
-.25
Mt Vern-Wood Mis comlOO
26%
24% June
June
13%
Mar
Apr
23%
May
10
10
June
12%
Jan
3%
2,235
3
Jan
4%
Apr
34
34%
95
33
June
41
Jan
26%
26%
400
25%
May
27%
Jan
9
4%
Feb
7%
Apr
3%
3%
19%
Chicago Stock Exchange
June 5 to June 11,
both inclusive, compiled from official sales lists
6
6
Mt Vern-Wdb M pref—100
"72
72
72%
14
14
15
~%
1
22%
2
99%
%
101
101
100
36
1,145
15
99%
%
450
101
20
23
1,710
21%
70
82
Jan
13%
June
97%
Apr
% May
-
Feb
104
Feb
Feb
Apr
1%
103%
Mar
21% June
29%
Jan
101
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Common (new)
114%
114% 114%
114
.1951
3,000
114
Aetna Ball Bearing com__l
A llied Labor Inc com
*
1,000
119
Jan
114
5,000
114
115
Feb
Armour & Co common
Asbestos Mfg Co com
1
Associates Invest Co com.*
31%
32
25,500
29%
May
41%
Jan
36
1975
36
36%
31,000
36
June
48
Jan
Athey Truss Wheel
5% series BBB_. 1944-51
99%
99%
101% 101%
Read Dr A Chem 5%s. 1945
1,000
1,000
99
Apr
100%
Jan
99% June
101% Apr
Automatic Wash
Barlow A
5
com
conv
New York Curb Exchange (Atso.)
11
May
17%
Apr
16
16%
300
16
June
23%
Feb
22
22
22%
500
22
Jan
26%
63%
62 %
7
64
280
62%
June
84%
Jan
7
30
7
June
16
Feb
11%
11%
9,050
7
Jan
13%
Feb
2
Mar
11
Sales
for
Sale
of Prices
Low
High
Week
18
100
100
167 %
132%
Range Since Jan. 1, 1937
Shares
Low
High
100
63%
*
IS
30
18
166% 170
131% 133
1,606
160
Apr
177
131
May
330
x63
June
69%
Mar
Apr
30%
Jan
*63
.65
27%
100
44
Stamped —100
7
27%
25
Boston Personal Prop Tr_ *
Boston A Providence
100
Brown-Durrell Co
44
44%
46
7
5
14
35
11%
11%
10
20
20%
35
19
20
7
14
Class A 1st prerstpd-100
Class A—1st pref
100
Class D 1st pref stpd. 100
Class D 1st pref
100
6%
150
6
May
9
Mar
Jan
9
Mar
19
40
14
14
14
240
140
135
140
39
*
6
17%
16 X
12
com..
*
..*
Apr
25%
36
Jan
"l9"
10
30
Jan
187%
Jan
147
Jan
"l3%
_32%
Central Cold Storage com20
Central Illinois See—
1
fl% conv pref
*
Cent 111 Pub Serv pref...*
Central S W—1
Centra! States P & L pref. *
Chain Belt Co common..*
Chicago Corp common
Preferred
»
2%
5%
65
4
Feb
Feb
19
June
30%
Mar
33
Jan
13%
29%
32%
14%
29%
May
33%
Apr
Jan
18%
Mar
300
29
May
36%
Mar
34
200
32% June
39%
Mar
16
40
15
19
2
350
50
1,500
32%
13%
Jan
1% June
2%
90%
50%
5%
63%
June
Feb
3%
Jan
Feb
June
6%
Jan
280
90% June
110%
Mar
260
92
51
50
220
2%
77
June
20%
June
5%
May
73
9%
65
4%
6,750
4%
June
2,250
43%
May
48
Jan
Feb
77
150
63
45
45
45
65
64%
65%
450
3%
3%
50
3%
Jan
0%
1%
1%
50
3
%
10
1%
%
Feb
%
50%
Mar
Jan
10%
Mar
Jan
20
Mar
Jan
18%
Mar
14 %
Jar:
29
Mar
Feb
24%
Mar
Convertible preferred..*
Chicago Yellow Cab Co..*
Mar
Feb
Mar
Mar
Chicago Towel—
16
63
Jan
Mar
0%
•
3%
Feb
19
t81 %
Chicago Flee Shaft com..5
Chicago A N W Ry com 100
Chicago Rys—
5%
11
9%
13%
130
Mar
May
Part ctfs
1
100
Part ctfs 2
%
100
18
Jan
Cities Service Co
151
Feb
105
16
com
*
2%
Feb
7%
Common
5%
58%
49
5%
59
120
50 %
43
44
141
41%
May
May
May
2% June
40
5%
10%
Jan
6% prior pref A
Jan
Cord Corp cap stock
69
Jan
Cudahy Packing pref. .100
Cunningham Drg Stores2%
3%
Mar
100
5
Dayton Rubber Mfg com. *
June
51
Jan
De Mets Inc pref
%
7
Jan
Dexter Co (The) com
*
Eddy Paper Corp (The)..*
Elec Household Utll cap 5
6%
2%
108
20%
22%
*
Apr
10
115
9
May
12
Jan
130% 132
638
130
May
160
Jan
3C
16%
800
2%
35%
3%
35%
8,850
108
39%
109
41%
100
Jan
16
June
2% June
34
300
103
600
108
37
139
39% June
6
800
5%
May
%
6%
%
7%
100
%
6%
June
3%
2,750
2%
June
50
104%
20%
22%
20%
1,400
19%
23%
30C
2%
108
108
60
19%.
Jan
Jan
May
Jan
48%
Feb
Jan
11
Apr
Jan
Feb
27%
5%
Jan
Apr
20
Feb
%
Jan
5%
5
81
106
16
Coleman L'p & Store com *
1%
Jan
450
4
% May
3982
27
20%
5,000
*
520
page
250
19
2%
*
80c
see
27
15%
28%
13
39%
131%
Apr
58% June
108"
Eastern Steamship Lines.*
Edison Elec Ilium
100
14%
350
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers Co—
10
47
400
Commonwealth Edison. 100
10
Apr
11
14
Jan
104
38%
500
60%
Jan
5%
1,550
13
Feb
2%
41%
46%
58%
17%
5%
9%
43%
13 %
20%
2%
43%
10
58%
May
40%
Jan
1%
10
100
Jan
32%
13%
3% May
11%
Apr
100
9%
350
16
14
450
38%
33
43 %
1
12%
14%
14%
27
5
com
Feb
1134
15
100
Mar
37
744
1st preferred
Feb
Mar
1,000
467
Adjustment
Feb
11%
3%
Eastern Mass St Ry—
Common
Feb
11
11%
5%
Feb
30%
11
14%
43
23%
1
3%
100
Jan
May
May
19
11
pref
19%
20%
19%
14%
4%% prior pref... __100
Feb
May
600
U H
%
14%
16%
200
14%
*
250
20
25
*
Feb
100
17%
16%
20%
25
East Boston Co
3%
20
Calumet A Hecla
East Gas A Fuel Assn—
Common
30
20
Copper
Range
K
20
Common
Boston A Maine—
Prior preferred
Jan
.5
Preferred
Amei Tel A Tel
.
17
Prior Hen preferred
Boston A Albany
Boston Elevated.
Boston-Herald-Traveller
57%
June
5% conv preferred
30
Castle (A M) common. .10
Exchange
Week's Range
Price
Mar
9
Bucyrus Monlghan cl A._*
Lewlston
Last
Par
4%
48%
45C
20
Common
Stocks-
June
50
10%
5
Bruce Co (E L)
Y. Tel. CAnal 6 154
both inclusive, compiled from official sales lists
Amer Pneumatic Service—
1st preferred
50
350
Feb
53%
5
Butler Brothers
Friday
2
2
*
com
Class A preferred
N
Portland
Boston Stock
2
50
com
(New)
Private Wire System
June 11,
"UH
11
14% May
Seelig Mfg A—
Common
Bangor
June
Feb
Brown Fence A Wire—
DEPARTMENT
St., Boston
12%
1
Bliss A Laughlln Inc cap.5
Borg Warner Corp—
York Stock Exchange
30 State
600
13
Berghoff Brewing Co
Blnks Mfg Co capital
Member*
Boston Tel. LAP 7010
Mar
9%
Bastlan-Blesslng Co com.*
1887
UNLISTED TRADING
Feb
8%
12%
53 %
Bendlx Aviation
Townsend, Anthony and Tyson
Boston Stock Exchange
17%
Jan
8%
12%
pf.*
Common
New
55%
May
8%
8%
12 %
4
cap
Automatic Products
Backstay Welt Co
Established
June
12
12
Amer Pub Serv Co pref 100
Annex Hotel com cap. .100
31%
Co 4s (flat) '75
6s flat
46
10
46
12
103% June
Interstate Bond Co coll tr
300
45C
46
103% June
114% June
Jan
High
%
*
Adams (J D) Mfg com
*
Advance Alum Castings..5
Allied Products Corp com 10
Class A
25
103% 103%
Low
Abbott Laboratories—
...
Bonds—
3%s public improv.1940
4s sewerage impt
1961
Range Since Jan. 1, 1937
Shares
Mar
18%
City
4s paving loan
Sales
Friday
Last
New Amsterdam Casualty5
Northern Central Ry
50
U 8 Fidelity A Guar
CHICAGO
Jan
40
22
Owlngs Mills Distillery
Phillips Pack Co pref
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St.,
Jan
39
39%
10
100
Members
Jan
115
39
»»
22%
For footnotes
2%
44
Mar
Week
of Prices
Low
Mfrs Finance 1st pref--.25
Mar Tex Oil com class A..
cum
May
64
120
4
1%
Houston OH pref
0%
Jan
24%
Jnn
302
83
82 %
~T%
1%
Finance Co of Am cl A
Preferred
1,810
123
1%
preferroi
100
Eastern Sugar Assoc com.l
Eastern Sugai Assn pref-.l
Fidelity A Guar FLo
10
to
1,000
4%
4%
6%
Jan
*
Range Since Jan. 1, 1937
for
53
6%
June 5
8%
7%
121 %
vtc.*
Consol Gas E L A Pow...*
A
403
Mar
10%
36
Sales
Week's Range
21%
*
(Conn) .50
com
1st pref vtc
Bait .Transit
1,021
2
Jan
fi
Utah Metal A Tunnel
Exchange
•
Black A Decker
3
46%
Apr
11, both inclusive, compiled'from official sales lists
Last
Bait Transit Co
1,347
8
*
United Shoe Mach Corp.25
Preferred
25
Exchanges
Exchange
Friday
Atlantic Coast L
4
4%
123
50
25
Warren Bros Co
June 5
Jan
3
*
Waldorf System Inc
Baltimore Stock
Feb
50
35
Union Twist Drill Co
Curb
York
14%
20%
10
Torrington Co (new)
Chicago Board of Trade and Commodity Exchange,
Chicago Stock Exchange
Associate
June
453
45%
45%
Reece Folding Machine. 10
Louisville, Ky,
Hcoerstown,
June
150
15%
21%
Colony RR
Shawmut Assn tr ctfs
Stone A Webster
NEW toast
10
14%
10%
3%
Reece Button Hole MachlO
Broadwe?;
June
35
'T%
*
Qulncy Mining Co
STEIN BROS. &> BOYCE
May
3%
14%
Ctfs of oeposlt
4 So Calvert Sto
15c
Jan
10
1
Pennsylvania
May
35
14 %
*
Pacific Mills Co
Baltimore Stock Exchange
on
15c
1%
15
N Y N H A H RR(The) 100
North Butte
*
Orders Executed
5
85
257
New England Tel A Tel 100
New River Co pref
100
Mar
15c
58%
Nat'l Tunnel & Mines
26%
3%
22%
c
High
May
15c
57%
Inc
---
•
-
Mass Utilities v t
Low
21
3
22
Linotype—*
Narragansett Racing Ass n
Unlisted Stocks
6%s
1943
Lefcourt Manb Bldg 4s 48
21%
100
5% cum pref
Mergenthaler
65%
60
100
Maine Central com
.
21%
*
Gillette Safety Razor
23
1950
Corp 4th
61 B'way Bldg 5 %s_.
11%
9
10 East 40th St Bldg 5s 53.
250 West 39th Bldg 6s 1937
Office
...1941
6
29
Shares
Price
20
Gilchrist Co
Income bonds v t c
Pennsylvania Bldg ctfs
44%
Theatre
Bldg 6%s
Place Dodge Corp—
Park
mvmm
for
of Prices
Low
High
Employers Group
*
Georgian In (The) com...*
Class A pref
B'way & 38th St Bldg 7s 45
Bryant Park Bldg 6 %s 45.
Week's Range
Sale
Exchange
Closing bid and asked quotations, Friday, June 11
Unlisted Bonds
Range Since Jan. 1, 1937
Last
New York Real Estate Securities
%
Jan
Apr
5%
110%
Mar
May
26%
Feb
Jan
28%
12
Feb
Feb
Apr
Mar
25
25
10
24
May
28
10%
10%
10%
50
10%
June
17%
Jan
35
34
35%
960
29%
May
35%
June
1,600
7%
May
12%
Jan
7%
8
Volume
Financial
144
Sales
Friday
Elgin Natl Watch
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
1937
Range Since Jan. 1,
Last
Stocks (Concluded)
3979
Chronicle
32
32
100
31% June
13%
13%
100
13% June
20
4%
4%
21%
4%
67
23
400
*21%
Markets in
Active Trading
Unlisted Securities
Cincinnati and Ohio Listed and
Mar
40%
15
Memberm Cincinnati Stock Exchange
High
Low
Shares
Fltz Simons & Connell—
Dk & Dredge Co
com.-*
1
Fuller Mfg Co com
Gardner Denver Co com.. *
New common
$3
65%
*
50
500
150
67
67
68
15
pref
20
General Candy Corp cl A.5
cum conv
14%
15
5%
1,700
4%
2,C00
General Finance Corp com 1
Gen Household Util—
5%
5%
200
4%
June
Jan
5% May
Feb
23
57
4%
Mar
4%
,
June
69
19
UNION
Feb
Feb
CINCINNATI
BLDG.
TRUST
CO.
&
BALLINGER
June
67
21% June
58%
Jan
14% June
Cin. 291
Wire—Bell Sys. Tel
Phone Cherry 6711—First Boston
5% May
May
10%
Jan
Friday
Goldblatt Bros Ino com..*
37
37
37%
100
36% June
42%
Mar
Last
Week's Range
for
Great Lakes D & D com..*
19%
19%
19%
500
19
May
29%
Jan
Sale
10
10
10%
20C
14
Apr
of Prices
Low
High
Shares
16
16
20
Mar
Common
4%
Hamilton Mfg cl A pt pf.
10
Haenischfeger Corp com 10
llelleman Brew Co G cap I
"9H
4%
9%
50
150
9%
9% May
14
Jan
May
8%
Par
Stocks (Concluded)
11%
Jan
Cin Telephone
-50
Heller (W E) pref w w.._25
23
23
20
23
June
26
Feb
16
16
10
16
May
19%
Jan
Dow Drug pref
21
21%
15G
20%
Feb
Early & Daniel
2,600
Apr
May
27%
3%
12%
300
11%
June
19%
102
100
99%
May
9
350
com
21
cl B._*
(new).-l
Illinois Brick Co cap
10
Houdallle-Hersdey
Hupp Motor
111
North
3%
com
Utll
12 %
100
pref
9%
com v
t c_ *
Jar vis (W B)
Co cap
Co—
Katz Drug
21X
1
21%
20%
21%
3
4
Apr
Jan
110
9
Apr
21
Jan
150
20% May
27
Feb
23
800
21
29%
Feb
10
Jan
400
9%
350
17%
12%
28%
Mar
21%
June
Jan
Apr
Feb
9%
20%
11%
9%
20%
16%
9%
Ken Rad T & Lamp com A*
Ky Utll Jr cum pref
50
Kerlyn Oil Co cl A com..6
29 X
29
30
Common
1
Le Rol Co
29
June
43%
Jan
800
6
May
7%
Mar
2
1,700
2
May
3%
Jan
....*
8%
8%
9
950
7%
10
18%
19
1,100
17%
Jan
May
Feb
13%
19% May
Jan
Mar
1
com
11%
18
11%
600
11%
9%
15%
Printing Co—
,_*
8%
♦
40%
preferred
10
com
Packing com
27 X
550
9%
130
43
250
4
4
4
Lion OU Refining Co com.*
Loudon
1,450
27%
4
*
1,350
41
550
5
"41%
MoQuay-Norrl8 Mfg com.*
49%
49%
2%
2%
300
"24%
24%
26%
5%
1,600
Lvneh Corp
25
June
110
Jan
115
*
17
17
17
58
17
June
25
Jau
com
Mauhatt-Dearborn com..*
Marshall Field common..*
50
8% June
40
May
Jan
Jan
Jan
4%
Mar
Jan
4
28%
June
6%
Jan
Mar
49
57% Mar
4% June
30% Mar
16
Jan
17
Mar
75
30
June
36
Feb
16
30%
10
10
10
10
57
40
16
42%
*
10
10
ino
100
100
66
Feb
9%
98
Feb
Feb
12
May
Jan
49%
Apr
42%
10%
40%
Jan
5%
4% May
35
5
5
10
100
pref
Hob art A.
Apr
Apr
Jan
101%
100
8
18%
18%
19
303
18%
June
24
Apr
50
50
50
50
40
49
May
50
June
*
1st pref
30
30
30
25
30
June
37
*
Kroger
*
National Pumps
4%
1
1
10
10
*
60
8% pref
100
214
*
19%
*
10
P & G.
Rapid
U S Playing Card
Feb
Feb
Jan
215
Mar
1
19%
20
120
29
30
27
27
27%
3%
21%
250
16
Mar
26
May
15
92
Jan
134
Apr
3%
3%
21
21
100
Preferred.
Jan
55%
211
214
214
100
Wurlitzer
256
Mar
May
3%
16%
65%
30
*
U S Printing
60%
59%
Feb
Jan
10
110
8%
1
5
11%
Mar
4% May
35
4%
1
*
B
4%
*
Moores Coney A
118
118
19%
June
23%
Jan
73
29
June
38
Feb
233
27
June
34%
6%
Feb
15
118
3%
Apr
Feb
42% June
May
38%
2% June
19
Jan
800
6
June
10
26
26
...*
12%
45
Apr
4
16%
26
June
700
5
Mer <fe M frs Sec cl A com. 1
Prior preferred
16
30
5
Hatfield prior pref
Jan
34%
8
16
30
*
Randall A
com
Lindsay Light
10
54
Lunkenheimer
120
6%
Jan
25
Little Miami Spl
6%
Jan
111
110
*
Feb
2
Common
S3 H
11%
2
Libby McN & Llbby.._10
Lincoln
800
12
6%
Kingsbury Brew cap
Leath & Co
11X
22
Feb
25
Kahn com
Kellogg Switchboard com. •
Jan
Feb
18%
108%
18
110
Gibson Art
Part
30
25
Fyr-Fyter A.
10% May
19
108% 108%
High
100
May
110
*
Formica Insulation
9% June
108%
85
279
.100
Preferred
Jan
21%
9
9
Interstate Pow $6 pref...*
Mfg
11%
100
102
Indiana Steel Prod com__l
Iron Firem
3%
Low
89
19
19
.100
Range Since Jan. 1, 1937
Week
86%
87
*
Cin Union Stock Yard
*
Horders Inc
Price
Sales
3
June
Feb
7
31%
Ohio Listed and Unlisted Securities
Jan
Members Cleveland Stock Exchange
Mlckel berry s Food Prod—
Common
1
Middle West
Corp
3,050
6
2%
2%
X
%
cap
3
8%
June
15%
Jan
800
8%
purchase warrants
Stock
Jan
6
2%
June
7%
Jan
% June
1%
12%
Jan
Midland United Co—
Common
...»
Conv preferred A
2,800
!
400
*
5
June
GILLI SI5* jlWOODcia
Jan
Midland Utll—
6% prior lien
6% preferred A
100
Modlne Mfg
100
30
1%
20
2
70
38
100
3%
IX
"37"
*
com
3%
1%
1
100
7% preferred A
:
37
May
1% June
1% June
3%
37
May
9%
Union Trust Building# Cleveland
Feb
8%
Jan
5
Feb
46%
Jan
Monroe Chemical Co—
Common
National
Leather
Nat Union
16X
100
29%
30
IX
20
30
30
50
42%
Noblltt-Sparks Ind com..5
North Amer Car com
42%
44
800
.....
6%
100
7% preferred
Mfg Co
63
.5
1%
100
54%
com
*
6%
2%
1
....
3X
*
com
IX
*
com
Friday
Last
Week's Range
for
Sale
Week
39%
58
Feb
of Prices
Low
High
6
Jan
May
9%
10%
May
16%
*
Common
Akron Brass
31
50
29
June
54
Jan
City Ice & Fuel
Jan
Clark Controller
Jan
Cleve Cliffs Iron pref
Cleveland Railway
10
400
50
18%
1%
Jan
21%
2%
Feb
55
Mar
24%
7%
Mar
2% June
3%
Feb
3%
June
5%
Feb
Foote-Burt
1%
June
3%
Jan
June
4%
Jan
Halle Bros pref
Harbauer
1,950
1%
250
100
35
Jan
60
6% preferred
.100
7% preferred
74
74
112%
100
Quaker Oats Co com.....*
Il2"
Cts of dep
Cleve & Buffalo Transit..*
Cliffs Corpvtc
*
74
77
100
74
May
99%
Jan
Interlake Steamship
74
74
50
74
June
99
Jan
110
120
Jan
Lima Cord Sole & Heel.
190
114
May
Apr
122
Jan
56 C
109%
June
125%
Jan
May
Mar
111% 112
1% June
Feb
Cum 7% pref
24
100
24
June
36%
Jan
National Refining
Rollins Hos Mills conv pf.*
24
20%
28
15
Feb
34%
May
Sangamo Electric
38
37%
1,670
1,050
34
May
20%
20%
*
com
Schwltzer-Cummlus cap..l
Sears Roebuck <fe Co cap.*
8errtck Corp cl B com
Slgnode Steel Strap
1
So Bend Lathe Wks cap
.17%
23%
20
Trane Co (The) com
2
Utah Radio Products com ♦
Nestle Le Mur
16%
Jan
40
Apr
22
Apr
26
Mar
27%
Mar
19%
Jan
100%
May
30% May
33%
Mar
28%
28%
Mar
Mar
15%
Mar
23
May
20%
800
3%
3%
1,250
2%
Feb
1
1
450
%
2%
May
1,700
850
30
Walgreen Co
26
26
26%
£
1,300
93
93
40
21
21
150
50
7%
10
£
32%
34%
300
2,150
Mar
Corp..
1
Amer Ldry Mach
Baldwin pref
Champ Paper & Fibre
Cin Gas <fc Elec pref
CNO&TPpref
Cin Street Ry
*
20
100
*
100
100
50
Kor footnotes see pave
for
of Prices
L010
High
100
Mar
53
Feb
%
33%
Jan
30
Jan
Jan
40%
101%
63%
63%
4%
Feb
Mar
Jan
Jan
Mar
50
Mar
54
May
14% June
22%
Feb
53
53
57
53
June
60
Jan
46
46
50
46
June
46
[June
14
46
15
232
14
Jan
18
Apr
Feb
73%
21
56%
45
23
65
65
24%
TVs
24%
7%
200
7%
11
11
125
9
Jan
May
June
Feb
8% JMay
Jan
14
45
79
41
Apr
58%
47
49
50
70
40
Jan
60
25
6% June
79% Apr
7% June
85
Jan
100
6%
6%
6%
504
8%
7%
10
100
100
"5%
3
78
78
"7%
300
6%
5%
10
19
19
19
50
1%
1%
95
5% June
Jan
11
1%
Apr
48%
Mar
Feb
11%
Mar
Mar
12%
Feb
June
10%
Mar
Feb
20
2%
Feb
Mar
35
44
Jan
67
24%
20
23% May
Jan
3%
34
100
"IB"
Mar
30
48%
215
47
49
18
39
15
20
15
8%
17%
9%
45
8%
15%
8%
70
June
7%
57%
Jan
64
Apr
19
June
Jan
10%
21%
13%
*
1
Van Dorn Iron
*
8
8
75
8
June
14
Vlchek Tool
*
11
11
50
11
June
Warren Refining
2
*
4%
22%
4%
23
100
4
May
Feb
Mar
Mar
Apr
Jan
Apr
Mar
Mar
15%
5%
Weinberger Drug Inc
West Res In Corp 6%pflOO
"1%
100
100
165
163
30
100
Jan
Feb
Jan
Jan
17%
Feb
24
Mar
90
Jan
100
Apr
Jan
2
June
6%
Feb
22% June
24%
Feb
/>26
June
49%
93
June
93
June
26%
Mar
New York Stock
Mar
Detroit Stock
20%
Feb
May
12
June
15%
Apr
40%
Members
Feb
New York Curb Associate
Exchange
Chicago Stock Exchange
Feb
6%
10
WATLING, LERCHEN Si HAYES
Feb
31%
Exchange
DETROIT
Buhl Building
Randolph 5630
Telephone
lists
Range Since Jan. 1, 1937
Week's Range
Sate
60
Jan
56
Upson Walton
Detroit Stock
Sales
Last
Par
14%
72
170
1,265
Jan
86%
Apr
4%
both inclusive, compiled from official sales
Friday
Stocks—
14%
8%
Cincinnati Stock Exchange
Aluminum Industries
53
8%
17%
9%
Union Metal Mfg
50
2%
June 5 to June 11,
52
15
Mar
21%
32%
55%
1%
37%
37
49
20%
15%
9% June
20% June
Zenith Radio Corp com
54%
1%
36%
"lYs
*
Richman
Troxel Mfg
300
"16"
60
48
May
250
22%
2
1,065
56
24
20%
31
2%
com
95
56
_*
3
Patterson-Sargent
Peerless Corp
Jan
15%
17% May
10% May
22%
Woodall Indust
10
94
63
S M A
O ZA
Wisconsin Bankshs com..*
32
38
94
Seiberl'g Rub8%cum pflOO
June
"2!"
Feb
63
Jan
June
common
21
*
Jan
100
Viking Pump Co com
Wieboldt Stores Inc pref.*
Common
*
Apr
cl A__*
5%
20
Convertible pref
107
cum
Apr
4
23%
5
*
Ohio Brass B
Corp—
Common
Natl Tool 7 % cum pref. 100
Mar
300
Thompson (J R) com...25
Feb
Mar
14%
18
20
25
19
56
100
National Tile
95
4,450
10%
30%
23%
25
Apr
June
1,250
4%
18%
16
Sundstrand Maoh Tool Co*
40
100
Preferred
May
30
102
10
com
Swift International
Swift 4 Co
28%
Metropolitan Pav Brick. _*
11
100
23%
18
42
Feb
81%
50
18%
Jan
20% June
300
Convertible preferred..*
Stein & Co (A) com
4
100
30%
4%
19
45
Medusa Portland Cement *
350
22%
'102%
18
400
12
22%
*
Utll 4 Ind
11
30%
.b
Standard Dredge com
Furn
400
*
com.
8'west Gas 4 Elec 7% pflOO
Storkllne
200
.*
com
Slvyer Steel Castings
5%
1%
200
21
5
89%
"II
19
*
24
1%
Feb
*
McKee A G class B
24
50c
105
*
6% pref v t c
5
Reliance Mfg Co com..10
com v t c
Feb
June
_
Lamson & Sessions
37%
7%
3%
Raytheon Mfg
40
103
Kelley Island Lime & Tran*
60
Feb
10
*
112% 114
115% 118
20%
Rath Packing Co com..10
High
14%
40
*
100
10%
30
Grelf Bros Cooperage A__*
2
5%
2%
3%
5%
Low
10 X May
30
June
103
Commercial Bookbinding.*
30
'
110
30
38
May
19%
160
Range Since Jan. 1, 1937
Shares
103
1
*
100
100
Apr
May
100
1,150
300
Mar
Apr
41
10%
_*
100
*
Canfield Oil pref
1%
Price
*
Jan
Public Service of Nor 111—
Common
Par
Stocks—
Sales
Feb
Jan
2
Pictorial Paper Pkgecom.5
Pines Wlnterfront com
1
(The)
Jan
Feb
Feb
81
34
Corp
2%
3%
36%
June
53
Exchange
both inclusive, compiled from official sales list*
% May
1%
Jan
28% May
63
19%
Prima Co com
June 5 to June 11,
50
Perfect Circle Co com
Process
Jan
63
Penn Elec Switch conv A10
Potter Co
Jan
Cleveland Stock
Jan
32
63
19%
*
com
10
22
May
29
100
6% preferred
2,350
7%
Jan
16% June
27%
Apex Electric Mfg
Prior lien pref
Peabody Coal Co B
10c
11
Northwest Bancorp com..*
Northwest Util —
Ontario
100
1%
30
10
com.
2,150
%
X
1
com
National Standard
16%
29%
10
com..
Radio
100
9
*
Nachman Springfd com..*
National Battery Co pref.*
A. T. 4 T. GLEV. 565 & 566
Telephone GHerry 5050
Exchange
both inclusive, compiled from official sales lists
Week
price
Shares
High
Low
Week's Range
8
27
26%
27%
61
24%
Jan
13%
36%
92
•
92
92
29
88
Feb
92
8
63
102%
112%
7%
3982
8
9
57%
63
101% 102%
112% 112%
7%
8
•
June 5 to June 11,
40
703
237
20
254
June
Feb
Feb
Stocks—
Par
of Prices
High
Low
63
June
Feb
108
Jan
Baldwin Rubber com
1
112% June
120
Jan
Burry Biscuit com.._12%c
5%c
5%c
Jan
Continental Motors com. .1
2%
2%
35%
7
Jan
May
10%
Low
High
Mar
1%
12%
101
Range Since Jan. 1, 1937
Auto City Brew com..
1
1%
13%
1% May
9H
Jan
4%c Apr
2% May
2%
15%
7%c
3%
Feb
Feb
Mar
Feb
3980
Financial Chronicle
Last
Par
Crowley Mliner com
*
Cunningham Drug com2.50
Det & Cleve Nav
com...
Detroit Edison com
10
100
Det-Mlch Stove com
1
Detroit Paper Prod com.-l
Detroit Steel Corp com...5
Week's Range
for
Sale
of Prices
205*
2%
112%
4
6%
20%
General Motors com.... 10
Goebel Brewing com
Graham-Paige
51%
6%
1
com
Kresge (S S) com
Klnsel Drug com
7
June
115*
Mat
20**
175
20
May
2Vs
440
25* June
255*
35*
Mar
57
1125* June
1455*
205*
25*
112% 1125*
4
45*
65*
65*
20%
205*
55*
4%
21%
1%
,JI6
2%
12%
10
8%
8%
T"
37%
17%
4%
4%
*
Parker Wolverine com...*
Peninsular Metal Prod cm 1
Prudential Investing com.*
Rlckel (H W) com
2
River Raisin Paper com..*
Scotten-DIllon com
10
Standard Tube B
5
"5%
5%
27%
1
com
1
45*
15*
215*
Jan
39c
June
38c
38c
38c
100
35c May
825*c
Feb
4c
35*c
4 5*c
17,000
15*c
Jan
9c
70
Feb
Prince
Consolidated... 10c
65c
65c
65c
100
50c
Mar
8
Feb
Tom Reed Gold—
1
39c
39c
40c
3,500
38c
Feb
45* Feb
25* Feb
55* June
295*
295*
295*
20C
3
65*
65*
6 5*
200
*
3
3
35*
200
Jan
Curtiss-Wright Corp
1
55*
55*
500
Jan
N Y Central RR
455*
12 5*
400
Refining
Feb
Warner Bros Pictures Inc.6
135*
28
414
534
714
525
512
520
55*
35
125*
2C0
95* May
85*
85*
9
200
125*
Jan
75*
75*
7 5*
100
85* June
7 5* June
10
Apr
17
17 5*
300
135*
400
215*
175*
Feb
135*
165* May
115* May
8
11
Members
Philadelphia Stock Exchange
PHILADELPHIA
NEW
1513 Walnut Street
June
June
75*
Feb
15,
Feb
45* June
1
Wayne Screw Prod com..4
5
55*
5*
550
5
5* June
Philadelphia Stock Exchange
Feb
June 5 to June
11, both inclusive, compiled from official sales lists
Jan
*
Friday
Last
Week
s Range
of Prices
High
Sale
Stocks—
American
Wm. Cavalier & Co.
Par
Price
*
Stores
American Tel & Tel
16%
100
Baldwin Locomotive
*
Bankers Securities pref..50
10
MEMBERS
Barber Co
BeU Tel Co of Pa pref J.. 100
Budd (E G) Mfg Co
♦
New York Stock
Exchange Chicago Board of Trade
Angeles Stock Exch. San Francisco S tock Exch.
Budd Wheel Co
Chrysler Corp
Teletype L.A. 290
5
Los
108%
Last
Sale
Stocks—
Par
Bandlni Petroleum Co.-.l
Barker Bros 5 5* % pref. .50
Barnhart-Morrow Cons.
Berkey <fc Gay Furniture-. 1
Warrants-
Week's Range
of Prices
High
Low
525*c
25*
5
1,500
55
55*
385*
49c 575*c
25*
25*
10
Preferred vtc
*
25
5
90c
75*
Jan
6c
Jan
13e
Feb
4,000
6c
May
Jan
16c
Feb
50
59 5*
Mar
100
6c
6c
1,000
12c
12c
10c
Apr
Central Investment.
100
Citizens Nat'l T & S Bk_20
30
30
30
295
42 %
29
32
32
32?*
400
30
May
445*
Claude Neon Elec Prod...
105*
105*
105*
300
105*
Jan
125*
155*
155*
155*
500
15
17 5*
10
105*
200
175*
Mar
16
16
17
400
June
24 5*
Feb
55*
155*
55*
155*
155*
100
1.10
1.00
1.10
4,800
Philadelphia Traction
Salt Dome OU Corp
Preferred
Creameries of Amer vtc.l
Emsco Derrick & Equip..5
Exeter Oil Co A com
.1
57
55*
300
25*
16
55*
60c
455
General Metals Corp.
*
Gen Motors Corp com..10
515*
515*
53
53
Goodyear T & Rub Co...*
165*
95*
385*
Hancock Oil Co A com...*
225*
165*
95*
385*
225*
515*
545*
165*
95*
385*
22 5*
Holly Development Co.-.l
Holly Oil Co
1
1.05
1.05
1.05
200
85c
15*
15*
15*
100
Internatl Cinema Inc
Jade OU Co
1
1.30
1.30
1.30
100
10c
Kinner Air & Mot Ltd...l
11c
11c
11c
2,500
20c
16c
32c
27,165
3,500
1,000
....
Gen Paint Corp com
*
Globe Grain & Milling..25
Lincoln Petroleum Co.-10c
Lockheed Aircraft Corp.,1
Los Ang Indust Inc
2
Los Ang Investment
10
Alascot Oil Co
455
30c
30c
34c
125*
125*
125*
4
4
-
7
445
Mar
15*
Mar
Jan
May
460
100
515* June
70
Feb
300
53
70
7
100
Jan
14
185*
85*
Mar
100
315*
Jan
46
Mar
800
21
Jan
24
1.50
279
16"
280
55
35
278
40
32
144
246
235
45
25* Feb
85* May
35* June
395*
Jan
1645*
Jan
5,400
May
June
1
115* June
125* Apr
40
41
22
655*
5*
5*
45*
45*
655*
30
5*
1,000
270
June
1,340
June
649
190
May
May
4.506
June
Jan
Jan
Jan
45*
45*
33
375*
115*
125*
1055* 1085*
125*
13
95*
95*
20
455*
765*
655* June
Tonopah Mining
.1
Union Traction
.
145*
Jan
55*
Apr
505* Mar
1785* June
1175* Feb
365* Apr
75*
Feb
135*
Jan
35* Feb
165* Feb
325* Apr
45* May
75* May
11
175
June
111
50
United Corp common
Preferred
%
"4%
*
33
...»
United Gas Impt com
Preferred..
*
Westmoreland Inc
*
115*
1055*
125*
*
Westmoreland Coal
l
*38
183
.
Jan
_
June
Jan
Feb
1345* May
205* Feb
445*
Jan
705* Feb
415* Feb
135*
Jan
245*
Apr
55* Feb
Apr
16
Mar
13
June
75*
35
6,284
1,214
1275*
145*
115* June
355* June
515* June
291
1,966
993
Mar
May
May
107
15
Mar
43
June
7^*
15
Jan
45
May
May
112
192
Feb
Jan
11
June
30
*
Jan
1*16 May
l,stsMay
75*
Feb
85*
175*
175*
1145*
145*
Jan
>
Jan
Jan
Jan
81
95*
Apr
92
95*
Feb
11
Feb
May
21
Mar
Jan
Bonds—
Peoples Pass tr ctfs 4s. 1943
1.35
Jan
1.50
Apr
1 %
Jan
8c
Jan
18c
Mar
16c June
725*c
Jan
27c
Jan
60c
Jan
Mar
165*
65*
Feb
7
June
10
UNION
1.45
45*
$1,000
18
Feb
j j^ew York Curb Exchange (Associate)
BANK BLDG.,
Tel.
Court-6800
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
120
Feb
9%
35*
Jan
18
f Pittsburgh Stock Exchange
Momho„
Members
Mar
1.10
80c
400
18
.
H. S. EDWARDS fit CO.
Mar
25* May
3
Jan
Jan
600
25*
5
35
1
115*
175*
Apr
June
55
375
*
Feb
115*
300
1.00
25*
115*
155*
160
45
Feb
200
1.05
1.05
1
l
50
1
806
High
265*
1875*
Feb
June
1,200
1
_
Feb
7
85*
9
8%
8%
1085* 113
115*
115*
355* 365*
515* 555*
35
355*
85*
85*
16
175*
25*
35*
95*
95
35*
4
395* 415*
178
1785*
1115* 1125*
325*
335*
55*
6
85* 10
Tonopah-Belmont Devel.l
Feb
195*
32>*
1135* 1155*
Low
175* June
1,453
Sun Oil Co..
Feb
Jan
45*
75*
1
Menasco Mfg Co
Merchants Petroleum
29
Jan
43
June
15
Farmers & Merch Nat'1100
455
Jan
165*
17%
166% 170%
55*
55*
375*
Range Since Jan. 1,1937
for
Week
Shares
Scott Paper
Mar
10
Apr
Jan
7% preferred
50
PhU & Read Coal & Iron.*
Jan
Consolidated Oil Corp
Consolidated Steel Corp...
...
57
4
ill5*
.25
60
Phila Rapid Transit
Jan
May
45*
50
Phlla^Elec Pow pref
Feb
45*
395*
Phila Elec of Pa $5 pref..*
Jan
Mar
35*
45*
45c
95*
415*
"35*
1
50
Pennsylvania RR
Penna Salt Mfg....
2.25
30
57
A pi
385* June
3
*
Pennroad Corp vtc
High
Jan
400
1.05
com
California Bank
Low
25* May
95c May
1,400
1.05
Pc
com..
Nat Power & Light
Range Since Jan. 1, 1937
for
51%
16
60
Mitten Bank Sec pref...25
Week
Shares
38
55*
38
Lehigh Valley
Sales
1.05
Bolsa Chioa Oil A
Buckeye Un Oil
Price
"36%
Horn&Hardart (NY) com *
Lehigh Coal & Nav
Angeles Stock Exchange
Friday
114%
8%
Curtis Pub Co common._♦
11, both inclusive, compiled from official sales lists
Low
325*
*
Elec Storage Battery. .100
General Motors
10
June
YORK
30 Broad Street
Feb
Mar
700
to
'
New York Stock Exchange
Feb
95*
85*
75*
15*
300
June 5
Feb
DeHaven fit Townsend
Feb
496
35* June
7
May
65*
Apr
45* May
15*
Los Angeles
Jan
Established 1874
Mar
1,733
5
523 W. 6th St.
545*
175*
Mar
125*
Jan
1
Los
Mar
*
Feb
100
85*
June
1
Feb
300
Jan
Apr
55*
43
Radio Corp of America.. _*
Jan
65*
105*
200
55*
43
55* May
Jan
65*
55* Feb
10
•
Jan
95*
May
3
Feb
27
21
Jan
35
295* June
55* May
Feb
June
113
Jan
|Jan
43
Feb
19
55* June
1,431
65*
35*
48c
Feb
3,985
21
Feb
1.00
' 1
25
Atlantic
Jan
760
%
.
20c
Unlisted
Aviation Corp (Del)
Cities Service Co
Jan
17
882
5J*
32c
"
7
Tide Water Assoc OI1--.10
85*
375*
175*
55*
55*
55*
55*
17,400
32c
1
Gold
Mar
25* June
125* May
85* June
375* June
135*
Jah
35*
Jan
45* June
45* May
55* June
27
May
55* June
35c
Apr
135*
55* June
45* June
Imperial Development_25c
Radio-Keith-Orpheum—*
Feb
800
Feb
Jan
1
200
55*
Feb
Mining—
North Amer Aviation
i3j6 June
115*
45*
Feb
Mar
9
Cardinal
Apr
300
7
1
Mar
115*
115*
45*
Feb
4%
com
105*
1
Feb
39
Jan
25*
15*
15*
45*
205*
125*
445*
Feb
15* June
1
Wolverine Brew
Mar
28
260
4%
7 5*
22
300
45*
com
40
100
3
*
Warner Aircraft
100
8
800
1,100
2,460
7%
.*
B
40
8
215** June
5* May
125*
4%
*
40
8
15*
295*
15*
495
xH
T%
1
com
June
40
Black Mammoth Cons. 10c
May
1
Kamp's Bakers Inc*
Feb
45* Mar
45* May
2,100
5*
265*
1%
*
com
Walker & Co B
516
High
285*
47}*
23% June
115*
25*
Jan
1
100
5%
3%
United Shirt Dlst
35*
1,300
55*
3%
7%
Tom Moore Dlst
Universal Cooler A
920
15*
55*
5%
21
(Fred) com.*
T1voll Brewing com
2,311
1,762
Low
1,400
245*
Wellington Oil Co
f Jan
1
for.
23%
25
Yosemite Portl Cement—
f Jan
23
590
65*
35*
1
com
Packard Motor Car com..*
Stearns & Co
%
26
1
com
28
116
100
1
.*
Mid-West Abrasive comSOc
Parke-Davis
185*
Jan
175* May
75* May
15*
Jan
515* June
55* May
312
75*
1%
51%
%
Murray Corp com
10
18
T%
Michigan Sugar
11
May
Price
23%
Van de
Jan
June
6
Range Since Jan. 1, 1937
Week
of Prices
Low
High Shares
Weber Showc & Fixt 1st pf *
Feb
4
100
Par
Union Oil of Calif
Feb
1,105
7%
15*
51%
0%
3%
4%
Mahon Co (R C) A prel..*
Masco Screw Prod eom...l
com
7
1
10
1
McClanahan Oil
High
Stocks (Concluded)
High
100
Grand Valley Brew com.-l
General Finance com
1
Hall Lamp com
*
Hurd Lock & Mfg com...l
Low
Shares
Week's Range
Sale
Range Since Jan. 1,1937
18
1
com..
Low
7
Federal Mogul com..
*
Federal Motor Truck com*
Frankenmuth Brew
Last
Week
Price
Sales
Friday
Sales
Friday
Stocks (Concluded)
June 12, 1937
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Feb
Mar
Jan
Pittsburgh Stock Exchange
35c
35c
40c
700
35c
June
80c
Mar
10c
20c
17c
22c
67,000
lc
Jan
22c
June
Mt Diablo OU M & Dev.. 1
80c
77 5*c
80c
400
70c
Jan
97 5*c
Apr
Nordon Corp Ltd
Occidental Pet Corp
Friday
5
17c
17c
18c
10,900
17c
June
45c
Feb
Last
Week's Range
for
1
39c
38c
40c
1,700
35c June
80c
Feb
Sale
Week
Oceanic Oil Co
of Prices
1
1.35
1.30
1.35
1,600
70c
Jan
2.00
Mar
OlindaLand Co
1
32c
3Cc
33c
8,700
18c
Jan
40c
Mar
Pacific DlstlUers Inc
1
15*1
15*
15*
1,500
15* June
15*
May
Mid-Western OU Co
Pacific Finance Corp comlO
Preferred A
10
Pacific G & E com
25
225*
22
225*
500
22
13
13
13
100
115*
29
295*
295*
295*
400
6% 1st preferred
25
65*% 1st preferred...25
295*
295*
400
295* May
325*
27
27
27
100
26
Mar
285*
Jan
Pacific Indemnity Co.-.10
Pacific Lighting com
*
315*
31
315*
400
27
May
35
Feb
43
43
43
100
43
June
52 5*
Jan
105
105
105
5
104
May
6% preferred
*
Pacific Pub Service com..*
55*
Republic Petroleum com.l
75*
55*% preferred
50
Richfield OU Corp com... *
7
Warrants..
Roberts Pub Markets Ino.2
Ryan Aeronatutical Co... 1
Samson Corp 6 % pref
10
Secur-First Nat'l Bk L A 20
10
85* May
705*
540
May
37 5*
Jan
Blaw-Knox Co
*
25
25
585* May
215*
Apr
Jan
Carnegie Metals
1
Clark (D L) Candy Co... *
Mar
107
25*
55*
115*
3,256
115*
50c
50c
140
Devonian Oil-...
24
24
100
205*
215*
333
33
33
50
Jan
95*
35*
75*
25*
95*
1,900
9
May
10 5*
May
Harb-Walker Refrac
35*
75*
25*
35*
535*
100
35* May
May
Koppers Gas & C pref. .100
600
Jan
Lone Star Gas Co
100
6 5*
Apr
25* May
35*
95*
35*
Feb
McKinney Mfg Co
*
100
3
65*
Feb
Mesta Machine Co
5
1,000
Feb
Mountain Fuel Supply
National Fireproofing____*
275*
25
-.100
,495*
245*
275*
255*
495*
45*
425*
235*
25
425*
Taylor MUling Corp
*
Transamerica Corp
*
235*
125*
For footnotes see page 3982,
5
10
Feb
245*
4
2
265*
495*
4
425*
235*
125*
13
Jan
52 5*
May
2c
60
Duquesne Brewing Co.-.5
Follansbee Bros pref.100
Fort Pitt Brewing
l
com
33
Jan
9c
May
48c
Mar
400
22 5*
Jan
600
27 5*
May
275*
Jan
200
255* May
28 5*
Mar
400
45
Jan
625*
Mar
Pittsburgh Screw & Bolt-
300
4
May
May
May
125* June
17 5*
Jan
85*
Pittsburgh Brew Co
*
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass. .25
100
40
200
21
Phoenix Oil
com
5
Feb
55
Mar
San Toy Mining Co.
255*
Mar
Shamrock Oil & Gas
Renner Co
Preferred
55*
-
*
1
15*
1
85*
205*
Feb
50c
Mar
1.00
Apr
185*
Jan
26
Feb
18
Jan
215*
Feb
30
Apr
50
110
1085* 109
105*
105*
25*
25*
625*
625*
85*
85*
55*
55*
95
75*
1,953
200
13
2,148
1,153
6c
25*
25*
1265* 1265*
135*
145*
15*
15*
1,155
90c June
435*
104
2c
65*
120
120
5
2c
75*
120
12
60
250
6,000
4,857
100
Apr
Apr
105*
Apr
15*
Jan
585* May
75*
Jan
55* June
5c June
5,000
2c
*
10
Mar
May
44 J*
5
Feb
4
5
275
5c
Jan
Mar
11
1.00
25c
May
Feb
Mar
302
445*
*
2
12%
105*
705*
295*
300
90c
*
15c May
32 5* May
9,000
20
Columbia Gas & Electric. *
Consolidated Ice Co com..
Feb
275*
255*
85*
685*
85*
245*
Superior Oil Co...
85*
*
135*
Sou Caltf-Edison Ltd.-.25
High
May
100
Preferred
135*
700
Low
7
Armstrong Cork Co
Mar
4,000
50
7
Jan
7
8c
1
7
Range Since Jan. 1, 1937
Shares
Jan
55* June
75*
Apr
30c
High
145*
10C
8c
Low
32
2,100
35*
525*
Sales
Apr
55*
29c
Sun ray Oil Corp
Price
Arkansas Natural Gas com*
8
8c
Sou Pacific Co
Par
7
30c
25
Stocks—
55*
Corp__.25c
Slgan 1 Oil & Gas Co A...*
6% preferred B
55*% preferred C
11, both inclusive, compiled from official sales lists
7
95*
35*
75*
25*
35*
525*
Sierra Trading
200
June
June 5 to June
35*
Jan
15*
Feb
1145* May
135*
Jan
15*
Jan
2c
65*
120
Jan
Feb
1.25
Jan
685*
1115*
145*
Mar
Feb
Jan
Feb
45*
725*
125*
Mar
10
Mar
Jan
25c
Jan
85*
45*
Feb
Feb
1475*
Feb
195*
25*
Mar
Jan
June
Jan
4C
75*
120
Mar
Jan
Jan
June
Volume
Week's Range
for
Sale
of Prices
Low
High
Par
*
27
27
100
United States Glass Co__26
3
3
70
54
52
*
1
Waverly Oil class A—— *
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50
Vanadium Alloy Steel
27
2 %
45
Week
130
Feb
6%
Jan
54
Jan
IK
900
95c-
Jan
1%
5
100
3
Jan
8%
41%
Apr
132% May
163%
227
43% 45 %
142% 144%
Feb
Feb
Feb
Jan
56%
Langendorf Utd Bak A.
_ .
39
38%
39
581
36
May
53%
Jan
*
Honolulu Oil Ltd new
May
1
28%
28%
June
14%
38%
32%
11%
12%
424
39
500
34
540
28% June
12%
Apr
37% May
31% May
28%
14%
38%
32%
11%
12%
28%
14%
500
*
100
10
10
Leslie Salt Co
1
Llbby McN & Llbby com.*
LeTourneau (R G) Inc
57
Apr
3 %
June
Enquiries Invited
28
28
28
150
25
11%
29%
11%
12
505
29
11% June
28% May
82
12%
29%
24%
*
9%
12%
29%
24%
9%
100
preferred
Insurance
14
14
13
13
13
29%
12%
29%
29%
12%
27%
27
43
43
*
105
105
Pac Pub Ser (non-v) pref. *
21
21
100
140
136
*
69
69
15
6%
preferred
Pac Tel & Tel com
Parafflne Cos common
11, both inclusive, compiled from
Sales
Sale
of Prices
Low
High
High
Low
Shares
"34%
15
June
49%
27
46%
130
46
June
34%
195
31
Apr
Century Electric Co—100
92
92
Coca-Cola Bottling eom__l
38
39
5
4
10
32%
4
com
27
Apr
22%
27% May
34
32%
*
Columbia Brew
May
46"
*
1
Preferred
20
3
132
1C
*
34%
35%
265
Ely AWalker D Gds com 25
Emerson Electric pref.. 100
Falstaff Brew com
1
28%
29
130
9
Driesdleck-Wt Brew com.*
36
Dr. Pepper com
5
10
Hydraulic Prd Brk com 100
Huttig S & D com
24
24
Hyde Park Brew com
44%
43%
Feb
32%
80
Jan
96
Mar
38
June
107
25
May
33
Mar
103
50
103
June
110
Jan
5
5
147
5
June
100
10
10
10
10
10
June
29%
29%
148
26
Apr
10
103
Apr
7%
12% Apr
Feb
33%
105% June
48%, Mar
47% Mar
65% Mar
Preferred
*
Signal Oil & Gas A
Soundvlew Pulp Co
Standard Oil Co of Calif..*
32
Feb
Super Mold Corp of Calif 10
125
Mar
Mar
$4%
June
Feb
20%
24% June
55
55
55
Westertt Pipe & Steel
31%
31%
31%
Knapp Monarch com
*
Laclede-Christy Cly com.*
Jan
40
June
18%
18%
19
207
14%
Jan
22
Mar
Mo-Portland Cem com. .25
19%
19%
19%
390
17%
9%
900
June
Jan
26%
June
13%
Mar
13%
Mar
10%
200
9
June
12
200
11
Apr
12%
15
10
12% June
16
19%
Title Insur Corp
SAN
Apr
30
30
30
7
30
June
35
81%
81%
81%
11
78
June
68
14
67% May
26%
27
267
Jan
19
Members i New York
Apr
Exchange—San
Mar
29%
June
128
205
17
June
18
41%
272
39
I. J an
49%
95
95
96
$36,500
88
Jan
27
27
28
2,000
27
lJune
34
118%
Feb
San
Bonds—
t Scullin Steel 6s
t United Ry 4s c-d's
1941
102
May
34%
both inclusive, compiled from
8c Cd.
Dean Witter
Alaska-Treadwell
Private Leased Wires
bonds
municipal and corporation
Alaska-Mexican
Members: NevYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, HonoluluStock Exchange
Tacoma
Sacramento
Stockton
Portland
Fresno
Los Angeles
Beverly Hills Pasadena Long Beach
New York Honolulu
Alaska United Gold
American Tel & Tel
American Toll Bridge
Price
June 5 to June 11,
both inclusive, compiled from
16c
980
10c
Jan
50c
1%
75
45c
Jan
2%
Feb
12c
12c
500
6c
Jan
50c
Feb
169%
319
Apr
186%
Jan
83c
4,510
97c
Feb
167%
Last
Stocks-
Par
Anglo-Calif Nat Bk S F.20
Assoc Insur Fund Inc
10
Week's Range
Sale
of Prices
Low
High
Price
24
24
24
for
Week
Shares
5
505
5
15
15
15
110
Bank of California N A..80
206
206
210
65
Atlas Imp Diesel Eng
Bishop Oil Co..
Byron Jackson Co
Calamba Sugar com
5
*
20
20
5
7%
28%
29
5
200
28"
7%
28%
28£
29
315
21%
7%
7% preferred
California-Engels Mining. 1
21ll
*
48%
48
21%
%
48%
*
37
37
37
Calif Ink Co A com
California Packing com
Preferred...
50
Calif Water Service preflOO
Caterpillar Tractor pref
Claude Neon Elec Prod..*
Clorox Chemical Co
10
Cat Cos G&E6% 1st, pf.100
Cons Chem Indust A
*
Creameries of Amer Inc..*
Crown Zeller Corp com
Crown Zeller Corp pref
5
*
10
100
Emporium Capwell Corp. *
4%% cum praf w w__50
Emsco Derrick & Equip..5
Di Giorgio Fruit com
$3 preferred
20
Fireman's Fd Insurance. 25
Ewa Plantation Co
%
50%
102%
50% 51
102% 102%
102
102
10%
42%
10%
42
102
10%
42%
205
60
1,310
220
446
70
30
20
204
539
103
103
103
10
42
41
42
380
5%
19
10%
40%
19%
40%
15%
51%
5%
19%
98%
10%
40%
19%
39%
15%
51
5%
20
99%
10%
41%
19%
40%
15%
52
20c
100
18c
6
6
100
6
2
8
1%
1,350
4,200
1,900
82c
Feb
40c
Jan
1.90
Mar
40c
Jan
1.90
Mar
Curtiss-Wright Corp
Feb
Dumbarton Bridge
Feb
Edwards Dental Supply—
June
May
10
Jan
42
June
101% May
Jan
328
9%
40
Jan
May
520
18
160
39% May
May
325
15
May
50
51
June
235
47%
36%
36%
90
54%
54%
55%
565
15%
16%
780
38
38
38
Gladding McBean & Co..*
21%
21%
21%
*
*
7%
22%
886
22%
Great West El Chem com.
50
53%
5%
3982
z
Mar
100
4
June
Jan
Jan
56
106%
46
25
108%
17%
59
24%
47%
19%
60%
96%
57%
Mar
Jan
Mar
3l% Apr
23%
Jan
66% May
76
Mar
16
94
June
97
37
15
36
May
48%
Mar
Jan
2%
Mar
1.60
Mar
85
75c
City
80c
Jan
Apr
7%
Jan
Jan
1.85
Mar
10%
11
9% May
15%
Feb
"72c
65c
102
74c
4,023
1,347
20c
5
North American Aviation. 1
Oahu Sugar Co
20
5%
81%
10c
30c
42,088
30c
5%
30c
200
36%
120
14%
5
-.1
10
Mar
7%
82%
Mar
10c June
72c
Feb
20c
50c
Mar
36
Apr
June
10
13%
50
2.85 May
48c
5,450
40c May
7%
7%
12%c 12%c
10
6%
100
10%c
50
123
Mar
Apr
Apr
18% June
4.80
Jan
63c
Feb
9%
17%c
Apr
28%
17%
40
37c
42c
350
33c June
82c
2.20
2.75
4,254
2.20 June
4.15
1.70
945
11%
12
35
35
35%
1.60
10
22
44
Mar
Mar
Jan
Jan
Feb
Jan
1.80 May
20
50
June
60
10
22
8%
7%
4%
1.60 June
Apr
36% June
15% Mar
9% May
35% May
11%
50
Park-Utah Mines
1.25
Jan
Apr
51c
3
50
Pan tepee Oil
Jan
4.35
80
44c
Pacific Ptld Cement pf 100
Pacific Western Oil
10
3
47c
Copper. 5c
Packard Motors
Jan
1.10
N ash-Kelvlnator
z
35c
3.60
1.65
Feb
20
94
1,150
Pacific Distillers
Mar
100
68
1,350
z
Jan
22
3,935
Mar
18%
22
1.35
2.50
130
54%
Feb
1.20
Occidental Pete
Jan
Feb
64%
1.20
Monolith Ptld Cement pflO
Mountain
26
14%
1
1
Menasco Mfg Co..
z
M J&M&MConsol
Jan
1
Jan
1.05
McKesson & Robbins...
Mar
Mar
Apr
18%
50% May
4.25
Matson Nav
Mar
Jan
50c
10
50
1,100
50c
Pac Coast Aggregates.
445
Apr
Kleiber Motors
Mar
Jan
5%
3% Mar
17% Apr
8% Mar
1
36
1
10
Kinner Alrpl & Motor..
Apr
Jan
1.00
Loews
Apr
70c
26
81%
Preferred
z
2% June
14% May
5% May
3.95
z
70%
18%
41%
May
Apr
1
1
Italo Petroleum
Mar
400
5%
Mar
~4~66
z
40
6%
Feb
Mar
106
Jan
Feb
2
50c
Co B
Mar
Jan
21
20
7
Feb
336
Hawaiian Sugar Co
z Holly Development
1
Idaho-Maryland Mln
1
z International Cinema—1
International Tel & Tel—
June
355
50c
8
Jan
36c May
36
Guggenheim...
Hobbs Battery
Apr
870
Jan
May
68
*
Feb
6% May
54%
14%
36%
Jan
Feb
3%
2%
15%
June
1
22
General Metals
Apr
52
106%
102%
12%
36
Jan
Jan
15%
6%
1.35
18
26
General Electric Co
Mar
37
53%
5%
36%
For footnotes see page
Mar
32%
23%
1%
53%
48%
100% May
101% May
53%
5%
7
34%
Jan
95
94
Feb
June
June
May
99
5%
510
3% June
8% June
25% June
54%
10
46*
35
1
10
Jan
Mar
60
2
Consolidated Oil
Feb
2,586
426
Mar
25
10
Foster & Kleiser com
2%
Galland Merc Laundry...*
General Motor com
10
Gen Paint Corp com
*
Preferred
._.*
22%
2%
213
180
7
1.30
Jan
85
Golden State Co Ltd
1.35
Llghts.-.-.l
2,981
42c
2%
Preferred
Claude Neon
200
1.35
1.35
1
Central Eureka
May
83
Hancock Co
36c
1.30
1
1
Cardinal Gold
5
83
16
...
z
z
Feb
May
2
14
194%
6%
27%
28%
21%
5% June
18% May
695
31%
7%
June
6
6
Preferred
June
83
Food Mach Corp com
Jan
June
15
10
20c
1
Ccl Art Tile A
High
Low
6
38
19%
6%
3%
8%
25%
Beech Air
z
23%
650
Feb
27%
Jan
11%
18% Mar
Jan
9%
4% May
Jan
13%
28% May
Feb
25%
7
15%
6%
3%
9%
26
20
15
15
Cities Service.
477
71c May
May
200
20c
Aviation Corp
Calwa Co..
1, 1937
Range Since Jan.
160
20
20
6%
7
5
5
3
Calif Pacific Trading
Sales
Friday
167
78c
Anglo National Corp
official sales lists
Feb
14c
20
Argonaut Mining
z
Exchange
High
Low
Shares
1%
Bunker Hill & Sullivan.. 10
Francisco Stock
1937
Week
of Prices
High
Low
16c
100
1
Bancamerlca-Blair
San
Range Since Jan. 1,
for
1%
5
25
5
Atlas Corp com.;
z
official sales lists
Sales
Week's Range
Sale
Par
Stocks—
Oakland
Exchange
Francisco Curb
June 5 to June 11,
Friday
Seattls
Stock
Curb Exchange—Chicago
Curb Exchange (Associate)
Direct Private Wire
Jan
Last
San Francisco
Stock Exchange—San Francisco
Francisco
May
40
FRANCISCO
Mar
17
40
com...25
15
Jan
Mar
Board of Trade—New York
June
68
17
118% 119%
Wagner Electric com.
75
Apr
(Since 1880)
81% June
68
'26%
June
MONTGOMERY STREET
133
Jan
100
100
*
Sculling Steel pref
Southwstn Bell Tel pref 100
Feb
STRASSBURGER & CO.
Mar
7
12
24
30%
170
Jan
Feb
Apr
Jan
100
1st preferred
2d preferred
10
Feb
June
17%
28%
Jan
23%
13
10
WaialyfcAgricultural Co.20
May
12% June
Jan
3%
49%
17%
60
"l5"
55
20
115
St Louis Car com
June
18
24%
20
13
Scruggs- V-B Inc com
Preferred
24
24
20
Feb
98
568
24
Feb
June
21%
28,697
1,001
25
21
16% May
90
13
Union Sugar Co com
Feb
12
49%
90
175
17%
98
Union Oil Co of Calif.__25
1% June
42% May
Jan
12%
Mar
17%
May
15
17%
Mar
13
42
2,561
97
55
326
44%
50
983
13
23
50
43%
Jan
8% June
500
17%
Jan
75
Feb
98
June
85
2
40
1,725
*
preferred
Transamerlca Corp
50
16%
Jan
34% May
420
100
Tide Water Ass'd Oil com. *
30
415
40
9%
105% 105%
37%
37%
44%
45%
51% 51%
8%
8%
42
43%
19% 21
21
13
10%
37%
44%
51%
8%
Jan
40
Rlce-Stlx Dry Gds com
105%
*
5
com
Preferred
25%
29%
100
Shell Union Oil
27%
Apr
10% May
3% May
9% May
3% May
103
42
11%
June
18
May
Jan
Feb
5
*
40%
15
Jan
89%
13%
7% June
400
3%
25%
3%
Jan
103
1
common
100
*
7
6,500
1,353
Spring Valley Water
*
7
18
17
Southern Pacific Co
Internatl Shoe com
_*
*
10
5
June
Feb
Johnson-S-S Shoe com
Natl Candy com
June
Mar
Jan
Jan
152%
3% May
13
May
Jan
Feb
6%
18%
168
75
7%
Jan
87
269
7%
Jan
June
69
69
745
6
May
Jan
Jan
230
48
8
170
326
40
32
Jan
32%
29%
63%
Jan
8
Jan
100
20
Feb
24
76
Feb
3%
Jan
18%
107
13
25
148
24%
1%
31%
18
38
103% May
20% June
135% June
305
141%
12% May
Apr
17%
May
40
21
Mar
100
Jan
Mar
630
101% 101%
9
9%
35
37%
22
20%
54%
54%
13
13%
Hussmann-Llgonler com *_ .
Preferred series '36—50
Feb
37
42
Jan
28
Mar
Mar
750
Mar
16%
32
Schles'ger & Sons (B F) com *
Roos Bros
974
21%
28%
25%
75
9%
3%
25%
Warrants
27
25
Brown Shoe com
Burkart Mfg com
21
Mar
3%
13%
18
Richfield Oil
Preferred
21%
Mar
770
29%
27%
43%
105%
Feb
13%
96
13
__
Range Since Jan. 1, 1937
for
Week
2,064
1,169
Feb
33
75
Ry Equip & Realty com. *
6%
100
Republic Petroleum
1
Rheems Manufacturing.
_
official sales lists
10
404
30
3%
3%
Plg'n Whistle preferred..*
St. Louis Stock Exchange
Price
12%
*
6% 1st preferred
25
5%% preferred25
Pacific Light Corp com...*
St., St. Louis, Mo.
Week's Range
30
14
Paauhau
Pacific G & E common. .25
Last
170
816
O'Connor, Moffatt&CoAA*
Pacific Can Co
Friday
10
10
May
12% May
29%
Apr
23% May
9%
Apr
13% May
12% Apr
12% Apr
29
May
160
all
Sugar
82
24%
Jan
13%
44%
Jan
23%
12%
Feb
June
50
29%
Mar
38%
May
10
1,695
Jan
5
Jan
May
10
Securities
on
Telephone^Central 3350
*
82
Oliver United Filters A.. 10
New York Curb (Associate)
Chicago
Board
of
Trade
Chicago Stock Exchange
Par
10%
24%
82
Occidental
Exchange
315 North Fourth
10
24%
North Amer OH Cons.-.10
York Stock Exchange
Stock
540
24%
100
No Amer Inv com
1,132
10
*
Natomas Co
Feb
28
Market St Ry pr pref.. 100
MEMBERS
*
7% preferred
22%
17%
25%
2
2
Apr
23%
17%
24%
B
Stocks—
17% June
17%
Business Established 18*i
American Invest com.
200
24%
5%%
June 5 to June
9%
Jan
1% May
Marchant Cal Mach com .5
I. M. SIMON & CO.
Mid-Western and Southern
Feb
886
Mar
5%
Feb
2,018
Feb
113
st. louis markets
Louis
Jan
Jan
42
45%
14%
16%
2
Meier Frank
111
100
111% 111%
3%
3%
pf 100
*
16%
13
1
2%
*
Nat Automotive Fibres..*
ew
11%
Lockheed Aircraft
Magnavox Co Ltd
107
Magnln (I) & Co com
t.
High
Low
Shares
5
Hawaiian Pineapple
Unlisted—
Lone Star Gas 6 % %
for
of Prices
Low
High
Price
Par
(Concluded)
Jan
35
June
5
Victor Brewing Co
Stocks
High
Low
Shares
Stocks (Concluded)
Pennroad Corp v t c
Week's Range
Sale
Week
Standard Steel Spring
1, 1937
Range Since Jan.
Last
1937
Range Since Jan. 1,
Last
Price
Sales
Friday
Sales
Friday
jikfe
3981
Chronicle
Financial
144
22
June
29% Apr
12% Feb
8% May
10
8,
7%
25
4%
100
„
8% June
7% June
4%
Jan
8
Feb
Feb
3982
Financial
Friday
Pioneer Mill Co
Week's Range
for
Sale
Par
of Prices
Week
Price
Low
20
Stearman-Hammond 1.25
Superior Ptld Cement B
26
27%
10
10
25%
10
12%
S P Gold Gt Ferr 6% pf 100
Standard Brands Inc
21
25%
27%
..25
12%
z
z
Texas Consol Oil
28
234
High
June
15
18
Jan
Jan
27
Mar
22% May
25% May
27% Apr
32%
28%
29%
10
10
44
60
12%
70
197
700
17
17
June
17
Mar
Feb
Preferred-.
Warner Brothers
2.85
2.95
750
1.56
Jan
3.75
Feb
2.00
1.85
2.25
13,350
1.25
Jan
2.90
Feb
1
z
2.90
1
Victor Equipment
8%
8%
16%
8%
548
17
12%
55%
12%
55%
5
16%
12%
5
Western Union
_
Jan
1,030
15
9%
18%
Jan
475
11
100
55%
H
May
_
18
June
55%
Apr
Members New
York Stock
64
6s
96
June 15 1954
94
96
2 1959
95
96%
5a.....
5s
Dec
5s
Apr
Feb
Mar
4s
—
No par value,
Del
Cash sale,
c
114%
2 1950
1 1958
11961
Feb
..May
108% 109%
106% 108
109
110%
109%
5s
June
15 1943
90
105%
5%s
4%s
Nov
16 1946
89
92
1 1951
90
91
Oct
92
107% 108%
109% 110%
1960
Canadian
Wood,
Exchange
Bonds
San Francisco
Monte
—
—
Hollywood
Los Angeles
—
Beverly
Gundy
—
Hills
14 Wall St.
&
New York
♦
107
Quebec—
June
Cortlandt 7-4150
own offices in
Santa
two-for-one basis
118
106
113
1
104
15 1952
1
117
1962
15 1965
Mar
4%s
116% 117%
108
15 1960
Apr 15 1961
Province of Nova Scotia—
Sept
1 1959
Ask
111
110
Prov of Saskatchewan—
Apr
4% 8
Jan
4% s
Prov of New Brunswick—
4% 8
4%8
June
Province of
1 1941
15 1943
May
4s
97
Bid
1 1942
4%s
100%
96
Aug
Oct
...Sept
5s
100
1 1953
94
4% 8
Ontario—
5a
61%
Broadway, New York
Private wire to
Barbara
Province of
/62
/60%
12 1949
July
-Oct
Schwabacher Si. Co.
111
1937
12
Municipal Issues
Ask
Province of Manitoba—
Jan
2.70
21
May
6s
4% 8
Jan
16%
Jan
1.45 June
200
1 1948
Jan
Get
1 1956
Prov of British Columbia—
Jan
Jan
Bid
4% s
Mar
283
1.85
5s
Jan
37%
12%
8% May
Provincial and
Province of Alberta—
1
U S Petroleum
z
9%
1.60
Low
21
24%
25
Range Since Jan. 1. 1937
Shares
28
8%
20%
Schumacher Wall Board pf*
So Calif Edison
25
6% preferred.
High
28
Radio Corp of America
5%% preferred
June
Sales
Last
Stocks (Concluded)
Chronicle
March 9,
6 Ex-stock dividend.
on
a A. M. Castle A Co.
split its
common stock on
Co.,
a
1937.
Inc.
Private wires to Toronto and Montreal
d Stock split up on a two-for-one basis.
Stock dividend of 100% paid Sept. 1, 1936.
0
rCash
sale—Not
included
in
for
range
t In default
t Company in bankruptcy, receivership
a
year,
Ex-dlvldend.
z
Listed,
or
y
Ex rights,
Railway Bonds
reorganisation.
Ask
Bid
Canadian
Comparative Figures of Condition of Canadian Banks
6s
Canadian
93%
15 1944
July
1 1944
94%
15 1942 /109
Dec
5s
following we compare the condition of the Canadian
April 30, 1937, with the figures for March 31,
1937, and April 30, 1936:
Sept
4% 8
In the
banks for
STATEMENT OF CONDITION OF THE BANKS OF THE
DOMINION OF
CANADA
Dominion
Apr. 30, 1937 Mar. 31,1937 Apr. 30, 1936
S
5,328,219
4,131,316
Total.
9,459,535
5,579,497
4,410,664
9,990,161
17,095,564
1 1954
107%
1 1960
102% 103
108
Bonds
Ask
Bid
Ask
Canadian Northern Ry—
113% 113%
112% 112%
July
1 1969
115% 116%
5a
$
Dec
July
Government Guaranteed
4%s
Sept
1 1951
4% 8
June 15 1955
4%s....—Feb
1 1956
4%s
July
1 1957
5,907,041
103% 104%
4% s
Canadian National Ry—
11,188,523
1 1946
115
Oct
1
1969
117%
118%
5s
$
In Canada
Elsewhere....
Ask
Ry—
Sept
5s
110
5s
Current gold and subsidiary coin-
Pacific
4% s
102% 103
114
Bid
Assets
Bid
Pacific Ry—
4s perpetual debentures.
Feb
1
1970
117%
118%
113
113%
6%s
July
1 1946
123% 124%
115% 116
Grand Trunk Pacific Ry—
4s
Jan
1 1902
105
3s
Jan
1 1962
95
106%
96
Dominion notes
Notes of Bank of Canada!
40,709*745
United States & other foreign currencies-
Cheques
on other banks
Loans to other banks in Canada, secured,
Including bills rediscounted
Deposits
with
made
and
187,446,603
5,605,578
22,165,738
112,541,937
Kingdom
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
and
4,144,438
4,323,815
Government seaurities
25,303,178
31,829,597
Railway and other bonds, debs. & stocks
104,106,776
a
sufficient
marketable
value
Industrial and Public
178,880,451
123,723,979
Elsewhere than in Canada
Other current loans & disc'ts in Canada.
Elsewhere
Loans to the Government of Canada
Loans to Provincial governments
Loans to cities, towns, municipalities
and school districts
Non-current
loans,
premises at not more than
less amounts (if any) written off
r"
'
Minister
83,435,789
66,000,291
725,484,153
16,155*787
18*.532",491
24,357^014
Canadian Lt A Pow 5s 1949
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%s 1961
of
101,468,437
111,720,073
13.732,068
4,214,990
11.911,336
8,782,417
4,175,969
74,785,260
75,600,673
74,260.253
61,904,737
7,053,705
6,889,857
Gt Lakes Pap Co 1st 5s '55
6s
1950
Int Pr A Pap of Nfld 5s *68
Lake St John Pr A Pap Co
8,638,592
7,056,828
Balance due to Provincial governments.
Deposits by the public, payable on de¬
mand in Canada
10**5*3*2* 199
1,814,550
2,118,677
112,600,768
22,333,856
26,518,525
48*.412*,004
42",562*774
__
710,848,542
other banks in Canada
Due to banks and banking correspond¬
ents in the United Kingdom
Elsewhere than in Canada and the
United Kingdom
Bills payable
Letters of credit outstanding
Liabilities not Incl. under foregoing heads
Dividends declared and unpaid
or reserve
fund
up
90%
97%
102% 103
Minn A Ont Paper 08.1945
/71%
Montreal Island Pr 5%s '57
104
.
96%
-
-
-
103
103%
101%
102
101%
value) 3s...
par
1939
50
1956
3% s
....
113
71%
Montreal L H A P ($50
96
95%
81
Massey-Harris Co 6s. 1947
McColl Frontenac Oil 6s '49
97%
114
50%
98%
94
93%
100% 100%
3%s
1973
Montreal Tramway 5a 1941
92%
Northwestern Pow 0s
1900
79
65%
6%s. 1945
90%
91%
Certificates of deposit..
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5%s '70
104
Donnaconna Paper Co—
4s 1956
East Kootenay Pow 7s 1942
Darles 6s
86
1
1950
105
Power Corp of Can 4%s *59
86%
5s
81
Dec
1
100% 101%
/94
94%
l
103% 1—* o
103
104% 104%
100%
101
101%
5s
1961
83
83%
United Secure Ltd 5%s '52
Winnipeg Elec 0s. Oct 2 '54
97%
—
—
102% 102%
103
Steel of Canada Ltd 0s '40
United Grain Grow 5s 1948
1961
100
104
Saguenay Power 4%s_1900
Shawinigan W A P 4%a '07
Smith H Pa Mills 4%s '61
5% s
_
98
1967
Provincial Pap Ltd 5%8 *47
Quebec Power 5s
1908
104
112
79
_
100
1949
Gatineau Power 6s... 1956
98%
MacLaren-Que Pr 5%s *61
621,827,383
112
94
96* "
72%
92%
73%
f Flat price.
120.015,322
1,583,327,255 1,583,780.912 1,536,100.556
417,713,786
423,488,691
391,936,599
Report
Canadian
on
Total
Seeded
Crops by Bank of Montreal—
Acreage Expected to be Less This
Year
"Wheat seeding is generally finished and the
seeding of
coarse grains is
nearly completion in the Prairie Provinces
of
Canada," according to the current crop report of the Bank
"The total acreage seeded will
probably be
slightly less than last year." The Bank further reported:
of Montreal.
16,059,861
15,639,236
11,853,117
11,406,049
8,202,906
36,918,922
780,805
73,628.246
3,053,773
2,544,914
133,750,000
145,500,000
33,267,096
719.613
74.260.253
2,967,642
814,145
133,750,000
145,500,000
29,929,606
17,922,452
692.613
61,904,737
2,668,819
2,542,619
132,750,000
145,500,000
Beneficial rains have been received in most districts
during the past ten
days and apart from southern and
southeastern
3,335,437,202 3,323,973,530 3,142,598.541
Note—Owing to the omission of the cents in the official
reports, the footings in
the above do not exactly agree with the totals
given.
Alberta,
the present but
moisture
crop
but these
on
Saskatchewan and
the
are essential in
whole
large
are
areas
a
part of
satisfactory for
owing to subsoil
deficiency.
are now
Provinces
weather in
than
western
conditions
frequent rains
In Quebec and Ontario
time
95%
S3
2% a to '38—5% s to '49
56%
107
Ask
91
28,042,104
45*.*0*57*,506
98
/92
/64%
No par value,
110,953,496
731,961,610
publio, payable after
fixed day in Canada.
Loans
from
other
banks
In
Canada,
secured, including bills rediscounted-.
Deposits made by and balances due to
Capital paid
11,228*668
the
or on a
Deposits elsewhere other than in Canada
Rest
11,297*847
3,347,141,588 3,336,827,669 3,153,588,516
Liabilities
Notes in circulation
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, &c.
Advances under the Finance Act
Dom Gas A Elec
Eastern
Manitoba Power 5%s.l951
Maple Leaf Milling—
1961
6%s ex-stock
Fraser Co 6s...Jan
1,981,517
Total assets.
by
8,680,968
5,357,189
reserves
going heads
notice
Canada Bread 6s
1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s '49
12,200,212
Finance
Shares of and loans to controlled cos-...
Other assets not included under the fore¬
Deposits
142,072,852
Calgary Power Co 58.-1960
74,813.583
for the security of note circulation
Deposit in the central gold
81
76,188.582
694,215,664
172,317,216
Utility Bonds
Bid
115
79
5%s-3%a. 1948
124,113,291
cost
per contra
the
114
Burns A Co
121,368,028
72,185.455
710,442,224
167,953,505
Liabilities of customers under letters of
with
IIAnover 2-6363
•
A k
100
73,628,246
Bank
as
Bid
Abitlbi P A Pap ctfs 5s '53
f 99%
Alberta Pac Grain 6s. 1946
97
Beauharnols Pr Corp 6s '73
56
Beli Tel Co. of Can 5s. 1955
I
pro¬
Real estate other than bank premises.
Mortgages on real estate sold by bank--
credit
163,280,900
73,512,097
108,408,025
estimated loss
vided for
Deposit
168,296,571
123,957,816
to
cover
New York
•
Bell System Tele. NY 1-208
85,320,460
1,137,077,149 1,134,924,472 1,077,435,462
Call and short
(not exceeding 30 days)
loans in Canada on stocks, deben¬
tures, bonds and other securities of
Corporation
Royal Securities Corporation
30 Broad Street
ish, foreign and colonial public securi¬
ties other than Canadian
•
4,671,618
22,573,134
Provincial
Canadian municipal securities and Brit¬
SECURITIES
Municipal
•
Private wire connection between New York, Montreal and Toronto
94,842.685
Government
CANADIAN
due
balance
Due from banks and banking correspond¬
Dominion
34,795*698
194,275,502
7,435,410
21,195.477
119,996,159
Government;
from other banks In Canada
ents In the United
42*.174*427
199,473,003
4,765,510
18,817,123
122,329.879
Deposits with Bank of Canada
Notes of other banks
well advanced under good
growing conditions.
conditions
May.
usual,
satisfactory.
frequent rains have retarded seeding and planting
crops
have
been
very
favorable
In British Columbia while the
are
season
In theMari-
following wet cool
is two
weeks later
making rapid growth and conditions generally
are
members
Telephone
new
2-0980
HAnover
IN
SPECIALIZING
CANADIAN
52
PRIVATE
dealers
WILLIAM
WIRES
association
Cable Address Hartwau
NY 1-395
STOCKS
INDUSTRIAL
AND
NEW
MONTREAL
Volume
security
System Teletype
UTILITY
BUILDING
ALDRED
york
Bell
STREET
AND
ROYAL
BONDS
BANK
BUILDING
TORONTO
YORK
CONNECT
OFFICES
144
3983
Canadian Markets
LISTED
For miscellaneous Canadian
this section,
see page
AND
UNLISTED
tables, usually found in
Montreal Stock Exchange
3982. J
Sales
Friday
Range Since Jan. 1,1937
Last
Stocks (Concluded)
Montreal Stock Exchange
June 5 to June
11, both inclusive, compiled from official sales lists
Last
for
Sale
Par
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1937
Canada
Low
Preferred
4%
100
Associated
Breweries
_*
Bathurst Pow & Paper A_*
Bawlf (N) Grain pref—100
50
4%
14%
14%
201
11
Jan
18%
18%
19%
26%
28
167
167%
1,130
17
Apr
23%
26%
Jan
38
May
170
Brazilian Tr Lt & Power..*
British Col Power Corp A_*
24 %
24%
25
36
36
220
190
36
B
Building Products A
8
6,420
6
6
150
8%
*
Mills
1,106
.
*
Bruck 811k
25
-
120
*
62
62
10
100
Calgary Power
100
100
10
Canada Cement
*
16 %
Preferred
100
Can North Power Corp.-*
103%
Canada Steamship
*
Canada Steamship pref 100
Canada Wire & Cable B.
7
14%
167"
Telephone
Jan
28
100
Bell
4%
28
28
16%
17%
103% 103%
21%
2%
21%
2%
5%
1,046
157
June
16
Jan
Feb
May
Apr
39%
11%
11%
Canadian Car & Foundry
Preferred
25
Canadian
Celanese
Preferred 7%
*
15%
Jan
73
105
Canadian Converters.-100
Cockshutt Plow
Jan
104
Jan
20
May
2%
Jan
22%
111
29%
4
Apr
Corp Seagrams
5
June
10
25
Feb
30
Mar
49
50
1,610
47%
May
13%
16%
17%
28
795
23
24%
24%
410
24
May
Apr
Apr
Mar
61%
21%
Jan
100
21
100
110
Preferred
__100
Dominion Steel & Coal B 25
Dominion Textile
*
49%
80
Dry den
Paper
l
English Electric B
Gurd, Charles
*
Gypsum Lime & Alabaster*
Hamilton Bridge
___*
Hollinger Gold Mines
Howard Smith
Paper
Preferred
18
_*
Foundation Co of Can...*
General Steel Wares
*
21
Jan
22
10
28
Apr
30
Feb
17
825
14%
Jan
80%
1,070
72
Apr
19%
20
18
Jan
22
23%
49%
21
710
20%
Apr
29
Mar
284
47
58%
23%
Mar
22%
100%
Mar
Mar
21
48%
20%
110
112
140
18
19%
400
80
14
145
108
30
80
73
12%
108
Jan
Apr
85
18%
Mar
Apr
Apr
Apr
117
May
8%
Jan
Apr
15%
18%
Mar
Jan
18%
Apr
11%
1,085
29
30
1,030
12%
10%
18%
103
103
145
99%
33%
6
6
415
100
4,362
1,570
5
20%
May
Jan
Apr
Apr
15%
34%
103
24%
15%
38%
Feb
2%
85
18%
10%
100
2%
14%
9%
Jan
Jan
*
73%
Mar
39%
12%
33%
5
Apr
Jan
Jan
June
iJan
Jan
38
38
20
Apr
38
May
20
20
30
34%
15%
Jan
22
Mar
30%
30%
32
300
30
70
2
2,075
9%
9%
9%
1,485
8%
8%
May
Jan
Jan
75
16%
Mar
Apr
15
Mar
110
May
29
Apr
40
39
40
2,508
37%
National Breweries pref.25
National Steel Car Corp
*
40
40
42
2,508
39
52
51
53%
44
44
52
80
43%
Feb
105
560
May
36%
100
Feb
Apr
Jan
Mar
9
260
8%
43
8
43
70c
40c
2%
17%
36
8
8
10
-
15
10
60
75c
445
40c
40c
1,000
2
2%
750
70c
17%
19
5,629
Eng Works Ltd
60
*
60
55
Dominion Stores Ltd
*
Donnacona Paper A
B
*
E Kootnay
Eastern
*
June
1.55 May
3
Mar
18
7%
43
May
May
June
6%
Jan
4
Jan
21%
Jan
11%
Feb
5
Jan
3%
7%
27%
16
65
Dalries7%cmpfl00
5
Ford Motor Co of Can A.
.
*
Jan
70c
30o
11%
11%
Feb
Jan
10
May
2.50
Mar
Jan
8O0
Apr
175
4
Jan
Jan
24%
Apr
69
Apr
73
Apr
12%
9%
250
9%
June
17%
3,921
13%
May
19%
Apr
Apr
1,540
13%
May
19
Apr
13
5
14%
Jan
33
Jan
14%
14%
110
14
May
30
Jan
9%
815
Apr
13
Jan
22%
23%
126
8%
22%
Jan
29%
Feb
1.00
14%
9
1.00
8
1.00
Apr
2.50
Feb
9
22%
*46%
47
45%
46%
30
Feb
Voting trust ctfs
*
Gen 8tl Wares 7 % cu pf 100
46
46
48
2,319
29%
Feb
60
Apr
98
98
98
42
76
Jan
110
Mar
Inter-City Baking Co..100
In Paints (Can) Ltd A
*
Intl Utilities Corp A
*
Internatl Utilities Corp B. 1
34
34
34
30
34
June
..*
6
1.50
6%
Jan
11
Jan
16%
Jan
Feb
1.50
30
1.50
May
21%
3%
1.25
May
1.80
Apr
Apr
Jan
52%
89% June
2% June
37%
73%
100%
Mar
9
Feb
9%
Feb
1.25
1.25
200
MacLaren Pow & Paper..*
31
30%
Massey-Harr 6% cu pf.100
68%
66
31%
68%
355
40
Apr
64
Feb
McColl-F Oil 6% cu pf.100
Melchers Distill Ltd.....*
90
90
90
62
1,980
59
Apr
83
Feb
155
5
150
Feb
5
91
Apr
May
168
88
99
Feb
ioo
102
102
102
10
103
May
103
May
15
20
Jan
23
June
Penmans
60*
60
61
20
58
Power Corp of Canada...*
21%
21%
22%
345
20
May
May
17
17
15C
17
June
10%
10%
145
8
Apr
25
23
23
10
19
Jan
100
104
104
10
104
Jan
29
29
35
25
Jan
103
103
32
63%
33%
25%
10%
23%
106%
33
Melchers Distillers Ltd pf.*
Mitchell A Co (Robt) Ltd *
Mtl Ref & Stor vot tr
$3
cum
2%
7%
pref
2%
7%
22
2
2
16%
*
395
50
2%
7%
22
_*
Jan
10
Mackenzie Air Service
88
39%
10
Jan
61
Apr
17
Feb
*
50
6
6
16%
Feb
155
Jan
10%
17
42%
43%
67%
88
Jan
13
Foreign Power Sec Ltd—.*
Fraser Cos Ltd
Jan
Jan
Apr
16%
P7% cum pflOO
Fairchild Aircraft Ltd
Jan
16%
9%
16%
Apr
Apr
Mar
155
23%
65
39%
100
23
25
2
Jan
Mar
Apr
98
14
3
19
10
Dom
46
3
19
*
Mar
54
1.65
25
3
15
Consolidated Paper Ltd..*
10
3
1.65
25
19
100
pref
cum
Mar
May
70
7% cum pref
Catelli Food Products
5%
3
*
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
89%
12%
Canadian Vickers Ltd
City Gas & Electric Corp.*
19
Saguenay Power pref
10%
1
pt.*
cum
Jan
Jan
13%
33%
Apr
37% June
13
Holland Paper pref
Holland Paper vot tr
2%
18%
Preferred
Apr
89%
"16%
19
Canadian Breweries
Cndn Gen Investments
Mar
89%
70
Jan
Apr
Mar
Mar
Cndn Power & Paper Inv_*
35%
9
May
CanP&Plnv5%
60
35%
26%
39
Jan
46
Apr
22
Apr
58%
Feb
Jan
Mar
34%
7%
21%
Feb
16%
40
20
1,410
16%
18
885
7%
23%
7%
22%
Apr
Apr
34
31
14%
9%
20
Jan
14%
12 %
34
Apr
14%
35%
122%
Feb
June
19%
Apr
3,871
Apr
7
6
38
11%
21%
80
77
239
18
23
7%
Power
23%
Cndn Intl Inv Trust Ltd..*
20%
1,795
Apr
Apr
Apr
38
Cndn Marconi Co
11
87
15%
Canada Malting Co Ltd..*
Jan
62
Preferred
Brewers & Dlst of Vane..*
Apr
25
84
9
24
355
41
6%
20
1,275
79%
90
9
Jan
10
80
62%
945
High
Jan
62%
63%
7%
64%
6
Apr
14
Low
5% May
41%
Jan
4,260
9
13%
26%
7
Shares
62%
•
6
17%
13
High
"85"
570
13%
ioo
7
Low
Bathurst Pr & Pap class B *
Beauharnols Power Corp.*
653
4,063
Knitting..A
100
18
85
Regent
pref
cum
18%
30
Quebeo
6%
Price
Certificates of dep.. 100
Asbestos Corp voting tr._*
18
108
Preferred
Abltlbi Pow & Paper Co..*
*
28%
15
Ogllvle Flour Mills preflOO
Range Since Jan. 1, 1937
or
Week
June
85
Ottawa Traction
Par
145
29
Ottawa L H <fe Power
Stocks-
Jan
67
61
Sales
Friday
Jan
740
*
Utility and
Industrial Bonds
11, both inclusive, compiled from official sales lists
13
105
Ltd
Municipal
Public
1883
Montreal Curb Market
June 5 to June
110
9%
new
Jan
330 Bay St., Toronto
*
85
Mines
Sparks St., Ottawa
Brit Amer Oil Co Ltd
"36"
Noranda
56
B C Packers Ltd
Jan
14%
"59
Apr
Canadian Government
255 St. James St., Montreal
Mar
5
206
May
Montreal Tramways... 100
National Breweries
Niagara Wire
Feb
Mar
1,998
13%
Montreal Cottons pref. 100
Mtl L H & P Consol
*
226
118
110
14%
100
*
May
Jan
19%
50
20
Massey-Harrls
McColl-Frontenac Oil
200
.
Jan
9%
*
Lindsay (C W) pref
53
207
June
Mar
28%
18%
14%
International Power pf.100
Jamaica Public Serv Ltd. _*
100
205
205
Mar
13%
33?*
Lake of the Woods
Mar
126
121
*20%
Land JonnaCo
340
of Prices
9%
11
International Power
Jan
Week's Range
14 X
29%
*
314
Sale
13%
*
Intl Nickel of Canada
Inter Petroleum
28
Last
1C
10
5
Imperial Tobacco of Can.5
Industrial Acceptance
Intercolonial Coal
100
Feb
326% 326%
-
Feb
27
25%
13%
loo
Imperial Oil Ltd
241
17
»
Electrolux Corp
Jan
Feb
21
14
Preferred
219
Mar
120
108
Dom Tar & Chemical...
41
31
21
140
"l8~
234
32
79%
Dominion Glass
234
ESTABLISHED
Jan
5
119%
23
*
234
60
Jan
65
"l8
Dominion Bridge
Dominion Coal pref
211
Jan
M
Distill
159%
Jan
Feb
28%
Con Mln & Smelt new—.25
Crown Cork & Seal Co.—*
Jan
180
INCORPORATED
Feb
120
"21
Jan
150
16
HANSON BROS
Mar
Apr
26
100
Rights
57
85
.100
Jan
28
5%
16 %
"24%
73
198%
Jan
49
Canadian Bronze
60
159
196
-
Jan
June
28
5%
28
60
159
196
Apr
6
64
High
Mar
7%
56%
Low
.100
Mar
100
Shares
Jan
30%
35
High
Jan
Jan
18%
100
350
42%
Low
159
Royal
Alberta Pacific Grain A..*
Price
50
Nova Scotia
High
Week
100
Commerce
Montreal
Shares
for
of Prices
Banks—
Canadlenne
Friday
Stucks-
Par
Week's Range
Sale
167
104
105
2
16%
2
27
6%
19
Apr
Feb
Jan
Mar
Apr
13
Jan
2.00 May
Jan
1.40
30
17
May
110
Mar
Jan
Jan
Feb
Page-Hersey Tubes Ltd.."
Jan
Price Bros & Co Ltd...100
Jan
Feb
Mar
6%%
cum pref
Power of Can
cum
105
42%
100
pref. 100
Quebec Tel & Pow A
*
4%
Apr
Royailte Oil Co Ltd
*
40%
Apr
13%
13%
13%
4,105
99%
8%
Jar
*
Jan
15
Apr
50
34%
34%
36
1,652
25
Jan
39%
Apr
St Lawrence Flour MillslOO
Southern Can P pref.. 100
United Securities Ltd. .100
Waikervllie Brewery Ltd »
24
23%
24
50
22
Mar
25
Apr
Walker-Good & Worts
St Lawrence Paper pref 100
93
93
94%
614
68
Feb
97
May
Shawlnlgan W & Pow
»
27
26%
27%
955
25%
Apr
33%
24
85
24%
Jan
30
Apr
60
3,472
465
201
140
1,115
99
Jan
35
Apr
48%
64%
Apr
79
June
107
100
4%
34%
Apr
Mar
Feb
Jan
4%
Mar
May
59%
Mar
Feb
Williams of Can.*
105
42% 44%
68% 69%
100% 101%
4%
4%
40
42%
St Lawrence Corp
A preferred
Sherwln
Simon
Preferred
Preferred
105
16
15
75
14
Jan
16
Jan
Aldermac
Copper Corp
•
13%
14
140
13%
Apr
18%
Feb
Alexandria Gold Mines
1
*
80
79%
73%
7%
80
243
77
May
Mar
Arno
*
"~5c
105
72%
6%
June
96%
88%
Mar
Beaufort
1
33c
Apr
11%
Mar
Bidgood-Kirkland
8
415
108
Feb
25
Jan
455
2
Apr
3%
48
398
42
Apr
49%
Jan
19%
51
20
Feb
1.05
1.12
4,000
2%c
24
15
73%
Jan
15% June
90
2
19%
24
""7%
104
16
46
(H)*
Walker-G & W $1 cum pf.*
13%
25
37
105
2
2%c
15%
15
.
United Steel Corp
Viau Bisouit
Waba«so Cotton
105
*
(H) & Sons
Southern Canada Power.
Steel Co of Canada
103%
19%
Mar
Jan
Mines—
Mines
Gold
1.05
3%c
5c,
100
610
33c
33c
2,200
62c
*
65c
75c
Apr
2c May
3%c May
30c
May
1.90
Feb
4%c
Jan
9c
Jan
65c
Feb
*
Winnipeg Electric pref. 100
Winnipeg Electric A
*
"4%
4
62c June
3
4
May
7
Jan
Big Missouri Mines Corp.!
48c
50c
3,275
41c
May
72c
51
Feb
35
50
Jan
60
Mar
40c
41c
9,700
38o
June
35
1.15
Feb
220
21
May
35
June
Bouscadlllac Gold Mines. 1
Brownlee Mines(1936)Ltd 1
40c
33
5c
5c
5%c
5,700
5c
May
13o
25%
33
2,000
3
50
100
26%
37
30
Mar
43
Jan
Bulolo Gold Dredging Ltd 6
24c
23 %c
24c
900
23%
June
4%
4%
534
May
10%
Jan
4
4
15
135
4%
4%
Apr
10
Jan
*
No par value.
65o June
30
Jan
Feb
3984
Financial
Chronicle
June
1937
12,
It?
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Toronto Stock
Friday
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
Calgary & Edmonton.....
Cartter-Malartlc G M Ltd 1
3.25
3.10
22c
20c
23c
34c
Central Patrlca Gd M
1
Consol
1
1.18
3,425
13,400
7,900
34c 39 %c
3.15
3.25
Chibougamau
Dalhousle Oil Co
90c
Dome Mines Ltd
6.40
Feb
18c
Apr
47 %o
65
Jan
May
2.75
Apr
5.15
Feb
1.00
May
2.70
Feb
55c
2nd preferred
Canad Car & Foundry...
Preferred
25
'
1.22
2,750
98c
39%
172
Apr
June
60%
Feb
9c
10,200
6%o
Jan
15c
Mar
1.18
5,200
90c
Apr
2.03
Jan
2.90
5,720
1,225
2.10
Apr
3.60
Apr
7.40
Apr
12%
Feb
39
Feb
3.60
Canadian Dredge
Canadian Ind Alcohol A-_
Hudson Bay Min & Smelt *
J-M Consol G M Ltd
1
Kirkland Gold
5,600
65c
Apr
1.58
Feb
29,721
1.35
Apr
4.10
Apr
May
41%
Feb
June
57c
Feb
Carnation Co pref
Castle Trethewey
45c
Apr
Lebel Oro Mines
1
35c
170
5c
16c
5.50
850
2%c
2%c
1,500
15c
15c
C PR
3%c
500
8.55
9.10
6,820
60c
69c
13,250
2.45
2.45
300
19 He
19%c
20c
60c
Pamour-Porcuplne Mines.*
Parkhlll Gd M Ltd new..l
Pato Gold
May
15c
Apr
4.90
8.50
Jan
Commonwealth Pete
Cockshutt Plow
8c
Jan
Mar
10c
Feb
3.10
Conlaurum Mines
Cons Bakeries
Consol Paper Corp
Jan
Mar
Jan
Consumers Gas
100
June
42o
Feb
100
1.90 June
3.80
Feb
Cosmos pref
Crow's Nest.
6.50
Feb
Darkwater Mines
..1
2.51
Jan
Dlst
Perron Gold Mines Ltd__.l
Pickle Crow Gd M Ltd
1
Placer Development
..*
1.00
1.00
1.10
6.25
6.50
1,135
6.00 May
9.10
15%
15%
100
15% June
17
96c
June
Feb
May
41c
3.90
590
4.10
5c
Read-Authler Mine Ltd.-l
41c
3.85
1
5%C
41c June
Feb
85c
5
Dome Mines
.*
Dominion Bank
Feb
Dom Steel Coal B
6,200
54o
June
1.13
Feb
Dom Stores-
3,400
1.80
Apr
4.00
Feb
Dom Tar & Chemical Ltd.
Slscoe Gold Mines Ltd
Sladen Mai
1
4.00
3.90
4.20
Apr
6.65
Jan
Dorval Slscoe
1.17
1.17
1.35
1.08
May
2.50
Jan
Stadacona-Rouyn
*
1.60
1.50
1.68
94o
Jan
2.90
Mar
Eastern Steel Prod...
East Malartic
Sullivan Cons Mines Ltd.l
1.35
1.30
1.42
1.09
Arp
2.25
Jan
Easy
Teck-Hughes G M Ltd...]
Thompson Cad
1
4.90
5.25
4.90
Apr
6.10
Feb
Eldorado Mines
"73c
2,225
11,950
64,900
7,650
1,350
24,240
3.70
1
Jan
Falconbridge
8.00
50
42c
46c
24,500
37c
June
6.40
Wright Hargreaves M Ltd*
76c
8.00
*
6.40
110
6.30
May
65c
June
2.15
8.00 June
8.00 June
73 %c
8.10
Apr
Jan
Preferred
15
York
Curb
Jan
44c
9,200
24c
Jan
950
Feb
18%
360
Feb
22%
Mar
7,225
Jan
1.25
20%
495
1.22
3,400
17%
19%
1,373
78
80%
204% 204%
103% 103%
78
952
72
Apr
100%
Mar
29
201
Feb
211
Mar
10
103%
45
58c
57c
39%
39%
227
110
46
227
64c
10,600
23%
21
2,165
41%
6,562
230
38
5
Washing
17%
'
39
18%
3,650
9%
11%
9%
13%
505
1.05
20
55
130
May
Apr
1.00
17
41
Apr
May
June
Apr
55c
20
June
Apr
38%
2.14
Jan
23
Feb
2.68
Feb
19%
May
105%
50
2.95
28%
Feb
Jan
Jan
Mar
May
61
May
May
250
Jan
24
Mar
4c June
38
June
12%
9%
11%
June
40c
Jan
Jan
Apr
15c
44
28%
12%
18
Jan
Jan
Apr
Mar
Mar
Apr
7.50
21
.......
Federal Kirkland
80c
...
65c
3,650
18%
50
1.11
1.20
21,175
90o
Apr
2.05
200
4%
Jan
9%
Jan
7,390
2.10
Apr
3.65
Apr
May
2.80
7.50
20%
11%C
22%
32%c
Ford A
56c
5
2.80
13%
5
2.90
7.75
Apr
12.90
24%
Apr
54c
Jan
Jan
22%
20%c June
29%
Jan
23%
2,069
34c
70,100
9,700
85c
102
5
13%
13%
155
40c
46c
36,000
8c
7 %c
9c
9.500
53c
11,300
51c
50
23c
40
28
12c
44
50
90
90
54
54
11,000
6,700
13C
90
Preferred
4,400
23c 26%c
40
Jan
Apr
22%
24%
Jan
7.10
43c
51c
Feb
19
25,650
24c
1.22
24
3,165
13c
80c
18% June
1,765
21
12c
102
100
Goodflsh Mining...
Goodyear Tire.—
WA. 3401-8
14
43o
1.15
204%
103%
1.12
......
Gold Belt Mining
Gold Eagle
(Associate)
King Street West, Toronto.
1.47
18%
God's Lake Mines
Goldale Mines
Exchange
Canadian Commodity Exchange, Inc.
New
5.25
Apr
Apr
18%
9%
13%
General Steel Wares.....
Gillies Lake Gold
Stock
Feb
Apr
14c
60c
Glenora..
STOCK BROKERS
Members Toronto
Jan
2.60
56c
...
Co.
Jan
Feb
1.66
16,900
25
Foundation Pete....
Francoeur
&
107
June
6,300
27,300
39
...
Frost Steel pref
Duncanson, White
95c
Apr
May
93c
50
Fanny Farmer
100
1,500
1,500
10c
Ventures Ltd (new)
Wood Cad
Mar
Mar
1.75
5c
60c
72c
Jan
4.00
5c
2.60
220
Jan
Feb
17%
1
Dominion Explorers
Dominion Scottish Inv—
54c
9c
2.30
135
1.47
19
2.55
10c
50
1.05
Apr
Apr
Apr
Jan
Jan
23
1.85 May
225
54c
Feb
102
12%
120
2.55
Feb
16c
75
700
3,720
1.10
115
226
1
6.85
15
20%
1
May
May
9o May
5c
5,375
20%
Sherrltt-Gordon
Reward
3.70
1.30
118
25
..100
Shawkey
1
13% June
3.30
23
Seagrams
2,150
2,200
8,900
Ritchie Gold
50
May
8%
16 %c
17%
Cons Smelters
Dominion Coal pref
Quebec Gold Mining
14
47
16c
100
2.55 May
2,400
7,100
19,900
Apr
June
Jan
1.10
1.10
2.25
4%
124
Jan
20%
4.05
4.10
38
5
Feb
32
80c
1.15
13%
3.65
160
3,640
Apr
Apr
May
3.00
Cons Chibougamau
Apr
2.00
23%
1.65
17
June
3.95
14
115
Jan
Feb
9%
12%
21%
35c
49o
2.05
390
Apr
Mar
210
16c
2.35 May
Pend-Orellle
45%
6%
7%
10
High
Jan
89c
6.50
15c
Low
183
50
719
2.00
1.00
Jan
45c
8%
11%
17%
27%
13%
102
Chromium Mining
May
15o
9
13
10
Central Patricia....
Central Porcupine
3%c May
199
1.75
Jan
Apr
Range Since Jan. 1 1937
Shares
1.65
Jan
59
2%c June
4,400
Pandora Cad
*13%
2
Wineries
27 %C
30c
Mar
June
4c
900
3%c
8.55
35c
48
1,000
"l5c
O'Brien Gold Mines Ltd-.l
25o
5,400
5.20
5~20
27
300
50
4%c
1
Montague
Murphy
6,600
16c
1
Moffatt-Hall Mines
275
27c
35c
50
1
Macassa Mines
29%
26c
5c
1.20
118
Cariboo Gold
29
1
T£6
10
90c
26c
Lamaque Contact G M__*
5%
5
13%
Preferred..
2.37
*
Lake Shore Mines
29
44
5
88c
2.15
.♦
8%
11%
16%
26%
11%
16%
6
B
1.90
I
Oil..
High
188
"45%
Canadian Malar tic
7.75
6,200
Canadian
Home
Low
Price
Canadian Locomotive
2.75
2.85
Week
Canadian Canners
Mar
30
■
for
of Prices
Can Bank of Commerce 100
7.75
*
Francoeur Gold M Ltd
May
8c
9c
Falconbridge Nickel M._*
Par
2.10
90c
1
Eldorado Gold M Ltd
Stocks (Continued)
High
1.13
*
East Malartic
850
Low
Week's Range
Sale
39%
...»
Duparquet Mining Co
Sales
Last
Range Since Jan. 1,1937
Shares
3.40
Central Cad
Exchange
Friday
Last
55
4,000
10c
1.25
Feb
Feb
70c
May
100%
Jan
8
Jan
18%
Apr
30c
Apr
7%o June
65c
May
45c
22
May
June
12c
34
Jan
June
10c
1.58
107
Feb
Mar
30c
Jan
1.02
Jan
49
Jan
39c May
08
Apr
22c
5
82
May
92%
47
53
Mar
57
Apr
Apr
Feb
Jan
Graham Bousquet
Toronto Stock Exchange
June 5 to June
11, both inclusive, compiled from official sales lists
Fridai
Last
Stocks—
Par
Abitlbl
*
6% preferred
100
Acme Gas & Oil
1
Alberta Pacific Grain
Low
6%
Shares
7%
64%
1,070
5%
637
41%
14c
5c
2,000
5,000
11c
4c
63
*4%c
4%
27
50
4%
27
25
Mar
Apr
Astoria Rouyn
Jan
Jan
Apr
Apr
1.89
Feb
3,500
2c May
4%c
Jan
1,665
8.75
Feb
1.42
Feb
1.15
feb
15c
Feb
25c
Feb
2%c
2%c
2%c
5.60
6.20
52c
52c
57c
3,522
5.40 May
52o June
43c
43c
45c
2,600
43c June
8c
8%c
2,500
11c
11c
...50
Bagamac Mines
1
Bank of Montreal
57
25c
100
Bankfield Cons
1
25c
235
95c
90c
12c
21,500
59%
24
28c
7,575
8c
235
7
1.00
9c
57
23c
340
Mar
Mar
273
Mar
328
330
37
255
255
257
18
250
15
15
15
Bathurst Power A
*
32c
18
18
34c
7,280
19%
470
1.40
5,916
10% May
25o
17
Jan
9%
15
Apr
Apr
6%
788
6
Jan
167
167%
799
154
Apr
Big Missouri
l
Biltmore Hats pref
Blue
.*
Preferred
4
50
Bralorne Mines
37%
l
Bobjo Mines
15c
*
8c
,
Distillers
Brewing Corp of Can
Preferred
B A Oil
34,635
7,172
37
15c
7.25
7.GO
25%
25%
24%
*
19
2%
18%
»
23%
22%
36
36
*
7%
Mar
31
7.40
1,095
13
7%
3
125
19
275
23%
36%
2,371
Brit Col Power A
*
1
30c
30c
800
1
9.50
9.75
745
*
»
Bunker Hill
*
Burry Biscuit
Burt (FN)
Calgary & Edm
Calmont Oils
Canada Bread
Canada Cement
Preferred
Can North Power
3c
61
13%c
50c
25
~42~~
*
61
12%c
5%c
3.15
1
42
2.95
71c
63c
»
7
*
100
___*
Canada Packers
*
Can Steamships pref
100
Canada Wire & Cable B-. *
3%c
3.45
80c
5
28
,
Feb
June
6%
40
Jan
Mar
29c
Jan
9.00
Feb
May
26%
Mar
Jan
30%
Mar
7
Apr
9%
Mar
3%
Jan
2% June
14%
Jan
21%
Apr
36% Apr
20c May
8.25
Apr
21
Jan
20%
39
Mar
Jan
1.10
Feb
12.50
Feb
3c
June
6%C
Jan
Jan
74%
Mar
May
23c
Feb
425
5c
51
■
10
42,680
42,298
7
50
123
46
84
"4%
72c
110
Jan
12o
15
17
50
84
1.70
Feb
10
3,000
103%
21% 21%
21%
14c May
6.40 May
176
Apr
7,060
15c
103
»
Can Steamship (new)
16%
103
45
63
6 %c
42
Jan
35
20%
4,609
Buffalo-Ankerlte.
Building Prod
Apr
May
British Dominion Oil
Buffalo Canadian
40c
4
9,634
25%
.*
June
109%
25%
24%
50c
21
37%
17%c
»
1.00
25
4
25
Brantford Cord pref
Brew
57c
47 %c
50c
110
110
100
Ribbon
Brazilian
60c
Feb
Jan
30
6
1
65c
Jan
17
6
Bldgood Kirkland
14% May
Feb
17
*
167%
Jan
1.75
*
*
Bel Tel Co of Canada...
Feb
21%
Beattle Gold
17
1.85
24%
Beauharnois
1.20
245
Apr
Beatty Bros A
1.35
Apr
May
328
100
*
49c
Jan
Jan
100
Base Metals Mln
Apr
60
Apr
Bank of Toronto .1
*
Jan
221
Bank of Nova Scotia
7,251
Apr
June
80 %c
305
Barkers Bread
Jan
86c
6,140
12,050
1
Bank of Canada
Apr
20o
Jan
1.16
__1
80
10%c
6%
1
Ashley Gold
Apr
May
Feb
1
Argosy Gold Mines
Arntfleld Gold
15%
Feb
1.06
5.60
4%
27
May
95c
1.06
*
15
Apr
8c
39% May
Jan
44%
Jan
Apr
0 55
Feb
40c
Apr
1.75
6%
May
2.00
15%
101
10%
Mar
Jan
Jan
23
Apr
May
110
Mar
21% June
84
Apr
28%
Jan
98
Feb
4
4%
50
4
June
7
Apr
5
5
20
5
June
9%
Jan
28
28
Apr
18c
Jan
19%
19%
21
87
13%
Apr
26%
44
44
45
689
33%
Mar
Apr
Apr
85
19
June
31
3,500
16c
Apr
630
Feb
21c
22c
2,732
20c
May
57o
Feb
9c
3,000
8%c
6%c
51
73c
78c
5,000
69o
Apr
1.25
Jan
13%
2%
14%
845
13%
Feb
18%
Apr
2%
1,500
2%
May
5%
2
Jan
2
Jan
5
5%
1,440
4%
Apr
7
Jan
21,370
1.39
Apr
5
1.50
1.75
17
17
14%c
14%c
17c
1,100
25c
Hlghwood Sarcee....
Hlnde & Dauch
Jan
2
1.53
Harker
7
2
25C
33c
43,275
15c
820
Hargal Oils
21
20%
1,100
21
17
June
3.44
38
Jan
Jan
14%c May
33c
Feb
Jan
90c
Mar
...
Howey Gold
Huron & Erie.
Imperial Bank
Imperial OH
Imperial Tobacco.
pref
Feb
3,270
19%
10%c
22%
lie 11%C
Apr
15%C
Jan
45c
48c
33,500
31c
May
87c
36c
Homestead Oil
Apr
lie
48c
Hollinger Cons
36c
41c
17,150
33 %c
Apr
72c
100
92
92
95
90
72
Jan
..100
224
224
226
65
223
June
6,788
20
100
102
21%
14%
International Nickel
International Pete
20%
14%
100
21%
14%
102
490
39
59
58%
60%
7,978
33%
33%
35%
5,719
1.60
Internat Util B
1.60
1.60
200
Apr
13%
99
Jan
May
64%
33%
Apr
90
251%
24%
15%
105
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Apr
73%
39%
1.45 June
3.15
Feb
Mar
Jack Walte Mines
80c
80c
85c
6,015
78c
May
1.61
Mar
Jacola Mines
38c
35c
40c
8,633
33c June
53c
Mar
1.12
24,442
2.15
Feb
27c
7,550
Jelllcoe Cons
J M
1.04
Consolidated
24c
Kelvlnator
Preferred
31
1.03
24c
30
.100
31
25
106% 106%
2*40
2.36
Kirk. Hud Bay
1.80
1.80
Kirkland Lake
1.29
1.27
50c
50c
Kerr Addison
.....
Laguna Gold
Jan
Mar
3.30
Apr
1.99
6,900
1.35
Apr
2.65
Feb
1.43
21,540
90c
Feb
1.70
Apr
50c May
1.10
Feb
47%
Apr
69%
4c
May
28c
63c
Apr
1.33
83c
81c
87c
23,800
48c 50 %c
68
68
15
68
June
77
87c
Lebel Oro
14%c
Lee Gold
91c
4,000
73c May
1.05
14%c
16c
30,767
14%c June
30c
3c
Little Long Lac
Loblaw A
3c
3c
60c
Leltch Gold
57c
65c
4,000
13,175
5.50
1,315
5.40
5.20
25
24
25
22%
23
296
Jan
Feb
Jan
Jan
Apr
Jan
3o
May
7%c
Jan
56o
June
1.35
Feb
5.00
Apr
23
Apr
26
Feb
Jan
23
Feb
398
23
B
Feb
108
Apr
5%c
Cap Gold
59C
39
2.20
4%c
Laura Secord
90c
Apr
24o June
27% May
106% May
34,023
2,000
3,794
26,000
48 %c
Lamaque Contact
Lapa Cadillac
Lava
2.65
10
5%c
Lake Shore
21
8.40
Jan
Macassa Mines
5.35
5.10
5.50
4.85 May
2.21
2.19
2.35
1.65
May
4.85
Jan
70c
69c
74c
17,870
29,733
11,850
8.60
MacLeod Cockshutt
Madsen Red Lake
630 June
1.20
Mar
Manitoba & East.
2%c
2%c
3%c
25,200
2%c June
16c
Feb
14c
13 %c
3
15c
14,195
13%o June
Malargo Mines
Maple Leaf Gardens
Preferred
__1
Maple Leaf Milling
Preferred
Preferred
May Spiers Gold
McColl Frontenac
Preferred
McDougall Segur
Mclntyre Mines
3%
6%
7
6%
7
75c
Jan
3
June
248
2%
Jan
5
Mar
6%
240
7%
125
13%
3,020
10
69
63%
69
1,590
100
91
90%
91
24
24
24
33
33
4c
3c
9%
Mar
278
3%
12%
9%
36c
Jan
3
13%
Massey Harris
4%c
9%
6%
Jan
11
5
Apr
12%
Jan
Jan
16%
Mar
Jan
74
Mar
8%
52%
3c
June
31,200
1,020
90
8%
Apr
Jan
44c
Jan
14%
Mar
89
Mar
101
Mar
May
1,000
18
May
25
35%
2,715
32%
May
42%
1.22
1.15
1.24
1.04
Apr
2.03
Jan
27c
30c
32c
12,990
9,140
17c
Jan
57c
Feb
McWatters Gold
50c
50c
55c
5,750
1.18
Jan
Mercury Oils
35c
32c
38c
63c
Mar
Merland OH
14c
14c
15c
26,300
10,500
45c May
26o
Apr
39c
Feb
MoKenzle Red Lake
McVlttle Graham
*
Apr
18c
75c
J
Hard Rock
Intl Milling
16c
13%
Gypsum Lime <fc Alab
Halcrow Swayze
Harding Carpets
43%
40c
1
Anglo-Huronlan Ltd
4c
High
June
36c
,
8%c
Great Lakes Paper
Preferred
Hamilton United Theater25
29c
36c
*
Aidermac Copper
Alexandria Gold
Low
13c
63
*
Alberta Pac Grain pref.100
A P Cons Oils
1
High
6%
Range Since Jan. 1 1937
for
"WfipY,
WW COm
of Prices
*
Alton Mines Ltd
Price
Range
2lc
Gunnar Gold
Sales
Week's
Sale
16c
Granada Mines
Grandoro Mines
No par value.
10c
Apr
Jan
Volume
Financial
144
3985
Chronicle
*
"
r
Unlisted
Canadian Markets—Listed and
Exchange—Curb Section
Toronto Stock
June 5 to June 11, both
CO.
F. O'HEARN
Sale
Par
Stocks—
OFFICES
Blssell
MEMBERS
Noranda
The Toronto Stock Exchange
Canada Bud
Sudbury
Winnipeg Grain Exchange
Canada Malting
Montreal Curb Market
North Bay
Canadian Commodity Exchange
Owen Sound
Bourlamaque
1
Canada Vinegars
(Inc.)
Canadian Marconi
Chicago Board of Trade
Tlmmins
Range Since Jan. 1 1937
Week's Range
for
Sale
Stocks {Concluded)
of Prices
Low
High
Week
Price
Par
1.34
31c
1
*
"9 *
Murphy Mines
1.48
1.34
33 He
115
National Sewerpipe A
23*
23*
200
5c
6Hc
3*c
8,500
1H
1H
500
85c
97c
23 *
5c
91c
17
Mar
19,195
31c
Mar
May
1* May
6c
Jan
55o
15
Feb
22*
112
47* June
58*
Apr
378
29
May
33*
19*c
15,200
5,317
Jan
45o
Apr
Feb
17c
17c
10c
1.20
1.50
Apr
3.55
May
47 H
13 H
1.30
47 H
13H
30
May
47*
June
5
12*
Jan
18*
Apr
1.40
Apr
4.05
50c June
1.75
Jan
2.15
1.90
2.38
53,634
—*
55c
50c
70c
630
90c
42
29*
28
28
1,030
Apr
41*
25
28 H
Feb
27
June
32*
Feb
May
12 H
12H
13
426
12
98 H
97 *
98 H
296
90*
Jan
2,500
22c 24 He
2,100
2,500
2,800
20c
3c June
136
10
135
8H
Jau
May
19
45
19
May
205
9
201
Apr
88c
Feb
10C
Inter Metals A
Jan
27
*
100
267
Feb
400
37 H
Feb
Apr
Feb
35
29 H
28
June
Jan
3.60
49*
*
May
3*
Apr
*
32c
Jan
June
5c
Hudson Bay MAS
180
Jan
3*
25
3o
Humberstone Shoe
252 H
Jan
21
Jan
1.60
22* May
20
*
*
Honey Dew
Apr
Feb
17 H
Fraser Voting Trust
Home Oil
38*
48
20
*
*
Hamilton Bridge
Jan
18,800
3Hc
Feb
34
Mar
10
355
750
21c
10*
June
20.800
3Hc
9H
187
1.75
June
65
7*c May
8* May
45
136
100
Preferred,
Apr
1.98
18
Jan
45
Apr
42
19
National Grocers
May
Feb
190
35c
3*c
9*
Apr
1.05
13,440
21
190
253
31c
42
155
43
190
100
^._.l
May
12 He
2,600
253
100
A
B
2,500
42
42
Moore Corp
18c
Feb
5.00
2.80
65c
Apr
May
3,985
2.80
112
1.70
*
Found & Steel
East Crest Oil
High
Low
Shares
3.15
17c
Moneta Porcupine
Morris Kirkland
Dom
65c
*
1
Model Oils
Dominion Bridge
Foothills Oil
2.80
Mining Corp
Mlnto Gold
Dalhousle Oil
DeHavlland
Sales
Last
37*
*
*
*
Cobalt Contact
Friday
50
1
5
Churchill Mining
Toronto Stock Exchange
3,550
8*
17 H
*
*
1
*
Central Manitoba
Kirkland Lake
Sarnla
37*
9*c
37 H
.*
Canadian Wirebound
Hamilton
5
60
8*c
8H
8*c
1
Brett Trethewey
Cobalt
Montreal
High
Low
Shares
60
100
pref
Toronto
Ottawa
of Prices
High
Low
Price
Range Since Jan. 1 1937
for
Week
Week's Range
Last
TORONTO
WAverley 7881
lists
Sales
Friday
GRAIN
BONDS
STOCKS
11 KING ST. W.
inclusive, compiled from official sales
18*
Jan
Mar
108
Feb
Preferred
11
Apr
Kirkland Townslte.
1
140
Apr
Malroblo
1
l*c
l*c
Jan
Mandy
*
25c
27c
Jan
21*
55c
4*C
25c June
69C
Apr
Feb
Jan
Apr
40
120
33
33
100
May
lHc June
32
29 H
29*
51*
20
Mar
85
29
Apr
37*
550
40
Apr
Apr
Apr
57*
Jan
6c
Apr
49c
Feb
*
*
33c
33c
36c
2,500
1.05
Feb
Mercury Mills pref
Montreal L H A P
*
29 H
3*c
3Hc
4Hc
9,000
3Ho May
12c
Feb
National Steel Car
*
52
55c
63c
5,400
60c June
1.49
Jan
1
2*c
53
2*c
19,000
625
2.40
Apr
3.60
Feb
5
17c
19c
28,800
6
2.60
17c
N1 pissing
2.58
15c
2.60
Night Hawk
Nordon Corp
2c
55c
2c
..1
*
60 *
60
61*
4,286
59*
Apr
83
Feb
Oil Selections
3,000
Noranda Mines
Norgold Mines
1
6Hc
7c
40,000
16*C
Jan
Ontario Silknit pref
„•
76c
76c
1,100
70c
Apr
95c
Apr
Pawnee Kirkland
1
Pend Oreille
8.60
9.20
6.50
Apr
13.25
Jan
2.25
22,078
26,385
4.10
Feb
Porcupine Crown
Ritchie Gold
4H
6,700
12
Jan
Robb Montbray—
1
Rogers-Majestic
Shawinlgan WAP
*
*
*
205
100
National Trust
Naybob Gold
Newbeo Mines
New Golden Rose
North Can Min
8.50
Okalta Oils
1
•
Olga Oil <fc Gas
*
O'Brien Gold
2.10
4
4
55c
Omega Gold
63c
55c
May
5 He June
Apr
1.05
4
May
45c
17,137
Apr
2
*
*
•
*
1
Preferred
Pacaita Oils..
Page Hersey
Pamour Porcupine
...
105
105
Park hill
Payore Gold
June
June
Apr
98
Feb
118
2.00
Apr
105
2.15
2.45
5,582
8H
100
19 He
19c
2,733
4,150
19 He
3,200
29,900
19,750
18c
17 He
57c
17 He
67c
65c
27c
1.00
34c
1.00
1.10
"65"
Pickle Crow..
I
6.40
Pioneer Gold.,
1
Photo Engravers
10,300
1,500
Apr
5H
65
23
1
2.34
Pressed Metals
*
Preston E Dome
1
Prospectors Air
*
May
46c
Jan
60c May
1.38
Jan
23c June
98c
May
32c May
2.50
21
Apr
Jan
26*
Jan
Apr
9.20
Feb
6.85
2.20
*
41c
Reeves MacDonald Mines ♦
33*
28
36
80
June
Reinhardt Brew
1
Reno Gold
1
Royal Bank
Royallte Oil
Russell Motor pref
St Anthony
24,120
84c
Apr
1.47
Jan
1.43
100
1.10
Feb
1.55
Jan
42c
42c May
85c
Jan
4.10
1,500
1
11c
23 X
88
84
85
206*
10
4
23 X
1
100
*
100
Roche Long Lac
1.05
4
*
Remington Rand
95c
49c
lie
14,100
14c
24
2H May
22
Jan
84
June
11c June
198
May
4
June
29*
Mar
Jan
135
48 He
Feb
227
Mar
42
505
35
Apr
60
Mar
4
110
Jan
118
13*
1.30
1.59
52c
60c
78c
7Sc
80c
2.50
2.50
2.60
8H
*
100
32c
Jan
28,700
13c
Apr
253
9*
Jan
15
Apr
103
Mar
25
103
103
98 H
Apr
12,555
12,900
1.25
Apr
2.40
Jan
54c
Apr
1.10
Feb
1,800
9,097
57c
Mar
81c
Apr
1.90
Apr
68
9
7* June
85
36*
12 *c
6
300
5
37
May
Feb
85
June
37
Mar
2*
33*
Jan
19,800
20c
Jan
58c
Mar
50
1*
Jan
2*
Mar
50
50
60
40c
2
53
475
48
June
62*
290
2
June
2*
2*
General Manager of
monthly
his
In
Canadian Bank of Commerce
review of Canadian business, A. E. Ar¬
of the Canadian Bank of Commerce,
scott, General Manager
states that "industrial activity rose
month notwithstanding the effects of seasonal
Toronto,
These
influences
seasonal
however," he notes, "less
were,
than usual, for they were more than
balanced by stimulating factors of recent origin.
Part
this exceptional advance was
of
due to the comparatively
3.95
Feb
Feb
caps
no
Feb
in British Columbia finally to overcome
ability of lumbermen
17
they encountered last winter
70
97 H
May
10,570
3.60
Apr
6.65
Jan
1.13
14,450
1.00
Apr
2.49
Jan
Slave Lake
1
*
*
95c
95c
1.05
6,150
95c
June
2.50
Feb
cally to the high point reached a year earlier.
There were, however, favorable factors in this industrial
from those which merely offset the temporary depressants of
2o
Jan
We
2*c
2Hc
6*c
80c
2,000
1,450
May
75c
53c
Apr
2.00
Feb
30c
30c
550
29c
Apr
68c
Mar
1.50
1.63
28,006
90 He
Jan
10
May
2.85
Apr
15*
Jan
1936), the continued progress
96
Feb
duction
88
Mar
79
80
135
73
*
"79"
25
Preferred
marked revival in construction, to the
refer to the
73
65
77 H
71
May
May
increased
of
metallurgical
2,097
3.50 June
6.90
Feb
May,
21c
23c
May
40 He
Jan
the
Sullivan Cons
1.40
4,400
4,088
18o
1.30
1.08
Apr
3.25
Jan
this increase and
Sylvanlte Gold
3.10
3.10
3.30
8,170
2.70
Apr
4.80
Feb
16 *
16
15*
Tamblyns
3.50
16*
780
1
9c
9c
9Hc
*
*
4.80
4.80
5.30
5,456
8,500
8,350
....
Tashota
Teck Hughes
Texas Canadian
Tip Top Tailors
Tip Top Tailors pref
Toburn Gold
*
100
1
*
Twin City
1.80
12
2 .42
2.40
2.55
2.35
Jan
14
Apr
5
104
Mar
110
Apr
1,175
86 H
Mar
4,590
88c
Apr
9H
100
101
"l4H
14*
975
*
*
29c
26 He
33c
38,960
7H
7H
830
8.50
7 H
7.80
8.50
1.40
1.30
1.50
2,200
4,905
*
1
*
*
Walte Amulet
2.80
14
2.70
Preferred
Flour...*
*
Preferred
100
Whitewater Mines
1
Wlltsey Coghlan
1
Winnipeg Eleo A
*
Preferred
-100
White Eagle
»
Wood Cadillac
1
48
45
19H
Walkers
19*
H
2.85
48*
19*
9* May
13
Apr
17c
6
Apr
May
4.65
Jan
2.00
Feb
18
19
70c
11*
989
Mar
Feb
49*
Mar
May
ID
4.65
May
42
20
Jan
7H
Westons
previous records.
CURRENT
Feb
9.10 May
Apr
all
NOTICES
Mar
2.25
2.35
a
Jan
1.00
1,870
13,925
reason
one
greatest since
Jan
7.80 June
Apr
of the heavy industries and the record pro¬
chemical products.
Export trade rose in
Jan
no
7 H
10
7H May
12*
Jan
16*
Western Canada
15*
670
15* May
18*
Jan
—The ratio of earnings to
market price of 40 leading industrial common
of June 8 was 6.6% compared
stocks
as
to the
second monthly issue of "Graphic
44 Wall St., New
against 6.4% a
York.
with 6.7% on May 12, according
Comparisons'* by Shields & Co.,
The ratio for 16 leading utility stocks is 7.7%
month ago, while for 14 leading railroads the ratio is 7.1%
compared with 6.5%.
The ratio of
compared
4.6%, while
dividends to market price is 5.5% for the utilities
Mar
106*
Jan
14c
14c
15c
2,500
10c May
30c
Mar
with 5.0% a
month ago and 4.7% for the rails compared with
4Hc
4Hc
4H
5c
2,000
4He June
17c
Feb
the dividend
yield on industrials remained at 4.9%.
100
4H
20
100
100
4*
27
26
...
2c
2Hc
41c
Wright Bar greaves.
*
6.15
Ymlr Yankee Girl
*
25*c
2.10 May
20
1.15
9*
l" 04
*
Vulcan
1.60
1.04
101
"
Jan
Apr
Feb
United Oils
Ventures
Jan
Feb
6.00
10
Union Gas
United Steel
16*
28*0
90
2.04
12
109X 109*
"
1
Toronto General Trust. 100
Towagmac Expl
1.82
12
Jan
9o June
4.80 June
and
because of larger shipments of wheat, which were
December and about 50% above those in April. With
decline in shipments of Argentine and Australian wheat,
Canadian exports accounted for about 40% of world trade in this cereal.
The heavy industries, apart from those units closely allied with automo¬
bile plants, found an expanding field for their business in the greater
demand for materials required by the large new contracts for engineering
work as a group operated at about 85% of capacity.
The further upturn
in metallurgical operations was of course associated with a mounting pro¬
duction of metals in the first part of this year, an output which exceeded
for
3.85
21c
Sudbury Contact
situation aside
earlier months.
further development
foreign trade beyond the high level recorded in April (exports in April
in value by 15% and imports by 37% over the like period of
of
1.35
3.65
Sudbury Basin
the handi¬
and so to restore their operations practi¬
4.10
Steel of Canada
peaceful
prevailed in industry following the settlement of major
labor disputes and which permitted many industries, directly and indirectly
concerned in such disturbances, to cope with accumulated orders.
Another
element inducing the high level of industrial activity in May was the
atmosphere which
99
Standard Chemical
counter¬
With the
progressive movement last month we estimate that Canadian
industrial operations were nearly 20% above those in May,
1936."
Mr. Arscott continued:
1.15
210
slightly last
depressants.
powerful
3.85
15
Jan
Feb
During May 20% Above
98
14 J*
5
Ago According to A. E. Arscott,
1.15
1.50
3* June
36c
3.95
*
Jan
June
3
80
98
Stadacona
Jan
Mar
30
1
90c
56
Jan
Feb
16
1
Southwest Petroleum
9*
June
Si ad en Malartlc
Spooner Oils
34
Apr
Siscoe Gold
South Tlblemont
8*
Apr
25*
2
36c
Same Month Year
Mar
12*
17 He
19 He
52c
Preferred
Feb
Apr
113
16c
1.44
Simpsons B
1.78
1.52
40
1
50c
1
Sherrltt Gordon
May
80c June
113
1
Sheep Creek
Feb
May
38c
42
*
Saguenay Power pref. .100
Shawkey Gold
28,400
208
205
6.85
3.60
113
St Lawrence Corp
San Antonio
5
3*c May
value.
Feb
29 H
Feb
5,000
10
3*
85
85
Feb
16o
10
30
3*
-
»
Feb
11c
Apr
5o
25
Canadian Industrial Activity
Jan
May
20*
1.00
No par
Feb
4.50
95c
55
41o
*
Feb
May
2.25 June
5,350
7,720
30
-
6.65
3*c May
100
6 H
7c May
21,800
23,000
7,10C
6
5
6*
Jan
Apr
71
June
2*c
Apr
2.60 May
27
6
26*
26*
.*
1
Thayers
*
United Fuel pref—...100
Waterloo Mfg A
*
Feb
2.57
89c
1
Red Lake G Shore
5c
12c
4c May
64
June
3.85
Read Authler
4c
5
Jan
Jan
3.75 June
5.20
22 H
1,000
3,780
29,700
6c
100
Preferred
15c
42c
Quebec Gold....
5c
5c
-
Supertest ordinary
1.43
95c
4.10
4c
Temiskamlng Mines
2.25
1.09
3.65
5c
Hosiery
Apr
3Hc
875
3.90
4Hc
4*c
100
Preferred
Feb
65
14,311
Stand Paving
Supersilk
41
Jan
6.50
6,500
1
40
Apr
4.00
2Hc
1
May
lHc
6.15
1.04
Jan
9*
4*c
64
2Hc
1
17c
28
I
*
Premier
Jan
4Hc
64
~2Hc
*
100
16c June
22
1.04
Powell Rouyn
Feb
Mar
4.00
68
3.80
Power Corp
Mar
110
lHc
65
23
1
*
10c
3*
220
1,000
lHc
Peterson Cobalt
Petrol Oil & Gas
Mar
43*C
120
15Hc 18 He
18c
1
Perrod Gold
2
100
18c
1
1
Paymaster Cons
10
1,300
35,910
8H
1
1
Paulore Gold
2
107
102
1
Partanen Malartlc
17c
2.20
Jan
1.28
104
Orange Crush
Pantepec Oil
1.67
35c
212
45c
6.15
6.50
25*c 26He
182
32
1,500
9,826
8,782
4,400
99
4* June
26
June
2c June
Jan
10
Jan
40
—Bear, Stearns & Co., New
5c
Jan
that Samuel Feder
them in their
34c
Apr
77c
Feb
6.05
May
8.10
Jan
26c May
62c
Feb
York Stock Exchange members, announce
and Abraham Honigsberg have become associated
1501 Broadway office.
Davis and Alvin
Lewis Hollander are
with
The firm also announces that Leon
now with their Wall St. office.
3986
Financial
Quotations
Bid
a3s
Jan
City Bonds
Bid
1977
1
a3%s July
1
d3%s May
a3%s Nov!
o3%s Mar 1
15
a3%s Jan
1975
100% 101%
1954
105
106
1954
105
106
1960.
105
106
97%
98%
1976
1975
106
1
1957
111
Nov
1
1958
May
1
1959
a4s
M ay
1
1977
a4s
Oct
1
1980
115%
116 %
115% 116%
11634 117%
117
118
Par
Bank of Manhattan Co
Bid
34
Merchants Bank
Bensonhurst National—50
95
125
Chase
13.55
49%
51%
National Bronx Bank...50
National Safety Bank .12 %
12%
42%
44%
Penn
115
City iNational)
117% 118%
Commercial Natlonal-.JOO
191
118
119
Fifth Avenue
119
117
1 1963
1 1965
«4%&July
1960
114% 115%
a4
1902
115
a4
%s Dec
%s Dec
1 1967
15 1971
14%
76
970
1010
Public National
25
43
45
120
First National of N Y..100 2055
2095
118%
Flatbush National
100
Sterling Nat Bank & Tr.25
35%
Trade Bank
42
37
37%
30
37
New York Trust
120% 122
1 1979
122% 123%
Bid
Companies
Par
105
115
Fulton
461
469
Guaranty
66
68
62.65 less
1
4%s April 1940 to 1949Hlghway Improvement—
62.10
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J *60 to *67
124%
131%
-
131%
---
Barge C T 4s Jan '42
...
Barge CT4%s Jan 1 1945.
129
11%
120
12%
125
Irving
Kings County
Lawyers
270
327
10
15%
100 1750
25
46
*
& '46
16%
1850
49
121% 124%
65
67
50
87
97
25
16
18
New York
16%
18
Title Guarantee & Tr._-20
13
94
Manufacturers
20
Preferred
20
25
Continental Bank & Tr.10
Corn Exch Bk & Tr
20
62%
63%
Underwriters
Empire
124%
Ask
225
322
Colonial Trust
Ask
World War Bonus—
-
7
100
Central Hanover
20
Cehmical Bank & Trust. 10
Bid
100
100
-
Clinton Trust..
Bid
1
»
—.10
County..
Brooklyn
Ask
12%
Ask
Italiana.100
Bronx
62.60 less
62.85
21
12%
60
New York State Bonds
Highway Imp 4 %s Sept '63
Canal Imp A %s Jan 1964..
Can & High Imp 4%s 1965
19
50
Bankers
Canal & Highway—
5s Jan & Mar 1964 to '71
50
197
100
Bk of New York & Tr--100
Bid
115
10
Par
...
100
Exchange
Peoples National
Banca Comm
3a 1974
Ask
65
100
118% 119%
118% 120
119% 120%
1
3s 1981
Bid
Klngsboro National.-.100
72
117 J4 118%
1
116
Par
32
66
a4%a June
112
Ask
10
Bank of Yorktown_.66 2-3
a4%s Mar
108
114
Ask
a4%s Mar
11981
o4%sMay 1 & Nov 1 1957
111% 112%
111% 112%
113
114%
a4s
a4s
a4%s Sep.
a4%s Mar
a4%sMar
1 1964
a4%sApr
1 1966
«4%s Apr 15 1972
a4%s June
1 1974
«4%s Feb 15 1976
a4%s Jan
1 1977
a4%s Nov 15 1978
104% 105%
1
a3%s July
a4s
May
New York Bank Stocks
Ask
1
June 12, 1937
Over-the-Counter Securities—Friday June 11
on
New York
Chronicle
30
31
United States
10
100
53%
50%
126
55%
52%
129
14
104
-.100 1780
1830
110%
114
Chicago Bank Stocks
Par
Port of New York
Bid
Ask
American National Bank
Authority Bonds
& Trust
260
290
128
Ask
Gen & ref 4s M
ar
1 1975
Gen & ref 2d
ser
3%s *65
Gen & ref 3d
ser
3%s '76
Gen & ref 4th
ser
3s
.
1976
106% 107%
103% 104%
101% 102%
98
99
Bid
Bayonne Bridge 4s series C
1939-53
J&J 3
Holland Tunnel 4%s ser E
1937-1941
M&S
1942-1960
-M&S
Inland Terminal
George Washington Bridge
4%s ser B 1940-53-M N
1937-1941
4%s
Ask
& Trust
33 1-3
61.00
Insurance
2.10
111% 112%
Par
ser D
M&S
19*42 1960
61.50
M&S
.
309
460
700
735
108% 109%
2.60
Aetna Cas & Surety
Aetna Fire
Bid
Companies
Ask
Par
Home
45%
93%
47%
27%
29
10
89%
—10
10
Home
4%
25
84
86
Homestead Fire
...10
Importers & Exporters..-5
10
22
23%
Ins Co of North Amer...10
5
38
41
Knickerbocker
American Home—
10
16%
18%
Lincoln Fire
5
12
13%
Maryland Casualty
1
41%
43%
28%
Mass Bonding &
Ins..12%
Merch Fire Assur com
5
Merch & Mfrs Fire New'k.5
American of
American
Bid
4s 1946
4%s Oct
101%
108% 108%
106% 108%
1959
4%s July 1952
5s
April 1955
5s
Ask
100
-
100% 102
63.50
U S Panama 3s June 1 1961
114
1952
108% 111%
1941
111
114
5s
d3.75
July 1948
3.00
118
3.50
111
112%
108
111
109
U S conversion 3s 1946
115% 117%
Ask
American Reserve
10
American Surety
Automobile
25
27%
52%
10
29
111
Baltimore Amer
--2%
Bankers & Shippers
Boston
Camden Fire..
Carolina
Asfc
100% 101%
100%
100%
102% 102%
109% 109%
Bid
4s 1957 opt 1937
4s 1958 opt 1938
M&N
Ask
19%
10
23%
24%
35%
27%
4%
5
Federal
__10
8
97% 101
637
-—5
Excess
Bid
J&J
7
25
100
City of New York
10
Connecticut Gen Life.
10
Continental Casualty
5
Eagle Fire
2%
Employers Re-Insurance 10
Conversion 3s 1947
Federal Land Bank Bonds
3s 1955 opt 1945
3s 1956 opt 1946..
54%
30%
Govt of Puerto Rico—
4 %s July 1958.
Feb
5%S Aug
Hawaii 4 %s Oct 1956
Bid
Honolulu 5s
Newark.-.2%
Re-Insurance. 10
45
647
21%
25%
25%
36%
29%
4%
47%
6%
42%
5%
40%
121% 125
...5
M&N
3%s 1955 opt 1945. -M&N
4s 1946 opt 1944
J&J
—
Bid
100
Atlantic 5s
Burlington 5s
52
California 5s
-
-
.
62
100
Chicago 5s
/5%
Dallas 5s
6%
100
93
95
First Carollnas 5s
First of Fort Wayne 4 %s..
First of Montgomery 5s...
97
99
100
95
97
99% 100%
99
100%
100
93
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
2
National Union Fire..—20
New Amsterdam Caa
2
New Brunswick Fire
New
101
Fletcher 3%s.
Fremont 5s
101
103
80
85
Greenbrier 5s
100
Greensboro 5s
100
62
Pac Coast of Salt Lake 5s.
33
35
49
49%
51%
12.50
2.50
National.25
Pacific Fire...:
Phoenix
25
10
10
...5
31%
11%
33%
Reinsurance Corp (N Y).2
Republic (Texas)..
10
Revere (Paul) Fire
10
41%
42%
Rossia
25
27
26
28
St Paul Fire & Marine. .25
Seaboard Fire & Marine. .5
46%
21%
58%
Seaboard Surety
10
Security New Haven
10
Springfield Fire & Mar. .25
104%
Ask
95
101
19%
85
Kentucky of Lexington 5s.
La Fayette 5s.
100
97
99
99
5
2d preferred
15
Great American
.5
Great Amer Indemnity...!
88
92
Stuyvesant
25
26%
Sun Life Assurance
Travelers
9
10
10
Hartford Fire..
10
Hartford Steam Boiler.. 10
10
10
5
100
8%
25
25
10%
11%
200% 205
10%
12%
31
33
35%
36%
116
119
8
9
690
100
473
25%
U S Fidelity & Guar Co..2
32
34
U S Fire
72%
U S Guarantee
60
Westchester Fire
58
7%
23%
23%
100 £640
23%
£70%
35
4
10
2.50
463
22%
52%
23%
54%
53
56
35%
37%
67
~
m — m
100
Pennsylvania 5s
100
108
109
Surety Guaranteed Mortgage Bonds and Debentures
101
....
Phoenix 5s
Potomac 5s
100
/27
Bid
_
■»
30
100
Southwest 5s
85
Southern Minnesota 5s
/25
Tennessee 5s
100
Union of Detroit 5s
101
23%
96% 100%
26
27%
128% 132%
130
134%
£83%
87%
17%
19%
100
San Antonio 5s
87
5
Providence-Washington.
55
Hanover Fire
-
£44%
5
Preferred Accident
15
Halifax Fire
—
Pac Coast of San Fran 5s..
St Louis 5s
100
20%
84
100
-
14%
48
99% 100%
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 5s
9%
130
10
1019,6
Fire Assn of Phila
Allied Mtge Cos Inc—
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
Ask
78
28
-
-
-
98% 100%
Virginia-Carolina 5s
100
Virginian 5s
100
101
45%
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3 -6s '53
42
45"
1945
46
50
35
1954
52
1954
75
38
55
Potomac
48%
76
Inc 2 5s
1953
Bond
Issues )2-5s
50
60
New York
Atlantic
100
14
18
40
46
North Carolina
100
35
40
Nat Deben Corp 3-6S.1953
100
22
79
61
73
Corp—
1953
42
45
42
45
42
45
3-6s
ture
26
100
1953
;
Potomac Cons Deb
3-6s
1953
Corp 3-6s
Realty
Corp 3-6s
Potomac
Atlanta..
(all
Potomac Maryland Deben¬
Nat
Bondholders part ctfs
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Corp
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
Empire Properties Corp—
2-3s
Joint Stock Land Bank Stocks
Ask
Corp—
Series B 2-5s
Arundel Deb Corp 3-6s 53
Associated M tge Cos Inc—
Debenture 3-6s
1953
87
Bid
Nat Union Mtge
Series A 3-6s
81
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Illinois Midwest 5s
Illinois of Monticello 4%s.
Iowa of Sioux City 4%s...
13%
10
2
Northern..
North River
Northwestern
8%
126
20
Hampshire Fire
New Jersey
New York Fire
73
99% 100%
Ohio-Pennsylvania 5s
Oregon-Washington 5s
11%
6%
13%
19%
70
100
100
51
65
82
100
New York 5s
48
17
10
100
North Carolina 5s
Denver 5s
First of New Orleans 5s
First Texas of Houston 5s
First Trust of Chicago 4%s
Bid
Lincoln 5s
4%
63%
63
Fireman's Fd of San Fran25
Firemen's of Newark
5
Globe & Republic
Globe & Rutgers Fire
Louisville 5s
17%
5%
60%
10
101%
103%
Gibraltar Fire & Marine. 10
Glens Falls Fire
5
Ask
100
67
10
Fidelity & Dep of Md-..20
Joint Stock Land Bank Bonds
Atlanta 5s
6
National Casualty
Franklin Fire
M&N
4%s 1957 opt Nov 1937
4%s 1958 opt 1938..M&N
101%
102%
101%
103%
18
64%
15%
4%
36%
5%
19%
8%
National Fire
National Liberty
General Reinsurance Corp5
Georgia Homo
10
3s 1956 opt 1946
J&J
Ask
34%
10
Security
Agricultural
United States Insular Bonds
Bid
5
Fire
American Alliance
American Equitable
Philippine Government—
Ask
304
450
104 % 105%
Aetna Life
110% 111%
—
Bid
100
Harris Trust & Savings. 100
Northern Trust Co
100
132
Continental Illinois Bank
Bid
Port of New York—
Par
First National
100
1953
70
Atlantic
64
Par
*
Bid
Ask
Par
Dallas..
100
75
Denver
Pennsylvania
100
14
16
Potomac
Des Moines
100
58
63
San Antonio
First Carollnas.
100
12
16
Fremont
Virginia
100
1%
3
Lincoln
100
6
Bid
Ask
8
70
...
Virginia-Carolina
100
47
5
1
100
50
Par
Teleg (N J) com.*
100
Bell Telep of Canada.. 100
Bell
Intermediate Credit Bank Debentures
Bid
FIC
l%s—July
FIC1%S—Aug
15 1937
6.40%
15 1937 6.45%
16 1937 6 .50%
35%
73
42
Bid
FIC
l%s—Sept 15 1937
FIC1%S—Oct
15 1937
FIC1%S—Nov 15 1937
FICl%s...Dec 15 1937
Telep of Pa prcf
45"
6
6
6
.55%
.60%
.65%
.70%
&
42
Mortgage
1953
43
Unified Deben Corp 5s 1955
33
.100
Clncin & Sub Bell Telep .50
Rid
Ask
Ask
New England Tel & Tel .100
New York Mutual Tel. 100
113% 115%
Pac & Atl Telegraph
Peninsular Telep com
87
90
53
60
Franklin
40
46
98
101
Telegraph
100
Preferred A
Corp—
$6 preferred
*
Int Ocean Telegraph... 100
Mtn States Tel & Te'—100
Par
119% 121 %
126% 128%
166% 168%
Cuban Telep 7% pref._100
Gen Telep Allied
6
Bond
deb 3-6s
Emp & Bay State Tel. .100
Ask
Realty
36
Telephone and Telegraph Stocks
1%
Preferred
F I C l%s—June
/32%
1953
52
55
Am Dlst
Federal
Deb
97
139
For footnotes see page 3988
25
*
100
Rochester Telepnone—
$6.50 1st pref
100
So & Atl Telegraph
25
Sou New Engl Telep...100
Bid
Ask
121% 123 %
25
28
19
21
26%
28%
109
111
112
116
21%
156
24%
158
S'western Bell Tel pref. 100
142
118% 120%
Wisconsin Teiep 7 % pf.100
114
116
Volume
Financial
144
3987
Chronicle
Quotations on Over-the-Counter Securities—Friday June 11—Continued
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Monthly
Earnings and Special Studies
3o$epb Walkers Sons
Members New York Sloth
Exchange
Dealers in
120 Broadway
NEW YORK
e. sloane & co.
john
Membert
Tel. REctor
GUARANTEED
New
41 Broad St., N. Y.
Bulletin
Request
on
.
QUOTED
.
-
York Security Dealert
HAnover 2-2455
-
Association
Bell Syst. Teletype NY 1-624
2-6600
STOCKS
vSincel855,
Railroad Bonds
Guaranteed Railroad Stocks
Bid
(Guarantor in Parenthesis)
Par in Dollars
Alabama & Vlcksburg (Illinois Central
Bid
Asked
.100
6.00
95
100
100
10.50
175
180
.100
6.00
103
106
.50
2.00
40
43
100
8.75
132
135
Boston & Providence (New Haven)
.100
8.50
.100
2.85
54
57
Carolina Clinchfleld & Ohio (L & N-A C L) 4%
.100
4.00
97
100
100
Common 5% stamped
Cleve Cinn Chicago & St Louis pref (N Y Central). .100
50
Cleveland & Pittsburgh (Pennsylvania)
5.00
99
101
5.00
100
104
3.50
85
88
2.00
49
51
2.00
44
47
Augusta Union Station 1st 4s
69
9634
100~~"
1957
98
April 1, 1943
104
1950
65
68
Prior Hen 4s
1942
8434
86
Prior lien
434 s
1944
86
88
Convertible 5s
1940-45
96
97 34
Buffalo Creek 1st ref 5s
1961
101
Chateaugay Ore & Iron 1st ref 4s
Choctaw & Memphis 1st 5s
1942
1952
87
89
66
69
Cincinnati Indianapolis & Western 1st 5s
Cleveland Terminal & Valley 1st 4s
1965
9834
9934
1995
9334
94J4
Georgia Southern & Florida 1st 5s
1945
67
68
Goshen & Deckertown 1st
Hoboken Ferry 1st 5s
1978
1946
86
Kansas Oklahoma & Gulf 1st 5s
1978
102
10334
Little Rock & Hot Springs Western 1st 4s
Long Island refunding mtge 4s
1939
1949
/25
10134
102 34
Macon Terminal 1st 5s
1965
102 34
Maryland & Pennsylvania 1st 4s
1951
67
71
Meridian Terminal 1st 4s
1955
90
93
Minneapolis St Laul & Sault Ste Marie 2d 4s
1949
45
50
Montgomery & Erie 1st 5s
1956
92
1946
1966
1951
68
72
94
95
65
67
1945
87
89
1957
90 34
92
1951
96
1955
1955
1951
91
95
66
68
88
9034
1957
1966
1954
110
11134
96
98 34
60
63
Birmingham Terminal 1st 4s
Boston & Albany 1st
434s
10534
135
Canada Southern (New York Central)
68
67
1953
1945
534 s
6s
Dividend
Asked
66
1945
Akron Canton & Youngstown
Albany & Susquehanna (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
Boston & Albany (New York Central)
Betterman stock
50
.
Delaware (Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)
100
5.50
88
92
100
Georgia RR & Banking (L & N-A CL)
Lackawanna RR of N J (Del Lack & Western)
10.00
190
195
71
ion
4.00
66
Michigan Central (New York Central)
100
50.00
1000
Morris & Essex (Del Lack & Western)
..50
3.875
61
.100
5.00
88
92
50
4.00
99
101
—
4.00
60
64
60
4.50
65
69
New York Lackawanna & Western (D L & W)
—
Northern Central (Pennsylvania)..
Northern RR of N J (Erie)
-J
Oswego & Syracuse (Del Lack & Western)
63
50
1.50
41
43
50
3.00
80
85
Pittsburgh Fort Wayne & Chicago (Pennsylvania). .100
7.00
165
170
7.00
175
180
6.82
101
105
Pittsburgh Bessemer & Lake Erie (U S Steel)
.
.
Preferred
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson)
St Louis Bridge 1st pref (Terminal RIt)
100
6.00
138
143
Second preferred..
Tuone RR St Louis (Terminal RR)
100
3.00
68
6.00
138
.100
534s
New York & Hoboken Ferry general 5s
Piedmont & Northern Ry 1st mtge
Portland RR 1st
10.00
243
UtlcaChenango & Susquehanna (DL&W)
6.00
89
100
Valley (Delaware Lackawanna & Western)
Vlcksburg Shreveport & Pacific (Illinois Central).. .100
5.00
Consolidated 5s
_
Canal (Pennsylvania)...
247
92
86
5.00
100
5.00
86
50
Preferred
83
3.50
49
52
50
3.00
62
65
Warren RR of N J (Del Lack & Western)
West Jersey & Sea Shore (Pennsylvania)
,
,
Rock Island Frisco Terminal
Shreveport Bridge & Terminal 1st 5s
Somerset Ry 1st ref 4s
Southern Illinois & Missouri Bridge 1st 4s
Toledo Terminal RR
TEXAS POWER &
LIGHT COMPANY
EST.
Philadelphia, Pa.
n. y.
members
Tel. DIgby 4-2800
1908
stock
ONE WALL ST., N.
exchange
n. y. curb exchange
Bid
Ask
Missouri Pacific
63.75
434s
Par
3.00
61.90
1.25
Baltimore & Ohio
62.85
2.30
62.50
2.00
1)3.00
2.40
New Orl Tex & Mex
63.80
2.75
Alabama Power $7 pref—*
Arkansas Pr & Lt 7% pref*
62.75
2.00
New York Central
62.80
2.25
Associated
434s
334s Dec 1 1936-1944—
63.00
—
534 s
434 8—
434 s—
2.40
63.00
2.40
Canadian Pacific 434s
Cent RR New Jersey 434s_
63.00
2.25
62.75
1.75
Chesapeake & Ohio 534 s„
6>4s
434s-
61.50
1.00
61.50
1.00
62.60
2.00
1.25
N Y N H & Hartf
64.00
64.00
3.00
ds
4>4s_
64.85
65.25
;
Chicago R I & Pac 434s.—
4.50
89
5s..
92
*
15
Atlantic City El
6% pref.*
112
Bangor Hydro-El 7% pf 100
Birmingham Elec 57 pref. *
132
Pennsylvania RR 434s
62.00
1.25
61.50
1.00
Carolina Pr & Lt 57 pref*
62.80
2.00
Reading Co
97
St Louis Southwestern 5s.
64.00
2.75
534s
64.00
2.75
Southern Pacific
62.50
1.50
62.50
1.50
5s
Southern Ry 434s._
534s
434s
62.80
2.25
5s
62.50
1.25
61.90
1.25
10034
63.50
2.50
Great Northern
434 s
5s
Hocking Valley 5s
61.75
1.25
Illinois Central
63.10
2.40
5s
5S
89
Cent Pr & Lt 7% pref.-100
Columbus Ry Pr & Lt—
85
100
100
Consol Elec & Gas 56 pref.
Cousol Traction (N J) .100
Consumers Power $5 pref.*
Continental Gas & El—
2.00
63.00
2.25
62.50
2.00
63.10
2.30
Derby Gas
2.00
Essex Hudson
7% preferred
Dallas Pr & Lt
100
7% pref 100
El $7 pref..*
100
Gas
10634 10834
10134 104 34
13
1534
45
50
97
98
8534
58
$6 cum preferred
3634
38
2.25
56.50
37 H
1.50
3834
4034
preferred
57 cum preferred
61.60
1.10
Gas & Elec of Bergen._ 100
Hudson
185
61.75
1.00
Idaho Power—
61.75
1.00
County Gas
100
100
102
1.50
5s
10034
10234
Interstate Natural Gas...*
1.25
534s
101
103
Interstate Power 57 pref._*
1.25
100
10134
Jamaica Water Supply—
Wabash Ry
434s
6s
56 preferred
-.100
7% preferred
734% preferred
10734 10834
10834 110
23
734
For footnotos see page
2.25
63.00
2.25
3.00
3988.
5s
Western Pacific 5s
5348.
100
Ohio Edison 56 pref
57 preferred
64
9934
10734 10834
82
85
97
*
9834
* 210834 11034
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf-100
10734 109
294
95
100
102 34 10434
Okla G & E 7% pref—100
10334 10534
preferred.
Pacific Pow & Lt 7% pf 100
Penn Pow & Lt 57 pref
*
66
Philadelphia Co 55 pref—*
Pub Serv of Colo 7% pf 100
70
73 34
107
10834
9534
69
97 34
Queens Borough G & E—
100
6834
1
534
56 preferred C
100
Sioux City G & E 57 pf.100
9334
25
934
Sou Calif Edison pref B.25
South Jersey Gas & El. 100
Tenn Elec Pow
50
2.25
62.65
2.00
Jer Cent P & L
63.75
2.75
Kan Gas & El 7% pref. 100
63.75
2.75
Kings Co Ltg 7% pref.. 100
63
7% preferred
100
Memphis Pr & Lt 57 pref.*
7% pf-.lOO
7%
53 34
62.75
Long Island Ltg 6% pf.100
63.00
63.75
534s
Minn St P & SS M 4s
Maryland 434S--
5534
62
7034
634
Rochester Gas & Elec—
2.00
434 s
preferred
5434
9834
preferred
6% preferred
Republic Natural Gas
120
1.10
1.25
5s
cum
3734
76 34
3934
cum
2.75
Virginia Ry
cum
75
115
55
185
2.25
63.90
Western
Maine Central 5s.
8734
112
61.60
434 s
5s
7%
7%
62.25
5s
56
*
Nor States Pr 57 pref. .100
63.00
61.90
434s
2434
28634
80 34
87
61.90
5s...
Louisv & Nash
223
78
62.50
Long Island 434 s
36
..100
63.00
434s—
120
New Orl Pub Serv 57 pref*
New York Power & Light
62.25
5s
Tnternat Great Nor
100
New Eng G & E 534 % Pf- *
N E Pow Assn 6% pref. 100
63.00
434s
Union Pacific
434s
103
Newark Consol Gas
Federal Water Serv Corp—
Texas Pacific 4s.
106
Nebraska Pow 7% pref. 100
73
71
9134
62.75
434 s
.
3534
35
82
1st 6s preferred A
5
32
89
634% preferred B
72
2
33
280
56 preferred
65
11434 11534
100
*
63.00
534s
1.75
61.90
_
100
9834
5s
6s
1.10
99
98
434s
2.75
Erie 11R
2.25
62.00
5s
St Louis-San Fran 4s
92
2.25
63.00
434 s
62.70
2.00
*
100
preferred
7% preferred
63.00
434 s
25
preferred
_
New Eng Pub Serv Co—
57 prior lien pref
6%
Dec 1 1937-50
Pere Marquette
51.60 preferred
7%
com.
55
6834
Nassau & Suff Ltg pref. 100
Central Maine Power—
non
64.00
434s__
17
57
3.00
Buffalo Niagara Eastern—
5s
Denver «k R G West
Mountain States Pr
2.00
1.25
1937-49
call
Ask
55
preferred
16
*
3.00
$7
14
56.50 preferred
61.90
Jan & July
Bid
53
10
1.50
preferred
Mississippi Power 56 pref
Mississippi P & L 56 pf—.*
Miss Riv Pow 6% pref. 100
2.25
63.85
4.75
89
81
*
434s
3.00
os....................
434s
5s
Northern Pacific
22^8 series G
Chic MIlw & St Paul
79
Electric
Original preferred
4s series E due
62.00
Chicago & Nor West 434s.
&
63.85
5s
5s
Gas
71
62.50
5s
63.00
434s—
5s
Par
Ask
6934
63.00
N Y Chic & St L 434s
Canadian National
Bid
2.00
2.00
62.25
5s
2.25
63.00
63.00
5s—
Stocks
Ask
Atlantic Coast Line
5s
Y.
Teletype N.Y. 1-1146
Public Utility
Boston & Maine
30
Equipment Bonds
Bid
434 s.
4>4s
90
Bmtell Brothers
and
5s.
98
7% PREFERRED
Stroud & Company Inc.
Railroad
434s
Washington County Ry 1st 334s
Quotationa-AppraUala Upon Requeat
New York
-
4348
Toronto Hamilton & Buffalo
EQUIPMENT TRUST CERTIFICATES
Private Wires to
434s
St Clair Madison & St Louis 1st 4s
95
United New Jersey RR &
334s
334s
72
100
Boston & Maine 3s
89
91
6% pref 100
preferred
100
Texas Pow & Lt
7% pf.100
66
Toledo Edison 7% pf A 100
United G & E (Conn) 7% pf
7034
7234
Utah Pow & Lt 57 pref
83 34
86
Utica Gas & El 7% pf.,100
6334
6734
Virginia Ry
10934 11134
.
*
95
90
92
27
28
185
-
-
5134
53
57
5834
104 34
1003-4 102 34
103
90 34
5834
95
100 2167
92 34
61
9734
172
3988
Financial
Quotations
Public
Bid
/77
Over-the-Counter Securities—Friday June 11—Continued
on
Ask
102 M 102 M
58 M
Green Mountain Pow 5s '48
Houston Lt A Pow 3 Ms '66
102 M 103 M
101M 102 M
44
108
96
98
57
Assoc Gas & Elec Corp—
69 M
34 M
Iowa Sou Utll 5 Ms
1950
Kan City Pub Serv 3s. 1951
35M
Kan Pow A Lt 1st 4 Ms '65
37M
38M
Keystone Telep 5 Ms—1955
41M
68
Louisville Gas A El 3 Ms '66
Works
&
101H 101M
Conv deb 4 Ms
1973
69
71
75
77
Metrop Edison 4s ser G '05
Missouri Pow A Lt 3 Ms '66
103
1973
1973
83
86
Mtn States Pow 1st 6s 1938
93
Narragansett Elec 3 Ms '66
Newport N A Ham 5s. 1944
105
H. M. PAYSON
PORTLAND, MAINE
95
---
42
46
104
Tel. 2-3761
100M
95
Sink fund Income 4s 1983
Sink fund lnc 4 Ms. -1983
39
43
43
46
Northern"N
Sink fund Income 5s 1983
46
Specialists in—
49
58
102 M 103M
N Y State El A G Corp—
4a
1965
Sink fund lnc 5Ms.-1983
54
Sink fund lnc 4-5S.-1986
40
Sink fund lnc 4 M-5 Ms'86
44 M
Sink fund lnc 6-6s-1980
48
Sink fund lnc 5M-6 Ms'86
58
_
102
«
—
-
-
Ohio Edison 3Ms
1972
Okla Gas A Elec 3 Ms. 1966
Debenture 4s
1946
Old Dom Pr 5s May 15 '61
96
Water Works Securities
103 M
96 M
North'n States Pow 3Ms'67
—
•»
---
-
Utll" 5sl 1955
Y
Complete Statistical Information—Inquiries Invited
Swart, Brent & Co.
t
99 X 100M
102 M
68 M
INCORPORATED
103M
70 M
EXCHANGE PLACE,
40
Tel. HAnover 2-0510
Atlantic City Elec 3Ms '64
97 M
97 %
Parr Shoals Power 5s.-1952
Pennsylvania Elec 5s. 1962
Bellows Falls Hy El 5s 1958
102 M 104
Blackstone V G A E 4s 1965
107M
Cent Ark Pub Serv 5s .1948
96
Central G & E 5 Ms—1946
1st lien coll trust 0S.1946
72
93
98 M 100
104M
/86
Phlla Electric 3 Ms
1967
Public Serv of Colo 6s. 1961
78
105
Pub Serv of N H 3 Ms D *60
Pub Util Cons 5 Ms--1948
Alabama Wat Serv 5s. 1957
103 M
79"
Alton Water Co 5s
97 M
75
96
M
98 M
44
119
121
1966
104 M 104 M
3 Ms
1962
Western Mass Co 3 Ms 1946
Western Pub Serv 5 Ms '60
45 M
47
45 M
47
Wisconsin G A El 3 Ms 1966
Wise Mich Pow 3 Ms-1961
51
53
5s series C...
1957
104M 104 M
1954
5s series B
5 Ms series A
100
—1954
102 M
96
88 M
86 M
105
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
100 M
1st mtge 4s
100
101
102 M 103
1961
101
102
101M
102 M 104
Citizens Wat Co (Wash)
5s
105M
100 M
5s series B
--1941
74 M
70 M
81
83
87 M
89 H
Newport Water Co 5s 1953
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
103 M
"(Chattanooga)
Peoria Water Works Co—
1st Aref 5s
1950
1st consol 4a
1948
5s series B
1954
101
1st consol 5s
1948
Ist58 8erie8 C
Real
Estate Securities
1957
105
Prior lien 5s
1948
1946
6s—_Jan 1 1941
Connellsvllle Water 5s 1939
100
Richmond WW Co 58-1957
105
Roanoke W W 5a
1950
1958
96
Roch A L Ont Wat 5s .1938
1958
98
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
Davenport Water Co 5s '61
Bell System Tel.
N Y 1-588
5s series A
Mortgage Certificates
Metropolitan Corp (Can)—
28 M
Metropol Playhouses lnc—
1945
66
39 M
42
Munson Bldg 1st 6 Ms. 1939
N Y Athletic Club—
/36
38 M
—1948
61M
63 H
1st mtge 2s stmp A reg'55
1945
58 M
61M
/27
30
60 M
63 M
1st A gen 6s
1946
N Y Eve Journal 6 Ms. 1937
N Y Title A Mtge Co—
/56M
59 M
1st leasehold 6 Ms.-1944
__
Chanin Bldg lnc 4s.
Chesebrough Bldg 1st 6s '48
Court A Remsen St Off Big
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
9
/7M
77 M
Deb 5s 1952 legended...
77
80 M
79
50 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
54
56
6 Ms unstamped
1949
52d A Madison Off Bldg6s
Nov 1947
Film Center Bldg 1st 6s '43
32
___
100
101M
1942
100
100 H
I960
102 M
-
63 M
1939
76 M
79 M
1400 Broadway Bldg—
lst3M-6M9stampedl948
Fuller Bldg deb 6s
5 Ms unstamped
Graybar Bldg 5s
39
47
(Phlla)
July 7 1939
•»
/II
68
1949
/48
69M
13
69M
51
71M
Hotel Lexington 1st 6s 1943
Hotel St George4s
1950
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
Lincoln Bldg lnc 5MS.1963
Loew's Theatre
59 M
63 M
85M
61M
54"
67 M
71M
/49
65M
67 M
95M
/46
96 M
49
Rlty Corp.
1st 6s—
1947
London Terrace Apts 6s '40
2nd mtge 6s
1951
1st 6s
(Bklyn)
(LI)
1942
65
1936
Majestic Apts 1st 6s.. 1948
65
1st 6Ms
/29M
.•
--
1948
103
1954
31M
102 M
1967
ser
B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
1st mtge 5s
5s series A
—
1955
89 M
89 M
5s
1962
Illinois Water Serv 5s A '52
100
75
70
102
1900
102 M
I960
105
99 H
1949
99
104
Texarkana Wat 1st 5s. 1958
103
102 M
Union Water Serv 5 Ms '51
W Va Water Serv 4s.-1961
101
103
99
101
100 M
Western N Y Water Co—
99
101
101
Indianapolis Water—
1966
97 M
101M
68 series A
104
91
91
98
5s series B
1950
5s
1958
Interstate Water 6s A. 1940
102
Joplln W W Co 5s
104 M
Westmoreland Water 5s '52
105
Wichita Water—
96
1957
Kokomo W W Co 5s. .1958
Lexington Wat Co 5Ms '40
Long Island Wat 5 Ms .1955
99
99
-1951
1950
5s series B.
103 M 105
104
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
1st mtge 5s
1st mtge 5 Ms
96 M
97 M
1956
5s series C
95
102
104
101
1960
104
.1949
6s series A—
98
100 M 102
104
W'msport Water 5s.--1952
102 M 104
5Ms double stpd—.1961
Realty Assoc Sec Corp—
59 M
income
Chain Store Stocks
65
/53M
35
Par
Bid
Berland Shoe Stores
62 M
7%
B/G Foods Ino
1943
/56
59
1st fee A 1'hold 6 Ms.1940
/54
23
.100
95
common.-*
3 H
56
/20M
/20M
12
preferred
Blckfords lnc
Roxy Theatre—
$2.50
Savoy Plaza Corp—
Realty ext 1st 5MS.1945
1945
3s with stock
1950
conv
Bohack (H
7%
23
42
41
M
616 Madison Av 1st 6 Ms'38
61 Bway Bldg 1st 5Ms 1950
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
1st 3-5s (w s)
1958
Trinity Bldgs Corp—
1st 5 Ms
—U939
2 Park Ave Bldg 1st 4s 1941
13M
14 M
36
36 M
*
common
6M
7 M
100
33
H) 6% pref
Bid
HM
Ask
11M
104
107
(I) Sons common..*
13
6M% preferred
100
Murphy (G C) $5 pref. 100
36
41
106
107
Reeves
100
(Daniel) pref.-.100
17
36
100
Miller
*
9M
United Cigar Sts 6%
11M
24
New common
86
92
New
Par
Bid
*
preferred
'
26 M
28 M
26 M
pf-100
6% pref ctfs
20
100
Stores
26
47 M
/34M
*
preferred
7%
/24
4M
*
pref
Par
Kress (S
14
103
Diamond Shoe pref
Flshman (M H) Co lnc
Kobacker
ShernethTCorp—
3-5Ms deb lnc (wa). 1956
60 Park PI (Newark) 6s '37
C)
Ask
v
28 M
1H
preferred
—
*
51
1M
54
37 M
/56M
58 M
72
47
48 M
Sugar Stocks
75 M
Cuban Atlantic Sugar
Eastern Sugar Assoc
Ask
Par
Bid
10
Preferred
20
22
Haytian Corp Amer
*
1M
1
25
27
Savannah Sug Ref com
1
35 M
37M
39M
West Indies Sugar
Corp—1
7M
__1
Ask
1M
37
8M
89
83
63 M
1st 6 Ms
Oct 19 1938
66
/25M
29
Miscellaneous Bonds
M
Westinghouse Bldg—
94
96 M
CURRENT
1st fee A leasehold 4s '48
75
Bid
77
River Bridge 7s
NOTICES
95
Ask
95
M
1953
Sept 1 1939
105
15 1937
2s.
Aug
15 1938
1 Ms
103
Aug
Ask
June
1
1939
lOObs 1005,6
101M 103 %
Pierce & Co., members of the New York Stock
Exchange, an¬
the opening of a Providence office under
the joint management of
100732 1005,6
Federal Home Loan Banks
lMs
1938
100M 100 %
and real estate securities.
*
No par value,
)
94 M
f revenue 1977^AAO
103 M
103 M
2.65
3.90
/ Flat
price,
to
s
Interchangeable.
6 Basis price,
d Coupon,
t Ex-rlghts
I When Issued,
x
Ex-dividend,
y Now selling on New York
Curb Exchange,
Inc. in
95
92 M
Trlborough Bridge—
4s
E. B. Merrifield and Brockholst M. Smith.
—Mortgage Investors Corp. has been formed with offices at 29 Broadway,
New York, to transact a general business
in title certificates, whole mort¬
85
Reynolds Investing 5s. 1948
100732 1005,6
Journal of Com 6Ms—1937
4s serial revenue 1942-68
—E. A.
—H. Neill Brady has become associated
with Fitzgerald & Co.,
the trading department.
Bid
Home Owners' Loan Corp
IMS
Federal Farm Mtge Corp—
lMs
101
Terre Haute Water 5s B '56
100 M
103
Bear Mountain-Hudson
gages
1st Aref 5s A
5s series B
109
1954
Associates Invest 3s. .1946
nounce
1901
WalbridgeBldg (Buffalo)—
Metropolitan Chain Prop—
6s
107
Springfl. City Wat 4s A '56
73
62
165 Bway Bldg IstSMs '51
Prudence Co—
Textile Bldg—
Ludwlg Bauman—
Hackensack Wat Co 5s '77
5 Ms series B.
1977
Huntington Water—
1st mtge 3 Ms
93""
101
91M
89 M
52
13 M
/9M
99 M
105
1 Park Avenue—
6s
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
28 M
/24M
99 M 101M
99 M 101M
Indianapolis W W Securs—
/44
5s
1944
1946
--
99M 102
43 M
60
103 E 57th St 1st 6s—1941
/52
61M
Fox Theatre A Off Bldglst 6 Ms
Oct 1 1941
...
/41M
/57M
1st 6s
1952
5s series B
62
19th A Walnut Sts
1952
Water Serv 5s
Shenango Val 4s
Greenwich Water A Gas—
5s series A
1958
91
108
Scranton-Spring Brook
1942
6s
68
/59M
1st 6s—Nov 6 1935-1939
/48M
102
99
5 Ms series BK
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1958
40 Wall St Corp 6s
42 Bway 1st 6s
1947
—
5 Ms series C-2
5 Ms series F-l
5 Ms series Q
/31M
East Ambassador Hotels—
1st Are! 5 Ms—
1947
Equit Off Bldg deb 5s. 1952
6s_
S f deb 5s
Broadway Motors Bldg4_6s_
Ask
Bid
4 Ms
105M
E St L A Interurb Water—
40 M
50 M
/35M
/46M
/25M
95
105
58 series B
1st
107
Plainfield Union Wat 6s *61
58 series D
Alden
92
79
6s series B—
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s. .1956
B'way A 41st Street—
104
76
1st mtge 5s
Ask
100
.1946
INCORPORATED
Bid
90
101M 103M
AMOTT, BAKER &, CO.
Real Estate Bonds and Title Co.
94 M
99 M 101M
99 M 101
105 M
4MB
Broadway, N. Y.
93
Pittsburgh Sub Wat 5s '58
Consol Water of Utlca—
150
99M
90
74 M
6s series A
Public Utilities—Industrlals—Railroads
2360
97 M
72 M
Reports—Markets
BArclay 7
98 M
75
107 M
Phlla Suburb Wat 4s. -1965
Pinellas Water Co 6 Ms '59
100 M
Community Water Service
5 Ms series B
106
1951
1st coll trust 4 Ms--1966
103
101
Clinton W Wks Co 5s. 1939
104
Penna State Water—
102
5 Ms series A
1951
City of New Castle Water
City Water
Muncie Water Works 5s '65
Ore-Wash Wat Serv 5s 1957
1951
5s.
101
5Ms
1951
New York Wat Serv 6s '51
104
102 M 103 M
Wisconsin Pub Serv—
95 M
1962
6% secured notes. .1937
Cumberl'd Co PAL 3 Ms '66
102M
Birmingham Water Wks—
Butler Water Co 6S-.1957
101M 101M
Conn River Pr 3 Ms A.1961
Consol E A G 68 A
1962
6s series B
101
80
Utica Gas A El Co 5s..1957
101M
Atlantic County Wat 5s '58
Southern Bell Tel A TelDebenture
Ask
Monongahela Valley Water
5Ms
1950
Morgantown Water 5s 1965
New Jersey Water 5S-1950
New Rochelle Water—
105M
45
78
104
1966
98 M
Sou Cities Util 5s A—1958
Tel Bond A Share 5s—1958
Bid
97 M
95M
1956
Ashtabula Wat Wks 5s '58
Sioux City Gas A El 4s 1966
Conn Lt A Power 3 Ms 1956
Ask
Bid
106M
5M
/4M
102 M 103 M
106 M
103 M 103M
Clnn Gas A El 3Ms wl. 1967
Colorado Power 5s.-.1953
Water Bonds
87 M
t—
101H 102 M
G '60
Central Public Utility—
Income 5 Ms with stk '52
NEW YORK
Teletype: New York 1-1073
97
Corp 1st 4s '65
Peoples LAP 5Ms—.1941
74
76
Penn Telep
98
3Ms series G
.OC6
Est. 1854
106
94
100
Cons ret deb 4 Ms. .1958
3 Ms series F
Inc.
100 M
warr.
8s without warrants 1940
Assoc Gas A Elec Co—
ser
Co.,
(Maine)
46
108 M
98 M 100
Conv deb 5 Ms
Cent Maine Pr 4s
/
Electric
Consumers Water Co.
100
Conv deb 5s
8-year 8s with
Water
American
43
66
98
WANTED
First Mortgage Bonds of Subsidiaries
70 M
34 M
„
OFFERINGS
Ask
Bid
Dallas Pow A Lt 3 Ms. 1967
Federated Util 5 Ms.--1957
80
78
33 M
June 12, 1937
Utility Bonds
76 M
Associated Electric 5s_19Gl
Chronicle
a
z
Ex-stock dividends.
t Now listed
on
t Quotations
per 100 gold rouble bond,
New York Stock Exchange.
f
equivalent to 77.4234 grams of pure gold.
Volume
Financial
144
3989
Chronicle
Quotations on Over-the-Counter Securities—Friday June 11-Continued
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
Ask
Bid
Par
American
Arch
*
42
45
American
Book
100
64
67
Gair
American Hard Rubber—
364
Golden Cycle Corp
Good Humor Corp
31%
Climax
Singer Mfg Ltd
Great Lakes S3 Co com..*
47
48*4
Standard Screw
100
28*4
Great
41
43
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
24?*
30
33
6
Lord & Taylor com
1st 6% preferred
74
454
2d
46*4
8
10
17
20
27
New class B
'
100
Dennlson Mfg class A... 10
Dentists' Supply Co of N Y
Dictaphone Corp
100
100
120
-
71
35*4
37
100
preferred
National
62
115
117
*
164
44
*
Preferred
71
5%
48
'
111
mmm
10
8*4
27
100
preferred
....
154
Casket
United Artists Theat
29
304
314
Chicago Stock Yds 5s .1961
Cont'l Roll & Steel Fdy—
1st conv s f 6s
1940
Cudahy Pack conv 4s.1950
164
154
1st 3 4s
424
97
1004
44
preferred
454
194
*
7%
—
Simmons Co deb 4s
1952
35
36 4
106 4
3
34
324
37*4
394
West Dairies Inc com v t c 1
34*4
93
98
76
80
Norwich
36*4
20
Standard
White Rock Min Sprlng-
83
Preferred 6*4%
100
Northwestern Yeast...100
New Britain Machine
6
7
30
20
22
Ohio
Follansbee Bros pref.-.lOO
32
35
*
$3
5
Ohio Match Co
Foundation Co For shs...*
34
*
*
preferred
304
*
Wells
1942
1943
34s 1947
101
384
174
174
Wilson & Co conv
Wllcox-GIbbs common. .50
26
284
Witherbee Sherman 6s 1944
104
93
Willys Overland Motors. .1
96
1
14
6%
64s--
61
984
85
107
99
109
994 100 4
/28
29
1044
101
/45
50
Woodward Iron—
54
1962
104
114
31
1962
1st 5s
29
10
preferred
WJR The Goodwill Station
200
Titusville
100
Wickwire Spencer Steel—*
44
95
Products
Textile
1st 6 4s assented
Struthers
$7 1st preferred
28
Eastern
25
9*4
Pathe Film 7% pref
*
Petroleum Con version... 1
3**
5%
44
Pharmacal
Leather common...*
cum
80
53—1946
1952
1945
104
New Haven Clock—
192
/574
Pipe Line 4s
Scovill Mfg 54s
100
com.*
66*4
90
1946
Panhandle
107
Preferred
1004 1014
994 100
91
/89
1939
N Y Shipbuilding
214
100
preferred
West Va Pulp & Pap
99
100
1024 102 4
Conv 6s
«...
98
Martin
Nat Radiator 5s
Welch Grape Juice com..5
1004
*
/264
15
124
..100
96
Kopper Co 4s ser A—1951
(Glenn L)—
14
Warren Northam—
conv
96
•
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
Conv deb 6s
1948
164
14
1955
1937
Deep Rock Oil 7s
54
144
United Merch & Mfg com *
United Piece Dye Works.*
91
105
105
Am Wire Fabrics 7s. .1942
41
4
Bonds—
United Cigar Stores—
See Chain Store stocks—
$3
100
preferred
7%
15
*
com
95
American Tobacco 4s_1951
14
*
common
24
126
1484 155
Trlco Products Corp.
*
Tubize Chatillon cum pf.10
Preferred
96
100
Nat Paper & Type com... *
118*4
61*4
Douglas Shoe preferred.100
Draper Corp...
*
Federal Bake Shops
*
shares
63
1
Steel
60
224
884
*
30
55
7% preferred
..100
Young (J S) Co com—100
Taylor Wharton Iron &
80
100
Dixon (Jos) Crucible... 100
American
11*4
.
32
(•(Preferred
Preferred
...
9*4
Muskegon Piston Ring
«
4H
67
---
*
Preferred
53
*
39*4
110
Mock Judson & Voehrlnger
48*4
59
Devoe «fc Raynolds B com *
6%
28
•
37
240
Preferred
28*4
26 X
z45%
1Q8X
34
24
14
X
100
Merck & Co Inc com
Crowell Pub Co common.*
preferred—,
8% preferred
9*4
2
Macfadden Publlca'n com *
Broadcasting—
New class A
$7
*
53
214
*
8
1
Northern Paper. .25
Kildun Mining Corp
1
*
Molybdenum
Columbia
Graton <fc Knight com
Preferred
Ask
284
100
York Ice Machinery
124
114
1
310
100 £305
64
54
10
Columbia Baking com...*
$1 cum preferred
,.*
164
50
51X
100
common
common
15
25
Simplicity Pattern
Singer Manufacturing.
48 &
27
1st preferred
Scovill Mfg
12*4
Andlan National Corp—*
Art Metal Construction. 10
Chilton Co
Skenandoa Rayon Corp...
72
17*4
Burdlnes Inc
254
36*4
144
444
Bid
10
com
Worcester Salt
54
10*4
86
164
Beneficial Indus Loan pf.*
Bowman-Blltmore Hotels
10
Woodward Iron
49
44
134
3434
68
18
81
*
Rome Cable Corp com.. .5
Par
As*
46
*
*
Remington Arms com
100
144
American Mfg 5% pref.100
American Republics com.*
Amer Make Products
61
244
33*4
Garlock Packing com.—.*
Gen Fire Extinguisher...*
103 X 108*4
8% cum preferred... 100
American Hardware
25
59
124
*
Bid
Par
38*4
134
40*4
Publication Corp com
(Robert) Co com...*
Pref erred
Ask
Bid
Par
2d conv Inc 5s
103 4
1194 125
102
For footnotes see page 3988.
Tennessee Products Common
Woodward Iron
S. EDWARDS & CO.
H.
TLf.^h*.
Follansbee
I Pittsburgh Stock Exchange
t
United
New York Curb Exchange (Associate)
120 Broadway,
New York
Tel. REctor 2-7890
Teletype N. Y. 1-809
Cigar Stores
Morton Lachenbruch & Co.
x
Incorporated
Union Bank Building, Pittsburgh
42
New York
Broadway
Bell System Teletype NY 1-2070
Telephone DIgby 4-5600
Wickwire
Bros.
Spencer Steel Co.
COMMON STOCK
Bought—Sold—Quoted
WICKWIRE SPENCER STEEL
QUAW & FOLEY
New Common—Warrants
Members New York Curb Exchange
30 Broad
St., N. Y.
Hanover 2-9030
62 Wall Street,
New York City
A. T. & T. Teletype N. Y. 1-1642
HAnover 2-3080
CLIMAX MOLYBDENUM COMPANY
C.
E.
UNTERBERG
j
Commodity Exchange, Inc.
ROBINSON, MILLER & CO.
BOwilng Green 9-3565
Teletype N. Y. 1-1066
Broadway, New York
INC.
Telephone
HAnover 2-1282
Home
INDUSTRIES, Inc.
Units
f New York Security Dealers Association
MAmhAn
Members
61
PENNSYLVANIA
& CO.
62 William Street, N.
Y.
N.Ya-SISS
Federal Savings and Loan
Associations Reached Record in April
Mortgage
Loans by
A record for home mortgage
loans was made in April by
and Loan Association members of
the Federal Home Loan Bank System, Preston Delano,
Governor of the System, announced June 5.
April loans
totaled $31,184,300, an increase of $4,615,100, or 17.4%,
over the previous high of $26,569,200 in March.
The highest
monthly total prior to that was $22,757,200 last October,
in the making of which 1,080 Federal associations parti¬
cipated. Mr. Delano's announcement said:
1,168 Federal
The net total of loans outstanding by the Federal associations on
was
$652,556,500,
a
$10 Par Pfd.
General Alloys 7%
Savings
offering
stockholders
June
14th,
to
adjust $4.20 arrears,
including payment of $1.17 in cash.
Plan
expected
Approximate Market 74-8
Information on Request
LANCASTER & NORVIN GREENE
Incorporated
BROAD
30
April 30
STREET
HAnover 2-0077
Bell Tele. N. Y. 1-1786
gain of $21,876,600, or 3.5%, over March.
Mortgage loans made by 293 reporting State-chartered insured savings
and loan associations reached
of
$1,035,500,
previous
The
peak
was
tatal
net
associativa®
$6,719,000,
as
or
12.5%.
or
a new
over
high in April of $9 333,000, an increase
the
$8,297,500 shown for March.
Joans
on
reported
Aprl 30,
was
by the 293
$26,833,000
State chartered
an
increase of
2.6%, over the $261,103,100 on March 31.
NOTICES
The June issue of "Market Outlook" prepared
by Jenks, Gwynne & Co.,
65 Broadway, New York, contains a list of 10 companies with no
period, paying dividends in each of those
Inc.,
Broadway, New York, to conduct a general brokerage
business in municipal and tax exempt securities.
Members of the firm are
Edward J. Ver Eecke and William II. Beattie.
—Lebemthal
&
Co.,
135 Broadway, New
York, specialists in odd lot
municipal bonds, have issued a list of municipal bonds yielding
to
4.25%.
—S. Bleichroder New York, Inc., 25
a
from 5.60%
Broad St., New York, is distributing
bulletin entitled "What Price Gold-", which discusses the price
—The board of directors of Brown Harriman & Co., Inc.,
D. Smith
ai
Assistant Vice-President.
of gold.
elected Elwood
Bank
Eligible for
Made
Bonds
Invest¬
Colla¬
of Trust Funds in Pennsylvania or as
to
Secure
Trust
Fund
Deposits
by the Pennsylvania Legislature of the
Stiefel Bill now definitely makes Federal Land bank bonds
eligible for the investment of trust funds in Pennsylvania,
or
as
collateral to secure trust fund deposits, The First
Boston Corp., New York, states in a discussion of the
various provisions of the bill.
It says:
passage
We feel that the new market thus
in
Pennsylvania will tend
which
years.
—Announcement is made of the formation of Beattie-Ver Eecke,
with offices at 111
teral
Recent
funded
debt, preferred stocks or bank loans which have shown no deficits for a 10
Land
ment
$5,545,500 reported by i98 institutions for last December.
of mortgage
outstanding
CJJ RIR'E NT
year
Federal
The
they
are
created for Federal Land bank bonds
to carry them to a
selling at present.
requirements for trust fund investments
limited supply of Pennsylvania
In addition to
higher levelt than that at
The bonds will fulfill many of the
which are lacking in the present
"legals."
being exempt from all Pennsylvania personal
property taxes, Federal Land bank
from all Federal income taxes,
bonds
are
entirely exempt
including the surtax and all
present and future taxes which can be levied by a State or
This tax feature is more favorable than that
bonds which are only free of
municipality.
of United States Government
the Federal surtax up to $5,000 aggregate principal amount
held, the bankers point out.
3990
Financial
Quotations
Chronicle
June 12, 1937
Over-the-Counter Securities-Friday June 11—Concluded
on
Investing Companies
Par
Administered Fund
Affiliated Fund Ino
Amerex
Bid
__*
Ask
Bid
Par
Ask
17.84
Amer Business Shares
Incorporated
24.30
46
48
27%
Invest Co. of Amer com. 10
Investors Fund C
15.28
16.22
Keystone Cust Fd Inc B-3.
21.01
Foreign Stocks* Bonds and Coupons
26.13
10.95
26
Holding Corp...*
18.98
10.01
22.99
1
1.16
1.28
Investors..*
Amer & Continental
Corp.
11%
Amer General Equities Inc
Am Insurance Stock
Corp *
Assoc Stand Oil Shares. .2
1.08
1.20
5%
6
Major Shares Corp
Maryland Fund Inc
9.23
i~o~.il
7%
8%
Mass Investors Trust
1
27.24
28.90
Mutual Invest Fund
1
15.54
16.99
National Investors Corp..
7.01
Inactive Exchanges
7.18
Bankers Nat Invest Corp *
Basic Industry Shares
*
British Type Invest A
Broad St Invest Co Inc
Bullock Fund Ltd
i O i/
3%
.53
".73
Nation Wide Securities-. 1
4.25
33.97
36.33
18.18
19.35
4.40
45
6
8
25.28
Electrical equipment
Insurance stocks
11.95
11.12
13.84
Railroad
'
m
series
Steel
«*
-
2.77
Series AA mod
8% preferred
.100 117
Crum & Forster Insurance
10
32
^
Class B
Republlc Investors Fund—
11%
4.95
1.87
Selected Amer Shares
Sovereign Invest Inc
21.25
4.05
4.30
.71
.77
40%
26.63
28.68
3.80
AA
2.64
3.80
*
35.82
37%
4114
B
4.09
Fiscal Fund Inc—
Bank stock series
Super Corp of Am Tr Shs
Insurance stock series.
Fixed Trust Shares A
*
_
12.84
BB
10.61
.....
-
-
C
-
4.70
5.09
22.31
24.61
Fundamental Tr Shares A.
6.08
'
7.64
-
5.57
General Investors Trust..
•
6.71
7.30
^
^
_
1.91
2.07
1.38
1.50
2.02
2.19
1.57
1.70
1.04
Investing shares
Merchandise
1.69
shares
RR equipment shares
Steel shares
1.57
Voting trust ctfs
Un N Y Bank Trust C-3-.
Un N Y Tr Shs ser F
1.51
1.64
Wellington
1.91
1.15
%
%
24
Huron
Holding Corp
Institutional Securities
.97
.62
Investm't Banking
Pomeroy Inc
1.70
1.60
.1934
1968
.99
26
/86
/84
92
18%
9
/7
9%
29%
7%s income
7s
7s
4%
..■.
■
Income
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
/31
33~"
/21
/21
23
/21
/22
/22
of
following securities
24
7s ctfs of dep...... 1957
/35
4s scrip
8s
/28
/35
/28
23
/81
/67
the
current
bank
sold at auction
on
Wednesday
6%%
1948
week:
Funding 3s
Int ctfs of dep July 1 '37
German defaulted coupons:
July to Dec 1933
Shares
Stocks
> ••
$ per Share
$5,000 T. O. Petroleum Co. (Okla.), 1st mtge. conv.
8% gold bonds series C,
due July 1, 1934; 178 Atlantic Gas &
Elec. Co., C-D for common; $12,400
Atlantic Gas & Elec. Co., C-D for common stock trust
ctfs., deposited with
Guaranty Trust Co.; 150 Automat Equipment Corp. (Del.), A
common;
150 Automat Equipment
Corp. (Del.), B common; 300 Automatic Equipment
Corp. (Del.), 8% preferred; 130 Blackwell Consolidated Oil & Gas
Corp.
(Del.); 812 Boone Consolidated Oil Corp. (Del.); 100 Chicago Terminal
Transfer RR. Co. (111.),
common; 2,200 Consolidated Gold Fields of the
Black Hills (N. J.); 208,463 Continental Oil &
Refining Co. (Del.); 1,200
Divide
Annex
Mining
Co.
(Nev.);
Machinery Co. (Del.), common; 450 Restaurant Machinery Co.
(Del.),
7% preferred; 40,000 Silver Dale Mining Co. (Nev.); 706 Sterling Automobile Mfg. Co., Inc.
(N. Y.); 700 T. C. Petroleum Co. (Okla.); 30 Tudor
Corp. (N. Y.), common; 30 Tudor Corp. (N.
Y.), 8% preferred; 9,000 Union
Shale Oil Co. (Del.); 250 United
Royalties Co., Inc. (Del.)
-.$66 lot
Bond—
:
$20,500 No
1 West 39th St.
due April 1, 1945
Corp., N. Y
.'i
'
..$10,000 lot
par
$12%
50%
1 Merchants National
Bank, Boston, par $100
24 Secono National
Bank, Boston,
par
8 Union Trust Co. of the District of
8 Nashua
Manufacturing Co.,
10 First Credit
25 Wickwire
30 Old
15
Old
5 Imco
460
$25
168
Columbia,
common,
par
$100.._
107%
par $100
Co., preferred
Spencer Steel (old stock),
par
$100.
Colony
Trust
Associates..
250 Wickwire Spencer Steel
.....
Co., v.t.c. (old stock),
Terminals, common,
16%
1%
10 units Thompsons Spa..
53 Wiggln
par $100
32c
....
par $10
1 City Associates
1921
15
4%
/56
1940
/98
52
55
1956
51
53
Oct 1932 to April 1935
Oct 1935 to Oct 1936--
/56
Coupons—
■
9%
Stettin Pub Util 7s...l946
Stlnnes 7s unstamped. 1936
Certificates 4s—1936
/57
12%
14%
7s unstamped
Certificates
Toho Electric 7s
/57
/13%
1946
4s—1946
1947
Union of Soviet Soc Repub
m
/46
93
91
/14%
15%
7% gold ruble... —1943 X 86.30 90.89
Unterelbe Electric 6s.. 1953 /21 %
23%
Vesten Elec Ry 7s.--.1947
/20% 23%
Wurtemberg 7s to.--.1945 /26% 23%
/19%
97
/46
..1955
Tolima 7s
109
/40
/21
99
/56
/69%
SALES
(
)
$ per Share
Peabody, Mass.,
par $100
-
55%
-
par $100
136%
•
-
liquidation),
par
$5.
15%
17
80c
17%
Associates, preferred, par$50
27%
(stamped1), par $500; 10,000 marks Polish City of Warsaw
loan;
Mines,
5%
...
Units
"
50
2d series 5s
20 Pelzer Mfg. Co., v. t.c. ($40
paid in
25 Farr Alpaca Co., par $50...
19 Massachusetts Utilities
v.t.c.;
34c
48
20 Springfield Ry.
Companies, preferred, par $100.
10 Farr Alpaca Co., par $50-...-.
22%
Colony Investment Trust
51
1956
2d series 5s...
Stocks
20
....
49
3988.
RR.,
$ per Share
Bank, Boston,
page
6 Warren National
Bank.
25 Boston & Providence
Stocks
23
/23
By Crockett & Co., Boston:
Shares
20 First National
see
/21
7s
AUCTION
By R. L. Day & Co., Boston:
Shares
1939
S'
City, 7% gen'l mtge. gold bonds,
______________
1957
For footnotes
1951
Saxon State Mtge 6s.. 1947
Serbian 5s
1956
State Mtge Bk Jugoslavia
5s
1956
97
6s unstamped
15%
Nov 1932 to May 1935
Hanover Harz Water Wks
l,35u Restaurant
82
18%
108
6%
28
81
/8%
/17%
1954
Haiti 6%
1953
Hansa S3 6s stamped. 1939
15
/27
6%
Great Britain & Ireland—
4s
1960-1990
Guatemala 8s....
1948
Producing Corp. (Wash.); 10,125 Red Seal Refining Corp. (DeL), class
A;
35
Nov 1935 to Nov 1936
/40
Siem & Halske deb 63.2930 mo
/II %
June 1 '35 to Dec 1 '36.
(Austria) 8s
/38
/34
/12%
/71
/61
/6%
Apr 15 '35 to Oct 15 '36.
Graz
Eastern Gold Mining Co. of N. Y.
(N. Y.); 25,000 Hudson Oil Co. (Del.);
3,000 Illinois Gold Mining & Milling Co. (Montana); 2,000
Keystone
Solether Corp. (N. J.); 150 Middle West Oklahoma Oil
Co. (Del.), common;
100 New York Alaska Gold
Dredging Co. (Del.); 600 Ozark Land & Lumber
Co. (Ark.), common v.t.c.; 1,450
Peoples Collateral Pledge Society (Del.),
common; 15 Petroleum Securities Corp. (Mass.); 300 Platinum
Palladium
Reorganized
Jan to Mar 1937
German Young coupons:
Dec 1 '34 stamped..
Continental Oil & Refining Co. (Del.), 8%
preferred; 100 Edgemont & Union
Hill Smelting Co. (N.J.); 50 Galena
Mining & Smelting Co. (N. J.); 200 Great
3,000
July to Dec 1936
German scrip
German Dawes coupons:
Dec 1934 stamped.
21
/22%
Coupons—
/40
Jan to June 1936
22
160
24
/58
July to Dec 1935
24
/22%
/20
/19
24
99%
/39%
/38
/36 %
/35
/33%
/21%
Jan to June 1935
/18%
/25
/18%
/22
6%s
32%
/19
/22%
/24%
/22 %
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.. 1943
/20%
/32%
/98
55
25%
/80
/14%
Saxon Pub Works 7s. .1945
July to Dec 1934.......
'
26%
23
(Brazil)
Scrip
/24%
Jan to June 1934
By Adrian H. Muller & Son, New York:
1948
8%
1947
Santa Fe 7s stamped. 1942
Office
.1946
1948
8s ctfs of dep
Santa Catharlna
117
German Conversion
were
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
Salvador 7%
1957
24
114
1937
5s_„........1941
Rhine Westph Elec
7% '36
6s
1941
Rio de Janeiro
6%
1933
Rom Cath Church
6%s '46
R C Church Welfare 7s '46
/21
6s
99%
52
'
60
/80
Frankfurt 7s to
1945
French Nat Mail SS 6s '52
German Atl Cable 7s.. 1945
German Building & Land-
AUCTION SALES
50
Protestant Church (Ger¬
16%
1967
/98
/21
/50
/24
37
1967
/33
1947
80
/34
/78
/5 8
30%
...1966
90
/33
to
.....1945
Panama 5% scrip........
Porto Alegre 7%
1968
19%
/35
6%s
1953
European Mortgage & In¬
vestment 7 %s
1966
1948-1949
Savings Bk of
72
Gelsenkirchen Min 6s .1934
The
1946-1947
/20%
/15%
/21%
1945
80
6%%
Oberpfals Elec 7 %....1946
Oldenburg-Free State 7%
19%
/29%
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6 %s '50
20.65
3%
Panama
4s
/18%
/17%
/17%
/ 70
1949
1%
1.72
i'
Bank
(A & B)_.
(C & D)
115
1959
Duisburg 7 % to
8%
28%
common._
1953
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
2.52
Corps
1.83
Insurance Group Shares.
23%
/23
Recklinghausen 7s. .1947
Nassau Landbank 6%s '38
Natl
69
1947
Cundinamarca 6 %s
Schoelkopf, Hutton &
Ltd
Bank Group shares
/20%
/22
77%
Municipal Gas & Elec Corp
1946
4
18.83
First Boston Corp
1.02
23
Hungary 7 %s
1962
National Hungarian & Ind
Mtge 7%-_.___ —1948
North German Lloyd 6s '47
5s
1.61
.91
Fund
•
16%
3%
1%
Bancamerica-Blair Corp..
26
23
/21
13%
Issue of 1934 4%...1946
Cordoba 7s stamped.. 1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 %s '49
^
2.07
1.05
Tobacco shares
Guardian Inv Trust com.*
Preferred.
.87
1.45
2.42
1.46
1.82
1.44
...
—
15%
B._
1.34
1.68
Petroleum
7.30
U S El Lt & Pr Shares A..
1.56
shares
Mining shares
w
7.7S
Trusteed Amer Bank Shs B
Trusteed Industry Shares
.95
Food shares
/21%
/12
/17 %
Colombia scrip issue of '33
2.95
Trustee Stand Oil Shs A..
Series B
/21%
mx
Nat Central
Chilean Nitrate 5s
23
28%
Luneberg Power Light &
18
7s assented
15.06
/56
/40
/21
/50
/25%
Water 7%
1948
Mannheim & Palat 7s. 1941
Meridionale Elec 7s
1957
Munich 7s to
.1945
/36
Chile Govt 6s assented
'
3.01
Series D
Building shares
Chemical shares
11%
18%
Savings Bank
Budapest 7s
Trustee Stand Invest Shs.
Series C
Leipzig O'land Pr 6 %s '46
Leipzig Trade Fair 7s 1953
723%
—
13.86
Land M Bk Warsaw 8s '41
/17%
Magdeburg 6s
50
83
City
Group Securities—
Agricultural shares
Automobile shares
1953
(Brazil) 8s
51
48
23
—
7.64
Supervised Shares.
1943
Cauca Valley 7 %s
6.75
B
D
Koholyt 6%s
9%
9%
Central German Power
^
/
V.
Nov 1932 to May 1935
Nov 1935 to Nov 1936
26%
22%
10%
Ceara
—
26%
49
Coupons—
/17
mm':
—
•
■
Foundation Trust Shares A
Fundamental Investors Inc
1962
Caldas (Colombia) 7 %s '46
(Colombia) 7s... 1947
Callao (Peru) 7 %s.
1944
'
2.64
....1948
Call
3.94
A
19%
Corp—
Buenos Aires scrip.
....
/65
Burmeister & Wain 6s. 1940 /no
1.16
20.19
Spencer Trask Fund
*
Standard Am Trust Shares
Standard Utilities Inc
*
7 %s
Brown Coal Ind
15.42
33.33
/24%
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s.. .1956
Bank
6%s_.
1.05
com.
/35
Ilseder Steel 6s
23
/20%
6s
1.55
14.15
3.49
Fund Inc
B.
2.02
/33
m
Munic Bk Hessen 7s to '45
(Germany) 7s 1935
British Hungarian
1
jr.; %
7.75
/19
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Hungarian Discount & Ex¬
change Bank 7s
1936
29%
82%
/94
/23%
1940
Bremen
13.50
1.40
Royalties Management...
6.95
Equit Inv Corp (Mass)-.5
Equity Corp conv pref
1
.95
18.93
13.30
1940
Brazil funding 5%.1931-51
Brazil funding scrip..
3%
.84
Representative Trust Shs.
3.20
1969
Brandenburg Elec 6S..1953
18
17.29
new.
1958
6s
38
r
,
Dividend Shares..t._.25c
7s
76
36%
16%
3%
*
Quarterly Inc Shares
—
3.40
C
Fidelity
69
100
Pacific Southern Inv pref. *
Class A...
*
35
-
2.29
D
Bolivia." (Republic)" 8s" 1947
Ask
Housing & Real Imp 7s '46
91%
/17 %
/25
/21%
/9M
/8%
/8%
/ 9%
/2l%
1945
.....
3.16
Plymouth Fund Inc A. 10c
Diversified Trustee Shs B
Palatinate Cons
Cities 7% to
1945
Bogota (Colombia) 6%s '47
3.42
3.36
Bid
23
Bavarian
7s
7% preferred...
100 112
Cumulative Trust Shares. *
6.24
Deposited Bank Shs ser A
Deposited Insur Shs A
Deposited Insur Shs ser B
63%
'
Series 1958
Northern Securities
30
7% 1947
7% 1948
Barranqullla 8s'35-40-46-48
Bavaria 6%s to
1945
2.70
Series 1956
27%
1972
Bank of Columbia
15.32
Ask
28
f21
f'26
91%
/20
/20
/26%
/21%
Bank of Columbia
15.16
58%
Series 1955
3.55
3.55
Common B shares
14.20
14.05
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953--
mm.
m
equipments
stocks.
1946
8%
Argentine 4s.
12.90
10.29
12.82
1946
Antioquia
12.43
17
2.77
Anhalt 7s to
11.88
11.51
supplies
Machinery stocks
"
2.93
Series AA
Bid
11.00
Building
5.76
16
Corporate Trust Shares...
Foreign Unlisted Dollar Bonds
3%
11%
9%
10
Tel. HAnover 2-6422
4.35
Bank stocks
27.18
5.38
Consol Funds Corp cl A_.
Contlnental Shares pref
BRAUNL
St., N. Y.
N Y Stocks Inc—
4.56
42
Century Trust Shares...*
Commonwealth Invest
1
WALTER E.
52 William
2.11
22%
Voting trust certificates.
New England Fund
N Y Bank Trust Shares
1.95
20%
1
Central Nat Corp class A. *
Class B
*
Series ACC mod
Crum & Forster com
3%
4%
4.98
1
Canadian Inv Fund Ltd. .1
Accumulative
_._*
com..
2 Massachusetts Cremation
Society, par $10; 1 Boston Opera,
1,800 Canpechi Timber & Fruit, common, par $5; 100
Royal Tiger
par 1 cent
...$35 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
710 Union Improvement Co.,
capital, no par
$189 Sara Jean Blag. & Loan Assn., class A
18
participating certificate of int...$35 lot
$330 Sara Jean Bldg. & Loan Assn., class B
participating certificate of Int
$11 lot
25 Philadelphia National
Bank, par $20
121 %
1 Bankers Securities
Corp., common, v.t.c., par $50
25
2 First National Bank,
Chester, Pa., par $100
108
-
—
Volume
Financial
144
General
Chronicle
3991
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
MARATHON
RIGHTS-SCRIP
MILLS
PAPER
Bought—Sold—Quoted
Specialists since 1917
Phone Daly 5392
Teletype Milw. 488
]Vfc Donnell & Co.
MILWUAKEE, WIS.
Members
New
120
York Stock Exchange
price of the securities,
New York Curb\Exchange
Broadway, New York
Bell Teletype
underwriters and redemption provisions of
Louis H. E^an is President.
names of
the bonds will be furnished by amendment.
Telephone REctor 2-7815-30
(Further detail
JNY 11640
on
subsequent page.)
a
Filed June 8, 1937.
(E. I.) du i ont de Nemours & Co. (2-3224, Form A-2), Wilmington,
registration statement covering 500,000 shares of $4.50 cum.
pref. stock f ,r sale to the public through underwriters.
(Further data
given on subsequent page.)
Filed June 6, 1937.
Del. has filed
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
UNDER
ACT
Haile Gold
The
following additional registration statements (Nos.
3215-3226, inclusive), have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
approximately $182,631,558.
Greenwich Gas Co. ^2-3215, Form A-2) of Greenwich, Conn., has filed
registration statement covering 22.000 shares of common stock *no par),
1,321 shares are outstanding in the hands of the public and the
remaining shares are owned by Greenwich Gas System, Inc.
Of the latter
holdings, 8,679 shares are to be offered publicly around June 24, at $15
per share.
Proceeds will accrue to Greenwich Gas System, Inc.
F. L.
a
of which
Putnam & Co., Inc.
Filed June 4, 1937.
will
be underwriter.
Eben
F.
a registration statement covering 650,000 shares of common stock,
25 cents par, of which 500,000 shares are outstanding and not presently to
be offered and 150,000 shares are to be issued and sold to the public at
the
market
through
W.
Lunsford
Long
as
Proceeds will
underwriter.
be used for construction, surveying, drilling, working, capital, and devel¬
opment of pyrites.
Hewitt S. West is President.
Filed June 9, 1937.
Municipality of the City of Buenos Aires (Argentine Republic)
(2-3226, Form SCH B) has filed a registration statement covering $13,500,000 City of Buenos Aires sinking fund external conversion loan 4}4%
bonds.
Filed June 9, 1937.
For further details see preceding page under
"Current
Events
The SEC
Putnam is President.
Thermoid Co. (2-3216, Form A-2) of Trenton, N. J., h,as filed a registra¬
tion statement covering
$2,450,000 5% 1st lien coll. trust bonds, with nondetachable stock purchase warrants attached, 421,04 shares of $3 cum. conv.
pref. stock, $10 par, warrants for 7,349 shares of common stock attached to
the bonds, and 701,120 shares of common stock, $1
par.
According to the
registration statement, the bonds and 143,500 shares of common stock pre¬
viously were registered and all but $4,000 of the bonds and 73,500 shares of
Mines, Inc. (2-3225, Form A-l), of New York, N. Y., has
filed
Discussions."
and
June 4 announced the
on
suspensions and with¬
drawals of the following registration statements in December,
1936:
Amount of
Suspension
Effective
Dates
Dates
Offering
Consent Refusal Order Issued:
Houston Cotton Exch. Bldg.
Co., Inc. (File 2-2637-A-l)
aDec.
$760,000
5, 1936
9, 1936
Withdrawals:
(reserved for exercise of warrants) issued.
The current registra¬
tion statement indicates that present holders of the bonds may offer them
for sale or resale on the market.
Company plans to offer its $4,000 bonds
American Carrier Call Corp.,
N. Y. (File2-2503, A-l)...
at market.
Edwin
common
Of the preferred shares registered, 40,556 shares are outstanding
and 1,548 shares are treasury stock, and will be offered at market.
As to
the common shares registered, 126,312 shares are reserved for conversion of
the preferred; 73,490 snares are reserved for exercise of warrants attached to
bonds (24,490 at $8, 24,500 at $12 and
24,500 at $16); 471,536 shares are
outstanding; 4,782 shares are treasury stock and will be offered at market,
and 25,000 shares are reserved for exericse of
options held by officers and
employees.
Company will use any proceeds received by it from sale of its
securities for payment of indebtedness and for working capital.
Fuller,
Cruttenden & Co. will be underwriter.
Filed June 4, 1937.
Fredreic E. Schluter is President.
Dixie Refining Co. (2-3217, Form
A-l) of Detroit, Mich., has filed a
registration statement covering 299,452 shares of $8 par common stock.
Of the shares registered 170,000 shares are to be sold
by company through
underwriters at $8 per share; 30,000 shares are reserved for option to under¬
writers for resale at $8 per share; 46,327 shares are to be issued in exchange
for 370,619 shares of $1 par common stock after reclassification of securities,
and 53,125 shares are to be reserved for exericise of warrants to be out¬
standing after reclassification of securities.
Proceeds received by company
will be used for construction, purchase of
equipment and working capital.
MacBride, Miller & Co., Inc., and Ericson, Nichols & Robbins will be
underwriters.
Paul R. Kempf is President.
Filed June 5, 1937.
Detroit Paper Products Corp. t2-3218. Form A-2) of Detroit, Mich.,
has filed a registration statement
covering 25,000 shares of 6% cum. conv.
pref. stock, $25 par, and 125.300 shares of $1 par common stock.
Pref.
stock will be offered fPst to
common
stockholders and then through under¬
writers at $25 per
share.
Of the common shares, 75,000 will be reserved for
preferred, 30,000 will be issued as part purchase price for a
mill and 20,300 shares to Russell Maguire & Co., Inc. for resale to public
conversion of
at market.
Proceeds will be used toward purchase of a mill and for working
capital.
Weed, Hall, Berndt & Co. and Russell Maguire & Co., Inc. will
be underwriters.
S. H. Franklin is President.
Filed June 5, 1937.
d Mansul
and resold privately to four
used for capital expenditures.
purchasers for investment.
Proceeds will be
According to the registration statement filed
by Inland Steel Co., Kuhn, Loeb & Co. paid it a price of 99 for the bonds or
aggregate of $9,900,000.
The underwriter, however, sold the bonds
privately at 98 or a total aggregate price of $9,800,000, the statement dis¬
closes.
Philip D. Block is President.
Filed June 5, 1937.
As to the transaction with Kuhn, Loeb & Co. and their disposal of the
bonds, the prospectus says:
"The $10,000,000 1st mtge. 3% bonds, series E, due Jan. 15, 1952, to
which this prospectus relates was not offered to the public.
Said series E
bonds were sold by private sale by the company to Kuhn. Loeb & Co. on
Jan. 25, 1937, at an aggaregate price of $9,900,000, being 99% of the prin¬
cipal amount thereof, plus, in each case, accrued interest from Jan. 15,1937,
to the date of delivery.
"The company is advised that Kuhn, Loeb & Co. has sold said $10,000,000
amount of series E bonds by private sale to four purchasers who agreed that
they were purchasing for investment and not for distribution, at an aggregate
price of $9,800,000, being 98% of the principal amount thereof, plus, in
each case, accrued interest from Jan. 15, 1937, to the date of delivery.
The
company has paid to Kuhn, Loeb & Co. the sum of $8,000 for its expenses,
including transfer taxes and fees and expenses of its counsel, in connection
with the sale of said $10,000,000 principal amount of series E bonds."
No sub-underwriters or dealers participated in the sale of the bonds.
registration statement
The shares
will
covering 25,000 shares of
be offered
first
to
common
common
a
stock, no par.
then to the
Globe Steel
Tubes Co. (2-3221, Form A-2) of Milwaukee, Wis., has
registration statement covering 120,926 shares of common stock, no
par, and 256 subscription warrants for the common shares.
Proceeds will
be used to retire 6% 1st mtge. sinking fund gold bonds.
C. O. Kalman and
Chicago Corp. will be underwriters.
W. C. Buchanan is President.
Filed
June 8, 1937.
a
Richard Mining & Development Co., Ltd. (2-3222, Form A-l) of Mont¬
real, Quebec, has filed a registration statement covering 1,000,000 shares of
common stock, $1 par, to be offered at $1.25 per share.
Proceeds will be
used for development and working capital.
Ross Daniels, Ltd. and Ross
be underwriters.
Joseph
C. Asch is President.
5, 1936
Dec.
4,1936
Dec. 11, 1936
200,000
.
246,250
Dec.
4, 1936
10,000,000
Dec.
5, 1936
200,000
Withdrawn
Jan.
14,
1936
Dec. 30, 1936
3,333,225
..
a
Dec. 22,
Feb. 10, 1936
250,000
Dec- 11. 1936
225,000
Dec. 30,
165,000
Dec.
445,500
Dec. 30, 1936
1936
5, 1936
Dec. 18, 1936
240,000
Dec.
1,500,000
cMay 29, 1936
1, 1936
Dec.
35,000
4, 1936
b Effective under notice of deficiencies,
1937.
As of May 22, 1936.
d Refiled Dec. 23, 1936.
Effective prior to date of
this release,
e Refiled
Dec.
12, 1936.
Effective prior to date of this
c
f Refiled prior to date of this release,
release,
Previously reported under
g
Consent Refusal Order Dec. 13, 1935.
The last
in
previous list of registration statements
Adams
Royalty Co.
1935
1934
$150,761
29,224
40,788
Net inc. from royalties
$142,096
32,679
30,647
$80,749
Gen. & admin, exps
Interest
(& Subs.)—Earnings—
1936
Years End. Dec. 31-—Gross inc. from royalties
Field expenses
Profit
$78,771
1933
$141,622
19,427
22,463
$95,470
21,285
19,687
$99,733
$54,498
1,608
.
107
charges (net)
sale of royalty
on
~Cr298
Cr40,905
Cr 1,863
Cr59
xCr~3~9~,948
25,295
33,133
153,832
347,939
rights
Other income
Loss
given
was
issue of June 5, page. 3826.
our
through forfeiture &
aband. of ints. in prop.
Prov. for State inc. taxes
1,000
Other deductions
115,780
Net loss of subs
45,660
_
$49,742
Net profit
y
x Including
$39,049 profit
depletion.
on
$45,936 loss$128,218 loss$294,989
sale of interests in properties,
y
Before
Consolidated Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
Cash in banks
$86,677
Receivables-
Royalty rights & interest.a
14,788
—
—
5,028,393
Leases & fee properties
68,395
b Aut. & furn. &
b
fix.—depree.
Oil-well equipment
Def.
develop,
exp.
5,500
<fc prepaid
in
<fc
advances
Adams Louisiana Co
Purchase-money lien
to
-
——
.
c
5
assumed
1,026
Reserve for depletion..
d
4,263
-
by subsidiary—
c
10,078
$256
—
Accrued interest payable
6,304
insurance
Investment
Accounts payable
Accrued taxes.
3,075,025
200,000
Capital stock
2,899,993
Capital surplus.
Treasury stock
—
Dr6,34 6
54,087
—
Filed
registration statement covering $80,000,000 3 % % 1st mtge. and
coll. trust bonds, due 1962, and $15,000,000 3% notes, due 1942.
Offering
a
Dec.
cMay 29, 1936
1,500,000
Co.
(File 2-2553, A-2)
National Surety Corp., N. Y.
(File 2-1952, A-l)
Oil Payment Purchase Corp.
(File 2-1873, A-l).
Oliver Farm Equipment Co
(File 2-2617, A-l)
f Somoa Products Co., Inc.
(File 2-2609, A-l)
South Umpqua Mining Co.
(File2-2561, A-l).
Store Kraft Mfg. Co.
(File
2-2594, A-2)
f Summit Gold Mining Corp.
(File 2-1576, A-l)
g Tri
States
Natural
Gas
Corp. (File2-1780, A-l).._
Consumers
Credit
Corp.
(File 2-2699, A-l)
Lisarbo
Andreas,
S.
A.
(James C. Auchincloss et al
voting
trustees)
(File
2-2142, F-l)
$6,174,222 I
Total
Union Electric Co. of Missouri (2-3223, Form A-2) of St. Louis, Mo.,
has filed
Dec. 24, 1936
stockholders and
Offering price will be $22 per share.
Proceeds will be used to
redeem 6% 10-year conv. sinking fund gold debentures and for payment of
bank loans and for working capital.
Francis Bros. & Co. and Herrick
Berg & Co. will be underwriters.
W. B. McMillan is President.
Filed
June 7, 1937.
Daniels, Inc. will
June 8, 1937.
bMay 18, 1936
200,000
Mountain State Water Co.
public.
filed
Dec.
(File 2-1955, A-l)
e
an
Hussman-Ligonier Co. (2-3220, Form A-2) of St. Louis, Mo., has filed
Chemical
bNov. 25, 1936
1,020,000
_
Inland Steel Co. (2-3219, Form A-2) of Chicago, 111., has filed a registra¬
tion statement covering issue of $10,000,000
3% 1st mtge. bonds, series E,
due 1952, which were sold privately to Kuhn, Loeb & Co. in January, last,
800,000
Carewe Productions,
Inc.,
Los
Angeles
(File
2-1974, A-l)
Dictograph
Products
Co.,
Inc. (File 2-2647, A-l)
Lisarbo Andreas, S. A., New
York (File 2-2141, A-l)
a
At
cost,
b Less
shares,
operating deficit.
no
par
reserve
d Less
e
for
Total
depreciation,
distributions
to
.....$6,174,222
c
Represented by 200,000
stockholders
Represented by 6,200 shares
at
and
accumulated
cost.—V. 144, p. 3317
3992
Financial
Chronicle
(J. D.) Adams Mfg. Co. (& Subs.)— ■Earnings—
June 12, 1937
Alaska Juneau Gold Mining
Calendar Years—
Gross manufac'g profit.*
Commercial expense
1936
$1,614,930
1,300,646
1935
1934
$1,520,248
1,144,913
$1,197,742
982,255
$811,490
844.001
Net operating gain...
$314,284
133,165
$375,334
160,270
$215,487
136,036
loss$32,511
157,479
develop, charges but
before
deprec., depl.
$447,449
$535,604
$351,623
$124,968
137,145
72,510
Co.—Earnings—
Profit inch other inc. &
after oper. exps.
and
Miscall. income (nst)
1933
Period End.
Gross earnings
$523,000
Net
increase
for
in
depreciation
88,9771
J51.155
39,090/
Net
incomeDivs. paid and declared
$398,459
180,000
$279,013
180,000
$73,813
180.000
$139,381
1,351,807
$218,459
1,133,348
$99,013
1,034,335
Balance, surplus
-V
'
74
21,621
Total surplus Dec, 31.
Barns, per sh. on300,000
$1,512,810
$1,351,807
$1,133,348
$1,034,335
shs. com. stk. (no par)
$1.06
$1.33
$0.93
$0.24
Assets—
Liabilities—
deposit &
hand
on
$166,215
Municipal bonds.!
41,438
Notes, warrants & accts.'of
political subdivisions of the
Notes payable—bank
U. S. and Canada
373,046
54,055
Govt, tax
11,004
678,012
Other accounts receivable
8,014
Working funds
on income
39,090
Other accrued taxes
2,028,299
9,775
1,567,364
38,807
_
Bldgs., mach. & equipment.
Deferred charges
a
Dividends declared
no par
stock, 300,000 shs
2,531,673
1,512,810
value
Surplus earned
$5,273,005
Total
stock, par 25 cents, both payable July 15 to holders of record June 30.
dividend of 30 cents was paid on Dec. 23, 1936.—V. 144, p. 602.
An extra
Agfa Ansco Corp. (& Subs.)—Earnings—
Calendar Years—
1936
1935
x$670,144
51,506
Profit from operations
Other income
$412,204
197,843
$86,366
121,832
$721,650
100,767
316,973
39,000
35,874
13,427
y58,123
$610,046
113,759
355,623
$208,199
150,553
333,940
35,308
86,139
3,841
47,908
1,079
Income before other charges
paid
Provision for depreciation
Reduction of pats., trader-marks, &C-.
Provision for doubtful accounts
Miscellaneous
Provision for Federal income tax
Net profit
$157,416
Arrived at
1934
$15,377 loss$325,281
as follows: Gross profit on sales,
.J,363,553; less selling,
and administrative expenses, $1,693,409; profit from operations,
"9,144, as above,
y Including surtax on undistributed profits, estimated.
.
general
Consolidated
Assets—
1936
Cash
above dates.
Balance
1935
Sheet
Dec.
31
Liabilities--
1936
$408,414
170,880
Accounts payable.
Accr'd liabilities..
984,296
Inventories (net). 2,523,121
Fixed assets (net). 2,547,840
Patents,
licenses,
tr.-mks., formu¬
752,477
2,702,460
2,556,244
on Oct. 1,1936; 37H cents per share each quarter from April 1,
1935 to and incl. July 1, 1936, and 75 cents per share in each of the four
preceding quarters.
In addition, an accumulation dividend of 50 cents
471,999
510,999
Market,
securities
168,960
Notes & accts. rec.
lae,
&c
Other assets
46,284
46
1935
Deferred charges.
Total
_
$264,569
119,368
dividends of 25 cents per share were distributed in each of the four preced¬
ing quarters.
Accumulations after the payment of the current dividend
2,500,000
2,500,000
126,576
129,084
Capital stock (par
$1)
480,000
Capital surplus... 4,878,411
Operating deficit.. 1,259,941
480,000
4,878,411
41,569
Aluminium, Ltd.—Bonds Called—
A total of
Reserves
1,417,427
41,680
$7,108,982 $7,143,180
-V. 142, p. 4009.
Total
7,108,982 $7,143,180
u
Air Reduction Co. Inc.—Extra Dividena-
-
The directors have declared
an extra dividend of 75 cents per share in
quarterly dividend of 25 cents per share on the
common stock, no par value, both payable July 15 to holders of record
June 30.
The following extra dividends were previously paid: 25 cents on
April 15 and Jan. 15 last; $1 on Oct. 15, 1936; 50 cents on July 15, 1936;
$1.50 on Oct. 15,1935; $1 on July 15, 1935; $1.50 on Oct. 15, 1934; 75 cents
on Oct.
16, 1933, and $1.50 per share paid on Oct. 15, 1931, 1930 and
1929.—V. 144, p. 2982.
addition
to
the regular
Pa.—V. 144, p. 2984.
1936
1935
1934
$974,369
543,184
$803,593
441,041
$708,968
366,767
$431,185
60,325
Selling, handling & adminis. expenses.
dir°ctors
have
A similar amount
$362,551
82,278
$342,201
236,945
$370,860
72,527
$280,273
:
14,400
$105,256
11,200
$443,386
63,169
X59.639
$294,673
59,594
34,000
$116,456
68,661
6,500
$320,578
512,405
Other income.
Net profit
Dividends paid
Surplus
x
The
$201,079
32,317
$41,294
24,234
company
is
of the opinion that it
profits.
has
$168,762
no
a
Accounts & notes receivable.
Canned salmon inventories
Prepaid insurance, &c
Operating materials & supplies
M Iscell. Investments (at
cost).
b Structures & equipment
470,622
Total..
...
averaging 39 cents higher than the schedules in the 1935 beet
Under such contracts, beet acreage harvested in Utah and
averaged 48% greater than that harvested in 1935, and tonnage
purchased increased 58%.
This, perhaps, was not so much due to the
increased price schedule as to the growers' confidence in the resistant type
of beet seed.
Sugar content of the beets was two-thirds of 1% higher
than in 1935.
Total output of refined sugar was 1,474,589 bags of 100
ounds each, an increase of 62% over the preceding year's production in
P(
U
"tah and Idaho.
To date the growers have received $6 per ton in Idaho,
and $5.60 per ton in Utah for their 1936 crop, which is $1.12 per ton higher
than as of this date last year.
Returns from sugar yet to be sold will
Idaho
determine further payments to growers.
Effective April 1, 1937, all employees, except corporate officers, received
and salary increases of 10%.
wage
President
of
the
United
States,
1,
1937,
in
a
special
the same in amount as those now in effect, and also providing for the
imposition of an excise tax on processors and for benefit payments to beet
and cane growers.
Hearings have been held on the House bill by a sub¬
committee of the Committee on Agriculture of the House of Representatives.
Price schedules in the 1937 beet contracts provide increases to growers
in case the net returns for sugar sold are above $3.75 per bag, and such
contracts have been accepted
by the growers' associations.
To date,
planted acreage is approximately 25% in excess of 1936, and uniformly
good stands and favoraole growing conditions are reported in al] districts.
At a special stockholders' meeting held April 14, 1936, the recapitaliza¬
tion program as outlined in a letter to stockholders under date of March 11,
1936, was accepted and has been carried out with the result that all of the
8% preferred stock has been retired through exchange or by purchase, and
all of the
no
par value common stock
has been retired in accordance with
the
recapitalization program.
The authorized capital stock now consists of 750,000 shares of 5% cumula¬
tive first pref. stock (par $10) of which 689,146.75 shares have been issued,
and 750,000 shares of common stock (par $1) of which 690,549 shares have
been
issued.
Net profits for the 12-month period ended March 31,1937, after providing
depreciation, Charge offs, and Federal income taxes, amounted to
$713,816.
During the period April 1, 1936, to March 31, 1937, dividends
on
5% pref. stock paid and declared amounted to $256,505, leaving a
balance of earned surplus amounting to $457,311.—V. 143, p. 2512.
Bemberg Corp.—Earnings—
Years Ended—
Dec. 27, '36
Operating profit
Sell., adm.& gen.
Depreciation
exp...
$1,579,612
457,398
384427
Net profit before taxes
Prov. for conting., &c_.
Prov. for surtax
Net profit——
Accounts payable
.
Taxes & other accrued exps.
Preferred stock ($20 par)...
470,754
2,642
1,112,488
cCommon stock.,
203,438
.
3,117,104
36,649
117,000
43,000
$595,161 loss$491,710 loss$493,650
Dec. 27,'36 Dec. 29/35
$1,419,460 $1,024,927
330,000
& notes re¬
ceivable.
715,859
Accrd. Int. receiv.
513,343
333
351
526,296
Inventories-
714,356
Invest, in & adv.to
—
....
Empls. accts. pay.
Accrued payrolls—
Other accrd. liabils
Affll.
$111,405
$102,949
29,745
16,457
20,566
5,748
23,296
70,104
co. curr. acct
Taxes
24,108
227,209
13.303
9,351
27,674
319
16,800
18,200
80,430
3,500,000
3,500,000
280,000
280,000
without par val)
Capital surplus
41,827
718,236
688.369
123,516
407,055
Res. for contings..
Capital stock:
2,092,664
7%
pref.
cum.
stk.
8,763
Com.
(par $100)
(140,000
shs. without par
..$5,290,796
a After
provision for doubtful accounts of $7,000
h Less provision
(including reserve for repairs to 'I Gating equipment,
$6,560) $1,116,970.
c Represented
as
follows:
Balance Jan. 1, 1936,
representing value of 92,352 shares class A, 35 cents cumulative, no par
value, stock and 126,563 shares common stock, br+h of which were then
outstanding, $3,717,868; less 92,352 shares of class. A stock retired during
year (issuance price $5 per share), $461,760; balance Dec. 31. 1936, repre¬
senting 126,563 shares of common stock issued, $3,256,108; less 5,403 shares
in treasury, to be retired, $139,003; common stock outstanding in hands of
public, 121,160 shares, $3.117,104.—V. 143, p. 3989.
Dec. 27/36 Dec. 29/35
Deficit
other companies
52,214
Land, bldgs., ma¬
chinery & equip. 1,780,506
Unexpired
insur.,
prepay., &c
12,803
.....
$510,946
payroll
Mtges. payable-..
x
250,000
Outstand.
drafts...
and bonds
Accts.
Liabilities—
Trade creditors,&c
on
U. S. Treas. notes
393,642
.
Surplus
$722,946
x212,000
Balance Sheet
167,031
.
$709,794
13,152
$758,161 loss$491,710 loss$493,650
Includes provision for Federal income tax.
hand
.$1,372,930
Dec. 31, '33
$1,720,577
442,788
567,995
$737,786 loss$498,161 loss$516,580
20,375
6,451
22,930
Other income
x
Dec. 29, '35 Dec. 30, '34
$470,311
$494,003
454,999
415,246
513,473
595,338
value)
Common class B
for depreciation
March
on
to Congress, proposed new sugar legislation.
Bills have been
introduced in both branches of Congress providing for quotas substantially
message
Assets—
Notes payable
Total...
the
contracts.
Cash in banks &
1,863,193
15,104
--.$5,290,7961
the
schedules
liability for Federal
Fishing rights, trap sites, de¬
velopment costs
1,066,256
Land—Alaska cannery sites._
28,039
Trade marks & trade brands..
share on
the
year to end at
Sept. 30, instead of March 31.
Pursuant to that
action, the next fiscal closing win be Sept. 30, 1937. and the next stock¬
holders' meeting will, therefore, be held the second Wednesday of Dec.,
1937, at which time a detailed report covering the period from April 1,
1936, to Sept. 30, 1937, will be furnished.
The 1936 beet crop was purchased on contracts which provided price
Liabilities—
$11,697
per
fiscal
$17,060
Balance Sheet Dec. 31, 1936
Cash in banks
cents
Stephen L. Richards, Chairman of the Board, on June 1 sent to
stockholders of this company a letter which read as follows:
At a meeting held Jan. 20, 1937, your directors by resolution fixed
surtax on undistributed
Assets—
of 25
Amalgamated Sugar Co.—Fiscal Year Changed—Wages
Increased, &c.—
Prov. for Fed. inc. tax..
def$191,827
dividend
was
Operating profit
Total income
Interest and discount (net)
Provision for Federal income tax
a
paid on April 1, last and compares with a special
dividend of 30 cents paid on Dec. 15,1936, and a regular quarterly dividend
of 15 cents paid on Oct. 1, 1936.
In addition, an extra dividend of 15 cents
was paid on July 1, 1936 and an extra of 10 cents was distributed on July 1,
1935.—V. 144, p. 1771.
American
Profit from operations,
Other expenses
Mfg. Co.—25-Cent Dividend—
declared
stock, no par value, payaole July 1 to holders of record June 19.
for
Alaska Pacific Salmon Co.—Earnings—
Calendar Years—
$286,000 5% s. f. debenture gold bonds, dated July 1, 1928
have been called for redemption on July 1, next, at 105 and interest.
Pay¬
ment will be made at the Union Trust Co. of Pittsburgh, Pittsburgh,
The
1938
will amount
$6.75 per share.—V. 144, p. 3658.
to
$531,542
25
60,259
Treasury stk. scrip
paid on July 1. April 1, and Jan. 1, 1936, and accumulation
per share was
Loan, due June 6,
$306,176
21,
1936; $1.50
The
Affiliated Fund, Inc.—Extra Dividend—
x
Aluminum Co. of America—Accumulated Dividend—
on June 10 declared a dividend of $2.25 per share on account
accumulations on the 6% cumulative preferred stock, par $100, payable
July 1 to holders of record June 15.
Tnis payment is in addition to the
dividend of $1.50 per share previously declared and be likewise bearing the
common
$5,273,005
Interest
6%
Aluminum Goods
699,014
16,104
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the com¬
mon
the
of
45,000
Common
for depreciation.—V. 142, p. 4009.
reserve
Corp.—Accumulated Dividend—
a dividend
of $6 per share on account of
cumulative preferred stock, payable July 1 to
June 25.
Similar amount was paid on April 1, last.
Arrearages after the current payment will amount to $13.50 per share.—
V. 144, p. 2984.
31,326
19,962
Cash deposits with bids
Inventories
Total
$675,000
Accounts payable— trade
Other accounts payable
Accrued expenses...
Trade notes & accts. receiv'le,
other than municipalities
After
Alliance Investment
The directors have declared
A div. of $1.50 was paid on April 1 and on Jan. 1, last; $7.25on Dec.
Consolidated Balance Sheet Dec. 31, 1936
a
921,200
1,209,500
The directors
'
Other additions (net)...
Land
240,500
3318.
p.
accumulations on
holders of record
$73,813
960,447
$319,381
.
Previous surplus
Refund of U. S. incomer
tax for 1930
on
144,
reserve
Federal income tax
Cash
—V.
$425,000
289,800
& Fed. income taxes._
Total income
1937—5 Mos.—1086
$2,376,500
$2,019,500
937—Month—1936
May 31—
(140,000
Total
x
After
1936.
1
$4,837,472 $4,396,2341
reserve
shares
Total.
for depreciation of $4,686,350 in
$4,837,472 $4,396,234
1935 and $5,028,902 in
Volume
Financial
144
Comparative Statement of Income and Surplus (Parent Company)
1936
1935
1934
1933
Accumulated Dividend—■
have declared a dividend
The directors
accumulations
the
on
7%
holders of record June 21.
Accumulations
of $14 per shzre on account of
cum. pref. stock, par $100, payable July 1 to
A dividend of $10.50 was paid on Dec. 15, last.
1, 1937 after the current payment will amount
$24.50 per share.—V. 143, p. 3616.
to
of July
as
American
Bakeries
Corp.—Extra
Class
Dividend—
A
Initial B Dividend—
class A stock payable July
ments were made on April
Similar pay¬
1 to holders of record June 15.
1, last, and on Dec. 24, 1936.
A quarterly
dividend of 50 cents and an additional dividend of 25 cents per share were
paid on Oct. 1, 1936, these latter being the first distributions made since
..April 1, 1932, wnen a dividend of 25 cents per share was distributed.
The directors also declared an initial dividend of 50 cents per share on
the class B stock, likewise
payable July 1 to holders of record June 15.
—V.144,p.3319i
The directors have
,
declared
a
of 25 cents per share on the
dividend
with 20 cents
on
Jan. 4 last:
on
Dec. 7, 1936 and an initial dividend of 20 cents per share
June 30,
on
stocks.
on com.
Divs.
Int.on
$7,841,237
bonds
notes
receivable
Interest on loans
Other income
1,908,082
1,899,690
3,073,535
1,280
122,601
3,071,322
1,279
153,979
.$13,441,407 $12,797,706 $11,224,873 $11,605,772
Total income
b629,727
disc.
debt
distributed on
62,765
62,801
62,801
62,801
surp...$10,250,303
Surp., beginn. of year
41,866,588
Sundry credits
$9,767,639
40,479,329
20,430
$8,189,343
40,812,678
$8,602,491
expense
Bal. carried to
American Brake Shoe & Foundry Co.—Interim
the
— —
Loss in
rev.
Prem. & unamort. disct.
& exp. on deb. retired.
Pref. stock dividends
1,768,232
2,133,738
6,269,810
2,133,738
5,325,455
877,489
2,133,738
4,263,796
1,705,657
Surplus, end of year_.$41,945,111 $41,866,588 $40,479,329
$40,812,678
2,133,738
6,268,073
Div.—
interim dividend of 75 cents per share
value, payable June 30 to holders of record
have declared an
stock,
common
no par
June 21.
Issued at $10 per share, b Includes
a
This compares with 50 cents paid on
March 31, last, and on Dec. 21,1936;
1936; 30 cents paid on March 31,
June 29, 1935; 20 cents in
per share paid each 3 mos.
In addition an extra divi¬
was paid on Dec. 31, 1935,
March 30, 1935.—V. 144,
1936; 25 cents paid on Dec. 31, Sept. 30 and
each of the five preceding quarters, and 15 cents
from June 30, 1932 to and incl. Dec. 30, 1933.
dend of $1 was paid on Dec. 21, 1936; 25 cents
and an extra dividend of 5 cents per share on
p. 2814.
American
Car
&
Foundry
Consolidated Balance Sheet Dec. 31
Co.
(&
Subs.)—
1935
1936
1933
1934
$183,080
$75,520
$279,960
$1,131,664
Consolidated Balance Sheet Dec. 31
1936
§840,772
Bills &accts.
1,290,184
rec._
1,161,883
673,017
Inventories
898,091
1936
Loans payable
221,596
1,498,961
1,489,077
Prop'y & equip..
Goodwill
Allow, for guar.
1,569,012
1,489,557
contingencies
§6,103,291
depreciation,
—V. 142, p. 4012, 3330.
§5.955,836
y
Sinking
fund
by
American Cities Power &
have declared
11,547.833
36,444
9.101,438
63,449
31,720
t/f- —Jointly own.
municipal sec.
Aetfts.receivable
4,351,779
4,351,779
3,596,420
8,962,650
companies
§6,103,291 $5,955,836
287,713
shares
(no
par)
American
cents
per
17,662
29,112
41,024,814
9,097,217
37,506,548
12,991,539
31,655
33,715,837
44,827,377
33,715~ 837
44,827,377
24,859,900
24,859,900
(no par)... 23,838.279
Net excess stated
23,838,279
Constr. aid
§6 pref. stock.
Common stock
Subsidiary
40,992
4,477,929
(notcurr.)
702,004
1,007,930
of $3 per share on account of
preferred stock, no par value, payable
A dividend of $5 was paid on Nov. 30,
1936; $2 was paid on June 29, 1936, and dividends of $1.50 per share was
paid on Dec. 27, 1935, and on Aug. 31, 1935, this latter being the first
payment since Jan. 30, 1932, when a regular quarterly dividend of $1.50
per share was distributed.—V. 144, p. 2463.
have
on
declared
a
debt
value of
¬
subs,
12,517,759
1,456,160
10,701,740
pense
Unadjust. debits
1,665,122
American Gas & Electric
Co.—Earnings—
Comparative Statement of Consolidated Income
Calendar Years—
1935
1936
1934
Earned surplus.
...463,924,055 467,300,048
Total
Total income
$34,910,913 $33,078,369 $31,683,584 $31,037,830
9,140,761
8,730,973
8,270,676
7,697,587
Int. & other deductions. 11,147,444
11,140,333
11,185,787
11,162,796
Pref. stock dividends...
5,014,392
5,014,392
5,011,095
5,004,074
$7,216,025
Amounts
restated
Int.
&
$7,173,373
Note—in
$7,216,025
5,298,738
301,432
cos
5,095,996
297,841
5,105,499
311,374
Balance Sheet Dec. 31 (Company
1935
$
$
140,031.858
257,779
140,083.748
310,833
9,043,962
6,615,710
8,461,776
14,408,083
—
Sec. of sub.
cos.
Misc.stks. & bds
Adv.
to
sub.
Cash
6.130,648
24,732
(affil. cos.)..-
$9,883,644
Surp. bal. begin, of year 68,329,728
Sundry credits
37,533
Refunds of taxes, exps.,
$7,463,631
65,410,225
19,458
res
_
_
bds. redeem.
subs,
accts.
liquidated
47,611
stk. Amer.
Gas & Elec. Co
125,000
77,371
41,468
186,009
•83,472
63,454
33,495
88,814
c
38,462
Shares
Shares
600,000
396,559
40,936
355,623
600,000
396,559
40,936
355,623
-
8,000,000
4,488,866 41-50
6,129 10-50
8,000,000
4,488,866 41-50
6,129 10-50
4.482,737 31-50
4,482,737 31-50
(d) in consolidated balance sheet.—V. 144, p. 3659.
American Carrier Call
Corp.—Registration Withdrawn—
See list given on first page of this department.—V.
American Potash & Chemical
6,269,810
6,267,073
6,202,945
5,969,455
$68,329,728 $66,609,598 $65,410,225
b Includes $65,206,
c Elimination of debit balance in surplus
during the year.
Includes $97,797, surtaxes on undistributed profits.
undistributed profits,
of company liquidated
(entitled to preference over
stock, in case of liquidation, to
share and accrued divs.):
per
See footnote
The directors have declared
144,
p.
2356.
Corp.—Larger Dividend—
a dividend of $1.50 per share on the common
This
par value, payable June 22 to holders of record June 15.
with $1.25 paid on Dec. 18, 1936, and $1 paid on July 1, 1936,
this latter being the first payment made on the common stock since June 30,
1931, when a regular quarterly dividend of 25 cents per share was distri¬
buted.—V. 144, p. 2117.
stock,
a
163,600,702 173,634,877
Total
guarantees the principal and interest of $8,877,500 in
Crl,936
Surp. bal. end of year. $73,267,058
account
173,534,877
company
Reacquired.
Held by public
on com.
surtaxes on
10,011
Issued
.
account of sub. co
Divs.
41,866.588
5,798.690
Common stock, no par value:
Authorized
Loss in re: sub.
liquidat'n
for prior years.
Sundry debits
Adjust, of fixed capital
44.827,377
41 ,945,111
Reacquired
306,441
Prov. for amort, of prop,
Tax pay.
2,088,390
33,715.837
44 ,827,377
Held by public
30,243
2 003,315
33 ,715,837
Issued
1,779,694
152,036
pref. stock.
Authorized-
160,000
of
under expiring Federal
license
b $6
al
109,061
divs.
$100
$73,145,478 $71,576,206
Elimination of credit bal.
surplus
taxes.
b Represented by:
tive
unamort. disc.
& exp. on
6,066
4,588,712
.163,600,702
Total
com.
in
income
Preferred stock, no par value $6 cumula¬
250,000
2,165
Total surplus...
$81,590,645 $75,073,163
Transf. to res. for deprec
&
201
Federal
1936 and $8,920,000 in 1935 of bonds of subsidiary companies.
3,285,522
Other credits
Prem.
Reserve
debt
discount & exp
The
865.838
Unadj. credits-.
aContingent liab
Earned surplus.
accts.
penses, &c
Unamort.
a
18,608
for ex¬
vances
$7,559,511
64,006,237
10,458
14,363
taxes,
b Common stock
1,152,421
1,210,548
receivable, ad¬
54,217
&c___
c
$8,422,704
66,609,598
40,861
50,000,000
985,637
divs. «fe
Conting.reserves
Accts. receivable
Employees
$15,208,485 $13,586,508 $12,632,899 $12,696,285
Expense
b629,727
467,265
472,728
440,282
Int. & other deductions.
2,561,376
2,562,801,2,562,801
2,562,754
Pref. stk. divs. to public
2,133,738
2,133,738
2,133,738
2,133,738
Transf. from other
&
§
debentures
due 2028
e40, 000,000
<fcc
including
State
1935
§
5%
Accts. payable. Accrued interest,
&
municipal sec.
Total income
Balance
Liabilities—-
owned
jointly
only)
1936
1936
$7,173,373
5,126,224
396,688
and provision was made for
of that company, including
$5,756,000 maturing July 1, 1937.
Accts. receivable
i,192,671
purposes,
March, 1937, the Scranton Electric Co. issued and sold $6,500,-
time deposits.
$9,608,315
463,924,055 467,300,048
Total
comparative
1st mtge. bonds 3H% series due 1967,
the retirement of all the outstanding bonds
Fed.,
pref. stock divs.
from sub.
Other income
for
000
American Gas & Elec.—
Bal. of sub. earns.applic.
to Am. G. & El. Co
4,235,889
64,093,838
69,019,101
b Includes $2,500,000
bonds due in 1936.
c See note attached to parent company only balance
sheet,
d Does not include $2,384,000 principal amount of debentures
called for payment for which cash deposits not shown on balance sheet
have been provided for principal, premium and interest,
e In Feb., 1937.
Atlantic City Electric Co. issued and sold $18,000,000 general mortgage
bonds, 3M% series due 1964, from the proceeds of which provision has been
made for the retirement of all outstanding bonds of that company.
In
connection with the new bonds, that company has contingent liability to
indemnify directors, officers and employees for possible liabilities arising
out of the registration of securities under the Securities Act of 1933, as
a
companies
1,192,671
16.842,896
4,247,956
surpl.
am ended.
Depreciation.
$9,608,315
16,967,486
& Elec Co
of subsidiaries
-.4. sscis
Balance
are
by the
Acquired
$34,102,812 $32,349,697 $30,952,076 $30,223,704
808,101
728,672
731,508
814,126
Netoper. income
the
American Gas
1933
Subsidiary Companies—
Operating revenue
$69,918,081 $64,936,195 $61,399,572 $57,011,387
Operating expense
a35,815,268
32,586,498
30,447,496
26,787,683
Other income
of
which
sec.
carried
dividend
Pay $1 Common Dividend-—
sec.
over
amt. at
such
the $6 cumulative
American Felt Co.—To
par).
(§100
Preferred stock
June 29 to holders of record June 22.
The directors have declared a dividend of $1 per share on the common
stock, payable June 14 to holders of record June 2.
A dividend of $1.50
per share was paid on the common stock on Dec. 21, 1936, this latter being
the first dividend paid since December, 1935, when 50 cents per share was
distributed.—V. 143, p. 3989.
cos.—
Preferred stock
57,194
5,005,094
215,718
reserves..
c
&c.__
9.032,768
268,804
11,081,789
c
Mat. & supplies.
&
accts.
ex
197,313
2,110,741
Unadj. credits-.
Deprec. reserve.
Notes
discount &
2,266.529
taxes, &c
Contract liabil..
European Securities Co.—Accumulated Div.
The directors
accumulations
3,982
3,029
...
Tor ex¬
Unamort.
203,917
companies
Cust. deposits..
Other
Employees accts.
receivable, ad¬
penses,
payable—
owned
jointly
Acer, int., divs.,
48,000
stock. 3,596,420
of 30
68,310
7,536,708
Light Co.—Larger B Div.—
dividend
62,165
9,662,471
share on the
class B stock, payable June 28 to holders of record June 10.
This compares
with 20 cents paid on Sept. 12, 1936 and a dividend of 10 cents per share
distributed on April 30, 1934.—V. 144, p. 1097.
a
267,911
23,543,171
Municipal scrip.
Fed.,
State
&
rec.
The directors
312,812
16,898,201
50,000,000
el37,489,800bl40,337.900
5,019,016
2,411 305
cos
Accts. payable-.
Accts.
&
deposits
spec,
2028...d40,000,000
Sub.
Accts. receivable
&
Total
Repressented
2,179,967
due
jointly
cos
vances
After
2,208,736
debentures
90,954
..
Deficit
Total
1,480,482
322,549
8.912J545
Common
to
owned
&
Gas
Elec.Co.5%
498,528
1,433,996
Notes receivable
Pref. 7% cum. stk.
y
2,450,673
bonds
&
of other cos..
131,609
Accrd. wages, rent,
taxes, &c—
208,329
Stocks
%
$
Funded debt—
Amer.
347,515
Accounts payable,
Prepaid int., taxes,
&c
1935
$6,525,064 §6,525,064
Liabilities—
§
399,055,007
Contractual Con¬
Cash
Liabilities—
1935
§718.648
Assets—
Cash
$
al935
1936
al935
1936
A
Fixed capital.. .405,192,310
Adv.
-
Years End. Dec. 31—
Loss for year
[Inter-company Securities and Accounts Eliminated]
struction
Motors
Earnings—
x
$65,206, surtaxes on undistributed
profits.
40 cents paid on Sept. 30 and June 30,
x
40,313,379
.$52,116,892 $50,267,399 $49,002,021 $48,915,870
186,009
sub. liquid'd
Total.
Com stock divs. in cash.
1936 —V. 144, p. 3319.
The directors
2,500,000
&
Com. stock divs.inshs.a
on
440,479
472,728
2,500,000
467,265
2,500,000
2,498,611
_
of
$6,082,615
$5,807,999
1,910,050
3,065,869
1,280
118,797
cos..$13,139,975 $12,499,865 $10,913,499 $11,208,887
301,432
297,841
311,373
396,885
Taxes and expenses (net)
Interest on debentures
Amort,
$7,403,868
1,910,050
3,062,687
1,280
324,721
pref. stocks.
on
Co.—Larger Dividend—
stock, payable July 1 to holders of record June 16. This compares
paid on June 1 last, dividends of 25 cents paid on April 1, and
an extra dividend of 5 cents and a dividend of 20 cents paid
common
Divs.
Interest
._
American Box Board
-
Calendar Years—
Income from sub. cos.—
Total from sub.
The directors have declared an extra dividend of 25 cents per share in
addition to a quarterly dividend of 50 cents per share on the cumulative
on
3993
Chronicle
no
compares
3994
Financial
American Gas & Power
Calendar Years—
Gross revenues
Operating
1936
Gross income
on
$246,247
Assets—
$13,933
....
Miscell. accts. receivable
Notes & accrued int. receiv.
(subs. companies)
Long-term
420
724,897
..
cos. at
recorded book values
sec.
of affll.
dep.
with
5% series...
trustee
x>f
&
250
Sundry prepaid items
& Trust
300
763,548
1,233,790
526,111
1,014,547
556,264
65,810
at cost
—V. 143, P. 261.
1935
1934
loss$15,329
Condensed Balance Sheet Dec. 31
1936
Cash & bank bals.
Accts. & notes rec.
1935
$458,815
Inventories
965,581
$460,642
467,326
816,821
Investments
859,078
871,019
650,078
Interest accrued..
1,676
Lia bilittes—
1936
Accounts payable.
$356,347
Cash surr. value of
162,654
2,268,200
3,275,150
forconting...
Common stock
insur. policies..
Com.stock of affil.
92,513
81,258
Earned surplus...
149,534
2,268,200
3.275,150
•
American Investment Co. of Illinois
1936
,
Total.
$592,351
318,926
60,820
$451,161
52,238
$293,444
37,415
$194,003
$212,605
6,755
Total income
Interest paid.
$503,399
50,303
65,641
4,355
$330,859
44,758
40,505
4,227
$269,397
50,561
31,286 '
1,001
$219,360
40,541
25,962
1,466
$383,101
$241,369
$186,548
$151,390
59,508
30,159
23,742
24,264
Fed. inc. & State tax
Other income charges
Net earnings
Cash dividends:
Pref. dividends
$2
common
Common
erly B
Earns,
American Hardware
Total
....$7,372,553 $7,102,950
51,828
51,449
35,642
20,741
23,732
x$2.25
$2.45
$1.70
$1.15
x 21,667 shares of common stock
issued as a dividend March 25, 1936.
33, 333 shares of common stock sold about Oct. 1, 1936.
Consolidated Balance Sheet Dec. 31, 1936
Corp. —Earnings—
1936
$1,039,920
224,204
Assets—■
1935
Cash
$7,238
251,601
$336,249
235,119
1934
$1,418
269,960
a
Liabilities—
hand and in banks..
on
Install,
loans
receiv.,
accr. current int. on
Cash surrender
Net profit..
Dividends paid
52,000
xl97,922
(form¬
at end of year
1937
Depreciation
x52,000
divs.
common
per sh. on com¬
stk. outstanding
mon
58,286
-V. 143, p. 4143.
Years End. Jan. 1—•
Net earnings
pref.
(formerly
A
divs.
355,979
4,202.222
$815,715
496,000
$101,130 loss$244,364 loss$268,542
496,000
496,000
496,000
value
insurance...
Real
of
$319,715
1,041,931
Previous surplus
Res. restored to surplus.
x$394,870
936,801
500,000
*$740,364
1,677,165
$1,041,931
$936,801
x$764,542
2,441,706
4,841,723
life
x
$1,361,646
$1,677,165
38,498
Sundry assets at book
Accrued interest payable.—
1,489
General and capital stock tax
Income tax accr. and reserves
14,027
70,794
at
value
Deferred income
incl. treasury stock at cost
$712.......
Comparative Balance Sheet Jan.
1937
47,246
Deferred charges.------
119,908
$
Cash...
Total
1
1936
1937
$
Liabilities—
$
1,046,152
4,731,638
1,044,503
Capital stock..... 12,400,000
4,896,476
Bills & accts. pay.
3,779,759
3,896,901
Dividend payable
Materials & mdese 4,970,968
4,259,472
Surplus
766,871
12,400,000
531,421
124,000
1,361,646
reserve
1,041,931
c
c
conv.
pf. stk. ($25 par)
Common stock
Surplus..
848,439
—
—— -
492,977
-----
14,528,518
14,097,352
Total......... 14,528,518
14,097,352
Represented by 120,569
American
Light & Traction Co. (& Subs.)—Earnings—
transfers)
General operating expenses
21,509,755
2,212,495
2,404,165
4,882,783
20,003,895
2,682,066
2,282,468
1937
Non-operating income of subsidiary.
$8,935,370
324,462
$7,947,514
393,512
$9,259,832
4,201,478
$8,341,025
4,265,018
$4,076,008
1936
$22,605
$17,702
American Safety Razor Corp. (& Subs.)—
Quar. End. March 31
deprec.,
reserves,
Fed. taxes,
1937
1936
x$287,181
y524,400
$0.55
$291,538
174,800
Earni
FrefVdiVs
1935
1934
Net profit after
&c
stock
share
per
Proportion
$18.50.—V. 144,
p.
$264,414
on
$206,809
174,800
$1.51
$1.67
No provision has been made for Federal surtax
Bar
Calendar Years—
17
undistributed profits
yl936
1935
$1,158,710
and
other sources
$524,330
28,838
70,629
1933
$563,015
$1,681,140
42,880
67,229
23,671
$567,210
$1,258,177
$630,245
$1,704,811
13,050
11,367
of prior years (net)...
726",882
9,519
680,101
.631,598
$531,294
Provision for deprec'n..
x$133,777
x$2,238
884
17.766
643.215
before
charging
extraordinary items
and income tax
on
Incident
223,654
to
strikes and
turbances
Retroactive
labor
•
■------
$6,078,873
137,118
$4,864,261
101,150
$5,941,755
804,486
$4,763,111
804,486
$5,137,269
$3,958,625
$1.43
Prov. for Fed. inc. tax..
Net profit for year car
ried to surplus
Nov. 30, 1936.
share of
per
common
stock
$1.86
American Rolling Mills Co.—Settlement
Tentative
arrangements
have
been
made
for
of Suits—
the
settlement
of
suits
against Wheeling Steel Corp. and Bethlehem Steel Co.
by the company,
it is stated in an amendment filed with the Securities
and Exchange Com¬
mission.
As a result of recent
negotiations it is expected that the suits
will be discontinued in the near future
upon consent of all parties.
There are two suits against
Wheeling.
One is an action to recover pay¬
ment of royalties under a license
agreement formerly existing between
and
Wheeling,
other is
a
alleged
patent
but
now
canceled,
damages
being claimed.
The
suit brought for an injunction and
accounting in connection with
infringement.
The suit against Bethlehem is for
with alleged
nection
expects
an injunction and
accounting in con¬
infringement of five pateots.
that license agreements will be entered into with these
companies.
June
31,972
Cr2l ,325
57,000
066,080
38,000
—
...
proposed
17.—V.
144,
American
The directors
Cr21,043
115.750
$321,779
x$105,697
x$533,481
$629,437
These figures reflect the earnings for 11 months of Williams
Corp., formerly a wholly owned subsidiary which was dis¬
y
Earnings
—V. 144, p. 3162.
The company in an amendment filed
with
has changed the
paid
vestments
on
Holding company interest deductions.
Expenses of American Light & Traction Co
Commission
520,314
longshoremen
Steamship
Taxes of Amer. Light & Traction Co
$5,109,039
202,673
42,105
Changes Offering Date—
173,841
Net profit on sale of in¬
solved
61,936
dis¬
......
wages
1,041,148
$6,491,041
183,102
229,067
Total
Armco
SS.
Corp.
bankruptcy proceed'gs
Exps. incident to long¬
shoremen, maritime
Loss,
$1,030,779
1
ments and vessels
Williams
$4,067,891
Arinco
sale of invest¬
Expenses
8,117
Equity Amer. Lt. & Trac. Co. in earns of subs.. $5,048,147
Income of Amer. Light & Traction Co. (exclusive
from
notes & bds. pay.
Net loss
10,207
Balance transferred to consolidated
surplus
Dividends on preferred stock
1934
-----
Expenses incident to SS.
Iowan lay-up
Losses arising from adjs.
Profit
minority
on
Total income
on
to
1,442,895
arising frim ad¬
justments & recoveries
investments
attributable
stock
~
$13,721,562 $12,560,189 $10,257,104 $10,834,355
12,562,852
12,035,859
9,694 089
9,153,215
in prior years
& divs. received
common
1771.
Profits
Int.
of earnings,
4,645,133
176,630
American-Hawaiian Steamship Co. (&
Subs.)—Earns.
Operating revenues
Operating expenses
1936
$5,058,354
Subs.;)—Earnings—
3 Months Ended March 31—
Net loss after Fed. income taxes,
deprec., int., &c_
—V. 144, p. 2463.
Earnings
1937
$39,944,569 $37,561,076
Maintenance
American Public Service Co. (&
common
$5,513,932
b After allowance for depreciation
shares.—V. 144, p. 3826.
no par
Provision for retirement of general plant
General taxes & estimated Federal income taxes...
143, p. 418.
Shares of
Total...
for losses of $297,315.
12 Months Ended April 30—
Gross oper. earns, of subs, (after eliminating inter¬
company
Total
x
807,125
635,775
$5,513,932
After
of $29,937.
$
Real estate, &c...
-V.
a
1936
Bills & accts. rec..
Int.
16,539
—
Cumul. pref. stock ($25 par)
Cum.
3,728
Deficit.
Assets—
x
17,425
26,719
14,882
Employees' thrift accounts..
Preferred dividends..--..—
39,626
...
equities
b Furniture and fixtures
Profit & loss, surplus
$2,567,740
.....
Accrued expenses and salaries
loans.
...
and
estate
Notes payable
$423,141
and
book value.
Surplus
75,393
cum. convert,
934,501
145.373
$7,372,553 $7,102,950
1933
•
$746,553
453,495
99,055
expenses
88,527
&
good¬
will less deprec.. 4,145,976
Deferred charges..
49,301
1934
$932,715
516,277
122,994
Real estate, bldgs.,
equip.
(& Subs.)-—Earns.
1935
$1,301,596
677,706
172,729
Operating
45,364
963,245
346,956
Capital surplus...
cos.—at cost
$135,228
stk. Jan. 2, 1936
Preferred stock...
'
1935
Divs. pay. on pref.
Res
.....11,849,678 11,944,930
Deposited with Treasurer of United States as collateral under¬
d Not including 45,000 shares in treasury.—V. 144,
c
Provision for losses
Co .—Earnings—
$145,727
Total
Net inc. from oper
Other income credits
$16,209,029
<.
11,944,930
agreement,
p.3659.
Gross income
Assets—
138,000
I
14,301
1936
924,422
1,906.981
-.-.11,849,678
1935.
lease
1,237
189,637
Earned surplus
$283,289
3,878,535
After reserve for depreciation of $14,507,847 in 1936 and
$14,506,254
b After reserve for depreciation of $290,451 in 1936 and $275,313
a
1,000,562
Years End. Dec. 31—
Net profit after taxes, deprec., &c
4,021,093
50.344
—
Total
in
3,294
Capital surplus
Rubber
Earned surplus...
in 1935.
200,000
Com. stock ($1 par)...
American Hard
1,972,492
763,548
79,583
1,906,981
Res. for Fed. taxes
58,226
1,972,492
receivable-
69,673
Co.) due March 1,
Total
claims
Res. for insurance.
cU. S. Treas.notes
Bk.
1937
$16,209,029
mixed
awards
secur¬
Mix. claims awards
3,077,085
Accounts payable
Accrued expenses....
Total
of
924,422
1,302,565
374,795
for collection
int.
accr.
(Continenta
Res.
401,963
721,738
indebt.
Accounts payable.
Cash
4,687,000
Affiliated company
Notes pay.
__
$6,244,500
256,979
290,013
on
uncomplet. voy¬
25,000
Marketable
4,550,000
revs, over
disbursements
Oriental Naviga¬
Supplias—
debs, in hands
on
Subsidiary companies
2,096,758
under deb. issue
due
public
Ctfs.
cos.
at recorded book values
Special
of
13,372,470
(debs,
Aug. 1, 1953)
6% series
Accrued int.
Invest, in cap. stocks of subs,
Invests, in
debt
Excess of
119,454
4,550,000
— ..
ages.
tion Co
S
$
88,166
par).....
Adv. to Oceanic &
ities (at cost) —
Accts. receivable..
Liabilities-
deposit_
155,954
Insur. fund—cash.
def$299,063
Balance Sheet Dec. 31, 1936
on
Unexp. Insur., &c_
Liabilities—
d capital stock ($10
4,922,102
46,979
93,388
1,000,000
44,783
/.
1935
1936
$
5,482,686
Steamer equipment
127,195
Iuv. in oth. cos... 1,000,000
$299,063
$271,180
__
1935
$
b Shore plant
517,427
Net income..
Cash
Assets—
Vessels in comm.
a
$424,018
359,920
363,162
400,804
reacquired securities
1936
1935
$666,965
242,946
$534,596
380,038
f
Balance, deficit
Profit
June 12, 1937
Consolidated Balance Sheet Dec. 31
$555,666
21,069
expenses
Unconditional interest
Conditional interest
Chronicle
Co.—Earnings—
p.
the Securities and Exchange
of its securities to
offering date
3827.
Shipbuilding Co.—To Pay Extra Dividend—
on June 8 declared an extra
dividend of $1 per share in
of 50 cents per share on the common stock.
The
extra dividend will be paid on June 26 to holders of
record June 18. and the
50-cent disbursement will be made on
Aug. 2 to holders of record
addition
to
a
dividend
July 15.
The previous payment was the
regular quarterly dividend of 50 cents dis¬
tributed
May 1, last.
Company hereafter will designate
—V. 143, p. 1862.
on
common
payments
as
"a dividend."
Volume
Financial
144
American Steel
The syndicate
common
Hall & Co., H. M.
Byllesby «& Co., Inc., Glore, Forgan & Co., Goldman Sachs & Co., Lee
Higginson Corp. and Blair, Bonner & Co., according to amendment to
registration statement filed with Securities and Exchange Commission.
Proceeds to the company will be $7,666,278.—V. 144, p. 3319.
a dividend of 25 cents per share on the
1 to holders of record June 15.
Previously
regular quarterly dividends of 50 cents per share were distributed.
It is understood that the current action of the board was influenced in
great part by the recent enactment by the Pennsylvania legislature of the
directors
have
declared
stock, payable July
chain store tax bill.
This act would increase
Stores
by about $800,000 annually, computed on the basis of the 1,770 units
operated by the company in Pennsylvania at the close of 1936.
The tax
increase is equivalent to about 61 cents a share on the outstanding capital
the annual
payments of American
tax
(Not including
future policy with
regard to dividends will remain indefinite, governed in
great part by the conditions current at the time the board considers dividend
Chain Store Tax Taken to Court—
suit in equity in Dauphin County (Pa.) Court,
testing the validity of the chain store tax recently enacted by the Legisla¬
ture of the Commonwealth of Pennsylvania.
The bill in equity was filed to test the constitutionality of the chain store
and theater tax act and to restrain the Secretary of Revenue from attempt¬
ing to enforce it, according to Joseph Gilfillan, counsel for the company.
Concerning grounds for contesting the constitutionality of the act, he
that it violates the uniformity clause of the State Constitution by
attempting to put a graduated tax upon the same class of property when the
only difference is the multiple number of stores, that the act is discrimina¬
tory inasmuch as it exempts newstands; and that the tax in the higher
brackets is so large it is in effect confiscatory and destructive of business.
The Great Atlantic & Pacific Tea Co., filed suit in Dauphin County Court
June 8 to restrain the State from collecting the chain store tax recently
enacted by the Legislature and attacking the constitutional validity of
•aid
The suit is similar to the action brought by the American Stores
Co.—V. 144, p. 3660.
American Thermos Bottle
Calendar Years—
a
$214,449
44,738
19,314
$186,271
28,286
11,059
$93,438
$6,388
_
M iscellaneous assets
Deferred debit items
Profit before taxes...
$25,423
$17,227
$403,287
71,057
326,801
$3.04
Est. Fed. income taxes.
$239,873
dividends
dividends
Earns, per sh. on 108,967
shs. com. stk. (no par)
x
30.235
14.702
Total
Less
a
384,240
receivable.
140,548
4,055
406,155
Foreign subsid.:
x
See
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending June 5, 1937 totaled 48.018,000
kwh., an increase of 11.2% over the output of 43,061,000 kwh. for the
corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
,
Week Ended—
May 15
May 22
May 29
5
144,
y
Co.—Earnings—
Net profit after depreciation.
other charges
—V.
Federal & State income taxes and
$687,625
144, p. 3827.
Anchor Post Fence Co.—Earnings—
Income Account for
operating
the Year Ended Dec. 31, 1936
SHI .617
23,704
profit
and amortization
$87,913
17,758
profit
(net).
$70,155
28,939
Net income for the year
$0.29
1936
Accounts payable.
Div. declared and
$109,555
$41,216
2,414
18,596
1935
Balance Sheet Dec. 31,
17,764
payable
17,761
Accruals.
20,729
11,463
Fed. Income taxes.
84,531
31,350
30,259
25,750
Pref. stk.($50 par)
128,738
18.951
Paid-in surplus
683,721
Earned surplus
a
_
1936
Liabilities—
Assefs—
Registered 1st M. 5% inc. bds.
$23,491
12,641
41,344
315,000
Non-negot. non-int. notes pay.
105,754
$43,225
Inventories
—-
1,015,941
544,836
1,015,961
544,838
b
277,606
Deferred charges
Accrued salaries and taxes
210,250
Notes & accts. receivable---
Accounts
185,038
Cash
271,046
235,805
Common stock.
$62,226
31,1936
Surplus, Dec
$61,844
First mtge. bond int
136,744
Investments & other assets—
655,295
Fixed assets
15,584
—
6%
230,375
payable
cum.
prior
164,865
164,401
$2,331,558 S2,215,859|
American Utilities Service
96,900
23,300
565,480
Surplus
Total
...$2,331,558 $2,215,859
Corp. (& Subs.)—Earnings
Subsidiary Companies—
1935
1936
Gross earnings (incl. net profit or loss from mer¬
chandise and jobbing)
$3,399,335
1,801,633
Operation
302,458
282,546
Maintenance
(including Federal taxes)
Net earnings.
$1,012,698
Other income..
16,909
a
for
c
doubtful
—V.
$840,612
15,702
of $15,000.
no par
$856,314
314,605
lonth of May, 1937—
Value of
Brakpan Mines, Ltd
Daggafontein Mines, Ltd.
Spring Mines, Ltd
West Springs, Ltd
Gold
Costs
Profit
(In South African Currency)
£248,237
£137,585
£110,652
273,273
141,033
132,240
303,327
141,633
161,694
116,436
75,063
41,373
Declared
Milled
Companies—
140,000
129,000
151,500
92,500
Each of which is incorporated in the Union
_
fine—V.
144,
p.
of South Africa.
Write-off of natural gas change-over exp. deferred
in prior years
Adjust, of, and prov. for loss on, inventories
Amort, of fixed capital acquisition adjustment
Miscellaneous charges—(Net)
8,196
88,257
8,263
with the Securities and Exchange Com¬
permission to withdraw its registration statement filed under
144, p. 2985.
Securities Act.—V.
Arizona Edison Co.,
4,711
Inc.—Earnings—
[Statement of income and
receiver].
845
from books of company and pre¬
expense
decessor
135
2~075
$438,402
18,764
10,837
18,764
5,938
1936
cum.
divs. in
arrears,
Taxes.
Retirement
Net
Consolidated net income
Consol. earned surplus, at beginn. of the year
Common.
-
Appropriation--
349,967
$151,211
$12,659
51,074
26,301
Fixed assets
$6
5,030,211
2,504
305
Cash
21,105
9,821
4,633
5,938
211,785
Accts., warrants & notes rec_Current indebtedness of sub_.
105,507
1,635
$23,230
27,717
4,633
Merchandise
Due from association
Accts. rec. prior to reorg. (est.)
Deferred charges
613
81,948
200,606
1,000
37,836
Funded debt
Notes pay. on equip, purch...
Accounts and wages
payable.
Acer. int. on refund, deposits.
Other accrued liabilities
Deferred credit
$27,717
$23,147
$154,504
$84
$6,673,9501
Common stock
Total
73,491
9,719
6,187
38,564
17,814
Reserves
a
$5,053,900
30,000
32,872
7,708
125,571
Other liabilities
b Capital surplus
Total
_
Accrued taxes, other than Fed.
Acer.Int. on 1st mtge. bonds..
Earned surplus
18,514
a
Liabilities—
Assets—
c
Special deposits
surplus
Consolidated earned surplus at end of the year
$134,667
Balance Sheet Dec. 31, 1936
Investments
84
$182,221
Total..
$116,186
18,480
$178,317
Balance
Employees' working funds
Surplus charges:
Preferred dividends of subsidiary companies
Net inc. of Empire Telephone Co. for the period
from Jan. 1 to Nov. 30,1935, transf. to capital
153,009
$152,016
operating revenue
$413,700
356,444
716,608
170,394
Other revenue
$560,620
52,965
Surplus credits—Adjustm'ts of equity of minority
stkhldrs. in surplus of sub. cos.:
Preferred
72,486
165.784
Maintenance
except
Utilities Service Corp
$1,224,075
121,223
167,805
Operating expenses: Operation
cos.:
Bal. of net inc. of sub. cos. applic. to Americani
Utilities Service Corp
Exps. & taxes of American Utilities Service Corp..
Int. on funded debt & other inc. charge of American
1935
$1,363,154
751,714
Calendar Years—
Total operating revenue
curr.
ounce
The company has filed a request
mission for
the
$590,222
Peoria Service Co.).
Common dividends
6d. per
3320.
Apex Gold Mines Ltd.—To Withdraw Statement—
83,183
7,981
6,897
companies
*
Equity of min. stkhldrs. in net inc. of sub.
reserves
144, p. 3828.
Tons
x
Int. & amort, of disc. & exp. on funded debt (less
int. charged to construction)
Amort, of extraordinary retire. & abandoned prop.
Write-down of book value of miscell. investments.
Net income of sub.
b After
d Represented by
shares,
Anglo-American Corp. of South Africa, Ltd.—Results
of Operations for the
£3,111,011
1,696,675
306,402
267,322
receivables
Represented by 233
$ 1,246,137
-
Note—Revenue has been calculated on the basis of £7 0.
,029,607.
332,148
_
reserve
62,226
-
Total
223,421 no par shares.
Note—Dividends accumulated from May 1, 1932, on pref. stock issues
for retire., int. & other
Provision for retirements
After
for depreciation,
x
Net income before prov.
income charges
$1,246,137
Total.
—Year Ended Dec. 31—
(incl.
stock
pref.
($100 par)
c$5 cum. pref. stock—-----
19,550
(Not Incl. Vicksburg Gas Co. and Vicksburg Gas Corp., both in bankruptcy)
Pref.
1937
Earnings for 36 Weeks From Aug. 29, 1936 to May 7,
x
x After reserve for depreciation of $679,544 in 1935 and $708,961 in 1936
Represented by 108,967 no par shares.—V. 144, p. 604.
Taxes
31,288,000
31.866.000
31.274,000
31,356,000
d Common stock
and goodwill
—
1933
_
35,691,000
35,528.000
35.634,000
33,692,000
38,207,000
38,269,000
37,878,000
36,505,000
44,766,000
44,605,000
44,104,000
43,061,000
patents
Total
1934
1935
1936
1937
51,191,000
50,273.000
50,672,000
48,018,000
p. 3827.
Miscellaneous creditors to surplus-
653,730
26,186
Prepaid & deferred
Tr.-mks.,
Inc.—Weekly
Transferred to surplus
Surplus, Jan. 1, 1936
y
Land, bldgs.&eq
Inc.—Debentures Called—
'
$0.97
19,151
receiv.
b Represented by
& Electric Co.,
American Water Works
Output—
Income charges
128,738
Due on open ac¬
counts
2,022,600
$18,569,307
Total
American Type Founders,
$103,397
72,024
Res. for advertising
6,578
380,737
Secur. owned...
2,228,448
A total of $600,000 15-year conv. sinking fund debentures, due July 15,
1950, have been called for redemption on July 15 at 107 H and accrued
interest.
Payment will be made at the Guaranty Trust Co. of N. Y. Called
debentures may be converted into common stock at any time up to and
including July 6 in the ratio of one share of common stock for each $10
principal amount of debentures.—V. 144, p. 3660.
$1.27
119,525
Inventories
607,367
2,625.000
-—
for doubtful receivables,
value.—V. 144, p. 1098.
$177,688
xl26,877
Liabilities—
$286,057
488.178
Acer. int. receiv'le
stocks &
cap.
of $95,268
no par
$209,613
71,182
54,466
1935
1936
$323,312
Accts.
in
Reorganization expenses and Federal income tax-
Mkt'lesec.(at cost)
...
reserve
1,114,224 shares,
Provision for depreciation
Balance Sheet Dec. 31
Assets—
$18,569,307
$108,972
5,575
Preferred and common dividends.
Cash.,
ints.
b Common stock
Net
profit
85,493
acquis, of util. props
surplus of subs, cos
Surplus
$203,497
25,811
30.259
Donations for construction or
Min.
6% pref. stock ($25 par)
$15,533
$487,819
84.531
Reserves
384,298
Net
Common
v
9,542
395,536
35,673
164,859
#
Other income, net
293,988
153,582
34,385
3,270,605
r—
Deferred credit Items
Prepaid accounts
$341,393
247.954
47.220
40,832
Other income.
Net
Deferred liabilities
1933
$463,398
277,127
$515,096
300,647
$481,431
Preferred
Accrued liabilities
(officers
American Window Glass
$845,196
363,765
expense
Deductions.
(trade).
Accts.
545,048
rec.
rec.
accts
24,532
3,000
143,906
pay.(tr.&sundry)
563,976
& employees)
Merch., mat'ls & supplies...
Mfg. profit from sale of
Operating
$7,076,500
payable (current)
(not curr.)
671,101
Notes & accts.
Notes &
—V.
1934
1935
Notes
Notes payable
Vicksbg. Gas Co.and Vicks¬
burg Gas Corp. in bankr'cy
June
Co.—Earnings-
1936
and Vicksburg
Funded debt
Plant, prop., franchises, &c..$15,799,275
Invest, in, & receivs. from,
payments.
the act.
consolidated basis Vicksburg Gas Co.
Liabilities—
stock of the company.
American Stores has already challenged the validity of the act in the
State courts, and until legal question raised is settled, the company's
The company has filed a
on a
Gas Corp., both in bankruptcy.)
Cash
t American Stores Co.—Smaller Dividend—
The
1936
Consolidated Balance Sheet, Dec. 31,
Foundries—Underwriters—
underwriting the forthcoming issue of 194,083
shares will consist of The First Boston Corp., Harris,
common
3995
Chronicle
:
524,965
57,757
695,400
$6,673,950
The plan of reorganization provided for the authorization of 118,385
of no par value common capital stock, of which 104,992 shares
shares
3996
have
been
Financial
issued
or
are
to
issued; of the remaining unissued shares
5,079 have been reserved for purchase by preferred stockholders of the
predecessor company at $13 per share through the exercise of available
options which expire July 31, 1940.
b Excess of net assets acquired at
reorganization oyer the stated value of capital stock to be issued in ac¬
cordance with reorganization plan, $1,320,965; excess of principal amount
of second mortgage income bonds purchased and cancelled over purchase
price thereof, $92,785; less subsequent adjustments of fixed assets, $708,053;
other assets and liabilities at date of, or arising from
reorganization, $10,297,
leaving a capital surplus as stated,
c Less reserve for maintenance, re¬
newals.and replacements.—V. 144, p. 3486.
Arkansas Power &
Light Co.—Accumulated Dividends—
The directors have declared dividends of $1.75 per share on the $7 cumula¬
tive pref. stock, no par value, and $1.50 per share on the $6 cumulative
pref. stock, no par value, both payable July 1 to holders of record June 15.
Similar payments were made in each of the seven preceding
quarters and
compare
each
with $1.17 and $1 per share, respectively, previously distributed
(For detailed dividend record see V. 140, p. 1996.)
three months.
Earnings for Month and 12 Months Ended
—Month
Period—
Feb.
Ended
Feb. 28, *37
12
Feb. 29, '36
29
June 12, 1937
Chronicle
be
Associated Gas & Electric Co.— Units to
Merge
An application to merge the Pennsylvania Electric Co. into Penn Central
Light and Power Co. was filed on June 2 with the Pennsylvania Public
Utility Commission at Harrisburg, Pa.
The two companies have been operated as separate units of the As¬
sociated Gas & Electric System to date.
They serve adjoining territory in
the central and western parts of Pennsylvania, and have interconnected
.
electric transmission lines.
,
Feb. 28, '37
$648,830
403,703
$583,080
411,486
58,192,184
5,184,639
Net oper. revenues.Rent from lease of plant
$245,127
$171,594
$3,007,545
$2,784,275
their corporate structures.
May Output Increase of 14.3%—
of May, Associated Gas & Electric System reports net
units (kwh.).
This is an increase of 46
674,409 units, or 14.3% above production for the same month or 1936.
Output for the 12 months ended May 31, amounted to 4,437,070,361 units,
which is an increase of 549,770,908 units, or 14.1% higher than the pre¬
vious comparable period.
For the week ended June 4, the System output was 83,128,134 units, an
increase of 11.8% over a year ago.
The decline in production as compared
with recent weeks can be explained by the Decoration Day holiday.
Gas sendout for the year ended May 31, was 21,248,935,200 cubic feet,
a rise of 1.8% over the previous 12 months' period.
During May, produc¬
tion rose 8.4% above May of 1936 to 1,710,077,500 cubic feet.—V. 144,
p. 3828.
4
,
9,745
11,372
129,574
53,335
Operating income
Other income (net)
$254,872
1,761
$182,966
241
$3,137,119
19,405
$2,837,610
15,033
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. chgd. to construct'ni
$256,633
151,071
6,871
07*1,372
$183,207
151,253
6,279
Ct-1,126
$3,156,524
1,813,938
80,643
Cr6,862
$2,852,643
1,816,210
75,594
Orl 1,282
$100,063
$26,801
$1,268,805
$972,121
Net incomex
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
949,265
Dividends
x
accumulated
and
unpaid to
Feb.
949,265
$319,540
Balance.
$22,856
28,
1937, amounted to
$1,344,792.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred
stock, were paid on Jan. 2, 1937.
Dividends on these stocks are cumulative.
*
w
Note—No provision was made for Federal surtax
for 1936, inasmuch
Associated
mcme^for toatyear.^Nosuch provision has been made to date for 1937.
Telephone Co., Ltd.—Earnings-
Income Account for
June
on
111.—Recapitalization Plan Voted—
approved the plans for recapitalization which
provide for $75,000,000 of first mortgage bonds or convertible debentures,
or both, and an increase to
15,000,000 in the authorized number of commcai
shares.
Approval of this plan will enable the company to retire the 7 % guaranteed
Armour of Illinois preferred and to fund
$20,000,000 in bank loans.
The
management is authorized to decide how much of the new debt will be
bonds and how much debentures and the rates at which debentures
The next
move
may
be
This rate has not yet been set.
will be the calling of the Armour of Delaware preferred
for redemption.—V. 144, p. 3321.
Art Metal
Works, Inc. (& Subs.)
Calendar Years—
1936
Gross profits on sales
Sell. & admin, expense..
-Earnings-
1935
$1,089,056
683,287
1934
$959,450
x587,564
1933
$666,697
452,774
2,351,823
$949,896
12,533
......
$962,429
Net earnings
Interest on funded debt
340,000
6,772
35,696
Cr9,119
General interest
Amortization of debt discount and expense
Interest charged to construction
$589,080
Net income
—V. 144, p. 3828.
Investment
Ind.—
Bend,
South
Co.,
Warrants—
7
converted into common.
$3,301,718
Net earnings from operations
Other income.
Associates
Armour & Co. of
Stockholders
12 Months Ended April 30, 1937
Operating revenues
Operating expenses and taxes
on undistributed profits
the company reported no undistributed adjusted net
as
...
For the month
Feb. 29, *36
$7,267,977
4,483,702
(net)
..
_
electric output of 372,241,346
Ended
Mos.
Operating revenues
Oper. rev. deductions
i
,
Pennsylvania Electric Co. serves in Johnstown, Meadville, Dubois,
Clearfield, Lock Haven and 544 smaller communities.
Penn Central
Light and Power Co. serves in Altoona, Lewistown, Huntingdon, Hollidaysburg and 276 other communities.
The consolidation of these two properties into one corporate unit will
bring about increased operating efficiency and improved service to the
public.
Elimination of companies wherever fesaible is in line with the
established policy of the Associated System.
In addition, it is an expressed
intention of the Public Utility Act that utility holding companies simplify
$351,856
330,855
The attention of the holders of preferred stock with common stock
purchase warrants attached, is directed to the common stock purchase
warrant, which was initially attached to the 5% cumulative preferred stock.
By the terms of the warrant, it could be detached on and after Jan. 1, 1937
and gives the holder the right to purchase the number of shares of common
stock called for in the warrant at a price of $45 per share on or before
30, 1937, at which time the price in the warrant increases to $48.50
share.
June
per
E. M. Morris, President, says:
The common stock of the company is presently paying a regular quarterly
dividend of $0.75 per share, or at the annual rate of $3 per share.
Extra
dividends will no doubt be considered by the directors during the latter
Eart of the year if the volume of business and profits warrant. 1937 warrant
older who properly exercises his warrant before June 15,
Any will be
dividend declared to stockholders of record on
1937.
should be detached from the 5% preferred stock
certificate, signed in the space provided for signature on the reverse side
of the warrant, and sent to the Harris Trust & Savings Bank of Chicago,
or the Bank of New York & Trust Co. of N. Y. City, together with remit¬
tance in either New York or Chicago Exchange in the amount of $45 per
share for each share called for by the warrant.
The mailing should be in
sufficient time so as to insure arrival in either one of the above-mentioned
banks by the close of business on June 15, in order to be of record to receive
the next quarterly dividend of $0.75 per share.
The company has at present sufficient volume of business available to
profitably employ the additinal capital paid in through the exercise of
the warrants.—V. 144, p. 3486.
entitled
June
to
the quarterly
15, 1937 and payable on June 30,
To exercise the warrant, it
Operating income.
$405,769
$371,886
$213,923
19,015
$21,001
6,000
$405,769
57,100
3,000
$371,886
63,000
$232,938
32,000
$27,001
3,944
$345,669
268,290
$1.54
$308,886
145,269
$200,938
55,873
$0.90
$21,756
Other income
Total income.
.....
Income taxes
Prov. for Fed. surtax.
Miscell.
deductions
"V.300
_.
Net income
Dividends paid
Earns, per com. share..
x
$1.38
Including $14,641 amortization of development
•
-$0.09
expense.
Atlantic Beach
Consolidated Balance Sheet Dec. 31
Assets—
1936
1935
S184.669
Cash...
3238,922
Accts. payable and
40,000
18,887
Prov. for Fed. and
580,198
Canadian inc tax
Time certit.of dep.
Drafts in transit
65,000
13,396
790,489
..
aNotes&accts.rec
Loans
Liabilities—
& advances
32,636
344,353
Inventories
22,186
414,551
130,963
ployees
131,126
Invest. & advances
accrued expenses
1935
$130,636
$114,767
70,054
66,399
1,124,175
in
par
value
ing Co.
Miscell. in vests...
37,743
37,743
394,735
565,862
565,862
660,757
583,867
Dr3,766
stock
Dr3,766
in
438,367
treasury
&c.
120,901
Total
4,062
.$2,547,718 $2,451,3041
Gulf
of
New
York^
Trustee
as
is
inviting
June 10, at the Corporate Trust Department of
&
Period End. Apr. 30—
Operating revenues
Oper. exp. (incl. deprec.)
West
Indies
3991.
Steamship
1937—Month—1936
$2,043,143
1,844,955
$2 130,099
2,051,619
Lines
(&
$198,188
24,104
$992,006
222,397
$1,013,247
$38,676
3,573
$174,084
3,138
$769,609
18,799
$901,318
12,784
$42,249
112,590
Gross income—
$2,547,718 $2,451,304
After allowance for doubtful accounts of $17,197 in 1935 and $17,236
in 1936.
b After allowance for depreciation of $393,002 in 1935 and $333 ,-
1937—4 Mos.—1936
$9,780,119 $8,456,800
8,788,113
7,443,553
39,803
$177,222
121,627
$788,409
444,509
$914,102
479,298
$78,480
Other income
Total
Co.
120 Broadway, New York City.—V. 143, p.
Operating income
130,522
6,485
be opened at noon on
the bank,
Taxes
Pats., trade-marks,
Prepaidinsur., &c_
to
Net oper. revenue
ma¬
chinery & equip.
Trust
sinking fund of first mortgage 15-year sinking fund 6>£%
gold bonds of Atlantic Beach Bridge Corp. due Feb. 1, 1942 at prices not
exceeding 103% of the principal amount thereof and accrued interest in
an amount sufficient to exhaust the sum of $5,230.07.
Tenders are scheduled
Subs.)—Earmings—
of
394,735
426,348
Land
Capital
Bridge Corp.—Tenders—
Midland
Marine
Atlantic
ing from reduct'n
capital stock
Earned surplus
to Ronson Hold¬
buildings,
1936
Cap.stk. (par $5). 1,124,175
Capital surp., aris¬
to officers & em¬
b
The
tenders to the
Interest, rentals, &c
111,929
a
600 in
1936.
c
Represented by 1,341 shares at cost.—V. 144,
Associated
1099.
p.
xloss$70,341
$55,595
x$34o,900
$434,804
before any surtax on undistributed profits.
Net income
x
These operating earnings are
—V. 144, p. 3322.
Apparel Industries, Inc.—Name Changed—
See H. W. Gossard Co. below.—Y. 144, p. 604; V. 143,
p. 1863.
Autocar
Co.—Earnings—
4 Months Ended
Associated
Electric Co.
(& Subs.)
12 Months Ended March 31—
1937
Operating revenues
Operating expenses
_>
Maintenance
Provision for retirements
1936
.$23,761,858 $22,194,875
11,183,378
10,767,552
2,160,987
1,916,549
1,523,824
1,464,317
Federal income taxes
367,386
Federal surtax
—V.
Operating income
$6,263,799
585,213
$7,269,932
Interest
on
interest
on
funded debt..
1,743,001
138,779
167,107
Crl6,977
1,748,354
156,296
167,028
unfunded debt
Amortization of debt discount & expense
Interest charged to construction
Prov. for div. not
being paid on cum. pref. stk.
Earnings of subsidiaries prior to acquisition
Associated Electric Co.
Interest
on
int.
on
funded debt
unfunded debt
Amortization of debt discount & expense
Balance of income
383
Cr40,986
520
3,550,000
9,606
247,863
82,826
3,550,000
5,189
247,863
$1,381,059
$931,922
49,113
Note—This statement includes for both periods the results of operations of
properties now included in the Associated Electric Co. consolidation,
irrespective of dates acquired.
I
No provision is included above for Federal surtax on undistributed profits
if any, for the year 1937.—Y. 144, p. 1773.
all
1935
1934
1933
$20,542,982 $28,531,842 $23,704,029
17,434,198
23,775,907
19,263,986
$6,849,012
Deductions
Subsidiary companies
loss$17,478
Years Ended Dec. 31
1936
Unavail-
sales
able
Cost of sales.
Selling expenses
\
Admin. & gen. exps
Gross income
$252,865
Co., Inc.—Earnings—
Income Account for
1,393,018
$6,799,847
470,085
for
undistrobuted profits
Axton-Fisher Tobacco
Net
Other income (net)
on
1936
and
144, p. 3829.
389,639
1,726,436
Other taxes
1937
April 30—
Net profit after charges, but before Federal
State income taxes and before allowance
Earnings—
2,368,483
J
f2,353,074
\
260,532
2,708,287
2,208,660
288,714
256,282
$608,463
12,801
Net profit
Previous earned surplus.
Add'l Fed. income taxes.
.
$1,758,935
Dr52,810
$1,975,101
Drl6,905
$596,240
82,987
$1,706,125
236,218
$1,958,197
86,949
Allowance for taxes.
$495,178
101,062
$621,264
Operating profit.
Other income (net).
$534,314
4,282,595
$513,253
4,200,029
8,796
$1,469,906
3,155,892
$1,689,663
1,897,333
$4,816,909
91,455
145,488
179,219
$4,704,486
97,183
145,488
179,219
$4,625,798
101,090
145,488
$3,588,036
107,436
179.192
179,164
$4,400,747
$4,282,595
$4,200,029
$3,155,892
CTIMO
Sundry adjustm'ts (net)
Total surplus
.
Pref. stock dividends
Common class A divs__
Common class B divs.
Earned
surplus
_
268.533
145,544
Volume
144
Financial
Condensed
1936
Assets—
Balance
Balance Sheet Oct. 31, 1936
1936
§
558,266
Accts. rec. (net)..
816,769
Inventories
7,931,595
Liabilities—
Notes
505,319
6,569,248
A civ,for future pur.
Accrued
of leaf tobacco.-
167,021
Prepd.lr;s.,int.,&c.
41,407
1935
$
117,754
Preferred stock—
1,464,400
Supp. Co., Inc.
Accts. rec., doubt¬
1,000,000
18,262
§76,987
Notes
360,806
Accounts payable (trade)
Inventories
264,764
Accrued & other current liabil.
*5,308
303,946
80,738
Due to officers & employees..
22,041
Res. for Fed. income & excess
a
on
Fixed
assets
...
par)....
Class B stock ($10
—...
208,284
71,400
1,539,200
Deferred charges
24,618
$388,825
27,7 84
payable
40,738
263,210
323,954
profits taxes
Capital stock (par $1)
Earned
surplus
Class A stock ($10
ful of collection.
Liabilities—
demand
Notes and accts. receivable...
Deferred receivables
&c
Dividends payable
29,640
2,657,500
21,886
207,486
expenses,
taxes,
Leaf Tob.
Assets—
Cash
$
payable—1
3,557,359
Loans pay., others
1,663
Accounts payable.
236,167
899,220
3997
Chronicle
31
Dec.
1935
$
Cash
Inv. in
Sheet
1,359~, 981
326,429
326,429
57,183
4,400,747
1,120,120
60,232
par)
a
Capital surplus
Accts. recelv. with
Total...
454,650
1,120,120
1,192,608
Brands & tr.-mks.
454,650
__
Earned surplus—
eq.
xLand, bldg. &
4,282,595
collat. subject to
After
§1,111,861
reserve
Bath
Iron Works
Corp.—Admitted to Listing and Regis¬
The New York Curb Exchange has admitted the capital stock, $1 par»
194,495
14,104
68,524
11,410,042
10,623,355
14,079
to
listing and registration.—V. 144, p. 3322.
Baton
Total
-.11,410,042
10,623,355
After depreciation of $677,183 in 1936 and $592,777 in 1935.
Note—The Leaf Tobacco Supply Co., the wholly-owned subsidiary, was
x
merged with Axton-Fisher Tobacco Co. in September, 1936.—V. 144,
2118.
p.
Powder
ations for retirement
144,
Calendar Years—
(& Subs.)
1936
1935
1934
1933
on operations after
sell., adm. & gen. exps $1,213,724
Deprec. of bldgs., mach.
and equipment, &c.__
481,247
Amortization of patents
$458,514
786,153
219,477
835,337
219,477
prof$732,477
Income from investm'ts.
573,375
Interest and exchange.6,335
on opers
$1,510,734
192,296
25,109
Res. against investments
Prov. for Fed. inc. taxes
$72,627
$2,562,154
183,778
80,683
959.618
16,387
Dr350,000
£>r30,490
Drl00,319
5,480
Surpl. at beginning of yr.
Portion of res.for conting
$1,211,867
4,719,795
restored to surplus...
1,750,000
$4,809,347
89,552
$4,442,720
156,261
$4,209,072
223,023
year
$5,088,991
$4,719,795
$4,286,459
y
Earnings for Period Ended April 30
—4 Mos. End. Apr. 30—
Period—
1937
1936
12 Mos.End
Apr. 30 '37
23,911
eral income taxes, &c—
x$lll,192 xloss$148,141
$0.41
Nil
S
Cash
1936
5,991,561
Accounts
U. S. Govt, securs, 2,380,980
2,406,206
Accts.¬esrec. 4,527,469
2,764,795
10,147
3,858,789
3.897,248
3,878,463
5,932,593
5,605,249
$
Advance payments
Reserve
1935
$
Liabilities—
Reserves.
a
2,351,505
Accrued interest..
Inventories
c
6,587
6,539,380
b Investments.—
1
1
34,375
58,946
45,294
Other assets
95,254
Deferred charges &
Accrued liabilities-
707,662
430,981
Dividends
227,000
82,232
262,164
on contracts
for
the
..25,715,433
24,669,412 |
corresponding
food losses, &c. charges
Depreciation
270,150
10,552
148,397
279,950
160,162
$71,046
23,993
$78,410
26.873
$1,001,958
163,220
$929,726
340,227
Surplus
Div. on pref. stock
Div, on common stock-
$47,052
25,483
18,101
$51,537
25,483
14,481
$648,738
305,794
209,975
$589,499
305,794
173,773
per sh.
on
79,489 common
shs. (after allowing for pref. divs.)_
$132,969
$109,932
$3,469
$11,573
144, p. 3164.
Co.—Default—
on its two bond issues.
Interest was first deferred last November, following seizure of the com¬
pany's plants and all of its funds and bank accounts in Spain.—Y. 143,
p. 3306.
Son, Inc. (& Subs.)—Earnings—
Calendar Years—
1935
$1,387,592
584,924
1936
Net profit from operations
Provision for depreciation
$1,860,987
603,667
$1,257,319
438,659
$802,668
250,591
$1,695,978
367,394
282,516
$1,053,259
308,023
117,262
$1,046,068
$627,975
565,243
567,018
Other income
Total income
Other charges
Prov. for Fed. & State income and excise taxes—
708,995
Common stock outstanding (no
567,196
$1.84
Earnings
par)
share on capital stock
per
$1.11
Condensed Consolidated Balance Sheet Dec. 31
Assets—
1935
Accounts,
780,186
728,787
1,186,672
1,594,143
..
§
wages,
royalties & dlvs.
payable-
d623,508
Reserves
1,904,070
1,354,342
Inventories
2,416,178
2,247,387
Investments
1,426,482
1,286,851
tingencies, &C-.
253,945
257,505
5,729,573
137,536
1,400,000
Earned surplus...
Fixed assets
5,783,146
144,260
1
Goodwill
13,894,941 14,736,1261
Total
for
269,484
120,261
re¬
placements, con¬
stock.
Total
900,472
892,312
6,000,000
6,101,477
6,000,000
13.894,941
b Common
Bird & Son, Inc.,
voting trust ctgs.
c
625,387
and State income
and excise taxes.
Notes and accounts
recelv. (less res.)
1935
Provision for Fed.
& other market¬
able securities
1936
Liabilities—
$
§
hand
14,736,126
7,098,166
a Held in the treasury, representing 32,804 shares of common stock as at
Dec. 31, 1936 and 32,982 shares as at Dec. 31,1935—at net cost,
b Repre¬
c After reserve for depreciation of $5,553,378 in 1936 and $5,544,439 in 19o5.
d There were no dividends oavable
31, 1936.—V. 143, p. 4145.
at Dec.
Birmingham Electric Co.—Earnings—
Period End. Mar. 31—
Operating
Operat.
Distillery, Inc.—Earnings—
Year Ended Oct. 31, 1936
$476,269
102,541
10,717
106,042
Operating profit
Other income (net)
—
Gross income
Int.
on mtge. bonds
Other int. & deductions.
Net income
13,843
x
profit before Federal and State income taxes
Provision for Federal and State income taxes..
Net profit
Earnings per share on capital stock
deductions.
Other income (net)
$256,969
Total
revenues
rev.
Net oper. revenues
and insurance charges
Selling, general, administrative and other operating expenses._
Depreciation..
Taxes (other than income taxes)
Gross profit on sales, storage
Nil
sented by 600,000 no par shares,
Barcelona Traction, Light & Power
Company did not pay the interest due June 1,1937
Income Account for
$0.34
-^Y. 144, p. 3488.
Deferred charges..
Balance
$7,141
$38,167
$0.55
Earns,
a
Net oper. revenue
Fixed charges
.
23 '37 Apr. 24 '36 Apr. 18 '35
$54,741
U. S. Govt, bonds
[All Departments Combined]
1937—12 Mos.—1936
1937—March—1936
$168,702
$166,590
$2,150,459
$2,115,851
719,953
746,013
58,642
57,627
$6,166
-Earnings—
1936
Bangor Hydro-Electric Co.—Earnings-
Bardstown
period of 1936.
Total number of Bell telephones in
as of May 31, 1937, was 1,178,985.—V. 144, p. 3829.
Net profit for the year
Period End. May 31—
Gross earnings
§718,988
for deprecia¬
as of March 31, 1937, including $53,798 cash, amounted,
$915,256 and current liabilities were $155,848.—V. 143, p. 911.
on
20,000
reserve
of 8,436 telephones in service for May.
Cash in banks and
27,850
11,164
After
y
Telephone Co. of Pa.—Gain in Stations—
16 Weeks Ended—
Apr.
Net profit after deprec., Fed., taxes,
$167,301
expenses
§613,785
Total
Represented by common shares par $1.
144, p. 2469.
notice of registration under the Securities Exchange Act of 1934.
Net profit
279,697
378,953
§718,988
Dividends paid in cash
—V. 143, p. 2666.
—V.
52,122
365,663
Earnings for Year Ended Dec. 31, 1936
Operating
Deficit
Current assets
to
25,715,433.24,669,412
Badger Paper Mills, Inc.-—Application Approved—
Taxes accrued
1,377
680,386
Capital surplus—
16,648
Profit.
Dr200,941
The Chicago Stock Exchange has approved the application of the com¬
pany to list 65,000 shares of common stock, no par.
To be admitted to
on
680,386
340,727
30,000
§613,785
Bird &
a After reserve of $297,103 in 1935 and $291,201 in 1936.
b After reserve
of $990,981 in 1935 and $963,891 in 1936.
c After reserve for depreciation,
d 227,000 no par shares,
e 3,010 shares in 1935 and 1936.—V. 143, p. 3833.
trading
21,000
1,653
Earnings for 3 Months Ended March 31, 1937
165,242
Dr200,941
Total
31,300
liabil..
cur.
Berkey & Gay Furniture Co.—Earnings—
Capital stk. held
in treasury
1,415
deposits
Customer
Net loss after depreciation, normal Federal & State inc. taxes._
Fed'l
30,224
920,850
1,096,710
d Capital stock...17,600,000 17,600,000
Surplus
5,088,991
4,719,795
40,000
6,478
16,121
This company reports a net gain
22,700
payable
79,757
42,500
This compares with gains of 6,093 in May, 1936, and with 2,675 in May,
1935.
For the first five months of 1937 net gain was 44,293 against 24,466 in
707,777
e
prepaid expenses
Total
1,124,397
income taxes
Property,plant &
equipment
Patents..
payable-
§174,750
17,445
Accrued accounts.
Other
B-G Foods, Inc.-
1935
$
220
1935
§174,750
payable.
tion.—V.
Consolidated Balance Sheet Dec. 31
1936
Assets
Common stock..
114,595
$6.57
The above figures do not inciude company's proportion of earnings of
controlled companies, which were approximately $158,000 for the four
months ended April 30, 1937, against $73,000 for the corresponding period
of 1936.
182", 985
220
equipment
$1,471,200
x
x
Accounts
Notes payable
5,000
Total
Earns, per sh. on 233,990 shs. capital
stock (no par)
1936
Liabilities—
65,456
service in the State
Net profit after deprec., interest, Fed¬
prof$53,083
Land, bldgs. and
$3,986,049
Loss.
100,214
78,337
125,070
1935
Cash held by Sher.
Bell
Surplus at end of
x
$138,710
§34,149
Investments
550,000
$5,931,662
842,671
.
.
$194,222
22,775
Inventories
x
Total surplus
Cash dividends (net)
$154,715 prof$51,500
16,005
10,050
8,467
§23,954
...
of N. Y. County
Intangible assets..
$522,888 x$l,293,330 x$2,297,693
4,286,459
3,986,049
5,956,765
$209,196
14,975
1936
Cash—.
Bills & accts. rec..
Other assets
Net profit
493,974
93,519
42,892
$62,035
Deposits on contr.
Net loss
$681,884
514,043
Consolidated Balance Sheet Dec. 31
Assets—
531,141
$537,881
in¬
&c
x$505,104 x$l,507,340
.
1933
1934
1935
$331,546
349,297
66,376
$67,515
other
before
Loss for year.
Profit
(& Subs.)— -Earnings-
1936
Sell., admin. & gen. exps.
Other income charges—
come,
193,404
$218,012
202,272
43,452
39,801
Other income
Prov. for Fed. taxes
Earnings—
233,066
Bellanca Aircraft Corp.
Loss
.,571,474
459,157
reserve)
Calendar Years—
Sales of planes, &c., net.
Cost of sales
common stock for subscription.
As a result of this limited
offer, dated April 12, 1937, 59 employees and officers subscribed for 1,666
shares common stock.—V. 144, p. 3164.
1936
$1,791,549
522,958
3487.
p.
limited offer of
Babcock & Wilcox Co.
<
1937
revenues
Balance after operation, maintenance and taxes
Balance for dividends and surplus (after appropri¬
Co.—Listing—
The New York Stock Exchange has authorized the listing of 1,666 ad¬
ditional shares of common stock (no par) upon official notice of issuance,
making the total amount applied for, 396,403 shares.
Directors on April 7, 1937, authorized the proper officers of the company
to offer to certain employees of the company for subscription
up to a maxi¬
mum amount of 1,666 shares (no par) common stock.
The officers made a
Rouge Electric Co.—Earnings—
12 Months Ended April 30—
Operating
—V.
Atlas
§1,111,861
Total
depreciation of $23,984.—V. 144, p. 2118.
tration—
foreign exchange
restrictions
Deferred charges..
Total
for
$270,812
45,561
$225,251
$0.85
1937—Month—1936
1937—12 Mos.—1936
$625,215
$533,077
$7,014,563
518,586
447,393
5,723,854
$106,629
$85,684
5
$1,290,709
2,187
$885,237
590
$107,219
45,750
4,533
$85,689
45,750
4,049
$1,292,896
549,000
50,792
$885,979
549,000
50,634
$56,936
$35,890
$693,104
$286,345
$6,185,113
5,299,876
742
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
429,174
429,227
$263,930
def$142,882
x Dividends accumulated and unpaid to March
31, 1937, amounted to
$214,587, after giving effect to dividends of $1.75 a share on $7 preferred
3998
Financial
June 12, 1937
Chronicle
stock and
SI.50 a share on $6 preferred stock, declared for payment on
April 1, 1937.
Dividends on these stocks are cumulative.
iwNote—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.
Net
—V. 144, p. 3829.
Cost of sales & op. exps-
(H. C.) Bohack Co., Inc.—Earnings—
.
SI ,803,687
1,303,447
.$509,356
15,375
on
long-term debt
other debt
Provision for retirements and replacements
Amortization of debt discount and expense
$500,240
6,941
$524,730
376,448
11,357
205,104
7,715
Gross income
on
$333,901
154,503
$507,180
377,997
10,573
158,312
20,997
*
1
»-.
Balance loss
Discount on reacquired securities—net
$75,893
3,443
on
mortgages
Sundry taxes
$297,278
151,380
$792,041
155,389
$948,917
176,334
$488,404
402,958
Total income
Depreciation
Interest
Non-operating income
Interest
S30.103.358
29,154,441
1936
$2,005,388
1,496,032
expenses
$448,659
417,042
93,916
84,180
4,110
$947,431
499,311
101.003
108,342
4,110
$1,125,252
581,468
87.808
__
99,295
4,784
Sundry deductions
paid
on
123.892
136,219
4.523
$150,590prof$234,664prof$279,148
$106,442
Divs.
1934
1937
1936
1935
$25,628,091 $28,277,633 $30,768,547
25,294,190
27,980,355
29,976,506
Other income
1937
Net operating income
Interest
sales
Net oper. profit
Birmingham Gas Co.—Earnings—
12 Months Ended March 31—
Gross operating revenues
Operating
[Including Bohack Realty Corp.]
Years Ended Jan. 31—
7% pref.
J
49,875
2,375
2,375
Corp.
"i"
$60,699
Drl,095
on
$152,965 sur$232,289 sur$229,273
1,438,821
1,364,310
45,185
1,401,242
28.409
$1,210,868
Int.
$106,442
1,296,624
20,686
$1,314,264
$1,641,784
$1,630,515
15,000
105,000
ried to surplus
Surplus balance beginningS
of fiscal year
Balance-
$72,450
$61,794
65,223
65,229
«t527
Prof$3.435
indebtedness of Amer. Gas & Power Co
-vf 14?,S3: 264'.
Surplus
credits
Dividends
on—
25,128
2,640
97,963
157,500
6,750
79,152
22,802
Surplus end of fiscal yr. $1,185,740
$1,296,623
$1,438,821
$1,364,310
7% first pref. stock--.
6% 2nd pref. stock--.
Common
Boeing Airplane Co.—Listing—
The New York Stock Exchange has authorized the
listing of additional
(par $5) of capital stock as follows: 183,610 shares upon official
stock
"
Surpius charges
shares
notice of issue and payment
in full pursuant to the terms of an offering
stockholders, and 12,000 shares upon official notice of issuance to officers
making the total amount applied for 746,439%.
Subscription Offer—Company filed, on May 18, with the Securities and
Exchange Commission, a registration statement with respect to the above
to
and employees,
Note—Equity of H. C. Bohack Co., Inc., in the surplus of Bohack Realty
Corp. as holders of 100% of the common stock of tnat corporation, is subject
to cumulative undeclared dividends on the preferred stock of Bohack Realty
Corp. amounting to $22.25 per share as of Jan. 31, 1937.
shares of capital stock.
By reason of action taken at a meeting of stockhold¬
7, it was determined at a subsequent meeting of directors
1, 1937, to offer shares of capital stock, including those for which
listing is hereby applied, for subscription in the ratio of one new share for
every three shares of the capital stock of the company held, at a price of
$23 per share, to stockholders of the company of record at the close of
business June 11, 1937, and to holders of certificates for shares of common
stock of United Aircraft & Transport Corp. who, after such record date and
before the warrants of subscription expire, surrender such certificates for
exchange as provided in the plan of reorganization of United Aircraft &
Transport Corp.
June
The maximum number of shares which can be
is
so
offered to stockholders
183,610.
The offering to stockholders will be underwritten. The underwriters will
severally agree to purchase at the offering price certain designated per¬
centages of the unsubscribed portion of the shares to be offered to such
stockholders
Assets—
less reserve
221,303
*30,666
6,353
6,402
Mtges. receivableInvestments
Property,
and
21,259
Accrued
2,124,520
36,000
.
472,955
2,267,640
57,897
Inventories
x
1936
1937
$587,588
Accrued Interest.-
receivable,
Other assets....
.
Accts. pay.—trade
$613,688
S668.675
Accts.
31
Liabilities—
1936
1937
Cash
55.404
taxes
Employees' depos.
Lease deposits
7 %
3,102,219
3,130,759
Bohack
Corp... 3,251,738
Deferred charges..
156,356
3,282,186
equipment.
par)
57,000
3,000,000
...
3,000,000
6% 2d pref. stock
($100 par)
150,000
y Common stock.. 3,752,775
Boh'k Rlty. Corp.
bldgs.,
Realty
1,273
1st pref. stock
($100
Net real estate and
159,563
$559,052
23,557
77,159
9,215
1,693
7,141
Res. for contlng..
plant
150,000
3,752,775
pref. 7% stock.
Surplus—H.C. Bo¬
hack Co., Inc.
Offer to Officers and Employees—By action taken at the adjourned special
meeting of stockholders belcl May 7, the directors were authorized to set
aside not more than 12,000 shares of its capital stock for
purchase, from
time to time, by such of the officers or
employees of the company or its
Total
x
$9,820,076
$9,768,181
After
1937.
|
950,000
950,000
868,818
Boh'kRlty Corp.
of record.
subsidiaries in such amounts and under such terms and conditions as the
directors or a committee thereof may in its discretion determine at not less
Jan.
Consolidated Balance Sheet
held May
ers
316.922
1,019,347
277,276
Total
...$9,768,181 $9,820,076
reserve for depreciation of $1,541,958 in 1936 and $1,605,225 in
Represented by 105,537 no par shares.—V. 142, p. 3839.
y
than the
offering price of the shares to be offered to the stockholders. It is
proposed to offer this stock for sale not later than Dec. 1, 1937, under a
plan of allotment which will give consideration to length of service and posi¬
tion and will limit the number of shares to be made available to
any one
officer or employee. Such stock will not be offered to directors who are not
officers or employees or to the President of the
company, or to any other
member of the committee above referred to.
The funds to be raised by the sale of this issue will be used
by the com¬
pany to finance the operations of its subsidiary companies, or in the event
of the acquisition
by the company of the business and properties of the
company's subsidiaries, to finance the operation of the business thereafter
conducted by the company. If such funds are used to finance the
Bowman-Biltmore Hotels Corp.Calendar Years—
Inc.
from
operations
subsidiaries, they may be loaned to such suosidiaries or
by the company in payment for additional stock of such subsidiaries.
Net loss
Engineering and development exp. not directly recoverable
Selling, general and administrative expenses
Depreciation
I
$136,387
468
19,982
$115,937
-
Mar.31 '37
Dec. 31 '36
$544,738
$360,887
327,918
573,661
6,116
575,428
11,546
565,065
Contracts in prog¬
ress, less res
1,549,516
Other
notes
and
accts.receiv
Mar. 31 '37
1,018,643
$23,873
121,862
$1,649,250
cap.
16,524
4,989
plan
per
241,047
201,819
payable.
Accrued
Investments, &c._
5,607
Fixed assets (net). 1,571,458
5,619
1,567,453
38,810
note¬
d
Trade
Notes & accts .rec
Bldg.
&
Int.
&
$4,523
of
(int.
$355,596
319,020
76,982
145,046
3,371,604
3,232,215
re-
pay.
earned
(«fc
int. accrued)...
notes
payable—
advertising
due bills
5,965
16,966
94,001
94,001
7% cum. pref. stk.
(par $100)
6,602,400
e Non-cum.2d pref.
6,602,400
Commodore-BIIt-
other
leasehold expen¬
more
ditures deferred.
3,113,195
3,242,911
191,018
21,970
Bldg. impt. & furn.
& equip., &c...
Co., Inc..
stock
4,383
10.066
127,475
167,147
1,843
Prep. & def. chgs..
679,720
f Common stock--
2,004,095
679,720
2,004,095
Deficit
9,215,624
9,189,743
5.083
advertising
unused
Total...
for Fed. in¬
come taxes
72,697
618,284
R6S6rV6S
39,055
Capital stock
2,600,067
To be issued
11,019
1,115,010
229,820
Paid-in surplus...
Earned
when
Trade
wages,
&c
taxes,
organ.
holders
1935
Notes pay.—Issued
stk.
pay.
accrued...
($7 coll. to bond¬
&
1936
Accts. payable
Deferred liabilities
b Misc. investm'ts
Sub.cos.
Note
59,499
Other assets
75,733
70,613
173,070
pay.—bank.
Accts.
Adv. on sales contr.
9,188
36,355
Dec. 31 *36
$2,012
27,756
overdrafts..
Prov.
6,788
Deferred charges..
$1,374,811
$250,218
& silver
Liabilities—
Bank
Note
Trade notes&accts.
Claims pending, &c
$379,825
Liabilities—
Linen, china, glass
Consolidated Balance Sheet
Inventories-
a
c
Net profit for period
rec., less res
loss958,034
434,098
257,124
429,812
24,499
Inventories
$130,954
5,432
Total income
Income deductions
Provision for Federal normal tax
Assets—
332,738
holders
Net profit from operations
Other income
Cash
loss612.261
$325,028
98,468
72,290
Notes & accts. rec.
$1,256,925
1,000,820
2,521
97,399
25,229
$4,421,401
24,241
236.610
167,455
1935
1936
Cash
Consolidated Income Statement 3 Months Ended March 31, 1937
1933
$5,847,144
Balance Sheet Dec. 31
Asstes—
Gross sales, less discounts, returns and allowances
Cost of sales
1943
$3,615,424
$17,295
of the company's
used
-Earnings—
1935
1936
rentals,
rest't sales, private, &c. $4,240,178
Profit
before prov. for
deprec. & amortiz. &
interest paid
265,230
Prov. for depr. & amort144,777
Interest paid
137,747
room
(deficit)..
70,287
267,865
39,055
2,595,111
15,826
1,114,655
345,757
a
After
$3,974,738 $3,908,2461
of $175,000
Total
1935
715.
reserves
in
$3,974,738 $3,908,246
$210,000 in 1936.
b After
c After reserve of $1,818,d After allowance for amortization from July 1, 1935.
e Represented
reserve
and
of $39,000 in 1935 and $29,000 in 1936.
by 135,944
no
par
shares,
f Represented by 400,819
no
par
shares.—
V. 144, p. 3323.
Bridgeport Machine Co.—25-Cent Common Dividend—
The
directors have declared a dividend of 25 cents per share on the
stock, payable June 30 to holders of record June 15.
Similar
payment was made on April 1 last, as against a dividend of $1 paid on Dec.
21,1936, this latter being the first dividend paid on the common stock since
1930.—V. 144, p. 3488.
common
Total
$4,618,991 $4,155,806
Total
$4,618,991 $4,155,806
a To be issued for shares of
capital stock of United Aircraft & Transport
Corp. upon presentation for exchange, 30,517% shares as at Dec. 31, 1936,
2,203% shares as at March 31,1937.
and
Underwriters—The names,.of the underwriters
in
connection
with
the
offering of stock to stockholders are as follows: Brown Harriman & Co.,
Inc.; G. M.-P. Murphy & Co.; Blyth & Co., Inc.; Lehman Brothers; Hayden, Stone & Co.; Dean Witter & Co., and Ferris & Hardgrave.—V. 144,
p. 3829.
Bond
Stores, Inc.—Initial Common Dividend—
The directors have declared
the
common
an
initial dividend of 40 cents per share on
stock, payable June 21 to holders of record June 15.—V. 144,
p. 2818, 2289.
Borg Warner Corp.—Initial Dividend
on New Stock—
on June 4 declared an initial quarterly dividend of 50 cents
the new common stock, par $5, now outstanding, payable
July 1 to holders of record June 15.
The company recently split its common stock on a two-for-one
basis,
issuing two new $5 par common shares for each one old $10 par share.
A dividend of $1 per share was paid on the old stock on
April 1, last.
See Y. 144, p. 1775, for detailed record of dividend payments on old stock.
—V. 144, p. 3166.
......
The directors
per
share
on
Bralorne
Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
to a quarterly dividend of 10 cents per share on the common
Briggs Mfg. Co.—Directors Vote Motor Products Merger—
Directors of this company and
Motor Products Co.
have ratified the
merger of the two companies.
Two shares of Briggs would be exchanged
for three of Motor Products, with dividend payments of the two companies
between Jan. 1 and effective date of the merger to be adjusted to maintain
relative equity of the companies' stocks.
Special meetings have been called for July 23 for Briggs* stockholders
for July 22 for Motor Products stockholders to act on the merger
"and matters related thereto."
Holders of both companies'
stock of record as of June 17 will be entitled to vote, directors have notified
the New York Stock Exchange.—V. 144, p. 3829.
and
agreement
Brown Fence & Wire Co.—To
Pay Extra Dividend—
The directors have declared an extra dividend of 60 cents per share on
the common stock, par $1, payable June 25 to holders of record June 14.
A regular quarterly dividend of 15 cents per share was paid on May 31,
last.
New
President, &c.—
Charles R. Underhill has been appointed a director and elected to the
Presidency of the company by the board of directors.
He succeeds the
late Frank Spitz in both positions.
M.
B.
Sackheim
was
elected Vice-President
and Charles O. Hoge was
eiected Treasurer.—V. 144, p. 3489.
addition
stock, no par value, both payable July 15 to holders of record June 30.
Similar payments were made on April 15 last.
Extra dividends of 5 cents
were paid on Jan. 15 last, Oct. 15, July 15 and April 15. 1936.
Dividends
of 15 cents per share were paid on April 15 and Jan. 15, 1935; Oct. 15 and
July 16, 1934, and a dividend of 12% cents was paid on April 15, 1934
In addition, an extra bonus of 20 cents was paid on Dec. 17, 1934.—V. 144.
.1591.
Buffalo Niagara Electric Corp.— Underwriters Named—
The corporation has filed an amendment with the Securities and Ex¬
change Commission giving the names of the underwriters and the redemption
prices of $17,029,000 gen. & ref. mtge. 3%% bonds, series C, due 1967,
and $7,000,000 serial debentures.
Morgan, Stanley & Co., Inc., will underwrite $4,654,000 of the bonds
and $1,925,000 of the debentures; Bonbright & Co., Inc., $2,370,000 bonds
~~T
Volume
Financial
144
and $980,000 debentures; Schoellkopf, Hutton & Pomeroy, Inc.,
bonds and
$980,000 debentures;
Mellon Securities Corp.,
$2,370,000
$1,595,000
bonds and
$655,000 debentures; Lee Higginson Corp., Brown Harriman
Co., Inc., First Boston Corp., Edward B. Smith & Co., and Lehman
Bros., $1,065,000 bonds and $435,000 debentures each, and BancamericaBlair Corp., $715,000 bonds and $285,000 debentures.—V. 144, p. 3662.
&
Concentrating Co.
Bunker Hill & Sullivan Mining &
Period End. Apr. 30—
Oper. profit incl. other
income but before de-
1937—Month—1936
prec., depl. & inc. tax
—V. 144, p. 3324.
$284,878
1937—4 Mos.—1936
$675,653
$1,155,400
$231,616
Burlington Mills Corp.—Listing—
the listing of 550,050
outstanding, including
2,723 shares of treasury stock, with authority to add to the list 39,111 shares
of stock upon official notice of issuance thereof, payment in full and delivery
to holders of stock purchase warrants upon the exercise of the rights pur¬
suant to such warrants, and 9,020 shares of stock upon official notice of
issuance thereof, payment in full and delivery to such of its officers and
employees (excluding senior officers, directors and stockholders owning
more than 1 % of its outstanding capital stock) as directors may from time
to time determine, making a total number of shares applied for 598,181
shares.
wasorganized Feb. 15, 1937, in Delaware with an au¬
the purpose of taking
thorized capital of 600,000 shares of common stock for
agreements and plans of reorganization, in exchange for
an aggregate of 350,270 shares of its common stock, the assets, property
and goodwill, subject to liabilities, of Burlington Mills Co., Inc., Rayon
Fabrics Corp. and Duchess Fabrics Corp.
See also V. 144, p. 3167.
over, pursuant to
Burry Biscuit Corp.—Initial Common Dividend—
The directors
the
on
144,
on
common
Canadian
of the two
cohipanies announced
on
amalgamation of this corpora¬
wholly owned subsidiary, Gatineau Power, thus simplifying
A plan of recapitalization of Gatineau
Electric's shareholders that will embody the
tion
with its
June 3 declared
an
Quebec
Electricity
Commission for
approval.
The plan provides for an exchange of the various shares of Canadian
Hydro-Electric for shares of Gatineau Power, involving a change from an
equity in a holding company to one in an operating power unit, the Canadian
Hydro-Electric Corp. finally disappearing and its assets and liabilities
being transferred to Gatineau Power.
Under the terms of the proposed plan, holders of the 6% cumulative
first preferred stocks of Canadian Hydro-Electric will receive, for each share,
one new 5%
cumulative preferred share of $100 par value and one new
common share, no par value, of Gatineau Power.
In the case of the 6% non-cumulative second preferred stock of Canadian
Hydro-Electric, each share will be exchanged for 5H shares of new common
stock of Gatineau, while each common share of Canadian Hydro-Electric
will be exchanged for one-eighth share of Gatineau common.
Ownership of
both the second preferred and common stock of Canadian Hydro-Electric
at present rests with the International Hydro-Electric System.
According to the announcement, it is proposed to list the new 5% ccumulative preferred and common shares of the Gatineau Power Co. on the
Montreal and Toronto Stock Exchanges and on the New York Curb Ex¬
change.—V. 144, p. 2819.
,
Canadian National
Rys.—New Commissioner—
Norman J. Thomson has been appointed Chief Commissioner of industries
National Rys. and C. S. Gzowski has been maned acting
of Canadian
initial dividend of 25 cents per share
stock, payable June 21 to holders of record June 14.—V.
manager of
the industrial and natural resources department of the company.
Earnings of System for Week Ended June 7
1937
1936
Calaveras
Cement
The directors
accumulations
Co.—Accumulated Dividend—
have declared
the
a
dividend
of $2
share on account of
per
Gross earnings
—V. 144, p. 3830.
cum. pref. stock, par $100, payable June 30 to
holders of record June 15.
A similar amount was paid on March 31 last;
on
dividend of $4 was
Sept. 1, July 1, May
1935, tnis latter being
1934, when a regular
V. 144, p. 1776.
a
7%
paid on Dec. 19, 1936, and $1 on Dec. 1, Nov. 1,
1, March 2 and Jan. 16, 1936; Nov. 15 and Aug. 12,
the first distribution made on this issue since Jan. 15,
quarterly payment of $1.75 per share was made.—
Calendar Years—
Working
Other income-
1935
1934
1933
$4,368,477
1,586.084
$4,012,000
1,780.996
$3,768,848
1.670,614
$3,605,473
1,530,449
$2,782,393
1,450
earnings
1937—4 Mos.—1936
$39,864,229
35,669,067
1937—Month—1936
.$11,870,019 $10,580,236 $43,537,101
10,021,609
9,242,778
38,046,227
expenses
$1,848,410
$5,490,823
$1,337,458
$4,165,161
Earnings for System for Week Ended June 7
1937
1936
1936
Oper. exp., maint. & tax.
$347,983
Canadian Pacific Ry.—Earnings—
Period End. April 30—
Net earnings
Gross earnings
Increase
$3,384,151
$3,732,134
Gross earnings
California-Oregon Power Co.—Earnings—
Net
according to a plan of consolidation
June 5.
The plan will be presented to
holders of this corporation is under way,
shareholders for approval in the near future, this company announced.
Under the plan an arrangement will be proposed to Canadian Hydro-
273.
p.
Hydro-Electric Corp., Ltd.—Merger—
The first step in solving the twofold problem of refunding the debentures
of the Gatineau Power Co. and of resuming dividend payments to share¬
the combined corporate structures.
Power has been presented to the
The New York Stock Exchange has authorized
shares of common stock ($1 par), presently issued and
The corporation
3999
Chronicle
$2,231,005
6,212
$2,098,234
6,668
,
$2,075,024
11,481
Gross earnings
—V.
144,
Increase
& B Divs.—
Capital Administration Co., Ltd.—Class A
The
$188,000
$2,387,000
$2,575,000
3830.
p.
directors
have
class A stock and
a
declared
a
dividend
of 50 cents per share on
dividend of 12.8 cents per share on the
the
class B stock,
payable June 14 to holders of record same date, providing charter
restrictions as to payments of dividends on such stock are satisfied.
Similar payments were made on Dec. 24 and on Oct. 1, 1936, the latter
being the initial dividends on these issues.—Y. 144, p. 2643.
both
Net
earnings
$2,783,843
239,078
Lease rentals
$2,237,217
238,864
911,965
1,046,511
1,049,657
Crl,837
Crl.392
,086,505
$2,104,902
234,252
Cr 1,162
240.765
642,546
385,000
26,582
Bond interest
ii
Debenture interest-.
General interest,
&c.__.
Int. charged to constr'n.
Amort, of prelim, charges
of project abandoned-
Cr859
Capital City Products Co.—15-Cent
Dividend—
share on the com¬
21 to holders of record June 15.
and Jan. 4, last, Oct. 31, July 22
and March 30, 1936, and on Dec. 27, 1935, prior to which the last previous
disbursement was the 10-cent dividend paid on Nov. 6, 1933.—V. 143, p.
The directors have declared a dividend of 15 cents per
stock, no par value, payable June
Similar payments were made on April 5
mon
45,047
191.319
300,000
157,617
157,158
300,000
300,000
174,842
$1,098,272
679,525
$496,215
306,909
$364,997
306,913
$460,341
460,341
$418,747
$189,306
Amort. of dt. disc.&exp.
Approp. for retire, res've
157.289
2669.
Balance
Preferred
dividends
Carolina Power & Light Co.
-Earnings—
-12
Month
Balance
$58,084
..
Cash
5
$
curr
$
855,094
407,769
Accounts payable.
601,151
41,829
Fixed assets
41,630
35,018,142 34,505,262
3,161,155
2,033,645
Deferred charges..
Other assets
151,954
34,580
31,064
461,335
224,647
Interest
6,825
6,921
76,726
Int.
on mtge. bonds
Other int. & deductions.
2,346,386
2,234,005
Total
x
39,971,339 38,213,245
....
1,000,000
1,000,000
x
Divs.
pref. stock
5,866,300
6,847,100
627,270
857,777
surplus...
applic.
to
Casco Products
dividend
of 50
share on the
common stock, no par value, payable July 1 to holders of record June 18.
Like payment was made on April 1 last and compares with $2 paid on Dec.
19. 1936; $1 paid on Oct. 1, 1936: 50 cents per share paid each three months
from April 2, 1934 and to and including July 1 1936, and 25 cents per share
paid quarterly previously.
In addition, an extra dividend of 15 cents was
paid on Jan. 20, 1934 and an extra of 10 cents on Sept. 30, 1933.—V. 144,
p. 3167.
a
Canadian Breweries Ltd. (&
Taxes
-
cents
per
Profit
$61,191
14,830
Total income
(no par)
144,
$3,054,226
2,452,244
041,624
2,411,500
$601,982
$13,429
18,982
93,658
on
$25,590
•
Celotex
Assets—
Investments
Accounts & bills receivable less
reserve
for doubtful accounts
70,133
376,439
$99,210 prof$235389 prof$213285
1937
1936
$5,112,608
$3,310,199
income taxes & undistributed profits..
x715,931
232,480
share on 268,685 shares common—
$2.39
$0.59
April 30—
Inventories
payable
&
per
Including profit of $66,000 received from sale of investments.
Note—No provision necessary for Federal surtax because of statutory
deductions in excess of that amount.—V. 144, p. 3664.
x
Central Arizona Light & Power Co.—Earnings—
Operating revenues
Oper. rev. deductions—
Other income (net)
—
1,400,000
__
106,338
yCapital stock
255,312
Capital surplus & distributable
.$9,798,027 I
$3,095,463
2,343,671
$102,988
10,805
$74,732
15.646
$811,565
157,551
$751,792
233,013
$90,378
31,250
$969,116
246,729
7,732
Cr 1,027
$984,805
375,000
6,651
$615,682
$603,154
Cr510
&
bonds
525
surplus
-
Total
x
Balance..
1,819,969
$9,798,027
y
$94,713
Dividends applcable to pref.
stocks
period, whether paid or unpaid
$58,603
for the
108,054 '
108,054
4,916,854
—
After reserve for depreciation of $4,154,563.
$3,584,047
2,772,482
18,958
632
mtge.
Net income
Represented by 163,428
cumulative sinking fund convertible preference shares no par value and
672,561 common shares
no par value.—V. 144, p. 2819.
x
$272,447
197,715
818,493
339,369
Total
1937—12 Mos.—1936
$219,898
216,910
deductionsi
on
Other int.
fund
—
Land, bldgs., plant & equip—x6,104,393
448,624
1937—Month—1936
Int. charged to construct
$587,399
accrued
A sinking
deb. due April 1,1946.
series
—
Prepaid expenses
Other investments-
5H%
Min. int. In sub. companies.
Investments in & advances to
affiliated companies
Accounts
.
profit after deprec. & other charges, but excl.
Earnings
Int.
Bk. loans & overdraft (secured)
liabilities
234,521
1,718,085
$0.21
$113,793
$659,857
$670,556
103,067
332,099
Liabilities—
$69,183
777,513
$35,925
Corp.—Earnings—
Condensed Consolidated Balance Sheet April 30, 1937
Cash
1936
$60,597
170,452 shares capital stock
Net oper. revenues._.
Loss.
1937
income
1269.
p.
6 Months Ended
$630,123
29.733
68,575
Corp.—Earnings—
April 30—
Period End. Mar. 31—
25,666
75.945
Prov. for depreciation.-
$367,508
the
Net sales.
of Fed.
1937—12 Mos.—1936
loss$12,989
26.419
$76,021
Interest
1,255,237
for
$0.35
Earns per share
—V.
Subs.)- —Earnings—
1937—3 Mos.—1936
$671,833
$554,941
610,643
567,930
Other income
$1,622,745
stocks
Net profit after deprec., interest, Federal
taxes and surtax on undistributed profits
Net
Period End. April 30—
Profit from operations..
.
Regular dividends on $7 and $6 preferred stocks were paid on Jan. 2,
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. 3830.
2 Months Ended
have declared
pref.
39,971,339 38,213,245
Total
Cannon Mills Co.—50-Cent Dividend—
directors
$2,252,926
$213,884
x
Represented by 82,061 no par shares.—V. 144, p. 3490.
The
$156,474
period,
31,171
1937.
(SI00 par).
5,703,200
Common stock.. 6,847,100
Earned
$3,981,855
2,300,000
59,110
Balance.
cum. series of
1927
x
$4,614,341
2,300,000
62,984
Crl,569
2.883,000
— ...
par)
$352,876
191,667
4,735
Crll2
Net income
6% cum. pref. stk.
($100
$3,948,928
32,927
$411,021
191,667
5,582
Other income
93,519
7% cum. pref. stk.
($100 par)
2,883,000
6%
$4,683,170
$4,154,585
17,475",800
113,295
Deferred liabilities
Reserves.—.
$351,484
1,392
Int. charged to construct
1,360
19,000,000
debt
205,657
$409,522
1,499
-
308,073
302,001
Indebted to affils.
Funded
205,226
479,055
Other
Divs.pay.on pf.stk.
$4,788,396
17,023
$997,689
Operating income
Taxes
$368,507
17,092
(net)
231,781
190,832
Salaries & wages
398,689
73,142
67,547
assets.
$426,614
Net oper. revenues
for lease of plant
Accrued liabilities:
Investments
Months-
28, *37 Feb. 29,'36
$860,'972 $11,202,305 $10,003,690
492,465
6,413,909
5,849,105
Rent
52,629
434,442
393,130
notes rec.
Mat'ls & supplies.
Other
Liabilities—
Notes payable
deposit
on
Accts.
1935
1936
1935
hand and
on
Operating revenues
Oper. rev. deductions
Dec. 31
Balance Sheet
1936
*37 Feb. 29, '36 Feb
$972,173
545,559
1,255,237
Note—No provision made for surtax on undistributed profits.
Assets—
Feb. 28,
Period—
$507,628
$495,100
x Regular dividends on $7 and $6 preferred stocks were paid on Feb.
1.
After the payment of these dividends there were no accumulated
1937.
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
income for that year.
1937.—V. 144, p. 3830.
net
No such provision has been made to date for
4000
Financial
Chronicle
Carriers & General Corp.—5-Cent Dividend—
The directors have declared
dividend
a
of five
cents
common
stock, payable July 1 to holders of record June .18.
A similar
amount was paid on April 1, last, and
compares with 15 cents paid on
De«. 24,1936, and a regular
quarterly dividend of five cents paid on Oct. 1,
1936.—V. 144, p. 2471.
Central of Georgia Ry.—Interest—
Under the order of the U.S. District Court for the Southern District of
Georgia, dated May 29, 1937, the receiver has been instructed to pay the
two
coupons
due, respectively, Aug.
1,
1933, and
Feb.
1934, on the
1,
first mortgage bonds, and the two coupons
due, respectively, July 1, 1933
and Jan. 1, 1934, on the first
mortgage bonds of Chattanooga Rome &
Southern RR.
The Central of Georgia
coupons
will be paid on and after June 10,1937,
on presentation at the main office of
New York City.
Guaranty Trust
Co.,
140
The Chattanooga coupons wdl be paid on and after June 10
tion at the main office of Central Hanover Bank & Trust
Broadway,
Not Abandoned—Committee Calls It Best
On behalf of the bondholders' committee
on
City.—V. 144, p. 3831.
Central Power
Co.—Earnings—
appointed trustee for 2% %
this company.
and taxes.
Chicago Pneumatic Tool Co.—Listing—
New York Stock
Exchange has authorized the listing of 181,135
1936
1937
$432,684
329,614
$423,226
324,873
$103,071
expenses
Chicago & North Western Ry.—Trustee—
Central Hanover Bank & Trust Co. has been
equipment trust certificates, series Z, dated April 1, 1937, of
Authorized issue, $4,460,000.—V. 144, p. 3832.
3 Months Ended March 31—
Operating
for Bondholders—
which concurred in a plan of
reorganization for the company, Carrol M. Shanks, Chairman, on June 9
denied published reports that its plan had been abandoned.
"The article which appeared today [June 9] is incorrect and without basis
in fact," said Mr. Shanks. "Our committee has not abandoned the proposed
C. & E. I. plan nor has it ever considered or even discussed doing so.
we
think the plan is in the best interests of the general mortgage bondholders
and have supported it before the Interstate Commerce Commission.
We
are now awaiting the decision of the Commission in the matter."
The bondholders' committee is composed of representatives of insurance
companies and savings banks, including Prudential Insurance Co. of Amer¬
ica, of which Mr. Shanks is associate general solicitor; Norwich Savings
Society, of Norwich, Conn.: Metropolitan Life Insurance Co., Emigrant
Industrial Savings Bank and New York Life Insurance Co.—V. 144, p. 3832.
presenta¬
Co., 70 Broad¬
way, New York
Road
Chicago & Eastern Illinois Ry.—Plan to Refinance
share on the
per
June *2, 1937
$98,354
The
stock (no par) upon notice of issuance pur¬
plan of recapitalization; 135,852 shares of common stock (no par)
official notice of issuance pursuant to plan of recapitalization; and
241,514 shares of common stock upon official notice of issuance in conversion
of shares of $3 conv. preference stock making the total amounts authorized
for listing 181,135 shares of $3 conv. preference stock, and 576,835 shares
shares of $3 conv. preference
suant to
Other income (net).
3
Interest op funded debt
General interest.,
Amortization of bond discount & expense.
Taxes assumed
on
3
$103,074
61,162
$98,357
495
6,502
1,014
$36,551
$27,529
interest
Net income before pref. dividends
62,817
455
3,739
1,167
___
Note—No provision has been made for Federal undistributed profits tax.
—V.
144,
p.
3831.
Champion Paper & Fibre Co. (& Subs.)—Earnings—
12 Months Ended March 1, 1937—
Gross sales, less returns and
Cost of goods sold
Consolidation
Co. Only
$22,515,495 $14,269,445
16,573,145
11,557,283
allowances, &c
____
Gross profit from sales
Gross profit from miscellaneous operations—net..
Total gross profit
r
Maintenance and repairs
Depreciation, depletion and amortization
Taxes, other than income taxes
Rents and royalties
Selling, general and administrative expenses
Provision for doubtful notes and
accounts
Profit from operations
Other income credits
$2,705,627
422,429
436,159
158,092
21,988
628,676
908,553
296,338
30,393
1,182,624
9,261
302
259,134
Income charges
Net income for the 52 weeks end. Feb. 28, 1937Net income for the one day ended March 1, 1937—
on
$5,965,915
966,003
$2,712,162
loss6,535
$1,037,981
764,770
$2,831,878
815,822
377,867
Provision for income taxes.
based
23,565
$1,802,751
664,844
119,410
$1,638,189
$1,018,498
6,300
1,800
$2,572,744
Gross income
estimate
$5,942,351
the
weeks ended March 28,
upon
of
750,000 shares.
(3) The authorization of 100,000 shares of prior pref. stock carrying a
dividend rate of $2.50 per annum, each share of which will be convertible
into 1 2-3 shares of common stock.
It is planned to sell 70,000 shares of the
prior pref. stock, if and as soon as market conditions permit, to provide
funds to retire the outstanding debentures and substantilly all of the bank
debt and to provide working capital.
As a part of the plan of recapitalization, the company proposes to write off
substantially all of the item of goodwill which is carried on the balance sheet
as of Dec. 31, 1936 in the amount of $5,568,814.
This will be rendered
possible by fixing the stated value, for balance sheet purposes, of the new $3
conv. pref. stock at $13.33 1-3 per share as against $50 per share, the stated
value of the present $3.50 conv. preference stock. This amount of $13.33
1-3 equals the stated value attributable to the 1 1-3 shares of com. stock
into which each share of the new $3
conv.
preference stock is conver¬
tible, the common stock having a stated value of $10 per share.
Stockholders of the company on June 4 approved its plan of capital
readjustment.
Consolidated Income Account 3 Months Ended March 31, 1937
$1,277,339
680,121
33,943
95,130
Manufacturing profit before provision for depreciation
Administrative, selling and general expenses
Interest
operations for the four
1937
stock.
common
of recapitalization contemplates, among other things:
(1) Decrease of authorized amount of $3.50 conv. preference stock from
188,000 shares to 181,135 shares by the retirement of 6,865 treasury shares
and the reclassification of each share of the
present outstanding $3.50
conv. preference stock and accrued dividends into
(a) One sh. of new $3 conv. preference stock (convertible into 11-3 shs. of
common stock) with dividends cumulative from April 1, 1937. and
vb) % of a share of common stock.
(2) The increase of the authorized common stock from 500,000 shares to
The plan
on
borrowed money and amortiz. of discount on
debs_
Depreciation
$468,145
Balance
Cash
discount
purchases, interest
on
notes receivable
on
and
14,992
bank deposits, &c
$1,644,489
$1,020,298
Note—'In view of the uncertainty of the amounts, the above statements
contain no provision for Federal surtax on undistributed profits.—V.
144,
2471.
p.
$483,137
Total income
Provision for Federal income taxes (domestic
Normal tax
companies):
62,000
-
%
Chanin Building, N. Y.
City.—Earnings—
The Chanin Building reported net profit for the six months ended Jan. 31,
1937, before interest and depreciation, of $78,018, compared with $49,169
same period a year ago, according to a statistical report released
by Amott, Baker & Co., Inc. Earnings for the period ended Jan. 31, 1937,
were at the annual rate of 4.41% on the entire bonded indebtedness, before
interest and depreciation, against a rate of 3.95% for the period ended
Jan. 31, 1936.
Gross income of the building for the two periods was $752,784 and $722,062, respectively.
The Chanin Building has been assessed for 1937 at $10,200,000 and it is
currently reported between 85% and 90% rented.
Real estate taxes have
been paid to date.—V. 144, p. 4170.
■
-
Netprofit
$421,137
-
Note—No provision for surtax
period.—;V. 144, p. 3665.
on
made for
undistributed profits was
for the
Cherry-Burrell Corp.—Earnings—
6 Mos. End. Apr. 30—
1937
1936
on
to holders of record
the
7%
June 19.
a
dividend of 43% cents per share on account
cum.
pref. stock, par $25, payable July 1
April 1, last. A
Similar amount was paid on
dividend of $3.06 was paid on Dec. 19, 1936; one of 87% cents was paid on
Oct. 1, 1936, and one of 43% cents per share was paid on July 1, 1936, this
latter
being the firsc dividend paid on the stock since Oct. 1, 1932, when
a similar distribution was made on
July 1, 1932, and prior thereto regular quarterly payments of 43% cents
per share were made.—V. 144, p. 928.
21% cents per share was distributed,
1934
1935
Chicago Towel Co.—Resumes Common Dividend—
Net
income after int.,
deprec., taxes, &c—
Shs.com.stk.outstandig
Earnings per share
x
Chicago Railway Equipment Co.—Accumulated Div.—
The directors have declared
of accumulations
x$612,257
148,115
$3.89
$450,768
135,918
$2.81
$124,323
130,827
$0.39
$319,629
132,335
$1.87
Before any provision for Federal surtax on undistributed profits.
as of April 30, 1937, including $705,370 cash, amounted
The directors have declared a dividend of $1.50 per share on the common
stock, payable June 25 to holders of record June 15.
This will be the first
dividend paid on the common stock, since
was distributed.—V. 144, p. 2645.
April 1, 1932 when $1 per share
Current assets
to
$5,214,096 while current liabilities were $895,402.
This compares with
of $1,266,167, current assets of $4,983,258 and current liabilities of
on April 30, 1936.
Inventories totaled $2,431,586 against $1,999,285 on April 30, of preceding year.—V. 144, p. 2644.
cash
$845,467
The directors have declared an extra dividend of 50 cents per share in
addition to the regular semi-annual dividend of like amount on the common
par value, both payable July 1 to holders of record June 19.
were paid on July 1, 1936, July 1, 1935, and July 2, 1934,
July 1, 1933 ond on Jdly 5, 1932 extra dividends of $1 per share
paid.—V. 144, p. 1777.
no
Similar extras
while
were
on
Chicago Junction Rys. & Union Stock Yards Co.—
Earnings, Incl. Union Stock Yards & Transit Co. and Chicago Junction Ry.
1936
Calendar Years—
Gross earnings
Expenses, taxes and int_
Net income
Earns, per
x
com._
$2,540,169
390,000
$2,398,193
390,000
$2,290,283
$35.23
_
$2,424,398
390,000
$2,034,398
$2,150,169
$33.08
$2,008,193
$30.87
$31.30
Exclusive of earnings from real estate investments.
Balance Sheet Dec. 31, 1936
Assets—
a
1933
$2,680,283
390,000
„
sb. oil
1934
$5,479,955 x$5,104,301 x$5,560,460 x$5,489,825
2,799,672
2,679,902
3,020,291
3,091,631
Preferred dividends
Balance.
1935
Interest & accts. receivable.
Preferred stock (par$100)...
Common stock (par $100).--
$28,434,737
-
215,000
b Cash at bankers
2,239,065
Notes receivable
1,100,000
1934
$171,663
$70,206
$23,370
Nil
$0.43
$0.17
$0.05
1937
—V. 144, p. 3665.
Churn gold Corp.—To
Cincinnati
Street
Period End. Apr. 30—
$6,500,000
6,500,000
4% 40-yr. mtge. & coll. trust
refunding gold bonds
14,000,000
164,917
165,000
$0.22
1937
profit after reserve for depreciation
contingencies and deduction of minority
interests, but before normal Fed. income taxes--
1936
and
Consolidated net profit
Profit
of subs,
before
normal
Estimated normal Federa
Federal
taxes
4,646,315
$31,988,802
a 132,000 shares capital stock of the Union
Stock Yard & Transit Co.,
54,991 shares capital stock of the Chicago Junction Ry. Co., and other
investments,
b Cash in banks, $2,234,406; collateral trust gold bonds
(due 1915), coupon account, $123; mortgage and collateral trust refunding
gold bonds, coupon accounts, $4,490; cash on hand—New York office, $46.
Contingent Liabilities—Bonds guaranteed as to principal and interest'
Chicago Junction RR. Co., 4% bonds (due March 1, 1945), $2,327,000.
—V. 141, p. 743.
minority
Interest
on
$140,576
45,738
$94,838
$254,902
32,402
36,851
89,215
$308,879
45,738
70,362
97,941
and
Minority interest
430
$128,837
32,402
$96,434
Estimated normal Federal income taxes
7,525
Total.
$107,622
$0.19
—V. 144, p. 3492.
4,615
Surplus
$94,584
Earns. per sh. on 475,239
shs. cap. stk. (par $50)
Income tax payable
1937—4 Mos.—1936
$33,627
$31,063
Unpaid dividend vouchers
Unpaid coupons
I
Ry.—Earnings—
1937—Month—1936
Net inc. after depr., int.,
Fed. income taxes, &c.
3 Months Ended April 30—
trust refunding gold bonds.
$31,988,802
Pay 10-Cent Dividend—
The directors have declared a dividend of 10 cents per share on the
capital stock, payable June 30 to holders of record June 15. This compares
with dividends of 30 cents per share paid each three months from March 20,
1936 to and including March 20, last; 20 cents paid on Dec. 20, 1935, and
15 cents per share disbursed on Sept. 20 and June 20, 1935, this latter pay¬
ment being the first made since May 15, 1931 when a quarterly dividend of
35 cents per share was paid.—V. 142, p. 1282.
Consolidated
Interest & accts. payable
Int. accr. on mtge. & coll.
Total
1936
City Stores Co. (& Subs.)—Earnings—
^
Liabilities—
Investment account
1935
loss$95,802
prof, after deprec.,
Federal taxes, &c
Earns. per sh. on 400,000
shs. cap. stk. (no par)
Chicago Daily News, Inc.—Extra Dividend—
stock,
Chicago Yellow Cab Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net
interest
income taxes
parent co.'s funded debt, &c
Consol. net profit applicable to City Stores Co..
$96,434
.
•
$94,838
Note—No provision was made in the foregoing income account for Federal
surtax on undistributed
Climax
profits.—V. 144, p. 3665.
Molybdenum Co.— To Pay 30-Cent Dividend—
The directors have declared
a dividend of 30 cents per share on the com¬
value, payable June 30 to holders of record June 15.
regular quar¬
terly dividends of 20 cents per share were distributed.
In addition, a spe-
mon
stock,
no
par
Similar payment was made on March 31 last and previously
Financial
Volume 144
cial dividend of 20 cents
d. 1432.
was
Income Account 12 Months Ended Dec. 31,1936
1936.
paid on Dec. 24, 1936, and on Dec. 24,
4001
Chronicle
—V. 144.
Operating
Operating
Cluett, Peabody & Co., Inc.—Listing—
The New York Stock Exchange has authorized the listing of 384,782
additional shares of common stock (no par) upon official notice of issuance
to the holders of the outstanding shares or common stock (two additional
shares of such common stock being issued to the holder of each share of
revenues
expenses
$334,391
289,337
(Nov. 16,1936 to Dec. 31,1936)
(Nov. 16, 1936 to Dec. 31, 1936)
$45,054
349,854
52,500
1,368
Operating income from transportation property
Non-operating income—Rentals
Receipts under agreement dated June 27,1917-Interest
stock previously outstanding), making a total, when combined
with the amount previously listed, of 677,173 shares.
The change is sub¬
investments
on
Other
common
ject to the approval of stockholders June 11.—V. 144, p. 3833.
—
;
174
'
■
Gross income
$448,950
Expenses, including fees to registrars, transfer agents, trustees
Columbia
Brbadcasting
Inc.—Ready
System,
to
Ex¬
of bond issues, counsel, &c
Portion of Federal tax on bondholders' interest heretofore collec¬
tible from former lessee
change Shares—
The company on June 7 announced that it is prepared to exchange the
presently outstanding $5 par value shares of both class A and B stock for
the new $2.50 par value shares, on the basis of one old share for two new
shares, as approved by stockholders on March 24.
Certificates are to be
delivered promptly to the New York Trust Co., transfer agent in exchange
for the
new
Time sales
of 45.9%
a
on
over
Balance
Interest on 1st and refunding 4Ms, 1951:
On bonds held by the public.
On bonds held by and called for sinking fund
Interest on Conn. Lighting & Power Co. 1st 5s, 1939
Interest on equipment purchase contracts
b Interest on advance from the United Gas Improvement Co. _
Miscellaneous rents
Up 45.9%—
company's network for May totaled $2,552,374, an increase
the like month a year ago, when time sales aggregated
$1,749,517.
Cumulative total for the first five months of 1937 was $12,318,505, an
increase of 27.2
Commercial
Company in
an
First Boston Corp.
Co.—Debenture
Credit
amendment filed
with
the
Offering Increased—
1932
Deficit for the year
Securities
and
Exchange
will be principal underwriters.—V.
Period End. April 30—
revenues....
Maintenance
Taxes
...
Net oper. revenues...
1937—Month—1936
$319,334
$299,269
150,999
147,579
24,129
15,186
a31,246
30,046
144, p. 3494.
Balance Sheet, Dec. 31, 1936
(Subject to adjustments not
of property.)
$112,959
1,607
$106,458
3,594
$1,623,195
3,787
$1,626,982
271,928
Retirement accruals
Gross income
$101,244
2,354
69,894
public
Interest to parent co
$87,726
2,056
69,462
Proceeds of sales of mortgaged
703,471
238,500
property released to lessees
Current and sundry assets—-
Payments
to
lessee
for
Capital stock (par value $100
per share)—
preferred stock ($100 par). $8,142,900
Common stock ($100 par)
8,977,200
Funded debt—.
8,738,000
_
——
$11,090,863
23,146
833,276
Public
Parent company
1,211
1,209
579
579
14,543
6,944
,,
14,460
4,813
7,777
refunding 4 }4 % bonds. - - -
395,555
Accrued rental receivable---
$109,401
371,005
812,945
18,628
5,831
26,684
4,258
73,117
821,468
11,807
$1,312,747
$1,039,277
com¬
...
Interest not earned
Preferred dividends
Other
Miscell. earnings from subs, companies
Common dividend from subs., not consolidated--
303,507
123,692
-
Materials and supplies
Deferred charges
Total
a
5,831
76,025
14,495
income
904,225
938,987
Amount available for dividends and surplus...
$408,522
$100,291
gross
Note—The subsidiary companies on Jan. 1, 1937, adopted the Federal
Power Commission system of accounts, hence previous years' figures are
not
exactly comparative.
ha 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. 3666.
Compania Hispano-Americana de Electricidad, S. A.
(Chade)—Earnings Increased—
The directors have prepared the balance sheet and the profit and loss
account to be submitted for approval at the ordinary general meeting which
will be held in Zurich, Switzerland, June 30, 1937.
Net profits (in gold pesetas) for the fiscal years have been:
36,518,884
30,088,493
25,165,301
1934...
1935
1936
1935.
The board of directors will propose at the ordinary general meeting the
distribution of a supplementary dividend of 30 gold pesetas for each series
A, B and O shares and 6 gold pesetas for each series D and E shares.
An
instalment payment of 20 pesos national currency per share on the series
A, B and O shares and 4 pesos national currency per share on the series D
and E shares was distributed last December.—V. 143, p. 3836.
decreased.—V.
144,
p.
director
$32,394,224
Connecticut River Power
Period End. Mar. 31—
Gross operating revenue
Other income
—$32,394,224
-
144 p.
Co.—Earnings—
3170^
-
1937—12 Mos.—1936
$3,875,289
11,039
$992,248
1,131
$957,257
$4,016,431
2,702
10,574
$993,379
97,328
t ,027,004
75,000
$959,958
99,032
41,736
75,000
178,703
125,836
510,034
576,226
$621,663
190,313
$618,354
307,469
$2,611,073
761,250
$2,482,936
26,430
Other interest charges38,896
25,900
56,731
105,972
157,169
97,900
286,876
$228,255
18,000
$1,586,682
72,000
$1,115,691
72,000
$210,255
$1,514,682
$1,043,691
Operating costs
Maintenance
— -
20,685
Depreciation
Taxes, Federal, State &
municipal
Balance
Interest
on
funded debt-
408,252
197,645
300,000
$3,886,328
406,600
120,566
300,000
x982,469
Amort, of debt discount
and expense
Balance
Preferred
dividends
Balance for
and
x
$366,024
18,000
-
com.
divs.
$348,024
surplus
Includes $97,391 interest on first mortgage
5% bonds redeemed April 1,
1936 applicable to period during which interest expense was also
incurred
first mortgage 3H% bonds.
Note—No provision has been made in this statement for possible liability
for Federal tax on undistributed net income applicable to the 1937 periods,
the amount of such liability, if any, being determinable only at end of
calendar year.—V. 144, p. 2823.
Consolidated
Retail Stores,
Month of—
January
February.
March
—
767,512
759,365
717,350
672,696
736,425
757,283
May
1935
$517,572
527,142
826,186
700.884
1,066,853
April
Inc.— Sales—
1936
$552,326
639,861
1937
$554,392
*
750,226
1934
$494,434
5)5.089
849,202
606,439
688,832
—V. 144, p. 3668.
Consolidated Aircraft Corp. (&
Subs.)—Earnings—
1936
$4,218,399
1935
$2,841,753
1934
$1,552,209
5,918,912
2,247,074
1,337,879
_loss$l ,700,513
322,127
$594,679
190,948
$214,329
166,213
loss$2,022,640
35,061
$403,731
29,386
$48,116
10,037
loss$l ,987,579
$433,117
$58,154
4,976
979
200
velopment and drawings
146,884
Increase in costs accumulated on con¬
tracts and orders, &c_
Cr2,669,784
Provision for depreciation
143,201
Expenses incident to financing
58,184
Interest
10,625
Federal capital stock tax
159,341
Calendar Years—
°
Sales
Cost of products sold (exclusive
vision for depreciation)
of pro¬
succeeding A. W. Erick-
1433.
Profit from operations-Other income credits
addition to the regular quarterly dividends of 37 H cents per share on the
class A and class B stocks both payable Aug. 1 to holders of record July 15.
Similar payments were made on May 1 and on Feb. 1. last.—V. 144, p. 3495.
Connecticut Railway & Lighting Co.—Annual
Report—
During the year the 999 year lease of the company's property to the
York New Haven & Hartford RR. was terminated.
This action,
which resulted from the bankruptcy of the Railroad company, has changed
materially the situation with respect to the financial affairs and general
character of the company's operations.
Prior to the termination of the
lease, the source of the company's income was almost entirely from fixed
rentals covering all of its properties, which were leased for a long term.
As a result of the lease termination, the company resumed operation of its
transportation properties on Nov. 16, 1936; the sublease of its gas and
electric properties, from which fixed rentals are received, remaining in full
force and effect.
The income statement of company for 1936 reflects operations of the
transportation properties only from Nov. 16, 1936 to Dec. 31, 1936, the
period during which the company has had possession of and operated such
New
charges
Crl61,517
60,605
39,159
*125,923
50,977
4,994
5,003
2,236
$192,411
1.786,028
$322,732
1,463,296
$6,560
1,487,193
201,297
$1,978,439
25,848
2,843
$1,786,028
$1,695,050
$1,949,747
$1,786,028
$1,463,296
—
State franchise taxes
Income
taxes
Previous
surpli
Surplus credits
.
on preferred stock.
Surplus charges--
Dividends
x
„
income.—-—.—
Gross
Income
.--
Amortization of airplane designs, de¬
properties, and also reflects non-operating income, being principally the
rentals received from the sublease of the gas and electric properties, for the
Total. —
1937—3 Mos.—1936
profit
Operating expenses
Consolidated Chemical Industries, Inc.—Extra Divs.—
The directors have declared an extra dividend of 12 H cents
per share in
full year.
145,166
$390,393 subject to equipment purchase contracts.—V.
Gross
Congoleum-Nairn, Inc.—New Director—
a
105,401
-
Deficit
on
24,391,016
21,748,881
25.552.255
The increase in net profits for the fiscal year 1936 as compared with 1935
principally represents larger profits made in Europe.
The redemptions proposed for this fiscal year are 2,577,077 gold pesetas.
The Compania Argentina de Electricidad (CADE), to which CHADE
transferred its Argentine business, has paid into its redemption fund 30,672,858 pesos national currency and into its emergency fund 8,699,712
pesos national currency, or a total of 39,372,570 pesos national currency,
equivalent to 36,813,353 gold pesetas.
The production of electric power in the CADE plants was 1,177,965,000
kilowatt hours in 1936, as compared with 1,098,825,000 kilowatt hours in
Clinton S. Lutkins has been elected
Suspense
38,541
50,912
97,116
21,605
28,160
Accounts receivable-
Total gross earnings--
Expenses, taxes and deductions from
Reserves
Suspense
Other incdme
Total
69,958
157,310
61,189
""*249
Cash in banks
Earnings from subsidiary companies deducted in
arriving at above—
Interest earned
pur¬
1937
109,041
278
Balance applicable to parent company
Balance of earnings applicable to parent
pany, as above
equipment
Deferred credits-
payment of int. on bonds-
99,935
5,831
under
;
-
chase contracts during
332,832
contra)
$371,005
company
Accounts payable
Accrued accounts
Due
Sinking fund (bonds deducted
279,807
101,738
375,637
1937
to Dec. 31,
Property and plant acquired
subsequent to Nov.
16,
99,855
5,831
public
chase contracts subsequent
804
to property release account
$215,167
349,419
—
Due under equipment pur¬
Balance of interest accretions
$476,691
120,000
5,060,832
Sinking fund reserve—----Due to lessee
Cash in hands of trustee for
Net income
$27,205
$14,420
Dividends paid and accrued on pref stocks—
under
mtge. dated June 23, 1904
Due from trustee of lBt and
1936 (contra)
...
Co.,
Improvement
agreement & supplemental
857,604
Light Co
a
Gas
Advances from the Un.
im¬
provements made to prop¬
of
Waterbury
Gas
#
$1,355,054
25,302
831,573
expense—
son,
—
$ 1,382,383
291,519
Amort, of debt disc, and
„
Property and plant, prior to
Nov. 16, 1936--$20,194,146
erty
Balance
To
Liabilities—
Assets—
$ 1,368,673
13,710
$110,052
22,326
determinable, resulting from rejection
now
of lease
1937—12 Mos.—1936
$4,116,467
$3,801,950
1,888,479
1,883,284
234,014
194,969
a375,973
349,829
$114,566
13,322
Non-oper. income (net).
$269,009
a Includes
$2,906 surtax on undistributed net income and is net of
$706 normal Federal income tax and $969 surtax on undistributed net
income charged to Connecticut Light & Power Co., lessee.
b Represents interest accrued, but not paid, on advance of $120,000 from
the United Gas Improvement Co., under agreement and supplemental
mortgage dated June 23, 1904.
Community Power & Light Co. (& Subs.)—Earnings—
To parent
385,178
211,388
10,450
1,314
2,880
1,151
66,285
Appropriation for annual sinking fund requirement
,
Commission has increased the amount of debentures to be issued to $35,000,000 from $30,000,000.
Interest rate on the debentures will be 2% %.
The proposed offering date
is June 16.
Kidder, Peabody & Co. and
Interest to
$409,636
% over the $9,683,007 time sales reported for the correspond¬
ing 1936 period.—V. 144, p. 3493.
Operating
Operation
2,754
5,024
562
Provision for Federal income tax
Miscellaneous taxes
certificates.
Time Sales
30,973
...
Including tax on undistributed profits.
231,754
4002
Financial
Consolidated Balance Sheet Dec. 31
"
Assets—
1936
Cash
Fleet
Notes payable
675,000
Accrued taxes
154,797
C$320,069
113,000
53,602
Accrued interest..
103
Cust. dep. on sales
127,621
Unexp'dins.prems.
11,974
40,766
contracts
5,647
124,766
530,261
34,027
Vr256
38,256
1,148,800
574,400
1,949,747
574,400
Reserves
moving
expense
Bldgs., mach. &
equipm't, <tc
1,481,857
a
1935
92,155
Air¬
craft, Ltd
Unamort.
1936
1,091,162
_
Inventories
in
Liabilities—
Accounts payable. c$475.931
$64,168
2,463,614
Accts. receivable.
Inv.
1935
$800,666
393,646
Preferred stock—
Common stock—
982,077
Surplus
1,786,028
Unamort. airplane
deisngs, devel. &
drawings
226,188
6,732
Deferred expenses
b Securities owned
_
Chronicle
June 12, 1937
rights to which they will be entitled.
Such agreements have been made
by such shareholders individually.
The names of such shareholders, and
the aggregate number of rights to which they will be entitled upon the basis
of their holdings of common shares are as follows:
Cornelius Crane, John
K. Prentice and Continental Illinois National Bank & Trust Co. of Chicago,
as trustees under will of Richard T. Crane, Jr., deceased (331,632 rights);
Florence H. Crane (245,455 rights); Florence C. Robinson (60,728 rights):
A Frederick Gartz Jr., as trustee for Kate C. Gartz under agreement dated
Oct. 16, 1931 (43,707 rights); Cornelius Crane (41,911 rights); Cornelius
Crane ^0hn k. Prentice and Continental Illinois National Bank & Trust
oi Chicago,
Co.
Continental Illinois National Bank &
Chicago, is also a director of the company.—V. 144, p. 3496.
Mark W. Lowell, a Vice-President of
522,732
1,500
1,250
Trust Co. of
Cosden Oil
Total
co-executors under the will of Richard T. Crane, Jr.,
as
deceased (28,959 rights); Frank R. Lillie (25,297 rights); A. Frederick Gartz
Jr. (21,297 rights); and Cathalene Crane (11,300 rights).
Cornelius Crane,
Frank R. Lillie and A. Frederick Gartz Jr., are directors of the company.
$5,542,964 $2,885,458
Total
$5,542,964 $2,885,458
After depreciation of $323,742 in 1935 and $372,652 in 1936.
cost,
c Includes wages payable.—V. 144,
p. 3666.
a
b At
Corp.—Offer Expires—
holders thereof to subscribe to
plan of reorganiza¬
certificates entitling the
Subscription
stock of the corporation in accordance with the
tion were mailed to the holders of record of the preferred
common
and common stock
the close of business on May 6. 1937.
These subscription certificates
expired and became void, and the privilege of subscription terminated, at
3:00 p. m. (Eastern Daylight Saving Time) June 11, and the corporation
cannot itself extend said expiration date.
Guaranty Trust Co., 140 Broadway, New York, was subscription agent.
—V. 144, p. 1954.
'
at
Consolidated Gas Utilities Corp.—Earnings—
Income Account for
Operating
the
Year Ended April 30, 1937
revenues
$2,118,323
Amt. of rate reduct. ordered by Corp. Commission of Oklahoma
—order appealed to Federal Court
Operating
expenses
;
Net earnings from operations
46,704
1,034,877
$1,036,743
3,532
Other income
...
$1,040,275
597,058
Interest deductions
528,098
e
Balance Sheet
& leaseholds
Intangible
assets
(no
831,845
Investments-
Deposit with trustee
6,270
:
15,331
In
improvement fund
held by the trustee
Impounded funds
Cash dep. held by the trustee
Current assets..
x
p.
Less
29,823
35,894
303,471
29,033
14,147
containers
43,470
325,070
Accrued
Fed.
customers.
Deferred charges..
66,847
1,583,801
and
State taxes
Equip, notes
pay.
(non-current)..
10-yr.5%s.f. debs
1,635,004 Mortgages payable
40,556
85,405
291,214
Consumers' deposits
152,152
180,686
853,881
Deferred
3,172
157,374
5,179
1,100,681
17,024
—
of $2,524,332
Common stock (par $1)
Consumers Credit
c
225,000
250,000
84,000
121,000
Paid-in surplus (upon
cise of warrants)
"3", 824
10,074
Capital stock-
1,751,800
Paid-in surplus—
exer¬
2,850
1,750,000
2,850
255.426
Earned
1,053
268,663
Earned surplus
34,768
credits.-
d
Total
..$2,334,941
$2,575,992
49,709
surplus...
Total
$2,334,941 $2,575,992
-•3
a After
reserve
for depreciation,
b After amortization,
c After
de¬
preciation of $157,075 in 1935 and $240,480 in 1936.
d Represented by
Total
$13,607,429
for depreciation and depletion.—V.
144,
shares ©f $1 par.
e After reserve of $17,870 In 1935 and $49,803 in 1936.
Note—The income account for calendar years was given in "Chronicle"
of March 27, page 2123.
Crown Drug
Corp.—Registration Withdrawn—
department.—V. 144,
Common stockholders aggregated 32,751 on June 2, it was disclosed on
June 8, the largest number in the company's
history.
The
average
hold¬
ing is 87.1 shares.
At the beginning of 1923 the list of stockholders totaled
1,000 names.—V. 144, p. 2824.
less than
Continental Gas & Electric Corp.
(& Subs.)- -Earnings
1937
subsidiaries
eliminating inter-company transfers)
General operating expenses
Maintenance
Provision for retirement
General taxes & est. Federal income taxes
xl936
(after
$36,017,645 $33,701,503
13,890,692
13,261,834
1,834,423
1,572,979
4,844,629
4.442,169
3,811,967
3,244,326
October
November
December
Month
1936
...
...!
.......
....
September
x
Total for year
x
Revised.—V.
Cuba
.$11,635,934 $11,180,195
573,530
748,978
$441,400
416.387
550,718
1935
1934
$656,298
608,918
683.854
655,856
713,257
693,959
724,192
676,693
652.199
$697,020
643.343
691,063
702,376
754,705
...
.......
August
1933
$656,882
641,810
760,543
$584,693
554,535
621.239
595,098
633,817
668.240
680,480
626,287
601,199
$467,536
439,664
505,856
498,558
554.394
592,636
597,466
585,652
624,080
$8,241,635
....
June.....
July
1934
$640,363
699,164
786,497
1937
of—
March
April
May
1935
1936
$724,949
694.117
856,257
...
January
February
...
Non-operating income of subsidiaries.
Co.- -Sales—
Month of—
102.
p.
Continental Can Co., Inc.—Number of Stockholders—
12 Months Ended April 30—
Gross operating
earnings of
Fixed assets
3,277,384
3170.
See list given on first page of this
4,681
Res. for contlng.,
$13,607,4291
reserve
16,307
33,471
35,522
Prov. for outst'd'g
ctfs.
Barrels, cases &
with
11,158
Res. for rate reduction
Capital surplus
Deferred charges
Total
$8,531,940
50,456
-
128,237
Accrued accounts.
Accrued liabilities
pro¬
vision Is made for amort.)
Miscellaneous
Accounts payable
7,176
Accounts payable-
b Permanent signs
Funded debt
x$ll,470,553
Equip, notes pay.
bottles—
Liabilities—
Property, plant, equipment
Cash
a
April 30, 1937
193,808
116,718
114,764
(1939)—
2)4%
$84,882
Assets—
185,489
receivable
Treas.
1935
$50,000
$4~, 000
Notes payable
$135,958
Accts. and notes
S.
1936
Bank loans
$50,746
Inventories
U.
Net loss.
Liabilities—
1935
1936
hand
on
Total income
Provision for depreciation & depletion
Co.- —Balance Sheet Dec. 31-
Croft Brewing
Assets—
Cash in bnaks and
$7,624,823
$6,274,250
144, p.*317L
RR.—Interest—
The interest due
July 1, 1937,
on
the first mortgage 5% 50-year bonds
due 1952, will be paid on that date.—V. 144, p. 2993.
$12,209,465 $11,929,173
4,801,086
5,229,549
stock..
15,536
15,476
Cuban
.
Proportion of
earns, attrib. to minot. com.
1
earnings of subsidiaries
$7,392,843
$6,684,148
66,579
41,631
of income received from subsidiaries).
1935
1934
1933
$2,457,753
9,371
$1,557,319
22,310
$2,556,477
27,906
Gross earnings
Operating expenses
$2,467,124
838,328
434,394
145,668
1,108,463
465.780
$1;579.629
$2,584,383
826,519
1,115,284
484,934
324,699
163,499
940,680
485,363
$525,509
$1,112,141
$156,378
$7,459,422
$6,725,779
Maintenance
Taxes
126,298
30.386
$7,305,338
$6,569,095
2,600,000
164.172
2,600,000
164,172
$4,541,166
1,320,053
$3,804,923
1,320,053
Amortization of debenture disc't & expense.
.
.
Earnings
x
per
share
Net loss
$3,221,113
$15.02
$2,484,870
$11.59
Mortgage
Co.—Liquidates
The
company, it is stated, has liquidated its outstanding guarantees,
amounting to $4,705,000, all of which were called for redemption on June 2,
1937.
The company is said to be the first of the mortgage guarantee com¬
panies in New York having a capital in excess of $5,000,000 to liquidate all
of its guarantees.—V. 134, p. 4329.
&c
--.29,990,866 29,953,293
1,145
1,145
1,843
100,538
Invest'ts.
preferred
share at $100 per share for each common share held.
Rights will expire
on June 17, at 4 p. m. Eastern
Daylight Saving Time (3 p. m. Chicago
a
&
Accounts payable.
Int.on funded debt
& Tel.
-
follows:
7%
-
-
5%
5%
5%
5%
3%
3%
3%
3%
3%
3%
Proposed Sales of Warrants by Certain Shareholders
have been entered into between the holders
302,348
a
248,477
231,265
18,957
24,288
62,932
65,568
168,031
56.010
248,806
396,179
Accrued interest..
91,925
72,902
63,823
Res. for deprec'n..
5,655,319
5,062,331
Res. for def.rec.-_
225,000
221,123
46",013
Deficit
32,653,491 32,159,721
Total
93,750
32,653,491 32,159,721
After reserve for receivables of $18,724 in 1936 and
$214,060 in 1935.—
Y. 142, p.4174.
Dallas Power & Light
25%
15%
714%
7)4%
-
Lee
12,803
&inc..
Accrued taxes
961,440
Materials &suppl_
Corp
payable Jan.l..
re¬
Total
of the several underwriters and the
percentages
convertible preferred shares to be purchased
by them,
Higginson Corp., New York
Edward B. Smith & Co., New York
Brown Harriman & Co., Inc., New York
Blyth & Co., Inc., New York
Dominick & Dominick, New York
Hornblower & Weeks, New York
!
Kidder, Peabody & Co., New York
Chas. D. Barney & Co., New York
Blair, Bonner & Co., ChicagoCentral Republic Co., Chicago
Glore, Forgan & Co., New York
Harris, Hall & Co., Inc., Chicago
White, Weld & Co., New York
7,577
866,479
78,900
6,372,708
Owing to int. Tel.
Def'dllab
hand
names
Morgan Stanley & Co., Inc., New York
Clark, Dodge & Co., New York
476,151
Tel.
Accts. & loan
78,900
6,194,297
509,665
ceivable
Daylight Saving Time).
Underwriters—The
Tel.
held by min.
Funded debt
771,694
—
nt.
Com. stock of sub.
stockholder
provincial & mu¬
nicipal Govt
Owing from Inter-
1935
$
(par
$100)
14,142,000 14,142,000
7% cum. pref. stk. 6,071,100
6,071,100
co.
Federal,
Corp—
Deferred charges.
1936
Common stk.
Accts. recelv. from
on
Holders of the 2,313,628 common shares of record
May 28, 1937 are
offered pro rata rights to subscribe in the
aggregate to the 192,803 con¬
vertible preferred shares in the ratio of 1-12th of a convertible
figures do not agree in detail
for that year, although the amount
Liabilities—
S
Cash in banks and
Co., Chicago—Rights, &c.—
1933
1935
$
Plant, prop., equip
Miscell.
Guarantee
705,917
275,622
110,013
Consolidated Balance Sheet Dec. 31
1936
Cuban
are as
the
reclassifications
to
Special deposits-
Continental
of unsubscribed
$114,385
Note—Due
with those shown in the annual report
of net income is unchanged.
Guarantees—
respectively,
158,749
1,109,925
452,367
-
Assets—
Adjusted.—V. 144, p. 3668,
Crane
411,856
Interest
Holding company deductions—
.
$2,868,258
849,746
Depreciation
Expenses of Continental Gas & Elec. Corp.
Taxes of Continental Gas & Elec. Corp
.
1936
Operating revenues..... $2,856,721
Non-operating revenues.
11,537
111,816
42.269
.
Telephone Co. (& Subs.)—Earnings—
Calendar\Years—
Co.—Earnings—
-Month EndedPeriod—
Feb. 28 '37
Feb. 29
'36
Operating revenues
Oper. rev. deductions--
$482,894
286,844
$459,050
277,675
Net oper. revenues
$196,050
$181,375
97
239
$196,147
i,267,146
3,993,207
$5,532,002
3,359,485
$2,273,939
3,146
$2,172,517
4,907
$181,614
60,208
4,282
$2,277,085
$2,177,424
727.458
722.500
55.473
88,331
$126,575
$117,124
applicable to preferred stocks for
the period, whether paid or unpaid
$1,494,154
$1,366,593
Other income
Gross income
Int. on mtge. bonds
Other int. & deductions
Net
x
-12 Months EndedFeb. 28 '37
Feb. 29 '36
income
65,167
.
4,405
Dividends
507,386
507.386
$986,768
$859,207
Agreements
of 810,286
shares of the company, representing
approximately 35% of the
outstanding shares of the class, and Clark, Dodge & Co., one of the under¬
common
writers, for the employment of Clark, Dodge & Co., as brokers, to sell for
the account of such shareholders the subscription warrants
evidencing the
Balance
x Regular dividends on
7% and $6 preferred stocks were paid on Feb. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Volume
F
Financial
144
Note—Includes provision made during December, 1936, of $28 for Federal
undistributed profits for 1936.
No such provision has been made
1937.—V. 144, p. 3835,3171.
4003
Chronicle
subsequently,
panied by all interest coupons maturing Nov. 1, 1931, and
surtax on
received
to date for
General unsecured claimants: Each general unsecured claimant for
each $1,000 of his claim as allowed by the Court received three shares of
Dallas Ry. & Terminal
Period—
Feb. 28 '37
Operating revenues
Oper .rev. deductions—
Feb. 29 '36
stock.
common
Common Stock—Common stock had no value in
12 Months Ended
Feb. 28 '37
Feb. 29 '36
$203,434
145,308
$221,616
167,688
of
stock.
common
Co.—Earnings—
Month Ended
three shares
(3)
$3,053,495
2,401,733
$2,345,576
1,648,163
the reorganization.
Capitalization of New Corporation Outstanding
1st mtge. 5%
bonds)
bonds (distributed to the owners of old 1st mtge.
a$2,550,000
127,645 shs,
—
Common stock (no par) authorized 136,000 shs
|*
$53,928
15,505
$58,126
15,505
$651,762
186,063
$697,413
186,063
$38,423
1,041
$42,621
1,458
$465,699
13,750
$511,350
$39,464
23,853
$44,079
23,853
2,065
$479,449
286,230
25,405
$528,850
287,380
26,134
Net income$13,602
$18,161
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$167,814
$215,336
103,901
103,901
Balance
$63,913
Net
oper. revenues
Rent for lease of plant
\
Operating income
Other income
*Gross
)
income
Int. on mtge. bonds
Other int. & deductions.
*
x
2,009
17,500
$111,435
x
Dividends accumulated and unpaid to Feb. 28, 1937 amounted to
$346,337.
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 $33,334 made during the last 12 months
($30,000 in 1936 and $3,334 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 3835.
Davega Stores Corp.—Earnings—
Consolidated Income Account
53
Year End.
Year End.
Weeks
amount
authority to merge part of the Ferry company's services with the service
of the Tunnel corporation.
It is expected that a hearing will be held in
Michigan on the application in June or July of this year.
The above transaction involves a proposed issuance of $750,000 1st mtge.
bonds and the payment of $150,000 in cash,
Under the plan ferry opera¬
tions between Detroit and Windsor which have been conducted for 75 years
will be discontinued.
Consolidated Income Account for
z$9.243,450
$7,807,192
and reposs. losses
clusive of deprec.
$229,422
114,241
Total operating revenues
Non-operating revenues—Bus rental (day to-day basis)
$343,663
2,575
2,384
Miscellaneous
Net oper.
$348,622
Total gross earnings
Maintenance
(ex¬
Tunnel, appurtenances, &c
77,459
Taxes
9,889,400
54,196
8,956.747
83,482
7,674,516
70,445
6,994,117
$480,424
x6,242
profit
earnings-
Miscellaneous
$203,220
14 920
$62,232
87,541
$139,276
123,283
76,032
$149,773
35,347
Cr55,359
39,296
$218,140
$486,666
$262,559
Cr56.019
Net profit
leases
-
Miscellaneous credits—
Provision for taxes
97,609
1,573
39,086
$387,484
$179,054
Surtax on undist. profits
Interest accrued on first mortgage 5%
Amortization of land
Net deficit for
-—
$ 2,838
period
for depreciation and amortization of property, plant
has been made on the basis of the values of the assets and
their estimated remaining life as set forth in the appraisal as of Nov. 1, 1936.
No provision has been made on the company's books or in this statement
for possible penalties and interest on delinquent-taxes.
Note—Provision
Consolidated Balance Sheet as of
10,034
85,585
Restricted deposits ,&c
Prepaid exps. & deferred chgs.
surplus.—
Earned surplus beginning
of period
——365,967
on common
Preferred
$241,525
130.268
$431,877
$296,763
$241,525
252.655
stock.
1,102,720
Miscell. accounts receivable-3,702
Cash in banks and on hand—
65,910
43,940
ylll,257
dividends
Common stock (127,645 shs.).$4,461,886
1st mtge.
5% bonds, due Nov.
1, 1966.
2,550,000
—
Domestic property taxes
in liti¬
471,891
gation (net)
Accrd. int. on 1st mtge. bonds
252,823
$753,451
Total
Divs.
$166,495
April 30, 1937
Liabilities—
Assets—
Plaut, property & equipment.$6,376,573
profit transferred
63,750
3,827
bonds--
-
and equipment,
41,045
Bonuses & exps. in con¬
nection
with revision
to earned
100,855
32,095
62.170
11,304
Operation.
Provision for depreciation of
Automotive equipment
and
amortization)
Deprec. and amortiza'n_
>
Co.]
Operating revenues—Tolls
Bus passengers and special coach hire
$7,209,426
id and admin, debts
gen..prov.for bad exps.,
Net
Six Months Ended April 30, 1937
[Detroit & Canada Tunnel Corp. and Detroit and Windsor Subway
Ended
Year End.
Additional
Mar. 27 '37 Mar. 28 *36 Mar. 31 '35 Mar. 31 '34
Period—
Net sales merchandise. z$10,424,020
Cost of mdse. sold, sell.,
of
authorized, $750,000; to be held in the treasury
of the new corporation to be used in the discretion of the board of directors
for the purpose of acquiring, by lease or otherwise, and developing addi¬
tional cross-river transportation franchises, rights and facilities.
As contemplated by the plan of reorganization of Detroit & Canada
Tunnel Co. wherein additional bonds were authorized to be held in the
treasury of the new corporation to be used in the discretion of its board
of directors for the purpose of acquiring and developingadditional crossriver transportation, franchises, rights and facilities, the Detroit & Canada
Tunnel Corp. has made joint application with the Detroit & Windsor Ferry
Co. to the Interstate Commerce Commission of the United States for
a
and other accts. payable and
15,176
accrued expenses (net)
Reserve for unredeemed tokens
5,200
amortlz'n
77,300
Res. for deprec. and
18,000
2,838
Net loss
Earned surplus end of
period
Earnings per share
x
After
$252,823
$0.75
$365,967
$0.81
$482,797
$1.67
three-year stock purchase plan,
y Of this amount, $67,317 was restored
capital surplus,
z Includes service department income of $38,768 in
1937 and $49,132 in 1936.—V. 144, p. 1780.
to
Davison Chemical
Corp.—To Pay Special Dividend—•
The directors have declared
a
special dividend of 60 cents per share on the
stock, payable June 18 to holders of record June 14.
This will be
the first dividend paid by the company since November, 1920.—V. 143,
common
p.
2519.
Dayton Rubber Mfg. Co.—Earnings—
April 25—
'
$4,171,329
1936
$2,784,860
359,222
46,518
xll6,122
46,518
6 Months Ended
Net sales
profits after normal income tax but before
excess profit and undistributed profits taxes
Number of shares outstanding—Preference
1937
Net
176,535 1-3 156,413 1-3
Common
x
Oct.
No undistributed profits taxes were
payable for the fiscal year ended
31, 1936—V. 144, p. 3668.
Detroit & Canada Tunnel Co.—Successor—
144, p. 932.
Detroit & Canada Tunnel
Corp.—Succeeds to Old Com¬
of reorganization.
The property has
been transferred and the new corporation is now in
possession of and operating the property.
By the terms of the decree the
new corporation assumed the liaoility of the old company and the trustee
for property taxes for the years 1932, 1933, 1934, 1935 and 1936 as may
be determined in the litigation now pending, together with all costs, fees
and expenses incurred in connection therewith.
The new corporation also
assumed and is to pay all other liabilities and obligations of the trustee and
all amounts which may subsequently be allowed by the court for costs of
administration and for services and expenses in connection with the plan
of reorganization and the reorganization proceedings.
Domestic property taxes have been a matter of litigation in the U. S.
District Court at Detroit, Mich., since Oct. 21, 1932.
On July 9, 1936,
a decree was entered confirming the report and supplemental report of the
special master whose findings and recommendations were favorable to the
contentions of the Tunnel company.
On Aug. 4, 1936, a petition for an
appeal from this decree was filed by the City of Detroit.
A hearing on the
appeal was held during the April term of the Circuit Court of Appeals of
United States, Sixth Circuit, but no decision has as yet been handed down.
Securities, Claims and Stock Interests Dealt with Urder the Plan
$8,500,000
2,465,000
Common
the court--
stock (no par)
8,491,000
2,943,547
57,314
2,251,125 shs.
Distribution of Securities
(1) Holders of
accompanied by
received: (a) $300
(2) Holders of
1st mtge. bonds: Each holder of a $1,000 1st mtge. bond
coupons maturing on May 1, 1932 and subsequently,
in 1st mtge. 5% bonds and (b) 12 shares of common stock.
debentures: Each holder of a $1,000 debenture accom¬
Iron
Gray
Co.—Two-Cent Dividend
Foundry
have declared
a
dividend of two cents per share on the
larger amount of common stock now outstanding,
payable June 21 to holders
The company's stock was recently split up on a five-for-one basis.
An extra dividend of 60 cents in addition to a regular semi-annual divi¬
paid on the old stock on Dec. 21, 1936.—
dend of 10 cents per share was
V.
144, p. 3669.
Paper Products Corp.—Bal. Sheet March 31—
Detroit
$49,399
22,141
Cash dep. payable
22,151
Federal yaxes pay.
39,585
17,069
236,915
224,494
Accruals
29,140
20,516
5,054
7,820
93,185
2,202
U. S. Govt, bonds.
Notes & accounts
receiv.—trade..
Miscell. receivables
121,078
Inventories
4,267
Other assets
Land, bldgs. and
charges
13,181
over-
5,587
2,491
5,000
210,000
407,332
applied burden.
Res. for bonuses.
-
Cap. stock (par $1)
Surplus
$815,066
$730,584
'
—
—
206,000
377,682
After reserve for depreciation,
$815,066
Total
After reserve for doubtful accounts of
y
for
14,027
z
$3,008 in 1937 and
$730,584
$3,006
In
Represented by 52,000 no par
earnings for the three months ended
144, p. 3497.
The
V.
Reserve
—
*
to
Total
x
317,313
333,899
machinery
fut. operations. .
1936.
$103,728
$99,367
(not due)
$100,672
in banks
Def.
1936
Accts. pay.—trade
Cash on hand and
x
1937
Liabilities—
1936
1937
Assets—
y
General unsecured claims as alio a ed by
reorganization, the
of record June 10.
for reorganization
under Section 77-B of Chapter 8 of the Federal Bankruptcy Act beginning
March 7, 1935.
Pursuant to order of the Court, claims were filed against
the debtor corporation as of March 7, 1935, and subsequently claims were
allowed as approved claims in the reorganization proceedings in the aggre¬
gate sum of $21,040,807.
By decree entered Oct. 31, 1936, the debtor
corporation was declared insolvent and the trustee of the debtor (George R.
Cooke) was ordered to cause a new Michigan corporation to be organized
under the name of Detroit & Canada Tunnel Corp.
By a decree entered Nov. 9 the plan of reorganization was approved
and confirmed.
Said plan provided among other things that the new cor¬
poration (Detroit & Canada Tunnel Corp.) take over the property and
assets of the old company as of the close of business Oct. 31, 1936, and
that the new corporation issue its securities to the approved creditors of
the old company in accordance with the terms and conditions of the plan
debentures
$7,578,615
Total
New Stock—
The directors
The Detroit & Canada Tunnel Co. was In proceedings
20-year 6H % con v. sinking fund gold
Accrued interest to Sept. 1, 1936
$7,578,615
-
coporation, which received all of the assets and cash of the old corpo¬
ration and trustee, was made liable for the expenses of the reorganization
and for the property tax liability which is a matter of litigation and is still
undetermined (see above).
Provision has been made in these accounts
for taxes as originally assessed but no provision has been made for possible
penalties and interest thereon of approximately $110,000, nor for undeter¬
mined fees or expenses of attorneys, nor expenses of committees, &c.,
incident to reorganization proceedings, nor for additional legal expense of
receiver or trustee not yet determined.
It is anticipated that these ex¬
penses and adjustments, when the amount thereof shall have been finally
determined, will be applied against the common stock account.
George R. Cooke, President of the new corporation, under date of May 21,
1937. said:
"The second six months of the corporation's fiscal year includes the
summer months of heavier traffic and should result in a profit after all
charges including amortization.
"The upward trend of traffic on all cross-river carriers at the Port of
Detroit is continuing.
The increase in cars and bus passengers carried by
the Tunnel corporation for the six months period amounts to 28.96%
and 8.2% respectively when compared to traffic for the period ended April
30. 1936."—V. 144, p. 3497.
on
Per Reorganization Plan—Earnings &c.—
1st mtge. 6% sinking fund gold bonds
Accrued interest to Sept. 1, 1936
-
Note—Under the Court decree confirming the plan of
new
Detroit
See Detroit & Canada Tunnel Corp.—V.
pany
Total
$130,268
$1.05
deducting $20,602 interest paid, including $14,700 paid under
March 31 were published.in
Registers with SEC—
See list given on
first page of this department.—V. 144, p. 3497.
Detroit Steel Products Co.—-50-Cent Dividend—
The
directors
have declared
a
dividend of 50 cents per share on the
capital stock, no par value, payable June 30 to holders of record June 21.
This compares with 25 cents paid on March 31, last; $1 paid on Dec. 21,
1936 and 25 cents per share paid on Sept. 30 and on July 10, 1936, this
latter being the first distribution made since Oct. 1, 1930, when a dividend
of 35 cents per share was paid.—V. 144, p. 1436.
Dome
Mines, Ltd.—Value of Production—
Month of—
January
February
March
1937
$644,377
617,483
—V. 144, p.
3330.
1935
$607,835
551,054
1934
$641,637
634,307
639,754
614,522
609,694
621,195
599,265
608,792
-
April
May
1936
$573,749
568,435
559,390
513,482
622,767
626,679
587,238
648.878
«.
4004
Financial
Chronicle
Eastern Utilities Associates
Dictograph Products Co.—Registration Withdrawn—
See list given on first page of this department.—V. 144, p. 2995.
Dixie Refining
Period End. Apr. 30—
Operating revenues
Operation
Co.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 932.
Corp.—To Pay Interest—•
1937—12 Mos.—1936
$8,635,052
$8,387,552
4,196,171
4,160,277
a23,658
income)
26,201
a334,079
339,658
a63,718n
b97,962
accruals.
reserve
Taxes (incl.
(& Subs.)—Earnings—
1937—Month—1936
$742,153
$696,948
375,093
360,121
Maintenance
Retire,
Dominion Square
June 12, 1937
60,417
83,287
a728,790
bl,085,669
725,000
965,789
Holders of first (closed) mortgage sinking fund 6 % gold bonds, due April 1,
1948
are
being notified that the company
the instalment of
interest
which
July 2, will make payment of
payable on Oct. 1, 1934, in
Non-oper. income (net).
$181,721
11,431
$166,922
15,722
$2,290,342
133,524
$2,196,827
135,185
Int. and amortization..
$193,152
43,117
$182,644
44,156
$2,423,866
525,025
$2,332,013
569,472
$150,035
$138,488
$1,898,841
77,652
$1,762,541
77,652
23,105
1,821,189
28,810
1,661,784
30,547
$1,792,379
$1,631,237
1,792,379
1,631,237
309",824
309,824
$2,102,203
134,531
$1,941,029
102,710
$1,967,672
2,199
$1,838,319
$1,965,473
$1,837,762
Net oper. revenues
on
became
respect of the above mentioned bonds.
Such payment will be made at the option of the respective holders, in
lawful money of Canada, at the principal office of the Bank of Montreal,.
in the cities of Montreal, Toronto,
Halifax, Quebec, Ottawa, Winnipeg,
Regina, Edmonton,
or Vancouver, or in lawful money of the United States
National City Bank of New York,
City of New York, U. S. A., upon presentation and surrender of
the coupons representing the interest payable on the said Oct. 1, 1934.
—V. 140. P. 4397.
of America at the head office of the
Balance..
Pref. div. deductions—B.V.G.& E. Co
in the
The P. G. Co. of N.J
i
Balance
Appicable to minority interest.
Dow Chemical
Co.—Earnings—
Earnings for 7
Months Ended Dec. 31, 1936
Net income after deprec., int., Fed. income taxes & other charges
but before surtax on undistributed profits
$2,781,924
Earns, per share on 945,000 shares common stock
tno
par)
$2.85
—V. 144, p. 3669.
Drayton Mills—Reorganization
Applicable toE. U. A
cos. applicable to E. U. A. as shown
Earns, of sub.
above
Total
Approved—
Stockholders on June 1 formally approved a plan of reorganization.
Under the plan Deering-Milliken Co., principal creditor, would accept new
common stock for $1,250,000 of its obligation, and preferred stockholders
would sacrifice accumulated dividends on their stock, to be turned in for
common stock.
Common stockholders will accept new common stock on
the basis of 40% of present holdings.—V. 144, p. 2650.
Expenses, taxes and interest
Balance
Amount not available for dividends and surplus..
Balance available for dividends and surplus
(a) The accruals for retirement
Duff-Norton Mfg.
The
directors
have
Co.—Dividend Again Increased—
declared
a
dividend
of 50
cents
per share on the
payable June 15 to holders of record June 8.
stock, no par value,
with 40 cents paid on March 15 last; 35 cents paid on Dec. 21,
1936; 25 cents paid on July 15, April 15 and Jan. 15, 1936, and regular
quarterly dividends of 15 cents per share previously disbursed.
In addi¬
tion, extra dividends of 10 cents were paid on Oct. 15 and Julj 15, 1935,
July
and on Oct. 10, 1934.—V. 144, p. 1781.
common
Dr33
Other income from subsidiary companies
Non-subsidiary income
This compares
reserve
557
have been increased to provide
for certain charges heretofore included in maintenance which are now being
made to the reserve.
Also, since Jan. 1, 1937 accrued depreciation of
transportation
equipment amounting to $10,460, has been apportioned
b No provision has been made for the Federal surtax
undistributed net income for the year 1937 since any liab lity for such
to other accounts,
on
tax cannot be determined until
Note—Blackstone
Valley
the end of the year.
Electric Co. on Jan.
Gas &
1,
1937 adopted
the Federal Power Commission System of Accounts, hence previous year's
figures are not exactly comparative, especially between operation and nonoperating income—net.—V. 144, p. 3669.
(E. I.) du Pont de Nemours & Co.—Files with SEC—
The company on June 9 filed with the Securities and Exchange Commis¬
sion
Ebasco Services
registration statement (No. 2-3224, Form A-2) under the Securities
a
Act of 1933 covering the issue of 500,000 shares of $4.50 cumulative pre¬
ferred stock for sale to the public through underwriters.
The amount of the estimated proceeds, the price to the public, and under¬
discounts are to be supplied by amendment to the registration
writers'
statement.
Inc.—Weekly Input—
For the week ended June 3, 1937, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as compared
with the corresponding week during 1936, was as follows
_____
No specific allocation of the net proceeds to be derived has been or is
The net proceeds will be placed in the registrant's
intended to be made.
and the registrant stated with regard to the
general funds,
the
purpose
of
issue:
"The registrant's cash and temporary cash investments at March 31,
1937, amounted w> approximately $73,000,000 and it considers that any
substantial reduction in this position would not be desirable.
The regis¬
most recent forecast of cash position for the 12 months ending
March 31, 1938, based upon the continuance of a reasonable dividend
policy, indicates that its cash and temporary cash investments may be
reduced during the 12 months' period to a considerable extent by cash ex¬
penditures for expansion of plant facilities and by increased working capital
requirements to finance increased inventories and receivables resulting from
a general expansion of the registrant's volume of business.
Y'The registrant believes that it is prudent to raise additional new capital
at this time to provide against the reduction of its cash funds which it expects
would otherwise take place over the next year and to provide against con¬
tingencies calling for greater working capital."
While the names of the underwriters are to be supplied by amendment,
the registrant in a digest of an agreement dated June 28, 1937, states that
Morgan Stanley & Co., Inc., commits itself to purchase for its own account
or to find purchasers for such stock as is not purchased
by other under¬
writers under the agreement.—V. 144, p. 3669.
Operating Subsidiaries of—
National Pow. & Light Co.
—V.
(&
Corp.
Subs.)—Earnings.—
6 Months Ended April 30—
1937
$79,573
Net income before Federal and State income taxes.
—V.
144,
p.
1936
$71,281
1956.
East Kootenay Power Co.,
Years End. Mar. 31—
Ltd.—Earnings—
1937
Gross earnings
1936
1935
$466,219
183,903
287,652
$5,336
49,789
$44,453
Oper. taxes and maint..
Interest
$439,187
Net loss
Previous surplus
Total surplus
1934
$425,237
137,038
290,004
$407,088
135,648
281,430
$2,805
52,594
$1,805
62,226
$49,789
$60,421
$62,226
$44,453
1937
Liabilities—
employees on stk
1937
7,827
accts. payable..
Accounts payable
49
Electric Auto-Lite
Cash
85,930
&
Accts. receivable..
38,616
39,080
come taxes
Mat'ls & supplies..
2,156,274
2,161,518
10,249
6,902
.
Electric Power &
Period End. Apr. 30—
Subsidiaries—
42,820
Interest accrued
11,698
10,577
Preferred stock
Deferred repairs..
2,398
4,278
Net oper. revenues
$10,440,852
of plants
30,000 shares of
no par
Period End. April 30—
Gross income
Net after all charges
x
Total.
Gross income
Int.
on
long-term debt.
(notes, loans,
revenue
expense
p.
Operating income
public.
Balance
Portion
applic.
CY812
Deficit
59,671
$98,017
$18,093
1937
1,237,210
2.647.440
—V. 144, p.3498.
-
3.150,302
727,568
Cr32,793
$5,100,670 $20,086,720 $13,681,779
1,983,750
7.934,507
7,934,991
1,000,634
$3,116,920 $12,152,213
637,926
$5,746,788
1,354,213
115,214
175,450
44,453
49,789
2,108,869
2,542,855
$3,497,198
$2,478,994 $10,798,000
$5,631,574
Net equity of El. Pow. &
Lt.
Corp. in inc. of
subsids.
(as shown
1937—4 Mos.—1936
$2,508,663
xll2,220
$2,124,001
loss22,042
1937—4 Mos.—1936
$2,753,655
3,011,827
$2,686,436
2,787,026
$488,253
$312,584
1936
$873,635
1,051,435
1,602,039
2,123,117
1,966,924
1935
$733,092
867,050
1.368.964
1,829,871
1,485,785
3,497,198
Other income
Expenses, incl. taxes
$31,272 def$258,172 def$100,590
Cr1,070
CV3.475
Cr4,998
50,435
233,556
216,992
$1,042,274'
March
May-----------
2,353,454
630,473
Cr79,755
El. Pow. & Lt. Corp.—■
150,000
175,450
Edison Brothers Stores, Inc.—Sales—
April
56,481,459
1,983,627
801,619
152,820
Cr5,166
equity of El. Pow.
150,000
Note—The above statement is after
depreciation, interest, rentals and
taxes, but before Federal income tax,
capital
stock tax, capital
gains or losses and other non-operating adjustments.—V. 144, p. 3172.
Month of—
$8,953,466 $35,645,203 $29,266,028
2,903,523
12,654,311
11,739,172
min.
Lt. Corp. in income of
subsidiaries
ocal
January
February
519,049
162,523
Cr17,262
$4,497,832
to
72,090
Co.—Earnings—
def$40,158
$10,394,592
3,248,823
„
Pref. divs. to
2297.
1937—Month—1936
$774,259
$766,905
814,417
735,633
Other expense
94,124
138,293
1,000,000
Lines, Inc. (& Subs.)—Earnings—
Other income
274
$29,311,027
388,306
433,305
charged to construe/
Balance.
e
Int. & other deductions.
2,478,994
10,798,000
1,332
5,631,574
3,163
$2,480,078 : $10,799,332
51,464
d216,429
$5,634,737
1,084
$3,497,198
48,996
221,117
397,243
397,244
1,588,974
1,588,974
$3,050,959
$2,031,370
$8,993,929
$3,824,646
Bal. carried to consol.
earned surplus..
*
Period End. Spril 30—
1,067
$35,709,943
797,639
c862,379
Other int.
Includes allowance for interest which is not being paid.—V. 144, p. 3497.
Operating
Operating
213
$8,984,673
83,349
114,556
Other income
Net
..$5,666,594 $5,699,165
1937—Month—1936
$656,491
$637,838
x60,431
14,177
Eastern Steamship
$8,984,886 $35,711,010 $29,311,301
$10,438,761
Operating income
71,085
Common stock..
value.—V. 144,
Eastern Manufacturing
1937—12 Mos.—1936
2,091
(net)
above)
x
$5,699,165'
1937—3 Mos.—1936
1,000,000
Res. for deprec
$5,666,594
Light Corp. (& Subs.)—Earnings—
Rent for lease
29,416
on
bonds
Earned surplus
Total
pre¬
Operating revenues
$27,779,556 $23,382,338$102,451,653 $83,126,079
Oper. exp., incl. taxes_.al3,866,305
11,786,434 b53,619,117
44,679,341
Prop, retire. & depletion
reserve appropriations
3,472,399
2,611,018
13,121,526
9,135,437
interests
28,083
37,154
x
now
Provincial in¬
deferred expense
&
Co.—Definitive Debentures Ready—
The Central Hanover Bank & Trust Co. announced that it is
1936
Prov. for Domin'n
accts.
With¬
&
49
56,818
Prepaid
Inc.—Registration
com¬
pared to deliver definitive 4% debentures due Feb. 1, 1952, of this com¬
pany, against the surrender of the temporary debentures.—V. 144, p. 3836 .
&c.)
$62,226
$2,031,000 $2,054,000
notes
7,827
subscription
Sinking fund cash.
Productions,
Other income deductions
$52,594
Funded debt
Demand
Carewe
Other deductions
$49,789
1936
$5,508,603
Balances owing by
Illuminating Co. of Boston—Obituary
Cummins, Vice-President and Treasurer of the
June 3.—V. 144, p. 3172.
on
See list given on first page of this department.—V. 144, p. 1593.
Balance Sheet March 31
Assets—
Plant investment.$5,512,034
died
Edwin
7,827
Surp. carried forward.
Pet.
13.9
20.1
22.3
drawn—
Int.
Def. charges written-off.
j ji crease'
Amount
14,624,000
9,286,000
14,517.000
Thomas Kittredge
pany
$9,990
72,216
150,453
291,539
79,631,000
1936
104,895,000
46,124,000
65,114,000
144, p. 3836.
Edison Electric
trant's
Duro-Test
1937
American Pow.& Light Co.119,519,000
Electric Pow. & Light Corp. 55,410,000
Deduction.
Includes
provision of $251,184 made within this period for Federal
surtax on undistributed profits in 1937.
b Includes provision of $838,088
made within this period for Federal surtax on undsitrubted profits in 1936,
and $340,001 in 1937.
c Includes provision of $329,752 made within this
period for Federal surtax on und.striubted profits in 1936.
No provision
has been made to date for 1937.
d No provision has been made for Federal
surtax on undistributed profits for the year 1936, estimated not to exceed
$200, and no provision has been made to date for 1937.
e Full dividend
requirements applicable to respective periods whether earned or unearned—
see notation on following page.
Notes—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public and give no effect to
preferred stock dividend arrearages for prior periods.
The "portion ap¬
plicable to minority interests" is the calculated portion of the balance of
income applicable to minority holdings by the public of common stocks of
subsidiaries.
Minority interests have not been charged with deficits where
income accounts of subsidiaries have so resulted.
The net equity of Electric
Power & Light Corp. in income of subsidiaries" includes interest and
preferred dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held by Electric Power &
Lght Corp., less losses where income accounts of individual subsidiaries
a
Volume
Financial
144
have resulted in deficits for the respective periods.
The statement for each
period is entirely independent of the statement for any other period.-—V.
144, p. 3836.
Electrol,
Inc.—Earnings—
earnings would be at least as high as the $50,320 or
ported for the quarter ended March 31.
Management hopes, he declared, that dividends may be resumed at an
■early date,—V. 144, p. 3173.
Income Statement (Parent
Net profit after deprec., amortization of lease rights, Federal
income tax & prov. for surtax on undistributed profits
$77,793
$0.29
per share on 260,000 shares of common stock
144, p. 2996.
Earnings
Elk Horn Coal Corp.—Stock
Exchange Ruling—
Referring to the plan of reorganization dated Oct. 30, 1936, confirmed by
order of the U. S. District Court for the Southern District of Ohio, Western
Division, dated Jan. 11, 1937, which provides that holders of 6% pref.
stock and common stock will be entitled to receive shares of common stock
(no par) of the Elk Horn Coal Corp. (the new company) on the basis of one
share for each share of 6% pref. stock and one share for each four shares of
common
stock held.
The Committee on Securities .of the New York
Stock Exchange rules that transactions made on and after June 10, 1937, in
6°7 pref. stock and common stock shall be subject to the condition that the
Committee may in its discretion rule that settlement of such transactions
unless effected prior to such ruling, shall be made by delivery either of
certificates for the respective classes of stock or the equivalent in common
stock of the Elk Horn Coal Corp. (the new company).—V. 144, p. 449.
Co.—Earnings—
1937
1936
$2,987,101
1,067,664
322,992
144,
—V.
3498.
p.
Period End. Apr. 30—
(Del.) (& Subs.)—Earnings—
1937—Morth—1936
$244,253
$351,544
70,934
98,276
Gross operating revenues
Operation
1937—12 Mos.—1936
$2,562,565
$3,680,782
758,031
1,082,770
91,222
62,093
117,748
245,525
288,860
422,206
Provision for retirera'ts.
4,265
29,503
40,784
5,293
11,453
28,427
Net operating income.
$178,715
$128,146
880
3,464
$1,868,188
15,591
$1,306,704
42,538
$179,595
31,023
2,701
$131,610
56,116
4,994
$1,883,779
479,508
45,945
$1,349,242
Maintenance
Taxes—...
x
__
Other income
Total gross income
Interest
Amort, of debt expense.
Net income before
non¬
$145,870
Drl ,327
income
$70,500
$70,500
5,831
$144,543
8,631
Pref. stock div. require'ts
$1,358,324
5,250
$590,159
$1,363,576
100,779
$580,373
Dr9,786
69,979
$64,669
$135,911
Includes Federal income tax for years ended April 30,
April 30, 1936, $8,940—V. 144,
p.
$510,394
$1,262,796
1937, $105,1101
3498.
Empire Gas & Fuel Co. (& Subs.)—Annual Report—
Years End. Nov. 30—
1936
$77,801,330 $68,457,272 $63,079,980 $52,822,730
Oper., maint. and taxes. 52,566,026
42,776,047
39,874,739
35,944,546
Gross earnings
.$25,235,304 $25,681,225 $23,205,241
3,664,867
3,930,241
4,099,319
earnings
Non-oper. income
.
$16,878,184
4,074,670
$28,900,171 $29,611,466 $27,304,559 $20,952,854
10,236.871
10,363,423
10,793,510
11,719,491
960,665
1,029,501
1,172.112
1,242,586
Fed'l & State income tax
297,951
343,340
16,040
a946,950
Total earnings
Interest charges
Amort, of bond discount
Fed.
&
State
taxes
on
interest coupons
32,090
Deprec. and depletion.. 13,434,874
Proportion of net income
of subs. cos. applicable
to minority interests..
Cr500,0l3
12,584
12,196,667
Divs.
on
$2,306,115
12,039,406
8.598,263
Dr568,143
Dr925,091
0290,215
$5,269,748
$2,461,190
$592,670
3,852,561
pref. stock
Balance, surplus
$2,306,115
87,740,475
82,715
Previous surplus.
Surplus adjustments
20,836
5,734,116
$1,492,278
2,551
323
$2,731,565
$2,323,537
$1,491,955
Interest
Balance for dividends and surplus
Preferred dividend requirements
Includes normal
made
the
for
Federal income tax of $111,455.
surtax on undistrubuted
Federal
$2,323,537
No provision has
profits, since any
liability for such tax cannot be determined until the end of the year.
Combined Income Statement of
Subsidiary Companies
[Inter-company items eliminated]
1937—Month—1936
Period End. Apr. 30—
1937—12 Mos.—1936
283,524
496,285
,763,772 $49,602,611 $45,435,089
1,555,460
20,267,004
18,849,548
219,366
3,175,258
2,636,443
481,074
4,967,130
a5,763,215
j
$1,725,415
18,545
$1,507,871 $20,397,133 $18,981,968
122,029
767,002
1,123,341
Int. & amortization, &c_
$1,743,960
655,339
$1,629,900 $21,164,135 $20,105,309
664,153
8,057,921
8,386,879
$1,088,620
$965,747 $13,106,214 $11,718,429
5,518,928
5,103,503
$4,111,113
1,605,889
Operation
Maintenance.
Taxes
Net oper. revenues
(net)
Non-oper. inc.
Balance
Balance
Approp. for retire, res
Balance
Amount
applicable to minority interests
Balance.
Cum. pref.
$6,614,926
2,251,907
1,387,540
$3,551,990
14,723
^
earned but not declared
$7,587,285
2,793,986
1,241,308
$2,975,479
8,593
$3,537,267
Balance,
on pref. stocks, declared
Divs.
$2,966,886
375,381
770,762
divs. of certain sub. cos., not earned..
$719,118 of which the Federal surtax
on undistrubted profits for three subsidiary companies amounts to $6,082.
No provision has been made by the other subsidiary companies for Federal
surtax on undsitrubted profits, since any liability for such tax cannot be
determined until the end of the year,
b Applicable to Engineers Public
Service Co. before allowing for unearned cumulative preferred dividends of
certain subsidiary companies.—Y, 144, p. 3671.
Includes Federal income taxes of
European Electric Corp., Ltd.—Smaller Dividend—
A final dividend for the fiscal year 1936
on
$5,269,748
$2.461.190def$3259.891
82,316,779 b80,130,457
77,243,677
153,949
367,837
of 30 cents
a
share has been de¬
each share of class A common stock and class B common stock,
payable in money of the United States of America on June 21, to holders of
record June 14, except that in the case of shares held by Italians residing in
Italy, this dividend is payable in the currency of the Kingdom of Italy, at
the rate of 6.30 lire per share, as requested by such Italian stockholders.
In the case of bearer share warrants for class A common stock and class
B common stock, coupon No. 3 is payable at City Bank Farmers Trust
Co., 22 William Street, New York, N. Y.; National Trust Co., Limited,
Montreal, Canada; and Credit Suisse, Zurich, Switzerland; and in the case
of bearer share warrants held by stockholders residing in Italy at Credito
Industriale di Venezia, S. Marco 1126, Venice, Italy.
Dividends of 60 cents per share were paid on the A and B shares on
Dec. 15,1936.—V. 144, p. 2477.
Evans Products Co. (&
Net avail, for divs
136,436
Balance.
clared
Net
$1,649,551
106,571
al58,694
1933
1934
1935
87,861
1,444,669
$2,999,381
Total revenues
Taxes
a
Balance for common
divs. and surplus
x
683,956
75,126
1936
$58,000
59,021
89,086
Expenses
Cumulative pref. divs.
recurring income
Non-recurring inc, (net).
Net
-
...
Oper. revenues
El Paso Natural Gas Co.
1937
$236,000
62,100
49
82,742
2,529,404
Revenue from miscellaneous investment
$2,831,442
1,906,480
328,810
12 Months Ended April 30—
Onli))
companies:
Interest, income notes
Interest, time notes
Interest, miscellaneous
Dividends, preferred
Dividends, common
been
Operating revenues
Balance after operation, maintenance and taxes—
Bal. for divs. & surplus (after pprop. for retire.res.)
Company
12 Months Ended April 30—
Revenue from subsidiary
a
El Paso Electric
25 cents a share re¬
net
Engineers Public Service Co.—Earnings—
Earnings for 10 Months Ended March 31, 1937
—V.
4005
Chronicle
3 Mos. End. Mar. 31—
Net profit after deprec.,
1936
1935
1934
x$122,552
&c
Federal taxes,
Subs.)—Earnings—
^ 1937
$255,917
$250,292
$ 504,279
$0.50
$1.04
$1.02
$2.06
Earns, per sh. on 244,190
shs. com. stk. (par $5)
No provision was made for Federal surtax on undistributed profits.
Consolidated income account for quarter ended March 31, 1937 follows:
x
Total surplus
1,591,647 $74,351,623
$90,129,305 $87,740,475
Surplus adj
applic. to
prior years
Add'l prov. for depletion
and depreciation.....
4,852,031
Gross profit on sales
274,866
Bal. applic.
to major¬
ity stockholders.... $85,277,274 $87,740,475
$82,316,779 $74,351,623
Including surtax of $558,250.
b Includes reserve for $5,778,834 here¬
tofore provided for accrued undeclared dividends on preferred stocks.
a
$507,299 selling and administrative expenses, $161,620;
experimental and development expenses, $177,744; operating profit, $167,835; interest, reserve for contingencies, &c., $14,196; profit, $153,639;
other income, $10,026; total income, $163,665; Federal, State and foreign
income taxes, $41,113; net profit, $122,552; dividends, $61,032; surplus,
$61,520.
Current assets as of March 31, 1937, including $1,426,995 cash, amounted
to $3,092,281 and current liabilities were $1,100,413.
This compares with
current assets of $2,967,153 and current liabilities of $613,337 on March 31,
1936 —V. 144, p. 3499.
Consolidated Balance Sheet Nov. 30
1930
J!qijC?O
Plant &
$
invest..436,000,563 416,206,332
16,918
22,822
cos.
9,696,370
5,291,295
8,757,096
4,578,388
Invent, of crude
4,559,226
15,773,483
3,727,066
1,963,244
1,410,815
20,175,270
rec. cust.
cos.
Other notes and
427.325
281,195
612,581
1,108,887
Mat'is & suppl's
4,498,946
3,913,334
536,331
closed
87,055,980
Gust's'deposits.
71,380
1,435,075
68,132,681
67,420
14,803,536
15,535,877
Deprec. & deple. 78,522,114
63,838,117
.
Crude & ret. oil
price chge. res.
6,370,724
5,206,817
151,097
1,317,032
22,282,631
85,277,274
27,333,181
87,7*0,475
14,599
6,016
137,157
125,013
Surplus
Advances to per¬
sonnel
Unamort.
36,006
debt
disct. & exps.
Oth.def. charges
5,987,963
Total
stk. (par $3)--
Earnings per share
x
common
Co.—Defers Common Dividend
have deferred action on the payment of the dividend on the
stock normally due July 1.
A regular quarterly dividend of 20
share was distributed on April 1, last.
In announcing the deferring of the current dividend
cents per
Fred Wardell, Presi¬
company's
capital through dividend payments.
Company's expansion, increased in¬
ventories at branches, introduction of new models and resumption of in¬
stallment selling have increased the need for working capital and directors
did not wish to borrow from banks, he stated.
Mr. Wardell added that despite substantially increased labor and material
costs, operations during the first two months or the current quarter indicated
dent of the company said that directors did not wish to impair the
386,848
$0.28
Before Federal surtax on
$93,112
376,810
$0.25
1934
$136,076
376,810
$0.36r
undistributed profits.
have declared a dividend of 20 cents per share on the
payable July 1 to holders of record June 21.
A similar
March 15 last, as against a dividend of 15 cents per
share paid on Dec. 1 and on Aug. 15, 1936, this latter being the first pay¬
ment made since July 1, 1930, when 20 cents per share was disbursed.
In addition a special dividend of 45 cents was paid on Dec. 1, 1936.—
Y. 144, P. 3499.
The
directors
stock,
payment was made on
Fairchild Aviation
Corp.—Special Stock Dividend—
June 7 declared a special stock dividend payable in
Engine & Airplane Corp., payable on June 17 to
holders of record June 15, on the basis of 1 share for every snare of Fairchild Aviation stock held.
The Engine & Airplane Corp. is a new company which will produce
Fairchild airplanes and Ranger engines, with the parent company continuing
its manufacture of airplane cameras, aircraft instruments and aerial surveys.
An initial dividend of
15 cents per shse was paid on Dec. 29, 1936.
on
shares of the Fairchild
Federal Mogul
The
Corp.—Larger Dividend—
have declared a dividend of 35 cents per share on the
stock, no par value, payable July 15 to holders of record June 21.
directors
common
This compares
Eureka Vacuum Cleaner
1935
$2,221
376,810
Nil
20-Cent Dividend—
489,347,679 462,765,184
Represented by 750,000 no par shares.—V. 143, p. 2520.
Directors
x$108,837
—V. 144, p. 935.
295,751
489,347.679 462,765,184'
Total
x
4,913,442
529,846
Shs. cap.
1936
deprec.,
int., Fed. taxes, &c—
The dorectors
165,606
1937
Quar. End. Mar. 31—
Net prof, after
1,359,716
Min.stockbldrs.'
accts.
not curr.
[Formerly Ex-Cell-0 Aircraft & Tool Corp.]
common
accts. payable
int.insub.cos_
banks
&
1,883,429
&c
Other reserves..
468,985
als, taxes, &c.
rec.,
6,338,709
Injuries & dam.
Prepd. Ins., int.,
royalties, rent¬
•
5,097,707
Due to parent co
(noD-current)
acc'ts recoiv..
Accept's receiv.
Notes
5,051,150
8,604,637
payable-.
Other notes and
Current sects, of
in
54,424,737
88,724,300
Accrued interest,
taxes,
& refined oils.
Bals.
Accts.
37,405,357
54,424,737
86,126,600
debt
Notes payable._
and
other invest'ts
affiliated
Preferred stock.
Corp.—Earnings—
Ex-Cell-O
$
Common stock 37,405,357
Bonded
Cash
Accts.
x
1935
S
Liabilities—
Spec, cash clepos
Secure, of pipe¬
line
1936
1935
$
1
with dividends of 25 cents per share paid on April 15, last!
15, 1936; 15 cents paid on April 15, 1936, and
10 cents distributed on Jan. i5, 1936, this latter being the first payment
made on the common stock since Jan. 2, 1931, when a dividend of 30 cents
Dec. 24, Oct. 15 and July
per share was paid.
In addition, a special
1936.
or
dividend of $1.60 per share was paid on Oct. 29,
Stockholders had the option of receiving this latter dividend in cash
in stock at the rate of one share of common stock for each 10 shares
held.
—V. 144, p. 3499.
Federated
The
Department Stores, Inc.—50'Cent Dividend
have declared a dividend of 50 cents per share on the
stock, no par value, payable July 1 to holders of record June 21.
directors
common
Financial
4006
A like payment was made on April 1 and Jan. 28 last and on Dec. 17, 1936,
and compares with 35 cents paid on Oct. 1, 1936; 25 cents paid in each of
the three
preceding quarters, and 15 cents paid each three months from
July 1, 1932. to and including Oct. 1, 1935.
In addition, a special dividend
of 15 cents was paid on Oct. 1 last, and extras of 10 cents per share were
paid in each quarter of 1935 and 1934.—V. 144, p. 2826.
I
Federal Water Service Corp.—Company Reported Plan¬
ning Registration Under Holding Company Act—Recapitaliza¬
tion Project Also Expected to Be Filed with SEC in Few Weeks—
Officials of the corporation are
reported to have indicated that the com¬
pany would register with the Securities and Exchange Commission under
the provisions of the Public Utility Holding Company Act.
The action is
expected within the next few weeks, it is said, along with a plan of recapi¬
talization.
*
The necessity of a recapitalization plan for the company, it is held, is
evidenced by the accumulation of unpaid dividends on its various classes of
stocks.
As of Dec. 31, last, the arrears on the $7 preferred stock amounted
......
to $36.75; on the $6.50 preferred, $34.12; on the $6 preferred, $31.50, on
the $4 preferred, $21, and on the class A common stock, $10.66.
In a proposed plan of reorganization submitted.to stockholders on Oct.
23, 1936, and withdrawn on Nov. 20, 1936, the directors said that, in their
opinion, there was an impairment of the company's capital represented
by the shares of stock having preference in the distribution of assets on
dissolution.
Under the laws of Delaware, where the company is incor¬
dividends may be paid on any class of stock until such impair¬
is eliminated.—V. 144, p. 3499.
porated,
ment
Chronicle
a dividend of 50 cents per share on the
value, payable June 25 to holders of record June 18.
Like amount was paid on March 25 last.
A dividend of 20 cents was paid
on Jan. 27 last; 50 cents on Dec. 15, 1936; an extra of 20 cents and a quar¬
terly dividend of 40 cents paid on Sept. 30, 1936. and 30 cents paid on June
30 and March 31, 1936, and on Dec. 31, 1935; in each of the eight preceding
quarters distributions of 20 cents per share in addition to extra dividends of
10 cents per share were made.—V. 144, p. 1599.
have declared
directors
stock,
no par
First National Stores,
March
April
May...
—V.
__
Profit
Int. & divs.
Refunds
Total income
Loss on sale of assets..
Federal
Surtax
taxes
on
3,765,760
undist. prop.
Florida Public Service
4,116,896
143,942
539,449
82,025
520,406
5,191,218
81,146
715,242
dividends
Surplus.
1937
Provision for taxes.
:
3,433,504
259,354
2,038,355
3,163,329
181,470
2,040,480
1,135,795
941,379
607,290
4,394,830
339,950
2,036,446
Operating income
$572,094
29,840
Gross income
Interest
on
on
Interest charged to construction
on conv.
%
income debs., &c
Cash
U. S. Gov.
4,214,264
5,025,528
securs.
Fixed capital
20 ,479.356 20,629,608
24,013
27,273
Investments
Note
&
acct.
rec.
from affil. cos..
Dep.
$
7,218
bond
tra)
Dep. with trustee
64,915
Accts. receivable..
349,509
449,585
sold
accts.
3,341
rec.
Mat'ls & supplies.
Def'd debit items.
29,143
58,541
24,880
Goodwill
l
Total
xAfte
depreciation,
y
cludes 10,557 shares of
treasury.—V. 144,
1935
$
shares.
1936
Liabilities—
70,391
34,003
46,455
al78
b30,048
76
Special deposits...
Cash deposited for
payment of bond
int., due Jan. 1,
Pref
305,500
$
297,000
Adv. from REA__
335,515
49,705
dlvs.
322,786
91,953
Notes receivable..
4,841
22,300
Accts. receivable..
513,606
479,351
receivable
100
Mats.&supps.,&c
279,557
Defd. debit items. 2,674,393
291,758
132,031
8,004
263,887
1,957,369
int., & pref. stk.
divs. (contra) ..10,899,228
Taxes accrued
Interest accrued.
Divs.
accrd.
66,333
104,896
93,375
305,911
18,510
3,253
18,611
364,735
1,901,144
_
390,560
1,817,953
2,229,265
523,740
on
pref. stock
Miscell. accruals-.
2,968
Consumers' service
& line deposits-.
Reserves..
Capital surplus— 2,474,589
251,323
Corporate surplus
-
38,782,468 26,850,8571
Total
38,782,468 26,850,857
a Accounts only,
b For interest to date of maturity, Jan. 1, 1946, on
non-callable bonds to be redeemed $30,000, other deposit $48.
The income account was given in "Chronicle" of Jan. 30, page 773.
—Y. 144, p. 3332.
Co.—Earnings—
Period End. Mar. 31— 1937—March—1936
1937—12 Mos.—1936
Operating revenues
$1,402,727
$1,351,250 $12,792,200 $11,651,050
Oper. rev, deductions...
738,832
665,628
7,497,326
6,987,420
Net oper. revenues
$663,895
mortgage bonds.
_
Other int. & deductions.
Net income
applic. to
2,650
$4,663,630
2,650
$685,843
9,480
$5,297,524
421,197
$4,666,280
391,890
$673,861
216,667
110,000
24,353
Gross income
Divs.
$5,294,874
221
$695,323
216,667
110,000
23,644
$5,718,721
2,600,000
1,320,000
300,626
$5,058,170
2,600,000
1,320,000
233,622
$345,012
period,
$1,498,095
$904,548
1,153,008
1,153,008
_
Operating income
Other income (net)
debentures.
$685,622
221
$664,116
9,745
Rent from lease of plant
x
Florsheim Shoe
21,276,321 21,322,223
Co.—Earnings—
1937
6 Mos. End. Apr. 30—
Net income after deprec.
Federal taxes, &c
x$687,188
1936
1935
$428,467
1934
$306,724
Equal, under participating provisions of the shares, to $1.72
$280,483
a
share
on
236, 293 shares of class A common and 86 cents a share on 327,414 shares of
class B common stocks and compares with $1.07 a share on class A and 54
a share on class B common stocks for the six months ended April 30.
1936.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 144, p. 2299.
Food Machinery
Corp.—To Issue Additional Stock—
amending the certificate of incorporation so as to provide for the authoriza¬
class
The authorization of this
of cumulative
preferred stock in no wise adversely affects or
presently outstanding preferred stock and expressly
prohibits the issuance of any of the new authorized cumulative preferred
stock while any of the present preferred stock remains outstanding.
The
proposed amendment will also increase the amount of the common stock
by 200,000 shares.
The earnings report of corporation for the six months ended March 31,
1937, reflected earnings available for common stock in the amount of
$686,561 compared with $347,512 in the corresponding six months one year
ago.
Sales and profits in April continue to reflect a substantial increase
over April of last year.
In the light of these earnings and increased volume of business, the
directors have for a number of months been giving careful consideration to
future dividend policies and the best method of providing working capital
adequate to maintain under all circumstances the strong liquid position of
the company, without depending upon undistributed net earnings for this
purpose.
Stockholders, of course, appreciate the company's use of addi¬
tional capital necessitated by increased volume of business, inventories and
new
alters the rights of the
receivables.
The subjects of dividends and working capital must necessarily be con¬
sidered together, since the directors desire to minimize as much as possible
increased taxation under the provisions of the Revenue Act of 1936 impos¬
$322,841
pref.
stocks
for
the
Balance
$345,087 def$248,460
Dividends accumulated and unpaid to March 31,
1937, amounted to
$4,900,284.
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
dends on pref. stocks are cumulativ
.
I
In order to effect permanent plans to carry out these policies, provision
must be made for the retirement of the present outstanding preferred stock
as soon as
as
market conditions warrant and for such additional working capital
may require for both present and prospective increased
the company
volume of business, by the sale of the new preferred stock upon the retire¬
ment of the present outstanding preferred stock.
The provisions contained
in the proposed amendment make it possible for the
company to take such
action
soon
as
conditions are considered favorable.
Although it is
advisable to authorize an increase amount of 200,000 shares of
stock at this time for various future corporate requirements as
as
deemed
whether paid or unpaid..
x
Total
65,578
ing surtaxes on undistributed profits.
Florida Power & Light
on
exts.
Represented by 60,000 no par shares.
of each series at the time of issuance thereof.
93,031
Call, bds., mat. bd.
10,899,228
Cash
Interest
x
297,000
350",666
Notes pay. (banks)
on
for
tion of a new class of cumulative preferred stock consisting of 60,000 shares
to be issuable in series, with power in the directors to fix the various terms
Accounts payable.
Due affil. company
Int.
sold
J. D. Crummey, President of the company on June 2. sent stockholders
the following letter in regards to a proposed stock increase:
A special meeting of stockholders will be held June 28 for the purpose of
fil. financing Co.
1936
Total
rec.
ser.A
2,876,200
2,876,200
Com.stk.($100 par) 6,600,000
6,500,000
Funded debt
12,500,000 11,060,000
Accounts payable.
482
matd. bd. int. &
Dlsvs.
In¬
1935
$
7% (850 par)
Pref.
7%
cum.
.
Dep. for call.bonds
stk.
z
—
affil.co
(contra)
859,405
37,071
60,943
22,153
Advances from af-
Notes & accts. rec.
pref.
1,194,509
859,405
242,797
-
278,256
122,704
903,484
-
108,573
110,159
281,633
Interest accrued--
12",464
73,257
54,925
66,400
2,162
Taxes accrued
cents
23,941,162 23,696,139
—
64,915
13", 764
The income account for year ended Dec. 31 appeared in "Chronicle" of
March 13, page 1783.
x
no par
Corp.—Consolidated Balance Sheet Dec. 31
$
Investments
-—21,276,321 21,322,223 I
Total
32,111,782 31,026,378
Tota
and 1,296 shares of pref. stocks held in
1936
As$6ts~~~"
Fixed capital
Matured int. unpd.
Notes payable
Capital surplus
Corporate surplus.
402,720
1599.
p.
Florida Power
15,196
....
Represented by 827,634
common
406,370
income taxes—
870,080
570,486
2,427,344
2,210,4
2,721,600
7% 1st pref. stock 2,721,600
y Common stock.. 6,977,422
6,977,422
Earned surplus
14,799,718 14,374,828
32,111,782 31.026,3781
75,096
119,325
Reserves..
3,666,768
Reserves
(contra)
accts.
102,158
accrued expenses 3,779,783
l
88,168
Matured bond int.
<ne deposits..
Guaranty of appli.
payable &
1,081,532 Employees' Invest¬
ment certificates
475,518
9,677,296 10,309,099 Prov. for Federal
Fixed assets
Southeast'n
Eleo. <fc Gas Co.
(non-refundable)
Investments, Ac.-zl,079,750
Prepaid ins. & exp.
557,538
x
2,165.200
x
2,100,000
Funded debt...-.14 ,167,900 14.167,900
Consumers' service
Afar.28'36
129,465
Accts.
2 ,165,200
Common stock.. 2 ,100,000
Contrib.
letters of credit.
3,513,533
§
(par $100)
M iscell. accruals
2,018,434
27'37
1935
$
cum.
Accounts payable.
122,704
78,986
(contra)...
$7
"
Co., Fla. Power
Corp
64,078
sold, &c--
1936
Pref. stk.,
"
"
"
Accts. pay. to affil.
15,912
48,045
2,111
prop,
31
Liabilities—
co.,
119,325
Notes receivable..
Cash
on un¬
Accts. pay. to par't
matured
int. (con¬
for
Accepts, pay. und.
4,349,391
$6',490
1935
$
Liabilities—
Accts. rec., less res
378,832
459,101
Inventories
11,178,573 10,838,203
$310,704
240,000
11,510
Cr2,296
(contra)
Mar.
%
$285,176
25,528
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1937.
Comparative Balance Sheet
Mar. 27 '37 Mar. 28'36
-
/
$543,657
unfunded debt
Bal., avail, for int.
38,918
162,414
$601,934
240,000
20,166
Cr 1,889
4% 1st mtge. bonds
Interest
years, net
A
$1,721,827
1,047,282
188,038
Other income
Refunds from supplies covering processing taxes applicable to prior
after deducting windfall tax thereon, y Includes interest paid.
x
1936
$1,963,830
981,331
143,655
93,152
173,599
Maintenance
Provision for retirements
Appli.
3,647,002
181,416
2,858,296
profit
Preferred dividends
286.932
Co.—Earnings—
in lieu of mtgd.
22,500
Net
Common
5,145,425
45,793
3,962,066
154,830
3,608,889
156,871
4,385,145
58,208
657,435
(net)_.
rec.
$
$
1934
$154,799
161,205
226.586
229.742
298,662
265.007
12 Months Ended March 31—
Balance Sheet Dec.
_
4,067.282
214,714
xl 03,149
1935
$165,027
192,684
214,193
Operating revenues
Operating expenses
1936
2,473
Oosts, expenses, &c
Depreciation
1936
$184,329
212,186
212,260
282,922
337.261
144, p. 3173.
30, '35 Mar. 31, '34
2,556
2,623
2,653
120,682,961 119,575,418 111,323,464 105,812,781
yll5,535,901yll4,846,540yl06,234,952 99,513,190
1.154,166
1,079,778
1,119,989
1,126,447
Stores (number of)
Sales.
1937
$206,463
217,792
268,055
272.954
359,062
Inc.—Earnings—
Mar. 27, '37 Mar. 28, '36 Mar.
$
Years Ended—
without consideration of
(M. H.) Fishman Co., Inc.—Sales—
f"* Month of—
January
February
(William) Filene's Sons Co.—50-Cent Dividend—
The
revenues
rate reduction in litigation for which a reserve has been provided by appro¬
priations from surplus in amount of $592,824 for the 12 months ended March
31, 1937, and of $879,349 for the 12 months ended March 31, 1936.
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. 3837.
no
common
June 12, 1937
Notes—Income account includes full
common
they arise (including a possible conversion feature on the preferred stock)
the directors do not presently expect to sell any of this additional common
stock.
Promptly upon the completion of the details of the new financing, the
directors intend to place the common stock on a dividend basis substantially
excess of the present rate and in proportion to the earnings for the year
to date and also consistent with the outlook for the remainder of the fiscal
in
year.
It is considered by the directors that the interests of the stockholders
will be best served by a program which, if possible, avoids the distribution
of preferred shares of the company as a dividend on the common stock.
—V. 144, p. 3173.
(Peter) Fox Brewing Co.—Extra & Larger Regular Div.—•'
The directors have declared
an
extra dividend of 20 cents per share and a
regular quarterly dividend of 25 cents per share
on
the common stock.
Volume
Financial
144
payable June 26 to holders of record June 8.
Previously
buarteriy dividends of 20 cents per share were distributed.—V. 144,
Freennrt Snlnhnr Pn
rreeport oulpnur Lo,
3 Months Ended March 31—
after all charges,
Net income
depletion and Federal
p.3500.
Folkston Power Co., a subsidiary of Georgia Power & Light Co., transferred its assets to Georgia Power & Light Co. as of Dec. 31, 1936, and the
Power Co., and Lexington Water Power Co. made joint application and
petition to the South Carolina P. S. Commission and to the Federal Power
regular
1937
incl. depreciation,
,no
$476,123
x$543,287
Earns, per sh. on 796,372 shs. common stock
$0.66
$0.57
x Before
surplus tax on undistributed income.
The above figures are shown after deduction of the proportionate part
of the losses of the Cuban-American Manganese Corp., subsidiary of the
ti
Freeport Sulphur Co., whose proportion of these losses amounted to $174
against $32,417 for the first quarter or
1936.—V. 144. p. 1783.
for the first quarter of this year as
r
...
iij
Gar Wood
rr.
*
.
.
company was disso»ved on
Lompa^Tn1^
Miscellaneous revenues.
The directors have declared a dividend of
25 cents
per
General
Afprner Plan—
hZ-Sc Co^Udabove.-V.
144. p. 2827.
Acceptance Corp.—Extra Dividend—
The directors have declaredlan.extra dividend of 5 rents per
sharein addithe common
10.—V. 144,
3332.
General
The
537,732
517,878
$6,304,314
$6,373,339
4,039,143
2,360,102
2,254,429
L473.456
641,218
332,163
332,082
t
S?
proved for addition to the list.
Of the 116,387 shares now approved 24,949 shares are to be reserved for
issuance against subscription warrants which it is proposed will be offered
to class A preferred stockholders under a plan to clear cumulative dividends
in arrears through Dec. 1, 1936 amounting to $4.20 on each share of class A
preferred stock.
This plan contemplates the payment on each share of class. A preferred
stock of $1 in cash, and 1 warrant entitling the record holder thereof to
subscribe on or before Dec. 31, 1939 to 1 share of common stock at $5.
The remaining 91,438 shares are the subject of a selling agreement between
the company and Alfred M. Sampter & Co., New York.
Under the terms
of the selling agreement, the offering price of the stock to the public shall
not be less than the market price at the time of the offering and, in any event,
not less than $5 per share.
Company is to receive 80% of the price at which
the stock is confirmed to the purchasers.
The company has estimated that the total net proceeds from the sale of
91,438 shares to the general public and 24,949 shares through warrants at
the subscription price of $5 per share, and after expenses in connection with
registration, issue and sale, will be $485,497.
It is intended to use these funds proportioned approximately as follows :
$250,000 for the acquisition of additional plant facilities and for the modernization and alteration of existing buildings and facilities.
$45,000 for sales
promotion.
$105,000 for research and development of new and existing
products and $85,497 for working capital, which includes $24,949 to be paid
under the proposed plan, to class A preferred stockholders to clear cumulative dividends in arrears.—V. 144, p. 3500.
General
,
_
a
dividend of 40 cents per share, payable July
10
A dividend of 25 cents was paid on April 10, last; 95 cents paid on Dec. 26.
1936; 65 cents paid on Feb. 15, 1936; one of 50 cents on Aug. 26, 1935;
$1.25 on Feb. 11, 1935, April 2, 1934, and April 1,1933, and a
Der
share
was
Daid
on
Feb.
1. 1932.
dividend
of
Statement issued by the corporation says:
"Due to increased dividends, initial payments
and distributions from
companies which pay semi-annually, it is estimated that net dividend income for three months to end June 30 will approximate 43 cents a share, as
compared with 29 cents for the first quarter."—V. 144, p. 2652.
General Gas & Electric Corp.—Annual
Report—
$3,587,364
$2,152,922
$2,344,084
°r48-204
^109'751
12-°°6
129'938
SubrcoV°dSuctionsr"" *8,363,08*) &*'539'169 $2,043,171 $2,356,090
int. on funded debt-
Int
on
unfunded debt
int. during construct
Divs. on pref. stocks.
4,748.889
608,483
Cr22,557
1,185,126
Accr'd
stk
divs
on
of sud
"y the
2,135,918
301.727
Crl2,512
348,234
393 999-
"pref
183
'
1.248,381
247,005
Cr7.156
518
155 Ofifi
'
pubHc-"-..
84,202
35,400
35.882
35.882
GenBaLr^:co™$1-364-938
$546-874
$363-993
$649-503
329,691
430,247
476,547
471,011
70 037
94 614
3 5 966
72 657
3 7 253
50 858
b$15,241
b$199.378
dSuctions-
Int.
on
serial g. notes.
other interest
Amort
of
debt"
disc't
and expense
letter was sent to stockholders outlining a plan whereby
opportunity of
stock since its issuance.
The plan also contemplated the elimination of the outstanding 5% notes
of the company due in 1939. These notes had been reduced from $6,037,000
at the end of 1935 to $2,244,500 at Dec. 31, 19o6; the balance of the notes
exchanged during 1937 for preferred stocks of General Gas & Electric
Corp., as were certain notes payable to Associated Gas & Electric Corp.
were
and accounts payable to Associated Utilities Corp.
The effect of these
adjustments of the notes and accounts payable to affiliated companies
is the elimination in 1937 of the amounts of $2,300,612 and $986,910 and
a reduction in 1937 of $4,789,229 to $1,603,567 due Associated Gas & Electrie Corp. and $3,147,501 to $2,160,591 due Associated Utilities Corp.
As a part of the plan of liquidating the debt securities of General Gas &
Electric Corp
one of its wholly-owned subsidiaries sold its holdings of
Associated Gas & Electric Co. 5% convertible obligations during the year
at a price commensurate with the market range.
The company had previously provided a sizeable reserve from capital surplus for changes in value
of its investments.
The difference between the amount realized and the
book value was charged to this reserve.
The proceeds from the sale were
used principally to retire indebtedness of the company.
During the latter part of 1936 Florida Power Corp., a subsidiary, issued
and sold $10,000,000 first mortgage 4% bonds and $2,500,000 of 5%
sinking fund debentures. The proceeds of these issues were used to retire
$11,000,000 of 5yi% first mortgage bonds of Florida Power Corp. and
$50,000 6% bonds or the City of Apalachicola, as well as to reimburse the
treasury ror expenditures which had been made for additions to fixed
property.
The result of this financing has been to effect a reduction in
annual fixed interest charges of over $80,000.
On July 1, 1936, $1,044,500 Columbia Ry., Gas & Electric Co. first
mortgage 5% sinking fund bonds matured.
These bonds were obligations
of the Broad River Power Co.," now South Carolina Electric & Gas Co.,
and the maturity was met by that company largely through a bank loan.
This bank loan had been reduced to $700,000 at Dec. 31, 1936, and is being
reduced each month.
Simplification
of Corporate Structure—Considerable
progress
has been
made in the simplification of the corporate structure within the group of
subsidiaries of General Gas & Electric Corp. In 1935 Lake County Power
& Light Co., Florida Power Co. and Florida West Coast Power Corp.,
subsidiaries of Florida Power Corp., were dissolved. In addition the properties of the West Florida Power Co. and of the Ocklawaha Power Co. were
transferred to Florida Power Corp., and the companies were dissolved
during 1936.
The Loudoun Light & Power Co., which had previously sold its assets
to Virginia Public Service Co., was dissolved in December, 1935.
During 1936 permission was granted by the Maryland P. S. Commission
to merge Consumers Public Service Co., a subsidiary of Eastern Shore
Public Service Co. of Del., into the Eastern Shore Public Service Co. of
Maryland and the merger was consummated Dec. 31, 1936.
68 914
!
Net income for year
Tnrtudes
$35 902
$965,209
surtax
undistributed
on
'
$36,921
hw
nrofits
a lncludes $db,yu^ surtax on uncustriDuted pronts.
b Eoes.
Consolidated Income Statement (Including Subsidiaries)
12 Months Ended March 31—
Operating revenues
Operating expenses
1937
1936
$23,153,670 $21,275,225
8,614,807
8,176,890
1,442.586
1,298,641
1,945,219
1,835,203
301,421
189,293
2,534,523
2,255,224
Maintenance
Provision for retirements
Federal income taxes
Other taxes._
Operating income
$8,315,113
209,396
other income (net)
$7,519,975
$8,524,509
6,785,726
$7,626,417
6,907,908
106.443
,
Gross income
Annual int. & pref. div. requirements of subs
Annual requirements of Gen. Gas & Electric Corp.—
int. on notes & int .-bearing scrip
&c.
_
45,227
454,287
$1,693,556
300,000
.,
$264,222
_
'
ono
$1,393,556
—TT~~~
$264,222
stat^mentindud^forboth periods the results of operations
of all properties now induded in the General Gas & Electric Corp. consoMation, irrespective of dates acqutog. Annual requirements on outstanding
securities, as indicated, for the 1937 and 1936 periods, are computed on the
basis of securities outstanding at March 31, 1937 and March 31, 1936,
respectively.
No provision isjnade in thisrstatement for Federal surtax on undistributed
profits, if any, ror tne year IM67.
.
.
.
Consolidated Balance Sheet Dec. 31
19$4
Dep. forredemp. of called bonds, incl.
prem. & int. thereon (contra)
10,893,578
Sinking funds and other deposits with
trustees, &c
104,849
Deposits for matured bond interest,
&c. (contra)
751,650
Other special deposits
Cash (including working funds)
1,058,393
Notes receivable
45,876
Accounts receivable
2,815,247
Materials and supplies
1,383,136
Interest and dividends receivable
Appliance accounts receivable sold
885,961
Prepayments
—
180,206
Balances in closed banks
66 486
Miscellaneous unadjusted debits
442,324
Abandoned property
561,064
Unamortized debt discount & expense
7,581,359
exchanging their holdings for new $5 prior preferred stock. At Dec. 31,
1936, 17,999.9 shares of the new $5 prior preferred stock had been issued
under the plan.
Dividends have been paid on the new $5 prior preferred
529
61,520
outstanding notes were reduced to $160,950 at Dec. 31, 1936.
a
1R1
'
Fixed capital
178.113,117 176,360,514
inv. in Assoc. G. & E. Co., inc.:. securities to be received
47,460,809 50,540,414
Investments in other affiliated cos—
145,352
140,922
Miscellaneous investments
69,367
82,826
Note receivable from affiliated CO—
19,804
the public holders of preferred stock would be offered the
1,266,483
247 406
Cr4,704
deld
co
Moffat, President, says in part:
Dec. 31, 1935, the company had 5% notes maturing
Aug. 15, 1936 and 1937, outstanding in the amount of $933,250. An offer
was made to the holders of the notes due Aug.
15, 19o6, whereby they
might accept cash for 50% of their notes and extend the balance to Aug. 15,
1937. As a result of this offer and of purchases made by the company, the
1,1936,
kvi
883,173
Assets—
T. W.
Financial—At
On Oct.
kko
559,571
882,189
Balance.
to holders of record June 30.
$1 50
qqo
1,307,997
Balance
Dividends on $5 prior pref. stock
,
Capital Corp.—Dividend Increased—
Directors have declared
kip.
kaq
a2,689,849
£%
.
oqq
1.814,190
*^nd exoense1 dlSCt
Alloys Co.—Addition to List—
Governing Committee of the Boston Stock Exchange has approved
to the list on notice of issuance, and registration under the
_
ion
576,938
for addition
.
c-m
|99,548
replacements
J
Taxes
0th<* lncome
'
tion to the regular quarterly dividend of 25 cents per share on
and class A stocks, all payaole June 15 to holders of record June
P-
769,808
$10,475,272
Operating income.... $3,233,142
1936.—V. 144, p. 3500.
—
ig33
$5,228,288
627,173
1,642.763
share on the com-
(par $3), payable July 6 to holders of record June 16.
This
paid on Dec. 21, 1936, and an initial dividend of
Go
Jg34
$5,134,411
632,171
8,626,878
Operating expenses
lb-Cent Dividend—
Pnwpr
.$19,716,058
1,478,694
Total oper. revenues..$22,837,515
likely will be sold until next year.
Gatinfati
ig35
$8,844,329
861,133
1Q36
Electric revenues
Gas revenues
See OaiuuUan
.
_
Consolidated Income Account for Calendar Years (Incl. Subs.)
«fT!le.u'mpfDy has declde? t0r«J.pntfiv°an°?riS^
commonf stock. Stockholders'approyed recently[ an increase
stock
*
ware.
7
Industries, Inc.—Defers Stock Sate—
compares with 25 cents
25 cents paid on Oct. 5,
1937.
Commission for approval of the proposed sale and transfer of the property,
franchises, &c., of the latter company to the former. These petitions were
denied in the early part of 1937 but the companies have filed a petition for a
rehearing before the South Carolina P. S. Commission which is now pending.
General Gas & Electric Corp., through its subsidiary Southeastern
Electric & Gas Co., acquired from an affiliated company during 1936 all
0f ^e capital stock of Dover Gas Light Co., a smail operating company
serving manufactured gas in Dover and eight other communities in Dela-
of add!tional
mon
Jan. 16,
During 1936, South Carolina Electric & Gas Co., formerly Broad River
Fnrwivn*
Earnings
taxes
4007
Chronicle
1936
both
.
74,164,553
50,540.414
14,848
--
..
241,353
14.185
500,603
577,678
1,031,388
51,019
._
—
238,327
12,354
3,161,063
840.491
206,670
1,301,651
833
157,056
172,261
93.772
368,156
28,360
37,196
64,997
799,189
7,249,434
2,621,162
—
Total
252,578,579 242,770,137 128,783,558
Liabilities—
Capital stock (incl. stock to be issued) 11,869,491
10.069,501
10,069,258
Corporate surplus-3,694,196
2,586,537
2,462.661
Capital surplus
—
83,418,^59 83,853,082
73,741,781
Capital stock (preferred) of subs
19,656,425
20,002,200
512,600
Subsidiary cos.' common stock and
surplus applicable thereto
38,450
853
Fund.dt.—General Gas & Elec. Corp.
858,621
1,788.834
3,126,865
Subsidiary companies
--92,567,762 91,461,950 23,384,200
Notes & accts. payable to affil. cos—
8,142,115 12,406,702 10,215,833
Bonds callable for redemption, incl.
premium and int. thereon (contra). 10,893,578
Matured bond interest, &c. (contra).
751,650
500,603
Matured int. unpaid on bonds of Florida Public Service Co
145,302
Advances from affiliated companies—
401,297
Notes payable
1,712,793
920,478
2,993
Accounts payable
1,466,564
1,183,976
207,205
Divs. declared or accr. oh pref. stocks
52,027
199,718
...
736,159
772,047
186,333
Interest and miscellaneous accruals-1,403,350
Consumers' service and line deposits.
1,273,961
Guar, of appliance accts. rec'ble sold.
885,961
Retirement reserve
11,564,520
Federal income tax reserve
386,364
Reserve for doubtful accts. receivable
424,447
1,827,498
1,179,679
412,586
Taxes accrued—
393.618
64,160
73,509
238,954
353,821
124,848
Reserve for balances in closed banks.
Reserve for unpaid
157,056
11,698,046
275,850
270,828
363,270
..
3,304,692
165,467
141,563
34,246
^
cumulative pre-
ferred dividends of subsidiaries
Misc. reserve and unadjusted credits.
Contrib. for ext., non-refundable
414,385
331,886
116,011
98,652
92,040
—
Total
—
252,578,579 242,770.137 128,783,558
4008
Financial
Chronicle
Income Account (Parent Company
Only) for the Years Ended Dec. 31
1936
$319,371
$295,422
108,003
30,139
$191,275
$157,280
329,691
70,037
430,247
94,614
37,253
476,547
35,966
50,858
$85,198
$370,840
$406,091
110,043
18,052
Balance
Interest on funded debt and interestbearing scrip
Interest on unfunded debt
Amortiz. of debt discount & expense.
-
Balance Sheet Dec. 31 (Parent
Company Only)
Assets—
1936
Investments in two wholly-owned sub.
(.non-oper.)
companies (at company's valuation):
Common stocks:
1,000
19,000,000
50,500,000
113,431
19,923
(non-operating)
note
cos
1,447
6,999
interest, &c.
Cash.
Accounts receivable—miscellaneous
Total
$80,164,669 $83,098,778
Liabilities—
Capital stock (including stock to be issued)
Funded debt
Notes and accounts payable to affiliated cos__;
Matured notes and note interest (contra)
Accounts payable
Dividends accrued
on
$5 prior preferred stock
Taxes accrued
Interest accrued
i
Miscellaneous accruals
Reserves and miscellaneous unadjusted credits
Capital surplus
Corporate surplus
...
Total
City Department of Sanitation, according to J. P. Little, Vice-President
of the truck company.
This is the second fleet order placed by this depart¬
months, delivery of 315 similar trucks
having been completed in March.
ment with General Motors in recent
General Motors Stockholders Number 359,630—
$11,869,491 $10,069,501
858,621
1,788,834
3,288,318
6,964,635
19,923
45,711
24,017
46,035
3,746
22,447
3,018
18.498
25,000
39,622
178,002
257,434
63,058,743
63,035,043
813,342
833,464
—V. 144, p. 3500.
represents holders of preferred stock.
These figures compare with 337,620
common stockholders and
20,460 preferred for the first quarter of 1937.
—V. 144, p. 3672.
General Reinsurance Crop.—50-Cent Dividend—
The directors on June 10 declared a dividend of 50 cents
per share on
the capital stock, payable June 22 to holders of record
June 15. A similar
payment was made on Dec 30,1936.—V. 144, p. 2998.
General Shoe
Corp.—Larger Dividend—
The directors have declared a dividend of
$1 per share on the no-par
class A and B common
stocks, payable July 15 to holders of record June 30.
This compares with 85 cents
paid on April 15 last; 75 cents paid on Nov. 16,
1936; 50 cents on July 15, 1936; 40 cents on April 15, 1936; 35 cents on
15, 1936; 25 cents paid on Oct. 15, 1935; 15 cents on
July 15 and
April 15, 1935, and 10 cents per share distributed each three months from
April 16, 1934 to and including Jan. 15, 1935.—V. 144, p. 1785.
Jan.
General Telephone Corp.—Gain in Stations—
The corporation reports for its subsidiaries a
gain of 3,133 company-owned
telephones for the month of May, 1937, as compared with a
gain of 3,054
telephones for the month of May, 1936.
The gain for the first give months
of 1937 totals 12,434
telephones, or 3.71%, as compared with a gain of
9,959 telephones, or 3.19% for the corresponding period of
1936.
The
subsidiaries
now
telephones.—V.
have
144,
p.
in
operation
3333.
total
a
of
347,150
company-owned
General Tire & Rubber Co.—Stock Increase Voted—
Stockholders of the company
General Electric Co.
Trading—
;
•
General Italian Edison Electric
Corp.—To Delist Shs.—
stock
list of the New York Stock
Exchange has made
application to the Securities and Exchange Commission to strike from
listing and registration the "American Shares" and the
underlying Italian
shares of this corporation.
The "American shares" were suspended from
dealings on the Exchange on April 6, 1936 because of the small amount
outstanding and because of technical difficulties which tended to make the
execution of buying and selling orders in the stock
extremely difficult.
on
on June 8 approved an increase in the
common stock from
500,000 shares to 750,000 shares.
The
has filed a registration statement covering 111,822 common
shares, of which 64,697 will be offered to stockholders through warrants and
then to the public, at the
market, through underwriters.—V. 144, p. 3837.
authorized
(Germany)—Removed from, Unlisted
The New York Curb
Exchange has removed from unlisted trading
privileges the National City Bank of New York "American
depositary re¬
ceipts" for bearer shares of common stock, par value 100 reichsmarks.—V.
144, p. 1958.
The New York Stock Exchange has been advised
by the depositors under
the deposit agreement under which these "American shares" are
outstand¬
ing that the corporation had advised them that it felt that the
possibility
company
0'Genessee ]Valley Gas Co.,
Inc.—Reorganization—
Company has filed an application (52-1) with the Securities and Exchange
Commission, pursuant to Section 11(f) of the Public Utility
Holding Com¬
pany Act of 1935, for approval of a plan of reorganization
proposed by its
management in proceedings for the reorganization of such
company, pend¬
ing in the U. S. District Court for the Southern District of New
York,
pursuant to Section 77-B of the Federal Bankruptcy
Act, as amended.
Opportunity for hearing in the above matter will be given June 28.
Applicant is a subsidiary of Eastern Utilities Service Co. and an indirect
subsidiary of Citizens Public Service Co., a registered holding
company.
Applicant is also a holding company in its own right, owning common stocks
and other securities in gas
utility companies operating in the States of New
York and West Virginia.
of conditions
The applicant has outstanding the
following securities:
First lien 6% gold bonds
Shares
Secured
note
Secured
note
changing to a point where active trading in its American
likely to be renewed was too remote for the corporation to
take further steps to amend its application for
registration in accordance
with the request of the Securities and
Exchange Commission.
Since the date when trading was
suspended, the number of "American
shares" of the corporation outstanding has been further
reduced, and
the committee on stock list has been advised that
only approximately 8,000
such shares are now outstanding.—V. 142, p. 2499.
was
General Motors
on
Corp.—May Car Sales—The corporation
following statement:
June 8 released the
May sales of General Motors cars to dealers in the United States and
Canada, togther with shipments overseas, totaled 216,654 compared with
222,603 in May a year ago.
Sales in April were 238,377.
Sales for the
first five months of 1937 totaled 894,231,
compared with 952,237 for the
same five months of 1936.
Sales of General Motors cars to consumers in the United States
totaled
178,521 in May, compared with 194,628 in May a year ago.
Sales in April
were 198,521 in May, compared with
194,628 in May a year ago.
Sales
in April were 198,146.
Sales for the first five months of 1937 totaled
717,360, compared with 774,695 for the same five months of 1936.
Sales of General Motors cars to dealers in the United States
totaled
180,085 in May, compared with 187,119 in May a year ago.
Sales in April
were 199,532.
Sales for the first five months of 1937 totaled 716,798, com¬
pared with 792,128 for the same five months of 1936.
Total Sales to Dealers in United States and Canada Plus Overseas
Shipments
1937
1936
1935
1934
January
February..
103,668
74,567
260.965
238,377
216,654
March
April
May
June
158,572
144.874
196,721
229,467
222,603
November.
December.,
98,268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
182,754
185,698
217,931
204,693
121,943
19.288
90,764
191,720
239,114
July
August
September.
October
Total.
2,037,690
62,506
100,848
153,250
153,954
132,837
146,881
134.324
109,278
71,888
72,050
61,037
41,594
1937
January
February..
April
92,998
51.600
196.095
198,146
May
178,521
March
June
July
August
September.
October
November.
December.
Total.
1,715,688
1936
Sales to Dealers in
1937
January
February..
70,901
49,674
216,606
199,532
180,085
March
April
May
June
July
August
September.
United
1,240,447
131,134
116,762
162,418
194,695
187,119
186,146
177,436
99,775
69,334
156,041
197,065
November.
December..
Total
1,682,594
Unit sales of Chevrolet,
1,278,996
23,438
58,911
98,174
106.349
95,253
112,847
101,243
86.258
71,648
69,090
62,752
41,530
1935
927,493
75,727
92,907
132,622
152,946
105,159
150,863
139,121
103,098
22,986
97,746
147.849
150,010
1,370,934
1934
46,190
82,222
119,858
121,964
103,844
118,789
107,554
87,429
53,738
50,514
39,048
28,344
959.494
Pontiac, Oldsmobile, Buick, La Salle and Cadillac
and commercial
54.105
77,297
126,691
143,909
109,051
137.782
108,645
127,346
66,547
68,566
136,589
122,198
1934
States
1936
4,669
October
1935
102,034
96,134
181,782
200,117
195,628
189,756
163,459
133.804
85,201
44,274
155,552
173,472
1.720,213
cars are
7%
included in the above figures.
$733 ,000
2,338
;
104,650
283,500
debentures
7% cumulative prior preference stock ($100 par)
Common stock (no par)
336 shs.
941 shs.
f* Upon the consummation of the proposed plan of
reorganization the appli¬
cant will have outstanding the
following securities:
First lien 6% gold bonds
$733,000
Common stock (no par)
x37,400 shs.
x
Approximately.
The first lien 6% gold bonds of the
applicant are secured by all the
capital stock and $480,000 first mtge. 6% bonds of Pavilion Natural
Gas
Co. and all of the capital stock of Churchville Oil &
Natural Gas Co.
According to the plan of reorganization, these aforesaid bonds of the
appli¬
cant will not be affected.
The $2,337 secured note of the applicant is secured
by $20,000 6% col¬
lateral trust bonds and 280 shares of the
preferred stock of Eastern Utilities
Service Co.
Under the plan, the holder of this
note, on surrender there¬
of, is to receive 1,600 shares of the new common stock of the
applicant.
The $104,650 secured note of the
applicant is secured by $125,849
demand notes and 200 shares of the common stock of
Putnam Natural
Gas Co.
This note is held by Eastern Utilities Service
Co. and, under the
plan, such|holder is to receive on surrender thereof 10,465 shares of the new
common stock
to be issued by the
applicant.
The aforesaid $104,650
secured note of the applicant,
together with the collateral securing said
note, has been in turn pledged by Eastern Utilities Service
Co. as security
for its note in the principal amount of
$104,650.
Under the proposed plan of
reorganization, ecah holder of the 7% deben¬
tures is to receive, as a general
creditor, 85 shares of the new common stock
for each $1,000 debenture on surrender of such
debentuer with all coupons
since and including Sept. 1,
1931, attached thereto.
Eastern Utilities
$215,000 of these debentures and has pledged such deben¬
6% bonds of 1943, outstanding in the prin¬
cipal amount of $107,500.
Service Co.
owns
tures under its collateral trust
Eastern Utilities Service Co. owns all of the
7% cumulative prior prefer¬
ence stock of the applicant.
According to the plan, each share of such
preferred stock is to be exchanged for 1
shares of the new common stock
to be issued.
common
basis of
Sales to Consumers in United States
passenger
A
The total number of General Motors common and
preferred stockholders
for the second quarter of 1937 was
359,630 compared with 358,080 for the
first quarter of 1937 and with
345,265 for the second quarter of 1936.
There were 339,130 holders of common stock and the balance of
.$80,164,669 $83,098,778
The committee
Large Truck Order—
300 heavy duty General Motors trucks of the cab-overengine design, valued at $1,221,000 has been received from the New York
45,710
179
Electric & Gas Co
Electric Utilities Co
Deposits for matured notes and
(contra)
Receives
1,000
19,000,000
47,400,000
313,376
Southeastern
Accts. receiv. from sub.
1935
$13,430,190 $13,430,190
6% interest-bearing convertible obligations:
Southern
Sales for the entire month of May, 1936, were 2,812 units.
20,500
Southeastern Electric & Gas Co_
Southern Electric Utilities Co
.
Cadillac-La Salle retail sales for the first 20 days of May totaled 3,108
units against 3,055 for first 20 days of April, according to D. E. Ahrens,
Sales Manager.
April was the best sales month in the company s history.
An order for
k
Net loss
1934
$314,530
Provision for taxes
1935
$464,026
121,456
28,040
Income from sub.
$non-oper.) cos.:
Int. on accts. and convertible obli¬
gations (to extent earned)
General expenses
June 12, 1937
Cadillac May Retail Sales—
Eastern Utilities Service Co. also
owns all of the
outstanding
stock of the applicant and, under the
plan, is to receive, on the
approximately Vi share of nevr common stock for each share of its
stock, 235 shares of such new common stock.
General creditors under the plan of
reorganization are to receive common
on the basis of 58 shares for each
$1,000 of principal and interest to
common
stock
Dec. 10, 1936, due to them.—V. 124, p. 644.
Georgia & Florida RR.—Earnings—
—Fourth
1937
Gross earnings.
—V. 144, p. 3838.
Week of May
1936
$28,500
Globe Steel Tubes
$25,520
1937
1936
$432,180
Co.—Registers with SEC—
See list given on first page of this
department.—V.
Gloucester
Jan. 1 to May 31
$532,203
143,
p.
3842*
(Mass.) Mutual Fishing Insurance Co.—
Receivership—
Francis J. DeCelles, Insurance Commissioner of
Massachusetts, has filed
Supreme Cpurt a petition to enjoin company from
doing business.
Judge Pierceiappointed Mr. DeCelles temporary receiver and
enjoined the
company from doing business until June 18.
Mr. DeCelles alleges the
policies of the company are unsound and improper and the
company kept
no books or accounts and failed to file
annual reports.
in the
(Adolf) Gobel, Inc .—New Vice-President, &c.—
W The
company
of E.
A.
Laier
V. 144, p. 3673.
has notified the New York Stock Exchange of the election
a Vice-President and
F. H. Chalcraft as Treasurer.-—
as
(H. W.) Gossard Co.—Application Approved—
The Chicago Stock
Exchange has approved the application of the
com¬
pany to list 216,811 shares of common stock, to be admitted to
trading
on notice of registration under the
Securities Exchange Act of 1934.
This company was incorporated in
The company operated under the
July, 1919, under the present name.
of Associated Apparel Industries.
name
Volume
Financial
144
■
Inc., from
H.
at which time the name was
1928 to 1937,
Gossard Co.
W.
again changed to
and its subsidiaries manufacture
ments, brassiere and their accessories for women.
April 30, 1937.
Sheet
Consolidated Balance
Condensed
April 30 '37
$1,675,149 $1,850,706
2,518,116
2,689,437
198,607
241,350
Apparel Industries, Inc., in V. 144, p. 604.
Nov. 30 '36
Total current assets
Total assets.
Current liabilities
See also Associated
Hamilton Cotton Co.,
of accumulations
the $3
on
(W. T.) Grant Co.—Sales—
1931.
Accumulations after the current dividend will amount to
—V.
144,
—V.
1935
$5,578,375
1936
$5,754,108
7 615,847
7 175.700
8,614,253
7,648,854
1934
$4,550,096
6,953.195
,
8,328,306
6,774,303
7,662.787
7,429,574
6,476,406
5,951,919
7,179,255
144, p. 3174.
(Walter E.) Heller & Co .—Extra Dividend-—
The directors have declared an extra
Collection of
Pennsylvania Chain Store Tax—
June 8 filed a suit in the
The company on
Common Pleas Court in Dau¬
challenging the constitutionality of the Pennsylvania
for an injunction against the Secretary of
phin County, Pa:,
chain stores and asking
tax on
collection of the tax.
The grounds cited in the papers filed cover practically the same bases as
those in the suit filed against the law by the American Stores Co. The legal
papers assert that the Constitution of the State does not permit a graded
tax of the nature imposed and that the provisions of the tax law exempting
news stands render the law invalid because the news stands are retailers,
and by exempting them the law is "discriminatory."
At the end of last year the A. & P. had a little more than 2,000 stores in
Pennsylvania, but recently has closed more than 50 of them. Its total tax
under the law at the rate of $500 per store for all over 500 would approxi¬
mate more than $750,000.
If the law is sustained, it may close some 600
stores, because their returns would not be sufficient to justify their con¬
tinued operation, it is said.—V. 144, p. 3838.
Revenue to stop
(H. L.) Green Co., Inc.—Sales—
of—
1937
1935
$1,609,115
$2,019,037
1936
$1,867,874
March
2,773.907
2,043,153
1,981,446
April...
May.
2,454,546
2,825,839
2,521,571
2,514,305
2,383,537
2,157,556
Month
February
adjourned special meeting held June 8, authorized the
creation of 80,000 shares of new first preferred stock and reclassified the
present outstanding 4,777 shares of first preferred into a like number of
second preferred.
It is proposed to issue 40,000 of the new first preferred
shares and devote the proceeds to augmenting working capital and redeem¬
ing outstanding preferred shares.
The remaining 40,000 shares are to be
reserved for future issuance as conditions warrant.—V. 144, p. 3502.
an
first page of this
See list given on
Greif Bros. Cooperage
directors
The
department.—V. 144, p. 2654.
•
Corp.—Class A Dividend—
have declared a dividend
of 80 cents per share on the
$3.20 cum. class A common stock, no par value, payable July 1 to holders
of record June 19.
This compares with $1.30 paid on April 1 last; $2.80
paid on Dec. 22, 1936; dividends of 50 cents were paid on Oct. 1, July 1,
and April 1, 1936, and dividends of 25 cents paid in each of the eight
preceding quarters and on Dec. 20, 1933.
Quarterly distributions of 40
cents per share were made from Jan. 2, 1931, to and incl. April 1, 1932,
as compared with regular quarterly dividends of 80 cents per share pre¬
viously paid.—V. 144, p. 2303.
1936
$5,959,079
Operating revenues
Balance after operation,
—V.
144,
p.
$5,591,742
2,617,695
888,585
maintenance and taxes—
surplus(after approp.for retire.res.)
3503.
2,403,972
701,347
$1,435,538
$1.33
$0.80
$1,376,836
$3.48
Net sales for four months ended
April 30; 1937 were $7,315,029,
$2.77
of which
$2,078,927 were in the month of April.—V. 144, p. 3503.
Worts, Ltd.—Conversion
Hiram Walker-Gooderham &
Price—
York as trustee, and the debenture holders,
companies, that the price at which Hiram
Walker & Sons Distilleries,
Inc., 10-year 4}£% convertible debentures, due Dec. 1, 1945, may be
converted into common capital stock of Hiram Walker-Gooderham & Worts,
Ltd., is now $55 per share and will remain at that price as long as the
principal amount of debentures outstanding on the trustee's records is not
less than $2,000,000, or until the conversion price is otherwise changed,
as provided in the indenture under which the debentures were issued.—V.
The Guaranty Co. of New
have been notified by the obligor
Walker-Gooderham & Worts, Ltd., and Hiram
144, p. 3839.
(D. H.) Holmes Co., Ltd.—Extra
tion to
a
Dividend—
dividend of $1.50 per share in addi¬
the common stock
regular quarterly dividend of like amount on
1 to holders of record June 19.
Similar amounts were
A dividend of $1.50 per share was paid on Oct. 1,
both payable July
distributed
on
Jan. 2 last.
1936, and compares with dividends of $1 per share paid each three months
from Oct. 1, 1934 to and including July 1 last.
The Oct. 1, 1934, dividend
was the first paid since Jan. 2, 1933, when a quarterly dividend of $1.50
share was distributed.—V. 143, p.
per
3633.
Co.—Stock Split-Up Voted—
At a special meeting held June 8 stockholders authorized a split-up of
company's stock on an eight-for-one basis. The company's 251,160 shares of
$100 par value stock now outstanding will be exchanged for 2,009,280 shares
of $12.50 par value.
Stockholders will be notified by letter when new certificates of $12.50
value stock will be available for
3839.
par
exchange for the old $100 par stock.—
V. 144, p.
(A. C.) Horn Co .—Admitted to
The New York Curb
Listing and Registration—
Exchange has admitted to listing and registration
in lieu of common stock, no par.
The common
the common stock, $1 par,
stock
($1 par) is issuable share for share in
par.—V.
exchange for common stock no
144, p. 3175.
Co.—Initial Com. Div.—
declared an initial dividend of 40 cents per share on
stock, par $2.50, payable June 26 to holders of record
The directors have
the
new
June
common
11.
recently changed the par value of its common stock from
new shares for each old no par share.
paid on the old no par stock on March 26,
last, and previously regular quarterly dividends of 50 cents per share were
distributed.—V. 144, p. 3503.
The company
par to $2.50, and issued four
A dividend of $1 per share was
Co.—10-Cent Dividend—
(C. M.) Hall Lamp
a dividend of 10 cents per share on the
payable June 15 to holders of record June 10.
A like payment was made on May 5 last and compares with 20 cents paid
on Dec. 15, 1936; 10 cents paid on June 30 and March 31, 1936; Dec. 10
and July 15, 1935, Dec. 28, Sept. 15 and June 15, 1934, and on July 20,
1933.
Dividends of 5 cents per share were paid on Dec. 23, 1932 and on
July 1, 1932.—V. 144, p. 2828.
The directors
$348,709
no
SEC—
Haile Gold Mines, Inc.—Registers with
See list given on first page of this department.
common
$539,342
profits
Earnings per share on
360,000 common shs.
(par $10)-
Hoskins Manufacturing
1937
1937—12 Mos.—1936
Fed. inc. taxes & pro v.
for surtax on undist.
Gulf States Utilities Co.—Earnings—
12 Months Ended April 30—
Bal. for divs. &
Co.—Earnings—
1937—4 Mos—1936
Period End. April 30—
Net profit after deprec.,
Homestake Mining
with SEC—
Greenwich Gas Co.—Registers
of record June 19;
Previous
Dec. 28 and Sept. 30, 1936;
714 cents on Sept. 30,1935; 2^ cents on July 2 and April 2, 1935; 27H cents
on Jan. 2, 1935, and 10 cents per share on Jan. 2, 1934.
The regular quar¬
terly dividend was increased from 2^4 cents to 10 cents per share with the
Dec. 31, 1935, payment.—V. 144, p. 2482.
The directors have declared an extra
Ne w Issue Voted—
Stockholders at
dividend of 10 cents per share in
share on the
quarterly dividend of 10 cents per
stock, both payable June 30 to holders
extra distributions were as follows: 5 cents on
Hinde & Dauch Paper
Tea Co.—Files Suit to Stop
& Pacific
Atlantic
Great
$6.50 per share.
1440.
p.
common
1937
$5,617,104
February..
March.:...
April
May
of 50 cents per share on account
s. f. preference stock, par $30,
conv.
cum.
payable July 1 to holders of record June 15.
The dividend will be paid in
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
A similar dividend was paid in each of the nine preceding quarters, the
April 2, 1935 dividend being the first to be paid on this issue since the
regular quarterly dividend of 50 cents per share was distributed on Oct. 1,
addition to the regular
Month of—
Ltd.—Accumulated Dividend—
The directors have declared a dividend
and sell foundation gar¬
The company's plants
are located at Logansport, Ind., Ishpeming, Mich., and Belvidere, 111.
Net income for the year ended Nov. 30, 1937, was $355,155, and com¬
pares with net profit from operations of $145,082 for the five months ended
The company
4009
Chronicle
have declared
stock, no par value,
Harbauer Co.—Dividends—
directors have declared a dividend of 10 cents per share on the
stock, no par value, payable July 25 to holders of record June 15.
They also declared a dividend of 25 cents per share on the common stock,
this dividend being payable on July 1 to holders of record June 15.
A dividend of 30 cents was paid on April 1, last, and previously regular
quarterly dividends of 25 cents per share were distributed.—V. 144, p. 1786.
The
common
Household Finance Corp.—Listing—
Exchange has authorized the listing of 20,000 shares
official notice of issuance and sale, making
applied for 717,389 shares.
The New York Stock
of common stock (no par) on
the total amount
Registration—Company will instruct the transfer agents for its
Restricted
common
stock, viz., First National Bank,
Chicago, and J. P. Morgan &
Co., New York, and the registrars for its common
Illinois National Bank & Trust Co., Chicago, and
stock, viz., Continental-
Bankers Trust Co., New
certificates representing any of the 20,000
shares of common stock listed pursuant to this application unless and until
requested so to do by the company and authorized by the New York
Stock Exchange, unless such certificates bear a legend giving notice of the
option agreement otherwise stamped with a legend indicating that the
certificate is not acceptable as a good delivery under the rules of the New
York, not to issue on transfer
York Stock Exchange.
Directors
at
a
meeting held April 22, 1937,
determined that it was for
to offer 20,000 shares of its common stock
of persons including the following: All branch office
managers and certain senior assistant branch office managers, a few em¬
ployees discharging clerical duties of a confidential or discretionary nature,
the best interests of the company
Havana Electric Ry. Co. (& Subs.)- -Earnings—
1936 1935
$2,351,654 $2,560,716
2,456,643,
2,512,176
Calendar Years—
Gross oper. revenues
Expenses and taxes
1934
1933
52,657,288
2,557,053
$2,331,024
2,208,834
$48,539
$100,236
$122,190
1,175
a$104,989
.
642
813
a$104,510
720,883
96,000
$49,182
696,570
96,000
$101,049
672,884
96,000
$123,365
$921,393
Depreciation.
a
$743,389
$667,836
$633,411
loss,
1936
Dec. 31
25,214
15,507
dl3,041
195,164
67,032
demand deposits
2,704
220,893
74,894
suppl's
Other curr. assets.
Funds on
acct. of
ativa
bus
Elec.
taxes,
Other assets
6,894
3,550
10,830
&
Co.,
250,718
89,312
de
Obre.
S. A.
6,090
26,888
8,927
30,946
pay.
10,830
6,894
11,901,450 11,901,450
847,264
1,101,900
344,379
325,028
5,000,000
7,953,830
7,953,830
4,508,460
3,587,067
current)
parshs.)
Total
24,369,853 24,472,700
After reserve of $375 in 1936 and $32,376 in 1935.
b After reserve
depreciation, obsolescence, &c., of $231,206 in 1936 and $219,094 in
1935
c After reserve for depreciation,
d Accounts receivable.—Y. 144,
p. 3174.
a
for
classes
heads, all junior and senior executives, officers and directors,
and its subsidiaries, and also to a few other persons whom
be of value to the company.
All shares sold pursuant to this offering will be subject to an option
agreement running to the company, the important provisions of which
may be summarized as follows:
(1) The option will be for three years and permit the company at will to'
repurchase the shares at $40.85 per share.
(2) The purchaser agrees and it is a condition of the sale that he will not
sell or assign or permit the sale or assignment of any shares or interests
therein nor encumber them without the company's written consent.
(3) Certificates representing the shares will be stamped with a legend
giving notice of the agreement and a copy of the agreement will be attached
to the certificate; certificates so stamped are not acceptable as a good
delivery under the rules of the New York Stock Exchange; transfer agents
and registrars for the common stock will be instructed not to issue unstamped
certificates unless and until requested by the company and authorized by
the New York Stock Exchange.
(4) Death of the purchaser will terminate the option agreement.
The offering at $40.85 per share is substantially below the quoted market
price of unrestricted common stock for the past year.
The sale of these shares will represent new financing by the company. The
net proceeds after deducting
estimated expenses will be approximately
$806,000.
Such proceeds will be used to reduce bank loasn contracted
during 1937 for the purpose of increasing workingfunds.—V. 144, p. 3335.
all department
the directors deemed to
Houston Cotton Exchange
Building Co., Inc.—Regis¬
tration Withdrawn-—
6% cum. pf. stock
($100 par)
5,000,000
Com. stk. (200,000
no
24,369,853 24,472,700
(not
payable(not
Deficit
Total
65,447
1,361,250
Om.
current)
Accts.
&c.,
paid in advance.
de
Notes
24 ,025,980 24,107,997
Fixed assets
Coop,
Funded debt
Ry.
Co.,S. A. (contra)
Ins.,
Other curr.
(contra)
y
Investment
c
88,709
1,823,786
250,480
liablls.
81,857
Accrued liabilities.
Ry.
Obreros de la Ha¬
vana
579,664
de la Hav. Elec.
CooperOmni¬
Empl.
Accounts
Emp.
dep. for
de
de
(curr.)
payable.
Int. due & unpaid.
Notes and accts.
receivable
1935
Liabilities—
Notes pay.
Cash on hand and
b Mat'Is &
1936
1935
$
Assets—
a
660,776
96,000
Loss.
Consolidated Balance Sheet
certain
of the company
479
Other income.
Net
to
See list given on
first page of this department.—V.
Houston Oil Field
143, p. 3633.
Material Co., Inc.—Stocks Offered—
announced June 10 of 25,000 shares of
convertible preferred stock ($20
par), and 40,000 shares ($1 par) common stock. The offering
was made, through a prospectus, by Robinson, Miller & Co.,
Inc. and Minsch, Monell & Co., Inc. at $25 for the preferred
Public offering was
SI.50 dividend cumulative
shares and $9.75 for the common
shares.
4010
Financial
Company is engaged in the purchase and sale of seamless steel and lapwelded pipe and casing,
drilling and pumping machinery, tools and appli¬
ances, and other materials used in the drilling and operation of oil and
gas
wells.
It
incorporated in March, 1937, to succeed to a Texas company
name formed in 1928.
Principal offices of the company are in
was
of the same
Houston.
Each share of the preferred stock is convertible into two shares of com¬
stock, without time limit and is redeemable at the option of the com¬
pany in whoie or in part, at any time on 30 days' prior notice, at $27.50
and accrued dividends.
mon
Gross sales of the company, less
discounts, returns and allowances,
1936
for
were
$5,185,872, compared with $3,463,728 in 1935 and $2,425,959
Net income for 1936, after all deductions, including normal Federal
in 1934.
tax and surtax
share
on
on undistributed
profits, was $282,871, equal to $11.32 per
the preferred stock and $1.35 per share on the common stock to be
outstanding
on completion of the present sale.
This compared with net
income of $82,144 in 1935 and $68,863 in 1934.
Net income for the first
four months of this year, after Federal income and undistributed
profits
taxes,
was $161,684, gross sales for this period totaling $2,474,463.
Ap¬
proximately $60,000 savings per annum in interest charges, &c., will be
effected by the present
financing, according to the prospectus.
Authorized capitalization, after giving effect to the recent amendment
to the certificate of
incorporation and to the present sale of stock, will con¬
sist of 25,000 shares of $1.50 dividend cumulative convertible
($20 par)
preferred stock, all to be outstanding, and 300,000 shares ($1 par) common
stock, of which 182,320 shares will be outstanding.
The company has
funded
no
debt.
Chronicle
Imperial
Indiana
Feb. 28 '37
Operating revenue
Oper. rev. deductions—
$788,434
467,615
Net oper. revenues
Other income
-12 Mos. EndedFeb. 28 '37
Feb. 29 *36
Feb. 29 '36
$733,139
421,903
$320,819
$9,759,055
5,970,558
Harbor
Belt
Calendar Years—
Railway
oper.
RR.—Earnings—
xl935
1936
1934
1933
$8,522,014
revenues.$10,479,637
$8,389,042
$7,765,719
425,027
789 321
38,363
3,053,777
105,759
210,101
Expenses—
Maint. of way & struc—
Maint. of equipment
Traffic
533,431
823,093
416,672
77o 685
55.667
46,130
45,107
yards-
4,265,505
117,736
258,820
3,638,098
92,982
239,675
3,394,402
172,131
219,509
Trans, for in v.—credits.
39
265
573
148
$6,352,897
Net rev. from ry. opers.
4,126.740
Percent, of exp. to revs.
(60 62)
Railway tax accruals
1,048,608
$5,373,144
3,148.870
(63.05)
$5,020,935
3,368.107
514,064
589.969
$4,622,200
3,143,519
(59.52)
608.361
135
248
!,634,806
490,125
$2,778,002
$2,534,910
269,495
320,515
333,117
259.244
371,409
$2,081,130
$1,811,563
$2,278,799
$1,894,006
705,255
949,952
Transportation
Miscell.—stock
General.
Total
expense
Railway oper. income $3,078,132
Equip, rents, net debt—
676,486
Joint facility rents, net
debit
Net ry. oper. income.
$8,898,908
5,182,289
Inc. from lease of road—
Miscell. rent income
Miscellaneous
846
898
770
770
18,261
14,172
19,196
15,173
4,260
3,539
physical property
Dividends income
3,638
4,877
108
45
848
Income from fund, secur.
Income from unfund. sec.
848
11,039
1.933
$3,788,497
13,829
$3,716,619
15,089
$312,269
$3,802,326
1,269,583
99,175
$3,731,708
1,297.500
94,841
non-oper.
Gross income
$229,477
$196,726
applicable to preferred stocks for the
period, whether paid or unpaid
$2,433,568
$2,339,367
Rent for leased roads
41 ;014
315,078
315,078
Miscellaneous rents
Miscell. tax accruals
Int. on funded debt
Balance
$2,118,490
$2,024,289
950
and
Int. on mtge. bonds
Other int. & deductions.
108,125
7,418
18
924
385
1,805
1,038
2,010
7,028
1,115
$26,363
$21,693
1,830,196
$37,746
$2,316,546
$31,767
39.987
29,327
6,599
405,o21
53,338
27,787
6,342
409,771
414,021
313
41
76
667
10,399
10,795
3,092
11,192
3.119
11.589
accounts
Miscellaneous
$321,769
80,208
12,084
239,959
non-oper.
$311,236
1,033
Gross income
(59.85)
Uncollectible ry. revs—
Non-Operating Income—
Lighting & Power Co.- -Eamings—
Period—
Dividend—
The company paid a final dividend of 19 7-10 cents per share on the ordi¬
shares on June 8 to holders of record April 16.—V. 143, p. 3468
The company has agreed to
apply for the listing of its preferred and com¬
stock on the New York Curb Exchange.—V. 144, p. 3503.
-Month Ended-
Industries—Final
Chemical
1937
12,
nary
mon
Houston
June
income.
Total
_
inc..
$2,107,493
1.968
$1,925,773
Deductions—
Net income
Divs.
x
Int.
on
Amort,
unfunded debt—
of discount
on
Regular dividends on 7% and $6 preferred stocks were paid on Feb. 1,
After the payment of these dividends there were no accumulated
1937.
unpaid dividends at that date.
Miscell. income charges-
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjuted net
income for that year.
No such provision has been made to date for 1937.
Total deductions
Net income
—V. 144, p. 3839.
Dividends
x
.
funded debt
x
Howe Sound
The directors have declared an extra dividend of 75 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, par $5, both
payable June 30 to holders of record June 21.
Previous extra distributions were as follows: 75 cents on March 31 last and
on Dec. 23,
1936: 60 cents on Sept. 30, 1936: 50 cents on June 30, 1936;
75 cents on Dec. 31, 1935, and 30 cents on Sept. 30, 1935.—V. 144, p. 2829.
Hudson Motor Car Co.-—Sales—
Retail sales and factory shipments of Hudson and Terraplane cars for
the week ended May 29 set new records for 1937, according to W. R.
Tracy, Vice-Prasident in Charge of Sales for the company.
Total retail
sales of 3,445 cars during the week were easily the largest for any week of
1937 to date, Mr. Tracy said, and showed the sixth successive
weekly
increase.
In the same week 4,187 cars were shipped from the Hudson
factories, the largest production for any week of the current year.
Retail sales for the full month of May totaled 13,501 cars, a gain of
nearly
45%
over retail sales in the
totaled 15,331
cars,
year.—V. 144,
p.
a
preceding month. Factory shipments in May
gain of 64% over April and 25% over May of last
3335.
Tom Bradley, President, announced June 8 the completion of the under¬
writing of the new stock.
This underwriting makes available approxi¬
mately $2,692,000 for the company's use.
Mr. Bradley stated that the
new line of Hupp cars will
immediately be put into production and he
expects deliveries can be made during the summer.
The models of the
new line have been on exhibit to dealers at the
plant and have been well
received by the trade.—V. 144, p. 3839.
Hussman-Ligonier Co .—Extra Dividend—
The directors have declared
to
an
the regular quarterly
department.—V. 144,
p.
-Earnings—
-Month Ended-
Period—
Feb. 28 '37
Operating revenues
Oper. revenue deduct's.
$399,349
246,747
Net oper. revenues.__
$152,602
$149,849
$1,874,851
Dr350
Dr5 02
Dr 1,594
Gross income
$152,252
54,167
7,023
Cr2,081
Feb. 28, '37
$4,822,663
2,947,812
Feb. 29, '36
$1,818,762
03,040
$4,386,107
2,567,345
$149,347
54,167
5,365
$1,873,257
650,000
74,038
04,053
$1,821,802
650,000
65,623
07,128
Net income
$93,143
$89,815
applicable to pref. stocks for the
period, whether paid or unpaid
$1,153,272
$1,113,307
414,342
414,342
on mtge. bonds
Other int. and deduct's.
Int. charged to constr..
x
,
,
Dividends
$
9,420,000
9,505,000
un¬
matured
93,773
104,319
1,428.434
253,747
Other investments
18,766
1,514,880
Govt, grants In aid
for construction
286,775
Traffic & car-serv.
18,766
Cash
2,777,597
balances payable
Audited acc'ts and
proper.
3,934,670
Special deposits...
142,136
Loans & bills rec..
7,212
balances receiv.
Net
158,068
47,970
1,357,607
928,398
582,106
360
wages payable..
880,795
9,721
Misc. acc'ts pay..
Int. matured unpd
275,938
115,334
197,135
197,360
Unmat. int. accr'd
812
1,167
1,189
295,191
1,189
230,841
256,063
252,300
1,163,887
113,005
709,648
'
Traffic & car-serv.
74,425
73,844
bals. recelv'le
Unmatured
from agents and
rents
accrued
conductors
—
296,423
Other
430,932
Other def. llabs
411,450
186,274
Tax
Working fund advs
403,775
528,885
427,160
222,608
2,158
Other def. assets..
176,628
183,011
699
699
Misc.
accts.
rec'le
1,967
Rents & Ins. prems
on
curr.
llabs—
liability
Ins. & casualty res.
Accrued
deprec'n
(equipment)
103,831
*\
2,820,841
2,672,263
508,780
435,567
Other
paid in advance.
Disct.
funded
unadjusted
credits.....
Add'ns to property
debt
193,201
203,601
141,098
Other unadj.deblts
106,450
through inc. and
71,961
69,513
5,658.275
5,794.635
surplus
Profit & loss—bal.
30,779,551 29,247,123
Total
30,779,551 29,247,123
-V. 144 p. 3336.
Indiana Hydro-Electric Power Co.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on account
on the 7% cumulative
preferred stock, par $100, payable
June 15 to holders of record June 5.
A similar payment was made on
of accumulations
i.
dividend of $4.37H per share was paid
Inland Steel
on
Dec. 15, 1936,
Co.—Registers with SEC—
See list given on first page of this department.—V.
Interborough
Receiver to
Rapid
Transit
144, p. 3504.
Co.—Court
Distribute Instalment of Interest
on
Authorizes
the 5% Gold
Federal Judge Julian W. Mack on June 9 authorized Thomas E.
Murray
Jr., receiver, to pay the regular semi-annual interest instalment on the
company's 5% <mld bonds, amounting to $5,581,650, and to meet
sinking
fund requiren
its on the same securities in the sum of $1,116,330.
Both
are due July
Judge Mac,, adjourned until June 25 argument on a motion by Louis
Boehm, corn sel for the Johnson committee, for an order directing the
,
I. R. T. receiver or the
Guaranty Trust Co., trustee under the indenture
of the I. R. T. 5s, to
purchase all future sinking fund requirements from
the Bankers Trust Co., which holds
approximately $55,000,000 in 5s as
collateral for the $30,000,000 of I. R. T.
7% notes which have been overdue
for five years.—V. 144, p, 3675.
Interlake Steamship Co.—50-Cent Dividend—
The
directors
have declared a dividend of 50 cents
per share on the
stock, payable July 1 to holders of record June 17.
Similar pay¬
April 1, last and previously, regular quarterly dividends
of 25 cents per share were
distributed.
In addition an extra dividend of
$1.75 was paid on Dec. 19, 1936, an extra of 50 cents on Oct.
1, 1936,
and one of 60 cents paid on Dec.
31, 1935.—V. 144, p. 1962.
common
ment was made on
Balance
$738,930
$698,965
Regular dividends on 7% and $6 pref. stocks were paid on Feb. 1,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes provision of $22,200 made during the last 12 months
($17,600 in 1936 and $4,600 in 1937) for Federal surtax on undistributed
x
1937.
profits.—V. 144,
on leas'd
railway
.
Interest
debt
7,600.000
Bonds—
-12 Mos. Ended-
Feb. 29, '36
$369,450
219,601
Other income (net)
Funded
7,600,000
paid regular quarterly dividends of $1.75 per share.—V. 144, p. 2656.
City Bank Farmers Trust Co., successor trustee, is inviting tenders
for the sale to it, at prices not exceeding 104% of their principal amount
and accrued interest, of first mortgage 5% gold bonds, series A in an amount
sufficient to exhaust the sum of $7,622, available in the
sinking fund.
Tenders will be received up to 3 p. m. June 16, 1937.—V. 142,
p. 3856.
Co.-
22,730,171 22,640,054
1935
$
stock
and dividends of 87 M cents per share were paid each
quarter from June 15,
1933, to and including Sept. 15, 1936.
Prior to June 15,1933 the company
3503.
Hydro-Electric Corp. of Virginia—Tenders—
Power
Capital
Misc. phys. prop.
Invs. in affil. cos..
The
Idaho
1936
Liabilities—
S
&
equipment
Improves,
1935
$
road
in
March 15, last;
Registers with SEC—
See list given on first page of this
3,069
of comparison.
purposes
1936
Assets—
Invest,
Total
extra dividend of 25 cents per share in
dividend of like amount on the common
stock, no par value. The extra dividend will be paid on July 15 to holders
of record June 20 and the regular
quarterly distribution will be made on
Aug. 1 to holders of record June 20. An extra dividend of 25 cents was
paid on Dec. 23, 1936.
addition
418,271
Comparative Condensed Balance Sheet Dec. 31
Material & suppl.
Other curr. assets.
Hupp Motor Car Corp.— Underwriters—
6.848
$496,205
$511,166
$506,616
$506,099
1.611,288
1,322,091
1,809.929
1,419.674
(21)1.596,000(20)1520,000 (20)1520,000 (10)760,000
Figures restated for
Co.—Extra Dividend—
3,032
39,910
32,593
31,373
p.
3840.
International Button-Hole Sewing Machine Co.—To
Pay 30-Cent Dividend—
The
Illinois Bell
Telephone Co.—Earnings—
Period End. April 30—
1937—Month—1936
1937—4 Mos.—1936
Operating revenues
$7,293,008
$6,728,466 $28,593,345 $26,580,561
16,846
1 5,713
68 514
64,941
Uncollectible oper. rev—
Operating revenues
Operating expenses
$7,276,162
4,829,885
Net operating revenues $2,446 277
Operating taxes. —
1,166,771
Net operating income.
-V. 144, p. 3503.
$1,279,506
directors have declared
a dividend
of 30 cents per share on the
$10, payable July 1 to holders of record June 15.
This
as paid on April 1 when an extra
dividend of 10 cents
quarterly dividend of 20 cents per share was distributed.
common
$6,712,753 $28,524,831 $26,515,620
4,433,081
18,965,109
17,782,900
$2,279,672
1,028,759
$9,559,722
4,659,796
$8,732,720
4,135,050
$1,250,913
$4,899,926
$4,597,670
is the
and
a
stock,
same
par
amount
Previous extra distributions were
as follows:
60 cents on Dec. 24, 1936:
Oct. 1, July 1 and April 1, 1936; 20 cents on Dec.
27, 1935;
July 1, 1935; 20 cents on Dec. 27, 1934; 10 cents on July 2,
1934; 20 cents on April 2, 1934, and 10 cents per share on Dec. 27 and
April 1, 1933V. 144, p. 1962.
10 cents
on
10 cents
on
International
Educational
Publishing
Co.—50-Cent
Dividend—
The directors have declared a dividend of 50 cents
per share on account
of accumulations on the $3.50
cumulative preferred stock, no par value,
Volume
Financial
144
payable July 15 to holders of record June 1.
This comps res with 40 cents
paid on Dec. 10, 1936 and a dividend of 50 cents
per shar*. paid.on July 15,
1936.—V. 143, p. 2524.
4011
Chronicle
payable on that date at the principal office of the Bank, 22 William St.
New York.—V. 143, p. 4005.
Kansas Gas & Electric
International Hydro-Electric
from Water Power Properties—
$850,000
System—Gets
Period End. Mar. 31—
Operating
System Properties, Inc., a wholly-owned subsidiary of International
Hydro-Electric System, has received $850,000 in cash, representing pro¬
ceeds of sale to Central Maine Power Co. of two
undeveloped water powers,
one on the
Androscoggin River and the other on the Kennebeck River.
Irwin L.
Moore, President of International Hydro-Electric System,
pointed out that as System Properties, Inc., is a wholly-owned subsidiary,
and is indebted on open account to the
parent company for a substantially
larger sum, these funds can properly be regarded as an addition to the
available cash resources of International Hydro-Electric System.
This
payment, added to cash on hand in the System's own treasury on May 31,
1937, makes a total of over $1,900,000.—V. 144, p. 3675.
Oper.
Net oper. revenues
on
on
International Match Corp.—5%
Payment—^
fr- The payment will involve around $5,000,000 and bring total so paid to
creditors to about $20,000,000.
Two previous distributions were made,
at 5% Dec. 20, 1935, and the other of
10% Oct. 20, 1936.
Authorization of the Court fixes June 26 as the date of declaration and
as the date of payment.—V. 144, p. 3840.
mtge. bonds
deb. bonds
Other int. & deductions.
Int. charged to construe.
$170,265
60,000
15,000
7,556
$2,266,968
720.000
180,000
91,116
Cr2,048
$2,060,098
$87,709
for the
$1,277,900
$1,071,277
653
Net income
$90,676
applicable to preferred stocks
period, whether paid or unpaid
Divs.
^
1
$2,047,639
12,459
$169,612
$173,286
60,000
15,000
7,610
Gross income
Int.
1937—12 Mos.—1936
$5,934,741
$5,480,323
3,682.764
3,432,684
$2,251,977
14,991
$171,807
1,479
Other income
x
A dividend of 5% on approved claims against this company has been
authorizd by the United States District Court pursuant to the petition
filed by the trustee for the bankrupt estate, the Irving .Trust Co.
rev. deductions—
Int.
Co.—Earnings—
1937—Month—1936
$484,981
$451,572
313 174
281,960
revenues
720.000
180,000
89,317
Q496
520,784
Balance
520,784
$757,116
$550,493
x Regular dividends on
7% and $6 preferred stocks were paid on Jan. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
one
declared
|>
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed
July 16
Corp.—Stock Offering—
new stock offering of the corporation will invole 31,400
new shares of capital stock making a total of
188,400 shares to be out¬
standing.
Funds will be used to augment working capital in line with
company's plans for expansion and improvement of manufacture of radio
receiving sets and camera output.
t Holders of Radio stock of record of June 10 will receive the rights to
subscribe to
one additiona
share at $10 for each five shares
stock is to be quoted ex-rights on June 7.—V.
144, p. 3676.
held.
The
International Telephone & Telegraph
Corp. (& Subs.)
—Earnings—
3 Months Ended March 31—
.1937
Gross earnings
Operating
y
Net earnings..
Provision for depreciation
$6,686,425
2,651,455
934,095
1,442,437
Interest and other deductions
Interest
on
1936
_-$14,602,461 $13,250,241
7,916,036
7,522,221
expenses
debenture bonds
April 1,
on
1937.
income for that year.
No such provision has been made to date for
1937.—V. 144, P. 3841.
The projected
x
payment
adjusted
net
International Radio
for
$5,728,020
2,501,429
968,186
F1 ,442,437
Key West Electric Co.—Earnings—
12 Months Ended April 30—
Operating
1937
$146,626
59,540
19,393 j
revenues
Balance after operation, maintenance and taxes—
Bal.for divs. & surplus(after4approp.for retire.res.)
—V.
144,
1936
$139,882
46,040
10,343
3506
p.
(G. R.) Kinney Co., Inc.—Listing—
The New York Stock Exchange has authorized the
listing of 67,306
shares of $5 prior preferred stock (no par) on official notice of
issuance, and
204,005 shares of common stock (par $1) on official notiec of issuance.
The stock will be issued pursuant to the plan of
recapitalization dated
March 12,1937, approved by the stockholders
on
May 12.—V. 144,
p.
3339.
Kirsch Co.—Initial Dividends—
The directors have declared an initial dividend of 25 cents
per share on the
class A and class B stocks and an initial
quarterly dividend of 37
cents
Ser share on the company's new preferred 143, p.all dividends being payable
30 to holders of record June 18.—Y. stock
2524.
une
Net income excl. any income or losses
"accruing
from Spanish subs
$1,658,438
$815,968
x Including
gross profit on
sales of manufacturing companies before
provision for depreciation in the amounts of $60.,642 and
$462,949,
respectively,
y Excluding provision for depreciation in the amounts of
$2,042,813 and $2,038,480, respectively.
The number of shares of capital stock (without
par value) of the cor¬
poration outstanding at March 31, 1937 remained the same as at Dec.
31,
1936, namely, 6,399,002 shares.
No income or losses accruing from Spannish
subsidiaries Lave been
included in the consolidated income accounts for either the
three months
ended March 31, 1937 or for the similar period in 1936.
Furthermore, no
provision has been made for any damage to fixed property or losses of current
(S. S.) Kresge Co.—Sales—
Month of—
Marcn
which
as
may have been or may be
a result of the civil war in Spain, as it is
sustained
by
the
May__._
On
Interstate
Month
Department Stores,
of—
1937
$1,320,195
2,028,147
2,190,061
2,119,932
February
March
April
May.
1935
1934
$1,098,593
1,582,921
1,828,774
1,752,994
$1,113,839
1,832.962
1,742,597
1,805,763
Fed. normal
inc.
taxes
deductions, but before any provision for Penn.
or undistributed
profits
—V. 144, p. 3506.
&
taxes
directors
The
have
declared
$150,162
dividends of $1.75 per share
the 7%
on
H per share o
the 6tf% cumul. pref. stock and
the 6% cumul. pref. stock (all $100
par value), all pay¬
able July 1 to holders of record June 11.
Similar payments were
Dec. 22 and July
.
1, 1936 and
made
on
Dec. 21, July 1 and Jan.
i9, 1935, these
paid since April 1, 1932.—V. 143, p. 4158.
on
(F. L.) Jacobs Co.—Earnings—
Earnings for 3 Months Ended March 3*. 1937
of patents, int., normal Fed.
Net profit after deprec., amort,
inc.
&
Earns,
excess
profits taxes & other deductions
on 308,825 shares common stock
per share
made
profit,
Jewel Tea
id
4
,J
1937
>3
1936
$1,686,082
1.742.933
1.753.381
xfebruary
$1,482,569
1.534.592
1.546,091
1,508.653
1,511,253
*>PrlL~-
?
■
1,777.991
May 22
1
^
1
as
for surtax
on
none of which
amount to approximately $58,500.
Co., Inc.—-Sales—
Weeks Ended—
xJanuary
1,844,297
Last Saturday in month.—V. 144,
1935*
;?*
$1.395,22#9/$l
1.450.684'i.i
MOO.SfiO
1,436,962
1,422,600
1934
.214,762
276 473
S.335 685
al,276.651
1,265,773
H.
p. 3338.
Brown,
President of the
corporation, announced on June 6
that work will be started as soon
as possible on the
first unit of a new
mMion-dollar factory to be located In
Watson, suburb of Los Angeles, Calif.
The new factory will produce rock
wool home insulation and
transite
asbestos-cement pipe.
When completed early in
1938, the new
men. Mr. Brown said.
This new unit in California will
approximately 300
factory is expected
to employ
supplement present West Coast manu¬
facturing facilities which now produce for the
growing Pacific Coast market
practically the entire line of Johns-Manville
building and industrial products.
This construction project is in
addition the company's
$3,420,000 factory
expansion program for 1937 announced last
February.—V. 144,
p.
2831.
(Mead) Johnson & Co.—Extra Dividend—
The directors have declared
addition to the regular
common
X?h
stock
™
?nH.onMDec/lc
1936, one of 75
no
par
an
extra dividend of 75
cents per share in
quarterly dividend of 75 cents per share
on the
value, both payable Julv 1 to
holders of record
o^TnntS^ere maPe on APril 1. last: an
19?6:on Jan. per share on Oct. 1, July 1
50 cents
'
cents
2, 1936, and in each of the
quarters the company distributed extra
dividends of 25
—V. 144, p. 1964.
extra of $1 was
on April 1,
preceding
and
seven
cents
per
share.
Kansas City Gas Co.—Bonds Called—
Aug
mortgage gold bonds,
Co., as successor
#ustee, has drawn by
1937, at 102, $17,000 principal
1
5% series due 1946.
t
amount of
The
6,552,143
6.314.228
6,872,970
1935
1934
$4,761,726
4.968.306
$5,106,517
5,083.475
5.472.265
6.330.794
6,441,416
5,934,386
5,732,389
6,095,747
—V. 144, p. 3339.
on
Deb. Certificates—
Two distributions, one of Swedish Kronor 880.62
(approximately $223)
and the other of $23.80 per $1,000 deposited
debenture, will be made on
June 28, 1937, to holders of certificates of deposit for
5% secured debentures
of the company, according to an announcement made June 9
by Grayson
M.-P Murphy,
chairman
of
the
protective
committee.
In
the
case
of
by kronor
the
Sw. Kr. 39.098,006.96 (approximately $9,900,000) was re¬
by the committee from the Swedish Liquidators on June 8,
following
filing by the liquidators on April 12 of a proposal of dividend.
The dollar payment represents a first distribution
received by the com¬
mittee on the shares of Kreutoll Realization Co.,
Ltd., held by it on behalf
of the holders of its certificates of deposit.
The distribution
was
made,
Mr.
by Kreutoll
Murphy stated, principally from the proceeds from the
sale of its holdings of French francs 70.605,000
principal amount of Ru¬
manian Monopolies Institute 7 H % bonds and from the
proceeds of certain
interest adjustments on its holdings of Hungarian Land
Reform Society
bonds.
Edward S. Greenbaum, the American Trustee in
Bankruptcy of Kreuger
& Toll, announced that he had mailed to debenture
holders who had not
deposited with either the Murphy or Colby committees but who had
filed
proofs of claims in the American Bankruptcy proceedings, a letter
advising
them of the arrangements which had been made
by Mr. Greenbaum and
Swedish Liquidators whereby such debenture holders
might authorize
The Marine Midland Trust Co. of New York to collect
the Swedish dis¬
tribution for them.
As a result of these arrangements these
debenture
holders may send authorizations before June
21, to Harold P. Coffin,
referee in bankruptcy, at 140 Nassau St., New
York, to present their
debentures for stamping to Marine Midland Trust Co.
Mr. Greenbaum
further stated that debenture holders who had not
deposited with either of
the protective committees or filed their claims in
bankruptcy could collect
the Swedish distribution only by
presenting their debentures in Sweden for
payment.—V. 144, p. 2831.
Kroger Grocery & Baking Co.—Sales—
Four Weeks Ended—
Jan.
30
Feb. 27
Apr. 24
May 22.
—V.
144,
-
p.
3179.
1937
1936
1935
1934
—$18,700,086 $16,813,802 $17,182,877
$15,401,157
19,468,978
17,535,357
17,609,448
16,692 181
19,995.928
17.958,321
18.072.214
17,380 973
20,546,829
18,291,410
18,545,165
17,354,758
20,029,539
18,557,305
18,801,918
17,135,060
Laclede Power &
Light Co. of St. Louis,
Mo.—Acquis.
Company, a subsidiary of Utilities Power & Light Corp.,
a
registered
holding company, has amended its application (47-7) for
approval under
the Holding Company Act of the acquisition of a
leasehold interest in the
electric generating properties at Granite
City, 111., consisting principally
of a 15,000 kw. power plant station.
The leased properties have been owned
by St. Louis Gas & Coke
Corp
(Del.), in reorganization, and the acquisition of the lease
by Laclede Power
& Light Co. is pursuant to that reorganization.
The major change in the application involves
the acquisition by Laclede
company of 75% of the voting trust certificates in the
electric generating
properties which are to be held by Granite City
Generating Co., a new
company to be formed under the reorganization
plan.
Heretofore the
plan provided that the stock interest was to be received
by Utilities Power
& Light Corp.
At the same time, pursuant to the
reorganization, Morris E. Feiwell
Emanuel M. Goodman and Edward P.
Allen, appointed by the Court to
voting trustees of the capital stock of the Granite
City Generating Co
upon the consummation of the reorganization
plan referred to have filed a
notification of registration (30 92).
act as
Granite City Generating
Co., as a subsidiary of the trustees, has filed
application (47-13) for approval of the acquisition of the
above mentioned
electric generating properties,
previously held by St. Louis Gas & Coke Co.
Granite City Generating Co. also has filed a
an
The City Bank Farmers Trust
lot for redemption on
first
April
May
1936
$5,204,273
5.459,294
7,006,639
March
Mar.27
Johns-Manville Corp.—Plans Million-Dollar
Plant—
Lewis
1937
$5,108,854
5,595.053
7.447.028
6,399,609
-
the
$286,656
$0.93
(par $1)..
Note—Company states that no provision has been
undistributed profits and that based upon
above net
has-been distributed, the surtax would
Month of—
January
February
ceived
for
on
latter being the first dividends
144,
•
(S. H.) Kress & Co.—Sales—■
The kronor distribution represents the first dividend
received from the
estate of Kreuger & Toll Co. in Sweden.
The payment,
Iowa Southern Utilities Co.—Preferred
Dividends—
$1.50 per share
3339.
p.
aggregating
,
surtax
cumul. pref. stock, $1.62
stores
opera¬
bankruptcy
other
or
1934
$8,824,821
8,797.055
12.320,725
10,146,128
11,680,348
registered certificates of deposit the distributions will be made
and dollar checks mailed to the holders of record June 21.
Hosiery Mills, Inc. (& Subs.)—-Earnings—
est.
1935
$8,488,424
8,975,051
10,328,161
11,518,500
10,871,686
May 31 company had 733 stores in operation, of which 681
American anl 52 stores were Canadian.
A year ago stores in
Kreuger & Toll Co.—Payments
1936
$1,236,287
1,641,346
1,999,653
2,050,840
Earnings for 3 Months Ended March 31, 1937
Profit after depreciation,
13,000,561
1936
$8,597,317
9.570.689
10,043,390
12.011,258
11,925,061
tion totaled 725 with 677 American stores and 48 Canadian
stores.—V.
Inc.—Sales—
V. 144, p.3338.
Interstate
were
Spanish subs,
impossible to ascertain or estimate
at this time the extent of such losses.
The contract between the
Spanish
Government and the Spanish Telephone Co.
provides, in general, for the
reimbursement of the company for property
damage and loss of revenues
through curtailment of service resulting from grave civil disorder.
Claims
will be made in due course covering
damage to property and loss of revenue.
—V. 144, p. 3676.
12,634,506
11.198.996
April
►
assets
1937
$9,348,850
9,843,047
January
February
bonds will
become
the issuance of 310,816 shares
^closed)
of capital
declaration (.43-61) covering
stock and $1,554,080
mortgage 25-year sinking fund gold bonds.
5%
The
stock
first
will
be
Financial
4012
filed
also
(46-60)
application
an
mentioned
covering the
acquisition of the
above
stock.
common
Lane
Month
1937
1935
1936
Feb. 28 '37
Feb. 29 '36
Operating revenues
Oper. rev. deductions—
$632,341
457,346
$601,768
414,037
$7,321,387
5,386,565
1,105,681
4,271,077
Net oper. revenues—
for lease of plant
$174,995
$187,731
$1,934,822
$1,834,604
CY382
Dr684
CY345
Dr 1,575
$175,377
3,015
$187,047
774
$1,935,167
19,485
$1,833,029
30,520
$178,392
73,044
5,013
$187,821
$1,954,652
72,917
875,127
50,969
$1,863,549
875,000
46,242
$1,028,556
$942,307
Rent
(net)
Gross income
$902,114
830,998
$906,500
727,534
$952,055
773,387
March
1,458,767
1,395.501
1,210,170
1,387,152
1,374,043
1,386,671
1,333,354
1,339,061
1,249,286
1,248,454
1,269,158
-
1,321,870
April
May
Months Ended-
—12
Feb. 29 '36
1934
$1,039,433
950,521
Co.-
-Morth Evded-
Operating income
Other income (net)
Bryant, Inc.—Sales—
of—
Earnings—
Feb. 28 '37
Period—
the above matters will be given June 17.
Opportunity for hearing in
—V. 142, p. 3858.
Power & Light
Louisiana
the old bondholders of St. Louis Gas & Coke Corp.
The voting trustees have filed a declaration (43-60) covering the issuance
of 310,816 voting trust certificates representing the above common stock,
which will be distributed as above described.
The voting trustees have
June 12, 1937
Chronicle
deposited with the voting trustees and at the termination of the life of
the lease 75% of the common stock will be distributed to Laclede Power &
Light Co. and 25% to the bondholders.
The bonds will be distributed to
January
February
—V. 144, p. 3339.
on
mortgage bonds-
Other int. & deductions.
income.-
Net
x
■■
Dividends applicable to
3.920
$100,335
$110,984
preferred stock for the
356,532
United
Bakeries,
Class
Inc.—50-Cent
A
Dividend—
Balance
x
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cum. class A stock, no par value,
holders of record June
payable June 19
This will be the first dividend paid since
10.
Jan. 15, 1935 when a dividend of 25 cents per share was distributed. These
25 cent payments had been made quarterly since Oct. 15, 1932 and prior
to then regular quarterly dividends of 50 cents per share were distributed.
—V. 143, p. 1886.
-
Realty Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1937
$17,152
Regular dividend on $6 preferred stock was paid on Feb. 1,1937.
After
of this dividend, there were no accumulated unpaid dividends
Hole—includes provision made during
been made to date for
December, 1936, of $31,860 for
No such provision has
profits for 1936.
1937.—V. 144, p. 3842.
Federal surtax on undistributed
Louisiana Steam Generating
Net loss after tax's, int., deprec., &c—V.
144,
p.
Operating revenues
Balance after operation,
1935
1936
$47,147
prof$7,977
3339.
Corp.—Earnings—
1937
1936
$2,582,152
$2,369,229
696,051
692,711
social security legislation and declares that it can no longer continue the
other plans in which the employees participate.
About 9,000 employees
the cessation,
company officials said.
The cancellation will be effective July 1.
In a notice to the employees the company said:
"The immeasurable benefits that have accrued to employees and their
families under these plans have been possible only because of the substantial
payments which the railroad company has contributed toward the cost of
these plans.
These contributions by the railroad company have become
increasingly expensive and amounted to approximately $175,000 for the
year ended on June 1, 1937.
"Since the Federal and State governments have entered into the field of
unemployment and pension legislation, the burden placed on this company
is an exceedingly heavy one.
"Under the Social Security Act, this company is obligated to pay $440,000
in 1937 for unemployment purposes, and under the new Federal Railroad
Retirement Act is required to pay $615,000 in 1937 for pensions.
In ad¬
dition, the company is required to carry its existing pension plan from
Jan. 1, 1937, to June 30, 1937, at an expense of over $100,000, making a
total obligation in 1937 of $1,155,000.
In 1938 the Social Security obliga¬
tion will be increased to $660,000 and with the Retirement Acc obligation
will require a total payment in 1938 of $1,275,000.
"With these tremendous obligations it is no longer possible for this
company to continue any further contributions to the relief and group
insurance plans.
Inasmuch as the Railroad Retirement Act, as amended,
provides for death benefits for a deceased employee's estate, the 'plan of
relief fund,' and the 'group insurance plan' will be discontinued as described
in separate notices."—V. 144, p. 3677.
have taken advantage of the plans and will be affected by
The
initial quarterly distribution of 25 cents per share on
an
capital stock, both payable June 23 to holders of record June 14.
the new
Prior
on New Stock—
dividend of $1.50 per share
Corp.—Initial and Special Div.
The directors on June 9 declared a special
to
company's stock was recently split up on a three-for-one basis.
the split the company paid a special dividend of $4.25 and a
to
quarterly dividend of 75 cents per share on April 7 last.—V.
Lerner Stores
144,
3507.
p.
Corp.—Sales—■
1937
$2,140,307
r Month of—
February
1936
$2,048,112
1935
1934
$1,837,678 ^$1,587,856
March
3,502,827
2,604,126
2,371,983
2,584,812
April
May
3.267,855
3,651,429
3,361,115
3,250,227
2,902,327
2,707,333
2,225,702
2,524,854
—V.
-
144, p. 3340.
directors
Lion Oil
have
declared
a
dividend
of $2.12J^
the
have
declared an extra dividend of 25 cents per share
quarterly dividend of 25 cents per share on the
payable July 20 to holders of record June 30.—
in addition to the regular
common
stock,
both
V. 144, p. 3677.
Lisarbo Andreas,
S. A.—Registration Withdrawn—
See list given on first page
of this department.—V. 142, p. 3348.
Loblaw Groceterias,
Ltd.—Earnings—
1937—4 Weeks—1936
1937—48 Weeks—1936
$1,599,520
$1,331,877 $17,571,786 $14,988,115
Period End, May 2
Sales
Net profit after charges
and income taxes
—V.
dend of $1 per share on the
declared a special
holders of record June 19.
$5, payable June S
paid on Dec. 19, 1936.
par
An extra dividend of $1 was
The regular
last.—V.
quarterly dividend of 50 cents per share was paid on May
76,124
62,703
751,890
880,898
144, p. 3507.
McCrory Stores Corp.-
Locke Steel
Chain Co.—Extra Dividend—
—
March
—
_
an extra
paid on Feb. 1, last.—V. 144, p. 2486.
(Marcus) Loew's Theatres, Ltd.—Accumulated Dividend
dividend of $3.50 per share on account of
$100, payable on June 30
Dividends of $1.75 were paid on March 31
The directors have declared a
last; Dec. 15, Sept. 30, June 30, and March 31, 1936; on Dec. 21, Sept. 30,
June 29, and April 1, 1935, and on Dec. 31, Oct. 1, and June 30, 1934.
Semi-annual payments of 3j^% were made on Jan. 15 and July 15, 1931.
—•V.
144,
p.
The company
Corp.—Final Dividend—
had 196 stores in operation at the end of May, 1937, as
Macfadden Publications,
Inc.—Accumulated Dividend—
dividends of $3 per share each on account
pref. stock, no par value.
One $3 divi¬
July 15 to holders of record June 30 and the other on
The directors have declared two
of accumulations on the $6 cum.
dend will be paid on
Sept. 21 to holders of record Aug. 31.
Dividends of $3 per share were paid on Dec. 10, July 15 and Jan. 15. 1936,
July 15 and Jan. 15, 1935, and on July 10, 1934. this latter payment being
the first made since Jan. 22, 1932, when a regular semi-annual dividend of
$3 per share was distributed.—V. 143, p. 3323.
(Arthur G.) McK.ee & Co.—Extra Dividend—The directors have declared an extra
addition to
stock for the year
1 to holders of record June 20.
An extra of
1, last, and extra dividends of 25 cents were
paid on Jan. 2, last, Oct. 1, July 1 and Jan. 1, 1936, and on Oct. 1, 1935.
A special dividend of 25 cents per share was distributed on Dec. 22, 1936.
—V. 144, p. 1791.
McLellan Stores Co.—Sales—
Month of—
1937
$1,248,652
February
March
1,708,650
April
May.
1,616,465
1,948,602
&
North
Calendar Years—
Gross income
Operating expenses
on
the
common
Net income
Other income
Total income
Int., rentals, taxes, &c_Depreciation
Net loss
-V
144, p. 2134.
1936
179,620
1935
has advised the New York Stock Exchange of the election
as a director, succeeding A. C. Alien, resigned.
12 Months Ended
1934
1933
$279,054
147.824
$118,505
1,278
$105,539
4,952
$131,230
3,673
$161,367
196,508
7,966
$119,783
$110,491
195,721
$134,903
189,343
$43,106
$72,215
$160,714
653
•183,951
8,047
$
1936
1937
April 30—
$22,477,214 $20,078,685
-
profit after deprec., normal Federal incdme
taxes, &cEarns, per sh. on 733,195 shs. com. stk. (par $1)__
1,243,938
1,103,240
$1.45
-
$1.26
Concerning the company's dividend policy, the following statement wa
issued:
"So long as the Federal corporation tax laws remain as at present , it seems
for the company not to adopt the policy of regular periodic
dividends, but, instead, to pay out its earnings during the last half of its
fiscal year.
The present tax laws prevent the retention of any large amount
of these profits in surplus without incurring heavy taxes.
Because of the
seasonal character of the variety chain-store business, the company's profits
are realized very largely during the final quarter of the calendar year.
"The company cannot accumulate a surplus of earnings from the prior
year's operations, from which to pay dividends during the first half of the
year when the relatively much smaller current earnings are needed in the
business.
Any distrioution of these smaller first half-year earnings would
be particularly unwise, in the judgment of the directors, at this time, in
view of generally unsettled labor conditions and the attitude which some
State legislatures are showing to increase chain store taxes."—V. 144,
p.3181.
advisable
Manila Electric Co.-
-Earnings—
1934
1935
1936
Ycars End. Dec, 31—
Total oper. revenues
1933
$4,719,685
2,735,943
$4,735,942
2,532,065
$4,753,977
2,639,156
$1,958,557
37,171
$1,983,741
$2,203,877
384
5,028
$2,114,821
1,298
$1,995,728
113,290
1,091,984
$1,984,125
122,707
1,028,340
$2,208,905
131,926
1,066,715
$2,116,119
140,985
1,133,828
$790,454
-
$4,969,509
3,010,952
Operating income
Other income
Gross income
Interest
on
funded debt.
$833,078
1,800,000
$1,010,264
$841,306
Net income.
Dividends
900,000
Balance Sheet Dec. 31
1936
$
Deposits
for
bond
^
$85,231
$54,440
tees
for
1936
1935
S
Asseis—
Fixed capital
Liabilities—
25,669,664 25.737,952
61,482
70,761
$
1935
$
Com .stk. (par $50)
4,861,000
4,861,000
Funded debt
2,193,000
2.384,000
9,443,377
8,864,428
Notes
&
accounts
payable to parent
8,479
company
ma¬
Matured bond Int.
int.
500
sinking
funds, &c
1,075
500
Notes pay. (banks)
Notes pay. (other)
1,075
Deposits with trus¬
$259,980
154,441
$290,911
172,406
1935
$1,068,570
1,346,646
1,539,118
1,542,407
New Director—
The company
tured
West RR.—Earnings—
$340,334
1936
$1,154,681
1,312,965
1,620,824
1,775,431
of William L. Nolan
(contra)
Louisiana
dividend of 75 cents per share in
regular quarterly dividend of 25 cents per share on the class
a
B stock, both payable July
50 cents was paid on April
from affil. cos..
dividend of 7% less tax,
ended April 30.—V. 144, p. 2486.
$2,324,484
2,691,385
2,892,899
3,284,126
3,056,851
against 197 a year ago.—V. 144, p. 3842.
Notes & accts. rec.
London Tin
3,555,993
3,022,789
3,265,902
-
Investments
1605.
The directors have declared a final
$2,509,664
2,661,578
---------—— __
—
April
May
accumulations on the 7% cum. pref. stock, par
record June 19.
1936
1937
January
February
>
dividend of 20 cents per share in
addition to a regular quarterly dividend of 20 cents per share on the common
stock, par $5, both payable June 25 to holders of record June 12.
Similar
amounts were paid on May 1, last.
An extra dividend of 10 cents was
to holders of
-Sales—
Month of—
Total oper. exp. & taxes
The directors have declared
15
144, p. 3006.-
—
share on
per
Refining Co.— To Pay Extra Dividend—
directors
stock,
common
Net
6%% preferred stock, par $100, payable Aug. 10 to holders of record
July 31.
A similar payment was made on May 10 and Feb. 10, last, and
compares with $5.62)^ paid on Nov. 10, 1936; $2.12H per share paid on
Aug. 10, May 11 and Feb. 11. 1936, and $1.62 H per share paid on Nov. 14
and Aug. 10, 1935, prior to which the last dividend disbursement on the
company's preferred stock was made on Dec. 15, 1933.—V. 144, p. 3340.
The
3341.
p.
Sales.
Lexington Utilities Co.—Preferred Dividend—
The
144,
The directors have
Lehigh Valley RR.— Drops Group Insurance—
Lehman
—V.
-
maintenance and taxes-
Lynch Corp.—Special Dividen
The company has notified its employees that it will no longer contribute
to the relief fund and group insurance plan.
It cites the increasing cost of
in addition
$585,775
the payment
at that date.
12 Months Ended April 30—
Lefcourt
3 56,532
$672,024
period, whether paid or unpaid
Langendorf
to
Int.
925,000
Accounts payable-
183,056
1,560,000
14,274
98,435
23,157
98,365
39,075
(contra)
........
105,048
50,636
Taxes accrued.....
23,117
151,454
173,397
Interest accrued-.
Notes receivable..
356
736
Miscell. accruals-.
94,836
29,003
Accounts receiv...
238,270
216,022
384,236
778,271
Consumers' service
Cash (incl. working
funds)
Materials & suppls
394,617
Defd. debit items.
668,466
70,417
68,004
2,354,794
535,234
Capital surplus...a6,585,000
2,171,371
7,229,901
&llne deposits..
Reserves
;
Corporate surplus.
Total
a
27,298,910 27,412,512
Total..
.27,298,910 27,412,512
Appropriated from earned surplus.—V. 143, p. 3848.
.
Volume
Financial
144
Chronicle
Middle States Petroleum
Mahoning Coal RR.—$7.50 Common Dividend—
The directors have declared a dividend of $7.50 per share on the common
stock, par $50, payable July 1 to holders of record June 18. A like dividend
was paid on
April 1, last and compares with $13 paid on Dec. 23, 1936 and
$6.25 paid on Nov. 2, 1936, and in each quarter previously.—V. 144, p.
Mansul
Chemical
Co.—Registration Withdrawn
The directors have declared
a dividend of 12 %
cents per share on the
pref. stock, par $25, payable June 30 to holders of record June 14.
Dividends of 21 Ji cents per share were previously paid in each quarter
since June 30, 1933.
Prior to that date regular quarterly dividends of
43% cents per share were paid.—V. 144, p. 1966.
cum.
Mapes Consolidated Manufacturing Co.—Extra Div.—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
stock, bota payable July 1 to holders of record June 15.—V. 144,
1966..
p.
Marlin-Rockwell
Henry
Smith
K.
Corp.—New Officers—
has been elected
cos.
Calendar Years—
Chairman of the Board to succeed
F. W. Gurney.
Alfred C. Davis, formerly Vice-President, has been elected
President to succeed Henry K. Smith.
E. Snell Hall and John H. Walters
have been elected Vice-President and Secretary-Treasurer, respectively.—
Changed—
the regular
on
the 15th of these months.
Stockholders are advised that the extra dividend of
than compensates for the 15-day interval.
cent a share more
one
364,192
$447,647
42,982
2,834
>,111
118,773
4,625
88,619
95,969
277,467
218,475
$828,208
126,198
73,744
93,252
263,378
267,442
$855,091
131,601
1,514
17,953
75,319
321,647
223,214
$493,464
137,845
2,189
15,884
79,105
260,531
50,854
27,191
24,503
22,452
1,857
26,485
expenses
Abandonments
&
Loss
on
expenses
sale of cap .assets
Miscellaneous
456
20,282
charges—
Net income
$40,329
Prop, of consol.net inc.:
Minority int., oil cos. prof20,031
Corporation (net)
prof20,297
Liabilities—
1935
1936
$545,670
115,635
Special deposits
58,843
liabilities
63,878
7,841
allowed
33,937
60,275
208,025
42,785
207,862
Fed. & State taxes
59,346
39,857
3,191,393
51,770
116,731
2,643,720
37,490
57,846
Miscell. liabilities.
1,745
60,245
68.342
Def. liab. & credits
Investments
Oil prop. & well eq.
Misc. prop. & eq_
Mat'ls & supplies.
-
4,177
1,757
Contingent liabil's
391,362
1,739,400
2,099
167,126
334,733
debt
169,801
1,892,700
198,376
payable in oil
Funded
Contingent assets,
323,158
1,066,781
2,000
Res. for conting. &
receiv. expenses
.
Minority ints.,cap¬
ital and surplus
Total
$3,954,267 $3,783,227
.
Capital stock—
1,032,333
_$3,954,267 $3,783,227
Total
x
299,954 shares class A, no par, and 895,529 sharas class B, no par,
outstanding (represented by voting trust certificates issued and to be issued),
—V. 142, p. 3683.
The company paid a special dividend of 25 cents per share on the common
on June 1 to holders of record May 24.
A similar payment was made
Minnesota
stock
Power &
Light Co.—Earnings—
-Month Ended-
Dec. 1, 1936.—V. 141, p. 757.
12
Months Ended——
Feb. 29 '36
Feb. 28 '37
Feb. 29 '36
Feb. 28 '37
Operating revenues
Oper. rev. deductions
$529,928
285,350
$495,457
247,580
$6,489,572
3,529,689
$5,687,215
2,934,612
Net oper. revenues
$244,578
$247,877
30
$2,959,883
1,274
$2,752,603
Dr23
$244,555
137,004
$247,907
137,857
$2,961,157
1,647,627
Period—
a dividend of 50 cents per share on the com¬
stock, payable June 30 to holders of record June 15.
This will be the
first dividend paid on the common stock since Oct. 15, 1931, when a dis¬
bursement of 123^ cents per share was made.—V. 144, p. 3843.
98,484
Receiv'ship claims
claims
The company paid an extra dividend of 25 cents per share in addition to
The directors have declared
$61,513
Accts. pay. & accr.
3006.
Common Dividends—
1935
$56,530
Int. on fund, debt_
149,332
& accr.
x
Mead Corp .—Resumes
1936
$110,087
rec.
Miscell. assets and
(Oscar) Mayer & Co., Inc.—Dividend—
on
prof6,564
loss248,287
[Excluding Louisiana & North West RR.J
"Mar-Tex oil production for May," Mr. Thomas states, "amounted to
or an increase of approximately $2,000 over the company's recent
estimate.
This increase was brought about largely through the successful
the regular quarterly dividend of $2 per share on the 8% cum. par tic.
second preferred stock, par $100, on June 1 to holders of record May 24.
Similar payments were made on Dec. 1, 1934.—V. 141, p. 757.
lossl8,978
loss20,078
profl4,580
loss38,034
$68,000,
p.
$39,056 loss$254,851
loss$23,454
Consolidated Balance Sheet Dec. 31
&c., in oil
development of additional wells in the East Brsyon Field."—V. 144,
201,966
other
leasehold
Accts.
an extra, dividend of one cent per share in
quarterly dividend of five cents per share on the
common stock, both payable June 30 to holders of record June 18.
Henry B. Thomas Jr., President of the company, announced in a letter
to stockholders that the board of directors of the company has decided to
pay the quarterly dividends on Dec. 30, March 30, June 30, and Sept. 30,
instead of
464,981
$800,026
53,569
1,497
Depl. & amort, of leaseh.
Deprec. of phys. equip..
Assets—
The directors have declared
to
380,514
$783,822
28,265
16,121
Taxes
Cash
addition
$1,265,007
interest
Administrative
144, p. 3507.
Mar-Tex Oil Co.—Extra Div. Div. Dates
1934
$1,164,336
$886,527
5,838
2,746
expenses
1935
$1,325,635
439,108
Inc. from all sources—
Interest on funded debtOther
RR.J
1933A
$811,$39
1936
Gross income from oper.
Operating
Corp. (& Subs.)—Earnings—
consolidated, but excluding Louisiana & North West
Miscellaneous
Manufacturers Finance Co.—-Accumulated Dividend—
common
[Incl. affil.
Net inc. from oper
Interest and discount
See list given on first page of this department.—V. 144, p. 110«
7%
4013
mon
Gross income
Memphis Power & Light Co.—Earnings—
Month
Operating revenues
Oper.rev. deductions
$810,689
591,270
12
Mos. Ended
Feb. 28, '37 Feb,. 29, *36
$767,940
$7,953,880
$7,174,115
552,356
5,842,906
5,251,202
Net oper. revenues
$219,419
$215,584
Dr6
339
$219,413
61,448
3,958
$215,923
61,448
Period—
Feb. 29, '36
Gross income
Int. on mtge. bonds
Other int. & deducts
Net income-Dividends applicable
$2,110,974
40,612
$1,153,603
3,904
or
on
$7 and $6 pref. stocks
43,348
394,876
$977,097
were
394,876
on
Dec. 22,1936.
for payment on
April 1, 1937.
Note—Includes provision of $46,199 made during the last 12 months
($46,199 in 1936 and none in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 3843.
Memphis Natural Gas Co.—Earnings—
Calendar Years—
1936
Operating re venues
$2,389,943
Oper. expenses, maint.
and all taxes
yl,508,134
rev.
1935
1934
$1,726,392
Gross corporate inc
on bonds
-
Interest
Amort, of organization.
Amort, of bond discount
_
$104,881
stocks for the
$1,248,783
$1,033,145
$101,362
990,688
accumulated
xl,050,726
857,345
$666,672
7,393
$675,666
7,199
$737,323
6,289
$904,710
7,275
7,000
$674,065
21,565
5,000
$682,865
42,808
5,343
Jan.
23,747
Feb. 28,
1937
2,1937.
Dividends on these stocks are cumulative.
Federal surtax on undistributed profits
Accumulated Dividends
directors have declared dividends of $2.33 per share on the 7%
pref. stock, par $100: $2 per share on the 6% cum. pref. stock, par
$100, and $2 per share on the no-par $6 cum. pref. stock, all on account
of accumulations and all payable July 1 to holders of record June 11,
Similar payments were made on April 1 and Jan 2 last, Oct. 1 and July 1,
1936.
Dividends at the regular quarterly rate were paid on April 1 and
Jan. 2,1936 and on Oct. 1, 1935.
For detailed record of dividend payments
see V. 141, p. 1774.—V. 144, p. 3844.
The
cum.
Mississippi Power & Light Co.
Month
Ended
Earnings—
—
12 Mos. Ended——
Feb. 28 '37
Feb. 28 '37
Feb. 29 '36
$518,857
386,068
$6,090,620
4,591,561
$5,165,615
3,914,068
$133,474
$132,789
$1,499,059
$1,251,547
Drl82
Cr656
Cr319
Dr390
$133,292
Net oper. revenues—
for lease of plant1
Feb. 29 '36
$577,851
444,377
Operating revenues
Oper. rev. deductions
$133,445
$1,251,157
7,260
Rent
49,323
1,006
23,193
(net)
65
32,616
1933)
Appropriation for renew¬
als & replacements, &c
340,000
375,000
331,700
$517,819
44,954
459,340
$249,826
47,990
91,868
$279,267
51,762
91,868
$357,090
53,466
$133,357
68,142
5,920
$133,703
68,142
5,856
$1,501,339
817,700
75,782
$1,258,417
817,700
67,566
$59,705
$607,857
$373,151
313,000
Balance for pref. divs.
Divs. on pref. stock____
Divs. on common stock.
258
$1,499,378
1,961
$59,295
Operating income
Other income (net)
Miss, levee taxes (1929-
Net income
$13,525
$109,968
$135,637
$303,624
x
Including $50,000 extraordinary maintenance reserve,
y Includes
$1,700 provision for surtax on undistributed profits.
Note—During year 1933 additional reserve for depreciation was set up
for period Jan. 1, 1929 to Dec. 31, 1932 in amount of
$530,700 by direct
charge against surplus.
Balance Sheet Dec. 31
Assets—
y
1936
Property,
&
Investment
in
Gas
in
of
dep.
pref.stock
Accounts payable.
Dividends applicable to preferred
stock for the
403,608
curr. assets
accumulated and unpaid to Feb. 28, 1937, amounted to
Latest dividend, amounting to $1.50 a share on $6 preferred
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. 3844.
x
Dividends
stock, was paid on Feb. 1, 1937.
1935
4,593,400
120,000
120,000
153,634
Period End. Mar. 31— 1937—Month—1936
1937—12 Mos.—1936
Operating re venues
$1,403,091
$1,107,480 $13,592,943 $11,569,695
Oper.rev. deductions—
695,474
550,599
7,537,965
6,460,201
Other income (net)
Montana Power Co. (&
$616,590
193,616
11,238
160,602
801,680
11,989
95,977
801,680
Earned surplus—
499,837
.
Mat'ls & supplies-
Net oper. revenues—
$707,617
10,000
776,824
11,238
347,261
15,689
11,989
Other int. & deductions.
301,758
Int. charged to construe.
Deferred charges..
25,417
$6,958,354 $6,885,9771
T°tal
$6,958,354 $6,885,977
At the National Bank of Commerce in Memphis, under contract
pro¬
viding that same be held as collateral to a loan to the Bank of Commerce &
Trust Co. from Reconstruction Finance Corporation.
This amount bears
x
interest and is repayable only after indebtedness to FRC is
fully paid
y After reserve for depreciation of
$2,496,732 in 1936 and $2,155,821 in
on
on
mtge. bonds
debentures
,
24,361
Total
no
Gross income
Int.
Int.
Net income
x
Divs.
applic. to pref.
whether paid or unpaid
Balance
-
$556,881
2,212
$6,054,978
26,889
$5,109,494
$707,332
162,604
44,125
35,163
Crl8,586
$559,093
131,769
52,083
23,701
$6,081,867
1,663,987
645,248
317,211
$5,157,931
$484,026
stock for
$351,540
the period,
$3,567,004
Dr285
t.
6,250
11,531
27,971
Subs.)—Earnings—
492,705
Cash dep. for div.
Accounts receiv—
def $30,457
$655,863.
142,296
payable, &c
403,608
$204,249
period, whether paid or unpaid
1936
raid In surplus—
in
Cash...
Other
x
$577,980
4,593,400
Div. on pref. stock
470,000
trust account—
cum.
Com. stk. ($5 par)
Funded debt
Accrued liabilities-
Va.
Corp
Amount
509,877
notes
W.
Liabilities—
$7
oil
props, (less res.)
rec.
x
1935
plant
equipment-..$5,416,241 $5,735,627
Invest,
Int. on mtge. bonds
Other int and deduc'ns.
Balance
Balance
amounted to
Note—No provision was made for
$743,612
and expense
unpaid to
$42,515
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has oeen made to date for 1937.
Period—
1,326,732
and
990,630
$258,095
$1,594,668
22,673
Other income
Dividends
x
1933
$1,993,404
$881,809
22,901
from oper_.
income.
66,080
Crl ,333
$722,978.
Latest dividends, amounting to $2.33 a share on 7% pref. stock,
$2 a share on 6% pref. stock and $2 a share on $6 pref. stock, were paid on
$758,727
paid
After tne payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
Net
Net
5,411
CY242
period, whether paid or unpaid
737,375
to
Balance
Regular dividends
6,338
Crl49
.
Dividends applicable to preferred
$1,934,326
$1,371,973
mortgage bonds
Other int. & deductions_
$1,922,913
11,413
$2,151,586
737,375
42,238
on
1,102
$2,753,705
1,658,991
63,235
Crl,666
Balance
$154,007
$150,571
pref. stocks for the
unpaid
period, whettier paid
x
Int.
Int. chgd. to constr'n
x
Other income (net)
x
Ended,
Feb. 28, '37
Other income
48,437
1,581,601
625,000
285,157
Crl11,583
$2,666,173
956,858
956,193
$2,610,146
$1,709,980
x Regular dividend on $6 pref. stock was
paid on Feb. 1,1937.
After the
payment of this dividend there were no accumulated unpaid dividends at
that date.
JYote—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies reported no undistributed net income
Financial
4014
been made to_date_for 1937.—V. 144,
No such provision has
for that year,
3844.
p.
Missouri-Kansas Pipe
four
of
directors
Line Co.—Decision on Directors—
Del., has signed an order declaring
recently elected by the common stock¬
company
comprising the board of directors until further notice.
Seven
directors were to have been elected, but the election of the three whom
the class B stockholders are entitled to elect, was delayed by other litigation.
The four directors are William G. Maguire, A. Faison Dixon, Leo M.
holders
as
V. 144, p. 1967.
Blanche, and W. H. Vermilye.
The
Commerce Commission has
hearings in the company's
Interstate
further
21
—V. 144, p.
3679.
'
■
Mineraria ed
i
,
postponed from June 9 to
reorganization proceedings.
A#.'
;■
l'Industria
Generate ^,per
Agricola)—Earnings—
"Montecatini"
j 1
Postponed—
Pacific RR.—Hearings
Missouri
June
(Societa
100% stock dividend, with authority to
of class B common stock upon
on par tic.
1933
1936
1935
1934
169,311,679 126,401,532 114,128,113
64,004,286
46,562,312
and int.
169,311,679 126,401,532 114,128,113 110,566,599
Gross income
surance.—V.
144, p. 3182.
Ernest L. Olrich was elected President
will remain with the company as
tive Committee.
12,431,242
20,000,000
17,000,000
5,272,262
7,211,309
67,482,708
51,000,000
66,966,547
65,672,031
40,000,000
813,440
January
February
24,858,590
April..
May
-
distrib.. 83,826,194
80,000,000
Net avail, for
Dividends
849,697
749,654
48,000,000
672,364
2,976,497
15,733,054
18,294,183
Directors' participation.
_Surplus for year
"Montecatini Group," employees' provi¬
Including allotment in favor of
x
dent
fund.
account for 1936 does not include 3,000,000 lire
offsetting item of interest paid by shareholders as equalization for the
enjoyment of shares issued for increase of capital.
Balance Sheet Dec. 31
1QQQ
1934
Assets—
1936
1935
Fixed assets
603,272,508
337.540,223
337,052,227
305,151,282
39,578,478
43,072,051
30,629,097
86,354,213
10,798,852
10,975,787
10,606,353
765,324,990
3,414,800
651,520,953
3,658,314
614,288.629
3,451,733
632,461,591
56,449,312
9,468,207
331,084,656
78,074,025
14,008,941
338,472,917
127,534,928
15,779,534
227,911,812
65,230.203
21,131,042
273,124,808
480,681
375,577,976
451.294
211,106,505
659,961
332,712.478
614,520
138.907,466
Minerals, raw &
finished mat'l.
Supply warehses.
and sundries.
_
Floating goods &
goods with 3d
parties—
Securities owned
Banks, cash and
treasury bonds
Bills receivable.
,
.
Sundry debtors.
Sundry fidelity
guarantees
Pro-contra accts.
Total........2,228,012,545 1,684,966,988 1,713,645,727 1,481,308,101
Liabilities
Capital stock._.
800,000,000
600,000.000
600,000,000
500,000,000
Reserves
773.251,279
489,697,317
424,789,437
454,296,438
115,858,438
146,945,419
185,877,925
199,309.462
131,936,090
148,715,664
6,479,169
1,512,558
727,332
1,146,463
x86,826,194
375.577,976
67,482,708
211,106,505
74,764,724
332.712.478
88,332,737
138,907,466
2,228,012,545 1,684,966,988 1,713,645,727
1,481.308,101
7% Amer. bonds
Sundry creditors
Unclaimed divs.
Profit for distrib¬
ution
Pro-contra accts.
Total....
151,679,577
Including 3,000,000 lire interest paid by shareholders as equalization
for the enjoyment of shares issued for increase of capital.—V. 142, p. 3860.
x
Montgomery Ward &
March
April
May
—V. 144, p.
Co.—Sales—
1937
1936
1935
1934
$22,160,565 $17,854,609 $17,904,886 $15,421,893
34,931,168
24,844,596
22,783.089
18,312,477
40,095,518 30,402,667
25,571,012 20.872.132
39,140,008 30,295,408
22,914,580 20,934,510
Month of—
February..
3509.
Bond
Morrison
Ltd.—Consolidated ^Balance
Co.,
Sheet
March 31, 1937—
Consolidated Balarce Sheet March 31, 1937
Assets—
Cash
on
hand & in banks
Accts. receivable..
-
$39,262
29,700
19,459
373,528
137,027
23
secured.....
Securities—at cost or less
Real estate owned—
Maria
-
22,098
Due for bonds purchased
Insurance & miscell. accounts
Partial payment accounts
3,349
Deposits on insur. premiums.
14,047
7,500
Intangibles..
Notes receivable—discounted.
486,729
collections
.
-
Payroll tax
Notes due August, 1937
26,431
1,1938)
by real estate,
Notes secured
March—
Collections in closed banks
Res. for taxes & miscellaneous-
Preferred stock
....... _
-
.
Earned surplus ........ —
owned
See Briggs
._
subs.-.'-.
2,290
21,749
Drl2,144
7,500
rec.—discounted
Clients' collections...
$1,119,126 I
...
486,729
..—..$1,119,126
Total
Corp.—Directors Vote Briggs Merger-—
Manufacturing Co., above.—V. 144, p. 3845.
a
year
Nachman
$3.50 per share on account of
cumulative preferred stock, par $100, payable
8.
This compares with $1 paid on Dec. 18,
The directors have declared a dividend of
the 7%
June 18 to holders of record June
1936, and dividends of $2.50 paid on June 30, 1936, Dec.
1935, and on Dec. 31 and June 30, 1934, while on June 30,
of $1 per
before
—V. 144, p.
163,582
Co.-—Registration Withdrawn—
first page of this department.—V. 143, p. 4009.
Mullins Manufacturing
New
1936
$3,468,872
1,054,709
& other income deductions
of discount & exps. on 1st
Mountain State Water
The
1937
$3,838,956
1,196,785
2662.
See list given on
York
Corp.—Listing—
Stock Exchange has authorized the listing of 170,525
stock ($1 par), upon official notice of issuance as
shares of class B common
dividend of 373^ cents per share on the
(A. I.) Namm & Son, Brooklyn—To Call 6% NotesArranges 4K% Bank Loan and $800,000 6% Bond Issue to
Replace Certificates—Exchange Offer Made—
The company
is notifying holders of 6% 1st mtge. sink, fund certificates
that the directors have authorized an issue of
$800,000 of 6% serial sink,
form, to mature in 1947, which will be
in exchange for present mortgage certificates or for portions
fund debenture bonds, in coupon
issuable only
tfaorcof
Holders
of the certificates, of
which $2,485,000 are outstanding, may
exchange them par for par for the new debentures and receive the premium
of 3% now payable on the certificates upon redemption, plus accrued in¬
terest, or may exchange each $1,000 certificates for $500 of new debentures
and $530 in cash, plus accrued interest.
In the event of ovresubscription,
the company reserves the right to allocate on a pro-rata basis, in even
amounts of $500 and $1,000, all subscriptions for the new issue, and to close
subscriptions at any time without notice.
In connection with the financing program, the company has arranged
with
a
savings bank to grant it a mortgage loan
1st mtge. on the store property,
secured by a
of $2,450,000 for 10 years,
together with an adjacent
parcel upon which an existing mortgage of $150,000 is being paid off.
This
loan will be made at the interest rate of 4
for the first five years and
4H% for the second five years.
The program will provide the company with substantial additional
working capital, effect a substantial saving in annual interest charges and
amortization payments on the current amount of debt and leave the com¬
pany with a combined debt of $3,250,000, compared with $4,250,000 original
mortgages covering the score propety and the adjacent parcel.
The new debenture bonds will be redeemable at 102 M % in the first year,
less
of 1% for each year thereafter, and the indenture will provide for
redemption of 5% of the total issue each year by purchase in the market or
by drawing by lot at the call price.
The amortization payments under the
savings bank mortgage loan will be $85,000 for each of the first two years
and $90,000 for each of the remaining eight years.
The company is giving notice to holders of mortgage certificates that it is
prepared to pay on Aug. 16 at the office of the Manufacturers Trust Co.,
55 Broad Sc., the principal of the certificates plus accrued interest and the
3% premium.
While 60 days' notice before an interest date is required to
be given, the letter says, the company feels confident that the certificate
holders will accept the payment as proposed or avail themselves of the
exchange offer outlined.—V. 137, p. 2986.
(& Subs.)—Earnings—
Narragansett Electric Co.
Period End. Mar. 31—
Gross oper. revenue
Other income.
—
Total gross earnings..
1937—3 Mos.—1936
1937—12 Mos.—1936
$3,245,938
$3,192,783 $12,562,189 $11,740,746
33,812
39,170
162,582
168,798
$3,279,749
$3,231,953 $12,724,771 $11,909,544
5,190,878
1,330,978
5,408,469
Maintenance.
117,310
127,839
564,005
Depreciation
Taxes—Federal, State &
municipal
270,750
240,750
899,000
839,000
391,913
350,673
1,110.955
1,239,974
297,500
417,317
1,386.483
1,671,686
28,160
13,615
19,003
8,232
104,139
39,311
361,700
88,890
22,302
$773,111
$737,160
$2,850,708
$2,287,420
1,387,391
Operating costs
Int.
on
funded debt
count and expense
Other interest charges..
Other charges against inc
569,397
Bal. for divs.
&surp._
Note—Earnings of Mystic Power Co., a subsidiary prior to June, 1936
only to the extent of dividends re¬
have been included in this statement
ceived.
provision has been made in this statement for possible liability for
on undistributed net income applicable to the 1937 periods,
of such liability, if any, being determinable only at end of
calendar year.—V. 143, p. 4161.
No
Federal tax
the amount
Nashua Manufacturing
A
new
Co.—New Plan of Recapitalizen
plan for the readjustment of the capital stock of the company will
June 23.
April 20 a plan for recapitalization was presented to the stockholders.
preferred stockholders opposed the
plan, feeling it did not offer sufficient inducement to that class of stock.
A number of other preferred stockholders, while not actively in opposition,
expressed themselves in favor of better terms. Since the meeting there have
been many conferences between these different stockholders and a number
At the meeting on May 12 a number of
of other stockholders.
plan developed out of these conferences and further
dis¬
stockholders and has been approved by all those
to the
part in the conferences.
A committee has sent a letter
stockholders outlining, approving and recommending this plan. An
who took
322,646
amort,
:
mtge. bonds.
a
capital stock, payable June 25 to holders of record June 15.
This compares
with 25 cents paid on March 15, last, and on Dec. 15, 1936; 75 cents paid on
Sept. 15,1936, and 50 cents per share paid on May 1, 1935, this latter being
the first distribution made since April 1, 1930, when 50 cents was also paid.
Prior to then, quarterly dividends of 75 cents per share were paid.—V.
144, p. 1445.
The present
12 Months Ended April 30—
Net income after int.
Spring-Filled Corp.—To Pay 37^2-Cent Div.—
The directors have declared
cussion with large common
Co.—Earnings—
Gross revenues
Net after all taxes and deprec
but
31 and June 29,
1931 a payment
share was made.—V. 143, p. 4009.
Mountain States Power
2,246,132
2,060,36
2,367,49<o
May 31, 1937, as against
2,266.253
2,575,710
2,420,153
be submitted to tne stockholders for their approval on
Vernon-Woodberry Mills, Inc.—Accum. Div.—
accumulations on
had 195 stores in operation on
ago.—V. 144, p. 3343.
The company
190
On
Mount
2,320,436
3,001,322
3,089,387
280,070
Morrison
by
Bond Co., Ltd. in
Motor Products
870
5,769
47,118
Common stock
Paid in surplus
Notes
—
1934
$1,554,.500
1,584,436
Amortization of debt dis¬
29,750
duel 940
Total
4,817
753
261
10,000
G. W. Bond & Son (due Feb.
Stock
2,550,016
3,378,936
3,081,509
3,626.432
4,631
3,433
2,881
purchased.
16,998
83,165
18,839
Clients' reinvest, accounts
Undistributed collections
Due officers & employees
Prepaid expense items
Clients'
—
5,621
Furniture & fixtures.
Insurance agencies
$58,000
demand..—--.-
Treasurer was elected
3845; V. 143, p. 4009.
1935
$1,803,350
1,890,864
1936
$2,003,071
2,310.918
1937
$2,519,023
of—
collections—payable
Clients'
on
Notes & contracts receivable—
Warrant—Santa
Liabilities—
Bank loans
.
(G. C.) Murphy Co.—Sales—
Month
income
Note—The
board of directors,
E. Rutledge, who
Execu¬
director and also Chairman of the
Charles L. Pillsbury, former Vice-President and
Vice-President and Secretary-Treasurer.—V. 144, p.
x8,252,016
12,808,841
19,666,087
and a director of this company,
effective June 1, at an adjourned annual meeting of the
it was announced on May 26.
He will succeed George
x9,080,462
Z
....
200,000 shares
the Youngstown Pressed
Steel Co., and 5,000 shares of class B common stock upon official notice
of issuance to Damon, Walk & Murray, for compensation, making total
amount of class B common stock applied for 546,050 shares.
The sale of the property and assets of Youngstown Prossed Steel Co.
was effected by means of an agreement between Sharon Steel Corp. and
Mullins.
As a result of part of this sales agreement, the stockholders,of
Mullins, at their annual meeting held on March 27, 1937, elected five„of
the nine directors upon the nomination of Sharon Steel Corp.
The 170,525 shares to be issued as a 100% stock dividend and the 5,000
shares to be issued to reorganization counsel are to be charged against
capital surplus at $1 per share.
Upon issuance of the 200,000 shares for
the acquisition of the properties and assets of the Youngstown Pressed
Steel Co. $200,000 will bo credited to the class B common stock account
and the remainder of the consideration to be received, amounting to $1,889.740 to capital surplus and reserves for contingencies and industrial in¬
18,130,303 xl2,399,591
16,655,883
Deprec. and depletion.. 42,250,000
25,000,000
Interest
5,439,094
4,863,351
General expenses
Taxes.
add to the list:
official notice of issuance, upon acquisition
all of the property and assets of
Munsingwear, Inc.—New President—
[All figures in Italian lire]
Calendar Years—
Gross profit
Divs.
a
of substantially
Chancellor Wolcott at Wilmington,
the
June 12, 1937
Chronicle
outline
principal features of the new plan are briefly as follows: *
of the present preferred stock ($45.50 dividends in arrears
including the dividend due April 1, 1937) is to be exchanged for one share
of new first preferred stock (with full voting powers callable at $105 per
share and convertible at the option of the holder into 13^ shares of com¬
mon stock)
with rights to dividends up to $7 a year, payable as follows:
(a) $5 per year (cumulative) dividends from April 1, 1937.
(b) Up to $2
per year (non-cumulative) extra dividends to be paid or provided for out of
the special sinking fund.
The new first preferred stock will also be entitled to special dividends of
$45.,50 per share (the amount of the present arrears), payable at least $5.50
in cash and the balance in one share of second preferred stock (non-voting)
callable at $42 per share, and entitled to dividends at the rate of $2 per year.
of the
One share
Volume
if
Financial
144
earned, to be paid
provided for in each fiscal year of the company
before dividends are paid on the common stock.
The company may at its option pay more of the special dividend in cash
and a corresponding lesser amount in such second preferred stock.
In each fiscal year in which dividends are paid on the common stock of
the company, and only in such years, an amount equal to the aggregate
amount so to be paid on the common stock shall be set aside as a special
sinking fund and used, first to pay the extra dividend up to $2 per share
on the first preferred stock and the balance if
any to retire second preferred
stock by purchase or call.
When all the second preferred stock has been retired, the company will
be required to set aside for the benefit of the first preferred stock, a sinking
fund of 10% of the net earnings of the company, as determined by the
board of directors, after dividends on the first preferred stock.
The present common stock, which now has a par value of $100 per share,
will be changed to common stock without par value.
Various important changes, substantially similar to those in the former
plan, will be made in the provisions governing the present preferred stock.
It is legally necessary that any such plan be approved by the holders of
75% of the preferred and 66 2-3% of the common stock, and it is practically
necessary, before it will bo desirable to declare the plan effective, that.a
considerably larger
or
cent approve.
The officers and directors upon the request of the committee and other
stockholders unanimously approved submission of the plan to the stock¬
holders.
Officers and directors believe the plan has advantages for the
company
Chronicle
owns
Present
Capitalization
would pass to the Associated Gas system which
60% of the debentures.—V. 144, p. 3846.
National Power & Light Co.
Period End.
of April 1, 1937
/:Y
Authorized
...
Net oper. revenues...
$7,256,039
Other income
70.006
Other income deductions
Dr55,999
Gross income—
Int.
_
_.
Common stock (no par)
40,515 shs.
40,515 shs.
xl22,773 shs.
Balance
applic. to
ity interests.
Outstanding
Net
60,773 shares of common stock reserved to provide maximum number
required for conversion of first preferred stock.
If the plan is consummated and all of the existing preferred stock is ex¬
changed thereunder, then as soon as all of the special preferential dividends
on the first preferred stock are paid, each present preferred shareholder
will have in place of each presently existing preferred share a new first
preferred share and sufficient new second preferred shares (or fractional
scrip, exchangeable for full shares within a limited period when accom¬
panied by other similar certificates of appropriate amounts) to represent,
at the rate of $40 per second preferred share, all the preferred dividends
accumulated upon the existing preferred stock as of April 1, 1937, except
such portion as may have been paid in cash. In such case as of April 1, 1937,
all accumulated dividends on the existing preferred stock will have been
satisfied and, subject to the prior rights of preferred stock of all classes,
dividends may be paid upon the common stock.—V. 144, p. 3680.
National Candy Co.—Omits Common Dividend—
National Cash Register Co.—Domestic Gross Orders—
27,508.501 $26,332,250
12,295,693
Crl7,004
12,423,570
Crl6,571
$3,863,749 $15,229,812 $13,925,251
1,515,830
6,063,155
6,063,345
minor¬
2,321
3,772
8,371
12,056
$2,735,335
$2,344,147
$9,158,286
$7,849,850
$2,735,335
16,344
$2,344,147
41,431
$9,158,286
79,667
$7,849,850
61,390
$2,751,679
35,831
340,950
$2,385,578
40,994
340,340
$9,237,953
c215,230
1.357,055
$7,911,240
189,494
1,355,934
$2,374,898
$2,004,244
$7,665,668
$6,365,812
_
of subsidiaries.
Nat. Pow.
..
A Lt. Co.—
Net equity of Nat. Pow.
:
& Lt. Co. in income
of subsids.
(as shown
above)
Other
income
Total income
Exps., including taxes..
Int. & other deductions.
Balance carried to
con-
solid't'd earned surp
Includes
provision of $34,251 for Federal surtax on undistributed
profits in 1937.
b Includes provision of $58,814 made within this
period for Federal surtax
on undistributed profits in 1936, and $34,251 in
1937.
c Includes provision of
$1,410 made within this period for Federal surtax
on undistributed profits in
1936.
No provision has been made to date
for 1937.
d Full dividend requirements applicable to respective
periods
a
whether earned
Notes—All
unearned.
or
inter-company transactions
have been eliminated from the
Interest and preferred dividend deductions of
sub¬
sidiaries represent full requirements for the respective' periods
(whether paid
above
statement.
not paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of sub¬
sidiaries.
Minority interests have not been charged with deficits where
or
income
accounts
of subsidiaries
have
resulted.
The "net equity of
Light Co. in income of subsidiaries" includes interest
dividends paid or earned on securities held, plus the pro¬
portion of earnings which accrued to common stocks held by National
Power & Light Co., less losses where income accounts of individual
sub¬
so
Power &
sidiaries have resulted in deficits for the respective periods.
The above statement includes full revenues of a
subsidiary without pro¬
losses, not exceeding $120,000 for each 12-month
period, from natural gas rate reduction now involved in litigation
Figures for 1936 as previously published have in certain cases been re¬
arranged in the above statement.—V. 144, p. 3846.
vision for possible revenue
National Rys. of
1937
1936
1935
1934
$3,356,525
1,752.800
2,657,500
2,541,500
2,905.200
May
3,100,668
Cr4,812
and preferred
Directors omitted declaration of a common dividend, according to R. M.
Bates, Secretary, who stated that this action was found necessary because of
decreased earnings in the first quarter and prospects of a further decrease in
the second quarter, due principally to unprecedented high cost of corn.
The common has been on $1 annual nasis.
A dividend of 25 cents per share
was paid on April 1, last.—V. 144, p. 3510.
April
143,642
equity of Nat. Pr.
National
March
$6,959,605
3,021,026
CY4.404
$4,253,424
1,515,768
143,357
& Lt. Co. in income
Outstanding
40,515 shs.
shs.
62,000 shs.
$7,270,046
Int. charged to construcn
;
x
Month of—
—...
$27,548,050 $26,346,389
$6,915,715 $27,404,693 $26,202,747
92,973
382,036
366,172
Dr49,083
Dr278,228
Dr236,669
public and other
to
deductions....
and
First preferred stock (no par)
Second preferred stock (no par)
1937—12 Mos.—1936 i
35,446
Operating income
x Not including 5,116 shares held in the treasury of the
company and not
including 490 shares acquired by the company to be canceled under sinking
Authorized
$6,951,161
36,848
(net)
$4,612,100 x$4,051,500
6,200,000
6,200,000
1937, on the preferred stock now outstanding, other than treasury stock
stock to be canceled, amount to $45.50 per share, an aggregate of
$1,843,433.
Proposed Capitalization—If the plan is consummated and all of the exist¬
ing preferred stock is exchanged and all of that class of stock canceled, the
capitalization of the company, upon the basis of shares outstanding as of
April 1, 1937, would be as follows:
$7,292,887
Rent for lease of plants
Portion
fund provisions of the by-laws.
Dividends in arrears up to and including the dividend accruing April 1,
(& Subs.)—Earnings—
1937—3 Mos.—1936
Operating revenues.__$20,845,276 $19,254,954 $80,439,119 $73,897,003
Oper. exps., incl. taxes..all,814,920
10,833,485jb46,089,056
41,467,695
Property retirement re>*1
serve appropriations..
1,737,469
1,470,308
6,802,013
6,082,919
d Pref. divs. to public..
as
7% cumulative preferred stock (par $100)
Common stock ($100 par)
January
February
Apr. 30—
Subsidiaries
per
and for both classes of stock.
4015
of Jersey Central Light
$1,825,375
1,591,675
1,737,350
1,561,800
3,070,125
$1,270,000
1.179,375
1,562,100
1,369,225
2,407,100
$1,076,000
1,005,550
1,310,550
1,103,475
2,216,800
Period End. Mar. 31—■
Ry. operating revenues.
Ry. operating expenses.
—V. 144, p. 3183.
Net oper. revenues...
accruals & uncol¬
Mexico—Earnings—
[Mexican Currency]
1937—Month—1936
12,759,118
10,661,683
9,004,416
8,822,457
3,754,702
1,839,226
1937—3 Mos.—1936
35,021,789
30,543,165
27,432,305
25,485,526
7,589,484
5,057,639
Tax
National
City Lines, Inc.—Listing and Registration—
The New York Curb Exchange has admitted the common stock, $1 par,
convertible preference stock, $50 par, to listing and registration.
—V. 144, p. 3183.
lectible revenue
and the $3
National
Co.
Balance
Netoper. income
7,589,484
565,053
5,027,376
379,925
1,946,925
463,915
8,154,537
2,124,662
5,407,301
1,348,054
2,881,112
1,483,009
6,029,876
4,059,247
will be underwriters.
undistributed profits, of $223,352.—V.
National Fuel Gas Co.
Calendar Years—
1936
1935
1934
Earnings
per
share
$4,543,185
3,810,183
3,810,183
$1.19
$3,811,636
4,762,728
3,810,183
$1.00
$4,783,354
3,810,183
3,810,183
$1.25
$4,370,795
3,810,183
3,810,183
$1.15
Note—Neither the company nor any of its subsidiaries were subject to
the surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
:
Y.
1936
I
Fixed capital
Securities owned..
Casti
Time deposits
Liabilities—
§
78,150,623 77,453,513
8,873,367
8,991,427
3,639,791
3,352,154
903,893
313,419
Accts. receivable..
1,572,219
1,455,028
Notes receivable-.
35
675
Int. & rents accr__
53,794
71,877
1,434,629
Other assets
123,407
Prep'd&def. debits
411,121
1,229,595
Idat'ls & supplies.
Total
-.95,162,879
470,782
93,338,4711
directors have declared a dividend of 10 cents per share on the
stock, payable June 30 to holders of record June 19.
Like amount
paid on March 30, last, and compares with 20 cents paid on Jan. 2,
last, and 10 cents per share paid on Sept. 30 and on June 30, 1936, this
latter being the initial dividend on the issue.
In addition, an extra dividend
of 10 cents per share was paid on Jan. 2, last.—V. 144, p. 2490.
Nebraska Power Co .-—Earnings—
Period End. Mar. 31—
Operating revenues
Oper. rev. deductions...
Net
952,546
952,546
Int.
on
579,321
1,330,125
753,239
Int.
on
755,655
Other int. & deductions.
942,985
946,128
Int. charged to construe.
Deferred
Res. Casualty
Res.
liab
""977
112,935
deplet.,
deprec. & amort21,653,378 20,959,705
Prem. on cap. stk.
360,120
360,120
x Cap. acct. & sur.69,230,492
68,601,028
National Leather Co.—Final
...95.162,879 93,338,471
Notice—Off List—
Leather Co. will expire on June 17, after which date the shares of common
stock of National Leather Co. will be of no value.
The New York Curb Exchange removed the common stock from unlisted
trading at the close of business on June 5.— V. 144, p. 2138,
Public Service Corp.—Sale
Enjoined—
Y. Supreme Court signed an order June 7
temporarily enjoining the scheduled sale at auction June 8 of 712,411 shares
of tne Jarsey Central Light & Power Co. held by the New York Trust Co.
as collateral for a $20,000,000 National Public Service Corp. debenture issue.
The New Jersey Power & Light Co., holder of $802,000 in debentures,
wants the court to direct distribution of the collateral to debenture holders
instead of selling it in one lot.
Under the distribution arrangement, control
Collins
of the
$6,914,064
4,097,283
$199,729
$194,144
5,144
$2,638,457
173,497
$2,816,781"
259,976
mtge. bonds
deb. bonds
$199,288
61,875
17,500
7,259
$2,811,954
742,500
210,000
93,758
Cr25,435
$3,076,757
742,500
210,000
88,586
Cr2,710
$1,791,131
$2,038,381
$200,552
61,875
17,500
8.536
Cr5,849
Crl60
x
$118,490
$112,814
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
5c
499,100
499,100
$1,292,031
Balance.,
$1,539,281
x Regular dividends on 7% and 6% preferred stocks were
paid on March 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. 3846.
The company has issued a final notice to the holders of its common stock
advising that the offer to exchange each 10 shares of common stock of
National Leather Co. for one share of capital stock of A. O. Lawrence
National
$7,060,217
4,421,760
Net income..-----
9,211
lor
Total
$537,899
343,755
839
..
credits..
1937—12 Mos.—1936
$557,366
357,637
823
Gross income
Dividends payable
Mtges. payable.
1937—Month—1936
1935
(Incl. National Fuel ownership only—Minority interests ommitted)
Represented by 3,810,183 shares, no par.—V. 142, p. 4185.
Justice
operating revs.._
Accounts payable.
Consumers dep
945.
was
$
Int. & taxes pay..
p.
common
Other income
1936
1935
§
144,
Pay 10-Cent Dividend—
The
1933
.$17,094,745 $15,750,559 $15,797,486 $14,210,492
purch. 11,294,453
10,507,787
9,784,462
8,818,366
Reserve for depr., depl.
amort., p. & 1. adjust. 1,257,107
1,431,136
1,229.670
1.021,331
Net earnings
Surety Corp.—Registration Withdrawn—
Navarro Oil Co.— To
(& Subs.)—Earnings—
a, gas
Dividends paid
Shs.com.stk.out. (no par)
National
See list given on first page of this department.—V.
144, p. 3681.
Total earnings
Exp., taxes
x
1,808,963
137,962
3,939,936
1,058,824
Total income
Deductions
For the three months ended March 31, 1937, company and its subsidi¬
aries had a consolidated net income, before provision for Federal surtax
on
30,263
3,754,702
185,234
Other income
Cylinder Gas Co.—Offering Price—
The company in an amendment filed with the Securities and Exchange
Commission states that initial offering price on its 120,000 shares of com¬
mon stock will be $17.50 per share.
Paine, Webber & Co. and F. S. Mosely
&
30,263
Neisner Brothers, Inc.—Sales—
Month
January
February
of—
,.
1937
$1,178,049
1,186,338
March
1,772,109
April
May---
1,622,291
2,108,954
1936
$1,086,340
1,207,542
1,333,030
1,780,131
1,936,579
1935
1934
$993,887
1,053,897
1,335,358
1.565,392
1,612,224
$984,596
988,901
1,562,651
1,300.759
1,707,159
—V. 144, p. 3511, 3343.
N.
New
England Power Association—Dividends—
Directors have declared regular quarterly dividends of $1.50
per share
the 6% preferred shares and of 50 cents per share on the $2
preferred
shares, payable July 1 to holders of record June 15.
Dividends are in
arrears on both issues.
Similar payments were made on April
on
1, last.
V. 143, p. 4010, for detailed record of dividend payments.
See
Financial
4016
4 Months Ended April 30—
Consolidated net earnings after deductio for pref.
divs. but before prov. for Fed. tax on undis¬
1936
1937
$443,222
$0.47
$957,688
$1.02
tributed earnings
Earnings per share on common stock
144, p. 3344.
Nevada-California Electric Corp.
$446,751
14,496
170,819
39,065
49,589
$425,580
Operating revenues
Maintenance
20,888
198,722
38,268
47,778
Other oper. expenses
Taxes
D epreciation
(& Subs.)- -Earnings
1937—Month—1936
_ _
sharej for 70,000 shares of common stock, par $100 each, now
and listed
—V.
Period End. Mar. 31—
June 12, 1937
Chronicle
1937—12 Mos.—1936
$5,697,972
$5,501,465
154,111
194,191
1,993,023
2,185,359
11,237
531,974
4,758
599,288
Deposit Time Extended—
has notified the N. Y. Stock Exchange that the time within
gold notes, due April 1, 1938, may be deposited under the
plan of recapitahzation, dated Feb. 16, 1937, has been extended to and
including Sept. 1, 1937—V. 144, p. 3683.
The company
which 5% serial
New York &
$119,924
6,151
Gross income..
Interest
—
-
of
Amortiz.
debt
$2,187,160
77,794
J$2,257,336
$126,075
110,931
__
$172,781
4,309
$177,090
112,248
$2,264,955
1,339,292
The directors have declared an interim dividend for
8,046
1,155
88,229
13,537
99,773
13,391
Miscellaneous
Other
$55,641
$823,897
$813,270
Dr5,485
Crl 46,707
06,010
Drl9,614
$6,031
»
retirement of
on
bonds & debentures.
debits
misc.
■
_
and
4
Crl ,603
credits to surplus
Dr8,571
Earned
surplus avail,
redemption
of
bonds, divs., &c._.
Rys.—Earnings—
Rochester City & Suburban Lines
1,398,191
Dr4,109
Net income
June 26
paid on
of previous divi¬
stock.—V. 144, p. 3512.
New York State
Period End. Apr. 30—
1937—Month—1936
Profit after deprec., taxes
and other deductions.
$35,141
$41,496
1937—4 Mos.—1936
$104,170
$156,636
Utica Lines
Period End.
Profits
Co.—Interim
v:v".
the second quarter
See V. 144, p. 1794, for detailed record
dend payments on this
67,288
disct.
and expenses
Rosario Mining
of 1937 of 87 H cents per share on the capital stock, par $10, payable
to holders of record June 15.
An interim dividend of 75 cents was
1$2,324,624
7,101
2,012
Net oper. revenues.
Honduras
Dividend—-
March 27. last.
Other income
outstanding
1937—Month—1936
Apr. 30—
Profit after deprec., taxes
and other deductions.
1937—4 Mos.—1936
1937—Month—1936
1937—4 Mos.-—1936
$71,369
$68,617
$16,831
$17,133
$20,294
$32,353
$7,678
$5,409
Syracuse Lines
Period End. Apr. 30—
Profit after deprec., taxes
and other deductions.
—V. 144, p. 3512.
for
$940,362
New
properly omits extraordinary credits and debits
surplus arising from sale of property, amortization of pension fund, &c.
The slight change in presentation of this statement results from adoption
of Federal Power Commission Uniform System of Accounts, Jan. 1, 1937.
Comparisons with earlier periods will be approximately accurate.—V.
144, p. 3511.
Denied
$7,634
$824,422
$42,961
Note—This statement
to
York Steam Corp.—Proposed Exchange of Shares
by Public Service Commission—
The New York P. S. Commission on June 8 announced that the petition
of the Consolidated Edison Co. of New York, Inc., for authority to exchange
one share of Edison $5 preferred stock for each share of New York Steam
one share of Edison $5 preferred stock and $10 in cash for
been denied.
Holding that the proposed exchange offer was not in the public interest,
the Commission unanimously adopted a report asserting that "a considera¬
tion of all the facts with respect to property values, earnings past and
prospective, and relative values as recorded by market transactions indi¬
cates that the proposed consideration for the Steam corporation preferred
stock exceeds the reasonable value of the stock to be acquired."
This report was dated May 21.
A meeting of the Commission was held
at Albany on May 26 but no action was taken until June 8.
The closing prices of New York Steam preferreds on the date of the
Commission's last meeting in May were 111)4 for the $7 preferred and
101 for the $6 preferred.
From these prices the stocks broke to lows of 85
for the $7 preferred and 75 H for the $6 preferred following omission of their
dividends at a directors' meeting June 1.
Both issues, however, rallied to
closing prices June 8 of 103 hi for the $7 issue and 94 % for the $6 stock.
On June 9 the opening sale for the $7 issue was 73, off 30 Yi from the pre¬
vious close.
The final sale was 79off 23% on the day.
The $6 issue
opened at 66, off 28% from the previous day, and closed at 71, off 23 %.
In making its decision, the Commission considered the company's re¬
tirement "eserve, earnings prospects and the market prices of New York
Steam preferreds during the past year.
It criticised the management for its depreciation
policy, which it held
"entirely inadequate with the result that past earnings have been over¬
$6 preferred and
each share of New York Steam $7 preferred stock had
Sales-
(J. J.) Newberry Co.
Month of—
1937
$2,750,328
2,833,432
January
February
3,831,759
March
3,546,927
4,265,884
April
May
—V. 144, p.
New
1936
$2,455,772
2.752,312
2,968,910
3,690,860
3,966,124
1934
1935
$2,345,084
2,528,594
3,021,004
3,521,592
3,365,769
$2,360,766
2,294.272
3,329,179
2,876.783
3,408,136
3682.
England Power Co.
Earnings—
,119,980
3,075
1937—12 Mos—1936
$2,766,756 $11,938,658 $11,222,501
4,602
37,232
16,411
$3,123,055
1,806,814
60,399
160,000
$2,771,358 $11,975,889 $11,238,912
1,655,467
6,983,735
6,722,342
56,053
321,629
288,517
160,000
640,000
640,000
1937—3 Mos.—1936
Period End. Mar. 31—
Gross oper. revenue
Other income
Maintenance
Depreciation
Taxes—Federal, State &
municipal
346,070
1,003,521
967,303
$625,563
125,838
$3,027,004
498,386
$2,620,750
510,449
10,939
7,186
3,859
4,029
28,335
21,943
13,306
31,250
22,015
$491,838
120,210
$2,465,034
120,210
480,840
$2,057,036
480,840
$529,643
chgsdebt-
274,275
$749,772
81,794
$649,853
Bal. before cap.
Interest on funded
$371,628
$1,984,194
$1,576,196
Amort, of debt disct. and
expense
Other interest charges.
Other chgs against inc__
^ Balance
Preferred dividends
for
Balance
common
divs. and surplus.
Note—No provision has been made in this statement for possible liability
for Federal tax on undistributed net income applicable to the 1937 periods,
the
amount
of such liability, if any,
calendar year.—V. 144, p.
New
being determinable only at end of
2490.
stated."
tion also had been made to the New York Stock
new
England Telephone & Telegraph Co.—Earnings—
59,031
17,929
57,912
Uncollectible oper. rev__
17,856
Operatingrevenues-.Operating expenses
$6,222,782
4,430,331
$5,838,323 $24,225,495 $22,999,719
4,170,729
17,088,786
16,600,080
Net oper. revenues—
$1,792,451
686,507
$1,667,594
581,001
$7,136,709
2,735,240
$6,399,639
2,278,020
$1,105,944
$1,086,593
$4,401,469
$4,121,619
preferred.
In addition
a
Exchange for listing of the
special meeting of Edison stockholders had
been called to approve an amendment to the company's charter to permit
Edison to engage in the Steam business.—V. 144, p. 3847.
1937—Month—1936
1937—4 Mos—1936
$6,240,638
$5,856,252 $24,284 526 $23,057,631
Period End. Apr. 30—
Operatingrevenues-.--
•
Discussing the earnings of the Steam property since 1930, the Commission
points out that if adequate provision had been made for depreciation, pre¬
ferred dividends would not have been earned.
"Nevertheless," it states,
"the Steam corporation has regularly paid all dividends due on pref. stock."
Although giving no definite statement as to what it would consider a
fair price for New York Steam preferreds in an exchange offer for Consoli¬
dated Edison preferred, the Commission's report analyzes the market
prices of Steam and Edison preferreds during the year from May 9, 1936,
to May 8, 1937.
The Commission's action,
temporarily at least, blocks Consolidated
Edison's plans for absorption of New York Steam.
That no adverse ruling
was expected by the
company may be inferred from the fact that the new
issue of Consolidated Edison preferred necessary for the exchange offer
had been registered with the Securities and Exchange Commission. Applica¬
New York
Telephone Co.—-Gain in Stations—
The company in May had a net station
gain of 13,840, compared with
11,279 in May, 1936, and 7,003 in May, 1935.
For the five months to May 31 net cumulative gain was 66,955, compared
with 44,150 in the corresponding period of 1936 and
13,852 in the five
months of 1935.
Operating taxes.
Net oper.
income
—Y. 144, p. 3511.
New
•To
Hampshire Fire Insurance Co.-
Pay Special
Period End. April 30—
1937—Month—1936
1937—4 Mos.—1936 ^
Operatingrevenues
$17,488,113 $16,592,118 $68,596,312 $65,863,633
Uncollect, oper revenues
67,228
57,629
290.104
269,609
Operating revenues-..$17,420,885 $16,534,489 $68,306,208 $65,594,024
Operating expenses
11,488,130
11,287,968
45,163,962
44,789,482
Dividend—
Net oper. revenues-—
share
dividend of 40 cents per share on the
capital stock, par $10, both payable July 1 to holders of record June 12.
—V. 141, p. 3544.
The directors on June 7 declared a special dividend of 20 cents per
Operating taxes-
in addition to the regular quarterly
New Orleans Public Service
28
'37 Feb.
'36 Feb.
$1,612,164 $17,003,377 $15,797,432
1,234,198
13,777,331
12,564,213
Operating revenues._.
Oper. rev. deductions—
$1,537,042
Net oper. revenues—
Rent from lease of plant _
$347,132
$377,966
697
468
Operating income
Other income (net)
$347,829
$378,434
847
F Grross income
$348,676
205,394
18.033
._
.
.
1,189,910
$3,226,046
6,246
$3,233,219
7,595
290
$3,232,292
11,637
$3,240,814
35,569
$378,724
213,869
17,600
$3,243,929
2,498,561
221,129
$3,276,383
$125,249
$147,255
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$524,239
$396,790
Interest
on
mtge. bonds-
Other inc. & deductions.
Net income
x
Months Ended
28 '37 Feb. 29 *36
12
29
2,671,133
208,460
V
544,586
544,586
$20,347
Balance, deficit
$147,796
x Dividends
accumulated and unpaid to Feb. 28, 1937, amounted to
$2,201,035.
Latest dividend, amounting to 87)^ cents a share on $7
preferred stock, was paid April 1, 1933.
Dividends on this stock are
cumulative.
Note—Includes provision of $445,900 made during the last 12 months
($348,600 in 1936 and $97,300 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 3846.
New Orleans Texas & Mexico
Ry.—Interest Payments—
interest: (a) Due April 1, 1933
and 1st mtge. 5% gold bonds,
Aug. 1, 1933 on the 1st mtge. 5% gold bonds, series C
and 1st mtge. 43^ % gold bonds series D is now being made on surrender of
coupons.—V. 144, p. 3847.
New York Dock
New
preferred stock, par $100 each, now outstanding and listed and 70,000
shares of common
stock (new) without par value, in substitution, share for
$13,383,889 $12,646,318
Woman, Inc.—Sale of Stock Banned—
future dealings in securities in the State.
He secured from Supreme Court Justice Louis A.
order restraining the defendants from selling
any
ties and
order returnable
an
injunction
should
not
be
Valente
a
temporary
of the magazine's securi¬
June 17 to show cause why the temporary
continued pending final determination of the
on
action.
In
supporting affidavit Assistant Attorney General Bertha Schwartz
pointed out that 368,000 shares of the magazine stock were sold for $391,257,
but that in filing a bankruptcy petition to
reorganize, the magazine cor¬
poration indicated a deficit of $878,836.—V. 144, p. 2492.
a
Noranda
Mines, Ltd.—$1.75 Dividend—
The directors have declared
a dividend of $1.75 per share on the
non-par
stock, payable June 30 to holders of record June 16.
A similar
payment was made on Dec. 22,1936, and compares with $1.25 paid on June
23, 1936, and $1 per share paid in December and June of 1935 and 1934.
During 1933 a total of $1.50 per share was disbursed; 1932, $1.10; 1931,
50 cents, and in 1930, $2 50 per share.—V. 144, p. 3345.
common
North American Car
Corp.—Offering Delayed—
The corporation in an amendment filed with the Securities and
Exchange
Corporation, says that the average price to the public on its $1,100,000
series P4H% equip, trust certificates will be 99.9707.
Underwriters,
sharing equally in the distribution, will be Freeman & Co., Central Republic
Co., Stroud & Co., Inc. and Chandler & Co., Inc.
The corporation has filed an amendment with the SEC
postponing the
date of the offering to June 16.
Net
income
Earnings for 3 Months Ended March 31, 1937
after charges and provision for taxes but before
surtax on undistributed income
$53,603
—V. 143, P. 1725.
North American Rayon
Co.—Listing—
York Stock Exchange has authorized the listing of 100,000
non-cumulative preferred stock (new) without par value, in
substitution, share for share, for 100,000 shares of 5% non-cumulative
The
$3,025,493
Attorney General John J. Bennett Jr. of New York took a further step
9 toward barring permanently The New York Woman, Inc., and
Brown, Young & Co., securities dealers of 60 Wall St., New York, from all
The payment of the balance (50%) of the
the 1st mtge. 5H% gold bonds, series A,
shares of $5
$3,493,960
June
on
series B and (b) due
$5,246,521 $23,142,246 $20,804,542
2,221,028
9,758,357
8,158,224
144, p. 3847.
New York
Inc.—Earnings—■
Month Ended
Feb.
Period—
Net operating income.
-V.
$5,932,755
2,438,795
Corp.—Interim Dividend—
The directors have declared an interim dividend of 50 cents per share on
and B common stocks payable June 21 to holders of record
Jpne 11.
Similar amounts were paid on April 1, last.
The company paid an extra dividend of $1.25 per share in addition to
the class A
a
quarterly dividend of 37H cents
per share on Dec. 15.
1936.
A 25-cent
Volume
dividend
was
Financial
144
paid
on
Oct. 1 and July 1, 1936, and
compares
Chronicle
4017
Digest of Plan of Reorganization
with 12 )4 cents
distributed on Aprl 1, 1936, and 50 corns per share paid on Jan. 1, 1936,
this latter being the initial dividend of the issue.
In addition extra dividends of 25 cents per share were pad on Oct. 1,
1936.—V. 144, p. 3513.
North Star Oil, Ltd.—Accumulated Dividend—
Securities and Claims to Be Dealt With Under the Plan
(a) Securities of and claims against Northwest Louisiana Gas Co., Inc.:
1st (closed) mtge. 6)4% sinking fund gold bonds (both those due
Dec. 1, 1933 and those extended to Dec. 1, 1937)
$549,500
Unsecured notes and accrued interest thereon to June 1, 1937
738,823
Claims of general unsecured creditors in such amounts as may be
The directors have declared a dividend ot 8% cents per share on account
of accumulations on the 7% cumulative preferred stock, par $5, payable
July 2 to holders of record June 15. This dividend is payable in Canadian
funds and in the case of non-residents is subject to a 5% tax.
A similar
payment was made on
April 1, last, as against 17)4 cents paid on Jan. 12,
last; 8% cents per share paid on Oct. 1, July 2 and April 1,1936 and divs. of17)4 cents per share paid on Dec. 20 and on March 1, 1935.
The last
regular quarterly dividend paid on this issue was the 8 M-cent payment
made on Oct. 2,1933.—V. 144, p. 1970.
approved and allowed by the Court
(b) Securities of and claims against Peoples Gas & Fuel Co., Inc.:
1st mtge. 6)4% sinking fund gold bonds, series A, due Oct. 1,1937;
guaranteed by Northwest as to principal and interest
$818,000
1st mtge. 6)4% notes
90,000
-
5-year
gen. mtge. 7% sinking fund gold notes, series A, due Oct. 1,
1932 (and accrued interest thereon to April 1, 1937); guaranteed
by Northwest as to principal and interest
131,964
Unsecured notes and accrued interest thereon to April 1, 1937
276,229
Claims of general unsecured creditors in such amounts
Water
Northeastern
Period End. Mar. 31—
Operating revenues
Operating expenses
Maintenance
Provision for retirements
General taxes
Prov. for Fed. inc. tax-_
Electric
1937—3 Mos.—1936
$543,180
243,925
42,979
31,723
50,252
9,042
$540,602
234,835
26,389
45,786
49,522
12,119
(&
Corp.
1937--12 Mos.—1936
$2,164,602
$2,164,988
957,324
952,138
149,147
115,432
150,560
166,572
204,587
208,317
34,815
39,199
$165,260
91,918
$668,168
380,681
$683,331
373.256
$270,373
93,488
$257,178
95,305
768
831
$1,048,850
376,167
3,220
$1.,056,586
404.371
3,640
16,357
16,926
67,464
71,403
177
7,214
2.385
1,517
3,625
$171,951
Other income
Gross income.
Bond interest
Other interest
as
may
be
approved and allowed by the court
Subs.)—
98,422
Operating income
Amort,
&
Claims and Indebtedness Not Dealt with in the Plan
Claims against and indebtedness of Northwest Louisiana Gas Co.,rInc,
and of Peoples Gas & Fuel
follows:
Co., Inc. not to be dealt with in the plan are as
(1)
Current accounts payable for labor, materials and supplies arising
in the ordinary course of business.
(2) Accrued and unpaid taxes, and
(3) Consumers' deposits.
The amounts owing with respect to any or all of these items at tne time
the plan becomes effective will be assumed and paid by the new corporation.
Treatment of Capital Stock—The holders of preferred stock and common
stock of Northwest and the holders of the common stock of Peoples shall
not be entitled to participate in the plan or to receive any securities or other
consideration hereunder.
of debt discount
& expense,
&c
TJnrecovered discount
Minority interest
on
1,264
695
•
j.
—
Net income
Dividends
Delaware
on
bonds retired.
:
Organization of New Corporation—A new corporation is to be organized
in
Balance...
$159,065
91,579
$142,675
91,307
$592,399
366.291
$572,032
363,273
$67,486
-
pref. stock
$51,368
$226,108
$208,758
—V. 144, p. 2666.
Northern States
Power
Co.
(Minn.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended June 5, 1937 totaled 23,055,699 k.w.h., an increase of 8.2% compared
with the corresponding week last year.—V. 144, p. 3848.
Northwestern Electric
Period End. Mar. 31—
Co.—Earning
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
Oper. revenue deductions
$370,009
247,226
$346,095
226,689
$4,374,954
Net oper. revenues
Rent for lease of plant.
$122,783
17,469
$119,406
17,158
$1,357,471
207,699
$105,314
$102,248
Dr637
$1,149,772
$961,053
Dr 11,317
Dr299
$105,213
31,096
$ 101,611
$1,138,455
32,214
376,881
$960,754
394,066
16,570
15,731
Cr7
193,101
_
$3,932,995
2,767,088
204,854
of such
other
as
State
as
directors
shall
Peoples Gas & Fuel Corp.
determine.* New
or
by such
name as
directors shall determine
New corporation shall acquire all of the properties
and assets of Northwest and Peoples.
Distribution
(a)
Holders of securities
Gas Co., Inc.:
of
of New Securities
and
claims
against
Northwest
Louisiana
No. of Shares
of Com. Stock
of New Corp.
(1) Holders of 1st (closed) mtge. 6)4% sink, fund gold bonds
(with coupons or claims for int. (due Dec., 1937), both ex¬
tended and unextended, shall be entitled to receive for each
$1,000 thereof and int. maturing subsequent to June 1,1937
10
(2) Holders of unsecured notes shall be entitled to receive for
each $1,000 of claims represented by principal and accrued
int. to June 1, 1937
1
(3) Holders of general unsecured claims and general unsecured
creditors (to the extent such claims shall be allowed by the
court) shall be entitled to receive for each $1,000 of such
$1,165,907
3,017,483
or
corporation shall be known
claims allowed
(b)
1
Holders of securities of and claims against Peoples Gas & Fuel Co.,
Inc.:
No.
Operating income
Other income (net)
DrlOl
Gross income
Int.
on mtge. bonds
Other int. & deductions.
Divs. applic. to pref.
whether paid or unpaid
$57,547
for
stocks
$53,673
the period,
Balance
196,216
Cr66
$568,587
$370,538
334,179
$234,405
Net income
x
Crll4
334,182
Int. charged to construe-
$36,359
x Dividends accumulated and
unpaid to March 31, 1937, amounted to
$1,049,668, after giving effect to dividend of $1.75 a share on 7%preferred
stock, declared for payment April 1, 1937.
Latest dividend on 6% pre¬
ferred stock was $1.50 a share paid Oct. 1,1932.
Dividends on these stocks
are
cumulative.
Note—No provision was made for Federal surtax on undistributed profits
1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date for
of Shares
of Com. Stock
of New Corp.
(1) Holders of 1st mtge. 6)4 % sinkung fund gold bonds series
A (with Oct. 1, 1937 coupons attached) shall be entitled to
receive for each $1,000 and int. maturing subsequent to
April 1, 1937
15
(2) Holders of 1st mtge. 6)4% demand notes on which int. has
been paid to April 1, 1937 shall be entitled to receive for
each $1,000 thereof and all unpaid interest
14
(3) Holders of 5-year general mtge. 7% sinking fund gold
notes (with Oct. 1, 1932 coupons attached) shall be entitled
to receive for each $1,000 of claims represented by principal
and accrued int. to April 1, 1937
2
(4) Holders of unsecured notes shall be entitled to receive for
each $1,000 of claims represented by the principal and ac¬
crued int. to April 1, 1937
1
(5) Holders of general unsecured claims and general unsecured
creditors (to the extent such claims shall be allowed by the
court) shall be entitled to receive for each $1,000 of such
claims allowed
for
1937.—V. 144, p. 3848.
Northwest
Louisiana
1
In making
distribution of new securities no securities shall be issued in
of interest maturing subsequent to June 1,1937 on first (closed)
mortgage 6)4% sinking fund gold bonds of Northwest nor in respect of
interest on its unsecured notes maturing subsequent to June 1, 1937.
Nor
shall any allowance be made in respect of interest maturing subsequent to
April 1, 1937 on any of the securities or unsecured notes of Peoples.
No fractional shares of common stock of the new corporation will be issued,
but in lieu thereof there will be issued bearer scrip certificates of the new
corporation representing the right to receive l-10th (or appropriate mul¬
tiples thereof) of a share of common stock upon consolidation and surrender
with other scrip certificates representing in the aggregate the right to receive
respect
Gas
Co., Inc.—Reorg. Plan.—
Company has filed in the U. S. District Court for the Western District of
a petition seeking reorganization under the provisions of Section
77-B of the Bankruptcy Act, as amended, in connection with Peoples
Gas & Fuel Co., Inc., which filed a petition seeking similar relief at the
same time.
The Court has found the petitions to be properly filed under
the provisions of said Section 77-B and has assumed jurisdiction of the
proceedings.
Corporation and Peoples Gas & Fuel Co., Inc. have presented to the
court in these proceedings a plan of reorganization dated May 25, 1937,
which has been approved by the respective boards of directors of the two
corporations and is deemed by them to be fair, equitable and feasible.
The court has fixed June 28, 1937, for a hearing to be held before it, at
Shreveport. La., for the consideration of the plan of reorganization and of
Louisiana
its confirmation and for the consideration of various other matters.
Northwest and Peoples are engaged in the business of producing
and
purchasing natural gas and of transporting and selling and distributing
the same to consumers in the State of Louisiana.
The natural gas pipe
lines of Northwest are interconnected with the natural gas pipe lines of
Peoples, and these two corporations are mutually dependent upon each
other for supplies and distribution of natural gas necessary to the operation
of their respective businesses.
Both are operated under the same management and the corporations
believe such unification of management has resulted in economies in the
operation of their properties and businesses, which economies would be
lost if Northwest and Peoples were operated under separate and different
a
full share of common stock.
Capitalization of New Corporation
The authorized capitalization of the new corporation and its
outstanding
will
securities (based upon participation in the plan of all security holders)
be as follows;
Authorized
Common stock (par $1)
Outstanding
—25,000 shs. x20,304 shs.
The amount of shares of common stock to be outstanding will be in¬
creased by such additional amount of common stock as may be necessary
x
to
provide for the claims of unsecured creditors whose claims
are allowed by
stock for each 1,000 of such
stock to be outstanding will also
may be required to be reserved against the issuance
the court, at the rate of one share of common
claims allowed.
The shares of
include such amounts as
common
„
managements.
After careful consideration the officers and directors of Northwest and
Peoples have determined that it is essential to the economic and efficient
management of their respective properties, that the plans of reorganization
proposed by them should provided for the ownership of the properties of
both corporations by one new corporation, so that the properties may con¬
tinue to be operated as a unit and so that thereby the present dependence of
each of these corporations on the other for selling or receiving natural gas
may be eliminated and the properties thus combined into a single operating
of scrip certificates.
Management—New corporation will be organized in the first instance
with directors to be designated by the board of directors of Northwest and
with officers selected by such new board, or with such other directors and
officers as the court may approve, but within six months after the date of
the consummation of the plan,
a
for the election of directors.—V.
Ohio
meeting of stockholders shall be called
137, p. 4014.
Central Telephone
Corp.—Earnings—
Period Ended March 31, 1937—
3 Months
Operating revenues
$110;974
Operating expenses, maintenance, taxes (except
Federal income taxes) and deprec. expense
72,591
12 Months
$434,374
291,658
company.
Both
Northwest
and
People's have outstanding first mortgage bond
issues maturing during 1937, and neither corporation is able to obtain funds
to meet these maturities.
In addition, both corporations have other ma¬
tured obligations, the payment of which they are unable to meet.
Neither
corporation has current earnings or the prospect of current earnings suf¬
ficient to meet interest charges on its first mortgage bonds.
The prospects
of the corporations to continue to meet current interest charges on their
respective first mortgage indebtedness, even without consideration of their
inability to meet maturing obligations, has been diminished by the follow¬
ing recent respective occurrences.
(a) Northwest has recently lost its principal gas customer, which has
ceased the purchase of large quantities of gas because of the development
of its own supply.
The sales of gas to this customer have in the past con¬
stituted the principal source of revenue to Northwest and discontinuance
of such purchases has resulted in a considerable loss of income to the com¬
pany, with resultant inability to earn its fixed charges.
(b) Peoples has recently found it necessary to reduce the rates charged
on the sale of gas to domestic consumers by approximately 25%, in order
to meet competitive conditions.
The managements and directors of both corporations, after carefully
considering both the property values and earnings contributed by each of
the two corporations, and the rights and interests of the various classes
of security holders of each corporation therein, have approved and propose
the following plan of reorganization for each of the corporations, as being
fair and equitable and feasible.
I
Net income from operations
Gross
Bond interest-
-
-
Other deductions
Balance
Preferred
dividends paid or accrued
Balance.
x
Oct.
-------
This dividend has
1,
1937 —V.
125,
been calculated at 3%.
p.
$142,770
94,834
4,050
—
$142,717
$14,641
income
$38,383
79
$38,461
23,245
575
Non-operating income
"
$47,182
xl6,200
$10,591
$30,982
54
v
754
The rate increases to 4%
1325.
Oil Payment Purchase
Corp.—Registration Withdrawn—
See list given on first page of this department.—V. 144, p. 115.
Oilstocks, Ltd.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular semi-annual dividend of 20 cents per share on the com¬
mon stock, par $5, both payable June 21 to holders of record June 14.
A
special dividend of $3 was paid on Dec. 24, 1936, and extra dividends of
10 cents were paid on July 10 and Jan. 20, 1936, and on Jan. 19, 1935.—
V. 143, P. 4163.
Financial
4018
this
Oklahoma Gas & Electric Co.—Annual Report—
Years End. Dec. 31—
Gross earnings
Oper.
1936
p.
$12,522.545 $11,372,683 $10,938,851 $10,463,072
maint.
expenses,
and taxes
6,301,158
6,044,968
5,785,291
5,349,084
$6,221,387
1,454
Net earnings
Other income
$5,327,715
2,487
$5,153,560
24,888
$5,113,988
62,536
Pacific
Debenture interest
Other interest
Other income deductions
2,200,983
$5,176,524
1,772,082
I
433,020
57,939
62,537
02,499
32,644
28,705
03,370
30,000
Cr7,413
Int. charged to construe.
Amort, of debt discount
$5,178,448
$5,330,202
2,197,668
$6,222,841
2,165,619
f
34,346
04,368
Plant and
properties———$674,061,265
Common stock
5,261,285
Preferred stock
TAnMliHfi—
Investments (at cost)
and
200,000
1,025,000
200,000
950,000
$2,424,298
1,159,248
1,151,400
$1,849,556
1,159,248
690,308
$1,697,025
1,158,944
538,081
Pref. stock dividends
i
$3,640",432
$3,677,363
1936
23,330,504
-
Unexpired
taxes
Dr22~,700
Dr36",93b
$3,617,732
$3,640,432
$3,677,363
is
undistributed
no
income
net
for
year
The income statement for
270,613
251,102
1937—12 Mos.—1936
$4,803,227
$4,416,443
3,379,064
3,078,087
$86,837
$75,659
$1,424,163
15,391
15,075
182,815
179,848
$102,228
$90,734
40,220
$1,606,978
$1,518,204
402,606
388,500
$130,954
85,417
$2,009,584
1,025,000
228,911
$1,906,704
1,025,000
Liabilities—
S
hand and
on
2,346,051
bond interest...
x
18,845
Accounts & notes
(customers)
rec.
694,976
1,137,939
Materials & supp.
(at cost)
In debt,
626,908
978,587
...
of officers.
23,403
Indebt. of affiliates
497
209
Accts. & notes rec.
112,586
(est.)
193654
518,538
1,247.755
$27,398
Divs. applic. to pref. stocks for period, whether
paid or unpaid
$755,673
$648,494
458,478
458,478
Balance...—
$297,195
$190,016
7,189
Gross
7% cum. pref. stk.
(par S100)
14,647,800 14,647,800
6%
pref. stk.
S100)
2,231,700
2,231,700
(par
5100)
19,190,000 19,190,000
Capital surplus... 1,603,834
'
cum.
(par
Earned surplus...
299,337
3,617,732
Total
90,160,441
Int.
1934.—V. 144, p.
$91,515 in 1936 and $98,663 in 1935 and $160,704 in
3513.
Oliver Farm
Equipment Co.—Registration Withdrawn—
See list given on first page of this department.
Net income after
charges and taxes but before provision for
earnings
$1,405,357
surtax on undistributed
bonds
mtge
x
Dividends
x
18,139
$38,346
Net income
accumulated and unpaid
233.210
1937, amounted to
to April 30,
$343,859, after giving effect to dividends of $1.75 a share on 7% preferred
and $1.50 a share on $6 preferred stock, declared for payment on
May 1. 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as company reported no undistributed adjusted .net
income for that year.
No such provision has been made to date for 1937.—
Y. 144, p. 3849.
stock
Telephone & Telegraph Co.—Earnings1937—Month—1936
1937—4 Mos.—1936
$5,553,849
$5,174,663 $21,724,559 $20,155,307
18,950
15,500
79,500
67,692
Period End. April 30—
Operating revenues
Uncollect, oper. revenue
$5,159,163 $21,645,059 $20,087,615
3,445.465
14,888.912
13.722,067
Operating revenues—- $5,534.899
Operating expenses.
3,882,527
Net operating revenues
$1,713,698
$6,756,147
$6,365,548
71
659,563
304
2,894,476
303
2,570,547
$1,054,206
$1,652,372
$3,861,975
$3,795,304
Rent from lease of oper.
70'
720,965
property
Operating taxes..
Ontario
Manufacturing Co.—Larger Dividend—
The directors have declared
a dividend of 50 cents per share on the com¬
stock, no par value, payable July 1 to holders of record June 19.
This
with 40 cents paid on April 1, last, and dividends of 25 cents per
share paid on Nov. 30, Oct. 20, Sept. 30, 1936, and each three months
previously.—V. 144, p. 947.
mon
$931,477
Net operating income.
—V.
compares
144,
p.
3346.
Package Machinery Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
to the regular quarterly dividend of 50 cents per share on the
stock, no par value, both payable June 1 to holders of record May
payments were made on March 1, last.
An extra dividend
of 50 cents was paid on Dec. 15, and on Dec. 1, 1936.—V. 144, p. 1294.
addition
Ottawa Electric
Ry.—Bonds Offered—Full subscription of
$2,520,000 3 33^, 4 and 4^2% first mortgage serial bonds is
announced.
The issue was offered by McTaggart, Hannaford, Birks & Gordon, Ltd., Hanson Bros., Inc., L. G. Beaubien & Co., Ltd., R. A. Daly & Co., Ltd., Laurence Smith
& Co., Ltd., and R. O. Sweezey & Co., Ltd.
Offering price:
9634 to 100, to yield from 3% to 4.81%, according to ma¬
turity.
,
The bonds are to be dated July 2, 1937 and mature as follows: $420,000
3% bonds due serially July 2, 1938-1940; $280,000 3H% bonds due serially
July 2, 1941-1942; $700,000 4% bonds due serially July 2, 1943-1947;
$1,120,000 4j^% bonds due serially July 2, 1948-1955.
Principal and int. (J. & J.), and red. premium, if any, payable in lawful
money of Canada, at holder's option, at offices of the company's bankers
in
Ottawa, Montreal, Toronto, Halifax, St. John, Winnipeg, Regina,
Edmonton, Vancouver and Victoria.
Coupon bonds, registerable as to
principal only, in denom. of $1,000 as to all maturities and $500 as to all
4 H % coupon bonds only.
Red. at option of company at any time prior to
July 2, 1955, as to whole amount of bonds remaining outstanding at time
of redemption, but not in part, upon 30 days' notice, at a price, in respect
of each serial maturity, of 100 and int. to date of redemption plus a premium
of M of 1 % for each full year to elapse between the date of redemption and
the respective maturity.
Trustee: Royal Trust Co.
In the opinion of counsel, bonds will be a legal investment under the
Canadian and British Insurance Companies Act, 1932, for funds of in¬
surance companies registered under that Act.
Company owns and operates without competition the entire electric
street railway system of the City of Ottawa and suburbs including con¬
necting lines to the City of Hull, Que.
It is the oldest established street
railway system in Canada, having been in continuous successful operation
since 1868.
It serves a population of about 175,000.
Capitalization
(After Giving Effect to Present Financing)
1st mtge. serial bonds
Common shares (no par)
$3,500,000
40,000 shs.
—
x$2,520,000
35,197 shs.
Additional first mortgage
bonds may only be issued under restrictions
respect to additions to properties.
Purpose—Proceeds will be used primarily for the redemption on July 2
1937 of the entire presently outstanding issue of $2,218,800 first mortgage
5bonds which are presently pledged as collateral security for a similar
outstanding amount of 5^% bonds of Ottawa Traction Co., Ltd., (the
holding company), which latter issue will concurrently be redeemed.
Upon
completion of this transaction it is the intention to wind up Ottawa Traction
Co., Ltd. by distributing to its shareholders its holdings of 35,047 shares of
Ottawa Electric Ry.
Earnings Years Ended Dec. 31
contained in the Trust Deed
Total
Years—
Income
in
Operating
1,326,291
1933,-----
Average-
Expenses
$940,369
921,830
897,243
886,647
$1,310,565
$911,522
$1,281,037
1,331,729
1,303,203
Net
Earnings
$340,668
409,899
405,960
439,644
$399,043
Deprefn
Bal.
Avail
Allowance
for Bd. Int.
$160,229
$180,439
159,642
250,257
161,288
244,672
159,845
279,799
$160,251
$238,792
Interest charges on this issue amount to $100,800 as a maximum for the
first
on
Earnings for 4 Months Ended April 28, 1937
—V. 144, p. 3685.
x
$142,087
85,417
18,324
-
Other int. & deductions.
89,672,109
of
reserve
$1,338,356
8,944,044
90,160,441 89,672,1091
After
39,859
income
Pacific
Total
x
221,091
2,552,653
9,014
Deferred liabilities
867,826
840,837
Long-term debt..44,500,000 42,438,100
Reserves
4,153,484
3,923,180
53,508
8,626,304
charges.
(net)
9,455
75,875,638 74,827.336
Other assets
Deferred
86,922
518,538
1,197.520
Investments
Fixed assets
2,321,292
Common stk
(other)
Unbilled elec.
335,713
Accrued liabilities.
Indebt to affiliate.
1,989,254
Cash deposited for
__
Rent from lease of plant
S
$
Accounts payable.
demand deposits
1937—Month—1936
$357,450
$326,761
1935
1936
1935
$
published
Light Co.—Earning
;
Operating income
Other income (net)
Balance Sheet Dec. 31
1936
Cash
$740,812,259
Total
the 12 months ended March 31 was
3513.
Pacific Power &
ended Dec. 31,
1936 subject to Federal surtax.
Assets—
10,864,371
924,330
41,041,911
—
886,854
Net oper. revenues_
Note—There
depreciation.92,330,952
Capital surplus
Earned surplus....
Dr7,485
$299,337
Balance,surp. Dec. 31
283,965,000
20,660,867
Other reserves-
$740,812,259
Total
in V. 144, p.
—
and other
deferred charges.
Operating revenues
Oper. deductions
3,218,857
Dr213,189
-
35,477,579
-
-
Current and accr. liabilities.
Reserve for
$21,-
(incl.
assets
133,378
subs.
Funded debt
1,408,090
Period End. Apr. 30—
Adjust, of amort, of debt
disc, and exp. prior to
Sundry adjustments
Current
and surplus of
386,682
special
Discount & expense on fund.
$3,684",848
Balance.
Previous surplus
602,965
on
expense
and
funds
deposits
$156,533,925
134,357,525
Minority int. in com. stock
capital stock
Sinking
$1,763,253
1,160,289
113,650
3,617,732
Net income
—---
debt
200,000
1,025,000
res.-
Co.—Consolidated Balance Sheet
31, 1937—
292,152 cash)
375,990
1,200,000
and expense
Approp. for retire,
& Electric
Gas
March
Discount
Total earnings
Bond interest
the class A stock.—V. 144,
r/: 'W; ::
being the initial distribution on
latter
1294.
1933
1934
1935
June 12, 1937
Chronicle
and
thereafter decrease annually as bonds are retired.
This
maximum interest charge is, therefore, covered over 2% times by average
net earnings after depreciation for the past four fiscal years, and in 1936
over 2% times.
The average annual interest requirement, however, is only
>,894 over the life of the issue.—V. 144, p. 2315.
year
Pacific Southern
The directors
Investors, Inc.—To Pay $1 Dividend—
have declared
a dividend of $1 per share on the class A
value, payable July 1 to holders of record June 15.
This compares with 25 cents paid on Dec. 24, 1936; $1.50 paid on Oct. 1,
1936 and 25 cents per share distributed on Aug. 10 and on Feb. 15, 1936,
common
stock,
common
20.
Similar
Page-Hersey Tubes, Ltd.—SI Dividend—
The directors have declared a dividend of $1 per share on the common
stock, payable July 1 to holders of record June 15.
A like amount was paid
on April 1, last and previously regular quarterly dividends of 75 cents per
share were distributed.
In addition, an extra dividend of 25 cents was paid
on Jan. 2 last.—V. 144, p. 1971.
Pan
American Petroleum & Transport
1937
3 Mos. End. Mar. 31—
Consol. net profit after
1936
.
Co.—Earningsv
1935
y$869,498
taxes, &c
Earns, per sh. on 4,702,944
shs.
com.
stock
$0.18
(par $5)
x
Before
$607,844 xloss$30,099 loss$263,209
Federal taxes,
y
$0.13
Before
any
Nil
Nil
provision for possible surtax
on
undistributed profits.
Note—Effective Jan.
1, 1937, a downward revision was made in de¬
preciation rates on refinery properties as a result of which first quarter
earnings as stated above after provision for normal Federal income taxes,
were approximately $88,000 in excess of what they would have been if no
change had been made in depreciation rates.—V. 144, p. 3849.
Panhandle Eastern Pipe
Line Co.—Earnings—
12 Months Ended April 30—
1937
$7,320,621
Gross revenue.
1936
$4,304,889
—V. 144, p. 3850.
Park-Lexington
Corp.—Plan Consummated—
Holders of first mortgage leasehold 6 3^ % sinking fund gold bonds and
15-year sinking fund gold debentures and of certificates of deposits for these
bonds not registered in the name of the owners, are being notified by the
reorganization committee that the modified plan of reorganization has been
consummated.
The new securities provided under the plan will be ready
for delivery on June 10, 1937, according to the announcement, and may be
obtained thereafter
on
surrender of the old securities at the corporate trust
department of Empire Trust Co.,
120 Broadway, New York.
Holders of the bonds must furnish the usual Federal income tax
owner¬
ship certificates, required in the case of interest on tax-free covenant bonds,
before they can receive the 5% cash distribution which is to be made.
Certificates of deposit must be transferred not later than June 30. 1937,
according to the announcement, unless the time is extended.
The committee, for which R. K. Bissell, 14 Wall St., New York, is
Secretary, includes Karl H. Behr, W. B. Baldwin, Wm. Alex Campbell,
Ivor B. Clark, Macdonald DeWitt, Peter Grimm, Arthur S. Meyer and
Thomas F. Troxell.—V. 144, p. 3850.
-
Patchoque Plymouth Mills Corp.— To Pay $1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, payable June 23 to holders of record June 18.
This compares with a
cash dividend of $2 and a stock dividend of $3 payable, in $1 par pref.
stock, paid on Dec. 23, 1936, and a cash dividend of $2 paid on Feb. 26,
1936, this latter being the first dividend paid since May 1, 1930 when $1
per
share was distributed.—V. 143,
p.
4164.
Peck, Stow & Wilcox Co.—Initial Dividend—
The directors have
common
declared an initial dividend of $1 per share on the
stock, payable June 15 to holders of record June 3.—V. 144, p.3686.
Penn Central
Light & Power Co.—Merger Proposed—
See Associated Gas & Electric
Co., above.—V. 144, p. 3347
no par
1934
taxes, deprec., deplet.
normal Federal income
Pennsylvania Electric Co.—To Be Merged—
See Associated Gas & Electric Co., above.—V.
144, p..3850.
Volume
Financial
144
Peoples Gas & Fuel Co., Inc.—Reorganization Plan—
(J* C.) Penney Co., Inc.—Sales-—
1937
1936
1935
$15,928,239 $13,968,709 $12,924,114
14,244,431
13.692,992
12,040,899
19,822.685
16,282.559
15,511.314
20.229,760
19,757,483
17,591,998
22,819,902
20,640,628
16,976,710
WMonth of—
January
February
March
April
May
See Northwest Louisiana
1934
$12,440,233
11,741.901
a
16.484,080
16.475.133
17.084,631
Peter
Department.—V. 144,
p.
The directors have declared
the Personnel
1,742
$1,285,952 $13,963,054 $14,169,196
1,714
20,856
22,106
$1,281,237
17.227
Operating income
.,284,238 $13,942,198 $14,147,090
14,559
265,018
303.082
.,298,797 $14,207,216 $14,450,172
454,271
5,447,083
5,477,213
50,000
600,000
600,000
17,370
211,144
209,464
Crl ,551
Cr 15,105
Crl 9,073
Gross income
$1,298,509
453,750
50,000
Other int. and deductions
18,584
Int. charged to constr__
Crl,391
on
Interest
on
Feb. 29, '36
$1,282,979
_
Other income (net)
Interest
Feb. 28, '37
mtge. bonds
debentures.
_
Net income
$777,566
$778,707
applicable to pref. stocks for the
period, whether paid or unpaid
$7,964,094
3,846,543
3,846,535
Balance
$4,117,551
$4,336,033
$8,182,568
Dividends
x
_
x Regular dividends on all classes of
preferred stock were paid on Jan. 2,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Notes—The above statement includes full revenues for natural gas sales
the
in
Wiiliamsport division without consideration of the rate reduction
litigation now pending in the Superior Court of Pennsylvania.
An
in
order of Public Service Commission of the Commonwealth of Pennsylvania
provides for
a rate reduction amounting to approximately $10,000 a month
be effective after Sept. 11, 1936.
The order and a finding of the com¬
mission, if finally sustained, probably will result in the rate reduction
becoming retroactive to Nov. 1, 1931, and may involve approximately
$563,000 in the aggregate, at Feb. 28, 1937.
No provision was made for
Federal surtax on undistributed profits for 1936, inasmuch as the com¬
pany reported no undistributed adjusted net income for that year.
No
such provision has been made to date for 1937.—V. 144, p. 3850.
to
was
also announced that the matter of dividends will again
consideration toward the end of the year, when the results of the
and
the effects
of
be given
full years
the
company's earnings of (1) "excess
crew" laws enacted in the various states the company serves; (2) wage and
rate problems; (3) other legislation and taxation; and (4) general business
conditions can be more definitely ascertained.
upon
Injunction Against Full-Crew Act—
:,
.
A temporary injunction granted the railroad by Dauphin County (Pa.)
on June 2 restrained the State of Pennsylvania from putting into
Court
immediate
effect the full-crew
bill
signed by Governor Earle on June 1.
The act requires an extra brakeman on freight trains of 50 or more cars
and passenger trains of 10 or more cars.
The Court set June 7 for hearings on
spokesman for the railroad,
144, p. 3686.
the order.
Fred B. Bamkert,
said other railroads would join in the suit.
—V.
Pennsylvania Telephone Corp,—EarningsCalendar Years—
Operating
1936
$2,049,520
1,481
$1,963,233
7,601
$1,987,784
235
$2,145,104
revenue.
Total gross earnings.
6,621
517,002
Maintenance expense
Taxes
363,758
186,296
$2,051,001
527,831
355,113
67,250
$1,970,834
528,268
307,674
99,922
$1,994,406
Operation expense
$1,078,047
211.875
444,538
$1,100,806
272,251
394,060
$1,034,969
279,673
386,035
$1,094,310
277,757
353,938
$421,634
1,072,935
$434,495
1,570,184
$369,261
1,506,517
$462,616
4,461,880
$1,494,569
104,676
300,000
$2,004,680
104,676
200,000
$1,875,778
104,676
200,000
$1,924,496
Dr627,068
~bm$
Cr400
$1,072,935
$1,570,184
$1,506,517
.
Corp.—Class A Dividend—
dividend of 62
cents per share on account
payable June 25
paid on Dec. 15,
July 15, 1936; 25 cents paid on Dec. 20, and on
June 28, 1935 and 50 cents paid on Dec. 28, 1934.
From May 1, 1929 up
to and including May 1, 1930 regular quarterly distributions of 31K cents
per share were made.
A similar distribution was made on Sept. 2, 1930.
—V. 144, p. 620.
on
Pettibone-Mulliken
Amended
Co.—Operations on Profitable Basis—
Reorganization Plan Confirmed—
£3|
Giving effect to all anticipated charges under the amended reorganiza¬
tion plan which was confirmed June 7 by Federal Judge James H. Wilkerson, the operations of the company during the first five months of this year
have been on a profitable basis, John B. Campbell, operating manager of
the company, has stated,
•
"Shipments of $1,479,000 during that period were the largest for any
similar period since 1930 and compared with shipments of $865,000 in the
corresponding period of last year, a gain of 71%," Mr. Campbell stated.
"Unfilled orders as of June 1, 1937, amounting to nearly 2K times those
of a year ago, reflect the release of the pent-up demand for track materials
caused by the six-year period of deferred maintenance when unprofitable
operations forced the railroads to postpone a considerable part of the ex¬
penditures normally required to keep roadway and equipment in good
operating condition," Mr. Campbell believes. "This accumulated demand
for track materials, plus the necessity of strengthening track and equip¬
ment to accommodat
the high speeds of the modern streamlined trains
demanded by the public, is creating a demand for track materials thatjs
expected to continue for several years to come," he said.
"The plants and properties of the Pettibone-Mulliken Co. in Chicago
have been maintained in an excellent state of repair during the five-year
period of receivership. No large expenditures for plant rehabilitation will.be
necessary," he stated. The company is currently employing 770 men.*
"With Pettibone-Mulliken restored to a sound financial basis by the
reorganization plan, the company will be in a position to take full advantage
of the improved outlook for rail equipment manufacturers resulting from
the generally improved earnings of the railroads," Mr. Campbell said.—
V. 144, p. 1612.
Holders of record at the close of business on June 7 of the 5,071,240 out¬
standing shares of the capital stock are offered pro rata rights to subscribe
in the aggregate to the $20,285,000 convertible debentures.
Each such
for each share of capital stock held, will be
granted the right to subscribe to $4 of debentures at 100 (flat).
Such
subscription rights will expire at 3 o'clock p. m. Eastern Daylight Saving
Time on June 28, and will be evidenced by transferable full subscription
warrants and transferable fractional subscription warrants.
Debentures
will be issued only upon the exercise of a warrant or warrants representing
in the aggregate the right to subscribe to $100 of debentures or multiples
record holder of capital stock,
thereof.
debentures are dated June 15, 1937 and are due
Interest payable J. & D.
Coupon debentures, registerable
principal, in denom. of $100, $500 and $1,000, and registered deben¬
tures without coupons in denom. of $1,000, $5,000, $10,000 and authorized
multiples of $10,000.
Coupon debentures are registerable debentures,
and tne several denominations, interchangeable.
Red. at option of com¬
pany, in whole or in part, at any time upon at least 40 days' notice, at the
following prices with accrued int.: To and inct. June 15, 1942, 105; there¬
after to and incl. June 15, 1946, 103; thereafter
and incl. June 15, 1949,
101; and thereafter, 100.
Also redeemable through operation of the sink¬
ing fund at the foregoing prices.
Convertible at the option of the holder
into shares of capital stock of the company at $50 of debentures for each
share of capital stock, or, at the adjusted conversion price as provided in
The convertible 3-Hj%
June 15, 1952.
to
indenture.
•
Underwriters—The
the
1933
1934
$2,144,869
revenue
Non-operating
1935
a
on
1936; 35 cents paid
as
Gets
that at a meeting
director.
Phelps Dodge Corp.—Offering to Stockholders—
1934.
The current dividend will amount to $6,583,848, and will be paid out
the profits of the company.
It
America—New Director—
the 5% cum. class A stock, par $25,
to holders of record June 15.
This compares with 90 cents
Pennsylvania RR.—To Pay 50-Cent Dividend—
The directors on June 10 declared a dividend of 50 cents per share on the
capital stock, par $50, payable July 22 to holders of record June 21.
This
compares with $1 paid on Dec. 21 and on Feb. 29, 1936, and dividends of
50 cents per share distributed on March 15, 1935, Sept. 15, and March 15,
operations,
the common
May 26, Steele Mitchell was elected a
Petroleum & Trading
$3,155,175 $37,349,279 $35,022,211
1,869,223
23,386,225 20,853,015
Net oper. revenues—
Rent for lease of plant.
on
The directors have declared
12 Months Ended
dividend of $1 per share on
—V. 144, p. 3015.
of accumulations
$3,269,766
1,986,787
Operating revenues
Oper. rev. deductions
Petroleum Corp. of
3347.
Feb. 28, '37 Feb. 29, *36
Period—
a
The corporation has advised the N. Y. Stock Exchange
of the board of directors
Pennsylvania Power & Light Co.—Earnings—
Month Ended
129, p. 1122.
Paul, Inc.—To Pay Larger Dividend—
stock, no par value, payable July 1 to holders of record June 21. Previously
regular quarterly dividends of 75 cents per share were distributed. In addi¬
tion, an extra dividend of $1 was paid on Dec. 10,1936.—V. 143, p. 3330.
V. Day, Vicewill continue
meeting of the Board of Directors held June 8, L.
President of the company tendered his resignation.
Mr. Day
as a director of the company.
A. W. Hughes was elected as Vice-President and as head of
Gas Co., Inc., above.—V.
n
Vice-President Resigns—
At
4019
Chronicle
538,831
281,273
79,992
names of the several underwriters of the debentures
of unsubscribed debentures to be purchased by them,
respectively, are as follows:
Morgan Stanley & Co., Inc., New York
25%
Kuhn, Loeb & Co
10%
Brown Harriman & Co., Inc., New York
5%
The First Boston Corp., New York.:——
__
5%
Mellon Securities Corp., Pittsburgh
5%
Edward B. Smith & Co., New York5%
and the percentages
— _______
Int. and other deduc'ns.
Provision for deprec'n__
Balance for income
Total surplus
Preferred stock divs
Common stock divs,
on cash in
104,604
300,000
Prov. for loss
13,775
closed banks
Sundry
Surp. balance Dec. 31
$1,089,893
Balance Sheet Dec. 31
1936
Assets—
Tel.
Liabilities—
$
11 ,884,210
11,769,234
22,826
21,965
Mlsnell. investm'ts
Debt dlsct. & exp.
in
process
of
144,417
defd. charges—
Cash.
Notes
&
140,092
25,664
316,003
471,556
14,970
14,275
__
accts.
liabilis..
3,687
2,525
71,776
69,177
52,000
Accrued interest..
170,150
52,000
67,568
Service billed in adv
26,662
24,893
22,860
30,931
Accrued taxes.--.
.
98,333
89,021
Reserves..—-..-.
1,864,682
1,892,220
153,980
125,044
Surplus
1,089,893
1,072,935
12,746,311
12,656,851
Total
...12,746,311
12,656,851
receivable
Total
After
5,200,000
Deferred
Miscell. curr. liab.
111,571
Mat'is & supplies.
a
2,500,000
5,200,000
Accounts payable.
amortization
a
1,744,600
(S100 par)
1,744,600
Com. stk. (850 par) 2,500,000
1st mtge. bonds.,
4%ser., 1965...
Prepaid accts. and
Working funds.
S
8
6% cum. pref. stk.
plant, equip.,
&c
1935
1936
1935
reserve
for uncollectibles of $21,189 in
1935 and $23,143 in 1936.
—V. 144, p. 461.
Peoples Drug Stores, Inc.—SalesMonth of—
1937
$1,798,040
1.758.277
1,877,064
1.807.358
1,893,364
January
February
March
April
May
—V.
144,
P.
1936
$1,613,084
1.651.507
1,605.898
1,646.523
1,695,031
1935
$1,466,958
1,428.088
1.5.58,292
1,537,720
1,561,028
1934
$1,322,136
1,250.116
1,450.922
1,324.034
1,336,054
3514.
Peoples Gas, Light & Coke Co. (& Subs.)—Earnings
Period End. Apr. 30—
Net
inc.
deprec.,
after
1937—Month—1936
3,529,317
Gross income
1937—4 Mos.—1936
$3,419,849 $14,246,689
$14,436,476
interest,
amort.,
Fed.
income taxes
Earns, per sh. on 664,421
shs. capital stock
—V. 144, p. 3187.
274,968
140,660
1,415,263
898,561
5.13
$1.35
Blyth & Co.'; Inc., New York
Clark, Dodge & Co., New* York
Dominick & Dominick, New York
;_
Goldman, Sachs & Co., New York
Horn blower & Weeks, New York
Kidder, Peabody & Co., New York
Lazard Freres & Co., Inc., New York..__________
Lee Higginson Corp., Now York
G. M.-P. Murphy & Co., New York
J. & W. Seligman & Co., New York_-_.__
Stone & Webster and Blodget, Inc., New York
White, Weld & Co., New York..
—
3.75%
3.75%
3.75%
3.75%
3.75%
3.75%
«*'.—__
!;
3,75%
3.75%
3.75%
3.75%
3.75%
3.75%
Pi&pose of Issue—Net proceeds, exclusive of accrued interest, to be re¬
ceived by the company from the sale of these $20,285,000 of debentures,
after deducting the estimated expenses in connection with such sale, are
expected to approximate $19,760,000.
No part of the net proceeds has
been specifically allocated to specific uses; however, the company contem¬
plates that such proceeds will bo applied to the payment of a part of the
cost of a program of capital expenditures over the next five years for various
purposes,
which include opening and equipping the Clay orebody at
Morenci, Ariz., completing the enlargement of plant and operating facilities
at Ajo, Ariz., enlarging and balancing fabricating facilities, and making
normal betterments and improvements during the period.
The New York Stock Exchange has authorized the listing of $20,285,000
convertible 3H% debentures, due June 15, 1952, upon official notice of
issuance and distribution thereof; and 405,700 additional shares of its
capital stock (par $25) upon official notice of issuance thereof from time to
time in conversion of the debentures making the total amount applied for
5,833,441 shares.—V. 144, p. 3686.
Philadelphia Rapid Transit Co.—Cooperative Bargain¬
ing Discontinued—
T. have notified employees that the company
collective bargaining with its 9,800 employees
cooperative plan and conform to the spirit and letter of
the National and1 State Labor Relations Acts.
The continuance of benefits such as group insurance, pensions, sick
benefits, &c., is not in anyway affected by the Wagner or McGinnis Acts,
the company said adding
"Subject to the approval of the employees, these
mutually supported benefits may be continued, but must be kept wholly
separate and apart from any plan or organization for collective bargaining."
The plan called for arbitration of all matters pertaining to wages, hours,
conditions of employment, grievances, &c., by boards composed of equal
numbers of representatives of men and management, set up in every de¬
partment and branch.—V. 144, p. 3687.
The trustees of the P. R.
cannot
further
conduct
under the present
Phila. & Reading Coal & Iron
Co.—Sub-Depositary—
Central Hanover Bank & Trust Co. has been appointed the sub-depositary
for the ref. mtge. 5% sink, fund gold
bonds due Jan. 1, 1973.
The depositary
for the bonds is the Girard Trust Co. of Philadelphia.
Under the appoint¬
ment, Central Hanover wil' accept the bonds for deposit and requisition
certificates of deposit from the Girard Trust Co.
George W. Norris is Chairman and J. M. Johnston, Secretary of the
protective committee.
Other members are Albert A. Jackson, Arthur V.
Morton, William H. Kingsley and Parker S. Williams.—V. 144, p. 3850
4020
Financial
Chronicle
June 12, 1937
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
12 Mos. End. Mar. 31—
S3i1gs
<luc1
1937
1936
WE
1934
Buffalo &
deprec. and depletion. 40,732,245
Loss from operations.
Other income
40,629,825
.,536,177
Interest
250 544
$1,391 923
y3,007,701
38,597,499
$1,146,040
144 254
Total loss
$895 496
3,122,357
charges
811,692
39,888,307
$263,980 z$2,095 689
314 534
314 284
Phila.
&
prof$50 554 pf$2409 973
3,170,130
3,221,110
731,937
656,351
841,713
Susquehanna 1st 4s, due 1963
Northern Central Rwy. Common Stock
Pitts. Ft. Wayne & Chicago 7% Preferred
Reading Underlying Stocks
YARN AIL & CO.
A. T. & T. Teletype—Phila. 22
Net loss
$5,211,316
-
$4,859,566 x$3,851,513
$1,467,488
1528 Walnut Street
Of this net loss, $710,097 was assignable to the iron
manufacturing
activities of the corporation,
y Includes interest accrued but not paid of
x
$306,148
DEAL IN
Deep Rock Oil 7s, due 1937
$39,196,068 $39,483,785 $38,333,519 $41,983,996
Cost and. expenses, incl.
Other
1935
other
operating income
refunding mortgage
convertible 6% debenture bonds,
5%
on
bonds
and $1,020,180
Profit.—V. 144, p. 3687.
z
on
20-year
Co .—Balance
Sheet
Philadelphia
General Balance Sheet Dec. 31
1936
1935
1936
1935
'
Philadelphia Suburban
April 30, 1937—
Water
Assets—
S
Road & equip.. 73,227,383
Inv. in affil. cos.
Stocks
Liabilities—
Fixed
capital
S25,581,804
2,069,529
136,754
Cash
Accounts
receivable
Materials and supplies
Other current assets
Capital stock, preferred.....
Capital stock, common
Funded
94,928
Investments—general
....
PrepaymentsSpecial depssits
Consumers' deposits..
Other current liabilities.....
176,481
5,116
8,883
Main extension deposits
Dividends declared
:
461,907
48,000
385
Accrued
taxes
267,065
282,625
Accrued
Interest-...
142,300
..
Unamort. debt disc. & exp._
Undistributed debits
2,500,000
16,907,500
149,888
45,790
Other accrued liabilities
10,579
11,348
Reserves
Surplus
Total
$28,367,084 I
2,227,053
2,406,233
Total
$28,367,084
.
Liabilities—
Prem.on stk.sold
Philippine Ry.— Earnings1937—Month--1936
■
on
1937—12 Mos.—19361
$40,855
31,544
$515,264
391,484
$501,431
32,148
$8,283
28,496
$123,780
341,960
$110,830
$19,185
$20,213
$218,180
$247,958
$19,185
funded debt.
exch.
$40,431
$9,311
28,496
Net revenue
Interest
Extra
$20,213
$224,242
390,601
341,960
acct.
exp.
interest payments
16,828
Net deficit
Inc.
Accts. & wages.
15,702,115
12,793
17,481,348
Non-negot. debt
12,793
to affil. cos...
61,689
1,644,840
Traffic bals. pay
860,736
3,191,037
Divs. declared..
3,613,114
4,538,114
584,599
574,907
1,449,479
1,017,058
Time drafts and
physical property.
Federal surtax
for the current year.—V. 144,
any,
on
~
$248,149
WMonth of May—
divs., &c
Oth. curr. assets
1,666
36,181
3,210
1936
$206,000
131,000
3515.
p.
Pittsburgh & Lake Erie
1936
Miles operated.
TonsJ(rev.) freight
Company's freight
xl935
234
29,661,627
759,757
;
600,331
1780680258 1462918,940
1 mile.
Gross earnings per mile.
Earnings—
Freight
Passenger
Mail, express, &c
Incidental, &c
29,718,060
11,231,588
586,580
2,671,714
189,662
1,300,505
33.216,879
1.09 cts.
$94,960
Income Account
1934
234
22,909,797
Company freight 1 mile. 35,666,742
Bituminous coal (tons). 12,800,017
Coke (tons)
1,080,076
Iron ore (tons)
3,513,506
Stone, sand, &c. (tons).
352,808
Passengers carried
1,960,541
Passengers L mile
49,720,681
Earns, per ton per mile.
1.17 cts.
$71,942
234
1933
234
20,801,691
18,746,079
539,389
575,102
1424597,634 1254928,559
27,332,366
21,408,441
12,172,169
10,264,906
443,266
353,539
1,422,695
1,490,881
1,624,307
1,537,959
1,314,837
1,312,517
32,625,606
31,330,466
i.OOcts.
1.08 cts.
$65,204
$62,405
for Calendar Years
xl935
1936
1934
1933
$20,883,721
$15,917,865 $14,184,311 $13,580,502
723,967
537,246
561,715
531,637
334,856
297,307
294,513
302,237
261,945
69,914
196,403
168,460
Total oper. revenue..$22,204,490
$16,822,332 $15,236,943
$14,582,837
Expenses—
Maint. of way & struct.
Maint. of equipment...
Traffic
expenses.
Transportation expenses
Gen.
&
Total
miscell.
exps...
2,058,959
7,101,610
318,302
6,728,203
998,534
1,475,991
5,336,148
317,076
5,591,634
937,335
1,178,995
4,941,342
297,276
Deferred assets.
1,442,189
491,702
356,826
383,616
2,070
256,941
143,587
Mat'l & supplies
2,134,593
Railway oper. income $2,871,464
Equip, rents, net credit1,990,759
5,208,455
855,153
4,842,204
724,257
Jt. facil. rents net debit.
033,003
$2,032,428
1,727,757
CY2.214
Net railway oper. inc.
,895,227
$3,762,399
$3,304,833
$1,326
47,539
$1,326
46,959
$1,008
46,389
,440,381
6,258,158
Accrued
deprec.
equip. P. McK
& Y. RR
Total..
Ins. & cas'lty res
127,596
119,405
Unadjust. accts
841,283
597,507
inc. & surplus
,895,854
,947,556
2,894,342
35,891,838
Add'ns
114,499,839 113,686,245
.
through
Total
114,499,839 113,686,245
-V. 144, p. 3688.
Pittsburgh Steel Co.—Expects Profit This Year—
In a letter to stockholders
discussing the plan of capital readjustment
which will be voted upon June 15, Henry
Roemer, President, states that the
company expects to close the current fiscal year June 30 with a net profit
after five years of heavy losses.
Earnings could have been increased ma¬
terially had the management been in position to accomplish certain things
which adoption of the plan will make possible, the letter
says.
Plant improvements and additions, added
working capital, reduced bond
interest and sinking fund requirements and elimination of restrictions as
to the payment of dividends are some of the
things that should be ac¬
complished as quickly as possible.
Dividends have accrued on the preferred
stock in such proportion as to prohibit their
payment now or within any
reasonably determinable time, the letter declares.—V. 144, p. 3515.
Pittsburgh Metallurgical Co., Inc.—Admitted to Listing
Registration—
and
The New York Curb
Exchange has admitted the
listing and registration.—V. 144, p. 3688.
Pittsburgh
68
442
234
426,427
173,121
256,062
333,180
50,281
533,782
310,584
48,015
4,000
1,282
4,000
Miscell. rent income
Inc. from fund,
securs..
sec.
from
& accts
stock
28,527
$1,526,433
1,451,620
71,933
Portland Electric Power Co.
Calendar Years—
149,008
30,731
4,000
982
853
_
Total other income
1,375
$534,527
5,429,754
income
$ 406,440
4,168,839
$692,437
3,997,270
$950,266
3,856,385
123,800
15,796
91,093
32,422
170,117
598,701
31,132
223,865
52,237
415,097
348,653
36,256
445,883
72,052
379,048
379,116
15,035
Deductions—
Rents for leased roads
__
Int.
on
funded debt
Int.
on
unfunded debt..
Inc. transf. to other
Other miscell.
cos.
charges._
Net
earns,
from oper.
Other income
3,092
669,019
26,798
,
1933 to and incl. 1936, were charged to accumu¬
lated surplus.
1933
$3,701,596
$3,531,944
Dr3,565
$3,672,138
4,056
$3,615,428
Drl9.672
$3,701,596
$3,528,379
$3,676,194
$3,595,756
2,524,551
58,608
2,538,935
22,081
2,600,729
28,069
2,610,907
32,377
173,539
171,043
181,404
237,898
16,800
4,800
4,800
5,102
5,686
$944,897
$774,418
$855,506
$709,774
956,700
4,980
958,200
7,886
958,200
9,443
958,200
11,000
13,500
(net)
Net earnings
Interest and other deduc¬
tions of subs.:
Int.
on
funded
and coll. notes
debt
General interest
Amortiz.
count
Taxes
of
debt
and
on
dis¬
expense.
bonds and
on
Federal income tax of
minor subsidiaries..
Balance before income
deductions
of
Port¬
land Elec. Pow. CoPortland Elec. Pow. Co.:
Interest
6%
on
coll.
trust income bonds-
General interest
Fed. & State taxes
debs. &
on
Amortization
of debt
discount & expense.
48,757
47,426
41,737
41,737
$65,540
Net loss.
$239,094
$164,874
$313,621
Excl. of Willamette Valley Ry. Co. now in process of
reorganization.
Consolidated Balance Sheet Dec. 31
Plant,
al935
al936
$
Liabilities—
property,
S
-.84,382,474 81,972,257
Non-oper.property 5,830,236
5,891,534
7% cum. pr. pref. 5,681,900
6% cum. 1st pref. 6,192,050
7.2% cum. 1st pref. 3,053,595
c
rights, &c
term
and
long-
receivables 2,461,535
Special deposits...
2,504,373
128,996
7,510
4,479,704
4,714,459
Unamort. debt dis¬
count & expense
Prepaid accts. and
69,887
1,595,677
b Notes & accounts
receivable
1,204,476
Materials & suppl.
of
comparison.
$6
S6
cum. 1st
1,182,288
794,816
650,781
pref. 3,013,379
non-cum.
Capital surplus.
debt
Deferred
al935
$
5,679,900
6,186,750
3,049,135
3,042,349
2d
pref. ($1 par)
Com. stk. ($1 par)
Funded
1,210,542
1,866,054
Cash-—
55,000
55,000
176,800
176,800
2,757,924
2,833,504
( 18,862,000 69,086,000
liabilities 2,592,843
425,406
Notes & accts. pay.
255,006
Accrued interest-- 3,309,486
Accrued taxes
1,349,531
2,360,670
Accrued
payroll..
354,280
1,279,795
157,239
Real estate, loan <fc
equip,
purchase
obligations
Deferred
Reserves
Total
.102,358,834
98,588,7661
Total.
138,837
credits..
......
82,034
223,044
189,321
4,510,198
3,787,822
.102,358,834 98,588,766
Exclusive of Willamette Valley Ry. Co. now in process of reorganiza¬
b After reserve for uncollectible notes and accounts,
c Represented
by 32,510 no par shares in 1936 and 32,499 in 1935.—V. 143, p. 2692.
a
tion.
purposes
9.958
on
deb. int.
deferred charges
$838,505
$923,465
$1,076,108
$1,291,135
Net income
4 .591,249
3,245,374
2,921,162
2,565,250
Divs.—per cent.....(5^)2,375,037 (7)3,022.775 (5)2,159,125(5)2,159,125
Shares of capital stock
outstanding (par $50)
863,650
863,650
863,650
863,650
Earns, per sh. on cap.stk
$5.32
$3.76
$3.38
$2.97
Figures restated for
1934
$12,256,135 $11,202,041 $10,746,399 $10,116,202
4,535,773
4.041,262
3,663,235
3,291,154
Maintenance
1,111,854
1,012,629
958,409
848,728
Prov. for uncoil accts..
86,224
176,286
194,820
198,353
Prov. for depreciation...
1,124,586
930,249
794,299
762,496
General taxes
1,696,102
1,509,671
1,463,498
1,400,043
Total deductions
Note—Dividends from
(& Sybs.)—Earnings—
xl935
Invests,
18,541^
35,643
4,000
__
xl936
Operation
Assets—
and
other reserve funds
Miscellaneous income
Ry .—Collateral—Note
Gross earnings
al936
•
Virginia
a reduction of $37,500 in the face amount of the
note, now
totaling $737,500 and the pledge of the additional collateral, the Bank has
agreed to extend the balance to May 28, 1938, and reduce the interest
rate from 4% to 3.35%.
The note was due May 28, 1937.—V. 144, p. 3850.
Miscell. non-oper. phys.
property
Dividend income
West
stock, $10 par,
The company has applied to the Interstate Commerce Commission for
authority to pledge $125,000 first morgage 4j^% bonds as additional col¬
lateral security for a note held by the Chemical Bank & Trust Co.
In
x
Inc. from lease of road..
&
common
Extended at Reduced Interest Rate—
$77
52,432
$1,566,646
1,766,714
Other Income—
x
18,873,660
1,550,803
$2,906,119
Gross
18 ,069,185
114,417
Unadj. debits..
Special deposits.
Agents & conduc
419,778
82,712
285,911
.$17,205,609 $13,658,184 $12,860,601 $11,972,709
Per cent exp. to earns—
(77.49)
(81.19)
(84.40)
(82.10)
Net railway revenue
4,998,882
3,164,148
2,376,342
2,610,128
Railway tax accruals—
2,127,418
1,131,720
807,235
1,083,649
Uncollectible ry. rev—
47
2,460
Income
25
70,484
bond interest
1,294,201
5,205,515
expenses.
Inc. fr. unfd.
1,543,541
25
908,599
.
-
consideration of
RR.—Annual Report—
Operating Statistics for Calendar Years
Rev. tons
,428",555
Def. credit items
2,310
to
1937
$180,000
101,000
Gross
Net after expenses, before deprec., depl. and taxes
144,
2
Interest matured
Miscellaneous
61,695
551,834
1,943,213
Deprec. (equip.)
accounts.
Accrued interest,
undistributed
3515.
p.
Pioneer Gold Mines of British Columbia, Ltd.—Earns.
—V.
1 ,442,109
Taxes accrued..
deposits
Traffic bals. rec.
191
6,063
_
Balance, deficit..
Note—No provision is made herein for
profits, if
Funded debt
for invest,
approp.
in
446,000
819,752
300,000
Cash
Findlay Downs.
William L. Butler, formerly Vice-President of the
company, was elected
Executive Vice-President, a newly created post.—V. 144, p. 2670.
Oper. exps. & taxes
285
223,000
8,076,227
Philadelphia & Western Ry.—New Directors—
This company which has completed its
reorganization under Section 77
of thelFederal Bankruptcy Act, announced the election of five new members
to the board of directors.
The new members are T. Elwood Blake, Johnathan M. Steere, John S. Jenks Jr. John S. Lloyd, and W.
Period End. Mar. 31—
285
1,644,840
5,175,468
Advances
Other investm'ts
43,182,500
Profit and loss—
The income statement for the 12 months ended
April 30 was published
in V. 144. p. 3687.
Gross oper. revenue
$
43 ,182,500
300,000
Misc. phys. prop
Misc.
S
Capital stock
8,076,127
Notes.
$3,200,000
indebtedness.
$
74,643,731
Volume
Financial
144
Pleasant Valley Wine Co.,
Period End. April 30—
Net
loss
after
1937—6 Mos.—1936
deprec.
normal Federal income
taxes & other
$16,772
$9,805
charges.
prof.$36,063 prof$24,151
Earns, persh. on250,000
capital stock..
—V. 144, p. 621.
).10
$0.14
Nil
Nil
shares
Pollock's, Inc.—Initial Dividends—
dividend of 37 yi cents
dividend of 7J*£ cdnts per
15 to holders of record
The directors have declared an initial quarterly
6% preferred stock, and an intial
both payable June
per share on the
share on the common stock,
June 5.—V. 144. p. 1798.
1935
1934
1933
$874,359
202
$768,234
$689,179
561
484
$677,254
Dr 1,136
$874,561
$768,796
378,799
69,025
$689,663
366,914
49,915
$676,118
321,579
51,700
26,727
Total oper. revenues—
Non-operating revenues.
Gross earnings
Operating
Co.- -Earnings—
1936
26,400
120,467
84,731
120,944
91,685
119,006
106,313
Years—
413,955
77,579
9,386
expenses.
Taxes
Amort, of franchises
Amortization
of cyclone
damages
Provision for
deprecia'n,
replace. & renewals
Int. deductions ( net)
123,001
74,683
reclassification
minor
to
$33,478
$51,119
1933 figures differ
$115,773
$175,956
Net income
Note—Due
of
detail
the
slightly from those contained in the annual report
income, however, is unchanged.
Balance Sheet Dec. 31
28,300
29,733
Owing
17,903
Deferred charges..
378,200
Funded debt
$3,329,009 $3,274,886
&C
Special deposits...
85,268
to
1935
1936
$1,800,000 $1,800,000
Com .stk. (par$100)
Plant, prop., eqpt.
Net
for that year.
Liabilities—
1935
1936
Assets—•
424,200
Inter.
705,744
62,898
843,881
51,441
25,548
30.889
Accts.,&c., payable
11,294
Accts. receivable.
97,526
91,501
Accrued taxes
50,135
45,023
71,735
.
Materials &suppls
and
the
expense
78,176
Accrued Interest._
2,131
2,163
Capital structure—The capital structure of the company was simplified
during the year by the reclassification and exchange of the old 5% preferred
and $6 preferred stocks into one class of new $4.50 cumulative preferred
stock, with non-detachable stock purchase warrants.
The warrants entitle
the holders to purchase 1H shares of common stock for each share of pre¬
ferred stock at prices varying from $27.50 to $45 per share depending on the
year of exercise.
The basis of exchange was four shares of 5% prior pre¬
ferred stock for one share of $4.50 preferred stock and one share of $6 pre¬
ferred stock for one share of $4.50 preferred stock.
As a further step in the simplification of the company's capital structure,
stock subscription rights were issued to common stockholders on July 1,
1936 in order to provide funds for the purchase or redemption of preferred
stock.
These rights, designated as series A, B, C and D, entitle the holders
to purchase common stock at the price of $27.50 per share subject to time
limitations as to each series and the exercise of each series on certain further
terms and conditions.
Stock subscription rights representing 34,734 64-100
shares of common stock, including all of the series A rights, were exercised
prior to March 31, 1937, and proceeds to the extent of $948,565 were used
to purchase shares of the company's $4.50 preferred stock.
^
The purchases and exchange of preferred stocks effected during the year
resulted in a reduction in the annual preferred dividend requirements from
$1,297,915 at the beginning of the year to $808,960 at March 31, 1937.\#
As a result of the payment of stock dividends and the exercise of rights,
options, the common stock outstanding was increased 168,874 72-100 shares during the year to 1,549,158 72-100 shares at March 31,
1937.
In addition, 15,436 41-100 shares were issued on April 1, 1937
warrants and
10,055
Tel. & Tel.Corp.
Def. liabs. & Inc..
Cash In banks & on
hand
difficulties
moving expenses during the year.
Porto Rico Telephone
(falendar
of moving certain operations to other
locations.
Net profit of company and its subsidiaries for the year, after
interest, depreciation and provision for all taxes, was $3,516,732, and,
after allowing for a full year's dividend on the preferred stock outstanding
at March 31, 1937, was equal to approximately $1.75 per share on the
1,549,158 shares of common stock outstanding on that date.
It is estimated that the earnings of the company during the year absorbed
extraordinary expenses of approximately $1,700,000, of which $500,000
was direct expense of the labor difficulties and the balance was unabsorbed
burden due to interruption of production caused partly by the labor diffi¬
culties and partly by the moving and the abnormal expenses incident to
the re-establishment of operations in the new locations.
Although benefits
extending over many years are anticipated from this concentration of
manufacturing, the company adopted the policy of writing off all of the
labor
Inc.—Earnings-
1937—3 Mos.—1936
4021
Chronicle
Sund. curr. liabs.-
575
•
-
_
«■»
-
Res. for. deprec'n_.
176,277
154,937
Earned surplus...
,
395,171
236,681
Paid-in surplus...
Years Ended March 31
Consolidated Income Account for
1937
1936
1935
1934
$45,633,411 $39,358,234 $33,388,891 $27,912,501
Cost of sales
23,796,571
19,463,003
16,948,531
13,000,241
Selling &adminis.exps.. 16,913,160
15;477,800
13,500,441
12,498,881
Loss of foreign subs, not
Net sales.
9,667
------
stock dividends.
as a
70,509
10,205
$4,923,680
1,000,115
$4,346,923
871,759
52,929,715
774,198
52,413,379
758,571
$5,923,795
848,557
861,506
$5,218,682
793,643
998,041
53,703,913
728,779
1,007,169
53,171,950
734,201
1,019,213
consolidated
.
Total
$3,581,851
—V. 142, p.
$3,581,851 $3,578,624
Total
$3,578,624
Balance
Miscellaneous income
4189.
Pressed Steel Car Co.,
Net profit
Inc.—Earnings—
Prov. for depr. of prop..
Earnings for 3 Months Ended March 31, 1937
Net profit after deprec., interest, normal Federal and State
income taxes but before surtax on undistributed profits
x$387,763
384,386 shares common stock (par $1)__
$0.83
Earnings
share
uer
on
Including non-recurring profit of $185,074 arising from
—V. 143, p. 4164.
x
Interest charges
sale of patents.
Prudence-Bonds Corp.— Trustee—
Bank & Trust Co., New York, has been appointed
and modification agreement for $1,507,500 Pru¬
certificates, known as "23 West 73d Street issue,"
first mortgage on the Park Royal Hotel.—V. 144, p. 3689.
Sterling National
dence-Bonds
which
are a
of more
two-thirds
than
of stock in
416,709
217,374
$3,010,288
109,621
x526,182
$1,750,591
$1,264,941
$1,455,781
$2,374,485
$1,750,591
$1,264,941
1,549,158
$1.75
1,380,284
$1.24
1,290,987
$0.39
Merged—
1,290,987
$0.01
the proposed merger.
The companies being merged are
Paterson & Passaic Gas & Electric Co.,
Jersey Gas, Electric & Traction Co. and Gas & Electric Co. of
Bergen County, New Brunswick Light, Heat & Power Co. and the Newark
Consolidated Gas Co.
See also V. 144, p. 3851.
South
Bal.for.diV8. &
1937
1936
$15,663,352 $14,040,371
6,656,626
6,107,001
surplus(after approp.for retire.res.)
1,763,569
1,377,196
—V.
3516.
Radio Corp. of
|iY;/
A
America—Conversion Time Extended—
Radiomarine Corp.
x Payable in
5% prior preferred stock—21,047 shares on April 1, 1936.
Excludes dividends paid in common stock amounting to $57,242.
z In¬
$73,000 surtax on undistributed profits.
Consolidated Balance Sheet March 31
^Excepting wholly-owned foreign
foreign exchange restrictions
subsidiaries, not consolidated because of
applying to remittances therefrom)
1937
Accts.,
$
Liabilities—
drafts and
1,501,772
781,417
409,129
960,999
1,023,488
Res. for U.
notes receivable,
11,847,433 10,833,019
Inventories.
..13,243,352 11,648,770
b Rental machines 2,230,029
2,372,077
1,550,383
Invest. and advs
1,509,584
900,943
Other assets
1,235,266
x Properties.
9,384,178
9,814,144
Res. for unredeem.
ple'n of contr'ts.
for
Res.
72,366
of
leased
36,416
premises
Deferred charges to
306,813
311,738
Dividends payable
a
patents,
201,328
292,569
Other liabilities.
Res.
1
for ins.,
&c.,
reserves..
315,144
283,821
1,108,987
1,048,257
debentures-19,905,000 20,000,000
$4.50 pref.
cumul.
4,494,240
(par $25)
5% prior pref. stk.
(par $25)
Net tel. & cable oper.
$26,009
revenues
$90,089
1,000
19,184
$15,757
$70,614
1,000
14,383
Uncollect, oper. revenues
250
250
Taxes assignable to oper.
5,656
3,446
$20,103
$12,061
425
$69,905
1,346
$20,529
$12,117
$71,250
$55,612
$6 pf. stk. (par $25)
$55,231
56
44,065
54,810
351,281
for conting's.
oper.
Res.
254,061
275,960
63,636
rents
occupied
A]4.%
expenses
& corn-
coupons
.
&c
2,044,183
foreign inc. taxes
Accrued taxes, int.,
less reserves
$324,675
$366,048
796,916
payrolls, &c
S. and
7,169,699
1937—4 Mos. —1936
$79,393
$
$
1,053,728
Accounts payable.
4,072,586
operations
1936
1937
1936
$
hand
on
Goodwill,
of America—Earnings—
1937—Month--1936
$98,375
y
cludes
.
York Stock Exchange that the time
preferred stock may be converted into $3.50 cumulative
convertible first preierred and common stock of the corporation has been
extended to and including Sept. o0, 1937.—V. 144, p. 3189.
The corporation has notified the New
Period End. April 30—
out¬
...
within which "B"
Tel. & cable oper. revs__
Total tel. & cable oper.
stock
Cash in banks and
W12 Months Ended April 30—
Operating revenues
Balance after operation, maintenance and taxes
..
com.
standing (par $1).—
Earnings per share
Assets—
Puget Sound Power & Light Co.—Earnings—
p.
Surplus
Shares
each of three underlying
companies voted June 7 to merge with the Public Service Electric & Gas
Co.
Stockholders in two other underlying companies voted June 8 on
144,
153,596
z697,000
$3,516,732
5% prior pref.divs.(cash)
112,874
6% pref. stk. divs.(cash)
443,982
$4.50 pf. stk. divs.(cash)
413,928
Com. stock divs. (cash), yl,090,167
-
Net profit.
Corp.
Public Service Electric & Gas Co.— Utilities
Owners
S. and
U.
foreign income taxes.
extension
under
trustee
Provision for
Com. stk.
(par $l)cl,564,595
z4,911,032
4,384,850
1,380,284
Capital and initial
Operating income.
Non-operating income.
_
Gross income
—V.
144, p.
;;:'V.vy;
3349.
Reece Button-Hole Machine
to
the
capital stock,
Co.—20-Cent Extra Div.—
share in
quarterly dividend of 20 cents per share on
$10, both payable July 1 to holders of record June
regular
par
the
15.
Dec. 24, 1936.
Extra dividends of 10
cents were paid on Oct. 1 and July 1, 1936; Dec. 27 and July 1, 1935;
Dec. 27 and July 2, 1934, and on Dec. 27, 1933.—V. 143, p. 4014.
Similar
payments were made on
Reed Roller Bit Co.—Extra Dividend—
10 cents and
The directors have declared an extra dividend of
a
quarterly
dividend of 20 cents per share on the no par common stock, both payable
June 30 to holders of record June 19.
Similar payments were made on
Extra dividends of 55 cents were paid on Dec. 15 and on
An extra of 10 cents in addition to an initial quarterly
March 31, last.
Sept. 30, 1936.
dividend of 20 cents per share was distributed on
June 30, 1936.
The stock
May 16, 1936 split on a 3-for-l basis. The old stock was receiving
quarterly dividends of 25 cents per share.
In addition, an extra dividend
of 25 cents was paid on March 30, 1936, and an extra of 50 cents was paid
on Dec. 26,1935.—V. 144, p. 3516.
was on
Reliance
The
Mfg. Co. of 111.—Extra Dividend—
declared an extra dividend of 10 cents per share
regular quarterly dividend of 15 cents per share on the
stock, both payable Aug. 2 to holders of record July 22.
Similar
directors
have
in addition to the
common
fayments were made dividend 1of $2 per share was paid 2 and Aug. 1, 1936.
and Feb. 1 last, Nov. on Dec. 23, 1936.—
addition, a special on May
n
V.
144,
p.
Earned
3516.
44,264,132
Total
44,165,885'
Total
surplus
d8,042,812 y5,727,930
3,462,715
2,248,245
44,264,132 44,165,885
completion of contracts (long-term), rents of unoccupied
(long-term) and other liabilities,
b After depreciation of
$2,195,555 in 1937 and $2,062,398 in 1936.
x After depreciation of $15,108,386 in 1937 and $14,626,921 in 1936.
y Set up at the inception of the
company and in connection with restating value of pref. and common stocks,
less
charges thereagainst.
z Issued
and outstanding, 175,394 shares,
$4,384,850; to be issued April 1, 1936, as capital stock div. on the $6 pref.
stock, 21,047 7-25 shs., $526,182.
c Includes
15,436 shares (par $1) to be issued April 1, 1937 as capital
stock dividend on the common stock,
d After crediting the account with
$3,179,669 capital surplus arising from reduction and reclassification of
prior preferred stock and $1,755,375 excess over par of amount received
upon exercise of rights, options and warrants covering 127,068 common
shares and after deducting $2,610,162 excess of cost over par value of pre¬
ferred stock purchased.—V. 144, p. 3690.
a
The directors have declared an extra dividend of 20 cents per
addition
surplus
382
Reserves for
leased premises
Republic Steel Corp. (& Subs.)—Earnings—
Earnings for 12 Months Ended March 31, 1937
Profit from operations, after
deducting charges for maintenance
and repairs of plants amounting to $20,567,486
Prov. for deprec. & depl. of properties, plants & equipment
..$35,024,419
10,247,205
funded debt..
—
Prov. for Fed. inc. tax & surtax on undistributed profits (est.)_
Interest
on
Adjustment for portion of profit & loss
Consolidated net profit for period
a
The
surtax
applic. to minority int..
4,722,812
a5,174,450
86,998
$14,792,954
approximate amount of $1,850,000 has been provided for estimated
undistributed profits, this amount being included in the pro¬
$5,174,450—V. 144, p. 3691.
on
vision of
Remington Rand Inc.—Annual Report—
in part:
ended March 31, 1931 and amounted
$45,633,411, compared with $39,358,234 for the previous year, an in¬
crease of 15.9%.
Th|s increase was reflected in both domestic and foreign
sales, domestic having increased 16.5% and foreign 14.8%.
The net results of operations continued to show improvement during the
James H. Rand Jr., President, says
Sales were the largest since the year
to
year
and were the best since the year ended
March 31, 1930, in spite fo
Rice Stix
Dry Goods Co., St. Louis—25-Cent Div.—
The directors on June 9 declared a dividend of 25 cents per share on
common
the
stock, no par value, payable July 15 to holders of record July 1.
with 50 cents paid on Feb. 1 last, this latter being the first
dividend paid since Jan. 15, 1935, when a similar distribution was made.
A dividend of 25 cents was paid on Aug. 1, 1934 and one of 75 cents per
share was paid on Jan. 15, 1934.
This latter payment was the first made
This compares
4022
the
on
Financial
common
37^ cents
stock
share
per
since
"The
1, 1930, when a quarter r
paid.—V. 144, p. 465.a!
was
1936
1935
$1,357,255
1,072,061
$1,446,882
1,219,715
$806,592
628,065
$196,249
$285,194
$227,167
$196,249
y97,934
23,241
2,466
9,731
$285,194
102,541
20,748
1,645
21,173
$227,167
74,010
16,455
1,272
18,621
$180,870
65,988
20,972
4,519
$62,876
290,000
$139,086
145,000
$116,808
145,000
$89,391
$0.21
$0.96
x0.80
gen. exps
Prov. for Fed. inc. taxes
■_
1934
zl48,000
$0.60
Note—Due to amount of dividends paid to March 31, 1937, there was no
liability for surtax on undistributed profits at that date.
$100,364
834,670
574,323
Notes & accts. pay.
Accr'd wages, &c.
622.968
bonds
accrued
1936
$145,865
HOLC
293,616
Prov. for Fed'l inc.
Liabilities—
and
x
154,641
Inventories
Cash surrender val.
3,632
150,000
Patents,
&
16,043
45] 900
68,424
2,000
1,973.889
...
1,700,157
(not
current)
Res. for workm's'
mortgage bonds had been issued as of May 31, 1937,
compared with April 30, 1937.
May 31
April 30
Ogdensburg & Lake Champlain Ry., 1st mtge. 4s- $2,496,000
$2,082,000
Rutland-Can. RR. Co., 1st mtge. 4s_
744,000
665,000
Rutland RR., 1st consol. 4j^s
2,513,000
2.336,1)00
—V. 144, p. 3691.
compensation
development-
1
95,211
is to say that nothing will be done unless
pressure is exerted.
Probably
there is never a time so ideal that all parties in interest will agree that a
Total
,—$3,826,235 $2,860,159
Represented by 290.000 shares par $1 in 1937 and 145,000 shares par $1
144, p. 3690.
x
in 1936—V.
Richard
Mining
& 'Development Co.,
ever to be reorganized, a
beginning must be made, and it seems to us that
the present is a good time to begin."
Mr. Willard expressed opposition to any move to delay beyond July 1
the date by which, under Court order, the Frisco must file a new plan of
"If a further extension is granted from July 1," Mr. Willard said, "we
shall probably merely repeat our experience over the last four years, which
35,057
$3,826,235 $2,860,1591
Expressing opposition to any further delay in reorganization of the com¬
The Railroad Credit Corporation has taken steps to secure some
early action on the case.
Writing to E. N. Brown, Chairman of the com¬
pany, Daniel Willard Jr., General Counsel of RCC, said: "If the Frisco is
pany.
3,000
__
"1
Deferred charges..
Ry.—R. C. C. Opposes Delay in
Reorganizing Road—
220,000
_
goodwill
Total
RR.—Deposit Receipts—
ment for the various
reorganization.
Note payable
investments
Fixed assets
90,390
181
Res've for conting.
and
427,087
341,558
71,910
144,113
21,095
Unclaimed divs...
of pay. of judg't
1936
413,588
769,070
109,638
Taxes payable
Cash dep. as guar.
assets
payable
taxes
of life insurance.
Other
1937
Com.stk.&surpl.$2,077,126 $1,867,268
Mortgage
interest
_
an¬
(Helena) Rubinstein, Inc.—Class A Dividend—
St. Louis-San Francisco
1937
Accts. receivable.
dividend," the
The directors have declared a quarterly dividend of 25 cents per share
the $1 cumulative class A stock, payable July 1 to holders of record
June 21.
An initiahdividend of like amount was paid on April 1 last.—
V. 144, p. 1602.
Balance Sheet March 31
Assets—
Cash
stock
on
Rutland
Includes $2,742 for idle plant expense, less other income
y
a
The following deposit receipts under the proposed plan of interest adjust¬
Net profit
Shs. capital stk. ($1 par)
Earnings per share
No par.
as
or by transfer of surplus to capital
account or otherwise.
The primary purpose of the directors in recommend¬
ing the stock split-up, which will have the effect of reducing the market
price per share, was to afford opportunity for wider participation in the
ownership of the company."—V. 144. p. 3691.
$178,527
2,343
Interest
issued
not
were
through contributions from the outside
1937
Other income-
Sell., adm. &
Depreciation
shares
.
$1,652,729
1,456,480
Total income
June 12, 1937
1
..v.
nouncement state
ut to effect a split-up of the issued shares on a threefor-one basis without effecting any increase in the capital of the corporation
Reynolds Spring Co. (Earnings—
Quar. End. Mar. 31—
Cost of sales-.!
Chronicle
Nov.
reorganization should then be carried through.
"I very much hope that such steps will be taken between now and July 1
that the debtor will not find occasion to ask for an extension."
Mr. Willard promised the cooperation of the RCC in expediting as much
as possible reorganization of the
carrier.—V. 144, p. 3851.
Safeway Stores, Inc.—To Reduce Offering—
Ltd.—Reqisters
with SEC—
The company has reduced the proposed
offering of 4% debentures from
to $15,000,000 and has abandoned its offering of 92,397 shares
$20,000,000
See list given on first page of this
department.
Richfield Oil Co. of
Calif.—Receivership Ended—-
-..A, fina^ report by William C. McDuffie,
reorganization
trustee,
was
of 5% preferred stock,
according to an amendment filed with the Securities
and Exchange Commission.
Proceeds from the sale of the $15,000,000
debentures will be used for payment of bank loans
aggregating $10,000,000
and for general corporate
purposes.
Originally the company planned to
filed in the Federal Court at Los
Angeles, Calif., June 6 officially ending
the Richfield and Pan-American Oil
receiversnip.
► The Richfield Oil Corp. is the new organization to which were transferred
the assets of the Richfield Oil Co. of
Calif., the Pan-American Petroleum
Oo. and the Rio Grande Oil Co. under the
reorganization plan of March 12.
last.
retire its
Earnings for the Period Jan. 1 1937 to March 12, 1937
Net profit arter depletion,
depreciation and loss on properties
Neiv Common Stock—
abondoned
$315 634
—V. 144, p. 2145.
x$48,842
x Includes
$4,352 discount on bonds retired.
Note—No provision was made for Federal income taxes for the
period as
the company believes that
depreciation to be claimed for Federal income tax
purposes for the calendar year 1937 will exceed the depreciation recorded
company's books by
income.—V.
144,
p.
Rome Cable
an amount sufficient to eliminate any taxable
3851.
$168,734
119,469
expenses
Net income from operations
Other deductions
$49,265
($520) less other income
283
Net profit from operations
$48,982
Pre-production expenses incurred prior to July 1, 1936 (approx.
as of which date certain
manufacturing operations commenced)
Net profit
—
providing
47,366
for
depreciation of buildings, machinery,
equipment, &c.
Note—The company was organized on Jan. 20, 1936, but did not com¬
mence business until about
Apr. 1, 1936.
Manufacturing operations were
commenced in certain departments about
outstanding, both payable July 1 to holders
■
Savannah Electric & Power
Co.—-Earnings—
12 Months Ended April 30—
Operating
1937
revenues
Assets—
$121,612
12,348
►
allow, of $763 for doubt.,&c.)
Inventories—raw mat'Is, sup-
cases
returnable
562,893
x891,736
...
Capital surplus—
Earned
$119,491
20,826
March.
April..
May
surplus--
_
946,250
814,327
1,616
61,678
....
-Sl,914,519|
Total
--$1,914,519
After allowance for depreciation of $28,008.—V.
143, p. 285.
f Royal China, Inc.—Stock Offered—An offering of 28,000
common shares, $2.50
par value, is being made by a group
Ohio
dealers headed by
Price is $10.25 per share.
Tillotson
&
$607,780
611,832
811,059
1,190,423
1,279,334
1935
"
1934
$478,982
566,578
904,809
1,147,819
1,306,138
1933
$486,507
515,158
1,143,763
844,512
1,186,297
$357,430
441,916
664,335
833,852
877,446
Earnings for the Period Jan. 1 to March 27, 1937 |
Net profit after interest, deprec., amortiz., Fed. inc.
taxes, &c__
Earns, per share on 97,500 shares common stock
Current assets
as
$55,616
(no par)
$0.43
1937, including $685,898 cash, amounted
liabilities, including $1,750,000 bank notes
Inventories, after reserves, were $4,369,622.
of March 27,
to
$5,254,218 and current
payable, were $2,910,368.
144, p. 3517.
—V.
(Philip)
Schuyler Corp., Albany- -Reorganization Plan
Pursuant to the provisions of Article I of the
plan of reorganization
dated Nov. 20v 1936, the committee for the 1st
mtge. 6% gold bond certifi¬
cates (Geo. P. Cooley, Chairman) with the consent of
Maryland Casualty
Co. and Metropolitan Casualty Insurance Co. of New
the plan operative.
Gold bond certificates in the principal amount of not less than
$405,000
(including deposits for the account of the casualty companies), representing
over
81 % of the total issue outstanding, have been deposited with the
committee.
•
The trustee
Total
1936
1937
$681,079
633,294
1,094,763
1,202,744
1,323,238
January
February.
York, has declared
12,008
Common stock ($5 par)
piles, in process & fin. g'ds__
Plant and property
Deferred charges
Accounts payable, &c
Acer, wages, ins., taxes, &c--.
Reserve for spools, reels and
264,251
$1,839,898
804,578
256*v644
Operative—
Liabilities—
Cash
1936
$2,030,205
940,270
353,143
Schiff Co.—SalesMonth of—
July 1, 1936.
Balance Sheet March 31, 1937
Cust. trade accept's receivable
Accts. receivable—trade (after
on
June 15.
1
The company's stock was recently split up two-for-one.
A dividend of 50 cents was paid on the old stock on
April 1, last, and each
three months previously.
In addition, an extra dividend of 25 cents was
paid on Dec. 24, Oct. 1 and Jan. 2, 1936.—V. 144, p. 2675.
$1,616
-
$28,008
Dividends
—V. 144, p. 3517.
x
of
Initial
approp.for retire.res.)
Corp.—Earnings—
Gross profit on sales
x
and
Balance after operation, maintenance and taxes
Bal.for divs. & surplus(after
Selling, administrative and general
After
•Extra
The directors have declared an extra dividend of 25 cents
per share in
addition to an initial quarterly dividend of 25 cents
per share on the larger
Earnings for the Period from Organization of Company in 1936 to Mar. 31,1937
x
144. p. 3692.
Sangamo Electric Co.-
of record
Valley Gas Co.—Earnings—
Earnings for 3 Months Ended March 31, 1937
Net profit after ordinary taxes,
deprec., interest, &c
the
—V.
amount of common stock now
Rio Grande
on
7% preferred in addition to paying off bank loans.
The company has filed an amendment with the Securities and Exchange
Commission delaying the proposed offering date of its securities to June 25.
Co.,
Cleveland.
Company manufactures semi-porcelain dinnerware, of which approxi¬
mately half is sold to wholesale and retail dealers.
The remainder is sold
various types of customers in connection with
merchandising compaigns.
The plant is located at Sebring, Ohio.
certificates
trust mortgage pursuant to which the gold bond
outstanding has been requested by the committee to accel¬
the maturity of the mortgage and to foreclose the same.
Holders who have not yet deposited their
gold bond certificates with the
committee may still do so until further notice to the
depositary by the
erate
committee,-by forwarding their certificates to Empire Trust Co., the de¬
positary, 120 Broadway, New York, with all unpaid appurtenant coupons
due on and subsequent to Sept.
15, 1935, attached.
Committee—The committee
includes
George R. Cooley,
Chairman;
Arthur L. Andrews and John B. Creighton, with W. H.
Eisenhut, 100
State St., Albany, N. Y.
Secretary.—V. 144, p. 3191.
Shawmut Association-—Dividend Increased—
to
Capitalization after this financing will consist of 70,000 common shares
($2.50 par) author, and outstanding.
Net proceeds to the compahy will be
used to retire $29,000 of 1st
mtge. bonds, $40,000 of notes and for addi¬
tional working capital.
}
The company reported net income, after provision for Federal taxes, of
$38,155 for 1935 and $63,573 for 1936.
Gross sales were $672,477 in 1935,
$870,537 in 1936 and approximately $435,000 for the first five months of
1937.
May sales were $105,000, the largest for any month in the com¬
pany's history.
unde$$he
are
The trustees have declared a dividend of 20 cents
per share on the
company's stock, payable July 1 to holders of record June 16.
Previously
regular quarterly dividends of 10 cents per share were distributed.
In
addition a special dividend of 42 cents
per share was paid on Dec. 21.1936.
—V. 144, p. 3191.
Shell
Transport & Trading Co., Ltd.—Final Dividend—
The directors have declared
a
final dividend of 12 H% on the common
shares, making a total of 20% for the
17H% paid in 1935.—V. 144, p. 1801.
year
1936, tax-free, compared with
A
dividend of 25 cents per share on common stock has been declared
payable July 15 to holders of record July 5.—V. 144, p. 3517.
Royal Dutch Co.—Finat Dividend—
The
company
on
June
ordinary shares, making
3
declared
a
16for the
final
year
dividend
of
11
on
the
1936 against 10K% Paid in
1935.—V. 144, p. 950.
Shepard Niles Crane & Hoist
dend—Cash Dividend—
Corp.—100% Stock Divi¬
The company paid a stock dividend of
100% on the common stock, par
$25, in common stock on June 1 to holders of record May 24.
A cash
dividend 01 $1.50 per share was also paid on the common stock on the same
dates.
Ruberoid Co.—Stock
Split-Up Effective—
The split-up of the capital stock of this company authorized at the annual
meeting of the corporation, became effective June 1, and certificates evi¬
dencing the additional shares to which stockholders became entitled were
distributed on June 3 to stockholders of record at the close of business on
the effective date, it was announced by Herbert Abraham, President,
Stockholders entitled to participate in the stock split-up received two
additional shares for each one share held.
The effect has been to increase
the number of Ruberoid shares outstanding from 132,602 to 397,806.
i
on
Previous dividend payments were as follows:
Dec. 1, 1936, and 50 cents per share
$1
on
March 1, last; $3.50
paid on Sept. 1, 1936, and in each
the Dec. 15, 1935 dividend being the first
paid since 1932.—V. 144. p. 1124.
of the three preceding quarters,
Silver
King Coalition Mines Co.—25-Cent Dividend—
The directors have declared
a dividend of 25 cents
per share on the capital
$5, payable July 1 to holders of frecord June 15.
Same amount
paid on April 1, last, and compares with 15 cents paid on Jan. 9, last,
stock,
was
par
Volume
Financial
144
on Oct. 1, 1936; 10 cents per share distributed each three months from
Oct. 1, 1934 to and including July 1, 1936, and 15 cents paid previously
quarterly.—V. 144, p. 3692.
and
Singer Mfg. Co.—Extra Dividend—
an extra dividend of $2.50 per share in
of $1.50 per share on the capital
payable June 30 to holders of record June 10.
Similar extra dividends were paid in each of the 12 preceding quarters,
while on March 31, 1934, an extra dividend of $1 per share was distributed.
In addition a special dividend of $15 per share was paid on Dec. 31, 1935.
V.fcl44, p. 1802.
The
have
directors
declared
July, 1936 to policyholder creditors and 5%15to non-policyholder creditors
and one or more small additional distributions will be made before the
liquidation is finally wound up.
Payment of further dividends depends
largely upon the result of several test cases involving reinsurance trans¬
actions, which cases are now pending in the courts of this State and in
severalancilliary receivership proceedings in other States.—V. 142, p. 2844.
addition to the regular quarterly dividend
stock,
$100,
par
City—
Apartment Hotel, N. Y.
Avenue
Reorganization Confirmed—
confirmed the decision of
Judge Knox and has returned to the District Court for the purpose of
immediate reorganization the Madison Hotel, $2,700,000 bond issue.
The
plan previously approved by the District Court can now be consummated.
Under the present plan the bondholders will now receive new bonds,
without any reduction in the principal amount, and voting trust certificates,
S. Circuit Court of Appeals recently
The U.
representing all of the common stock.
The Court will appoint voting trustees to act
for the bondholders and
will be under their supervision.
The voting trustees
priviledged to select the concern best suited for the management of
a hotel of the type of the Madison, one of the highest type residential and
transient hotels in the Fifth Ave. and Park Ave. districts.
According to Nicholas R. Jones, of Kadel, Van Kirk & Trencher, counsel
for Property Management, Inc., representing a large group of bondholders,
the decision was a novel one and of considerable importance since it en¬
joined the insolvent debtor from interfering with the bondholders' plan
and its approval by Judge Knox.—V. 135, p. 1175.
the
Southern Union Gas Co.—Annual
both
616 Madison
management
will be
Somoa Products
Co., Inc.—Registration Withdrawn—
See list given on first page of this
I M
Report— "*■'
Financial—Attention "is called to the fact that the consolidated balance
as at Dec. 31, 1936, does not for the most part reflect the consumma¬
sheet
tion
on
lization
Gas
Feb. 19, 1937, of the voluntary plan of reorganization and recapita¬
of New Mexico Gas Co. (formerly named Albuquerque Natural
Co.),
which
of the company's principal subsidiaries.
These changes
in subsequent reports will affect the amount of
one
will
reflected
be
debt as well as the consolidated income,
surplus and other accounts.
The completion of the above mentioned plan
was a
major step" in the improvement of the financial position of New
Mexico Gas Co. and the parent company, Southern Union Gas Co.
By
consolidated long-term and other
New Mexico Gas Co. was
the financial and capital structure of
the plan
clarified and„simplified and put on a sound basis.
Under the amended plan, dated as of May 15, 1935,
holders of the first mortgage collateral 6 H % sinking fund
submitted to the
bonds of Southern
approximately 90% of the bonds have been exchanged
for the first and refunding 5bonds, series I and Series II (income),
of the company.
It is expected that during the year 1937 this plan will be
fully consummated and that the properties of the five subsidiary companies
will be transferred to the Southern Union Utilities Co., and the outstanding
1st and refunding 5H% bonds, series I and series II (income), will be as¬
sumed by that company.
Additional steps to further simplify the capital structure of the company
and certain of its subsidiaries are contemplated when and if such rearrange¬
Union
Gas
Co.,
ments are feasible.
During the year 1936 company was able to re-establish the cash payment
of interest at the full coupon rate on its 10-year collateral trust 6% bonds.
The coupons due April 1
and Oct. 1, 1934, and April 1 and Oct. 1,
1935,
scrip certifi¬
constructive
readjustment of the capital structures of certain of the subsidiaries, whose
securities constitute the collateral security for the above bonds, the con¬
tinuance of the payment of full interest seems assured.
The dividend scrip certificates representing fractional parts of a share of
common stock of Southern Union Gas Co., which were issued in 1930 and
1931 in connection with stock dividends paid on the common stock in
those years, have been extended until Oct.
1, 1937, to permit holders
thereof an additional opportunity to consolidate such dividend scrip cer¬
had been
department.—V. 144, p. 2499.
4023
Chronicle
paid one-half in cash and one-half in interest bearing
the maturity of the bonds.
With the
cates due on or before
South
Umpqua Mining Co.—Registration Withdrawn—
See list given on first page of this
department.—-V. 144, p. 1617.
South Carolina Electric & Gas
Calendar Years—
Co.—Earnings—
[Formerly Broad River Power Co.]
1936
220,841
426,786
72,663
$907,616
30,023
$1,041,856
539,968
167,674
62,545
Crl,031
$937,639
571,834
129,152
64,034
Cr6,370
$272,699
$178,989
$969,193
income
1936
1935
1934
1933
$1,871,440
$1,558,132
$1,286,661
$1,238,118
366,866
471,590
TotaFoper. revenue
Gas purchases
Operating exp
311,070
470,910
226,499
354,161
239,152
396.347
776,151
26,229
$706,001
54,526
$602,619
51,047
$1,048,883
125,825
$802,380
104,422
$760,527
122,148
$653,666
159,763
$923,058
384,455
165,946
29,264
$697,958
376,929
261,674
48,565
$638,379
419,174
210,402
76,806
$493,903
$10,790
a$68,003
a$201,107
$1,032,984
Gross
income.
.
Interest
on
funded
Interest
on
unfunded debt
debt
Amortization of debt discount and expense.
Interest charged to construction
15,899
Non-operating revenueGross income
Non-oper. rev. deduct..
Net income before int
Net income
Balance Sheet Dec. 31,
7% cum. pref.stock ($100 par)$3,810,500
Common stock (par 5100)—
4,329,400
S31.059.017
capital
49,113
Note receivable—affil.
Funded
6,837
co.
bond Interest
Deposits
with
trustees
15,977
Note receivable
Accounts
700,000
Notes
5,560
129,002
58,984
192.683
(contra)
.
15,977
-
payable—bank
payable—other
Accounts payable.—
2,194
350,929
Materials, supplies & mdse..
Appllanee accounts receivable
sold (contra).
Taxes accrued------—-
144,149
receivable
Deferred debit items
Note
73,620
Interest
accrued-
_■
Miscellaneous accruals
Consumers'
270,787
1,171,835
service
1,546
..
and
line
Guaranty of appliance accts.
receivable sold
Reserves
and
unadjusted credits.Contrib.
270,787
(contra)--.
miscellaneous
1,419,784
45,212
.
for extensions.-
—
7,871,163
1,956,244
Capital surplus-.--,
Corporate surplus—Total
533,172,9511
extraordinary^andAnon-recurring items of income and expense have
been eliminated.
Liabilities—
Investments
-
- —
$12,166,131
470,570
Southern California Gas
320
428,796
4,092
Prepaid expenses
Deferred charges &c—
Other assets
—V. 144, p.
1,239,695
8,700
Common (no par) stock.
577,870
912,140
730,002
Long-term debt.--———6,604,408
Notes payable
649,300
Accounts payable
299,708
stk.—subs.
Min. int. in pref.
M inority
interest
235,439
—
Other current liabilities
177,329
36,271
188,904
1,399,552
-----
Consumers deposits
$3,120,745
—
normal
Represented by 247,939 shares.-
a
$14,026,694
Total
_.-_-$14,026,694
Total
3351.
V.
143,
125.
p.
Southwestern Associated Telephone
Southeastern Gas & Water
Co.—Application Approved
Exchange has approved the application of the com¬
pany to list $100,000 1st lien gold bonds, 6% series, due 1941.—V. 144,
p. 3693.
Telephone & Telegraph Co.—Listing—
authorized the listing of $42,500,000
25-year 3H% debentures, dated April 1, 1937, and due April 1, 1962,
which are now outstanding and in the hands of the public, with authority
to add to the list $2,500,000 debentures upon official notice that they have
been sold to the trustee of pension funds established by affiliated com¬
panies as is now contemplated; making the total amount applied for $45,000,000.—V. 144, p. 3852.
The New York Stock Exchange has
$919,476
177,648
501,576
653
$282,417
2,519
$240,251
1,580
$317,165
$317,165
$284,937
162,500
162,500
825
1.748
12,622
$241,832
162,500
3,859
12,621
Cr67
207,282
604,327
Operating expenses and taxes.
$316,512
Other income (net)
Net earnings
on
1934
1935
$997,903
180;411
535,075
$1,128,122
Provision for depreciation—.
Interest
Co. (& Subs.)
1936
Calendar Years—
The Chicago Stock
Southern Bell
a
Allot, cert, subscribed
Surplus
Interest accrued—
1936
$3,026,124
&
$743,050
134,500
89,825
stock
cum.
$1.75 dlv. series stock—.
Retirement & depletion res..
1937
int.
7%
Taxes accrued.-
Co.—Earnings—
Federal income taxes
Cum. pref. stock ($25 par):
Class A 8% cum,
201
Cash-—.—-----—87.436
Accounts receivable (net)
574,624
Inventories..262,341
In debt, of affil cos (not cons.)
374
Special deposits
—
31,810
Note—Unpaid cumulative dividends on the preferred stock amounted to
$1,244,763 at Dec. 31, 1936.—V. 144, p. 3693.
12 Months Ended April 30—
Net profit after deprec., amort.,
31,1936
Consolidated Balance Sheet Dec.
Assets'
Fixed assets
$33,172,951
Total
comparative basis,
Note—In order to put the foregoing summary on a
certain
Sinking fund cash
101,605
deposits
441,118
203,362
50,530
IT Loss.|
Matured bonds and bond int.
for
$343,393 1
& State inc. taxes
2,019,602
28,491
(contra)
sinking funds, <fcc.--_
Cash (incl. working funds)
••
Net profit before Federal
10.244,900
debt
Notes & accts. pay. (affil.cos.)
Deposits for matered bonds &
expense—net—
dep. res_
Amortization reserved—
Interest
Retire. and (or)
1936
Liabilities—
As$€t$~~~*
Fixed
Investments.
Year
Consolidated Income Account for Calendar
renewals and replace¬
capital
Provision for taxes
Other
do so.
tificates into full shares if they care to
243,952
454,693
for retirements,
ments of fixed
189,030
360,690
Maintenance
Provision
1935
$3,142,953
1,375,569
$3,351,943
1,346,525
Operating revenues
Operating expenses
funded debt
General interest
12,622
Amortization of debt disc. & exps—
0319
Cr58
14,741
3,954
8,903
construction—
Interest charges to
common stockholders' int.
in net income of subs, company—
Minority
Southern California Telephone Co.—Gain in Stations—
telephones in service as at May 31,
and a new record high.
During
May, 1936, company reported a gain of 1,898 stations.
For the first five
months of 1937 the number of telephones in service increased 22,546,
against a gain of 15,477 during the corresponding period a year ago,—V. 142,
The company reports a total of 639,705
an increase of 2,582 during the month
p.
Misc. deductions from income
x
$49,380
30, 1933.
Appicable to the period Oct. 1, 1932 to Sept.
Consolidated Balance Sheet Dec. 31
3013.
Southern Natural Gas
The Securities and Exchange
Co.—Acquisition—
Commission has approved the acquisition
by company of (a) all of the outstanding securities of Alabama Gas Co.
except its first mortgage bonds, 4^% series due 1951, outstanding in the
hands of the public in a principal amount not in excess of $1,500,000, and
(b) all of the outstanding securities and certain open .account indebtedness
of Huntsville Gas Co.—V. 144, p. 2499.
Southern
Ry.
Earnings—
1937
Period—
(est.)
3694.
Gross earnings
$3,455,542
Southern Surety Co. of
N. Y.—Checks Mailed—
Superintendent Louis H. Pink on June 7, completed mailing checks
aggregating $166,865 to New
York State Workmen's Compensation
creditors of the Southern Surety Co. of New York, now being liquidated by
the Insurance Department.
This distribution, together with a 10% payment, totaling $18,335 previ¬
ously paid in 1934, constitutes 100% payment of the $185,199 allowances
to compensation creditors to whom awards for injuries were made by the
New York Industrial Commissioner.
The delay in completing the pay¬
ments was due to a long litigation which has now been terminated.
Exclusive of stockholder and deferred claims, a total of 17,763 claims
were filed in the liquidation proceeding.
Total allowances of $6,945,686
had been approved and reserves for 536 claims totaling $3,569,961 are
still pending final determination.
A first dividend of 7% was paid in
1936
Assets—
1936
Liabilities—
1935
ment, &c
$7,683,546
Misc. Investment.
25,546
$7,376,878
2,068
3.220
Special deposits
Debt, disct. & exp.
25,342
x
$1,395,080
2,246,000
173,658
174,534
3,250,000
Common stock..
Min.
int.
in
3,250,000
com¬
stock &
mon
sur¬
plus of sub. co..
306.069
in proc.
of amort
Prepd,accts.& def.
318,691
1935
2,246,000
$6 cum. pref. stock$l,395,080
Telep.plant,equip¬
charges
May
May—
Jan. 1 to May 311936
1937
1936
$3,126,365 $57,385,753 $49,809,135
;,
—Fourth Week of
—V. 144, p.
10,753
2,784
$96,828
$122,842
91,542
Preferred dividends
x
2,393
1st mtge. 5% gold
bonds, series A,
11,051
—
9,828
due April
1,1961
11,711
311,716
Cash
accts. rec.
Materials & suppl.
30,012
3,890
y94,502
83,748
196,661
U. S. Govt, secur.
x
467,310
38,537
Working funds
Total.---
4,330
43,433
Reserves
15,213
879,873
511,732
13,185
825,235
505,433
Deferred liabilities
connect
ing company
Notes &
5,375
89,191
40,625
66,839
Surplus
Due from
218.235
3,890
$8,673,588 $8,548,867
Accts.
payable—-
Accrued interest—
Accrued taxes
40,625
51,011
Service billed in ad¬
vance
$8,673,588 $8,548.8<U
Total
Represented by 42,000 no par shares,
144, p. 3853.
y
Accounts receivable only.
—Y.
Southwestern Light & Power
The
Co.—Accumulated Div.—
on June 4 declared a dividend of $1.12H Per share on
accumulations on the $6 cum. pref. stock, no par value, payable
directors
account of
July 1 to holders of record June 15.
Similar amount was paid on April 1
A dividend of $1.75 was paid on Dec. 19,1936; $1.12]^ paid on Oct. 1
75 cents paid on April 1, 1936; dividends of 50 cents paid
last.
and July 1, 1936;
4024
Financial
in each of the 10
preceding quarters;
per share
75 cents
on
previously each three months.—V. 144,
Operating
1937—Month—1936
Month of—
January--
1937—4 Mos.-
-1936
Uncollect, oper. revenue
$7,224,667
25,076
,613,491 $28,230,424
30,315
101,633
$26,003,256
123,335
Operating revenues
Operating expenses
$7,199,591
4,468,420
$6,583,176 $28,128,791
4,246,395
17,907,209
$2,731,171
$2,336,781 $10,221,582
$9,194,013
Net oper. revenues...
Rent
for
lease
of
928,743
3,610,803
15,783
2,872,000
$1,802,428
Net operating income.
—V. 144, p. 3192.
4,177
700,000
$1,632,604
$6,610,779
$6,306,230
March-.
1937—Month- -1936
$761,080
$523,709
Sales
—V.
1937—6 Mos.—1936
$4,970,692
$3,584,774
Co.—Weekly Output—
Electric output of the Public Utility Operating Companies in the Standard
& Electric Co. for the week ended June
5, 1937, totaled 102,370,kwh., an increase of 12.7% compared with the corresponding week
Gas
last year.
Statement of Consolidated Income Period Ended March 31
Exclusive of Deep Rock Oil Corp., debtor under Section 77B of the
Federal Bankruptcy Act, as amended, and the Beaver
Valley Traction Co.
(subsidiary of Philadelphia Co.) in receivership, and the subsidiaries of
such companies)
Sub. Pub. Util. Cos.—
1937—Month—1936
1937—12 Mos—1936
Operating revenues
$9,023,044
$7,716,066 $98,870,003 $91,294,141
Oper. exps., maint. and
4,857,670
4,083,943
52,342,134
46,977,209
i
Net
oper.
revenue
Net
oper.
other
$4,165,374
4,105
$3,632,123 $46,527,869 $44,316,932
22,047
75,546 '
190,037
$4,169,479
revenue
$3,654,170 $46,603,415 $44,506,969
&
income
Approp. for retir. & de¬
pletion reserves
Amort,
of
1,109,693
1,035,934
12,570,383
11,882,908
3,083
3,083
37,000
37,000
contractual
capital expenditures--
$3,056,703
Rents for
102,290
971,622
pref.
on
Federal
int.
1,229,454
13,364,492
106,394
11,085
1,377,388
132,295
1,237,182
117,696
5,766
41,667
69,192
500,000
69,192
500,000
30,214
10,656
30,629
3,893
382,370
401,512
12,782
Dr2,682
Cr3,479
Cr79,544
capital
by
guaranteed
subsidiary
Approp. for special
&
on
State
res..
tax
funded debt
...
__
_
$1,771,484
_
67,035
Cr47,005
$1,233,695 $18,110,150 $15,701,756
686,926
Minority interests in
711,730
8,798,227
8,538,087
118,111
92,786
614,388
723,497
un¬
distributed net income
Balance of inc. of sub.
Proceeds
are to be applied to payment of indebtedness to the John Hancock
Mutual Life Insurance Co.
The Department also ordered that the approval shall not become effective
shall have applied $200,000 of the cash of the company
principal sum of $500,000 of notes now outstanding and
maturing Sept. 1, 1937/—V. 144, p. 2322.
Standard
& Elec. Co
$429,179
$966,447
$8,697,535
$6,440,172
Income of non-util. subs,
F
367,141
Stand.
Gas & Elec. Co.:
Divs.
from
non-affil.
companies
Interest on indebted¬
ness of affiliates
33,403
25,052
351,946
302,144
35,266
35,408
420,238
427,424
$1,035,116
$489,639
$9,469,719
$7,537,671
790
2xp
Gas & El. Co.
20,844
18,273
272,874
247,668
$1,014,272
$471,366
$9,196,845
$7,290,003
368,247
368,247
10,730
4,418,970
72,754
4,418,970
124,105
Income charges of Stand.
Gas & Elec. Co.:
Interest on fund, debt
Other interest
7,189
Federal and State tax
on
interest
on
I
funded
debt
7,560
4,597
66,445
59,138
17,806
17,769
213,581
182,188
$613,470
$70,023
Amort, of debt disc. &
expense-
x$4,425,095 x$2,505,602
approximately $2,373,000 of undistributed earnings of sub¬
sidiary companies applicable to capital stocks held by Standard Gas &
Electric Co.
Of this amount approximately $1,160,000 is not available for
distribution to Standard Gas & Electric Co. in the form of dividends
stocks of certain
on
of the subsidiary companies due
principally to
accumulation of dividends on preferred stocks in prior
periods and to the
retention of surplus for other purposes.
Comparable amounts
for
the
12 months ended March 31,1936 are approximately $532,000 and
$121,000,
respectively.
Statement of
Income (Company Only)
Period End. Mar. 31—
1937—Month-—1936
1937Income from divs. and*
■i
'
1937—12 Afos.—1936
interest, &c.:
Divs. from pub. utility
affiliates
Divs. from engineering
& managem't affil..
Divs. from others
Interest on fund, debt
of affiliate.
$406,509
$436,530
$6,160,921
$5,802,350
33",403
25",052
351,946
298,873
302,144
10,885
13,750
135,113
165,000
35,266
35,408
420,238
436,206
Interest
on
indebted¬
of affiliates
Int. on bank balances.
ness
Profit
by
on
an
red. of
Total
Gross income-Interest on funded debtOther interest
Federal and State tax on
a
790
secur.
affiliate.
Expenses and taxes
28,125
$486,063
20,844
$510,740
18,273
$465,219
368,247
7,189
$492,467
368,247
10,730
interest on fund, debt
Amort, of debt disc. &
expense
$6,823,469
4,418,970
72,754
$7,005,363
247,668
$6,757,695
4,418,970
124,105
7,560
4,597
66,445
59,138
17,769
213,581
182,188
$91,124
$2,051,719
$1,973,294
Including amortization of
1,417
expenses
tension of notes due Oct. 1, 1935.—V.
$7,096,343
272,874
17,806
Net income
a
of
section 77B of the Bankruptcy Act were not obtained.
The proposal of
The Glidden Co. was withdrawn.
The amended or substitute plan, has
therefore, necessarily been abandoned.
'
A proposal has been received from Interchemical Corp
(formerly Inter¬
national Printing Ink Corp.) which proposal has been unanimously accepted
by the directors of the company.
Based on such proposal, a modified plan
of reorganization, dated May 25, 1937, has been adopted
by the company
and has been filed in the reorganization proceedings
pending in the U.|S.
,
.
District Court for the Southern District of New York.
The bondholders protective committee for the 1st mtge. 6K% bonds,
consisting of Allan F. Ayers, A. E. Adams, Jr. and James S. Boggs, has
collaborated in the preparation of this plan and has approved it.
This
plan is now submitted to the bondholders and stockholders of the company
for their consideration and action.
George T. Broadbent, President states in part:
"While it is important that each security holder read the modified plan
full, it may be pointed out that the plan provides generally that the
holders of bonds will receive for each $1,000 principal amount thereof and
all claims for interest in respect thereof, $100 in casii together with 30 shares
of the preferred stock and 10 shares of the common stock of the new com¬
pany.
Under the modified plan holders of bonds and (or) scrip certificates
will receive all of the preferred stock and a minimum of
approximately 28%
of the common stock of the new company, and in the event that the stock¬
in
holders shall not be entitled to receive any common stock of the new com¬
said 28% of the common stock would be increased to approximately
As stated in the plan and the proposal of Interchemical Corp., the
pany
49%.
51(7
of the total authorized
common
stock of the
new
company.
Under the modified plan stockholders of the company are
conditionally
entitled to receive common stock of the new company on the following basis:
One share of
stock of the
new
company for each 2
sharesiof
One share of common stock of the
class B $5 preferred stock.
new
company for each 5
sharesiof
common
class A $7 preferred stock.
(b)
(c)
One share of
common
stock of the
new company
for each 50 shares of
stock.
common
Under the modified plan, unless the holders of at least a
majority of each
class of stock of the company shall accept the plan on or before June
30,
1937 or on or before such later date as the court may from time to time fix,
the block of common stock of the new company
conditionally issuable to
stockholders shall not be delivered to present stockholders, but shall be
added to the securities otherwise issuable to bondholders and holders of
scrip certificates., Such provision is subject to the reserved power of the
Court, pursuant to the provisions of section 77B of the Bankruptcy Act, to
provide adequate protection for the realization by stockholders of the value
in the property of Standard Textile Products Co.
dealt with by the modified plan.
It is important—if the modified plan of reorganization is to become
effective—that prompt affirmative action be taken by the bondholders in
stockholders if they wish to participate in the dis¬
conditionally issuable to them as provided in the
modified plan.
The fact that securities have been deposited with the City
Bank Farmers Trust Co. or that assents have been filed under
any previous
plan doas not operate as an acceptance to the modified plan.
The holders of certificatas of deposit issued by
City Bank Farmers
Trust Co.—in order to express their acceptance of the modified
plan—
file promptly writh City Bank Farmers Trust
Co., the form of
acceptance.
Holders of bonds and scrip certificates who have not
previously deposited
them with City Bank Farmers Trust Co. may express their
acceptance
in
244,
connection
p.
3853.
with
proposed
ex¬
of
the modified plan by now depositing their securities with
City Bank Farmers
Trust, using the letter of transmittal and acceptance.
Attention is called to the fact that under the proposal by Interchemical
Corp. the right is reserved to withdraw such proposal unless the modified
plan shall be confirmed on or prior to July 10, 1937, or such later
date^as
Interchemical Corp. may agree to.
Objections to the New Proposed Plan of Reorganization—
Lober Brothers & Co., 37 Wall St., N. Y. City nas addressed a letter
to
the bondholders outlining objections to the plan.
The letter says in part:
We are owners of at least $200,000 of the bonds of this
company and as
such recorded our objections to this modified plan at a
hearing on June 3,
Judge Julian W. Mack.
The Court granted permission to
writing to the bondholders the substance of such objections but
hereby express any opinion thereon.
1937
Includes
common
Plan
Under date of Dec. 10, 1936 there was submitted to security holders an
or substitute plan of reorganization proposed by the company.
Such plan involyed the participation of The Glidden Co.
Sufficient assents
from bondholders and stockholders to meet the pertinent requirements of
before
state
in
does not
Consol. net income
x
Co.—Modified
should
Other interest.
St
tand.
Products
amended
any event, and by the
tribution of securities
applic. to Stand. Gas
& Electric Co
Other income of
Textile
of their equity, if any,
•
public
utility
cos.
;
applic. to Stand. Gas
k
The Massachusetts Department of Public Utilities has ap roved the
issuance by the company of $500,000 of notes bearing 3% interest, tojbe
dated Dec. 15, 1936 and to mature not later than 10 years from date of
issue.
The commission for negotiating the loan is not to exceed M of 1%.
(a)
on
Other income deductions
Interest charged to con¬
struction
Balance
3694.
latter is to receive
Other interest
stock
1,228,364
12,208,782
5,766
41,667
on
102,480
1,083,023
110,431
9,891
funded debt.
Amort. of debt discount
and expense
Divs.
$2,615,153 $33,996,032 $32,587,061
lease of prop¬
erties
Interest
1934
$927,917
1,421,846
2.732.512
2,322.133
2,193,078
1,617.261
3.108,329
3,299,647
3,350,817
Reorganization—
082
Other income, net
p.
1935
$1,260,469
Springfield Gas Light Co.—Notes—
144, p. 2847.
Standard Gas & Electric
144,
1936
$1,457,489
1,945,122
4,044,554
3,795,637
3,729,605
until the company
in reduction of the
Spencer Chain Stores, Inc.- -SalesPeriod End. May 31—
1937
April
May
—V.
oper.
property
Operating taxes
1937
12,
$1,840,562
2,857,955
5,723,894
4,609,142
4,916,782
February
$25,879,921
16,685,908
revenues
June
Spiegel, Inc.—Sales—
p. 3694.
Southwestern Bell Telephone Co.—EarningsPeriod End. April 30—
Chronicle
July 1, 1933, and $1.50
We do not intend to assent to this modified
plan as in our opinion it is
equitable to the bondholders for the following reasons:
(1) The bonds are first mortgage bonds and the bondholders have at
present (subject to tax liens) a first lien upon the real
properties and the
equipment thereof and certain shares of stock of subsidiaries.
Under the
not fair and
modified
plan the bondholders are to give up this lien, and are to receive
for each $1,000 bond and its
interest, including scrip, $100 in cash. 30
shares of preferred stock and 10 shares of common stock
of a new company
to be created under the modified
plan.
(2) The cash payment of $100 per $1.000 bond as above stated is to come
largely from the proceeds of the sale of one of the company's properties
most of which at present is
subject to the lien of the bonds, though the
immediate payment thereof is assured
by advances from the Interchemical
Corp., which advances are secured by the property so sold.
This payment
is in effect being made to the bondholders
largely out of what we believe
is fairly their own property
subject only to the tax liens.
(3) Under the modified plan, Interchemical Corp. is to receive
51% or a
majority of the common stock of the new company, without
payment of
any money or properties specifically therefor, and thus in our
opinion
without any contribution in tangible form towards
the capital of the new
company.
(4) At the present time the company's net assets are
subject to the
claims of its creditors, that is,
primarily the bond and scrip holders, but
the modified plan the Interchemical
Corp. which proposes in part
to loan and in part to advance to the
company sums of money totaling
around $1,000,000 will receive for a
large portion of tnose loans the two-year
under
notes of the new company and these notes as debts
will take precedence
over the preferred
stock.
As to the remaining portion of these advances
the Interchemical Corp. is to be secured
by certain properties now
to the company which,
belonging
however, will be transferred
to
a new
company:
and
therefore only the equity, if any, of these
properties will be available to the
preferred stockholders.
Therefore all advances to be made
by Inter¬
chemical Corp. will come ahead of the
rights of preferred stockholders.
The modified plan, therefore, in our
opinion, is not in the interest of the
bondholders, since its effect will be to eliminate
completely the present
creditor position of the bondholder, make them
stockholders instead of
bondholders, and turn over the virtual control of the business to outside
interasts who will contribute
nothing in tangible property or money vother
than loans) to the capital of the
company.
From the day this plan is
consummated the company will no
longer be owned as in our
at present in a practical sense owned
p.3695.
opinion it is
by its bond and scrip holders.—V. 144,
'
Volume
Financial
144
(L. S.) Starrett Co.—To Pay Larger Dividend—
The directors have declared a dividend of SI.75 per share on the common
stock, no par value, payable June 26 to holders of record June 16.
Pre¬
viously regular quarterly dividends of 35 cents per share were distributed.
In addition, an extra dividend of 40 cents was paid on March 30 last; an
extra of 25 cents was paid on Dec. 30, 1936, and an extra dividend of 15
cents per share was paid on Sept. 30, 1936.
stock, which has been filed with the Securities and Exchange Commission.
The company has agreed to make application at the request of the under¬
writers to list its shares on the New York Curb Exchange.—V. 144, p. 3699.
Pay Wage Bonus—
1
Inc.—Sales—
1937
$338,300
405,974
Gross earnings
379,728
718,113
_
565,622
March
April
May
—V. 144, p.
$.708,780
7,421,320
6,609,094
$6,264,174
$5,988,504
2,557,060
$5,800,473
2,538,882
71,818
85,379
Cr41,773
1,260,000
59,055
77,806
Cr24,425
1,260,000
$2,056,020
1,550,880
170,000
$1,889,156
1,551,786
212,500
$537,026
and taxes
expenses
Net earnings
Interest on funded debt
Int. on unfunded debt
$335,140
$124,870
2,526,835
miscel.
and
139,685
81,636
Cr44,373
charges
Amort, of debt discount and expense.
Int. charged to construction
Provision for retirement
1,260,000
reserve
$2,300,391
Net income
Dividends on pref.'stock
401,000
485,253
...
1936
$276,360
382,800
428,000
Morth of—
January
February
1935
1934
$14,972,954 $13,409,824 $12,409,568
1936
^
Directors of the company have voted to pay as soon as practicable after
June 30 to all employees, as additional wages or salary, a percentage of
their compensation for six months ended June 30, 1937.
This percentage
is to be determined by the length of time employed, as follows: To employees
with one year's service or less, 4%; over one year and less than three, 6%;
over three years and less than five, 8%; five years or over, 10%.—V. 144,
P. 1803.
Sterchi Bros. Stores,
(& Subs.)—Earnings—
Tennessee Electric Power Co.
Calendar Years—
Operating
To
4025
Chronicle
1,550,866
Common dividends
Balance
Note—No provision
undistributed
profits
212,500
Federal surtax on
distributed during
has been made in 1936 for the
all taxable income has been
as
the year.
3353.
Consolidated Balance Sheet Dec. 31
(& Subs.)— ■Earnings—
Stewart-Warner Corp.
xl936
$5,956,000
1937
3 Mos. End. Mar. 31—
Net sales._;
Net profit 'after deprec.,
Federal taxes, &c
1936
$5,262,701
$4,045,721
.
_
„
Co.—Registration Withdrawn-—
various cos.170,172
Special deposits.
325,335
See list given on first page of this
167,731
146,223
department.—Y. 143,
p.
charges
3163.
a
Accrued taxes..
the sale of 8,577
trucks in May compared with 8,708 in May, 1936.
months of 1937 to 46,498, com¬
pared with 40,011 in the first five months of 1936—a gain of 16%.—V.
144, p. 3695.
Paul G. Hoffman, President of the corporation reports
passenger
1,105,858
2,584,104
7,311
34,378
5,102,5S4
25,579
113,982
5,905,560
res.
Conting.res
Cas. & ins. res—
6,342
705,232
207,948
35,254
Misc. curr. iiab.
Retirement
Mat. & supplies.
104,861
221,386
divs. pay
447,297
c3,101,388
affil.
645,603
cos_...
and
cars
This brings the total sales for the first five
receiv.
from
1,722,109
Acer. int. & pref.
106,442
551,192
624,881
Accts.
Due
176,107
109,856
206,779
Due to affil. cos.
Accts. payable..
1,447,501
1,507,988
_
&
prepaid accts.
Corp.—Sales—
1,898,300
wealth & Sou.
of
process
330,936
Due to Common¬
Debt disc.& exp.
Cash
Studebaker
17,794,000
Funded debt... 49.592,300
Def. liabilities-.
3^5,974
Inv. in secur. of
in
$
24,129,600
17,794,000
46,534,800
24,129,600
pref. stock..
b Common stock
99,043,753
Def.
1935
$
Liabilities—
1st
100,697,420
...
amortization
Store Kraft Mfg.
S
incl
cap.,
intangibles
496,063
167,495
y$841,257
432,327
1,246,847
1,246,847
stock outstdg
1,241,847
1,241,187
.13
"4.40
Earnings per share.
$0.67
$0.34
x Approximate,
y Before provision for Federal surtax on undistributed
profits—V. 144, p. 3853.
Shares cap
Fixed
1936
1935
s
Assets—
1934
1935
106,417
357,339
Other reserves..
Cont.
for
200,810
ext..
163,893
&c
Summit Gold Mining
Corp.—Registration Withdrawn—
Prem.
on
cap
Acquired surplus
See list given on first page of this
Sun
Month of—
1936
1937
$477,667
451,594
_
385,956
464,842
464,835
March
Total...
$378,635
415,038
485,658
January
February
404,820
426,211
a
After
107,690,921
of
pref. stock, par $100, payable July 2 to
holders of record June 18.—V. 144, p. 791.
The directors have declared a dividend of $2.50 per share on account
the 7%
reserve
by 425,000
107,690,921 104,594,998
Total
$274,252 in 1935. b Represented
Includes notes.—V. 144, p. 3696.
of $364,402 in 1936 and
shares,
no par
c
Tennessee Public Service
Co.—Earnings—
1937—Month—1936
$79,452
$78,302
65,744
61,989
Period End. Mar. 31—
Period—
Feb.
12 Months
$3,013,069
2,542,015
Net oper. revenues
$59,509
8,127
$47,449
8,154
$637,944
98,304
$471,054
98,426
$67,636
1,116
$55,603
$736,248
10,322
$569,480
7,215
mtge. bonds.
$68,752
32,417
$56,218
32,417
Other int. & deductions.
351
288
$746,570
389,000
4,789
$576,695
389,000
3,478
$35,984
$23,513
Operating income
$938,457
710,441
Other income
760,804
$213,243
$228,016
Interest
725
$213,607
5,450
96,851
$228,741
5,450
94,740
Cr24
Cr39
Gross income..
$13,708
oper. revenues
$16,313
Other income
Gross income
$13,708
$16,313
Ended
37 Feb. 29 '36
$3,462,272
2,824,328
1937—12 Mos.—1936
$974,047
28*
$270,277
222,828
Rent from lease of plant-
•Earnings—
'36 Feo.
29
$300,584
241,075
364
Operating revenues
Oper. revenue deductions
'37 Feb.
28
Operating revenues
Oper. rev. deductions
cum.
Superior Water, Light & Power Co.
'Net
5,390,466
...
Month Ended
Supersilk Hosiery Mills, Ltd.—Accumulated Dividend—
on
5,933,895
104,594,998
—V. 144, p. 3194.
accumulations
1,250,220
Earned surplus.
department.—V. 144, p. 1619.
Ray Drug Co.—Sales—
April
May
10,900
1,250,220
stock
on
615
454
8,065
Int. charged to construct
$7,794
$128,590
35,000
$4,744
$111,330
35,000
$76,330
Net income
x
$93,590
Dividends applicable to preferred stock for the
period, whether paid or unpaid
Balance
Regular dividend on $6 preferred stock was paid on Jan. 2, 1937.
After
of this dividend there were no accumulated unpaid dividends
Regular dividend on this stocks was declared for payment
on April 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. 3854.
x
the payment
at that. date.
Supertest Petroleum Corp., Ltd—Extra Dividend.—
The directors have declared an extra dividend of 25 cents in addition to a
regular semi-annual dividend of 50 cents per share on company's common
stock, both payable July 2 to holders of record June 18.—V. 143, p. 126.
Swan-Finch Oil
Com
man
The
Corp.—Preferred Arrearages Paid Ufp—
directors have declared
on
the
7%
dividend of $3
a
per
share
cumulative preferred stock, par
June 25 to holders of record June 14.
on
the preferred stock.
The directors also declared
account of
$25, payable
This payment clears up all accruals
dividend
a
on
of 25
cents
per
share
on
the
likewise payable June 25 to holders of record June 14.
This will be the first distribution to be made on the common shares since
common
stock,
Jan.
1929, when
15,
a
dividend of 30 cents per share was distributed.—
V. 144, p. 1301.
Sweeps Steel
consolidated net
Federal income
taxes, but before provision for undistributed profits taxes.
Net earnings were equal to 86 cents per share on the common
stock
outstanding, exclusive of 6,825 shares held in the treasury, after giving effect
At
a
1 split-up
authorized
on
May 6.
300,000
and the exchange of the 4,500 shares of $100
stock then outstanding for 112,500 shares of the new stock,
meeting
on
May 6, stockholders authorized the creation of
shares of capital stock (par $1)
par
a
common
297,617
$55,163 def$113,401
Dividends applicable to preferred stock for the
x
Dividends
accumulated
and
unpaid
split of 25 for 1.—V. 144,
p.
Parachute
No such provision has been made to date for 1937.
income for that year.
—V. 144, p. 3855.
Texas
Hydro-Electric Corp.—Accumulated Dividend—
The directors
on
June 10 declared a dividend of 25 cents per share on
account of accumulations on the $3.50
Equipment
Corp.—Orders
Texas Electric Service
Co.—Earnings—
1936
Stanley Switlik, President, in a letter to stockholders, reveals that within
there has been a marked increase in the demand for para¬
chutes from commercial aviation companies and private plane owners.
Since January 1 of this year, he states, the company has entered into
contracts to furnish parachutes to Beech Aircraft Co., Cessna Aircraft Co.,
Farichild Aircraft Corp., Monocoupe Corp., Porterfield Aircraft Corp.,
Taylor Aircraft Co., Taylorcraft Aviation Co., and Waco Aircraft Co.
Negotiations are pending for similar agreements with other outstanding
recent months
aircraft
manufacturers.
"Within
received
the past three weeks," says Mr. Switlik, "an order has been
the Lockheed Aircraft Corp. for 40 Switlik Chair Chutes,
from
to be installed in five
transport planes which they are building for the U. S.
Navy.
Of the total number of parachutes purchased by the U. S. Army
and Navy in recent years, the company has been awarded contracts for
approximately 5,304 parachutes, or 56% of the total.
The Republics of
Mexico, Brazil and Colombia have adopted Switlik chutes as standard
equipment on their government planes.
Some of the European countries
have also adopted the Switlik chute for their air forces."
i
Plans for refinancing the company are under way, he adds.
O*Brian,
Potter & Co., of Buffalo, and Arrowsmith & Co., members of the N. Y.
Stock Exchange,,have underwritten a new issue of 110,000 shares of capital
1935
1934
$7,470,633
3,853,697
$6,763,316
3,537,907
$6,505,873
3,212,981
$3,616,935
60,000
$3,225,410
72,714
$3,292,892
76,428
$3,556,935
$3,152,695
$3,216,463
1,393
1,348
14,896
$3,558,329
1,686,500
27,393
S3,154,043
1,686,500
26,136
$3,231,359
1,686,500
39,667
$1,844,435
$1,441,407
350,000
$1,505,321
300,000
Calendar Years—
Operating revenues
Operating expenses (incl. taxes) —
—
Rent for leased property
Balance
Other income (net)
Gross corporate income
Interest on mortgage bonds
— -
Other interest and deductions
Crl29
Interest charged to construction
...
Property retire, reserve appropria'ns.
500,000
Balance carried to earned surplus._
Preferred dividend...
$1,344,435
375,678
$1,091,407
375,678
600,000
600,000
Common dividend
>
$1,205,321
Note—No provision has' been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.
Balance Sheet
1935
S
Cash in banks—.
Notes receivable.
-
Dec.
31
1936
1
$
Assets'—
'
Plant, property,
franchises, &c. .75,858,573 75,812,768
Increase—
cumulative preferred stock, payable
July 21 to holders of record July 7.
Similar payment was made on April 21,
last, and a dividend of $1 was paid on Dec. 23, 1936.—Y. 144, p. 3023.
3696.
&
1937, amounted to
28
was
1936
Switlik
Feb.
to
Latest dividend amounting to $6 a share on the $6 preferred
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
$582,83o.
stock,
Balance
Co., Williamsport, Pa.—Earnings—
Company reports for the 52 weeks ending May 1, 1937,
income of $91,538, after all charges, including state and
to the 25 for
$184,217
297,618
Net income...
x
Net revenues from operation.
Dividend—
accumulations
$352,781
period, whether paid or unpaid
Balance
454
8,510
Int. on mtge. bonds
Other interest
1,373,954
13,707
I
Liabilities—
x
1935
$
Capital stock (no
par)
36,455,000 36 455,000
821,1431 Long-term debt.. .33,730,000 33 730,000
8,619
Accounts payable.
162,048
243,919
521,686
243,919
Cust's'deposits
736,203
Accts. receivable..
639,919
667,8611 Divs. declared
Mat'Is «fe suppl's..
544.302
507,190
153,611
482,906
Consigned mater'ls
(contra)..
23,199
Accrued accounts.
846,052
21,070
18,567
Misc. cur. liabils..
141
99
1,140,891
Prepayments.:
Misc. cur. assets..
Miscell. assets
1,169,728
843,250
843,250
26,316
Acer.
int. on long-
term debt.—
4,650
7,480
103,302
7,500
109,333
(con¬
Consignm'ts
i
4,650
7,480
109,333
,614,728
,199,814
tra).
assets
(contra)
Def'd charges
103,302
Reserves—
4,539,892
Capital surplus.._
579,335
Earned
Contingent
9,789
Contingent
liabili¬
ties (contra)
—
Total
..—79,734,184 79,155,680
.
surplus
Total J.
1,704,905
579,335
79,734,184 79,155,680
Represented by $6 pref. cum. (entitled upon liquidation to $100 a
Comshare); authorized, 200,000 shs.; issued and outstanding, 65,000 shs.
mon, authorized, issued and outstanding, 6,000,000 shs.
x
4026
Financial
Earnings for the Month pnd 12 Months March 31
Period End. Mar. 31-—
Operating revenues
Oper. rev. deductions—
1937—Month—1936
Chronicle
June 12, 1937
of the three
1937—12 Mos.—1936
$632,406
390,981
$552,852
325,837
$7,655,579
4,494,996
$6,897,822
4,000,659
$241,425
$227,015
5,000
$3,160,583
60,000
$2,897,163
68,607
preceding quarters; 22 H cents paid on Dec. 24, 1934; 10 cents
on Sept. 29, 1934; 7H cents paid on June 30 and March 31, 1934, and 5
cents per share distributed each three months previously.—V. 144, p. 2150.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings
Net oper. revenues
Rent for lease of plant.
5,000
_
$236,425
$222,015
$2,828,556
707
$3,100,583
1,418
$222,722
140,542
2,226
$3,102,001
1,686,500
23,112
$2,828,808
1,686.500
26,351
$79,954
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$1,392,389
$1,115,957
375,678
375,678
$1,016,711
$740,279
Other income (net)
708.
Gross income
on
$237,133
140,542
mtge. bonds
Other int. & deductions.
Net income
x
$96,591
Regular dividend
$6 preferred stock
on
was
252
paid
Jan. 2,1937.
on
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.
Regular dividend on this stock was declared for payment on
April 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. 3856.
1936
1935
$114,460
30,934
18,374
$109,054
41,159
31,091
$92,244
31,168
22,639
495,317
155,374
96,648
Net after rents
428,332
117,623
72,447
444,878
157,949
112,507
296,822
82,605
50,201
Net after rents
Texas Power &
_
1935
1934
$9,996,034
4,774,895
$9,093,240
4,430,711
$9,100,223
4,388,131
Balance
4,237,664
30,000
$4,712,092
9,473
$4,877,053
9,087
$5,230,094
2,416,829
appr op.
559,253
$4,671,468
2,448,327
462,015
$4,721,564
2,457,559
450,000
$4,886,140
2,459,136
450,000
Balance, surplus
Divs. on 7% pref. stock.
Divs. on$6pref.stock__
Divs. on common stock.
$2,254,012
453,978
411,072
1,000,000
$1,761,125
453,978
411,072
675,000
$1,814,005
453,978
411.072
900,000
$1,977,003
453,978
410,939
900,000
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.
Month Ended
Feb.
-
'37 Feb.
28
—12
*36 Feb.
29
28
'37
Feb.
29
'36
$787,350
53o,555
$733,284 $10,144,733
387,844
5,618,313
$9,135,066
4,887,086
Net oper. revenues
Other income (net)
$248,795
$345,440
Loss
on
$4,526,420
530
133
9,290
$345,573
177,708
10,000
11,682
$4,535,710
2,132,500
120,000
167,077
$4,256,263
2,156.303
120,000
163,748
$47,082
tge. bonds
_
deb. bonds..
Net income.....
$146,183
$2,116,133
period, whether paid
or
unpaid
865,050
Balance..
$1,251,083
865,050
$951,162
x Regular dividends on 7% and $6 preferred stocks were
paid on Feb. 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.
Balance Sheet Dec. 31
1936
excess re¬
19,359
19,9.40
36,740
receivable.
702,886
13,019
1,536,433
Mat'ls & supplies-
1,366,226
22,625
1,531,313
47,844
1,511,215
1,119,921
15,732
100,485
92,364
149,438
482,648
100,382
91,401
875,820
Cash in
Accts.
Prepayments
Misc.
curr.
assets.
Miscell. assets
Contingent
Deferred charges..
S
Capital stock...33,443,976 33,443,976
applic. to
prior years (net)
Participation
in
mort¬
gage written off
Loss sustained
Cr7,989
100,000
sale of
on
32,320
market security
34,049
$392,223
$634,330
Includes interest
13,216
$415,269
$221,367
loan and notes.
on
Consolidated Balance Sheet
Assets—
Liabilities—
Apr.29, '37 Apr.23,*36
Cash
$75,133
$111,638
Accts. receiv. (cus¬
367,539
Accts. rec.,miscell.
5,049
Contract work
265,998
25,749
accrd.
for
121,852
139,126
Securities
198,194
209,086
Working
249,459
456,421
1,000,000
1,000,000
in¬
112,803
Invest,
in
Mason-
c
Particip. in intges..
and
and
Inv. In Gen.
584,945
485.041
634,330
392,223
149,054
141,565
Rlty.
5,847
88,068
4,790
267,577
Corp...
expenses.
Land
a
1,397.725
584,945
accts.
267,577
Prepaid
1,397.725
622,265
stock.
sundry
investments....
& Util.
Preferred stock.
Deficit
Kler Co. at cost.
notes
200,000
capital
Surplus paid in
d Common
Walsh-Ajkins'n-
rec.
juries
127,108
200,000
loan
_
146,186
claims
personal
Def. contr. costs..
$259,007
76,036
and
liabilities
for
Res.
un¬
billed
$150,000
Accts. payable
tomers) (owners)
Apr. 29,'37 Apr.23,'36
Notes payable
Buildings
and
;
1
1
77,229
90,282
—-
materials._
$2,509,444 $2,807,789
846,156
..$2,509,444 $2,807,789
Total
a After
reserve
for depreciation of $90,205.
b After depreciation of
$324,073 in 1937 and $376,492 in 1936.
c Represented by 63,896 no par
shares, c Represented by 584,945 no par shares.—V.. 144, p. 1301.
Toklan
Royalty Corp.—-Offer—
Corporation is offering 812,444 1-3 shares of series A common stock to the
of Imperial Royalties Co. (a trust estate) at a subscription
price of 71.73 cents per share, in accordance with the terms of a proposed
shareholders
flan for the transfer to dated as Royalty 21, 1936. certain of the subscribe
mperial Royalties Co., Toklan of Dec. Corp. of
The right to assets of
will expire six months
from the date the registration statement of the corpo¬
ration (April 23, 1937) filed with the Securities and
becomes effective, unless said time be extended.
Exchange Commission,
Toklan Royalty Corp. was
organized in Delaware on Feb. 15, 1937, with
powers to engage generally in the oil and gas business and to own, acquire,
hold and devellp oil, gas and mineral interests and to carry on generally the
an
oil and gas company.
stock; that each share of series B conimon stock shall have in case
161,120
common
depos.
544,656
Accrued accounts.
1,680,820
464,495
1,427,826
9,665
of declaration of dividends, the right to 20 times the amount of any declared
dividend payable on series A common stock; that in case of liquidation of
the corporation, each share of series B common stock will be entitled to 20
Customers
Misc.
curr.
liabils.
4,471
Mat'd and accrued
int.
on
long-term
debt, &c
ity
times the amount of assets distributable to each share of series A
stock; that each share of series A
common
common
stock shall be convertible
,
at the
option of the stockholder in such manner and at such times as may be pro¬
vided in the by-laws of the corporation, into series B common stock on the
exchange basis of one share of series B common stock for each 20 shares of
95,645
422,759
100,382
2,945,870
117,203
91,401
2,851,805
117,203
was organized for the purpose of affording the shareholders
cestuis que trustent of Imperial Royalties Co. a vehicle, if they elected to
subscribe to the series A common stock issuable by the corporation, with and
3,224,825
2,773,579
through which to perpetuate their ownership of the principal properties of
Imperial Royalties Co.
The corporation has, under its certificate of incor¬
poration, perpetual existence.
It has not engaged in business, however,
and has acquired no assets prior to the date of this prospectus.
It has
entered into a contract with Imperial Royalties Co. to acquire the principal
series A
liabil¬
(contra)
Reserves..
Total
89,575,786 88,563,831
x Represented
by 7% pref. cum., $100 par, pari passu with $6 pref.;
authorized, issued and outstanding, 65,000 shares; $6 pref. cum., no par
(entitled upon liquidation to $100 a share); pari passu with 7% pref.;
authorized 70,000 shares; issued and outstanding, 68,786 shares; common,
p.
$97,037
Transactions
200,000
Contingent
89,575,786 88,563,831
par;
Cr24~,430
$402,053
217,936
Co.)
Capital surplus
no
Cr2b",290
$358,174
800,000
Pow. & Lt.
Earned surplus...
Total
Cr25~,809
$634,330
Total deficit
Long term debt.. .46,400,000 46,600,000
1935
S
Not. payable (Am.
asset
(contra)
Cr 13,803
Accounts payable.
x
84,718,193 82,758,830
banks (on
demand)
Notes, &c., rec...
sur66,970
&c
business of
1936
Liabilities—
fran¬
(securs.).
$188,437
221,367
Its authorized capital stock consists of 812,450 shares of series A common
stock (no par), and 100,000 shares of series B common stock (no par).
Tne
certificate of incorporation provides that each share of series 11 common
stock shall have 20 times the voting rights and power of each share of series A
1935
$
prop.,
$200,976
415,269
392,223
...
$1,816,212
Dividends applicable to preferred stocks for the
chises, &c
$275,269 prof$31,286
Net loss for year...._
$4,247,980
8,283
$249,325
177.708
10,000
14,535
Other int. & deductions.
Invests,
24,803
.
Earned deficit at begin¬
ning of year
Total....
Plant,
274,097
......
sale of securities
Restoration of
$176,173 prof$85,661
$275,269 prof$31,286
less
b Construe, equip,
Gross income
Assets—
20,000
16,910
Total loss....
Months Ended—
Operating revenues
Oper. rev. deductions...
x
set¬
expenses,
construction fees
x
$4,662,529
8,939
Gross corporate inc
Net int. & other deducts.
85,661
hereto)
claims
death
Operating
1933
$5,221,138
8,955
Other income
res.
chgd.
prev.
for
tled during year
Other income.
$9,144,718
Rent for leased property
on
34,031
100,000
Deficit
1936
Operating revenues
Oper.exps.,incl. taxes.
on m
173,333
Colo.
Restoration of provision
Light Co,—Earnings—
Calendar Years—
Interest
24,322
inc.
incl.
Miscellaneous deducts
—V. 144, p. 3023.
Interest
x230,204
1934
From Jan. 1—
Gross from railway
Net from railway
Period
158,957
Adjustments (net).-...
1937
$135,015
42,860
27,336
Gross from railway
Net from railway
Prop. retire.
$835,800
$1,295,773
xl99,591
--
Res. for loss on
River Aqueduct
serve,
Te&as Mexican Ry.—Earningi
April—
operations
Miscell. inc.,
from investments
Balance
x
.
$1,070,310
Net loss from construct'n
Oper. income
Int.
Lor. 23,'36
Apr. 29, '37 Apr. 23, '36 Apr. 25, '35 Apr. 26, '34
Years Ended—
Work executed
authorized, issued and outstanding, 4,000,000 shares.—V.
common
stock surrendered.
Corporation
or
assets of the company upon
terms and for a cash consideration.
See also
V. 144, p. 792, 1804.
3856.
144.
Toledo & Ohio Central
Ry.—New Vice-President—
The company
Thermoid
Co.—Registers with SEC—
a
See list given on first page of this department.—V. 144, p. 3856.
Thompson Products, Inc.—To Pay 50-Cent Dividend—
The
directors
stock,
have
declared
a
dividend
of
50
cents
per
share
on
the
value, payable July 1 to holders of record June 21.
paid on April 1, last; 90 cents was paid on Dec .15,
1936, and dividends of 30 cents were paid on Oct. 1 and on July 1, 1936,
this latter being the first made on the common stock since Jan. 2, 1932,
when a regular quarterly dividend of 30 cents per share was distributed.
—V. 144, p. 3856.
common
no par
A dividend of 40 cents
has notified the New York Stock Exchange that at a meeting
on May 12, Richard E. Dougherty was appointed
Vice-President.—V. 141, p. 3240.
of the board of directors
was
Toledo Peoria & Western
April—
Gross from railway
Net from railway
__
Net after rents.---.-.From Jan. 1—
Gross from railway
Net from railway
Net after rents.—
Time, Inc.—Interim Dividend—
an interim dividend of $2 per share on the
value, payable June 30 to holders of record June 19.
Similar payment was made on March 31, last. An extra dividend of $2.25
per share in addition to a quarterly dividend of $2 was paid on Dec. 23,
1936; a quarterly dividend of $1 per share in addition to an extra dividend
of $1 per share was paid on Oct. 1 and on July 1, 1936; extras of 50 cents
were distributed in each of the six preceding quarters and extra dividends
stock,
1934
29,823
1935
$154,260
26,848
8,602
$122,026
7,426
def 5,479
768,870
264,051
120,885
738,674
217,178
109,213
536,212
113,481
42,902
523,051
82,483
22,701
—V. 144, p. 3023.
The directors have declared
common
RR.—Earnings1936
$197,089
59,376
28,581
1937
$193,824
66.550
no par
Tri States Natural Gas
Corp.—Registration Withdrawn—
See list given on first page of this
Tri-State
department.—V. 144, p. 122.
Telephone & Telegraph Co.—Earnings—
Period End. April 30—
of 25 cents per share were paid on Jan. 30, April 30. July 2 and Oct. 1, 1934.
The regular quarterly dividends were raised from 75 cents to $1 per share
Uncollectible oper.rev._
1937—Month—1936
$512,976
$465,709
1,964
1,311
1937—4 Mos.—1936
$2,011,979
$1,824,920
7,358
4,569
with the July
Operating revenues
Operating expenses
$511,012
388,962
$464,398
$2,004,621
1,534,136
$1,820,351
1,350,484
$122,050
40,488
$116,551
33,545
$470,485
156,132
$469,867
131,355
$81,562
$83,006
$314,353
$338,512
1, 1936, payment.—V. 144, p.
Tintic Standard
The
1979.
Mining Co.—Larger Dividend—
directors have declared
a
dividend
of 25
cents
per
share
on
the
stock, par $1, payable June 30 to holders of record June 14.
This compares with 18 cents paid on March 31, last; 22cents paid on
Dec. 24,1936; 12H cents paid on Sept. 30, 1936; 7H cents paid on June 30
common
and March 31, 1936; 15 cents paid on Dec. 24,
1935, 7Hi
cents paid in each
Operating
revenues
Net oper. revenues—
Operating taxes
Net oper. income
—V. 144, p. 3353.
347,847
Volume
144
Financial
Chronicle
4027
Transwestern Oil Co.—Earnings—
Consolidated Balance Sheet April 30—
Assess—
Earnings for the Period from Jan. 1, 1937 Through March 31, 1937
Oil income barrels:
Working interest properties
Oklahoma City over-riding royalty
Other royalties
c
$513,527
127,343
26,505
Average market price
per barrel
Income from operations:
Gas sold
2,111
136,135
110,222
98,001
Accrued accounts.
19,950
Prov.for Fed.inc.
84,145
and excess
..
and
prof.
taxes.
Non-current obllgs.
deferred charges
276,745
under
140,984
land
pur¬
chase contracts.
Total
4,522
Employees
Total income from operations
General and administrative expenses
Provision for ad valorem taxes
11,064
Operating profit from oil properties
deductions (net)..
Net profit
Treasury
$8,631,014 $6,690,378
Total
$8,631,014 $6,690,378
Capital surplus, includes appreciation of $306,939 on property acquired
for stock and surplus of $359,039 arising through acquisition of a
subsidiary company-balance April 30, 1936, $979,048 surplus arising from
acquisition of a subsidiary company $359,039 total as above $1,388,088.
b 407 shares, at cost,
c After depreciation and depletion of $7,984,848 in
in 1937 and $5,811,614 in 1936.
d Represented by369,270 no par shares
in 1937 and 282,175 no par shares in 1936.—V.
144, p. 3195.
a
Twentieth
Liabilities—
Cash in banks & on hand
Accounts receivable-
52, 165,604
574,107
-
Inventory crude oil at market
value
33,211
Materials, supplies
&
house stocks at cost
Accrued
ware¬
or
less.
Z%%
prom, notes maturing
within one year from Dec.
31, 1936
Accounts payable
486,620
Fixed assets
x9 092,366
Other assets
45,825
Deferred charges
39,485
taxes
(cap.
stk.
The
$300,000
461,274
&
8,259
Union Electric Co. of
Fed. & State
income & profits taxes
Provision for ad valorem taxes
prom,
two
notes
3,873
2,600,000
5,540
Reserves
527,529
Capital stock (par $10)
Paid-in surplus
Earned surplus.
7,500,000
-
846,000
^
157,964
...
Total
.$12,437,219
for depletion, depreciation and amortization
of
reserves
$2,027,-
970.—V. 144, p. 2501.
Ulen & Co.—To
Maintain Reserve
of Common
Conversion of Debentures—
Stock for
The directors, at a meeting held May 26,
1937 declared the debenture
plan of Feb. 18, 1937 effective.
Pursuant to the plan, holders of $3,120,000
convertible 6% sinking fund gold debentures
agreed to an extension of the
maturity date of their debentures from Aug. 1, 1944 to Aug. 1,
1950, and
tne holders of the balance of $777,000
outstanding convertible 6% sinking
fund gold debentures will be
permitted, from time to time, to have their
debentures extended to Aug. 1, 1950.
The extension of such debentures
was approved
by stockholders at their meeting held March 10, 1937.
In accordance with the indenture dated
Aug. 1, 1929 the debentures
common stock
(the present basis
convertible into
common
are
being 28.1053 shares
stock for each $1,000 of debentures).
of
The corporation agrees to maintain a reserve of common
stock (no par)
sufficient for the conversion of all of the convertible
6%
sinking fund gold
time, the reserve of
common stock to be maintained to and
including Aug. 1, 1950 or to the
date upon which such debentures are retired in
full.—V. 144, p. 3857.
debentures, which
may
be outstanding from time
Truax-Traer Coal Co.—Annual
A. H. Truax, President, says in part:
to
common stock from 500,000 to
1,000,000 shares
30,000 shares ($100 par) preferred stock, issuable in series.
Company sold on June 3, 1936, 5,000 shares of preferred stock,
6% con¬
vertible series, and on March 29, 1937, 5,000 shares of
preferred stock 5^ %
convertible series.
Each share of the 6% preferred stock is convertible
at
and creating
of
common
stock
and
each
share
of
Through
Truax-Traer Coal
an
exchange of
Co. and payment
approximately 85%
Truax-Traer Lignite
15,453 shares of common stock of
of $54,712 in cash, the company ac¬
quired the remaining outstanding stock of the Lignite company, both
pre¬
ferred and common, and on Dec. 31, 1936,
merged its assets and liabilities
Union Pacific RR.—-To Sell
of the preferred stock, 5)^% convertible
loan of $1,000,000, maturing serially to
for the purpose of providing part of the
of the outstanding 6J^% convertible de¬
bentures.
The loan was made at the favorable rate of
3H%.
the proceeds from the sale of the preferred stock will be used
to
the Fulton County, 111., mines to the extent that the
Part of
improve
daily capacity can
be increased and operating costs decreased.
Furthermore a 10-yard electric
stripping shovel will be made available for shippaent to one of the North
Dakota mines where it will replace two worn out and obsolete steam shovels
at a lower operating cost per ton.
Income
Account
for
Years
Ended
April
Union Water Service Co.
Operating profit
1935
1934
$4,021,601
3,384,71c
$3,861,731
3,230,377
$2,710,561
2,509,732
$631,355
197,088
$200,828
194,408
Total income
Interest.
debent...
Exp. sale of stock
Depreciation
Depletion
Federal tax, &c
$1,139,569
290,204
$636,887
225,521
$1,429,772
115,081
36,295
26,643
494,733
233,104
x69,308
$862,408
106,407
$828,443
122,010
$395,237
148,021
292,127
135,954
21,660
303,396
123,547
37,100
293,712
93,251
$454,608
Other income
Net earnings
of loss
Common dividends
$306,260
7,206
$242,390 loss$139,747
84,652
47,217
Miscellaneous interest
Amortization of debt expense
Co.
$271,925
Net income.
$313,467
$327,043
loss$92,530
262
Cr 873
7,692
3,716
30,300
31",300
$102,464
-
$86,200
11,068
Consolidated Balance Sheet March 31
Assets—
1937
1936
Liabilities—
Plant, prop., rights
1st lien
franchises, &c..$5,312,542 $5,270,492
Invest, (at cost)..
1,200
1,200
162,550
warr. rec.
95
1 ^9
Accts. receivable
81,736
102,703
6,100
5,804
Notes &
x
207,944
Acer, unbilled
rev.
Accrued Items
128,759
Miscell. liabilities.
Unearned
Matls & supplies—
stated at average
Deferred
revenue.
3,389
80,777
liabilities
259,754
814,432
Reserves
118,296
3,671
79,147
261,633
796,686
30,375
32,437
y
$6
pf. stock
600.000
600,000
14,014
14,203
z
Common stock..
820,000
820,000
84,632
10,389
13,115
Def'd ch»s. & pre¬
paid accounts..
x
1936
series A,
due May 1, 1951$2,568,500 $2,583,500
Accounts payable.
4,689
9,194
Duetoaffil. cos...
2,196
2,015
Cash in banks and
working funds..
1937
5H % gold
bonds,
cum.
Capital surplus
Earned surplus
$5,664,396 $5,602,6391
Total
84,633
297,268
243,869
$5,664,396 $5,602,639
After
reserve for uncollectible accounts of
$13,082 in 1937 and $11,815
y Represented by 6,000 no par shares,
z Represented by 9,900
shares.—V. 143, p. 4018, 1419.
in 1936.
no
par
United Aircraft
Period End. Mar. 31—
Corp. (& Subs.)—Earnings—
Sales and oper. revenues
Cost oi sales & oper. exp.
1936
$5,198,604
4,802,107
139,977
152,988
Operating profit
Minority proportion
profits of sub. co
1937
$6,077,105
5,184,565
$739,553
xll5,305
1937
$2,142,364
Cr437,654
19,577
x264,308
of
Net profit for period.
2.030
.
Shares capital stk. outst.
Earnings per share
12 Months
1935
,417,326 $23,181,922
2,425,270
20,448,331
130,436
591,227
$256,5°0 loss$138,380
Crl80,906
Cr245,226
10,453
5,015
74,217
22,728
Cr79,508
2,873
__
.
142,093
1,876
190
0169
—
Prov. for retire. & replace, in lieu of depreciation..
Other deductions.
Includes $13,558 for surtax on undistributed profits,
h Portion of loss
of Truax-Traer Lignite Coal Co. and subsidiaries applicable to outside
interests from April 30, 1936, to dates of acquisition by Truax-Traer Coal
x
992
Interest charged to construction
Provision for Federal income normal tax
Surtax on undistributed profits
Other income.
yCr49,881
$504,490
20,062
172,199
$270,934
$287,774
141,688
1,895
Gross corporate income
Interest on funded debt
Fed. & Can. income tax.
Net profit.
6% preferred dividends.
9,258
21,894
59,710
391
-3 Months-
of subs.
applic. to outside int.
Cr2,994
$287,383
.....
Other income
Depreciation
Profit
Disc, realized on debs .ret
1936
$481,183
122,381
*
Total
_
1937
$491,284
122,770
General expense charged to construction (credit)06,096
Provision for uncollectible accounts
4,938
Maintenance
25,161
General taxes
57,128.
revenues
Sec. & organ, exps.
1936
$5,912,385
4,772,817
Cost and expenses.
(& Subs.)—Earning
Months Ended March 31—
Operating
Operation
cost...-.;
30
1937
Net sales
Equipments—
requesting bids for the purchase of $10,410,000 2% %
equipment trust certificates, series E, dated July 1, 1937, and maturing
July 1, 1938, to 1952, inclusive.—V. 144, p. 3521.
Also on Dec. 31,1936, the company dissolved its
xvholly owned subsidiary,
Cabin Creek Consolidated Coal Co., taking over all of its assets and
liabilities.
Consolidated
the bonds to be redeemed will be
on
The company is
with those of the company.
In conjunction with the sale
series, in March, 1937, a bank
April 29, 1941, was negotiated
funds for the redemption of all
Accrued interest
the
5H% preferred stock is convertible at the present time into 7H shares of
common stock.
At April 30, 1937, 2,878 shares of the
6% preferred stock
had beon converted and none of the 5H% preferred stock.
At the close of the last fiscal year,
company owned
of the preferred stock and 50% of the common stock of
be determined.
-
12
increasing the authorized
14 shares
now
paid from treasury funds.
The company states that the proceeds to be received by Union Electric
Co. of 111. from the sale of its $22,000,000 of first mortgage 3H% bonds
are to be applied to the extent of $17,085,000 to retire bank loans incurred
for the purpose of retiring outstanding bonds and preferred stock and the
balance of such proceeds will be used for extensions, improvements and
additions to its properties, including the installation of a 75,000 k.w. steam
turbine generating unit, together with equipment, in the Cahokia plant.
The price at which the securities are to Toe offered to the public, the names
of the underwriters, the underwriting discounts or commissions, and the
redemption provisions of the bonds are to be furnished by amendment to
the registration statement.
Louis H. Egan cf St. Louis, Mo., is President of the company.—V.
144, p. 3857.
Report—
During the past year many changes have taken place which in the
opinion
of the management will prove beneficial to the
company.
On April 3,1936,
the stockholders approved an amendment to the articles
of incorporation
time into
notes
years
from Dec. 31, 1936
Deferred income.
$12,437,219
3V\% bonds, series due 1962 (due July 1, 1962), and $15,000,000 of 3%
due 1942 (due July 1, 1942).
The company, which is a subsidiary of North American Edison Co. and
The North American Co., both registered holding companies, filed an appli¬
cation on June 3, 1937, under the Holding Company Act covering the
issuance and sale of the bonds and notes.
gp Ml
The company states that it intends to apply $66,136,975 of the net
proceeds from the sale of the securities to the redemption on or about
Aug. 2, 1937, of $63,687,000 of its general mortgage bonds. The balance
of the proceeds will be used for the purchase of $22,000,000 of Union Elec¬
tric Co. of 111. first mortgage 3%% bonds, series due 1962, to be pledged as
part; of the security for the bonds being registered and for further extension,
additions and improvements, the exact nature of which, it is stated, cannot
19,030
maturing
five
to
sion
3,000
Accrued interest payable
Missouri—Registers with SEC—
The company on June 8 filed with the Securities and Exchange Commis¬
a registration statement
(No. 2-3223, Form A-2) under the Securities
Act of 1933 covering $80,000,000 of first mortgage and collateral trust
4,750
Accts. pay., contingent upon
production of oil
......
Total
have declared a dividend of 50 cents per share on the
stock, payable June 30, to holders of record June 21.
Similar
payment was made on March 31, last and dividends of $1 were paid on
Dec. 11, and on Oct. 23, 1936, this latter being the initial payment.—
V. 144, p. 3520.
Prov. for 1936
within
Century-Fox Film Corp.—50-Cent Dividend
directors
common
Fed.U.C.&O. A.B
2H%
Dr b3,807
stock
Total
$113,554
_.
1,131,360
10,710
1,490,000
979,049
859,812
in part
Balance Sheet March 31, 1937
Assets—
al,338,088
Earned surplus
$195,931
82,377
Other
--
Capital surplus
$299,058
73,211
3,000
26,917
Non-producing lease rentals, net
on
burial
fund, &c—
$674,423
375,365
27,000
2~2~872
Funded debt
Provision for depletion, depreciation and amortization
the present
750,000
Prov. for conting.
Dr9,845
Together
After
54,075
Bk. loans not curr.
$491,096
188,649
Less: Gross production taxes
Portion
200,000
389,543
192,759
Accounts payable.
1,225,742
4,000
250.000
Lignite serial 6s
in¬
86,920
Prepaid exps.
212,200
500,000
17,988
Notes payable
Bank loans cm-rent
Goodwill, trade
659,819
168,722
Oklahoma City over-riding royalty & other royalties: Oil income.
Gas sold
Premium
15,425
cos.
"
prefd
conv.
($100 par)
names, &c
Total..
Co.
237,396
17,475
vestments
10,144
r
531,069
341,017
Invest, inaffil.
Miscellaneous
19,243
Lease operating expense (incl. gross production and other
taxes)..
Coal
5H%
life insurance
._
($100 par)
notes.
663,522
1936
1937
stock_$3,489,744 $3,030,629
6% conv. preferred
Cash surr. value of
$628,320
:
Water, steam and power income
Trucks, welding & other service units income
such
and
Inventory
$1.22
Working interest properties—
Oil income
Liabilities—
,422,188 $4,334,873
823,146
120,742
Cash..
Notes
667.376
1936
d Common
property &
equipment
8
receivable
Total.
x
1937
Coal
$698,852
z2,518,722
$0.27
1,803
3,585
10.681
$350,952
y2,109,561
$0.16
$75,516
2,087,532
$2,285,452
z2,518,722
$0.03
$0.91
x Does not include Federal surtax on
undistributed profits,
y Which will
be outstanding when all exchanges for common stock of
United Aircraft &
Financial
4028
Transport Corp. have been effected. This amount includes 21,779 shares of
against subscription warrants for 417,555 shares,
which expired on April 13.
z Which will be outstanding when all exchanges
for common stock of United Aircraft & Transport Corp. have been effected.
United Light
stock issued to March 31
50-Cent Dividend—
The directors
June 7 declared a dividend
on
of 50 cents per share on the
of record July 1. An initial
1936.—V. 144, p. 3024.
capital stock, par $5, payable July 15 to holders
dividend of like amount was paid on Dec. 15,
144,
p.
1980.
1936
$6,001,127
3,844,879
1935
$6,007,173
4,040,983
1,518,534
1,468,686
$637,714
103,030
Cost of sales
$740,744
68,620
131,551
$193,213
105,609
$169,831
Total income
$298,822
$342,890
85,397
\
100,584
159",205
subs,
applicable to mi¬
$514,156
Equity of minority int_.
7% pref. dividends
Common dividends
Surplus
$403,875
$220,293
208,250
208,500
212,082
218,806
Balance
16.369
$191,793
def$81
Nil
$1,487
$1.38
$97,405
$2.21
$0.01
$937,431
Plant property..
1,204,768
317,770
Royalties
$1,089,873
1,116,968
1935
1936
Preferred stock...$4,500,000
Common stock..
c
1,391,830
$4,500,000
1,391,830
987,235
int.
in
subsidiary cos..
145,542
37,181
Bank acceptances.
221,107
276,267
2,418,774
687,586
Letters of credit..
21,874
Bonuses & comm's
145,521
102,570
Cash with dividend
24,407
2,423,139
Royalties payable.
Accts. payable to
allied co....
21,300
45,484
Dlvidends payable
97,829
86,375
666,133
1,053,721
60,605
Earned surplus... 2,598,727
63,454
2,635,137
patents,
&c
an
Prepaid insurance,
taxes, &c
I-
Reserves.
17,709
d Pref. treas.stk.Drl
eCom. treas.stk..
$8,794,752 $9,142,4351
52,500
,550,000-Drl ,500,000
-Drl.830
1,042,815
$1,870,516
$2,324,125
328,021
599,435
886,788
191,071
314,788
$1,852,303
$2,348,791
Net loss
dividends
Preferred
Consolidated Balance Sheet Dec. 31
1936
$
1
1
640,902
Cash
United Electric Coal Cos.—
Earnings—
1937—12 Mos.—1936
-1936
1937—3 Mos.
royalties, depletion &
Inventories
$193,802
113,144
46,868
$1,000,397
502,359
180,054
10,493
3,973
28,732
56,565
$109,001
1,817
$289,252
loss$6,889
$307,937
146,477
Interest
195,093
Federal income taxes and
other deductions
income
1937
133,029
25,491
Federal income taxes and other deductions
8,617,689
After
10,591,752
Co.—Weekly Output—
United States Envelope
p.
June 6, '36
87,572,902
80,116,972
84,253,109
3858.
(& Subs.)- —Earnings—
1937
12 Months Ended April 30—■
xl936
oper, earnings of sub. and controlled cos.
(after eliminating inter-company transfers)....$86,563,380
General operating exponses
40,315,135
$81,217,318
37,908,605
4,545,773
8,416,235
9,866,139
4,746,683
7,976,466
8,928,096
Gross
Maintenance
Provision for retirement
General taxes and estimated Fed'l income taxes..
Total income of sub. and controlled cos
$26,086,979 $24,227,753
15,849,724
2,366,942
Equity of United Lt. & Pow. Co. in earns, of
subsidiary and controlled companies
$7,870,313
Income of United Lt. & Pow. Co. (exclusive of
income received from subsidiaries)
y74,372
16,316,523
1,828,140
$6,083,091
14,325
$7,944,684
Total.
Expenses of United Light & Power Co
Taxes of United Lt. & Power Co
Balance transferred to
consolidated surplus
186,633
45,157
$5,847,355
2,318,073
2,318,073
172,875
205,299
$5,216,036
$3,323,983
Adjusted.
y Includes $43,825 profit on sale of temporary investments.
—V. 144, p. 3521.
Co.—Earnings—
Earnings for 20 Weeks from, Jan. 1 to May 22, 1937
provision for Federal and State taxes
Earnings per share on 143,000 shares common stock
—V. 144, p. 2849.
Net earnings after
$470,638
$319,430
2,293,972
31,934
$472,511
2,355,351
10,942
$527,309
2,146,409
26,634
$2,645,336
280,000
131,250
40,000
$2,838,804
280,000
131,250
133,583
$2,700,352
280,000
$2,293,972
Comparative Balance Sheet Dec. 31
$2,355,352
2,194,086
17,266
$2,681,989
280,000
131,250
Common dividends
213,969
Miscell. charges
Surplus, Dec. 31
$2,056,770
123,220
2,212,196
1,121,686
141,180
1,917,864
656,457
800,314
38,270
42,060
695,508
Stock In proc., &c_
S.
Govt.,
61,942
-
-
.
14,328,824
Total
United
stock
2,625,000
2,625,000
268,175
Accts.
payable—
429,249
Reserve for deprec.
963,796
81,405
Deferred assets
First
4,000,000
on
2,056,770
4,946,195
40,282
2,194,086
.14,328,824
14.073.732
plant invest-
Reserve for taxes.
Surplus
5,174.314
43,491
&c.,
Prepaid charges..
V.— 142. p.
4,000,000
818,508
87,264
Cash
Miscell. invest....
U.
S
Preferred stock
Common
Trade-marks, pat¬
ents & goodwill.
S
Liabilities—
S
9,238,245
1935
1936
1935
1936
9,338,140
65,666
$2,194,086
64,506
14,073,7391
Total.
3697.
States
&
International
Securities
Corp.—
Preferred Dividend—
of $1.25 per share on account of
accumulations on the $5 cum. 1st pref. stock, no par value, payable Aug. 2
to holders of record July 19.
A like payment was made on May 1 and on
Feb. 1, last; a dividend of 75 cents was paid on Dec. 24,1936; $2 on Dec. 15,
1936; $1 on Nov. 2, 1936, and dividends of 75 cents per share were paid on
Aug. 1 and May 1, 1936.
A dividend of 50 cents per share was paid on
Feb. 1, 1936, and on Nov. 1 and Sept. 10, 1935, this latter being the first
dividend since Nov. 1, 1930, when a regular quarterly dividend of $1 25
per share was distributed.—V. 144, p. 3025.
The directors have declared a dividend
United
States
Line
Co .—Commission
New Line—
all
bids
and
S.
for the construction
cargo
Rejects
Bids for
.
Maritime Commission on June 2 announced the
rejection of
of the proposed new combination passenger
liner for the company to replace the Leviathan in the trans¬
bids on the vessel will be sought at the "earliest
atlantic service, and that new
practicable date."
In the advertisement for bids
which
were
opened on April 1, the Com¬
a modernized vessel of the
mission invited firm bids on two designs, one,
type of the liners Manhattan and Washington, now operated
States Lines Co., and the other, a design for a vessel of
by the United
slightly larger
dimensions.
Bidders
$145,173
$1.02
United States Casualty Co.—Initial Pref. Dividend—
declared an initial semi-annual dividend of 22 H cents
per share on the conv. pref. stock, payable June 1 to holders of record
May 21.—V. 144, p. 2680.
The directors have
1933
$841,327
314,018
Total surplus
204,904
51,067
x
United Specialties
1934
$786,710
314,200
Preferred dividends
$6,097,416
$7,706,984
Balance
1935
Net income
The U.
Holding company deductions—Int. on funded debt
Amortization of bond discount and expense
Co.—Earnings—
$631,414
311,984
Depreciation
securities
Net earns, from oper'ns of sub. & controlled cos.$23,420,098 $21,657,468
Non-oper. inc. of sub. & controlled cos
2,666,881
2,570,285
Int.,amortiz. & pref. divs. of sub. & controlled cos.
Proportion of earns., attributable to min. com. stk.
Dividend—
cents per share on the com¬
of 12
$786,943
316,305
Net profits
Accts. & notes rec.
United Light & Power Co.
1936.
1936
Calendar Years—
Plant, investment.
June 5 '37 May 29, '37
Electric output of system (kwh.)
8,617,689 10,591,752
Total
stock, no par value, payable June 23 to holders of record June 12.
Previously regular quarterly dividends of 7
cents per share were distrib¬
uted.
In addition, the following extra dividends were paid:
50 cents on
Dec. 23, 1936; 10 cents on Sept. 23, 1936, and on Dec. 23. 1935, and 2H
cents on Oct. 10. 1935—V. 143. p. 4018.
Assets—
Week Ended—
24,016
depreciation of $12,386,861
United Shirt Distributors, Inc.—Larger
$87,984
Note—No provision has been made for surtax on undistributed profits.—
V. 144, p. 2679. 2501.
United Gas Improvement
372,129
1st mtge. loan
in 1935 and $11,554,342 in
Represented by 900,000 no par shares.—V. 142, p. 3697.
x
$267,371
Net income.......
&
iiabll..
1936
$572,732
332,995
144,779
6,973
421,723
Interest
payable
accrued
Reserve for cont..
35,839
Adjustments
$847,614
royalties, depl. & deprec..
Royalties, depletion and depreciation
1,498,050
927,856
Common stock..
302,481
Previous surplus.
Earnings for 9 Months Ended April 30
Profit from oper. before
366,154
38,352
1,474,812
surplus.. def1,031.330
6,644,700
"""525
24,572
288,606
Deferred charges..
Total
y
Earned
49,614
Sundry accts. rec.
Acer. inc. on inv..
$651,177
406,407
41,967
depreciation
Royalties, depl. dc deprec.
1,125,000
6,644,700
1,125.000
Accts.
1,017,703
769,680
638.749
272,352
366,938
Accts. receivable..
y
7.826,773
6,974,703
$
$
Liabilities—
Preferred stock
Ld., bldgs., ma¬
x
1935
1936
1935
$
Assets—
The directors have declared a dividend
Period End. Apr. 30—
144,
910,424
370,584
mon
Profit from oper. before
—V.
$118,913
1,162,398
Federal and local taxes..
allowances
3858.
Net
$226,658 prof$S7,249
880,063
1,047,341
40,494
Depreciation
accounts and notes of
p.
119,691
Idle plant expense
$8,794,752 $9,142,435
Total
for depreciation,
b After allowances for doubtful
$93,812 in 1935 and $64,381 in 1936.
c Represented
by $10 par shares,
d Represented by 15,500 shares at $100 par in 1936 and
15,000 shares in 1935.
e Represented by 183 shares at par.—V.
144,
After
79,158
74,505
Investments
a
prof$8,091
65,348
413,886
chinery & equip
Goodwill
Capital surplus...
Total
$238,604
$292,006
$202,821
Loss
286,767
284,059
Notes & accts. pay.
2,412,012
Goodwill,
1933
1934
1935
1936
Minority
52,500
86.375
disbursing agent
$3,548,630
42,860
75,983
698,223
Invest. & advances
$4,789,094
1,240,463
$245,681
Other income
115,4S4
Taxes
2,138,954
Inventories
42,988
56.245,537
1,232,246
Works (& Subs.)—Earnings—
Operating loss
29,700
receiv..
283,693
1,375.000
42,988
$5,013,290
United Piece Dye
143,880
47,477
b Notes&accts.rec.
$6,207,082
.
„
1,375,000
preferred stock dividends
Interest
930,442
Securities..
$7,663,525
-
.
Expenses
Liabilities—
1935
1936
Assets—
a
158,383
16,061
Adjusted.—V. 144, p. 3697.
x
subsidiaries did not incur a
'• •••;,;.;v•
Consolidated Balance Sheet Dec. 31
Cash
244.276
90,074
Balance....
241,204
corporation and its domestic
undistributed profits in 1936.
on
$7,997,875
-
-
574,706
$6,381,526
Holding company deductions:
Interest on 5}4% debentures, due 1952..
Amortization of debs, discount and expense
$257,493
Note—The
surtax
$5,806,821
754,817
Exps. of United Light & Rys. Co
Taxes of United Light & Rys. Co
Calendar Years—
Earn, per sn. on common
$7,243,058
Equity of United Lt. & Rys. Co. in earns, of
subsidiary and controlled companies
(excl. of income re¬
ceived from subsidiaries)
13,678,764
1,831,290
Inc. of United Lt. & Rys. Co.
Prior
19,324
20,506
26,418
income
13,208,184
2,370,546
Balance transferred to consolidated surplus
nority interest
Net
$22,821,788 $21,316,874
controlled cos
Total
173,059
102,917
Prov. for for'n inc. tax. j
Portion of net income of
$19,445,436
1,871,438
subs. & controlled cos.$20,879,234
& controlled cos.......
l,942,o54
Int., amort. & pref. divs. of sub. & controlled cos.
Proportion of earns., attributable to min. com. stk.
1Q33
5£6,108,548
4,490,184
1,448,533
$598,088
70,789
Operating profit
Other income
Depreciation.
Federal taxes._
1934
$5,890,417
4,249,391
1,447,813
$497,504
&c., expenses
gen.,
Non-oper. income of sub.
Dyewood Corp. (& Subs.)- Earnings—
United
Calendar Years—
Net sales.
Sell.,
$76,518,759 $71,740,493
eliminating inter-company (transfers)
35,412,571
33,275,894
General operating expenses
4,047,276
4,255,426
Maintenance
7,468,610
6,858,634
Provision for retirement8,711,067
7,905,104
General taxes & estimated Federal income taxes..
Total income of sub. &
$24,102
$14,102
$5,662
$21,250
&c
taxes,
—V.
1934
1935
1936
1937
xl936
1937
(after
Net earns, from opers. of
Chemicals, Inc. (& Subs.)—Earnings—
United
Quar. End. Mar. 31—
Net loss after deprec.,
-Earnings-
Subs.)
& Rys. Co. (&
April 30—
earns, of sub. & controlled cos.
12 Months Ended
Gross oper.
1937
June 12,
Chronicle
were
the Newport News Shipbuilding & Drydock Co.
of Neiwport
News, Va., and the New York Shipbuilding Corp. of Camden, N. J.
The Newport News company bid on both designs, quoting $14,375,000
for the Manhattan-Washington design, and $15,455,000 for the "K" design.
This company also submitted a bid of $14,560,000 for the construction of a
ship of its own design.
The New York
Shipbuilding Co. bid only on the Manhattan-Washington
design on which its quoted $14,995,000 but it also submitted an independent
design which it offered to build for $15,665,000.—V. 142, p. 3697.
Volume
Financial
144
United States Leather
4029
Chronicle
Co.—Listing-
Universal Leaf Tobacco Co., Inc.
The New York Stock Exchange has authorized the listingof487400 shares
(par $100) of 7% cum. prior preference stock in exchange for presently
outstanding voting trust certificates upon the termination of the voting
trust, and $249,743 shares (no par) class A participating and convertible
stock in exchange for
presently outstanding voting trust certificates upon
the termination of the
voting trust, and 397,010 shares (no par) common
stock in exchange for presently outstanding
voting trust certificates upon
the termination of the
voting trust, and 1.000 shares of common stock,
which have been issued but are
presently held in the treasury, and 249,743
shares of common stock on official notice of issuance
upon conversion share
for share of the class A
participating and convertible stock, making the
total amount of stock
applied for 48,400 shares of 7% cumulative proir
preference stock; 249,743 shares of class A participating and convertible
stock and 647,753 shares of common stock.
Apr. 30 '37
Assets—
Utah
Light & Traction Co.—Earnings—
Calendar Years—
Net
.
1935
$1,135,582
1,028,817
_
$1,042,641
918,514
$999,245
912,140
$928,788
872,324
$106,765
522,010
$124,126
$87,105
546,877
2,440
$56,463
1,002,409
1,619
$628,775
622,300
10,416
$628,206
$636,422
623,554
16,819
$1,060,492
621,987
10,162
$3,944
$3,950
$15,544
from oper..
revs,
Cash
Rent from leased prop.
Other income
_
Notes
Int.
261,215
232,904
on
mortgage bonds.
Other int. & deductions.
1934
501,294
2,785
Accrued payrolls.
M iscell. accruals
600,000
Net loss
106,641
$3,941
54,383
-
Balance Sheet
Dec.
31
5,807
6,297
174,750
61,630
40,000
40,000
1,000,504
588,620
Cash in banks (on
19,743
28,247
6,500,000
3,111,798
1,556,279
Accts. receivable--
28,549
20,766
note—Utah Pow.
Materials & supp.
71,048
7,330
92,056
& Light
stock.
1,025,085
586,536
4,900,000
3,111,798
1,556,279
Capital surplus...
3,429,167
3 809 959
Misc.
5,006
4,229
tlmberlands,
plants, &c
Prepaid taxes,
3,010,533
64,983
Purch. mon. mtge.
3,157,001
49,823
in¬
Insurance
surance, &c
reserves
Contingent
reserve
Prior pref. stock..
a Class A stock...
b Common
1936
Assets—
Income tax
..
Oper. purposes
1936
1935
$
demand).
Prepayments
curr. assets.
Misc. assets
f480,271 def.222,227
5,844
..16,325,615 16,862,6491
Total
11,410
6,033
30,543
34,484
1,094,507
Deficit
Represented by 249,743 shares (no par),
b Represented by 397,010
shares (no par),
d After reserve of $5,528,329 in 1936 and $5,549,594 in
1937.
e After reserve of
$40,214 in 1936 and $73,113 in 1937.
f Operating
surplus after deducting dividends of $348,743.—V. 144, p. 3522.
a
694,122
States
Smelting,
Refining
Mining
&
1935
Expenses.
1934
81,118**,
1933
$10,743,287 $12,431,344 $11,176,400 $10,023,446
1,053,882
1,054,239
1,055,349
793,118
1,411,842
1,000
87,490
Minority interest
Net earnings
1,477,523
100,067
108,029
The
$8,543,461
2,490,493
$7,090,972
1,637,818
5,287,650
$6,052,968
4,362,311
$165,504
$52,839
$888,232
528,765
$7.21
w
528,765
528,765
$8.35
528,765
$6.67
'
1,637,818
$10.31
1936
1935
ment
S
j
,602,573 41,905,632
4 ,932,058
4,724,735
U. S. Government
securities
4
,280,160
inventories
9
179,245 10,920,891
206,693
206,222
Stocks and bonds.
Notes receivable &
loans
75,369
18,843
1,214,321
deposit
.10 067,082
Fire insur. fund... 1 331,184
stock,
8,839,376
Res. for conting..
1,219,863
Cap.
was
Co.—Earnings—
Feb.
28
'37
Feb.
12
29
'36
89,900
sur p.
940,933
437,700
2,417,602
466,984
3,053,280
948,931
5,837.315
of
$10,464
41,752
$103,241
525,387
$140,017
485,920
$52,216
$628,628
$625,937
2,259
$52,216
51,858
$628,628
597
686
622,o00
10,269
$628,196
621,779
10,359
$328
$328
$3,941
$3,942
Balance, deficit.
Note—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
6,504
8,536,983
for
that
144,
.71,506,738 73,044.684
as
the company reported no undistributed adjusted net income
No such provision has been made to date for 1937.—V.
year.
3859.
p.
Utah
Power
&
Period—
Light Co.
Corp.—May Shipments—
Activity"
on
a
preceding page^
Feb.
Ca lenda r Yea
1936
rs—
1935
$348,453
136,723
$45,782
91,804
19,736
Exps., franchise taxes ,&c
Interest paid
11,237
Federal taxes
Net income
Preferred
$191,995 loss$57,259
1,503,395
dividends
1934
(& Subs.)—Earnings—
$555,177
107,562
20,946
$289,845
329,863
Interest
on
Interest
on
$426,669
330,325
$1,311,400
$57,259
1936
Assets—
$40,018
1936
a
308
314
c
Res. from Tobacco
Prod.
New
Corp.
Jersey
Notes & accts.
in
52,217
in
Union
624,100
622,306
McCrory
Corp.stk.
Tob.
2,537,375
4,579,895
Common stock..
2,537,375
4,579,895
252,110
172,369
252,086
31,544
2,814
Reserve for taxes..
212,100
37,815
251
105
Accounts payable.
3,031
Pay.to Tob. Prod.
Corp. of Del
5,360,825
4,651,582
4,521,088
4,520,982
Co.
Capital
surplus..
Earned
McLellan
Stores Co
§6
Unclaimed divs
rec.
& obligations...
Inv.
conv.
b Class A stock...
of Del. stock—
Stores
Cum.
pref stock
of
In v. in Tob. Prod.
Inv.
1935
Ltabklities—
1,321,834
surplus.-./
12,961,845/
1
x
a
10,577,921
11,169,2391
Total
10,577,921
11,169,239
Represented by 101,495 no par shares,
b Represented by 915,979
shares,
c Represented by 504,233 no par shares.—V. 144. p. 3522.
no
Universal-Cyclops Steel Corp.—New Vice-President—
E. L. Stockdale, Secretary of this company has also been elected
President.
a
Vice-
25-Cent Dividend—
declared a dividend of 25 cents per share on
the
$1, payable June 30 to holders of record June 16
Similar amount was paid on March 27, last, and on Dec. 29, 1936, this
atter being the initial dividend.—V. 144, p. 2680.
directors
stock,
have
par
$4,311,725
4,598
$3,521,399
38,479
$354,337
195,879
$309,605
195,879
$4,316,323
2,350,550
$3,559,878
25,000
25,000
16,858
16,975
300,000
204,822
300,000
206,622
2,369,696
Cr30
Cr5,222
Cr33
$1,466,173
$683,593
1,704,761
1,704,761
$238,588
$1,021,168
x Dividends
accumulated and unpaid to Feb. 28, 1937, amounted to
$5,753,568, after giving effect to dividends of 87H cents a share on $7
preferred stock and 75 cents a share on $6 preferred stock, declared for
payment on April 1, 1937. > Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed
profits
1936, inasmuch as the companies reported no undistributed adjusted
income for that year.
During 1937 provision for Federal surtax on
for
net
undistributed
p.
profits has been
made in the amount of $4,000.—V.
144
3859.
Utah Power &
Light Co. (& Subs.)—Earnings—
Years Ei ded Dec. 31—
1936
1935
1934
1933
1
par
The
434
Operating revenues
$11,845,125 $10,361,563 $10,000,750
Oper. exps., incl. taxes.. 6,893,979
6,172,004
5,845,782
Consists of 24,795 shares of class A and 4,530 shares of common
stock,
common
$309,171
$116,600
$71,781
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
Net
Total
12 Months Ended
Feb. 28 '37 Feb. 29 '36
construc¬
3,628.003
def41,470
1
Office furn. &fixt.
'36
Balance, deficit
1935
$
71,598
._
29
$952,698 $12,102,878 $10,555,031
643,527
7,791,153
7,033,632
Net income
Comparative Balance Sheet Dec. 31
Cash
chgd.
to
tion-credit
x
Deficit
mtge. bondsdeb. bonds._
Other int. & deductions.
Int.
Feb.
283
Gross income
1933
$419,070
73,722
10,503
45,000
'37
$354,054
Other income (net)
Corp.—Earnings—
Total income..
28
Operating revenues.$1,063,499
Oper. rev. deductions
709,445
Net oper. revenues...
United Stores
930,943
cumulative interest
inasmuch
6,504
Total.
'36
$52,127
51.858
Gross income
on mtge. bondsOther int. & deductions-
1,234,917
336,778
472,489
arising
purch.
29
$1,070,960
$52,127
Interest
,653,087
Business
Ended
Feb.
$5,549
46,578
Operating income
144, p. 3697.
of
'37
$1 143,996
1,040,755
Month Ended——-
See under "Indications
V. 144, p. 3697.
Months
28
89,469
Net oper. revenues
S9.900
125,000
Profit & loss acct..
United States Steel
Feb.
$93,870
83,406
$95,018
revenues
1,570,755
stock.
--.-71,506,738 73,044,684
have
no par
Rent from lease of plant-
Curr. unmat. prop.
preferred
b After all reserves.—V.
Subs.)—Earnings—
Other income (net)
,654,558
co._
payment
Accts. payable, &c
Drafts in transit..
from
Total
directors
Operating
Preferred stock.. .23 ,397,400 23,397,400
;
j Cap. stk. & sur. of
I
sub. cos. not held
Res. for taxes, &c.
Divs. declared
Cash & certificates
$
22,496,250 22,438,365
Month Ended
1935
S
31,553
153,269
stock...26 ,438,250 26,438,250
3,994,800 ! Bonds of sub.
834,372
...
Accts. receivable..
of
1936
Liabilities—
| Common
account..40
Deferred charges..
Total
~8~, 924
7,147
34,746
134,705
—
"
Oper. exps. (incl. taxes).
|
$
Assets— *
Property invest¬
-
all
Period—
Consolidated Balance Sheet Dec. 31
b
after
Utah Light & Traction
stock out¬
common
standing par $50)
Earnings per snare
256,036
160,428
75
declared a dividend of 50 cents per share on the
value, payable June 30 to holders of record June 21.
paid on March 31, last, and compares with $1.25 paid
on Dec. 18,
1936; 75 cents on Sept. 30, 1936, 25 cents paid on June 30 and
March 31, 1936; 40 cents on Dec. 31 and Sept. 30, 1935; 20 cents per share
in each of the three preceding quarters; 40 cents on Sept. 29,
1934, and 20
cents per share on June 30 and March 31, 1934, this latter
being the first
payment made since Jan. 2, 1933, when a dividend of 10 cents was paid.
—V. 144, p. 1621.
$5,169,875
1,637,818
2,643,825
$5,455,276
1,637,818
3,701,355
317,255
166,382
Misc. curr. liabs
taxes & provision
common
$7,888,602
2,718,727
$116,103
Profit for year
$9,881,568
2,790,595
&
Power
Accrued accounts.
Universal Products Co., Inc.—50-Cent Dividend—
1,233,697
89,687
$8,189,072
2,733,796
,
Preferred dividends
Common dividends
Surplus
1,405,851
Weeks Ended May 1—
loss
Similar amount
Deprec., depl. & amort.
Shs.
22,496,250 22,438,365
come
__
Corp. & Fed. tax, &c__.
Provision for surtax..__
8,200,000
Utah
Light
1937
1936
charges, Federal & foreign in¬
(of $78,234 in 1937) for
deprec. of capital assets
$105,069
x$404,752
x Before
crediting a profit on the sale of the entire capital stock of its
British subsidiary.—V. 144, p. 2326.
Net
$9,929,578
93,868
48,555
—
—V. 144, p. 3859.
Co.
13
$12,350,226 $11,127,845
8,200,000
advances
payable
Universal Pictures Co., Inc. (&
107,003
Total income
„
Loans &
Co
Def. credits to inc.
Consolidated Income Account for Calendar Years
Calendar Years—
1936
Earns, after prod. costs.$10,636,284
demand
inc.
Misc. liabilities...
(& Subs.)—-Earnings—
Other income
6%
Reserves...
Total
United
$
Cap.stock ($25 par) 1,150,875
1,150,875
Long-term debt—12,446,000 12,446,000
Accounts payable39,064
31,278
Co
count & expense
16,325,615 16,862,649
1935
$
Liabilities—
S
Plant, prop., fran¬
chises, &c
-.21,228,113 21,552,582
Unamort. debt dis¬
Total
759,945
316,091
94,190
76,376
_
.
Dividends unpaid.
Provision for Fed'l
d Real estate, incl.
-
to
bankers-....-.
49,383
17,860
1,935,551
1,252,530
1,056,511
payable
Gross corporate inc
S
$
Accounts payable.
1,459,153
900,998
Investments
Liabilities—
S
8,941,345
1933
1936
Operating revenues
Oper. exps., incl. taxes
Apr. 30 '37 Oct. 31 '36
Oct. 31 '36
$
9,707,116
e Accts .rec.
(trade) 1,528,176
Accts. rec. (misc.)
46,723
Notes receivable..
10,575
Pay Extra Div.—
stock, both payable Aug. 1 to holders of record July 14.
An extra dividend of $2 was paid on Dec. 24, 1936; one of $1.75 per share
was paid on Aug.
1,1936; an extra of $2 was paid on Aug. 1, 1935 and one of
$1 on Aug. 1,1934, and on Aug. 1,1933.—V. 144, p. 122.
Consolidated Balance Sheet
Inventories
To
The directors have declared an extra dividend of $1.50 per share in addi¬
tion to the regular quarterly dividend of 75 cents per share on the common
revs,
from opers.
Other income
Gross
Int.
on
Int.
on
corporate inc..
mtge. bonds
deb. bonds
Other int. & deductions.
Int. chged. to construc'n
Prop, retire, res. approp.
Portion applic .to min .int
Balance
carried
earned surplus
dividends
Preferred
$4,951,146
4,647
$4,189,558
$4,154,967
45,450
35,355
$4,955,793
2,350,550
300,000
$4,235,008
2,377,186
300,000
206,678
$4,190,322
2,413,069
300,000
216,164
54,414,737
2,598,844
300,000
207,922
747,298
745,575
700",000
204,689
Cr5,254
747,299
$4,387,420
27,317
2
to
$1,358,509
568,254
$603,845
284,127
$515,516
284,127
$607,971
$790,255
$319,718
$231,389
$607,971
Common dividends
Balance
$9,529,338
5,141,918
Financial
4030
Wabash Telephone
Consolidated Balance Sheet Dec. 31
1936
8
'
Investments
3,645
3,645
Notes
banks
(on demand).
Notes & loans
rec
Accts, receivable
Matls.& supplies
Prepayments
Misc.curr. assets
Miscell. assets..
Deferred charges
898,904
59,568
1.759,626
843,649
527,359
55,540
1,802,028
900,207
46,635
28,418
61,341
1,805,629
52,507,416
726,000
564,912
657,382
506,516
payable
5,000
348,655
Contracts pay..
Misc. curr. liabs.
378,472
1,277,168
1,948
Misc. liabilities.
48,931
deps.
53,319
Customers
Accred. accounts
Deferred
1,116,134
1,598
67,561
credits
7,170,873
3,408,300
Reserves
Earned surplus
51,275
6,909,978
2,984,145
54,469
to income—...
_
—....120,970,993 120,384,673
Federal income taxes —_—Net earnings from
2 >100
Net earnings
Interest on funded debt—
General
■
period.
$81,266
1,152
73,667
Total
Preferred dividends.
Common dividends.
Balance at end of
period
1935
$4,906,900
4,903,826
6,117,516
538,800
122,690
46,212
430,596
143,998
79,301
345,923
104,027
33,167
219,755
41,331
def32.960
January
February
5,354,045
5,186,888
March.
5,610,515
4,966,906
5,155,428
December
—V. 144, p.
(& Subs.)—Earnings—
1936
1935
1934
1933
$1,983,293
1,020,198
$1,971,238
1,042,633
$2,239,441
1,138,126
$2,328,772
1,269,259
$963,095
sold
$928,606
$1,101,315
$1,059,513
Operating profit
Income from invest, and
Mfg. Co .—Accumulated Dividend—
of 75 cents per share on account
pref. stock, par $50, payable June 1.
made on Nov. 1, Aug. 1, May 1, and March 16,
1936, and compares with $1.50 paid on Nov. 1 and Aug. 1, 1935: 75 cents
on May 1,
1935; $1.50 on Feb. 1, 1935, and 75 cents per share in each of
the five preceding quarters.—V. 144, p. 629.
A similar payment was
7,435
9,155
23,104
$1,110,470
1,103,823
$1,082,617
1,154,238
20,397
38,629
39,466
Gross income
39,169
39,649
Costs, exp. & ord. taxes.
Depreciation
44,965
60,608
55,488
'
on
mortgage.
4,236,934
180,858
loss$79,854 loss$116,116 loss$266,832
1936 for
Realty Corp. in the amount of $60,411
($81,831 in 1935).
Depreciation provided on capital assets during 1936
amounted to $13,898 ($16,374 in 1935).
the year of Vadsco
Consolidated Balance Sheet Dec. 31
Assets—
Liabilities—
1935
1936
b
Laud, bldgs.,ma-
chin'y & equip—
$315,401
$325,724
c
7% pref. stock..$2,184,800 $2,185,300
Common stock..
trade-marks, &c. 4,000,000
4,000,000
1,021,573
1,021,573
450,366
taxes
2,816
2,306
394,658
411,568
employees
Inventories
11,227
11,224
investments
1,356,670
1,317,751
Deferred charges..
28,852
22,478
Net
Accounts payable.
Accrued payrolls &
•62,143
for
27,366
40,414
able & accrued..
15,040
13.084
56,351
69.085
expenses....
Sundry taxes
pay¬
4,960
1,055,464
1,068,702
on
Total...
$6,782,491
$6,846,825
Kamps Holland Dutch Bakers, Inc.—Extra Div.
extra dividend of 25 cents per
March 31 last.
Ventures, Ltd.—Initial Dividend
on
The directors have declared an initial dividend of 12 A cents per share
the smaller amount of common stock, now outstanding, payable July 5
to holders of record June 21.
Company recently recapitalized by reducing its outstanding stock, and
issuing one new share for each five old shares held.
A dividend of five cents per share was paid on Jan. 2, last.—V. 144, p.
3197.
Vicksburg Bridge & Terminal Co.—Filing of Clai?ns—
Under date of May 27,
1937, the court entered an order extending the
filing claims to noon on July 7, 1937.
The committee for the 1st
mtge. 6% sinking fund gold bonds has been authorized to file claims on
behalf of all bondholders who deposit their securities with this committee.
Individual bondholders neet not file their claims and present their bonds to
the toaster, H. C. McCable, if they deposit with this committee in ac¬
ceptance of the plan of Jan. 21, 1937.
City National Bank & Trust Co. of Chicago is the depositary of this
committee.—V. 144, p. 2503.
time for
Virginia Electric & Power Co.—Earnings—
1936
Cash.
$
Inventories
Funded
139,765
&
Loan
pledged tax lienslO.899,349
Pledged Gov.oblig. 3,537,540
2,908,455
dep.
contracts
oper. co.
532,905
Minor, int. in com.
a
on
27,758
2,466,956
—
in & advs.
17,500
—
30,892
b
278,700
$3
d
Land, bldgs.,ma-
ch'y, equip., &c.
1,372,651
176,729
1,375,578
241,025
1
78,850
2,034,200
7,564,519
cum.
pref.
1
Deferred charges..
78,200
stock.„^ 2,040,350
pref. stock
c
in Spain
284,200
$1.16 2-3 cum.2d
3,393,994
to
24,837
§1 cum. 1st pref.
stock
Investments
Int.
391,544
(nom
stock of subs.—
514,028
(not current)
Guaranty
pay.
current)
11.734,126
Accts. & notes rec.,
&c.
pay.of sub.co
Notes
un¬
debt
6,882,878
3,137,096
368,156
Reserves.
99,351
———
obliga'ns
2,980,523
667,172
798,335
6,731,772
362,113
607,51
781,846
Current liabilities.
Govt. & municipal
$
$
Liabilities—
586,853
——'——
1935
1936
1935
$
\
conv.
Common stock.
7,564,519
552,835 surl89,565
Deficit
1
Pats., license agree¬
ments & g'dwili.
-20,288.732 21,386,023
Total
Total
-----
20,288,732 21,386,023
Represented by 17,052 shares of no par value in 1935 and 16,722 no
par shares in 1936.
b Represented by 4,731 shares of no par value in 1935
and 4,692 no par shares in 1936.
c Represented by 40,807 no par shares in
1936 and 40,684 in 1935.
d Represented by 472,923 shares of no par value
e After depreciation of $2,125,580 in 1935 and $1,808,098 in 1936.—V. 144,
p. 3026.
Washington (D. C.) Gas Light Co.—Seeks to
Shares of
The company on
—V. 144, p. 3522.
Virginian Ry.—$2 Dividend—
a dividend of $2 per share on the common
$100, payable June 25 to holders of record June 14.
A like
amount was paid on March 31. last, and compareswith $2.50 paid on Jan. 2,
last, and on July 1, 1936, and $2 paid on Dec. 30, July 1 and Jan. 2, 1935.
This latter payment was the first made since July 1. 1932, when a quarterly
distribution of $1.50 per share was made.
A dividend of $1.50 was also
The directors have declared
par
paid on April 1, 1932, and on Dec. 31, 1931, the latter being the first since
Dec. 31, 1930. when an annual dividend of $8 per share was paid.—V. 144,
:
of Wash¬
pref. stock.
$10,000,000
May 29 asked the Public Utilities Commission
bonds and 35,000 shares of pref. stock.
The purpose of issuing the 20,000 shares (designated as"$4.50 cum. conv.)
pref. stock is to repay the company for improvements made before Dec. 31,
1936, and to enable it to retire outstanding bank loans.
It was understood that the earlier plan to obtain funds was abandoned
in refunding mortgage
because of
In its
a falling off in the bond market.
previous application, made March 10, the company
.
,
asked permission
to 390,000
its capital¬
to change its present 130,000 shares of outstanding capital stock
shares.
On May 29 it asked for authority eventually to increase
ization to 1,000,000 shares Avithout par
1937
1936
$16,835,017 $15,500,068
Balance after operation, maintenance and taxes
6,995,910
6,704,146
Bal.for divs. & surplus(after approp.for retire.res.)
3,276,906
3,026,754
Sell 20,000
IJreferred Stock—
ington (D. C.) for authority to issue and sell 20,000 shares of
And at the same time, the company withdrew a request to sell
value.
Still before the Commission is a request of the company
April 30—
revenues
Republic of Cuba 5H% gold notes
a
New Stock—1
on
3697.
b$661,207
payable
$800,321
$692,317
$494,163
b Does not include $1,200,000 reserve provided for possible losses
accrued interest receivable 011 Republic of Cuba 5A % Kold notes and
Assets—
e
Regular dividends of 123^ cents per share were paid on Dec. 15, Oct. 1,
July 1 and April 1, 1936, this latter being the first payment made since
Jan. 2, 1931, when a regular quarterly dividend of 37 A cents per share was
distributed.
In addition, an extra dividend of $1.87 A was paid on Dec.
15, 1936, and extras of 12>^ cents were paid on Oct. 1 and on July 1,1936.—:
V. 144, p. 3859.
12 Months Ended
499,514
Argentine tax liens, charged against surplus.
Consolidated Balance Sheet Dec. 31
4,465,223
share in
addition to a quarterly dividend of like amount on the common stock, both
payable June 30 to holders of record June 10.
Similar payments were made
Operating
^
loss
5,020
4,465,722
b Repre¬
sented by shares of $100 par.
c Represented by 1,015,919 (1,015,924 in
1935) no par shares, including stock to be issued for stocks of predecessor
companies not presented for exchange, amounting to 20,903 (21,531 in
1935) shares.—V. 144, p. 3523.
an
206,o21
296,871
------
Includes accrued interest on
a
After depreciation of $638,559 in 1935 and $629,745 in 1936.
Van de
$503,450 prof$44,828
Argentine
Accts. & notes rec.
The directors have declared
41,463
in 1933,
Deficit
$6,846,825
29*402
(paid Jan.,
Capital surplus...
$6,782,491
152,951
tax lien loss
Min. int. in subs..
Total
$539,366
34,159
551,245
5,179
10,706
47,412
25,732
57,301
60,047
$460,004
Provision
Contingent res've.
Miscell. securities.
4,868
3,985
Loss
1936)
Advs. to officers &
$1,121,482
490,828
Prop. share of controlled
& 1927 Fed. inc.
Notes & accts. rec.
342,648
413,125
367,051
499,525
3,709
"4",440
— -
license cos.' losses
sessment on 1926
222,499
$629,728
486,120
521,747
$499,100
24,302
al,097,180
1935
1936
Cash
p.
146,255
loss32,879
662,607
169.208
329,892
50,833
Minority interest, &c
For'n exch. losses, &c.__
Losses on sale of capital
assets
(net)
Miscell. loss, &c., net—
Liability for def.as-
Good-will, brands,
stock,
191,541
284,707
$446,848
348,780
509,059
35,719
Interest, &c_
Income tax provisions-
__ _
oil
1933
$2,294,729
2,124,172
207,508
Other credits.
Total income
$13,238
Note—No provision has been made in the above statement for
the loss for
a
1934
$3,956,312
3,797,650
239.340
Profit
Exp. of non-op. cos., &c.
Profit for year...
Other
1935
$4,648,380
4,194,465
1936
$4,657,132
lease & exps. re¬
lating to idle properties
Miscellaneous charges—
Taxes paid on non-oper¬
ating properties
a
(& Subs.)—Earnings—
Warren Brothers Co.
Calendar Years—
Int. and amortization of
on
Walker
$936,041
991,448
accounts
4,641,147
The directors have declared a dividend
14,066
Sell., gen. & adm. exps._
Prov. for bad & doubtful
4,621.245
of accumulations on the $3 cum. conv.
16,792
Total income
4,303.469
4,079.749
4,618,455
4,211,153
4,356,431
4,698.604
4,637,407
5,032.076
3698.
$979,887
948,862
fat.miscell. earnings
discount
—
1934
1935
1936
1937
April
May
sales.
$4,159,933
3.871,256
5,318,061
5,104,943
5,431,364
5,664,845
1933
$4,682,548
4,527,253
6,154,934
4,744,594
5,059,383
Calendar Years—
Rent
1934
1936
$5,516,529
5,328,696
7,218,252
Month of—
October
November
Vadsco Sales Corp.
I
$6,446
—
—V. 142, p. 974.
def381
defl9,959
after rents.
3,038
$78,837
2,429
efl,746
—Y. 144, p. 3026.
Net
Gr589
funded debt
defl0,541
Net from railway.
3>35o
—
Net income
From Jan. 1—
Cost of goods
44,o00
——
interest
Interest charged to construction
Amortization of discount and expense on
$66,991
12,265
Gross from railway
$129.142
—
$69,800
9,623
3,125
$52,534
def6,614
Net after rents
Net
$127,042
Walgreen Co.—Sales—
1934
$38,503
1935
1936 m
1937
Net from railway
15,o23
— - -——- -—- - -
_ —
_ _
operations
Interest income
Ry.—Earnings—
Gross from railway
ui
9J-A9U
fc'loi
120.970,993 120,384,673
Total.
Represented by Utah P. & L. Co. (no par value); $6 pref. cum. (en¬
titled upon liquidation to $100 a share); pari passu with $7 pref.; authorized,
210,000 shares; outstanding, 41,921 shares; $7 pref. cum. (entitled upon
liquidation to $100 a share); passi passu with $6 pref.; authorized, 300,000
shares; outstanding, 207,605 shares; common, authorized and outstanding,
3,000.000 shares.—V. 144, p. 3859.
Utah
-
Depreciation
State, local, taxes—
x
April—
$500,006
194,214
ir.A
—
-i—
Balance at beginning of
Total.
1937
Maintenance
142,063
Divs. declared—
25,198
66,409
1,970,373
1,145
and loans
Accts. payable..
Co.—Earnings—
Earnings for 12 Months Ended Jan. 31,
operating revenues
Operating expenses
i
Total
54,958,787
Capital stock. 54,958,787
Sibs. com. stock
1,145
Long-term debt. 52,507,000
x
franchises, &c.115,740,189 114,703,979
In
8
Liabilities—
Plant, property,
Cash
1935
1936
1935
$
Assets—
1937
June 12,
Chronicle
that it be allowed
purchase gas companies in Hyattsville, Md., and Alexandria, Va., for
$1,250,000.
The companies are owned by the Washington & Suburban
Cos., a Massachusetts commmon-law trust which also owns more than
80% of the Washington Gas Light Co.'s stock.
Previously, the Commission had denied the company permission to buy
to
the suburban organizations from the parent body for
that the price was too high.—V. 144, p. 3026.
$1,375,000, believing
Washington & Suburban Cos.—Acquisition—
Company, a registered holding company, has filed with the Securities and
Exchange Commission, an application (46-58) under the Holding Company
Act for approval of the acquisition by it of 12,500 shares of $4.50 cumulative
convertible
District
no
par
preferred stock of Washington Gas Light Co. of the
The acquisition was pursuant to a plan whereby
of Columbia.
virtually all the outstanding securities of
Alexandria Gas Co. and Wash-
Volume
144
Financial
inton Suburban Gas Co., now held
by the applicant, will be transferred
Washington Gas Light Co, in exchange for the new preferred stock.
Opportunity for hearing in this
will
matter
be
given
—V. 144, p. 469.
June
22,
Chronicle
1936
1935
1934
General expenses, &c
$1,678,584
1,435,859
$2,023,425
1,638,729
$464,938
44,264
$242,724
57,548
$384,695
89,314
$103,948
119.622
$509,202
76,523
$300,273
80,378
$474,009
81,513
$223,570
81,952
Miscellaneous
income
Total income
Deprec. & depletion
Provision for Federal and
State taxes
x36,800
Net profit.
Dividends.
__
Shs. outsfg (no par val.)
Earnings
per share
30,060
41,218
$189,834
261,563
175,000
$1.08
$351,277
261,557
175,000
$2.01
March
April..
May..
—V.
Western Electric Co.,
Assets—
$130,918
and
1936
1935
180,666
$0.72
Cash.
787,677
619,802
25,891
Notes &accts.rec.
,,23,826
12,275
253,872
264,703
Inventories......
819,707
852,170
(at cost)
Treasury stock...
Reserves.
32,728
Def. charges, &c_.
88,010
Total
x
$1,577,354
143,p. 2230.
in
p.
27,655
1,801,774
355,795
paid since March
1622.
1,801,177
Western
W.
308,670
S.
$886,876
Total
§4,127,107 §4,034,967
$320,375
14,307
Gross income
$268,625
7,289
$334,682
82,963
on
mtge. bonds
on deb. bonds..
Other int. & deducts....
Int. charged to construe.
x
3,536,326
31,802
$275,914
82,963
$3,568,128
995,550
2,310
44,499
Cr9,797
■
1,655
$250,064
to
pref.
stock
$190,641
the period,
for
whether paid or unpaid
Maryland Ry.—Earnings—
Western Ry. of Alabama-
on
$6 pref. stock
was
paid
on
March 15, 1937.
After
Federal taxes
1937- -3 Mos.—1936
x$373,568
sn. on
Western
$227,825
x$712,144
$0.93
$0.57
undistributed profits taxes.
$381,453
$1.78
-V.
$2,427,172
2,089,756
174,381
general & administrative expenses
Net operating income.
25,030
5,292
428,679
def21,389
def39,002
452,748
4,511
def9,615
Net income.
$191,494
28,209
Provision for Federal normal income taxes
on
Earned surplus balance, Oct. 31,1936
undistributed profits....
$163,285
515,204
a
1937
26,741
2
2
Deferred charges..
57,874
66,614
trade
357,727
71,484
x540,000
512,370
!..
Convertible preferred stock...
Common stock (§1.25 par)
Earned surplus
Total...
.$2,045,502
|
Consolidated Earnings for 12
563,921
,. _
Total
566,109
deposits,
Total
.§3,650,512 $3,384,877!
Total
§3,650,512 §3,384,877
Represented by 27,376 shares of class A and
stocks, both no par value.
The earnings for the three months ended Maich 31 were
published in our
issue of May 29, page 3699.—V. 144, p. 3859.
After
a
depreciation,
160,583 shares of
c
common
3 Months Ended March 31—
_____
Earnings
—V.
Months Ended Mar. 31, 1937
-
income
——
'■
k Mi
~
--$11,110,565
1,970,000
Other interest.
61,447
Amort, of bond discount and expense
340,290
Pay. under tax covenants, paying agents' fees & other bond exp.
102,209
Provision for income taxes
1,104,085
share
"
Net
inc.
after
$0.43
1936
1935
1934
deprec.,
Federal taxes,
&c
sh. on com¬
bined 79,974 shs. pref.
& 2,582,181 shs. com.
Earn,
1937
5,341,312
3,732,454
y2,326,496
xl ,776,152
per
12 Mos.
End.
z$2.00
z$1.40
Mar. 31—
z$0.87
1937
Orders received
Sales billed
$7,532,534
1935
$162,333
284,962
$0.43
$74,242,584 $42,515,469 $30,762,901 $20,237,588
46,673,300
33,981,280
■
26,212,802
17,994,045
"
Net sales billed..
...
Net income.
1936
$162,699
284,962
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.Orders received.
_____
i__
_
144, p. 1622.
3 Mos. End. Mar. 31—
1—
$10,652,050
458,515
Non-operating income
per
Corp. (& Subs.)- -Earns.
1937
$221,874
339,362
$0.44
Net prof, after deprec., Fed. taxes, &c.
Shares common stock (no par)
Subs.)—Earnings-.—
.
funded debt.
775,008
in W.E.I.
Co., Ltd., &c._
Westvaco Chlorine Products
*«
on
interest
$22,614,792
11,962,743
Gross income
Earned surplus...
at cost and accr.
undistributed
on
Total operating revenues
Total operating expenses
Operating
_____
—
§2,045,502
x
Represented by 40,000 no par shares.
Note—No provision has been made for Federal surtax
profits.—V. 144, p. 3355.
West Penn Power Co. (&
1936
23,444
accounts
loans,
Dividends payable
55,112
1937
Capital stock...§2,500,000 §2,500,000
134,192
82,969
Federal taxes
36,537
32,858
Accrued accounts.
55,672
43,609
Conting. res.. &c.
149,104
159,333
Accounts payable.
Munic. county bds
Sundry
other expenses
359,248
-Consolidated Bal-
180,809
&c. (not curr t)_
Pats. & goodwill._
payable, accrued taxes and
19,200
Corp.
200,956
Bank
....§1,611,942
Amount owing for prin¬
Liabilities—
92,897
Inventories
Invest
Property not used in conduct
at rate of five shares for
c
machinery, &c__ §1,433,645 §1,423,360
Cash
172,673
147,437
Notes, accts., &c.,
$563,921
Liabilities—
Deferred charges & prepd. exps
1936
Land, buildings,
192,837
Balance Sheet April 30, 1937
1
Accepted—
Sheet March 31—
Assets—
312,568
1,029,687
Earned surplus—April 30, 1937
Fixed assets
Ltd.—Plan
409,845
1,264,000
$678,488
15,000
92,226
7,341
Other charges to
surplus—net
of business
Products
Weston Electrical Instrument
receivable.
Total
Preferred dividends..
Common dividends
Current assets
Steel
New 5% 20-year bonds totaling $1,500,000 will be authorized
under the
plan and $700,000 of the issue will go to the Dominion Bank in payment for
equal amount of receiver's certificates, total amount of which is now
$1,000.000.—V. 141, p. 3877.
ance
Net income before Federal surtax
20,519
an
$163,035
28,459
Other income, less other deductions.
Interest
59,061
6,964
Debts to the banks will be paid out of funds which have accrued
and are
now in the hands of the National Trust
Co., receiver and manager since
the company went into receivreship in
February, 1932.
Earnings for the 6 Months Ended April 30, 1937
\
49'4,689
in settlement of claims for principal and interest
each $100 of principal amount of existing bonds.
cipal Jan. 31 this year was $2,058,500.
$0.95
1981.
144, p.
Net sales
Cost of goods sold
►
572,566
dividends, changing of
preference shares into shares with nominal or par value, consolidation of
100,000 outstanding common stock shares into 1,250 shares of no par value
and creation of an additional 137,750 shares without
par value.
Of this number, 102,925 shares will be issued to holders of
existing bonds
1937—9 Mos.—1936
Wentworth Manufacturing
Co.—Earnings—
.
1934
$106,568
def7,173
def 11,024
The bondholders holding bonds to a total
principal amount of $1,229,200
have approved a reorganization plan for the
company.
The plan calls for cancellation of arrears of
400,000
shs. cap. stock (.par $5)
x Before
provision for
L.
1935
$112,716
def4,609
def7,468
12,243
—V. 144, p. 3027.
Waukesha Motor Co.-Earnings—
^4. ss cts
-Earnings1936
Net after rents
Note—Includes provision made during Dec., 1936, of
$1,500 for Federal
on
undistributed profits of a subsidiary for 1936.
No such pro¬
vision has been made to date for
1937.—V. 144, p. 3859.
Period End. April 30—
Net inc. after
charges &
1936
$2,024,812
646,304
131,960
$124,902
Gross from railway
Net from railway
surtax
^
1937
$2,163,442
710,001
151,714
1937
Net after rents
accumulated unpaid dividends
were no
$6,591,487
$150,967
24,983
17,662
Gross from railway
Net from railway
622,319
,
1936
Co.—Earnings—
revenues
Balance after operation, maintenance and taxes
Bal.for divs. & surplus(aft.er approp.for
retire.res.)
—V. 144, p. 3523.
$1,998,821
'
May 31—-
$7,715,664
$393,715
12 Months Ended April 30—
!,621,140
622,518
,
Jan. 1 to
1937
From Jan. 1—
Regular dividend
Selling,
$452,545
Western Public Service
$3,694,979
995,550
40,775
37,514
$1,915,358
the payment of this dividend there
at that date.
Earns, per
elected to the board of directors
—V. 144, p. 3859.
$3,649,856
45,123
$2,537,876
Balance
x
were
F. M.
and
April"""
Net income.
Divs. applic.
15, 1935 dividend was the first
share was distributed.—V. 144,
per
Light & Telephone Co.—New Directors, &c.—
Gross earnings
$8,898,667
5,348,811
Operating
Int.
Int.
$1
—Fourth Week of May—
1937
1936
1937—12 Mos—1936
$749,751 $10,229,487
481,126
6,693,161
566,501
(net)
when
meeting of stockholders.
Directors then elected C. E.
Browne, Vice-Presidents.
Directors have extended
the time to exchange securities of Western Power
Light & Telephone Co.
for securities of Western
Light & Telephone until Jan. 1, 1938, at which
time unexchanged securities will be returned to
the company,—V. 144,
p.2682.
Kennemer
1937—Month-—1936
Net oper. revenues...
Other income
1927
Monroe and W. J. Walsh
Western
deductions
rev.
15,
at the recent annual
Washington Water Power Co. (& Subs.)—Earnings—
Oper.
a
dividend of 75 cents per share on the
value, payable July 15 to holders of record June 20.
33,277
depletion and depreciation of $1,646,518 in 1936
y Represented
by 175,000 no-par shares.—V.
•
declared
43.594
1935.
Period End. Mar. 31-
have
no par
70.593
39,532
71,879
$4,127,107 §4,034.9671
After reserve for
and
Grocers, Ltd.—Dividend Increased—
stock,
This compares with 60 cents paid on
April 15 and Jan. 15, last, and divi¬
dends of 50 cents per share paid each three months from Jan.
15, 1935 to
and including Oct. 15, 1936.
The Jan.
30,158
Capital surplus...
Earned surplus....
&sundry receipts
Inc.—75-Cent Dividend—
51,152
State taxes.....
Real estate mtges.
1,463,000
1,638,000
2,071,000
94,633
Dividends payable
Prov. for Fed. and
12,275
1,479,000
43,594
&c
M arketable securs.
1,273,000
June 8 declared
on
directors
common
y
equipment.$2,109,012 §2,148,713
1934
$870,000
882,000
1,114,000
1,137,000
1,476,000
no par
Western
The
Liabilities—
1936
1935 "•*
Capital stock.._SI,750,000 §1,750,000
Accounts payable,
property
1935
$1,116,000
995,000
1,376,000
a dividend of 75 cents per share on the
value, payable June 30 to holders of record June 25.
This compares with 60 cents
paid on March 31, last; $1.50 paid on Dec. 28,
1936; 75 cents was paid on Sept. 30, 1936; and 50 cents paid on June
30,
1936, this latter being the first payment made since June 30, 1931, when the
company distributed a dividend of 75 cents per share.
From March 30,
1929, to and including March 31, 1931, tne company paid regular quarterly
dividends of $1 per share.
An extra dividend of $1 per share was distributed
on Dec. 31, 1929.—V.
144, p. 3198.
Consolidated Balance Sheet Dec. 31
Plant,
1936
$1,113,000
1,087,000
^
3355.
p.
The directors
x^Incljding $300 surtax.
x
144,
capital stock,
10,700
$395,880
348,754
175,000
$2.26
_
1937
$1,770,000
1,778,000
2,151,000
2,731,000
3,381,000
January
February
$1,339,223
1,235,275
dividends of $1.50
Auto Supply Co.—Sales—
Month of—
1933
$2,503,160
2,038,222
quarterly
paid.—V. 144, p. 3523.
were
Western
Warren Foundry & Pipe Corp. (&
Subs.)—Earnings—
Net oper. income
share
per
1937.
Calendar Years—
4031
and incl. Oct. 1, 1933, prior to which
regular
to
Net inc. after depr.. Fed. tax., &c.
Nil
1936
1935
$214,248,419 $135,381,901 $116,998,539
167,161,051
130,375,033
100,377,650
16,708,349
13,389,338
4,292,210
share
z$6.29
z$5.03
a$1.55
Includes approximately $900,000 non-recurring income,
z On
preferred and common shares under the participating
pro¬
Note—No provision was made for surtax on undistributed
profits of the
company and its subsidiaries in the year 1936 as the dividends paid in cash
Earnings
per
Loss,
y
by
combined
the company and its subsidiaries exceeded the adjusted net taxable
as estimated by the companies.
No provision has been made for
income
such
surtax
cannot be
in
the
three
months
ended March
finally determined until the end of the
31,
year.
1937,
as the amount
—V. 144, p. 2504.
West Texas Utilities Co.—Accumulated Dividend—
r
The directors have declared
of accumulations
to
on
was
paid
dends of 75 cents per
visions
the
shares,
Unfilled orders
the high
dividend of $1.87 H per share on account
pref. stock, no par value, payable July 1
15.
A dividend of $2.50 was paid on
April 1,
Jan. 2, last; $1.12^ Paid on Oct. 1. 1936 and divi¬
share were paid on July 1,1936, and each quarter since
on
of
a
On
common
stock
after
preferred
dividend
re¬
quirement.
at
March 31,
1937,
were
$73,735,326; this representing
point in unfilled orders since 1923.—V.
144, p. 2851.
Westinghouse Building—• Earnings—
the $6 cum.
holders of record June
last; $1.50
a
_
x
Net earnings of the Westinghouse
Building, before interest, depreciation
28, 1937, were $130,665,
$3,285,992 of outstanding bonds,
operating report prepared by Amott, Baker & Co., Inc.
and amortization, for the six months ended Feb.
at the annual rate of 7.95% on the
or
according to
an
This compared with earnings of $83,499, at the rate of
on an annual basis, for the six months ended Feb. 29,
year
1935
$79,910
$83,785
Notes payable
Receivables
175,297
Accts. payable
securities
145,360
145,726
Special deposits—-
108,635
Assets—
Market,
Accrued interest..
173,049
Inventories
dividend of 20 cents per share on the
new common stock, par $1, payable June 30 to holders of record June 15.
The company's stock was recently split-up on a 3-for-l basis, three new
*1 par shares being issued for each old no-par share.
The directors have declared an initial
20,956
30,135
Accrued
70,066
currently
50,000
purchases......
151,329
4,626,977
92,386
Other assets
59,396
57,566
Prepaid & def.chgs
1936
1935
$2,275,143
1,258,158
Maintenance
72,976
54,130
57,395
Depreciation
216,712
226,391
226,173
Note—In
a339,077
330,473
330,313
$495,090
56,711
$464,562
32,694
$403,103
38,864
missed by
$551,801
139,367
7,225
3,059
$497,257
145,074
7,518
3,103
$441,966
152,203
7,889
2,853
Gross earnings
Total income
on
funded debt
Other deductions
$402,150
a
Includes surtax
on
$341,560
receivership of the company
agreement.—V. 144, P. 3524.
Federal Court suit for
The
154,968
154,968
221,411
159,273
.-
$2,487.—V. 143,
undistributed profits amounting to
Wheeling Steel Corp.—Plans to Clear Arrearages— To
Create New Preferred Issue—
334,092
$238,883
directors
to
at
a
stockholders
The authorized number of shares of common stock would
Sreferred stock.
increased to
1,500,000 from 500,000.
One share of the new prior preferred stock and one-half share of common
stock would be given fo»* each present 6% preferred share.
A total of
381,547 shares of new preferred stock and 190,723 of common would be
e
—
required if all the 6% preferred stock outstanding is exchanged. The balance
of the increase in the authorized common stock would be held for con¬
version and for other corporate purposes.
The new prior preferred stock will carry
$2,393,807
1,345,004
$248,684
$2,347,616
1,303,859
$1,048,803
310,351
$1,043,757
Hydro-Electric Co.—Earnings—
Wisconsin
Gross
revs.
other
(incl.
$637,188
257,382
26,009
95.662
143,900
254,538
3,089
MaintenanceTaxes
Interest on funded debt.
on
$631,609
261,147
18,961
70.705
120,311
636,458
253,473
22,418
93.208
143,900
3,786
2,984
7,922
$574,685
Operating expenses
Int.
debt
unfunded
(net)
—
68.039
Net income
paid
Pref. dividends
69,672
66,581
67^128
$32,433
11,953
and miscell. deduct's.
$50,001
$39,090
$49,336
53,780
Balance Sheet
during the next three years, it will be convertible into 1 1-3 shares of com¬
mon; and during the following four years, convertible into 1H shares of
common.
special meeting of the stockholders to be held July 14,
to act upon an amendment to the charter necessary for such recapitalization.
A vote of majority of each of the present preferred and common stocks is
necessary to adopt a change in the charter.
The proposed change will not be put into effect unless in the judgment
of the board a sufficient number of the 6% preferred stockholders agree
to deposit their preferred stock with Kuhn, Loeb & Co., N. Y. City or
Wheeling Dollar Savings & Trust .Co. of Wheeling, depositaries.
If the plan is put into effect it will not necessarily affect such of the pre¬
ferred stockholders who do not send their stock in for deposit except insofar
as such stockholders may be affected by the creation of the new prior pre¬
The board called a
26.745
87,619
143,900
Res. for deprec., amort,
of debt disc, and exp.
the right of conversion into
stock during the next 10 years.
If converted within three years
holder will receive 1H shares of common for each share of preferred held;
common
1933
1934
1935
1936
Calendar Years—
income)
special meeting held June 8 voted unanimously to
a
plan of recapitalization designed to eliminate
dividends accumulated during the depression years on the present 6%
preferred stock and to provide for other desirable corporate purposes.
The plan provides for creation of the new $5 cumulative convertible prior
The
submit
a
Net earnings
1937—4 Mos.—1936
1937—Month—1936
$572,975
$559,035
30—
-Y. 144, p. 3199.
778; V. 138, p. 4480.
p.
has been di
Winnipeg Electric Co .—Earnings—
Period End. April
$279,021
154,968
Net income
wholly owned
and the operations of
& Gas Co. of Texas, a
Receivership Suit Dismissed—
4
Oper. expenses & taxes._
Pref. stock dividends (6%)
Common dividends
1,672,725
Par value $5.
c
1936 H. F. Wilcox Oil
sidiary, was merged with the parent company
the two companies for 1936 have been combined.
su
Operating income
Other income (net)
Interest
accounts
Total
$5,049,047 $5,443,306
b After deducting allowance for depletion
After allowance for losses,
a
and depreciation,
Taxes
Amortization of debt discount & exp_
186
63,874
Reserves
Capital surplus— ,1.024.928
1934
$2,355,588
1,280,031
due
$5,049,047 $5,443,306
Total
$2,357,957
1,234,102
electric
56,000
—
amt.
105,994
payable
838,000
970,500
6% 1st mtge. bds.
630,150
648,450
Preferred stock...
2,141,939
2,126,949
c Common stock..
18,578 def650,477
Earned surplus...
Wheeling Electric Co.—Earnings—
revenue,
turing
Current
Deferred
has admitted the common stock, $t par,
registration.—V. 144, p. 2851.
Calendar Years—
ma¬
affiliates
Listing and Registration—
Operating
Operation
31 227
Prin. amt. of bonds
pay't of crude oil
The New York Curb Exchange
to listing and
taxes
Other accts. pay..
Cash depos. to sec.
a
$260,000
140,767
34,794
28,995
73,381
$153",633
Accrued payroll...
296,521
Capital assets.. 4,158,860
87,552
Investments
New Stock—
1935
1936
Liabilities—
1936
Cash
b
Weyenberg Shoe Mfg. Co.—Initial Div. on
31
Balance Sheet Dec.
5.08% on the bonds,
1936, and $246,477,
ended Feb. 28, 1937.
In accordance with the sinking fund provisions of the reorganization plan
approved late in 1933, $255,425 of the bonds have been retired since that
time.
Interest coupons have been paid in full at 4% since the reorganiza¬
tion, and additional distributions of $1.06 and $2.35 per $1,000 have been
paid out of income on April 1, 1936 and April 1, 1937.
The Westinghouse Building has been assessed for this year at $3,900,000,
and is currently reported approximately 98% occupied.
Real estatet axes
have been paid through the first half of 1937.—V. 138, p. 2947.
7.50% for the
or
June 12, 1937
Financial Chronicle
4032
Dec.
31
1935
1936
Liabilities—
1935
1936
Assets—
Plant,prop., rights,
franchises, &c. .$4,098,726
$4,867,621
36,214
36,213
6% cum. pref. stk.
(par $100)
$1,195,300
Com. stk. (70,552
83,517
83,517
Funded debt
Leased property..
shs.)
Comm. & exp. on
preferred stock.
Debt disc. & exp. In
Eastern
1,055,200
2,878,000
40,166
5,959
9,467
26,720
9,528
238,075
35,283
244,591
11,705
48,134
Minn.
150,742
192,431
52,471
of amort.
50,765
Customers' dep—
138,391
3.222
Accounts payable.
Power Corp
Prepaid accts. and
deferred charges
Cash
Accrued interest..
Notes rec. (less
res.)
Accts.rec.(lessres.)
1,983
50,696
Unbilled revenues.
27,032
27,000
Reserves;.
Matls. & supplies.
57,696
53,791
Surplus
S4,692,120 $5,518,200
Total
Total.........
1,055,200
2,100,000
-
Due to parent co.,
133,043
process
$1,195,300
Accrued taxes
65,24.8
—
....^.
8,290
7,458
36,625
9,318
$4,692,120 $5,518,200
ferred stock.
Deposit receipts, exchangeable for new prior preferred stock and common
stock, will be issued to holders who deposit their 6% preferred shares.
If
the plan is not adopted, stock will be returned to deposit receipt holders.
A listing of the deposit receipts on the New York Stock Exchange tenta¬
tively has been approved by toe Exchange and an application to register
them under the Securities and Exchange Act of 1934 has been made.
—V. 144, p.
3699.
-V. 114, p
WJR, The Goodwill
1937
p. 3699.
Trust Company Sued—
the State of Ar¬
The bridge was taken in condemnation by
kansas in 1930 with provision for assuming the bonds.
the bonds.
it has collected $600,000 in tolls from users of the bridge.
In its answer the Trust company says it cannot be held
used reasonable care in selecting its
the indenture if it
defendants
allege also that the suit is
of limitation and the fact that the State of
White Sewing
consented to
barred by various statutes
Arkansas recently approved a
refunding arrangement for the bonds.—V. 137, p.
(F. W.) Woolworth Co.—SalesFebruary....
April
May
Net profit after deprec.,
int. & Fed. inc. taxes.
1937—3 Mos.—1936
x$77,907
y$50,384
x$306,954
y$68,695
deducting surtax on undistributed profits,
y Before Federal
including $8,293 in first quarter of 1936 and $81,571 for 12 months
ended March 31 for recovery of old lease accounts.—V. 143, p. 3167.
After
a
dividend of $1.50 per share on the common
50
of
1936
1935
1934
Other income...
Total income
Operating expense
$3,378,654
58,770
$3,244,670
$3,142,035
$4,171,493
51,458
26,329
25,006
$3,296,128
$3,168,364
$4,196,499
2,505,523
2,496,476
2,472,179
3,669,420
2,500
Federal taxes
180,846
aban. ,&c
83,970
206,660
69,682
15,188
79,901
10,615
Sundry
341,866
263,107
88,025
15,323
289,975
100,723
22,963
75,543
Depl. & deprec. on cost.
486,587
523,678
632,557
1935
1934
Mfg. profits after deduct,
of royalties & mfg.exp.
incl. maint .of plant ,&c 55,346,160 a$2,588,243
2,556,396
1,072,743
Selling & adminis. exps.
103,139
62,801
Depreciation
769,428
239,946
Fed. inc. & cap .stk.taxes
$542,593
463,864
67,969
$522,227
$1,212,752
1,760
$50,398
$2.46
$0.02
x
prof$18,579
$258,495
$416,164
$479,486
__
Net loss..
dividends
a
Includes
$3.86
$30,120
401,211
70,618
492,464
...
Earnings per share
other
income.
b Consolidated
income
$0.10
account
Consolidated Balance Sheet April 30
$117,242
$53,464
U.S.Treas. bills2,749,031
2,100,000
604.060
524,261
608,868
59,702
169,760
Cash
Receivables
May, 1937, of $168,721, an increase of 27%
compared with the May, 1936 total of $132,031.—V. 144, p. 3356.
1,510,412
Melse, inventory..
14,578
Other assets
1,137,037
xFurn.. fixt.. &C-.
Broadcasting
1937
Liabilities—
1936
1937
Asset.1!—
Accounts
payable.$l,049,532
19,628
Accrued liabilities. 1,331,098
y Capital stock
3,609,910
Surplus
1,907,803
Sundry accts. pay.
1936
$438,169
11,856
682,770
3,609.910
462,246
sta¬
1
tions and equip.
Pats., licenses, con¬
tracts, trademks.
and goodwill...
1,735,757
1,665,541
Deferred charges._
49,853
23,355
Total
Willson Products, Inc.—Sales—
x
The reports total sales for
bl936
bl937
Net profit.
x$l ,917,197
Corporation's propor'n
1,904,074
Cash
600,675
Interest charges.
Amortiz. of bond disct.. >>
Co., Inc.
Corp.—Earnings—
Radio
Years Ended Apr. 30—
1933
$3,437,424
Operating earnings
Burr & Co. and Halsey Stuart &
(incl. subsidiaries)
(H. F.) Wilcox Oil & Gas Co. —Earnings—
Calendar Years—
of Geo. H.
1818.
Chicago offices
—V. 144, p.
Wichita Union Stock Yards Co.—SI .50 Dividend—
The directors have declared
stock, payable June 30 to holders of record June 19. A dividend of $3
was paid on
Dec. 28, 1936, and previously regular quarterly dividends
$1.50 per share were distributed.—Y. 143, p. 4172.
22,004,068
(Rudolph) Wurlitzer Co.—Bonds Called—
Zenith
taxes but
24.035.139
19 788.230
All of the outstanding ($2,085,700) 6% s. f. gold debentures have been
called for redemption on July 15 at 100H and interest.
Payment will be
made at the First National Bank, Cincinnati, Ohio or at the New York or
2122.
1937—12 Mos.—1936
1934
$18,137,412
17.860.960
—V. 144, p. 3199.
Machine Corp.—Earnings—
Mar. 31—
1937
1936
1935
.$18,649,027 $16,984,593 $17,147,967
19.758.264
19.014.284
18.218.915
24,814,741
19.676,649
20.482.640
21,857.690
23.072.493
22.382.040
24,561,967
22,621,800 21,052,337
Month of—
January
liable under
attorneys in Ar¬
kansas, and that the attorneys House, Robinson & Moses,
the condemnation award without its knowledge or consent.
Prop. & lease
$0.40
March.
The complaint charges the Trust company with gross negligence in
consenting to the condemnation award.
It says the State of Arkansas
defaulted on the bonds in 1933 and has paid no interest since then, although
1936
$103,542
$0.34
1937
$121,225
$2).
shai'c on 300.000 shs. cap. stk. vpar
—V. 144, p. 1818.
A suit seeking to hold the New York Trust Co. liable for the $500,000
bond issue of the corporation, of which it was trustee, was filed June 7 in
the New York Supreme Court by Clara W. Ansbacher, owner of $10,000 of
x
charges and Federal income taxes.
3 Months Ended March 31—
Net profit after
Earns, per
White River Bridge Corp.—
distributed on Oct. 30, 1936.
Woodall Industries, Inc.—Earnings—
_
Period End
per
—V. 144, p. 2505.
1936
Net profit after deprec., Fed. & Stateinc. taxes. &c. x$138,404
$71,393
^Earnings per share on 300,000 shares capital stock.
$0.46
$0.24
x Before
any provision for surtax on undistributed profits.—V.
144,
The
Station—Extra Dividend—
meeting held June 3 declared an extra dividend
share on the common stock, par $5, payable June 12 to
holders of record June 10.
A dividend of 40 cents was paid on Jan. 30. last;
an extra dividend of 75 cents was paid on Dec.
19, 1936, and a regular
The directors at a special
of 50 cents
quarterly dividend of 37 Yi cents per share was
(S. S.) White Dental Mfg. Co.—Earnings—3 Months Ended March 31—
3199.
y
$7,917,971 $5,204,951
After reserve for depreciation of
Total
.$7,917,971 $5,204,951
$277,084 in 1937 and $221,545 in 1936.
Represented by 500,000 shares of no par.—V. 144, p. 2163.
Volume 144
Financial
COMMERCIAL EPITOME
4033
Chronicle
totaled 337 lots, or 4,516 tons.
London reported an easing
on the outside and no
change to a loss of l^d. for
futures on the Terminal Cocoa
of 3d.
Friday Night, June 11, 1937
Coffee—On the 7th inst. futures closed 5 points up to 1
point off in the Santos contract, with sales of 44 lots. The
newjuRio contract closed 3 points up to unchanged, with
transactions totaling 16 lots.
Prices in both contracts closed
at about the lows of the day.
Rio futures were 11 to 50
reis lower at 18,500 for June and 17.475 for August.
The
Rio spot was 100 reis lower at 18.800 and the open market
dollar rate held unchanged at 15.050 milreis to the dollar.
Havre futures were .25 to 1.75 francs higher.
On the 8th
inst. futures closed 3 points off to 2
points up for the Santos
contract, with sales of 67 lots.
The
new
Rio contract closed
4
points higher to 2 points lower, with sales of 30 lots. Trad¬
ing was confined almost entirely to the nearby positions. Rio
futures were 50 reis higher to 25 reis lower at 18.550 milreis
and
17.450 milreis.
The Rio spot
held at 18.800 and the
open market dollar rate was unchanged at 15.050 milreis to
the dollar.
On the 9th inst. futures closed 4 points
up to 1
point lower in the Santos contract, with sales of 43 lots. The
new Rio contract was 1
point off to 4 points up, with sales
of 22 lots.
June 5.
The Santos bolsa closed 50 to 525 reis off from
Rio futures
unchanged to 50 reis
were
up
at 18.550
for June and 17.500 for
August. The Rio spot eased 100 reis
to 18.700 and the
open market dollar rate held unchanged at
15.050 milreis to the dollar. Havre futures were 3.25 to 4.50
francs higher.
market, with only 370 tons
July, 7.16; Sept.,$7.27; Dec.,
7.34; Jan., 7.36; Mar., 7.44; May, 7.52.
Today futures
transacted.
Local closing:
closed 7 to 8 points up.
Transactions totaled 370 contracts.
The market was quiet but
steady.
The same large manu¬
facturer who has had a bid in for September at 7.25c., was
bidding that price for several hundred lots today, but got
Another bidder offered 7.26 and got a little cocoa.
London was steady,
unchanged to l^d. lower. Warehouse
stocks increased 5,304
bags overnight.
They now total
I,299,432 bags, a new high record.
Local closing:
July,
7.24; Sept., 7.35; Oct., 7.36; Dec., 7.42; Jan., 7.43; March
none.
7.51.
Sugar—On the 7th inst. futures closed unchanged to 2
points off in the domestic contract. Short covering and liqui¬
dation for trade and commission house account
comprised
the bulk of the trading.
The market on the whole
proved
relatively quiet affair. Transactions totaled 181 lots,
Two leading trade houses bought the bulk of
the 80 lots traded in the July
position. Trade interests with
to be
or
a
9,050 tons.
Cuban connections and commission houses sold.
In the
market the only sale reported today (Monday)
8,000 bags of Puerto Ricos, clearing June 16, at 3.35c.,
sugar
changed, to
raw
was
un¬
points down in the
The cheapest offering at the close
3.37c. for 15,000 bags of Puerto Ricos, clearing July 1.
Otherwise sellers were asking 3.40c.
The world sugar con¬
Santos contract, with sales of 21 lots.
The new Rio
contract closed 2 to 3 points down, with sales of 7 lots.
The
session on the local
exchange was extremely quiet, with the
tract market closed
unchanged to Y point higher. Despite
liquidation, the tone was reported as firm throughout the
session.
Three trade houses bought about 200 lots of the
On the 10th inst. futures closed 2 to 5
the
an
operator.
was
market
total of 272 lots traded.
75 reis
changed to 3 points lower. Most of the losses were registered
in the distant
positions. Sales totaled 220 lots, or 11,300
tons. Much of the
trading was against actuals. Two leading
trade houses with Cuban
producing connections bought
about 100 lots, which was seen as
hedge lifting and short
covering. There was also some buying for the account of a
refiner. Although the
price for spot sugar ruled unchanged,
forward deliveries showed a modest
improvement, selling up
to 3.38c.
At 3.35c. the current spot level, Arbuckle
bought
5,100 bags of Cubas, due next week and at that price it was
believed that further minor interest among the refiners
existed.
The world sugar contract market closed nervous
and 2 to 3 points
lower, with transactions totaling 17,800
tons.
Although raw prices were unchanged in London at
6s. 8Yd., equal to 1.17c. f.o.b.
Cuba, based on a freight
rate of 27s., the terme market was
%d. to l^d. lower. On
the 9th inst. futures closed 1
point lower to 2 points higher.
Transactions totaled 136 lots, or 6,800 tons.
Of the total
sales 86 lots were done in three blocks in
September at 2.47c.
All of the business was
posted by a broker who acts for a
trade house, and it was believed to have been
hedge buying
and selling for different clients.
In the market for raws
barely steady. Rio de Janeiro futures were 25 to
higher, but on the other hand the Santos C contract
registered declines of 75 to 100 reis. Cost and freight offers
were
unchanged. Milds were still unsettled with Manizales
offered at 11 %c.
In Havre futures were 1 to 2Y francs,
higher. Today futures closed 3 points down to 5 points up
in the Santos contract, with sales of 35 contracts.
Rio contract closed 6 points down to 1
point up,
of 28 contracts.
Coffee futures were
The
new
with sales
spotty in quiet trading.
The July Santos position was
individually weak.
Rio de
Janeiro futures were 100 to 200 reis
higher, while the free
market exchange rate was 10 reis weaker at 15.06 milreis.
Cost and freight offers from Brazil were
unchanged, with
Santos 4s. at 11.45 and
11.75, but reports of sales made
under 11c. were
confusing. Milds were barely steady. In
Havre futures wer 1to
2Y francs higher.
Rio coffee prices closed as follows:
December
7.06
7.00
7.31
May_
July
September
7.12
.
March
7.02
Santos coffee prices closed
March_
____
May
July---
as follows:
10.28 December
10.23
11.02
-
Cocoa—On the
down.
7th
inst.
Notwithstanding
10.38
September
futures closed
some
10.57
11
to
9
„
points
r
substantial demand in the
September contract by the country's leading chocolate
manufacturer, the market ruled heavy during most of the
session, most deliveries closing at about the lows of the day.
Transactions totaled 171 lots, or 2,291 tons.
London came
in 3d. to 6d.
higher on the outside and unchanged to 4^d.
on the Terminal Cocoa Market, with only 240 tons
trading in the latter.
Local closing: July, 7.12; Sept.,
7.25; Oct., 7,30; Dec., 7.36; Jan., 7.41.
On the 8th inst.
futures closed unchanged to 8
points lower.
Transactions
totaled 327 lots, or 4,382 tons.
Supporting bids for large
blocks of cocoa by the
country's leading chocolate manu¬
facturer had a
stabilizing effect on values in the local market.
Opening sales were at a loss of 5 points to a gain of 3 points.
stronger
London
came
in 3d. lower
on
the outside.
Futures
on
the
Terminal Cocoa Market there
registered losses of 4^2 to 9d.,
with 1,120 tons transacted.
The persistent interest shown
in September contracts
by
leading manufacturer remained
York Exchange, and served
ring sentiment.
Local closing: July,
7.12;
Oct., 7.26; Dec., 7.37; Jan., 7.39.
On the
9th inst. futures closed 1
point higher to 5 points lower.
Transactions totaled 6?9 lots, or 9,099 tons, the
largest total
in more than a week.
The market opened 2 points down
to 2 points up.
Again support of cocoa futures, particularly
the September position, by a leading manufacturer
proved
the feature of the market.
London showed no change in
actuals and ruled unchanged to 3d.
higher on the Terminal
Cocoa Market, with only 380 tons
changing hands.
Local
closing: July, 7.12; Sept., 7.26; Oct., 7.27; Dec., 7.32;
Jan., 7.34.
a
market feature
on
a
the New
to
improve
Sept., 7.26;
i
On the 10th inst. futures closed 4 points up on
July and
for the rest of the list.
Trading was not
very I active.
What little there was consisted largely of
straddling out of July into the deferred deliveries.
Sales
l\io 2 points
up
On the 8th inst. futures closed
un¬
three trasactions
were effected
today at 3.37c. and 3.38c.
bought 1,000 tons of Philippines due July 8
operator took 1,000 tons of Philippines
for July-August
shipment at 3.38c. The third sale, a cargo
of Puerto Ricos, due the first week in
July, went either to
a
Southern refiner or to an operator.
The world sugar
contract market closed
unchanged to 1 point lower, with
sales of 236 lots, or 11,800 tons.
An operator
at 3.37c. and another
On the lOtli inst. futures closed 1
domestic
Raws
contract.
were
Transactions
to 3
totaled
points
244
up
in the
contracts.
reported sold at 3.38 cents for Philippines and
3.39c.
for Cubas.
Little sugar was on offer under 3.40c.
In the world sugar contract
prices were lower as a result of
liquidation and hedge selling.
The
closed unchanged to 1Y points down.
world sugar market
Transactions totaled
In London futures were Y to Id. lower,
while raws were offered at 1.15M>c.
Today futures closed
1 point down to 2 points
up in the domestic contract mar¬
ket, with transactions totaling 399 contracts.
In the market
for raws the spot price advanced 5
points when the National
Sugar Refining Co. paid that price late yesterday, taking
II,000 tons, including Cubas, Puerto Ricos and Philippines
at prices ranging from 3.38 to 3.40c. a
pound.
Today the
Refined Syrups Co. paid 3.40c. for 10,000
bags of Puerto
Ricos, due on July 5th, while operators bought 1,000 tons
of July-August shipment
Philippines at 3.401^ and 20,000
bags of Cubas for June clearance at 2.50c. before duty.
The
London futures market was Yd. lower to
Yd. higher, while
raws were offered at
1.14)^c. f.o.b.
The world sugar con¬
tract closed y2G. down to Yc.
up, with sales of 368 contracts.
588 contracts.
Prices
July
were as
follows:
2.46
December
2.52
March
2.39
January
2.40
September
2.48
Lard—On the 5th inst. futures closed 5 to 10
These
prices proved to be the lows of the day.
points lower.
The market
Financial
4034
displayed
little rallying power throughout the session,
pronounced weakness in grains. Western
hog receipts were light today (Saturday) and totaled 9,300
head, against 10,700 for the same day a year ago.
Prices
at Chicago were nominally steady in hogs, with nominal top
price of $11.55. Liverpool lard futures were 6d .to 9d. lower.
On the 7th inst. futures closed 13 to 25 points down.
Short
selling and liquidation in the nearby deliveries, influenced by
weakness
in
other
commodity markets, especially the
grains—were the factors largely responsible for the weakness
displayed in lard during this session, prices in this market
closing at the lows of the day.
Hog prices were steadier at
Chicago, closing unchanged to 5c. higher. The top price on
hogs for the day was $11.60, with the bulk of sales ranging
from $10.70 to $11.50.
Western hog marketings were below
a year ago and totaled 47,700
head, against 63,399 for the
same day last year.
No export clearances of lard from the
Port of New York were reported over the week-end. Liver¬
pool lard futures were 3d. to 6d. lower.
On the 8th inst.
futures closed 2 to 17 points lower.
The market was weak
from the opening, prices starting 15 to 20 points down on
the nearby deliveries and 17 to 37 points off on the distant
months.
Trade buying absorbed the bulk of the offerings,
very
and reflected the
but not
before
values.
Lard clearances from the Port of New York were
the market suffered
substantial break in
a
moderately heavy and totaled for the day 147,724 pounds,
destined for London, Liverpool, Manchester and Glasgow.
The hog market at the close was 5 to 10c. higher.
The top
price was $11.55, with the bulk of sales ranging from $10.70
to $11.45.
Western hog marketings totaled 46,200 head,
against 57,400 for the same day a year ago.
Liverpool lard
futures were easy, closing prices showing declines of 6d. to
9d.
On the 9th inst. futures closed 7 points down to 2 points
up.
Trading was fairly active, with prices very irregular.
Lard exports from the Port of New York totaled 30,875
pounds for the day, destined for Belfast and Antwerp. Liver¬
pool lard futures closed steady, with final prices 9d. to Is.
higher. Chicago hog prices closed 5c. to 10c. lower, with the
top price for the day unchanged from Tuesday at $11.55.
Total receipts from the Western run were 37,100 against
45,100 for the same day last year.
On the 10th inst. futures closed 5 to 7 points higher.
Trading was fairly active, though without any outstanding
feature.
There were no export clearances of lard reported
from the Port of New York.
Liverpool lard futures were 3d.
higher.
The hog market was active and prices at Chicago
averaged 10 to 15c. higher, the top price for the day register¬
ing $11.60 and prices on some of the sales reported ranged
from $10.80 to $11.50.
Total receipts for the Western run
were 38,400 head
against 48,800 for the same day last year;
Today futures closed 8 to 3 points down.
There was nothing
in the news to warrant support of the market, and whenever
anything of a bearish nature develops prices are found to be
readily responsive.
DAILY CLOSING PRICES
,
OF
LARD
Mon.
Sat.
_
FUTURES
IN
Wed.
Tues.
CHICAGO
Thurs.
July
12.40
12.27
12.25
12.17
12.25
September.
12.65
12.52
12.45
12.47
October
12.67
12.57
12.47
12.50
12.50
12.52
December
12.55
12.35
12.12
12.12
12.15
Fri.
12.17
12.47
12.47
12.10
Pork—(Export), mess, $29 per barrel (per 200 pounds);
family, $32.25, nominal, per barrel; fat backs, $24 to $28 per
barrel.
Beef: (export) steady.
Mess, nominal; packer,
nominal; family (export), $23 to $24 per barrel (200 pounds)
nominal; extra India mess nominal.
Cut Meats:
Pickled
Hams, Picnic, Loose, c.a.f.—4 to 6 lbs., 1534c.; 6 to 8 lbs.,
15c.; 8 to 10 lbs., 14c. Skinned, Loose, c.a.f.—14 to 16 lbs.,
20c.; 18 to 20 lbs., 1934c.; 22 to 24 lbs., 18?4e.
Bellies:
Clear, f.o.b., New York—6 to 8 lbs., 21c.; 8 to 10 lbs., 21c.;
10 to 12 lbs., 20y8c.
Bellies: Clear, Dry Salted, Boxed,
N. Y.—16 to 18 lbs., 1734c.; 18 to 20 lbs., 1734c.; 29 to 25
lbs., 1734c.; 25 to 30 lbs., 1734c. Butter: Firsts to Higher
than Extra and Premium Marks—23e. to 3134c.
Cheese:
State, Held, '36, 2234c. to 2334®.
Eggs: Mixed Colors,
Checks to Special Packs—18c. to 23c.
Oils—Linseed
oil
reduced to the
10.5c. level, with little or no new business reported locally.
Quotations: China Wood—Tanks, June for'd, 12c. to 123^c.;
drums, 13c.
Coconut: Manila, tanks, July-Sept., forward,
6c., nominal; Coast forward, 534c.
Corn: Crude tanks, out¬
side, 824c.
Olive: Denatured, Nearby, African, $1.45 to
$1.48; Greek, $1.45 to $1.50.
Soy Bean: Tanks, resale,
futures, 824c., nominal; new crop, 824c., nominal; L.C.L.,
11c.
Edible: 76 degrees, 1234c.
Lard: Prime, 1334c.; Extra
winter, strained, 1234c.
Cod: Crude, Japanese, 56c.; Nor¬
wegian, light yellow—46c. Turpentine: 39c. to 43c. Rosins:
prices generally
were
Chronicle
/™e 12. 1937
after some small lots actually had been
reported sold at 19c. London and Singapore closed quiet
and dull, respectively, the former unchanged to 1-16d.
lower, while the latter advanced 5-32 to 3-16d. Local closing:
June, 18.81; July, 18.84; Aug., 18.93; Sept., 19.02; Oct.,
19.07; Dec., 19.13; Jan., 19.16. On the 8th inst. futures
closed 8 to 14 points net higher. At the start of the session
prices were 1 to 22 points lower. From this level there was
a brisk rally, the July option showing a gain of 45 points from
the low, and September 38 points up, with December 33
points up. These gains failed to hold, however, the market
slipping back and finally closing with the net gains men¬
tioned above. Outside prices firmed up a bit, but at the close
1934c. for standard sheets still seemed to be the prevailing
price.
London and Singapore closed irregular and firm,
respectively, prices declining l-16d. to 7-16d. Local closing:
June, 18.95; July, 18.98; Aug., 19.04; Sept., 19.09; Oct.,
19.15; Dec., 19.21; Jan., 19.25.
On the 9th inst. futures
closed 53 to 45 points down.
This market sold off sharply
here on unconfirmed reports from Akron that the plant
workers would be called out to assist strikers in the steel
industry. London sold off in sympathy and standard descrip¬
tions here closed 34c. to 24c. net lower, with ribbed smoked
sheets offered at 1834c. to 1824c. per pound. Factory busi¬
ness was light and bids were too low for acceptance on large
tonnages. London closed weak, reflecting the weakness on
this side.
Local closing: June, 18.42; July, 18.45; Sept.,
18.59; Oct., 18.65; Dec., 18.76.
for standard sheets,
On the 10th inst. futures
were 9 points up to 1 point down.
opened 11 to 30 points higher in sympathy with
firm markets in London, which latter ignored yesterday's
decline here.
There was a continuation of liquidation after
the opening, with the result that all the early gams were lost.
Some demand developed later in the day, most of which
was
short covering and this rallied prices considerably.
Transactions totaled 326 contracts.
Local closing: July,
18.53; Sept., 18.69; Oct., 18.71; Dec., 18.77; Jan., 18.82;
March, 18.88; May, 18.98.
Today futures closed 22 to
24 points up.
Firmness in foreign markets caused a better
feeling on the local exchange, with the result that prices
rallied sharply and stood 19 to 27 points net higher this
afternoon, this improvement extending still further towards
the close.
Malaya reported a decrease in dealer stocks
during May, while London estimated that United Kingdom
stocks had decreased about 1,000 tons.
The London market
closed
1-32
to
34d. higher.
Singapore also advanced.
Local closing:
July, 18.75; Sept., 18.90; Oct., 18.94; Dec.,
19.01; Jan., 19.04; March, 19.11; May, 19.21.
The market
Hides—On
futures closed 32 to 35 points
displayed weakness from the start, with
opening prices unchanged to 10 points under Friday's finals.
Transactions totaled 1,360,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the Exchange increased
by 1,000 hides to a total of 855,427 hides. Local closing:
June, 15.40; Sept., 15.75; Dec., 16.15; Mar., 16.45. On
the 8th insF. futures closed 11 to 15 points down. Heaviness
continued in this market, with no rallying power in evidence.
Transactions totaled 3,600,000 pounds, the heaviest volume
in several days.
Stocks of certi icated hides in warehouses
licensed by the Exchange remained unchanged at 855,427
hides.
No business was reported either in the Argentine or
domestic spot markets.
Local closing: June, 15.29; Sept.,
15.62; Dec., 16.00; Mar., 16.30.
On the 9th inst. futures
closed 12 to 15 points down. Trading was fairly active, with
transactions totaling 3,520,000 pounds.
Stocks of certifi¬
cated hides in warehouses licensed by the Exchange remained
unchanged at 855,427 hides. No business of importance was
reported in the domestic or Argentine spot hide market.
Local closing: June, 15.16; Sept., 15.48; Dec., 15.85; Mar.,
down.
the
7th inst.
The market
16.17.
On the
10th
Transactions
inst.
futures
totaled
99
closed
contracts.
17
to
19
points down.
opened 2
The market
to 6
points lower and continued on its downward course in
trading session.
Liquidation by tired longs was
the principal feature.
Prices closed at the lows of the day.
Certificated stocks increased by 906 hides and now total
856,333 pieces.
Local closing:
June, 14.97; Sept., 15.30;
Dec., 15.68.
Today futures closed unchanged to 2 points
an
active
down.
Transactions
totaled
60
contracts.
This
market
continued to
$8.75 to $10.55.
droop with the result that prices during the
early afternoon were 5 to 3 points below the previous finals.
From this point there was a rally, most of the early losses
being recovered.
In spot hides the deadlock between
packers and tanners remained unbroken.
Local closing:
Sept., 15.28; Dec., 15.68; March, 16.00.
Cottonseed Oil, sales, including switches, 130 contracts.
Crude, S. E., 824Prices closed as follows:
branches of the trade
June
9.60®
9.68®
9.68®
9.69®
July
AugustSeptember-
October
November
December
9.70 January
_
9.69®
9.68®
9.61®
9.62®
Rubber—On the 7th inst. futures closed 94 to 100
down.
Prices broke to
when another
of
new
Freights—During the past week chartering in all
was moderately active.
Charters in¬
Grain booked—260 tons New York-Antwerp at 14c.
Five loads Montreal—-Rotterdam, July, at 14c.
33 loads,
cluded:
9.62
9.64
points
levels for the current movement
liquidation and short selling swamped
the market.
Members of the trade and speculators were
equally surprised about the severity of this fresh drastic
break which carried the nearby deliveries down through
the 19-cent level.
Transactions aggregated 6,080 tons. At
the close outside prices were quoted on a spot basis of 1934c.
wave
Ocean
July 5-20, St. Lawrence to picked United Kingdom ports
3s, option Cork or Limerick at 3s. 3d.
Five loads Mon¬
treal to Scandinavia, August, 20c. basis. Fifteen loads Mon¬
treal to Rotterdam and Antwerp, late June-early July, 14c.
Trips:
Trip delivery Baltimore end June, $2.50.
Round
voyage, Europe-South America, 8s.
Scrap: New York to
United Kingdom, 26s.
Pig Iron:
Baltimore-United King¬
dom, 19s. f. i. o.
Sugar:
San Domingo-United Kingdom,
25s. 6d., July; Cuba-United Kingdom, 26s. 6d.
at
Volume 144
Financial
Coal—Coal consumption for April has been estimated at
32,837,000 tons, or about 3,000,000 tons less than in March.
The
decline, however,
Some industrial
their reserve
was
reported
consumers
as
normal for the
season.
are
reported to be keeping
supplies for fear that after the code prices
announced, there will be
up
are
higher.
Metals—The report of Copper,
"Indications of Business Activity," where
they are covered
fully.
are
to
the
effect
that
the
wool
situation is
improving, especially as far as the dealers are
They are less ready to mark down quotations
to attract business and some of the
larger houses are asking
better prices than a week
ago.
There is reported to be in¬
creased interest on the
part of mill buyers in domestic wool
offerings and sentiment generally is becoming more cheerful
over the outlook.
While mill buying continues on a
very
concerned.
limited scale, a broader interest is
noticeable in the matter
of inquiries and the low
prices anticipated by topmakers
seem no nearer
realization.
Sales of territory original
bag,
good French combing style, have been made at 95 to
97c.,1
and there are additional
bids in the market,
though mostly
below 95c.
Some small quantity of delaine has also been
sold at 95c. scoured
basis, and at the price some of the best
months' Texas
reported
country
on
is available.
Interest in fleece wools is
the
packed
increase, though confined to the medium
wools in large part. Recent sales have been
made at 39 to 40
^c. and 40 to 41c. is now the level on which
leading fleece wool houses are willing to consider business.
Foreign grown wool is reported to have been consumed at a
rapid rate the past four months, and
heavy demands are
expected for domestic growth in the not distant future.
Silk—On the 7th inst. futures
closed 13^c. higher to
The market
opened
%c.
and moved up
early trading in the near positions. Sub¬
sequently the market weakened in
sympathy with the de¬
clining trends in other markets. Transactions totaled
lower.
I^c. to l^c.
another cent in the
2,580
Grade D at Yokohama was 10
yen up from Friday at
807k<2 yen and at Kobe it was 15
yen higher at 810 yen.
Yokohama futures were 18 to 14
yen higher and Kobe was
19 to 11 yen up.
Spot sales in the two markets totaled 1,000
bales, while transactions in futures totaled
4,575 bales. Local
closing: June, 1.79^; July, 1.79K; Aug.,
1.77H; Sept.,1.76^;
Oct., 1.7634; Nov., 1.76; Dec.,
1.7534On the 8th inst.
futures closed lc. off to lc.
up.
Transactions totaled 1,540
bales.
Commission houses were
switching into the later
months from the
early positions, which were taken up by
trade shorts.
The Japanese cocoon
market is reported firm.
Grade D was 5 yen
up at 81234 yen at Yokohama and un¬
changed at 810 yen at Kobe. Spot sales for the two markets
totaled 575 bales.
The Yokohama Bourse was 1 to 5
yen
off and Kobe 1 to 3
yen lower, with combined sales
totaling
3,575 bales.
Local closing:
June, 1.7934; July, 1.7834;
Aug., 1.77; Sept., 1.7634; Oct.,
1.76; Nov., 1.7634; Dec.,
1.7634On the 9th inst. futures closed
134c. to 334c. up.
The market opened 2c. to
234c. up and held steady through¬
out the session.
Crack double extra was
234c. higher.
Grade D was 734
yen up at 820 yen in Yokohama and 15
yen higher at 825 yen in Kobe.
Spot sales in the two markets
tions
for
both
Yokohama futures
1.81; July, 1.8134;
Dec., 1.7834On
the
10th
inst.
were
23 to 14
yen up,
were
markets
7,175 bales.
Sept.,
17 to 10 yen up
with total transac¬
Local
1.79; Oct.,
closing: June,
1.7934; Nov., 1.79:
1
to
2
points
The
steady during most of session, considerable buying
from Japanese sources
being reported. Trading was active,
with sales
totaling 294 contracts. The price of crack double
extra silk was
unchanged at $1.86. In Yokohama the bourse
closed unchanged to 4
yen lower, but grade D silk advanced
bale.
up.
Local
closing: June 1,83; July,
1.83; Aug., 1.82; Sept., 1.80; Oct.,
1,81; Nov., 1.81; Dec.,
1.7934*
Today futures closed unchanged to 134c.
up.
Transactions totaled 164 contracts.
The market's improve¬
ment was influenced
largely by strength in the Japanese
markets and
reports of
a
reduction in silk
Opening unchanged to 234c. higher, the
steady throughout most of the session.
double extra silk in
the
cocoon
estimates.
market held
Local
to
17 yen
yen a
bale.
closing:
June, 1.84; July, 1.84; Aug., 1.8234;
Oct.,
1.81; Dec., 1.81; Jan., 1.81.
355
31
Total
78
438
3
7
—
—
713
1,655
—
—
7
—
725
1,479
632
1,061
339
4,474
1,035
757
642
1,237
1,193
739
90
903
418
669
Savannah
—
60
60
307
—
66
277
541
2,453
1,432
-
-
-
581
31
_
9,128
5,185
226
574
Baltimore
798
2,169
Totals this week.
1,689
3,863
6,316
3,356
5,704
2,397
2,169
23,325
The following table shows the week's total
receipts, the
total since Aug. 1, 1936 and the stocks
tonight, compared
with last year:
1936-37
1935-36
Stock
Receipts to
June 11
This
Since Aug
This
Since Aug
Week
1, 1936
Week
1, 1935
Galveston
Texas
438 1,694,457
1937
7,237 1,553,412
1936
343,890
135,700
452,032
2,231
289,073
28,759
28,139
358,900
101,759
6,737
2,237
169,389
"835
213",024
*2*6',592
*2*9",246
""65
1.304
55,835
23.236
43,520
5,201
14,911
22,414
12,661
18,749
28,741
"""266
"3", 985
1,119
30,936
4,497
1,350
1,895
City
44,483
Houston.
1,285*565
1,655
^Corpus Christi__
3",511
1,717,081
271,479
7
283,888
23,146
9", 128 2,000,726
5,185
308,582
98,835
""60
4,208
2,453
137,314
Beaumont
New Orleans
Mobile
Pensacola, &c—
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
1,432
798
2,169
16,033 1,745,982
1,464
384,691
727
161,120
3,693
"302 311,729
65,791
Norfolk
269*996
26,945
15,170
38.036
168,269
56,000
26,400
40,600
Wilmington
331,206
49,338
3,878
2,038
Newport News..
New York
Boston
Baltimore
Philadelphia
Totals
23,325 6,193,781
647
32,597 6,598,257 1,253,406 1,535,175
In order that comparison
may be made with other years,
we give below the totals at
leading ports for six seasons:
1936-37
Receipts at—
Galveston
Houston
1935-36
438
Orleans.
Mobile
Savannah
Brunswick
1934-35
1933-34
423
3,003
18,307
4,687
302
331
2,910
2,474
1,820
3,608
9,902
4,751
1,370
835
527
900
6,871
1,592
30
104
352
230
256
518
354
190
1,432
Wilmington
65
__
Norfolk
798
.
7,376
7,535
10,297
Movement of the Crop, as indicated
by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached
23,325
14,609
21,870
N'port News-
1,304
'
■
.......
-
All others
2,236
Total this week
1,846
508
2,190
3,158
1,320
22,325
32,597
14,317
34,833
72,682
24,783
Since Aug. 1-. 6,193,781 6,598,257 3,972.899
7,134.242 8,338,534 9,514,011
The exports for
the week ending this evening reach a total
72,882 bales, of which 16,646 were to Great
Britain,
4,005 to France, 4,248 to Germany, 10,731 to
Italy, 26,604
of
to
Japan, 350 to China, and 10,298 to other destinations.
corresponding week last year total exports were 75,327
In the
bales.
For the
to date aggregate
exports have been
5,216,777 bales, against 5,683,394 bales in the same
period
of the previous season.
Below are the exports for the week:
season
Week Ended
June
11,
Exported to—
1937
Exports from—
Great
Ger¬
Britain
Galveston.
France
many
New Orleans.
2,397
1,008
2,002
245
Japan
China
Other
2,404
1,282
8,670
.
Mobile..
Italy
50
1,220
—
Houston.
3.C20
562
350
11,314
2,783
7*.269
9,619
7,415
28,968
496
4,042
*942
*317
Norfolk
Los Angeles..
Total.
1,025
110
1,967
1,881
17,025
350
10,298
72,882
16
10,106
1,750
10,571
75,327
75,836
37
*170
16,045
4,248
10,731
26,604
5,509
10,316
9,285
27,187
700
270
16,646
4,005
Total
1936...
31,595
9,584
9,232
Total
1935.
14,442
1,478
10,092
..
Total
5,847
4,042
Savannah
From
270
Exported to-
Aug. 1, 1936, to
June 11,
1937
Exports from—
Galveston.
Houston
...
__—
Corpus Christl
Beaumont
Lake Charles-...
Jacksonville--.
Pensacola,
Great
Ger¬
Britain
France
178,680 178,606
174,248 113,966
50,970
—
New Orleans..
46,877
963
9,588
395,245 273,500
11,040 21,337
112,648 37,565
&c.
46,183
51,981
Charleston
Wilmington—
67,320
1,200
Norfolk
2,485
Gulf port
many
Italy
169,053113,113
117,659
11,5611
Japan
China
597,762
18,339241,719 1497,272
95,097, 275,286;
8,045:
66,045;
Other
2,104,143,058
355
6,613
921,418
210,385
17,314
173,362 1,299511
5,194!
182*,282
25,594
l~,i30
210
78,019
1,551
29,557
42,962
17,427
1,794
1,791
3,943
5,661
2*.850
2*407
3,718
1,516
18,000
12,858
14*767
*8i9
2*,665
269
7,408
5,114
962
275
1,004
5,317
1,063
6
249
Francisco
"*62
Total
6,478
4,839
3,157
3,713
10,021
419
20*. 815
684
30,935
4,428
1,330
1149,701 703,140
735,449361,287
16,184
1,000
5,629
10,892
372,687
142,789
10
716,965386,1451545,884' 23,0281691,914 5216,777
837,639378,6741483,222 38,498915,907 5683,394
388,534451,608 1512,326 107,826 858,163 4415,193
NOTE—Exports to Canada—It has
above table reports of cotton
273,784
119,929
100
1C
29,539
11,119
1935-36. 1344,604 684,850
Total 1934-35
1,142
4,490
*490
Seattle
Total
"393
3,658
100
452
.
55,208
25,517
7*.218
286,561
3,181
88,452
114,826
147,954
1,200
24,679
York
4
26,532
150
145,182 128,810
Boston—
New
Tola
57,317
1,630
Savannah
San
Friday Night, June 11, 1937.
1931-32
3,310
2,026
6,906
------
Charleston
Los Angeles.
COTTON
1932-33
7,237
3,511
16,033
1,464
1,655
9,128
5,185
2,453
New
Philadelphia..
396
Fri.
36
•
Charleston
Norfolk.
Thurs.
81
157
_«
New Orleans
Mobile
Baltimore
The
Wed.
3
Corpus Christi__
Mobile
fairly
The price of crack
New York
spot market advanced
334c. to $1.8934 & pound.
Yokohama closed 6
higher. Grade D silk was 15 yen higher at 840
grams
Tues.
165
San Francisco.
futures closed
market rules
5 yen to 825
yen a
Houston
Mon.
75
up
bales.
totaled 550 bales.
and Kobe futures
Sat.
-
Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
advices
Receipts at—
Galveston
Jacksonville
and
12
bales.
a
continuing to take shipments of coal, it is
reported, for fear that when they need coal later on, no
vessel bottoms will be available and
prices may also be
Wool—Latest
4035
bales, against 25,457 bales last week and 28,231 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,193,781 bales, against 6,598,257 bales for the same
period
of 1935-36,
showing a decrease since Aug. 1, 1936, of 404,476
general rush to cover and a con¬
Strike-bound steel mills in the Great
sequent rise in prices.
Lakes area are
more
Chronicle
nenver
been
our
shipments*^ Canada,
the
practice to
reason
include
In
the
being that virtually
today, and after an early advance of 7 to 10 points, prices
broke into new low ground, with all active positions except
March and May selling below the 12-cent level.
Cotton
came out through commission houses as well as from abroad,
and stop-orders played their part in the downward move¬
ment.
The trade bought steadily on a scale down. There
was also considerable covering by the short element.
Selling
was
more aggressive than buying, and at the decline the
market showed net losses from the final of last week of
the same from week to week,
districts on the Canadian borcer are always very
telegrams tonight also
In addition to above exports, our
give us the following amounts of cotton on
cleared, at the ports named:
On
shipboard, not
Shipboard Not Cleared for—
Ger¬
Other
many
France
Britain
Foreign
wise
500
640
500
78
2,899
1,856
1,132
Houston
New Orleans.
Savannah
_
70
Total
•_
Charleston
V
"271
Mobile
■
—
3',895
3",624
Norfolk
Other ports
Total 1937.
Total 1935--
4,202
4,770
5,612
2,434
7,335
13,382
4,310
15,017
7,426
.
Total 1936--
11 points up.
The
3 to 9 points up, influ¬
enced
additional covering and
foreign support.
Liverpool and tra$e interests were rather
aggressive buyers, with the former purchasing on the wider
discount of New York under Bombay and London.
New
Orleans, locals and the South were the chief factors on the
selling side.
Private reports of damage to the crop as a
result
of storms in Arkansas,
Oklahoma and parts of
On
moderately
during
showing losses of approximately 3.75
prices
on
was
yesterday
checked
of rain and hail storms,
vices lifted prices
are
Weather mar¬
Trading
was
quiet until the last hour when considerable activity
developed on the upward side. An active covering move¬
ment set in, and this, coupled with trade price fixing and
scarcity of contracts caused the market to firm up con¬
siderably. March and May advanced 7 points each, while
the nearer positions were 3 to 4 points higher.
During the
day there was a steady dribble of liquidation in the July
delivery, which appeared to be well absorbed by spot inter¬
closed 3 to 7 points
On the 5th inst. prices
up.
additional
to
Today prices closed
moderately, with
Japanese interests credited with buying the October and
December deliveries.
The general feeling of reassurance
uneasiness for
days past, played its part as a steadying
some
Southern spot markets were un¬
influence in the markets.
changed to 5 points higher, with middling quotations ranging
from 12.64c. up to
40 to 45
points down.
the market
in
was
a
It
was
the
consensus
nounced weakness that developed today
this idea.
There
was
from
lower.
some
nothing in the
the week-end
Premiums
Staple
grades established
17,1937
are
the average quotations of the ten
markets designated by the Secretary of
Differences between
of average of
60%
six markets quoting
for deliveries on contract to June
for deliveries od
June
10,1937
15-16
1 Inch &
Inch
longer
.43
.78
Middling Fair
.43
.78
Strict Good Middling.-
.43
.78
Good Middling
.78
Strict Middling
Agriculture.
.42
.77
Middling..
.72
Strict Low Middling-.,
.21
.47
Low Middling
♦Strict Good Ordinary.,
♦Good Ordinary
.43
.77
.38
.35
.69
.69
.28
.52
.27
.53
.27
.53
coupled with heavy selling orders through**
more
pressure
well
as
from the West,
than the market could stand and prices
48
.28
♦
.53
.28
was
rapidly. The splendid progress of the growing crop
South and the noticeable falling off in the demand
.14 on
07 off
.71 off
.1.54
2.24
.42 off
.71
1.67
2.30
2.82
1.24 off
1.81
2.48
.58 off
.83
1.44
—
-25
.52
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
.68 off
1.50
2.19
...2.77
...
In fact, the
do
Mid
even
Middling
.47
.36
do
do
Strict Middling.......
,72
.21
do
do
do
—
Extra White
do do
do do
Strict Low Middling...
do
do
Low Middling
do do
♦Strict Good Ordinary.,
do
do
♦Good Ordinary.......
do
do—....
Good Middling
Spotted..
Strict Middling
do
Middling
do
♦Strict Low Middling
do
♦Low Middling
do
Good Middling
Tinged...
Strict Middling
do
......
♦Middling
do
♦Strict Low Middling...
do
♦Low Middling
do
Good Middling..
Yellow Stained
♦Strict Middling....
do
do
♦Middling
do do
Good Middling
Gray
Strict Middling—....
do
♦Middling
do
.78
.42
do
do
do
do
do
do
Good Middling
.78
.43
Mid.
69 on
.62
55
...
.36
Basis
69 off
1.53
2.22
2.79
.55 on
.36
White
.38
quiet with prices 2 points higher to 2 points
Around midday July liquidation began to develop in
size and this,
detrimental to
The Cotton Exchange Service estimates
May consumption in this country at 675,000 bales compared
with 719,000 bales in April and 531,000 bales in May, 1936.
was
Wall Street commission houses as
far
news over
excessive moist¬
the growing crop.
appeared to belie
sudden weakness in values.
to account for the
opening
of opinion that
strong technical position, but the pro¬
Part of the support was
by the bullish weather advices,
steady rains being regarded as
influenced
On the 7th inst. prices closed
13.49c.
The market opened
2 to 8 points up.
doing the bulk of the selling.
were
situation, which had been causing no little
the gold
over
^
points advance on improved Liverpool cables. At the
start dealings were quite active, but later the volume tapered
off considerably.
Liverpool, the trade and Wall Street
.43
Wall Street and the trade bought
ests.
commission brokers.
covering by
3 to 7
'
ure
expected to prevail for some little time.
^
generally small.
declin^
These bullish weather ad¬
10 to 16 points yesterday.
prices closed 4 to
Reports from the goods market stated that prices in Worth
Street were somewhat easier yesterday, but dealings were
unfavorable
which were reported to have done
damage to cotton.
considerable
of severe
reports
on
central area of the belt in the form
in the north
weather
kets
However, the
recent downward movement.
this
led
Texas
week, with the trend decidedly lower
the early part,
inst.
opened active and steady
by Liverpool cables, some
Speculation in cotton for future delivery was
active the past
10th
the
market
29,237 1,224,169
64,038 1,471,137
58,758 1,415,674
4,962
1,205
4,693
13,329
35,711
27,645
12.28c.
was
331,690
264,429
323,631
135,700
26,592
45,443
22,414
74,270
12,200
5,567
7.575
2,000
2,962
6,200
1,817
1,688
3,000
Galveston
Stock
Coast¬
Great
approximately $3.75 a bale. Southern spot markets, as
officially reported, showed declines of 10 to 21 points.
Average price of middling at the 10 designated spot markets
Leaving
June 11 at—
down
in the cotton belt sent cotton
report on conditions
overland and It Is Impossible to give
while reports from the customs
slow in coming to hand.
In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of April the exports to the Dominion the present season
have been 15,914 bales.
In the corresponding month of the preceding season the
exports were 8,598 bales.
For the nine months ended April 30, 1937, there were
222,856 bales exported, as against 181,820 bales for the nine months of 1935-36.
all the cotton destined to the Dominion comes
returns concerning
June 12, 1937
Chronicle
Financial
4036
...
......
Not deliverable on future contract*
gave way
in the
for
spot cotton and textiles
effect
on
seemed to have
depressing
a
holders of cotton, and there being no appreciable
On the way down
uncovered, which considerably
The official
stop-loss orders
were
Southern spot markets,
accelerated the decline.
as
officially
43 to 45 points lower. Average price of
middling at the 10 designated spot markets was 12.57c. On
the 8th inst. prices closed 9 to 12 points down.
The con¬
tinued marked heaviness of the market had a depressing
reported,
effect
on
were
not
a
There
were
occasional
rallies, but the market displayed no staying power.
were
no
further
particular
new
developments to account for the
by the fact that prices broke through recent resistance points
and bears
were
more
for
was
aggressive
on
also the West, were
number
were
off and there
the selling side.
The
1930
as
weather and crop news was
15.10c.
1934
1933
1932
.....
Wed.Thurs.
Fri.
12.59
12.61
12.49
Quotations for 32 Years
1927
1926
1925
1924
1923
1922
18.95c.
20.95c.
17.05c.
18.15c.
23.70c.
.....29.25c.
—...29.90c.
22.85c.
1921
1920
1919
1918
1917
1916
1915
1914
12.50c.
40.00c.
32.65c.
29.95c.
.24.65c.
12.90c.
9.75c.
13.70c.
12.25c.
1913
1912
11.75c.
15.90c.
15.20c.
11.20c.
11.40c.
13.25c.
11.25c.
1911
1910
1909
1908
1907
1906
Market and Sales at New York
on the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
The total sales of cotton
week at New York
which show at
closed
are
glance how the market for spot and futures
days.
a
on same
favorable.
It
was
The
believed that
bulletin will make a
generally satisfactory showing. Southern spot markets, as
officially reported, were 10 to 13 points lower.
Average
price of middling at the 10 designated spot markets was
12.47c. On the 9th inst. prices closed 13 to 20 points down.
Bearish weather and crop advices again dominated the mar¬
ket.
A more favorable weekly weather and crop bulletin
crop
SALES
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
„
Market
Closed
...
12.69
was
the market dropped off.
Thursday's weekly weather and
1928
11.79c.
11.90c.
12.15c.
9.35c.
5.05c.
8.65c.
1935
sellers and stop orders in considerable
uncovered
1929
12.61c.
1937
1936
active selling here
Liverpool account. Commission houses and Wall Street,
Liverpool market
Tues.
12.79
quotations for middling upland at New York on
June 11 for each of the past 32 years have been as follows:
There
Confidence has been further undermined
decline.
New York
Mon.
The
1931
few holders of cotton.
Sat.
13.24
June 5 to June 11—
Middling upland
support, the market gave way readily.
many
the
quotation for middling upland cotton in
for the past week has been:
New York market.each day
Closed
Steady, 4 pts. adv..
Steady, 45 pts. dec.
Quiet, 10 pts. dec
Quiet, 20 pts. dec
Quiet, 10 pts. adv..
Steady, 2 pts. adv..
Total week.
Since Aug. 1
Steady
Barely steady.
Steady
Steady
Steady
Steady
Spot
Contr'ct
Total
_
'
^
mm
mm
mm
69",992 138",000 208~,792
highest, lowest and closing prices
New York for the past week have been as follows:
Futures—The
mm-mmmm
at
Volume
Financial
144
4037
Chronicle
corresponding periods of the previous year—is set out in
Saturday
Monday
June
June
5
Tuesday
7
June
Thursday
June
9
Friday
June 10
Wednesday
8
June 11
detail below:
:"7.
Juried1937)
Movement to June 11,
>.
1
.
Movement to June 12,
1937
1936
Range—
Closing. 12.69ft
12.24 n
12.14ft
12.06ft
12.04ft
11.94n
Toions
ments
Range.. 12.70-12.75 12.29-12.73 12.11-11.27 11.93-12.27 12.01-12.15 11.96-12.15
Closing. 12.74-12.75 12.29-12.30 12.19-12.20 11.99-12.00 12.09-12.10 12.11-12.12
Week
Aug.— •
Ala.,BIrmlng'm
Range..
12.29w
12.19ft
121
2,144
168,184
32,765
60,451
54,557
19,784
795
192,714
1,072
27,981
142,063
142
57,719
646
109,781
27,443
36,867
21,836
979
55,314
72,796
11,356
9,215
16,279
"~5
9,298
1,415
300,561
4,221
77 522
939
35 ,700
400
"229
46,886
21,198
*897
22 ,831
141
700
22 .732
100,176
23
2 ,573
Jonesboro
Closing. 12.69ft
210
Newport
12.28ra
12.18ft
12.09ft
12.01ft
12.15ft
77,
Pine Bluff...
Dec.—
492
Wlanut Ridge
Range.. 12.64-12.69 12.27-12.69 12.10-12.25 11.92-12.26 12.02-12.14 11.96 12.16
12.67-12.
12.27
12.16
—
11.99
—
12.07
—
Ga., Albany
12.13-12.14
—
Range.. 12.66-12.66 12.26-12.70 12.10-12.22 11.94-12.25 12.02-12.13 11.99-12.16
12.16 —
12.26 —
12.16
Closing. 12.69ft
11.99 —
12.08 —
12
12.29ft
12.19ft
12.03ft
12.09ft
12.17ft
.
12.09ft
12.14ft
12.21ft
14,180
338
2
40,025
11,862
16,588
475 36,829
4,706 130,901
1,488
"ll3
19
1,533
19 ,947
444
10 ,729
890
3,613
13,661
62,843
82
6 ,164
100
57.515
300
13,562
19
1 ,201
8,795
200
1 ,655
31,308
270
37,801
220,250
8,612
914
4,494
2,076
5,469
4,066
3.081
255
2,559
4 ,772
184
39,378
149
4
3,713
51,396
324,045
51
Mo., St. Louis.
N.C.,Gr'nsboro
162
10,544
176,761
2,099
229,498
6,3992,545,651
38,932
1,037
50
.
1,614
3
1
3,798
,857
2 ,846
4,244
29
3 ,161
104
637
56,026
3,515
75,624
2,131
18,461 308,199
20,705
1,707,111,784
200, 33,400
681
4,479
36,753
22,984
18,939
6.444
300
23,153
250
1,526
Oklahoma—
Nominal.
15 towns
Range for future prices at New York for week ending
trading began on each option:
14
Range for Week
Range
Since Beginning of Option
16,253
6,422
4
1,298
"""4
100
82,828
546
4,225
388
57
71,794
13,701
8,952
35,156
79,577
173
668
98
June
1937.-
July
1937— 11.93 June
10.48 June
9 12.75
June
Aug. 1937-
5 11.41
1 1936 12.78
Nov. 12 1936 14.59
10 1936
July
145
"26
206
2,168
67
589
54
Paris...
Mar. 30 1937
Robstown
11.60 Aug. 29 1936 12.92 May
3 1937
4 1936 13.95 Mar. 17 1937
11.52 Nov.
Sept. 1937—
11.95
June
9 12.70
June
Nov. 1937-
6 11.05 Nov. 12 1936 13.98
11.93 Jan.
19 1937
11.93
Apr.
San Antonio.
Texarkana
5 1937
Jan.
1937-
11.92
June
9 12.69
June
5 11.56
Dec.
17 1936 13.93
Apr.
11.94
June
9 12.70
June
7 11.70 Feb.
3 1937 13.94
Apr.
1938—
1 1937 13.85
Mar. 31 1937
7
280
40
48
673
54
3,587
5,174
3,903
963
721
17
1,047
"475
7,503
3,114
10,527
400
5,8901
24,911
80,002
286
5 1937
Feb.
Waco
5 1937
1938—
..
.
19 1937
Dec.
Jan.
91,071
2,828 49,287
34,697 474,507
35
1,381
34.696
8
Brennam
Dallas
463
387,080
161,252
1,933,688
54,777
18,553
12,181
57,962
Austln
Option for—
124
17
S. C..Greenville
Tenn.,Mem phis
Texas, Abilene.
June 11, 1937, and since
1937-
48,456
160
39,012
Vicksburg
Yazoo City..
Range.- 12.73-12.78 12.37-12.77 12.19-12.32 12.07-12.32 12.12-12.22 12.10-12.25
Closing. 12.79ft
112.37 —
12.25 —
12.17 —
12.12 —
12.23
1,036
164,612
Natchez
12.23ft
172,703
31,262
114,316
34,465
24,335
262,080
1
Jackson
12.34ft
9,865
307
20,997
April—
May—
"~2
29
Greenwood.
f Closing. 12.77ft
19,357
7
Columbus
f Closing. 12.76-12.77
Range—
300
172
759
Miss.Clarksdale
Range.. 12.70-12.77 12.32-12.74 12.14-12.31 12.02-12.29 12.09-12.20 12.01-12.21
13.32 —
12.22 —
12.07 —
12.11 —
12.19
642
183,745
46,039
54,170
15,448
71,432
125,085
41,446
177,591
~~~5
La., Shreveport
March—
430
29,405
Rome
Closing. 12.72ft
81
184
18,025
Macon
Range.,
881
13,445
Columbus...
Feb.—
86
46,184
—
Athens
Jaw. (1938)
92
35.900
11,070
80
66,090
358,978
201,709
140
...
Little Rock—
i
Oct.
1,111
85,682
1,130
City..
Hope.
Range.,
n
15,535
82,882
.
2,493
Forest
Nov.—
.
3
13
7 ,812
,344
35 ,869
2 ,598
5 ,610
3 ,850
7 ,831
36 ,085
5 ,610
14 ,357
10 ,064
14 ,021
17 ,657
125 ,750
Helena
Closing.
254
Augusta
12.13ft
12.09ft
12.01ft
12
58,680
24
118
June
1,604
31 ,625
1,812
Stocks
Week
Atlanta
12.19ft
12.29ft
Range.. 12.67-12.72 12.28-12.70 12.12-12.26 11.95-12.27 12.06-12.08 12.01-12.18
12.10-12.11 12.16
Closing. 12.71-12.72 12.28-12.29 12.19-12.20 12.02 —
fc.
f
9,387
52,906
55,371
36
Ark. Blytheville
Closing. 12.72ft
_
102
Season
14
22 ,871
1,419
297
Selraa
Oct.—
,
82,813
Week
Montgomery.
12.12n
12.09ft
12.00ft
Range—
y
758
11
Receipts
Eugaula
Closing. 12.73ft
Sept.—
b
Season
June
Week
July—
Stocks
Ship¬
ments
Shlps-
Receipts
12.10
12.01
Mar. 1938—
Apr. 1938—
May 1938— 12.07
Mar.
*
12.77
June
5 12.01
June 11 1937
13.97
Apr.
9 12.78
June
5 12.07
June
12.96
May 21 1937
June 11
June
Total, 56 towns
The Visible Supply of Cotton
9 1937
tonight,
as
made
5 1937
up
The
54.0721030520
by
the
totals
show
that
during the week
June 11—
1936
1935
618.000
131,000
109,000
599,000
68,000
Total Great Britain
Stock at Bremen
Stock at Havre
909,000
173.000
23,000
11,000
7,000
727.000
210,000
150,000
13,000
66,000
79.000
10,000
8,000
667,000
199,000
106,000
21,000
74,000
47,000
25,000
10,000
426,000
536,000
482,000
Stock at Barcelona-—
._-
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
Via Mounds, &c
Liverpool stock
bales.
Manchester stock
Bremen stock
318,000
61,000
129,000
165,000
Havre stock
24,000
Other Continental stock
Europe----
U. S. port stock
TJ. S. interior stock
129,000
--_1.253.406
1,030,520
16,592
U. S. exports today
Total gross overland
Total American
259,000
199,000
33.000
48,000
143,000
147,000
113,000
92,000
107,000
108,000
186,000
178,000
1,535,175 1,474,432
1,517,933 1,244,820
31,304
11,030
359,000
400,000
70,000
44,000
33.000
31,000
128,000
61,000
64,000
37,000
72,000
125,000
35,000
52,000
14,000
69,000
178,000
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
141,000
Stock in Alexandria, Egypt
157,000
---1,034,000
767,000
148,000
,617,279
,284,177
26,611
-
164,000
199,000
860,000
504,000
51,000
98,764 bales
2,405,549 bales from 1933.
5,881,412 5,323,282 7,630,067
6.82d.
6.76d.
6.61d.
11.80c.
11.95c.
9.14d.
8.50d.
5.82d.
*
5.51d.
over
Towns
the
and
a
5,244
30,994
10,373
283,545
1,119
185
545,388
6,548
324,912
9,921
787.261
Canada.
net overland movement
against 9,921 bales for
the season to date the
increase over a year ago
foregoing shows the week's
has been 18,000 bales,
the week last year, and that for
aggregate net overland exhibits an
of 88,136 bales.
1935-36-
1936-37
Sight and Spinners'
Takings
Since
Aug. 1
Week
Receipts at ports to June 11
6,193,781
875,397
6,135,000
23,325
18,000
New overland to June 11.
Southern consumption to June 11.130,000
Total marketed
Interior stocks in excess
over
of
Southern
—
173,325
*34,426
takings
consumption to May 1
Came into sight during
Total in sight June 11
Aug. 1
32,597
9,921
6,598.257
787,261
4,920,000
125,000
167,518 12,305,518
*36,380
397,595
421,758
998,658
131,138
week.--136,899
13.124,871
14,049,302
North, spinn's' takings to June 11_
*
13,204,178
*153,534
Since
Week
mill
14,198
1,627,158
1,073,732
19,907
Decrease.
sight in previous
Week—
Bales
1935—June 14
1934—June 15
1933—June 16
94,869
117,078
-—141,939
—
——
years:
Bales
Since Aug. 1
1934
1933
-"
8,875,783
—
12,430,208
-
-13,478.935
1932
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Closing Quotations for Middling Cotton on-
5.23d.
decrease
movement—that
16,469 1,112,173
875,397
year
June 11
1934,
4,435
4,935
7,604
The
Excess
77,737
3,576
11,339
188,593
613,626
379
18,000
Including movement by rail to
this
217,302
12.15c.
8.95d.
is,
of
the
receipts for tljie week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
13,603
465,994
Movement into
133,000
105,000
136,000
124,000
195,000
311,000
757,000 1,137,000
Continental imports for past week have been 120,000 bales.
The above figures for 1936 show a decrease from last
week of 205,823 bales,-a loss of 656,894 from 1935, and a
Interior
5,126
Leaving total net overland.*
v
2,098,000 1,941,000 1,836,000 2,365,000
,——3,126,518 3,940,412 3,487,282 5,265,067
Total visible supply
5,224,518
Middling uplands, Liverpool
7.06d.
Middling uplands. New York
12.61c.
Egypt, good Sakel, Liverpool
11.89d.
Broach, fine, Liverpool
6.06d.
Peruvian Tanguis, g'd fair, L'pool
8.51d.
C.P.Oomra No.l staple,s'fine,Liv
5.96d.
the
309
Inland, &c., from South
375,000
47,000
3,126,518 3,940,412 3,487,282 5,265,067
460,000
At
65,791
Aug. 1
Shipments—
In
Liverpool stock
of
1,420,785
2,169
are as follows:
Manchester stock
decrease
25,604
Overland to N. Y., Boston, &c_—
Between interior towns
Deduct
Total to be deducted
East Indian, Brazil, &c.—
Total East India, &c
Total American
5,169
13,233
Via Virginia points.
American—
Stock in Bombay, India
204
5,224,518 5,881,412 5,323,282 7, ,630,067
above, totals of American and other descriptions
American afloat for
4,944
2,226
Via other routes, &c
--1,335,000 1,263,000 1,149,000 1,877,000
128,000
125,000
178,000
105,000
American cotton afloat for Europe
186,000
129,000
178,000
148,000
Egypt, Brazil,&c.,afl't for Europe 141,000
164,000
136,000
124,000
Stock in Alexandria, Egypt
157,000
199,000
195,000
311,000
Stock in Bombay, India
1,034,000
860,000
757,000 1,137,000
Stock in U. S. ports
1,253,406 1,535,175 1,474,432 2,617,279
Stock in U. S. interior towns
1,030,520 1,517,933 1,244,820 1,284,177
U. S. exports today
16,592
31,304
11,030
26,611
Total visible supply
3,798
3,200
323,481
156,512
5,348
9,619
218,532
707,293
Via Louisville
Total European stocks
India cotton afloat for Europe
Of the
Week
900,000
198,000
14,000
Stock at Rotterdam
Since
Since
Aug. 1
Via Rock Island
977,000
485,000
227,000
25,000
70,000
69,000
16,000
8,000
_
1935-36—
1936-37
Week
Shipped—
1934
879,000
98,000
1937
have
Overland Movement for the Week and Since Aug. 1
Via St. Louis
778,000
-
stocks
interior
week last year.
same
June 11—
only.
Stock at Liverpool
the
34,426
the total show the
add the item of exports
Stock at Manchester
71,7681517933
35,388 5,122,541
bales and are tonight
487,413 bales less than at the same period last year.
The
receipts of all the towns have been 15,742 bales less than
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
from the United States, for Friday
are
above
decreased
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and
consequently all foreign
figures
19,6466,015,414
Includes the combined totals of 15 towns in Oklahoma.
Friday
Tuesday
12.51
12.41
12.21
12.31
12.34
13.04
Orleans
Monday
12.96
Galveston
New
Wed'day Thursday
Saturday
12.48
12.27
12.24
12.79
12.75
12.60
12.65
12.37
12.33
12.69
12.37
12.44
12.70
Mobile
12.99
Savannah---—
Norfolk
13.34
13.30
12.61
12.55
12.90
12.85
Montgomery
Augusta
Memphis
13.00
12.55
12.45
12.25
12.b5
13.49
13.04
12.94
12.85
12.70
12.35
12.91
12.75
13.00
12.o6
12.76
12.20
12.45
12.10
12.10
12.36
12.36
Little Rock
Dallas
12.65
12.30
12.55
12.20
12.74
12.00
12.25
12.10
11.90
12.00
12.00
12.64
12.19
12.09
11.89
11.99
12.01
Fort Worth
12.64
12.19
12.09
11.89
11.99
12.01
Houston
—
.
*
Financial
4038
New Orleans Contract
Chronicle
June 12>
Rain
Market—The closing quotations
Rain all
Inches
New Orleans
Days
3
2
1
3
3
5
2
4
3
11.97
11.99
ShreveportMississippi—Meridian
Vicksburg
4
3
4
12.10
12.14
Alabama—Mobile
5
2
2
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Oklahoma—Oklahoma City—
Arkansas—Eldorado
Port
Smith
Little Rock
Monday
Saturday
5
June
June
7
June
Friday
June 10
9
June
8
Pine
Thursday
Wednesday
Tuesday
June 11
Bluff
Louisiana—Alexandria
Amite
June(1937)
12.63
12.21
12.08-12.09 11.87
12.68
12.28
12.19-12.20 12.01
12.75
12.40-12.41 12.28
12.29
12.42
12.08
12.16-12.17 12.19
12.09
12.18
12.22
12.83
12.44
12.34
12.14
13.21
12.25
12.85
July
12.46
12.36
12.16
12.25
12.29
August
September
—
...
Jan.(1938) 12.79
February
90
68
62
70
Pensacola
3
3
4
0.74
0.16
2.04
92
88
86
70
72
70
2
Miami
—-
—
Dull.
Spot
Options—
92
74
0.53
93
94
72
82
0.09
2
1.08
90
68
79
.2
70
70
66
66
60
61
83
82
79
79
79
7.3
78
78
Dull.
Steady.
Steady
Augusta
Steady.
Barely stdy
Steady.
0.38
2
Dull.
Barely stdy
Steady.
Steady
Macon
Quiet.
Requests for Release of Loan Cotton—The
4
Newbern
3
0.90
96
93
93
92
92
86
95
Raleigh...
3
0.86
92
64
Weldon
2
1.22
99
62
81
2
5
2
0.41
3.19
0.02
90
85
90
68
65
64
79
75
77
4
1.01
88
60
74
3
1
3
Carolina—Charleston..
Columbia
North
the
totaling 1,326,869 bales of cotton had been received at
Agencies of the Reconstruction Finance Corporation
3
Carolina—Charlotte
Wilmington
Tennessee—Memphis
Chattanooga
,
through June 3, 1937.
change
Officers
of
Election
of
New
and
Cotton
York
New
Top Exchanges—The New York Cotton Ex¬
York Wool
June 8 re-elected John C. Botts as President,
on
Alpheus C. Beane as Vice-President, and Clayton B. Jones
Mr. Botts, who is
Treasurer.
a
For
prior to becoming Vice-President and President
the Cotton Exchange, of which he has been a member
many years
he served
since 1911,
on
the Committees
Mr. Beane is
Memberships.
a
Commissions and
on
member of the firm of
Beane, and Mr. Jones is of the firm of Geo. F.
Fenner &
Jones & Son.
members
new
Jr. Mr. Cahill is
were
elected to the Board of Managers
Thomas F. Cahill and John H. McFadden,
of the Exchange,
a
partner of the firm of Hopkins,
Dwight &
Co., and Mr. McFadden is a senior partner of the firm
& Bros.
McFadden
H.
Board who
re-elected
Nashville
of
The other members of the
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 11,1937
Feet
are as
follows:
Eric Alliot, James
Coker, Richard T. Harriss, William J. Jung, Frank J.
George F. Mahe, Perry E. Moore, Robert
Jerome Lewine,
J.
Knell,
Murray, Joseph A. Russell, P. Manfred Schwarz, Alvin
Philip B. Weld.
George M. Shutt has
been re-elected Trustee of the Gratuity Fund, for a period
L. Wachsman, and
and E. Malcolm Deacon, James B. Irwin, and
Byrd W. Wenman were re-elected Inspectors of Election.
The New York Wool Top Exchange also elected its officers
on June 8.
Alpheus C. Beane, who is Vice-President of the
Cotton Exchange, was elected President, and Joseph R.
Walker, partner of Walker & Co., of Boston, First VicePresident.
H. Clyde Moore, President/)f the Colonial Wool
of three years,
Co.,|Of Boston, was re-elected Second Vice-President, and
Clayf-on B. Jones, Treasurer. One new member was elected
to the Board
of Governors of the Exchange, Philip B. Weld.
M emphis
A bo ve zero of gauge
Nashville
Above
of gauge.
11.4
2.4
8.5
8.9
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
7.8
18.8
8.1
8.4
from
Receipts
Week1
meeting of the Board of Governors of the New York
Wool Top Exchange held June 9, Joseph Porter Draper of
Boston, Mass., and George H. Elliott, Chicago, 111., were
elected to membership in the Exchange.
Mr. Draper is
Treasurer of the Draper Top Co., who are engaged in making
and selling tops.
Mr. Elliott is Vice-President and Treas¬
urer of the Elliott Wool Pullery, Ltd., who are engaged in the
a
wool
pullery and hide business.
Weather Reports by
Telegraph—Reports to
us
by tele¬
graph this evening denote that temperatures are getting
higher in the-belt almost daily and are now seasonally high,
removing another cause for complaint.
Weevils are becom¬
ing something of a menace in both the eastern and western
portions of the cotton belt.
The weather over most of the
cotton belt has become
dry, rains occuring mostly in
Oklahoma.
Ram
Rainfall
Days
Inches
Texas—Galveston
2
1.04
Amarillo
3
Austin
-Thermometer
Mean
High
Low
1.23
86
46
66
2
0.60
92
64
78
Abilene
3
0.18
100
62
|
1936 |
|
Mar.
38.439
12„
67,954
54.793
47,370
26-
61,190
48,797
1
Apr.
2
1.44
96
64
80
92
76
88
74
81
Receipts from Plantations
1935
1936
1937
1935
1936
|
Nil
8,323
Nil
1,713
2.109
Nil
22,525
24,287 1.744.8602.012.824 1.587,972
30,138 1.685.484 1.967.167 1,559.937
24.491 1.622.6111.940.895 1.535.485
2,043
25,927 1.569.2441.902,472 1,492.794
25,529 1,503.3101.871,482 1,474.028
15.829 1 440.1721 833.913 1,451.845
6,060
21,251 1,387,2451,814.475 1,423,178
15,791 1,322.0161.779,076 1,396,198
~Nli"
Nil
Nil
Nil
21,595 1,255.3791.732,379 1.370.838
Nil
Nil
Nil
21,061 1,206.606 1.693.071 j 1.345,933
18,627 1.162,6261,651.6491,328.412
Nil
1.201
Nil
Nil
4,060
1,106
Nil
Nil
Nil
32
.
2—
59.427
35.770
9-
50.142
16—
42,828
35,607
34.922
23-
40,673
34,771
30-
44,904
20.044
40,825
Nil
4,617
Nil
Nil
6,763
Nil
Nil
15,333
Nil
May
14—
31,296
39.157
40,509
21—
28,231
45,482
7-
28—
1,107,2591,594,234|1,301,899
25,457, 52,470
21,846
23,761
47,072
18,907
Nil
7,151
Nil
23,325
32,597
14.3171.030,5201,517,933 1.244,820
Nil
Nil
Nil
June
4..
11..
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,998,758 bales and in 1934-35 were 4,140,563
bales.
(2) That, although the receipts at the outports the
from the
bales, the actual movement from
towns having
23,325
nil bales, stock at interior
decreased 34,426 bales during the week.
was
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
seasons
from all
obtainable; also the
sight for the like period:
sources
takings
are
Cotton Takings,
or
from which statistics
out of
amounts gone
1935-36
1936-37
Week and Season
1
Visible supply June 4
Visible supply Aug. 1
American in sight to June 11
Week
Total supply
Deduct—
*4,899,258
4,295",259
131,138 13,124,871
56,000 2,794,000
898,000
31,000
5,652,640 25,344,760
11
5,224,518
5.224,518
428,122 20,120,242
251,722 14,014,042
Total takings to June ll_a
Of which American
Of which other
*
5,955,741
136,899 14,049,302
42,000 2,943,000
31,000 1,074,000
1,400 1,855,200
524,000
10,000
—
Bombay receipts to June 10..
Other India ship'ts to June 10
Alexandria receipts to June 9_
Other supply to June 9_*b—
Visible supply June
Season
Week
Season
5,431,341
176,400
6,106,200
1,630,800
481,000
800
12,000
6,186,679 23,223,930
5,881,412
5,881,412
305,267 17,342,518
222,467 11,971,718
5,370,800
82,800
Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 6,135,000 bales in 1936-37 and 4,920,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 13,985,242 bales in
1936-37 and 12,422,518 bales
in 1935-1936, of which 7,879,042 bales and 7,051,718 bales American.
Embraces receipts in
84
0.82
1937
1935
81
Brenham
Stocks at Interior Towns
Receipts at Ports
1937
for the last two
At
Plantations—The following table
the
Ended-
Election.
Top Exchange—
17.2
.
planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
plantations
Two New Members of New York Wool
zero
6.3
of gauge.
The
tions.
past week were
A.
zero
indicates the actual movement each week from the
Boger, Marshall Geer, Jr., Frank J.
Knell, James C. Royce, Gordon S. Smillie, Max W. Stoehr,
Alvin L. Wachsman, Herbert K. Webb, Arthur C. Wellman,
and J. Victor di Zerega.
E. Malcolm Deacon, James B.
Irwin, and Byrd W. Wenman were re-elected Inspectors of
William
Feet
Above
The other members of the Board who were re-elected are as
follows:
June 12, 1936
New Orleans
19—
were
64
The following statement
partner of Jenks, Gwynne
well-known throughout the cotton trade.
Co., is
79
Asheville
Commodity
4 that requests for release
64
0.12
0.53
0.16
0.48
1.22
0.32
South
Credit Corp. announced on June
Geo.
81
80
2
Greenwood
Two
76
81
78
83
Georgia—Savannah
Tone—
Loan
'
Mean
74
78
72
76
77
80
78
92
78
79
79
78
Atlanta
May
on
64
68
68
90
92
Florida—Jacksonville
April
of
92
90
90
0.24
1.04
Birmingham
Montgomery
.
March
&
84
86
88
91
91
93
Low
60
65
60
66
66
68
65
70
Tampa
October
November
December
as
Thermometer
High
88
90
1.32
2.28
1.00
0.64
1.80
1.94
2.78
3.62
1.33
0.43
0.91
4.58
Brownsville
dry
1
Corpus Christi
Dallas.
77
67
90
64
96
66
81
Henrietta
3
1.28
94
60
77
Kerrville
2
0.28
92
60
India
Cotton Movement from All Ports—The
of Indian cotton at Bombay
77
receipts
and the shipments from all India
76
60
b Estimated.
El Paso
5
1.05
77
~
dry
,
3
2
Nacogdoches
—
0.64
1.22
94
66
2.68
88
60
for three years,
80
3
Lampasas
Luling
ports for the week and for the season from Aug, 1 as
74
94
Palestine
3
1.78
92
62
5
1.26
88
60
2
1.53
94
64
79
3
0.40
94
64
79
San
Antonio
—
—
follows:
1936-37
cabled,
;
1935-36
1934-35
Week
Bombay
1
Aug. 1
42,000 2,943,000
Since
Since
Since
74
Taylor
as
June 10
Receipts—
77
Paris
have been
Week
Aug. 1
56,000 2,794,000
Week
Aug. 1
39,000 2,381,000
Volume
Financial
144
Chronicle
4039
Bales
For the Week
NORFOLK—To Manchester—June 10—Manchester Producer, 317
To Havre—June 11—City of Hamburg, 245-...
Since Aug. 1
Exports
From—
Great
Conli-
Britain
nent
1936-37—
1935-36—
|1
9,000
1934-35.2
5,000
Total
Britain
nent
98,000
82,000
7,000
10,000
105,000
Total
China
357,600 1,401,000 1,840,000
373,000 1,198,000 1,676,000
311,000 1,208,000 1,581,000
62,000
436,000
638,000
1,074,000
30,000
31,000
31,000
336,000
562,000
898,000
22,000
40,000
251,000
545,000
796,000
17,000
14,000
1935-36-
1,000
1934-35-
18,000
all—
1
1
1936-37-
26,000
14,000
1935-36-
1,000
33,000
1934-35—
23,000
29,000
317
245
To
&
Japan
45,000
7,000^ 33,000
Other India:
Total
Conti¬
89,000
3,000
;
1936-37—
China, |
\
Bombay—
Great
Jap'n&
995,0C0 1,401,000 2,914,000
89,000129,000
518,000
7,000
41,000
441,000
935,000 1,198,000 2,574,000
33,000
85,000
313,000
856,000 1.208,000 2,377,000
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
14,000 bales. Exports from all India ports record an increase
of 88,000 bales during the week, and since Aug. 1 shows an
Hamburg—June 4—City of Baltimore, 1,063
June 11—
City of Hamburg, 173
To Bremen—June 4—City of Baltimore, 46
To Sweden—June 11—City of Hamburg, 37
SAN FRANCISCO—To Japan—(?). 270
SAVANNAH—To Antwerp—June 9—Saccarappa, 100-To Rotterdam—June 9—Saccarappa, 925
1,236
46
37
270
100
-
925
942
To Genoa—June 9—Monrosa, 942
LOS ANGELES—To Belgium—June 7—Oregon, 60
To
60
Italy—June 7—Lime, 170
170
7—Canada, 50
50
To Japan—June 2—Assuan, 1,400
June 5—Golden Horn,
7,075; Asuma Maru, 1,500; Bonnington Court, 2,400—
June 8—Burnos Aries Maru, 170; Moaklonburg, 3,500
16,045
To Havre—June 7—Oregon, 700
700
MOBILE—To Liverpool—June 5—Hastings, 1,539
1,537
To Manchester—June 5—Hastings, 2,505
2,505
-
-
To Poland—June
Total
72,882
decrease
increase of 340,000 bales.
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
Stand-
Density
Stand-
High
ard
1936-37
1935-36
Trieste
Density
ard
.60c.
d.45c.
Piraeus
.85c.
1.00
Manchester .42c.
,57c.
Flume
d.45c.
Salonlca
.85c.
1.00
.60c.
7,000
_
4,000
8,199,438
8,810,723
MM c. Barcelona
*
*
Venice
.36c.
.51c.
*
*
Copenhag'n.52c.
,67c.
.39)4c.
MMc. Shanghai
.60c.
Bombay x
*
*
Naples
d.45c.
.60c.
.50c.
,65c.
Leghorn
d.45c.
.60c.
Gothenb'g
.52c.
.67c.
39)4c.
Genoa
d.45c.
Japan
Oslo
.53c.
.68c.
Bremen
.37c.
.53c.
.52c.
.67c.
Hamburg
,37c.
Exports (Bales)—
Week
To Liverpool
To
Since
Aug.
This
*
1
Week
This
Aug.
Week
1
Rate
Is open,
x
Only small lots,
d Direct steamer.
May 21
73,000
929,000
403,000
73,000
17,000
136,000
Total stocks
Since
Total exports
3,000 127,350
6,000 143,222
13,000 676,363
35,V>99
24,000 1122107
To Continent & India
To America
190,898
152,420
15,000 622,601
36,014
23,000 1001933
22,000 982,934
8",000
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June 9
7,000 cantars and the foreign shipments 24,000 bales.
Total imports
Of which American
Amount afloat
Of which American
pay
present prices.
We give prices today below and leave those
previous weeks of this and last year for comparison:
Saturday
Market,
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
s.
d.
Monday
Quiet.
Quiet.
Tuesday
Wednesday
Thursday
Friday
More
Quiet.
Quiet.
Quiet
f
\
1
12:15
P. M.
demand.
7.40d.
Mid.Upl'ds
Futures.
Market
(
j
4 to
(
7
7.39d.
Steady,
Steady,
7.14d.
pts. changed
7.07d.
Barely stdy
un¬
7.06d.
Steady,
Steady,
to 16 to 21 pts 5 to 7 pts. 5 to 8 pts.
decline.
advance.
decline.
advance.
1 pt. dec.
Quiet,
Market,
d.
46,000
58,000
909,000
379,000
54,000
16,000
169,000
29,000
Quiet but
7.06d.
Steady,
1 to 2 pts.
advance
1935
8 M Lbs. Shirt¬
Mar.
55,000
17,000
151,000
39,000
June 11
Liverpool market for spots and futures
each day of the past week and the daily closing
prices of
spot cotton have been as follows:
opened
32s Cap
Twist
June 4
62,000
917,000
390,000
55,000
17,000
158,000
29,000
The tone of the
Spot
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to
1936
-
May 28
59,000
928,000
400,000
were
Manchester
for
Of which American
1
Aug.
4,000 187,308
5,000 200,085
14,000 692,480
1,000 42,234
Manchester, &c
.60c.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
nl,000
7,353,569
Since
d.45c.
.53c.
Forwarded
This
ard
Rotterdam
1934-35
Receipts (cantars)—
Since Aug. 1_
Density
Havre
Antwerp
June 9
This week
Stand-
.57c.
Stockholm
Alexandria, Egypt,
High
.42c.
Liverpool
•
s.
d.
8 M Lbs. Shirt¬
d.
d.
Cotton
ings, Common
Middl'g
to Finest
32s Cap
Twist
4
Easy,
Quiet,
5 to 6
pts. stdy., 1 pt. 22 to 32 pts
advance.
decline.
decline.
Steady,
Barely st'y
3
1 to 2 pts.
Upl'ds
s.
d.
s.
d.
P. M.
Prices of futures at
d.
3 pts.
advance.
2
to
pts.
decline.
Liverpool for each day
are
decline
given below:
-
12—
13H@15
10
1W-
14
@15)4
25-
14
@15)4
4H@10
7)4
7.94
10
7M@10 10)4
7.85
9H@HH
9
1)4@
9
4)4
6.34
10
7)4 @10
7.95
9H@11H
9
3
9
6
6.44
10)4
9*A@11M
9
3
@
@
9
6
6.30
Apr.—
10
7)4 @10 10)4
7.97
10
9
@11
0
7.87
9
1M @
1)4©
9
4)4
4)4
6.67
9
@11
0
7.47
9% @11)4
9
1 )4@
9
4)4
6.58
6
@10
9
7.49
9
9
6.62
6.46
14)*@15tf
916..
30-
14
@15
9^ @11W
9
9
6.50
10
6
@10
9
7 22
9X@11M
9M@UM
9
1)4®
1M®
9
4)4
4)4
10
6
@10
9
7 45
9M@l IN
9
1M®
9
4)4
6 46
10
6
@10
9
7.12
9
9
4)4
6 56
9
4)4
6.57
9
1M®
IM®
1M®
9
4)4
14)4@15)4
14.. 14H@1O^
21.. 14)4@15)4
28-
10
6
@10
9
7.29
@15
10
6
@10
9
7.36
9H@UM
9M©UM
9M@11M
14@15
10
6
@10
9
7.31
9M@11M
9
0
@
9
3
Tues.
Wed.
Thurs.
Fri.
New Contract
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1937)
7.21
7.22
7.20
6.97
6.88
6.90
6.91
6.89
6.89
6.89
6.87
October
7.0!)
7.09
7.08
6.87
6.80
6.81
6.83
6.80
7.80
6.81
6.79
December
7.03
January (1938)..
7.03
7.03
7.02
6.82
6.76
6.77
6.79
6.76
6.76
6.77
6.75
March
7.04
7.04
7.03
6.83
6.79
6.79
6.82
6.78
6.79
6.79
6.77
May
7.04
7.04
7.03
6.84
6.80
6.80
6.83
6.80
6.80
6.91
6.79
July
7.03
6.83
1
6.80
6.68
13^@14 H
10
6
@10
8
7.06
9M@11M
9
1M®
9
4)4
6.82
14
Mon.
6.64
May7-
Sat.
to
June 11
.
14)4 @15)4 10
23- 14H@15M 10
2..
June 5
9
_
7.02
_
-
-
-
6.75
-
7.02
-
—
6.80
—
6.78
-
-
■
-
6.76
_
6.75
6.79
June
4—
11..
BREADSTUFFS
Friday Nighty June 11, 1937
Shipping News—Shipments indetail:
Flour—Most flour mills made
Bales
To Porto Columbia—June
5—Margaret Lykes, 200
in evidence the past few
200
1,107
1.290
To
Copenhagen—June 5—Taurus, 774
To Oslo—June 5—Taurus, 400
To Gdynia—June 5—Taurus, 2,443
To Gothenburg—June 5—Taurus, 1,260
To Ghent—June 3—Winnipeg, 118
To Havre—June 3—Winnipeg, 50
To Japan—June 9—Hanover, 2,820
To Sydney—June 7—Erlangen ,200HOUSTON—To Copenhagen—June 9—Toledo, 5
June 7—Gorm,
664
June 4—Taurus, 256
To Gdynia—June 9—Toledo, 86—June 4—Taurus, 359
To Gothenburg—June 9—Toledo, 149—June
4—Taurus, 463_
To Ghent—June 7—Winnipeg, 162; Antwerpia, 63
June 5—
Western Queen, 176
To Havre—June 7—Winnipeg, 430;
Antwerpia, 3
June 5—
Western Queen, 395
To Rotterdam—June 8—Blomerdijk, 127
June 5—Western
Queen, 23
-
8—Blomerdijk, 23
774
400
2,443
1,260
118
50
2,820
200
925
445
612
401
828
150
23
To Dunkirk—June
7—Antwerpia, 180
180
To Oporto—June 5—West Quechee, 87
87
To Lisbon—June 5—West Queeche, 57
57
To Liverpool—June 4—Recorder, 536
536
To Manchester—June 4—Recorder, 684
684
To Oslo—June 4—Taurus, 83
83
To Bremen—June 10— Borkum, 803
803
To Hamburg—June 10—Borkum, 1,601
1.601
NEW ORLEANS—To Marseilles—June 8—Ricca, 523
523
To Venice—June 7—Maria 1,700; June 5—West
Ekonk, 200-1,900
To Guatemala—June 2—Santa Marta, 400
400
To Valparaiso—June 5—Tivives, 46
46
To Liverpool—June 4—West Tacook, 2,561
2,561
To
Manchester—June 4—West
Tacook, 3,214
June 8—
Chancellor, 2,895
6,109
To Genoa—June 4—Montrova, 1,737
June 5—West Ekonk,
5,341
7,078
To Trieste—June 5—West Ekonk, 50
June 7—Maria, 591
641
To Japan—June 6—-Hanover,*7,269
■ 7,269
To China—June 6—Hanover, 350
—w 350
To Antwerp—June 3—Syros, 50
50
To Havre—June 3—Syros, 450
450
To Dunkirk—June 3—Syros. 1,029
1,029
To Bremen—June 4—Elmsport, 562
562
change in their price
ideas recently, despite a rather brisk demand that has been
293
To Liverpool—June 5—Recorder, 1,107
To Manchester—June 5—Recorder, 1,290
To Reval—June
no
359
GALVESTON—To Oporto—June 8—West Queeche, 359
To Lisbon—June 8—West Quechee, 293
__
considerably
towards the
days.
This demand slackened off
end, and
in view of the rather
promising wheat yields indicated by the government report
on
to
wheat, it is quite likely that consumers will continue
buy sparingly for some little time.
Wheat—On the 5th inst.
prices closed 3 to 4^c. down.
The violent declines in wheat prices today resulted largely
from a stampede to holders to let go their
committments,
influenced largely by bearish weather and crop reports. De¬
cided improvement of 1937 wheat crop prospects in the
United States appeared to be the principal underlying factor
responsible for the sharp break.
Besides, heavy beneficial
rains fell in domestic spring wheat areas, and the
weekly
forecast indicated helpful, cool, clear weather throughout the
winter wheat region.
An added bearish factor
was
the
un¬
expected drop in Liverpool quotations.
Unofficial predic¬
the domestic winter wheat
yield
would approximate 700,000,000 bushels, an amount 50,000,000 bushels more than recently forecast.
As a result of
this combination of bearish factors wheat prices on the
Chicago Board reached the lowest level touched in the last
tions
six
were
current
that
months, about 23c.
a bushel under the season's peak
early in April, the market closing at the lows of the day.
On the 7th inst. prices closed ^c. to l^c. down.
In the
early trading wheat scored an advance of l%c. a bushel
owing largely to reports of black rust in Kansas, Oklahoma
and Nebraska.
A leading crop expert wired from Wichita,
made
Kan., that in central Oklahoma and east central Kansas he
found every field infected and that the attack is spreading
fast from south to north over a wide front.
Most of the
infection is upon the stalk sheath, but in the more advanced
cases the pustules were beginning to break through the head
•
Financial
4040
However, the pronounced weakness of corn ap¬
peared to counter this bullish crop news on wheat, and prices
for the latter grain fell off sharply, losing all the early gains
and closing with substantial net losses.
On the 8th inst.
prices closed 2 %o to 3 Y8g. up. The tyheat market was given
a
powerful stimulus today on reports of black rust sweeping
northward on a front 125 miles wide, threatening to repeat
straw.
.
destruction.
,1935's wholesale spring crop
immediate
At Chicago prices jumped
permissible limit.
forward 4c.
At Minneapolis
today skyrocketed 5c. a bushel, the extreme
wheat values
regard to spring wheat that
It is in
bushel.
a
danger from black rust chiefly exists and Nebraska today told
of rapid progress of the pest that during 1935 spread to the
; spring wheat states north of Nebraska and did damage
totaling
approximately
44,317,000 bushels.
Resulting
jumps in wheat values on this side of the Atlantic were in the
face of the fact that Liverpool had closed more than 4%c. a
bushel down.
The distinctly bullish weather and crop
reports completely dominated the wheat markets.
On the
9th inst. prices closed %c. to 1/8g. up.
Today's session was
not so spectacular as the previous day's market action.
Readjustment of accounts late today, to prepare for any
United States government June crop report surprise to¬
morrow, resulted in eliminating most of the early sharp
advances.
The early strength lifted prices in Chicago about
23^c. a bushel, and nearly 6c. at Liverpool. Torrential rains
in parts of domestic wheat territory where the crop is almost
ready for harvest, together with increasing reports of black
rust and big drought damage in Canada, were largely re¬
sponsible for the rise.
A sudden change came over the
market in the late trading, the demand falling off rather
abruptly for a time, a noticeable disposition being apparent
to act cautiously in view of the recent violent reversals of
market trends.
An authoritative report from Kansas said
that around Topeka black rust in wheat is developing
rapidly and that, inasmuch as the earliest wheat in this area
.
or more from maturity, a conservative estimate
damage is 15%.
The Canadian Government
crop report stated that the condition of all wheat in Canada
is only 85%, against 95% a year ago.
On the 10th inst. prices closed %c. higher to Vsc. lower,
after having reached maximum gains of 2% to l^c.
With
weather and crop news the dominating factors, wheat prices
moved in a highly irregular fashion, being pushed sharply
higher by reports of black rust in North Dakota, only to
lost most of these gains when later advices stated tests
is two weeks
,of probable
indicated
infection
the
Nervousness
also caused many
crop report,
wheat
same
much-feared
blight.
This
holders to let go of commitments.
which
out at 4 p. m., indicated a winter
649,000,000 bushels, or exactly the
of
private estimates of a week ago, and 5,000,000 less
as
With the spring wheat
against 75.4 in the private esti¬
of 175,000,000 to 200,000,000 bushels
suggested for the American Northwest. Liverpool was
production
a
weak, closing with losses of 1 y2 to 2%c., which accounted
for softness of the domestic markets in the early part of
the session.
Today
revival
1% to l%c.
prices closed
of
talk
about
Despite some
down.
finding of black rust in spring crop
territory, wheat prices showed a decidedly lower trend in
late dealings today.
rust
came
The supposed new discoveries of black
Detroit Lages, Minn. Most
from Fargo and from
traders, however, were disposed to await more definite de¬
velopments.
Wheat scored material upturns in price here
early today, influenced by bullish aspects of United States
Government crop figures and
unfavorable crop reports from
Canada.
Besides, Liverpool wheat quotations were higher
than due.
Open interest in wheat was 89,786,000 bushels.
DAILY CLOSING PRICES
No. 2 red
DAILY
PRICES
CLOSING
OF
WHEAT
December
Season's High
and
130 9$
1279$
December
1239$
FUTURES
Mon.
Sat.
1069$
1079$
1099$
July
September
NEW YORK
Wed. Thurs. Fri.
1359$ 1389$ 1399$ 140
1389$
OF WHEAT IN
Sat. Mon. Tues.
______1359$
July
September
Tues.
IN
Wed.
i
Season's Low and
969$
Apr.
5, 1937 July
105
Mar. 29. 1937 September
1079$
May 19. 1937 December
When Made
CHICAGO
Thurs.
1069$ 109 9$ 109 9$
1069$ 1089$ 1099$
108 9$ 11091 111*$
Fri.
1109$
1099$
1089$
1089
1119$
110
When
Oct.
Made
2. 1936
June
7.1937
June
7. 1937
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
July
Mon.
1159$
1099$
1089$
-
October
December
Tues.
1139$ 1189$
1089$ 1119$
1079$ 1109$
Wed.
H
O
L
Thurs.
Fri.
1199$ 1179$
113
111
1119$ 1099$
Corn—On the 5th inst. prices
closed l^c. to 3^$c. down
so pronounced, it was
and the other grains should feel its
With weakness in the wheat market
only natural that
corn
depressing influence. Besides, it
this
Argentine
corn
will
corn.
serve
as
an
significant feature.
DAILY
week
had
received
more
was
than
stressed that Chicago
1,000,000
bushels
of
Argentine corn, and will unload another 250,000 bushels
on Monday.
On the 7th inst. prices closed 1 %e. to 4c. down.
This grain broke badly today, declining the extreme permis¬
sible limit for one day, or 4c. under the previous close.
Rushes to sell corn futures resulted largely from big arrivals
of Argentine corn, together with relative cheapness of com¬
petitive feeds and reports of favorable progress of the new
domestic corn crop. A striking development was that the
■United States visible supply of corn showed an increase of
888,000 bushels last week, mainly owing to increased imports
OF CORN IN NEW
Mon. Tues.
Wed.
CLOSING PRICES
YORK
Thurs.
Sat.
DAILY CLOSING PRICES
July
July (new)
September ^new)
OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Season's
CHICAGO
Thurs. Fri.
1129$ 1149$
1199$ 1159$ 1179$ 1169$ 1139$ 1149$
106
103
1039$ 1039$ 1029$ 102
77
759$
769$
769$
759$
759$
_
December
July
July (new)
Sept. (new)
Dec. (new)
Fri.
1379$ 137
1479$ 1419$ 143 9$ 1429$
No. 2 yellow
Season's Low and When Made
When Made
85
Oct.
1, 1936
May 29. 1937 July
869$
Nov. 2,1936
May 27, 1937 July (new)
Feb.
2,1937
Apr.
5, 1937 Sept. (new)— 93 9$
739$
June 7,1937
May
6, 1937 Dec. mew)
High and
.124
1259$
1159$
859i
Oats—On the 5th inst.
prices closed 134?. to 2%c. down.
low-price records were established for Septem¬
ber and December oats.
The bearish weather and crop news
New seasonal
together with declines in wheat and commodities generally
played their part in depressing oats.
On the 7th inst.
prices closed Y8q. to l%c. down.
New crop advices on oats
were
generally favorable, and with the severe declines in
wheat and corn, it was quite natural that oats should follow
the general downward trend.
On the 8th inst. prices closed
itifi- t0
up.
There was nothing to account for this
sharp rise outside of the pronounced strength in wheat and
corn, and also rye.
On the 9th inst. prices closed 34c. off to
34c. up.
There was very little of interest in this market
today, the trading being light and of a routine character.
On the 10th inst. prices closed %c. off to %c. up.
This
market showed considerable heaviness in sympathy with
declining tendency of corn.
Today prices closed 34 to l%c.
views on
These declines were attributed to bearish
down.
the coming crop
and the lower tendency of other grains.
DAILY CLOSING PRICES
OF OATS IN NEW YORK
Mon. Tues.
Wed. Thurs.
549$
569$
569$
569$
Sat.
569$
No. 2 white
DAILY CLOSING PRICES
May 1 government figure.
condition reported at 68.7,
mates,
Leading authorities assert that Argentine
effective restraint to any unusual ad¬
vances in this grain on the Chicago Board.
New Crop ad¬
vices on corn were generally favorable.
On the 8th inst.
prices closed 5/8g. to 2}/±g. up. In the early trading this grain
dropped more than 2c. a bushel, but subsequently turned
strong on the pronounced strength in wheat.
On the 9th
inst. prices closed unchanged to 1
lower. This grain at
one time during the session suffered a loss of about 3c. a
bushel, due to persistent large arrivals of Argentine corn,
and the gradual accumulation of contract stocks of domestic
corn
in Chicago public elevators.
On the 10th inst. prices closed % to 3%c. lower.
Corn
showed definite weakness from the start.
Heavy arrivals
of Argentine corn here by lake, with estimated clearances
of 5,000,000 bushels this week for North America, consti¬
tuted the dominating factor.
Today prices closed %c. off
to %c. up.
Trading was relatively light and without any
of
came
production
than the
was
this
not
was
forthcoming government crop report
the
over
June 12, 1937
Chronicle
Fri.
569$
OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
July
September
399$
359$
38
35
399$
369$
409$
369$
399$
359$
39
35
December
369$
369$
379$
379$
379$
369$
Season's High
July
September
and
509$
479$
December
409$
When Made
I
Season's Low and
37:
Apr.
5,1937 July
34!
Apr.
6, 1937 September
369$
May 27, 1937 December
When Made
Oct.
June
1. 1936
7. 1937
June
7.1937
^DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
July
529$
529$
54 9$
October
41
419$
HOL
549$
c
53
42
429$
h
42
Rye—On the 5th inst. prices closed 3)4c. to 3%c. down.
grain was almost as pronounced as that
in wheat.
With all the bearish factors that were arrayed
The weakness in this
against the markets, it would have been most extraordinary
the general downward trend.
On
124 to 234c. down.
Under general
liquidation rye sold off at one time to within 14c. of the
5-cent limit, but rallied later with wheat.
Bearish weather
advices together with a decided slackening in demand for
spot rye, were the influences mainly responsible for the pro¬
nounced weakness in this grain.
On the 8tli inst. prices
closed 1 %c. to 2 24c. up.
In the early trading rye showed an
had rye failed to follow
the 7th inst. prices closed
extreme decline of 3c. a
bushel.
The alarming crop reports,
especially on wheat and the powerful surge forward of this
latter grain—caused a quick reversal of the downward trend
in rye, the early losses being recovered and the close register¬
ing substantial net gains.
Rye at Winnipeg later advanced
5c., the allowable limit for one session.
On the 9th inst.
prices closed Y8g. down.
Very little of importance happened
in this market today, traders apparently awaiting further
developments.
On the 10th inst. prices closed %c. off to %c. up.
This
grain lacked life, being soft in tone because of the big crop
anticipated. The government estimate put this at 46,000,000
bushels.
Today prices closed 1 to 3%c. down.
The most
pronounced decline was in the July delivery, many holders
showing a desire to be relieved of their commitments in
view of the very promising outlook for the new crop of rye.
DAILY
CLOSING
PRICES
December
Season's High and
July
September
December
869$
839$
789$
779$
80
79
Made
I
Season's Low and When Made
28, 19361 July
71
Oct.
3,1936
29, 1936 September
769$
June 7,1937
6, 19371 December
779$ June 8,1937
112
1039$
96
When
Dec.
Dec.
May
DAILY CLOSING PRICES
July
October
OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
889$
799$
809$
July
September
86
779$
789$
889$
799$
809$
879$
789$
79 %
OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
1019$ 1009$ 1059$ HOL. 109
109
779$
769$
809$
809$
809$
Volume
Financial
144
4041
Chronicle
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
T
Mon.
Sat.
_
July
Wed.
Tues.
DAILY CLOSING PRICES OF BARLEY FUTURES IN
_
Man.
Sat.
.
Jul/-:October
54%
55
Closing quotations
WINNIPEG
Thurs. Fri.
64%
63% HOL.
61%
61H
Wed.
Tues.
56%
55^
62%
55%
7.60
7.00
6.45
6.20
6.00
5.60
6.50
6.10
6.70
6.30^u.iu
Clears, first spring...
80ft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
5.80@ 6.05
Rye flour patents
Fancy pearl, Nos.2,4&7 6.90@7.25
Detroit
2,206,000
30,000
3,000
13,000
5,000
36,000
......
-
-
1,225,000
837,000
—.
—....
17,000
865,000
449,000
4,000
463,000
22,000
90,000
afloat
3,000
545,000
2,000
260,000
95,000
4,000
52,000
1,096,000
1,983,000
473,000
220,000
263,000
——■i.'
274,000
On Canal
66,000
Total June 5, 1937...
w
Oats, New York—
No. 2 white
56%
Rye. No. 2. f.o.b. bond N. Y..120
Barley, New York—
47% lbs. malting
___85
Chicago, cash..
85 @100
1,109,000
2,620,000
1,043,000
140,000
1,810,000
—
Duluth *
24,000
63,000
36,000
35,000
68,000
2,000
Minneapolis..
4.75
...
GRAIN
12,696,000
14,807,000
26,381,000
Total May 29, 1937....
Total June
6, 1936-...
4,041,000 4,577,000
3,208,000
5,302,000
6,076,000 31,289,000
1,876,000 4,972,000
1,981,000
5,276,000
6,775,000 10,673,000
-
„
Corn, New York—
No. 2 yellow, all rail
Milwaukee.
"
Coarse
No. 2 red, c.i.f., domestic
138,
Manitoba No. 1, f.o.b. N.Y..125%
-
—
Buffalo, a
Barley goods—
Wheat, New York—
120,000
416,000
118,000
1,000
2,354,000
45,000
Barley
Bushels
Rye
Btishels
52,000
97,000
109,000
13,000
47,000
447,000
675,000
On Lakes
Seminola,bbl.,Nos.l-3- 9.85@ .—
Oats, good
2.95
Cornflour
3.70
5.85@6.05
Sioux City....
St. Louis
Chicago......
FLOUR
Spring oats, high protein .7.25
Spring patents
6.75
1,468.000
Indianapolis
Oats
Bushels
Corn
Bushels
Kansas City..
Omaha
Peoria
follows:
were as
Wheat
Bushels
United States—
-
-
GRAIN STOCKS—Concluded
Fri.
Thurs.
137
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
1
*
Duluth includes 15,000 bushels feed
Argentine
wheat,
a
Buffalo also has 88,000 bushels
corn in bond afloat.
Note—Bonded
Oats, On Lakes 258,000 bushels;
total, 258,000 bushels, against none in 1936.
Barley, Buffalo, 146,000 bushels;
Duluth, 889,000; Chicago, 75,000; on Lakes, 64,000; total, 1.174.000 bsuhels,
against none in 1936
Wheat, New York, 2,808,000 bushels; Albany, 1,200,000;
Buffalo, 1,648,000; Duluth, 762,000; Chicago, 39,000; on Lakes, 3,239,000; total,
9,696,000 bushels, against 14,960,000 bushels in 1936.
grain
not
Included above:
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Lake, bay, river and
Bushels
Bushels
Bushels
Bushels
sea¬
board
13,456,000
493,000
572,000
------
Ft. William &Pt. Arthur 10,682,000
129,000
281.000
438.000
2,509,000
Other Canadian & other
Receipts at-
Flour
Wheat
bits 196 lbs bush 60 lbs
Chlcago
Minneapolis..
160,000
Oats
Corn
Barley
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
bush 56 lbs
76,000
197,000
58,000
58,000
31,000
67,000
64,000
394,000
99,000
1,354,000
109,000
To",000
~~4~, 000
"lY.OOO
Toledo
39",000
Indianapolis..
30,000
24,000
128,000
241,000
250,000
184,000
195,000
2,000
5,000
4,000
31,000
9,000
31,000
48,000
76,000
28,000
22,000
90,000
12,000
Ye",000
T2",066
Duluth
......
Milwaukee...
St.
13,000
Louis
88,000
Peoria
32,000
37,000
12,000
...
Kansas City..
195,000
126,000
Omaha
St. Joseph...
Wichita
186,000
9,000,
103,000,
Sioux City...
Buffalo
»
202,000
194,000
2,000
elevator stocks—
Total June 5,
'37
American
12,698,000
41,010,000
Total June 5, 1937—
67,000
Total May 29, 1937....
Total June
6,1936
The world's
325,000
178,000
3,000
86,000
3,013,000
6,617,000
2,089,000
903,000
189,000
980,000
537,000
Same
wk.
'36
Same
wk.
'35
314,000
392,000
e
Wheat
Corn
bbls 196 lbs bush 60 lbs
New York...
Australia
Barley
Rye
bush 32 lbs bush 56 lbs bush 48 lbs
bush 56 lbs
60,000
368,000
86,000
2,000
Baltimore....
12.000
Montreal-
19,000
38,000
1,692",000
Boston
17,000
8,000
67.666
237,000
6,103,000
1,799,000
22,977.000
801.000
260,000*
16,609,000
1,844,000
267,000
4,293,000
155.000
449,000
Jan.l'36l 6,684,000
42,776,000
1,761.000
2,608,000
'37
Since Jan.1*37
Week
Since
2,000
5,000
275.000
1936—j
127,000
25,000
144,000
1,736.000
25,000
340,000
164,000
1.740.000
549,000
|
1,246,000
*
on
Receipts do not include grain passing through New Orlcns for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
Saturday, June 5, 1937, are shown in the annexed
ended
statement:
Corn
Bushels
Bushels
New York
Oats
2.121,000
4,313,000
"Y.660
50,000
20.000
159",000
127",000
25~66o
159,000
78,675
100,444
The destination of these exports
July 1, 1936, is
Bushels
38,000
3,000
Halifax
Total week 1937-.
Bushels
177,000
139,000
521,000
35,675
2,000
1,692,000
Same week 1936
Barley
Bushels
Barrels
New Orleans
...
Rye
Flour
429,000
Montreal
below:
as
376,000
45,000
for the week and since
-
Flour
Week
Since
Week
Since
Week
Since
June 5
July 1
1936
June 5
July 1
June 5
July 1
1937
1936
1937
1936
Barrels
Bushels
Bushels
Bushels
Bushels
United
2,345,960
1,171,000
9,760
658,667
So. & Cent. Amer.
11,500
605,500
938,000
12,000
West Indies
19,500
63,271,000
44,873,000
1,305,500
25,000
Kingdom.
36,105
Continent
Brit. No. Am. Col.
Total 1937.
Total 1936
The
1,000
26,000
5,000
l'ilO
143,068
2,2~19,666
5,083,695
4,308,526
2,121,000 110.908,000
4,313,000 97,722,000
visible
granary
"Y.ooo
519,000
78,676
100,444
Other countries...
~Y,6o6
7,000
167,000
supply of grain, comprising the stocks in
at principal points of
accumulation at lake and
seaboard ports Saturday, June 5, were as follows:
GRAIN STOCKS
Wheat
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
23.000
Boston
125,000
New York
"
Corn
Bushels
United States—
afloat
,*•
'
'
48,000
Baltimore-
17,000
New Orleans
21,000
Fort Worth
300,000
:.
.
93,000
778,000
Wicnlta
49,000
HntchlDson.
77,000
242,000
51,000
16,000
94.000
8,000
117,000
377,000
12,000
180,000
22,000
42,000
St. Joseph
.......
20.000
541,COO
-4
Philadelphia
Galveston
Bushels
Bushels
June
4,
Since
July 1,
July 1,
1935
1937
I
1936
Bushels
Bushels
j
Bushels
7,000
2,835,000 178,713,000 176,347,000
122,000
102,000 26,421,000 10,290,000
920,000 63,328,000 36,546,000
2,711,000 159.998.00f; 74,867,00013,913,000 373,891.000 270,706,00G
3,794,000 96,904,000 105,545,000
256,000
48,000
9,472,000
263.000 18,982",000 39,8'l"5",666
1,072,000 30,216,000 37,353,000
207,000
-
2,000
1,000
'
-
.w
-
-
-
-
48.000
1,000
------
......
63,000
62,000
on
Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
June 10 issued its crop report as of June 1, 1937.
This
report estimates the June 1 condition of winter wheat 71.5%
this "year as compared with 77.4% of normal on May 1,
66.7% of normal on June 1, 1936, and a 10-year (1923-32)
condition of 73.9%.
The estimated production of
winter wheat is now placed at 648,597,000 bushels, which
compares with the Department's estimate of 654,295,000
bushels a month ago and with a harvest of 519,013,000
average
bushels
last
year.
Spring wheat
condition is placed at
68.7% of normal as of June 1, against 66.9%
Jast year.
We give below the report:
a
on
June 1
result of substantial rains in nearly all of the dry areas and warmer
in the eastern corn belt where it was much needed, prospects
weather
for crops and pastures
have improved markedly during recent weeks and
be close to average outside of the Great Plains area, according
Crop Reporting Board of the United States Department of Agriculture
In the United States as a whole, condition reports on winter wheat,
spring wheat, barley, rye, hay crops and pastures were all below average
on June 1, but the deficiencies were almost wholly in the Great Plains area.
In most of this area, except eastern Montana and the northwestern corner
of North Dakota which are still dry, good rains during the last few weeks
have materially improved prospects for pastures and for crops still growing
and will promote the planting of late crops.
However, taking the region
as a whole there has been considerable loss of winter wheat and early crops
and pasture have had a poor start.
The repeated droughts have also
depleted the reserves of subsoil moisture and so thinned the stand in
now
appear to
to the
there has been rather general complaint that pastures were
thinned by the dry weather
and by winter losses and that spring oats and barely were quite
generally planted late, with some acreage in northern States not yet sown
on June 1.
There was also some severely dry weather in Coastal areas
from south Texas to North Carolina.
The effects of these unfavorable
conditions now appear to have been largely offset by two weeks of unusually
good weather for corn, grass and small grain.
So far as can be judged
from the acreages planned and the reported condition of the crops now
growing, the outlook is for about average production of the principal
food, feed and forage crops.
As the supply of hay on farms is rather
small and as the amount of feed grain carried over into the new crop year
will be close to the record low carryover of two years ago, the total supply
of feed and roughage available for feeding nest winter seems more likely
to be below average than it is to be above, but it will probably be ample
for the reduced numbers of livestocks on hand.
While it is still too early
to forecast accurately the spring wheat crop, present indications, based on
March acreage intentions and June 1 condition, point to a crop between
175,000,000 and 200,000,000 bushels.
Combined with an estimated winter
wheat crop of 649,000,000 bushels, this would give a total wheat crop for
the United States of from 825,000,000 to 850,000,000 bushels.
Oats and barely were planted late and have suffered from drought In
some areas so both are expected to be rather light crops, roughly midway
between last year's short crops and average production during the 1928-32
period.
Prospects for fruits appear to be slightly better than usual for this
season of the year and production seems well distributed with no excessive
supplies in sight.
There should be somewhat more than the usual supply
of apples and pears in most producing sections.
Peaches were hurt by
late frosts from South Carolina to Mississippi and prospects are below
average in California, but more favorable conditions reported from other
areas indicate about an average peach crop.
A very heavy crop of sour
cherries is expected in the Lake States and although the cherry crop Is
only fair in the Pacific Coast area total cherry production is expected to
be 11% above the record crop of 1932.
Due to freezes last winter the
most
and Since
July 1 to—
1937
1935
pastures, ranges and hay lands that it will be some years before these
areas show the usual proportion of desirable grasses.
Outside of this area, where the effects or recent droughts have been
Corn
Wheat
Exports for Week
Barrels
July 1,
1936
Since
on
As
Wheat
Exports from,—
July 1,
Week
Since
11,380,000 538,631,000 429,914,000 14,278,000 419,301,000320,933.000
Total
17,000
12,000
159,000
3,000
wk.
Corn
Since
Agricultural Department Report
6,000
Total
furnished by
...
Oth. countr's
-
New Orleans *
Halifax
corn, as
79.000
39,000
123,000
25,000
Philadelphia-
j
Oats
J
Bushels
Black Sea-
India
Flour
Receipts at—
2,444,000
8,452,000
2,665,000 10,741,000
9,204,000 13.409.000
following:
1937
Argentina—
week ended Saturday, June 5, 1937, follow:
4,972,000
3,480,000
4,041,000
8,869,000
3,200,000
9,922,000
6,070,000 34,552.000
June 4,
North Amer.
receipts of flour and grain at the seaboard ports for
1,876,000
568,000
Wheat
1935...... 16,404,000304,094,000 169,862,000 124,229,00024,180,00088,401,000
1934...... 15,872,000 179,180,000 164,625,000 45,624,00014,111,000 56,053,000
Total
4,041,000
shipment of wheat and
Week
73,374,00016,908,000 78,222,000
17,900,000196,882,000 142,860,000
53,706,000
62,565,000
113,012,000
2,086,000
676,000
Exports
Since Aug. 1
1936....
684,000
2,428,000
Broomhall to the New York Produce Exchange, for the week
ended June 4, and since July 1, 1936, and July lr 1935, are
609,000
2,226,000
633,000
3,480,000
5,465,000
2,736,000
Summary—
67,000
2,465,000
5,767,000
3,368,000
305,000
406,000
-
158,000
568,000
4,577,000
4,292,000
......
47,758,000
86,631,000
Total May 29, 1937
Total June
6,1936
shown in the
wk.
41,010,000
—
Canadian....
1,343,000
Total
3,227,000
4,292,000
4,620.000
3,263.000
16,872,000
1937
12,000
severe,
late in starting, that clover and alfalfa stands were
last year
Financial
4042
production of California Valenciar oranges, the main source of
supply during the summer months, is expected to total only 14,700,000
boxes compared with the 18,580,000 produced last year, but after the
new
crop of oranges come on the market next fall, supplies should be
nearly up to the usual average.
With the coming of new grass to relieve the shortgage of feed there
was a sharp increase in milk production during May, and by June 1 daily
production was about equal to production a year ago.
Hens are also
producing heavily in all parts of the country and reports for June 1 show
a higher production of eggs per 100 hens than has previously been reported
for that date.
However, the number of young chickens on farms appears
to be about 15% below the fairly large number on hand a year ago.
Wheat—Indicated production of winter wheat in 1937 is 648,597,000
bushels, compared with a crop of 519,013,000 bushels in 1936 and the
five-year (1928-32) average of 623,220,000 bushels.
Condition of the
winter wheat crop on June 1, 1937, was reported at 71.5% of normal,
compared with 66.7% on June 1, 1936, and the 10-year (1923-32) average
of 73.9%.
Growing conditions continued unfavorable until nearly the
end of May in much of the Great Plains area, resulting in further decline
in prospective production.
These declines were largely offset, however,
by improvement in the soft red winter wheat area where growing conditions
were unusually favorable during most of May.
Toward the end of May
and extending into June, rains occurred over most of the Great Plains area
which checked deterioration of the crop, and undoubtedly brought about
some improvement not reflected in this report, which relates to prospects
as
of June 1.
Some additional abandonment of winter wheat occurred
during May in the dry areas, and the estimated yields per acre have been
adjusted to allow for this.
Within the last few days, stem rust has been observed in wheat fields
in eastern Kansas and Nebrsaka.
Information available at this time
indicates that the infection is not severe as yet and that any material
damage to winter wheat from this cause will be confined to late wheat.
The amount of damage will depend, of course, on whether or not weather
conditions become favorable for rapid development of the rust.
While the indicated production of winter wheat did not change greatly
during May, there was a considerable shift in indicated production by
classes.
Production of hard red winter wneat is now indicated at 338,-
Chronicle
June 12, 1937
CONDITION JUNE 1
current
bushels, compared with 259,667,000 bushels produced in 1936
and the five-year (1928-32) average production of 392,656,000 bushels.
Indicated production of soft red winter wheat is 258,145,000 bushels,
compared with 207,126,000 busnels produced last year and the five-year
average production of 178,541,000 bushels.
Condition of all spring wheat was reported at 68.7%
of normal on
June 1, 1937, compared with 66.9% a year ago and the 10-year (1923-32)
average June 1 condition of 82.7%.
Prior to June 1 growing conditions
were decidedly unfavorable in Montana and the western part of the Dakotas
and the reported condition is considerably below average in those areas,
as
well as in Nebraska, Wyoming, and Colorado.
Condition is only
slightly below average in the Pacific Northwest.
Based on the intended acreage reported in March the present condition
indicates a probable production of all spring wneat of from 175,000,000
to 200,000,000 bushels.
Production last year was 107,448,000 bushels
and the five-year (1928-32) average was 241,312,000 bushels.
516,000
Oats—Condition of oats was reported at 82.3% of normal on June 1,
1937, compared with 74.5% on June 1, 1936, and the 10-year (1923-32)
average June 1 condition of 81.4%.
Condition is near or above average in most States east of the Missouri
River and below average in all States west of the river.
Lowest conditions
are reported in the Great Plains States, where the crop has suffered from
lack of moisture.
Rains at the end of May and early in June have relieved
the moisture situation in most of that area, halting the decline in prospects
at least
91%
95%
-
91
83
82
85
81
90
85
Massachusetts.
'mm
Rhode Island..
m
mm
mm
68
90
.
84
93
82
mm
95%
88
92
88
mm
mm
—
__
Connecticut
91%
89%
93
90
~
'
m'im
1937
1936
1932
91%
92%
89
NewHampshire
^
1937
__
88
.
\
-
..
..
82
77
86
81
73
82
80
73
86
82
88
89
70
89
Pennsylvania..
84
77
85
84
73
81
85
79
87
Ohio
80
76
New York
New Jersey
81
78
81
77
82
78
Indiana
78
77
83
77
73
78
78
74
83
Illinois
81
80
86
79
75
85
85
81
82
Michigan
84
79
87
81
75
78
82
Wisconsin
87
86
88
88
86
87
88
84
87
88
86
86
87
94
88
71
82
78
•
Minnesota
85
85
87
86
87
Iowa
86
82
88
87
84
Missouri
76
68
75
71
57
83
78
63
76
North Dakota-
82
56
63
81
60
68
82
58
68
South Dakota-
82
58
69
82
79
83.
66
Nebraska
85
71
56
83
74
78
84
80
73
Kansas.
72
63
30
73
61
69
71
64
46
86
64
84
82
60
84
83
68
91
80
50
87
81
65
93
80
76
86
69
82
Delaware
__
Maryland
Virginia
West
-
mm
••
mm
78
..
"
61
83
77
54
81
mmmm
75
60
77
mm
72
64
76
70
74
61
77
54
84
76
47
82
72
67
83
Virginia-
North Carolina
South
69
94
87
Carolina
Georgia
--
"
«—
mm
mm
Florida
mm mm
Kentucky
mmmm
mtd
mm
Tennessee
mm
mm
mm
mmmm
'
Alabama
.
„
rmm
mmmm
*»*»
l'
"mm,mm
-
«
_.
mm
...
mmmm
78
69
91
79
61
86
•
-
-
-
80
79
71
61
77
70
82
70
.
73
72
Mississippi
•
82
..
■
'
Arkansas
«•
rnmmm
.
'■M
Ml
•
Louisiana
mm
'
mmmm
63
49
69
69
44
71
46
60
67
44
Montana
82
76
46
81
77
54
83
77
57
Idaho
90
83
87
90
88
87
91
87
88
Wyoming
90
69
82
91
70
84
92
70
84
85
78
74
86
83
80
85
79
74
81
74
88
80
72
77
81
72
78
89
85
85
90
92
89
89
Oklahoma
Texas
Colorado
New
Mexico.
_
Arizona
_
-
58
Utah
91
79
87
92
83
91
92
84
Nevada
92
91
93
91
89
S6
93
94
94
Washington
80
81
79
88
88
85
84
81
83
Oregon
86
83
80
90
92
80
89
88
87
80
83
68
78
85
78
California
United
—
—
--
States.
82.7
81.4
68.7
66.9
82.3
74.5
75.3
82 6
79.7
RYE
temporarily.
present
1936
1932
1937
94%
90%
_
1923-
1923-
1936
1932
Vermont
Avge.
Avge.
1923-
Maine
Barley
Oats
Spring Wheat (.All)
Avge,
State
prospects suggest
Based on the intended acreage reported in March,
the most probable range of production to be
from 1,000,000,000 to 1,100,000,000 bushels, compared with 798,100,000
bushels produced in 1936 and the five-year (1928-32) average production
of 1,215,102,000 bushels.
condition in that
area
1936
and
bushels, compared with a production of 147,452,000 bushels
five-year (1928-32) average production of 281,237,000
the
bushels.
Stocks of old barley on farms as of June 1,1937, are estimated at 21,353,000 bushels, compared with 64,369,000 bushels a year ago and 13,868,000
bushels
on
New York
84%
85%
1937
420,000
304,000
321,000
86%
June 1, 1935.
New Jersey
89
85
93
462,000
368,000
332,000
Pennsylvania—
87
81
86
Ohio
80
77
86
1,671,000
731,000
Indiana
81
76
82
80
86
807,000
Michigan
82
79
83
1,950,000
2,189,000
5,966,000
681,000
165,000
11,073,000
1,260,000
702,000
1,188,000
862,000
1,622,000
1,260,000
783,000
Illinois
is somewhat above average.
on
and 225,000,000
in
1936
1928-32
1937
1936
on
the intended acreage reported in March, the present condition
indicates the most probable range of production to be between 200,000.000
Based
Indicated
Average
Average
1923-32
June 1, 1937, was reported at 79.7%
of normal compared with 75.3% on the same date last year and the 10-year
(1923-32) average June 1 condition of 82.6%.
Conditions are considerably below average in the Great Plains and
slightly below average in most of the Western States.
In the East Central
States, winter barley came through the winter better than usual and
Barley—Condition of barely
Production (Bushels)
Condition June 1
State
2,448,000
1,100,000
Wisconsin
83
85
87
Minnesota
80
70
87
Iowa
87
84
92
80
77
86
74
44
50
76
46
73
82
75
66
4,072,000
2.667,000
76
217,000
2,338,000
1,742,000
2,000.000
6,253,000
8,295,000
1,608,000
3,442,000
609,000
Missouri
North Dakota.
South Dakota.
_
.
Nebraska
Rye—Production of rye, as indicated by conditions on June 1, 1937, is
45,974,000 bushels, compared with a production of 25,554,000 bushels in
1936 and the five-year (1928-32) average production of38,212,000 bushels.
Condition of tne crop is reported at 75.3% of normal, as compared
with 63.2% a year ago and the 10-year (1923-32) average June 1 con¬
dition of 79.6%.
During May conditions were generally favorable for the crop in the
North Central States and prospects improved in all States in this region
except North Dakota, where a moderate decline was noted.
Above average yields are in prospects in most of the eastern half of the
country while below average yields are indicated in the West, with the
poorest prospect in North Dakota, Nebraska, and Montana.
Farm stocks of old rye on June 1, 1937, amounted to 4,595,000 bushels,
compared with 15,920,000 bushels a year ago and 2,723,000 bushels on
June 1, 1935.
86
2,100,000
4.325,000
2,325,000
504,000
1,050,000
225,000
5,858,000
6,314,000
3.105,000
746,000
77
80
Delaware
90
81
91
85,000
46,000
52,000
Maryland...'
86
79
89
266,000
188,000
208,000
Virginia
84
71
91
654.000
418,000
483,000
Kansas
;
West Virginia..
83
73
87
151,000
104,000
110,000
North Carolina.
88
66
85
486,000
390,000
520,000
South Carolina.
80
68
74
69,000
75,000
Georgia
79
62
Kentucky
80
73
Tennessee-
80
65
80,000
77
99,000
99,000
108,000
91
•
202,000
198.000
336,000
159,000
176,000
203,000
77
57
69
270,000
70
55
60
114,000
34,000
144,000
Texas
28,000
32,000
Montana
78
68
45
574,000
90,000
195,000
Idaho
89
73
78
50,000
88,000
Wyoming
88
58
64
Colorado
WINTER WHEAT
86
Oklahoma
80
70
62
85
63.000
219,000
<•
138.000
136,000
438,000
232.000
300,000
24,000
88
63
Washington
80
82
77
162.000
189,000
176,000
Oregon
California
89
90
86
289,000
700,000
338,000
Utah...
Production (Bushels)
Condition June 1
State
1923-32
1936
1937
1936
1928-32
80%
84%
86%
New Jersey
86
83
90
82
81
90
1937
5,638,000
17,456,000
6,660,000
1,281,000
19,399,000
4,273,000
1,153,000
Pennsylvania—
New York
1,344,000
19,988,000
Ohio
75
73
87
31,385,000
40,126.000
Indiana
76
67
83
Illinois
71
64
82
26,458,000
30,674,000
30,922,000
35,840,000
50,204,000
37,835,000
45,272,000
16,462,000
21,694,000
85
15,684,000
605,000
3,309,000
6,698,000
20,343,000
57
1,699,000
Michigan
80
79
85
Wisconsin
80
85
84
Minnesota
79
72
81
Iowa
81
83
85
73
Missouri
South Dakota.
_
69
72
44
,
429,000
5,520,000
8,800,000
18,400,000
31,290,000
43,624,000
881,000
720,000
74
77
71
Kansas
68
70
59
Delaware
86
80
88
83
77
89
81
67
78
74
89
1,747,000
2,025,000
North Carolina.
South Carolina.
82
66
85
3,790,000
5,194,000
75
62
74
704,000
1,472,000
Maryland
West Virginia.
_
92
54,169,000 45,539,000 42,620,000
177,054,000 120,198,000 142,264,000
1,781,000
1,419,000
1,665,000
8,630,000
8,980,000
9,234,000
9,310,000
9,260,000
7,862,000
Georgia
74
64
72
610,000
1,560,000
Kentucky
76
75
91
3,278,000
5,894,000
Tennessee
78
65
86
77
65
79
3,174,000
36,000
4,858,000
Alabama
Arkansas
76
69
86
Oklahoma
70
46
63
65
Montana
Idaho
—
36
56
74
Texas
57
47
86
69
78
80
46
59
72
56
61
59
33
59
1,608,000
13,051,000
3,766,000
Arizona
91
89
87
518,000
Utah
88
69
77
100
3,496,000
70,000
28,543,000
17,610,000
92
103
Washington
78
68
76
85
76
75
77
83
80
73.9
66.7
71.5
Nevada
California
United
States
18,927,000
3,800,000
8,998,000
13,682,000
Colorado
Oregon
54,000
595,000
27,520,000
304,000
55,145,000
41,410,000
New Mexico
Wyoming
969,000
3,145,000
Nebraska
Virginia
11,046,000
_.
—
79.6
63.2
*91,000
77
126,000
65,000
38,212,000
25,554,000
45,974,000
Indicated
Average
Average
12,000
16,000
2,262,000
6,648,000
1,748,000
1,734,000
7,826,000
6,212,000
94,000
979,000
48,939,000
39,330,000
5,024,000
513,000
12,876,000
1,080,000
5,915,000
750,000
9,664,000
2,460,000
1,104,000
2,236,000
1,012,000
2,726,000
78,000
16,708,000
8,778,000
10,872,000
,
54,000
17,528,000
13,200,000
16,731,000
15,096,000
States
United
♦
75.3
Short-time average.
Weather
Report for the Week Ended June 9—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 9, follows:
The week was characterized by abnormally cold weather between the
Mississippi River and the Rocky Mountains and unusual warmth in the
States and the far Northwest.
Precipitation was substantial to
heavy in most of the interior and in the Souther States.
For the week, as a whole, east of the Mississippi River temperature aver¬
aged from 3 to 9 deg. warmer than normal rather generally.
In the Great
Plains and Rocky Mountain States, on the other hand, deficiencies ranged
from 3eto 10 deg., with the greatest minus departures from normal in the
central Rocky Mountains and west-central Great Plains.
Again, in the
Pacific Northwest the week averaged from 6 to 9 deg. above normal in
temperature.
Thus there were three zones in contrast—the East and far
Eastern
Northwest
from
a
warm
and the Midwest cold.
Eastern States maximum temperatures
Inithe
event as
far
north
as
southern
first-order station
in the south Atlantic
was
area.
New
Hampshire.
well into the 90's
The highest reported
ran
96 deg. at Portalnd, Maine, and some stations
In the western hair of the country minimum
temperatures were abnormally low, with freezing rather general in north¬
ern
Rocky Mountain sections.
Substantial rains occurred rather generally over the eastern
two-thirds
of the country.
In fact, generous amounts were unusually widespread,
with only a few limited and widely scattered areas having less than half an
inch.
The falls were outstandingly substantial over the Great Plains from
eastern New Mexico and western Texas northward nearly to the Canadian
border, though extreme northwestern North Dakota and northern Montana
largely missed.
In the northern Rocky Mountains and some adjoining
snowfall was abnormally heavy for the season, the amounts in
Wyoming almost equaling the previous June record; Dome Lake, Wyo.,
reported a weekly snowfall of 46 inches.
West of the Rocky Mountains
there was very little precipitation, with most stations reporting inappreciable
were
sections
amounts.
While it was too cool for good growth of warm-weather crops
623,220,000 519,013,000 648,597,000
northwestern
areas
in some
and Rocky Mountain States, and there is a continued
•
Volume
lack of
Financial
144
rainfall in
a rather limited northwestern
area, the week was in a
unusually favorable for agricultural interests in practically all
the Rocky Mountains eastward.
Widespread, generous
rains brought sufficient moisture for present needs nearly everywhere over
the eastern two-thirds of the country, while high temperatures promoted
rapid growth of vegetation generally from the Mississippi Valley eastward.
In Minnesota lake levels are now reported the highest in 5 years.
In
the principal agricultural sections of the country the outlook has decidedly
improved, especially in the interior and Midwestern States.
The north¬
western Plains, including, extreme northwestern North Dakota and much
of eastern Montana, continue dry, and additional moisture is needed in
a
few other limited areas; otherwise, soil moisture is mostly ample for
present needs.
Conditions in the western Plains, where the weather has been persis¬
tently dry, are outstandingly improved, with the drought largely broken
by generous rains the past two weeks.
During this period rainfall in the
western half of the Dakotas, western Nebraska, western Kansas, and
northwestern Texas has averaged from two to more than three inches, being
more than twice the normal in many places.
However, a considerable north
western area, extending from Washington and Oregon eastward to Mon¬
tana and extreme northwestern North Dakota, is still unfavorably dry.
While abnormally low temperatures in the Northwest were unfavorable
for warm-weather crops, the frost damage was not serious, though some
harm to tender vegetation was reported from northern Rocky Mountain
sections, most extensively in Wyoming.
Pastures and meadows show marked improvement rather generally from
the Rocky Mountains eastward, and minor crops are making good ad¬
vance, especially over the eastern half of the country.
broad
sense,
sections
from
Small Grains—Small grains were favored rather generally, except in
Winter wheat made
good growth in the central valleys and the Great Plains; harvest has be¬
gun in extreme south-central Kansas and will soon start over the south¬
eastern counties of that State, though it was delayed in Oklahoma and
Texas by rain, with some rust reported in the northern part of the former
State.
In the central valleys wheat is heading into the northern portions
of Indiana and Illinois, and in Iowa.
Some lodging is reported in eastern
Kansas, but heads are filling well in the eastern half of Nebraska.
In the Spring Wheat Belt the week was unusually favorable.
Lateseeded wheat developed rapidly in North Dakota and the early is mostly
excellent, especially in central and eastern portions.
The crop did well
in Minnesota and is in good condition in South Dakota, except that the
late seeded is being damaged by cutworms.
Dry-land grains need rain in
northern and eastern Montana, where much is new beyond recovery,
while some wheat has been damaged in the drier portion of the wheat
belt of Washington.
Oats made good growth throughout the central valleys, though the crop
is poor in much of the southern Plains; harvest is practically completed
in Texas with yields mostly poor.
Rice is generally good in Arkansas and
was favored by rains in Louisiana and Texas.
Chronicle
Oklahoma—Oklahoma City: Rains
Cotton—In the Cotton Belt the week was warmer than normal in the
and central portions, and somewhat cooler than normal in the
Rainfall, in mostly generous amounts, covered nearly the entire
Cotton Belt.
These conditions made a generally favorable week.
In Texas the drought has been largely relieved, with general, substan¬
tial rains.
Cotton had withstood the drought well and the outlook is now
eastern
west.
much improved, though plants are rather small, except in the extreme
south; the condition of the crop is generally fair to good, though some
replanting is necessary.
In Oklahoma progress and condition are good,
though there is considerable replanting in the western portion.
In the central States of the belt showers and favorable temperatures
made a good growing week, with rather general improvement in the out¬
look reported.
The additional moisture was especially helpful in Tennes¬
see, Alabama, Mississippi, and Louisiana.
In the Atalntic States mostly
favorable weather continued, with satisfactory progress of the cotton crop.
Chopping is well along in North Carolina where early plants are begin¬
ning to form squares.
However, because of the paild winter in the east¬
ern Cotton Belt there are some reports of heavy weevil emergence.
The
Weather
Bureau
furnished the following resume of
conditions in the different States:
Virginia—Richmond: Temperature about 7 deg. above normal; frequent
rains in most sections.
Cotton good; chopping begun.
Corn doing well.
Wheat, oats, meadows pastures, and truck excellent; cutting barley oegun.
Eastern potatoes oeing dug.
Planting peanuts 60% done; many
fields need rain.
Tobacco replanting continues; some blue mold in central.
Apples and peaches setting well, but dropping seriously; some storm
damage locally.
North Carolina—Raleigh: Warm; benefical, scattered rains, though
sections too dry.
Progress of cotton good; about three-fourths
chopped; early planted beginning to square in southeast.
Tobacco, corn,
peanuts, and truck mostly good advance, except in locally dry areas.
Digging early potatoes; crop short account insufficient moisture.
Wheat
and oat harvests beginning in Piedmont.
some
South
Carolina—Columoia:
Warmth, local rains, and much sunshine
of all crops; rain still needed localiy.
Har¬
vesting small grains well along in north, completed in south.
Corn, truck,
and minor crops generally promising.
Cotton chopping well advanced
in north, ended in south where squares forming; condition mostiy good;
mild winter favored weevil activity; heavy emergence and infestation in¬
creasing, but poisoning beginning.
favored growth and cultivation
Georgia—Atlanta: Continued warm, but considerable areas too dry;
some local relief Saturday and later.
Condition and progress of cotton
mostly good; chopping good progress in north and nearly done in south;
beginning to bloom in south.
Condition and progress of corn rather poor
to fair, but many places too dry; same is true for minor crops generally,
but progress of peanuts and sugar cane generally good.
Florida—Jacksonville:
Warm; moderate rains.
Condition and prog¬
of cotton farily good, and chopping good advance; beginning to bloom
Suwannee, Madison, and Sumter counties.
Corn fair, roasting ears in
market.
Some tobacco ready for curing.
Truck season nearly over; old
citrus crop about gone, new crop sizing well.
ress
in
Alabama—Montgomery: Normal temperatures; well-distributed, bene¬
ficial light to moderate rains.
Progress of cotton very good to excellent,
condition vgry good; chopping nearly finished all sections.
Corn, pas¬
times, vegetaoles, and miscellaneous crops good, except locally where still
too dry.
Mississippi—Vicksburg:
south
and
Sunshine
deficient;
good
rains
benefical
in
central, rendering cultivation of cotton locally rather poor in
north and east, but condition and progress mostly fairly good.
Some corn laid by in south and central with progress mostly fair.
Prog¬
ress of gardens, pastures, and truck much improved,
extreme
Louisiana—New Orleans: Good general rain beginning Friday greatly
improved soil and benefited vegetation.
Cotton improved; some seed still
dormant will now germinate; crop in north at all stages from sprout to
occasional blooms; more uniform in south where squaring and biooming
rather freely; general condition good to excellent.
Corn, cane, rice, gradens,
and forage greatly helped by rain.
Setting sweet potatoes resumed.
Crops
generally cultivated.
Texas—Houston:
Cool in west,
about normal elsewhere; heavylto ex¬
except extreme south and extreme west where light
Cotton withstood drought well and much improved by
cessive rain general,
and scattered.
outside of extreme south where
progress excellent, much nearing maturity in extreme south where bloom
general; elsewhere condition fair to good with some locally rather poor;
planting nearly done, but some replanting necessary.
Progress and con¬
dition of winter wheat mostly fair to good, though some locally poor; harvest¬
ing ^delayed by rains which made fie»d work impossible; oat harvest nearly
over with yields rather small.
Corn much improved and general condition
fair to good, though some rather poor; ears small locally.
Truck improved;
generally fair to good condition, except in north where poor.
Ranges im¬
proved, except extreme west where dry; cattle continue good.
Rice gener¬
ally fair to good.
rains of week, although plants rather small
every
day; totals large in much of
and mostly light to moderate in east; considerable nail damage in
Harmon County; heavy flood damage in south Canadian Valley.
Prog¬
ress and condition of cotton good,
but considerable replanting necessary
west
in extreme west; chopping fair advance in east, but slow elsewhere.
Prog¬
and condition or corn fair; early knee high in south.
Winter wheat
harvest delayed; ripening very unevenly; rust reported in some northern
sections.
Oats being cut in dry areas; crop por in much of west, fair to
ress
good elsewhere. Pastures poor and weedy.
mostly under control.
„
Livestock good.
Army worms
Arkansas—Little Rock: Progress of cotton very good to excellent, due
to warmth and good rains; stands uneven, but nearly complete due to ger¬
mination of replanted since rains oegan; crop clean, well cultivated, and
early about chopped.
Progress of corn very good to excellent, except
some west portions where soil too dry; early corn laid by in south and so
central portions.
Meadows, pastures, rice, potatoes, sweet potatoes,
tomatoes, truck, fruit, and berries favored.
Tennessee—Nashville:
Winter wheat ripening, cutting begun; some
damage by rain and wind, general condition very good.
Progress
of corn very good; some cultivated twice; planting nearly
finished.
Condition of cotton fairly gooc"; improved rapidly with warmth
and frequent rams; chopping made good progress, except where too wet.
Setting tobacco plants continued; weather favorable, plants growing sat¬
isfactorily.
Potato prospects good to excellent.
Setting sweet potatoes
nearing completion.
Truck and vegetables improved; hay good to ex¬
local
and
condition
cellent.
the Pacific Northwest where moisture is inadequate.
Corn—Prom the Mississippi Valley eastward, under the influence of
helpful showers in some areas that had become too dry, and generally warm
weather, the corn crop made excellent advance.
It is doing well in the
Mississippi Valley and Great Plains and shows much improvement in the
western Gulf area.
In Iowa planting has been terminated, with some
previously wet, unplanted land being utilized for soybeans.
In this State
the first cultivation is far advanced in the south, and the second begun,
while cultivation is well stated in the north; sweet corn is off to a good
start.
In the more eastern States the corn crop is going unusually well.
4043
THE DRY GOODS TRADE
New York,
Friday Night, June 11, 1937
summer
weather prevailing
during the larger part of the week, retail business improved
considerably, with seasonal apparel lines receiving most
attention.
In some sections of the country recurrent labor
troubles interfered somewhat with the flow of goods; in
general, however, the volume of sales compared favorably
with the corresponding period of last year.
Best results
were again registered by stores in the South and Southwest,
whereas reports from the Pacific Coast bore a somewhat
spotty character.
For the month of May, according to the
usual compilation of the Federal Reserve Board, depart¬
ment store sales throughout the country increased 8% over
May, 1936.
The highest gain—14%—was registered by
the Atlanta District, the lowest—1%—by the Minneapolis
District.
For the New York area an increase of 8% was
reported.
Trading in the wholesale dry goods markets failed to
reflect the improvement in the flow of goods at retail.
While sentiment was less pessimistic than heretofore and
buyers appeared more interest in offerings, the total volume
of business remained limited, chiefly owing to the continued
unsettlement of the price structure and
uncertainty over
future developments.
Printed sheer cottops moved in fair
volume, and there was a good demand for sports dresses,
slacks and shirts.
Business in silk goods expanded per¬
ceptibly, partly becasue of the threatening labor outlook
in the broad silk industiy.
Interest centered in sheers,
with prices showing a slightly firmer trend.
Trading in
rayon yarns continued active and reports were current
that the major part of the August output, for which books
were opened June 1, has already been absorbed by buyers.
While the outlook for an early settlement of the strike in
two major plants appeared somewhat improved, little hope
was held that the existing shortage in knitting yarns could
Under
the
stimulus
of real
be remedied before the start of the fall
Domestic
season.
Cotton
Goods—Trading in the gray cloths
desultory fashion noted for weeks
past.
While industrial users again bought moderate quan¬
tities of cloths, and although the movement of finished
goods in distributive channels made a better showing,
buyers continued their waiting attitude, partly under the
markets continued in the
influence of the further break in the
raw
cotton
market.
The latter went far to counteract the still
existing fears of
higher labor costs, and, although mills supported by their
still
considerable
backlogs of unfilled orders generally
refrained from pressing goods on the market, prices con¬
tinued their easier trend.
Business in fine goods was largely
restricted to fill-in lots, but prices remained fairly steady.
Lawns moved in
voiles
moderate volume and
into the market.
some
inquiries
on
Closing prices in print cloths
were as follows:
39-inch 80s, 8% to 8%c.; 39-inch 72-76s,
83^c.; 39-inch 68-72s, 7% to 7%c.; 38^-ineh 64-60s, 6%
to 6%c.; 3834-inch 60-48s, 5^ to 5%c.
came
Woolen Goods—Trading in men's wear fabrics remained
quiet, but sentiment was improved, owing to the better
reports from retail clothing centers and indications that the
resistance of consumers to the higher price demands was
on
the wane.
Mill operations continued at the previous
active pace, and unfilled orders were estimated as still
equaling from three to four months' production capacity.
An active spot demand existed for summer materials of
all classes.
Business in women's wear goods continued its
moderate improvement as garment manufacturers com¬
menced to cover their fall requirements.
A brisk call pre¬
vailed for worsted coatings.
Retail reports made a satis¬
factory showing as high temperatures stimulated the sale
of sport apparel of all types.
Foreign Dry Goods—Trading in linens remained "fairly
with numerous fill-in orders on dress goods and
suitings reaching the market.
Prices retained their firm
trend, in line with the strong position of the foreign primary
centers.
Business
in
burlap continued quiet although
interest in future shipments showed a mild increase.
Prices,
after early firmness, receded substantially, under the in¬
fluence of lower Calcutta quotations.
Domestically light¬
weights were quoted at 4.25., heavies at 5.55c.
active
Financial
4044
State and
June 12, 1937
Chronicle
City Department
BONDS
MUNICIPAL
Specialists in
Markets
Dealer
Illinois & Missouri Bonds
MERICKA & CO.
WM. J.
INCORPORATED
Union Trust Bids.
On* Wall Street
135 s.us*ii«a
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIREOT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
Page
3219
3549
Greenville S. D., 8. C___
3718
MUNICIPAL BOND SALES IN MAY
municipal
which the
publishing
at the usual time.
1938-1952
60,000
Too"""
2.75
1938-1955
25,000
101.41
3.08
1947-1970
100
3.61
1938-1948
421,000
39,785
1938-1960
rll5,000
100
3*25
1942-1951
rl5,000
1938-1947
T0T26"
2.96
98.55
3.31
..
3
3H
3
Gunnison, Colo
3721 Hackensack, N. J
3381 Hamblen County, Tenn
1-20 yrs.
1 )£
3
3214 Harrison County, Iowa
3543
3543
2%
2
Harrison County, Iowa
Haverhill, Mass. (2 issues)
municipalities during the month.
The num¬
ber of municipalities issuing bonds in May was 308 and the
number of separate issues was 357.
3543
Hood River, Ore..
3725
Rate
Name
Page
Abingdon, Va
3723
3377
3372
3381
3378
3220
3372
Amount
Price
Basis
$20,000
Adair County, Ky
-
1938-1947
15,000
50,000
...
1940-1943
100
3.00
Too
Arnold, Pa
3.98
3376
Askov, Minn..
3.00
Baden, Pa
3,500
10,000
100
3380
100.21
3.48
Baltimore, Md
3718 Barbourville Ind. S. D., Ky
3219
10,000
4
2.20
4)4
5
Bathgate. N. D
Beacon,.N. Y
Bedford, Ohio..
3219 Benedict, N. Dak
3719 Berrien Springs,
3723
Mich. (2 issues)-.2)4
5
3)4
Mich
——---2)4
3213 Brighton, Colo
3213
3)4
—.3
2.70
3)4
2)4
Brighton, Colo
Brooklyn, Conn
3218 Buffalo, N. Y. (2 issues)
3213
3374 Calamus, Iowa
3216
Caledonia, Minn
4
4
4
3723 Cavalier Twp., N. Dak
3723
3717
1940-1947
1939-1947
1938-1962
Cavalier Twp., N. Dak
Centralia, 111
3)4
3214 Chicago, 111
3542
3378
Cicero, N. Y
1938-1947
1952
1938-1942
1940-1946
1946-1947
1939-1948
1949-1950
Chicago Heights S. D., Ill
3.20
4
3
Mich
3719
Clark Twp. S. D.,
3378
Claverack Fire Dlst., N. Y
3543
1939-1966
1938-1962
Clay County, Kan
3377
3378
Clovis, N. Mex
3544
Comfey, Minn
Commercial Twp., N. J
1938-1957
1938-1945
3
3
1)4
Concord, N. H
3544 Constantine, Mich
3545
3725
3724
3549
3213
3380
3214
3717
3725
3723
3381
3546
3376
3724
Detroit Lakes, Minn
3)4
Dickson County, Tenn
3374 Douglas,
Coles
&
Duluth, Minn
155,111—3)4
2)4
Iowa
3)4
-
3543
Duncombe Ind. S. D.,
3721
Eastchester S. D. No. 3, N.
3723
East Cleveland, Ohio
3546
East Greenbush, N. Y
3378
East Rochester, N.
Y
3214 East St. Louis, 111
3723
Edgeton, Ohio
Y...2.70
5
3.10
3.30
4)4
3)4
Issues)
3547 Emmons County, N. Dak
3720 Elizabeth, N. J. (2
1938-1942
1942-1957
1942-1957
1940-1959
1943-1947
1942-1949
1938-1955
1942-1962
1938-1947
1938-1944
1938-1951
1940-1961
1939-1948
—
100.55
3376
2.67
3548
103.09
3377 Lincoln County, Miss
3.85
3723
Licking County, Ohio
105.78
3.08
3377
Litchfield, Neb. (3 issues)
1,000,000
27,500
55,000
105.18
3.00
3716 Littleton, Colo
3541
Los Angeles County, Calif
3.17
3717
Mahaska County, Iowa
100.27
20,000
56,000
6,775
35,000
25,000
1,250,000
750,000
Fitchburg, Mass
Flora. 111.
2.91
3)4
-4
100.27
1.40
Manton, Mich
5
3380 Massillon 8. D., Ohio (2issues)--3544
3376
Marysvllle, Mich
3377 McCook, Neb
5
2)4
2
Mcintosh, 8. Dak
102.30
3381
100
3548 McMlnnville. Ore
Methuen, Mass.
100
4.00
3376
10,000
105.37
3.23
3220 Middle Smithfleld Twp.
7100,000
100.27
3.22
3542 Milford, Conn
75,500
7-275,000
21,000
8. D., Pa
2)4
3
3717 Mishawaka, Ind
95
3715
103.26
3.71
3217 Monnmouth County,
100.75"
3~85
2.18
3720
Mo
100.05
100
3.75
3544
3373
3222
125,000
125,000
1940-1954
1940-1954
75,000
75,000
100.26
2.72
3546
100.10
2.69
3379
r3,500
r3,500
3381
1938-1948
11,000
1938-1957
40,000
100.009
3.09
3548
1939-1947
29,000
100.16
3.27
3548
1939-1957
500,000
3~25
3380
2.74
3717
2.62
1937-1947
5,500
1938-1972
242,000
Tob'il"
2~.92
125,000
100
4.00
Okaw, 111
3546 Otero County, N. Mex
3382 Outagamie County, Wis
3718 Oxford, Iowa (2 issues)
1938-1958
1941-1957
1938-1959
10 yrs.
—
3550
4
High
4
Frederick Ind. S. D. No. 3, S. Dak5
Gaffney, S. C
4
Glllett, Wis
4
3723
Girard, Ohio
3381
Gladewater
2)4
100.75
3.18
10,000
100.85
2.90
3216 Pipestone County, Minn
3
100.000
100.16
1.45
3220 Pittsburgh, Pa
1)4
3723
1940-1952
3543
r67,000
3718
1, Minn—3
1)4
3218 Port Chester, N. Y
1947-1957
15,000
rd26,000
100
5.00
3220 Portland, Ore
60,000
100
4.00
3380 Portland, Ore
1939-1952
16,000
11,000
103
3.60
3548 Portland, Ore
100
2.75
3726 Port of Belllngham,
1938-1947
3381
195,000
100.12
2.70
3222
dl6,000
100
5.00
3726
101.02
2.86
3216
1938-1947
39,000
50,000
1.76
3712
1938-1942
70,000
3545
Glendive, Mont
5
3550
Glen wood City Joint S. D. 1, Wis .3
1938-1952
101.26
100.20
1.45
15,000
100.04
dl5,000
100
Too
40,000
100
4.00
230,000
100.29
1.85
100
104.95
2" 13
15,000
Too""
Too
1942-1951
149,000
729,000
1946
16,598
100.31
100.93
2.40
100
4.00
100.38
2.95
Too""
Too
1938-1957
130,000
1938-1944
35,000
1938-1951
729.000
T02'90"
2*25
100
2.75
100.21
2.98
6.95
1942-1947
1938-1944
10,000
1938-1945
1941-1955
1938-1945
100.17
2.20
25,000
100
4.60
54,000
100.10
2.48
45,000
100.55
3.44
13,700
62,000
10,000
752,000
1938-1955
1938-1944
1938-1947
9,000
100
4.00
103.30"
4"32
740,000
5,000
1938-1942
1938-1952
1938-1947
1939-1956
-
-
1938-1945
1937-1956
1938-1952
Too"""
TT)
20,000
100*52"
3*38
7,000
150,000
10,000
100
38,000
100.29
31,000
100.41
Too
100.76"
*2" 15
5.00
20,000
195,000
15,000
100.14
499,000
100.24
....
19,000
39,000
15,000
-
1938-1942
1938-1947
1938 1950
1938-1953
1940-1948
1938-1952
1939-1948
1942-1949
1938-1961
1951
1940-1949
1938-1947
1938-1957
1942-1957
1942-1957
1938-1947
1938-1965
1942-1953
1938-1947
1946-1956
1940
6
6
5
2)4-3
-
Wash
Punxsutawney 8. D., Pa
3)4
Racine County, Wis
2)4
Racine County, Wis
Ramsey County, Minn
2)4
Reconstruction Finance Corp. (46
-
issues)
100.34
2.72
100
3.00
756.500
400,000
100,000
102.76
1.97
7191,000
75,000
100.15
4.48
7135,000
101.23
2.60
3,019,000
100.01
2.83
12,000
100.39
3.20
5,830
100.06
3.49
10,000
103.25
3.61
24,000
100.51
2.45
94,000
100.08
30,000
770,000
75,000
101.50
2.84
9,000
100.68
3.44
740,000
100.80
3.18
100.11
1.74
36,000
7703,000
12,000
5,000
16,000
2.450,000
235,000
3)4
PleasantGroveTwp.S.D.6, Iowa.3
Pomeroy, Iowa
4
1942-1956
1938-1947
2.79
1938-1948
Plainville Rural 8. D., Ohio
4.00
1937-1941
1)4
4)4
Perth Amboy. N. J—
100
1937-1945
£375 Gloucester, Mass
—
3546 Plalnfleld S. D., N. J
2)4
2
3)4
3)4
3715 Pima, Ariz
3377 Pillager Ind. 8. D. No.
Ind.
h215 Gloucester, Mass
3
3719 Perham, Minn
15,000
7,000
4
Foster County, N. Dak—
4)4
3)4
3542
3721
3.45
101.06
4,000
dl2,000
r80,000
30,000
45,000
2.84
100.40
740,000
715,000
3548 Pen Argyl, Pa
101.70
2*19
7232,000
1950
15,000
1938-1946
2.23
ioo'o'T
53,000
1938-1941
2)4
-
3724
100.11
1938-1947
1938-1945
1939-1952
3
New Baltimore, Mich
4)4
New Bedford, Mass
2)4
New Canaan, Conn
2)4
Newcastle, Wyo
------—4
New Milford, N. J. (2 issued)——4)4
Northampton, Pa
2)4
North
Carolina
(State
of)
(2
issues)-—----2)4-3)4
North Royalton, Ohio
3)4
North Royalton, Ohio
3)4
North Shenango Twp. 8. D.t Pa.4
Norwood, Ohio
2)4
Oak Park 8. D..N0. 97, 111
—3
3.29
3376
8,000
3.42
2,500
3545 Nevada, Mo..
8,000
8,000
2.39
Morton-Rockingham Spec. R. D.,
3543 Muncie School City, Ind
22,000
22,000
2.60
100.62
4
3544 Moorhead, Minn
100.28
100.15
3)4
3)4
3)4
N.J
Montvale, N. J. (2 Issues)
11,800
60,000
1,250,000
25,000
7380.000
210
3546
3.98
100.62
75,000
Mobile, Ala
101.24
15,000
10,000
4.43
100.11
90,000
2)4
3-3%
3)4
Mayville, Minn
3719
15,000
4
Line
-
101.21
3214 Franklin
Grove
Common
S. D. No. 250, 111
County
2)4
4)4
2)4
Mansfield, Ohio (2 issues)
3374 Mackay Ind. S. D. No. 7, Ida—*-4
3723 Manvel 8. D. No. 48, N. Dak
4
3376 Macomb County, Mich
4
To~0~89~
100.58"
rl40,000
1946-1955
3723
100
5,500
7-19,000
7-5,000
150,000
6
4.00
50,000
100.58"
255.000
3216 Lincoln County, Minn
lbo"""
101.20
1938-1947
1938-1957
1938-1942
Fordyce, Neb
7
Lawrence, Mass
2)4
Lea County 8. D. No. 8, N. Mex._4
Lima City S. D., Ohio
3
100.11
3)4
3720
3546
2.86
30,000
75,000
3545 Las Vegas, Nev
Too"""
3
3373 Laramie County 8. D. No. 5, Colo.3
10015"
3.63
765,000
100.55
18,000
Fillmore, Calif
3547
3222
100.47
100
1938-1942
2)4
Laramie County 8. D. No. 1, Wyo.2%
40,900
Fillmore, Calif
3
3.75
1.90
Too
35,000
1939-1951
1938-1962
LansdowneS. D., Pa-
722,300
3716
8. D., Tex
100
3380
1948
3716
3724
4.91
7-1,000
22,000
r30,000
r30,000
Fayette County, 111
3549
100.50
1941-1945
3
3
Farnell S. D., Pa.
3542
19,000
950,000
9,800
10,000
r3,200
4,000
-
3724
3717
4.50
1938-1956
Eton, Ga
3220 Fairview Twp. S. D., Pa
3718
100
30,000
1,630,000
;
1942-1944
3
3725 Lakevlew Ind. 8. D., Tex
4
3219 Lake wood, Ohio
2
3380 Lane County 8. D. No. 139, Ore-.5
La Crosse County, Wis
4
3
4
Elkhart School City, Ind
3545 Ellisville, Miss
3374
20,000
48,000
55,000
rdS.OOO
rd45,000
25 yrs.
3)£-3)f
2)4
2)4
3374 Elkhart County, Ind
3543
3550
Moultrie Cos.
Twp. High S. D. No.
3544
2.17
107,000
-—4
Cook County, 111
4
Cowlitz County, Wash
4
Corry S. D.f Pa
4
Central Falls, R. I
3)£
Crescent City, Fla
6
Cumberland County, Pa
--2)4
Cynthlana. Ky
4
Dana, Ind
4
Danville Common S. D., Tex..—4
Delaware County, Ohio...
2)4
Del Rio Ind. S. D., Tex
4)2
Denmark, Harrisburg, &c., S. D.
No. 1, N. Y
3.30
3717 Cook County, 111
3717
50,000
100.18
100.45
Too"""
10,000
3722 Kinston, N. C
7,500
10,000
Cleveland S. D., Miss
3546
4.00
1,700
1939-1943
1938-1949
1939-1958
1939-1951
1939-1951
1939-1957
Johnson City, N. Y
100
,
Bethel, Ohio
3215 Big Rapids,
950,000
1,500
dlO.OOO
7,953
2.20 1938-1948
1939-1953
3220 Johnstown, Pa
-»3)£
1938-1947
3543 Jordan Cons. 8. D., Iowa
3
3212 Kings County, Calif
2)£
5^20 yrs.
3222 King County 8. D. No. 210, Wash4
1938-1945
3381 Kingsport, Tenn
4
3721 Kingston, N. Y. (2 issues)
1.90 1938-1947
3218
100.19
3215
3718 Jefferson County, Kan
U2
10T34"
10,000
1940-1942
1942-1948
3720 Jennings S. D., Miss
106.08
8,000
70,000
1943-1956
1942-1956
1947
1954
i
3718 Jefferson County, Kan
100.53
22,000
4
3
3)4
3)4
3545 Jackson, Miss
3373 Jacksonville, Fla
10015'
1938-1947
15,000
165,000
1938-1947
4
1938-1948
4)$
1938-1956
4
1942
S}4
1941-1948
2)^-4 1938-1949
2)£
1938-1947
2)4
1938-1947
Tenn
3547 Hunter, N. Y
1,750,000
24,000
600.000
70,000
4
3220 Huntington, Ore
Archie Con. S. D., Mo
3378
3724 Humphreys County,
1937-1939
1938-1939
1-10 yrs.
3219 Hubbard 8. D., Ohio
58,000
100.26
22,000
2\i
3%
2)£-3
3549 Houston, Tex. (14 Issues)
1937-1956
101.52
30,000
40.000
3543 Hillsboro, Tex
3380 Huntington, Ore
3548
3547
3725 Hemphill County, Tex
25,000
4)£
Alabama (State of)
3
Alamo Heights, Tex
4
Albany County, N. Y. (2 issues).2
Ambridge, Pa„_
4)4
Antioch, Calif
3^
Arapaho Con. S. D. No. 5, 0kla__3)4
3718
Maturity
--
C
3724 Abbeville, S.
Amount
75,000
1938-1940
4
4
Holstein, Iowa
3548
100.19
7-509,000
rlOO.OOO
2)i
Hamden, Conn
3543 Hampshire County, Mass
3725 Hawley Ind. 8. D., Tex
to States and
Bart*
100
3)2
Griswold, Conn
Federal Emergency Relief Administration or Public Works
Administration loans or grants actually made or promised
Price
15,000
450,000
38,500
2%
3373
3716
sales was given on page 3869
of the "Chronicle" of June 5.
The total of awards during
the month stands at $50,676,913.
This total does not include
The review of the month's
Amount
3)*-3M
3724 Gresham, Ore
3716
Maturity
1937-1967
D.,Colo3)|
Grand Valley Un. High S.
Great Bend 8. D. 1, Kan
Green Springs 8. D., Ohio
3542
We present herewith our detailed list of the
bond issues put out during the month of May,
crowded condition of our columns prevented our
Rate
Name
3725 Godley Ind. S. D., Tex
4
3549 Goose Crk. Ind. S. D., Tex_2)*-4-4M
4
+—
20,000
73,200
100.31
21,500
1938-1940
3-5 years
5-10 years
1940-1947
30,000
17,290
d28,279
dl8,000
100.02"
1.74
100
6.00
100
6.00
107.82
2.30
1-10 years
75,000
1941-1957
1938-1940
740,000
T0T25"
3"33
225,000
150,000
400,000
101.17
1.90
100.70
2.36
-
1938-1947
8,175,650
Volume
144
Page
3722
3373
3374
Financial
Name
Rate1
Rensselaer County, N. Y
2%
Rio Grande Co. S. D.
No. 3, Colo.4
Rock ford, 111
2%
Price
Amount
Maturity
1938-1957
800,000
1938-1942
100.34
2.71
100.03"
2~.74
25,000
125,000
3213
Rocky River, Ohio.
Rockmart S. D.,Ga
2%
1938-1957
1939-1946
3222
Rock
3
"
10-30 years
10,000
100
3)A
1938-1967
30,000
100.26
3219
3723
3722
4
Ross Twp. S. D., Ohio
3W
Rotterdam U. F. S. D. 14, N. Y..3
3380
1940-1959
4
Ruskln, Neb
St. Charles Twp. S. D., Iowa
3723 Sandusky County, Ohio
3543
3716
70,000
18,000
2\i
San Diego County, Calif...
5
Saratoga Springs, N. Y. (2 Issues) .1.90
Saskwa S. D., Okla
Schenectady, N. Y. (2 issues)
2
Seneca, Kan
3
3725
3720
Shawnee County, Kan
Sherman, Texas
2.20
100.10
110,000
100.07
l".88
1941-1948
12,000
100.02
5.49
300,000
100.17
1.97
24,500
100.05
2U
1938-1947
3^-3%
1, Mont.3%
1938-1957
3376
Springfield, Mass
3549
Springfield Twp., Pa
3723
Steele
3720
Stillwater Co. S. D. No. 52, Mont.4
Stillwater, Okla
3.35
3,300
140,000
1.71
2.49
300.000
99.03
3.60
1938-1966
548,000
100.39
2.72
13,500
100.88
1938-1965
7-3,637,000
1939-1957
125,000
55,000
r8,000
1941-1957
1938-1957
3
3382 Thermopolls, Wyo
3377 Tippah County, Miss
3214 Tipton, Ind
1939-1957
15,000
10 years
3%
4
6
Tipton County, Tenn
3543 Topeka, Kan
2M
3550 Town of Bo vina and Village of Shlocton S. D., Wis
3541 Tulare County. Calif.
3%
1938-1947
15,000
5.00
100
17,000
1940-1949
.....2)^
4
3723
part of 1935.
eight injunctions have been granted by United States
against municipalities and their officers, preventing the
performance of eight agreements with the United States, calling for the
expenditure of over a million and ». half dollars, which represents approxi¬
mately 2,000,000 man-hours of employment.
Projects affected by the Supreme Court rule today permitting the Utility
Companies to delay further the construction of publicly owned power
generating or distributing systems follow:
addition,
Courts
PWA
Projects Which Have Allotments that Are Covered by Injunctions Against
Administrator in Federal Courts—Estimated Cost Used as Basis
for a,Employment Estimate (Allotment Plus Applicant's Funds)
State and Applicant—
State and Applicant—
Cost
Cost
104.83
the
19,000
80,411
injunctions have been pending since the latter
District
loo"
2~.25
Alabama—
Nevada—
Guntersville
Hartselle
22,500
1938-1955
36,000
100.48
3.70
1938-1965
1,244.000
100.17
2.68
350,000
100.19
1.66
Sheffield
1938-1947
1946
115,000
100.05
2.49
Decatur
35.000
100
2.50
Bessemer
15,000
102
Tarrant City
Courtland
Wagoner, Okla
...4%
Washington Sub. San. DIst., Md.3H
2542 Waterbury, Conn. (41ss.).2^-2K-3
1940-1945
1938-1962
1,685.000
3220
1940 1953
100
~4~75
102.43
19,000
300.000
100.009
2.66
...
3.40
7-27,000
4)^-4^
Winnemucca
a$87,272
Winnemucca
a60,000
al25,454 New York—•
New Hyde Park, Nas¬
a230,000
sau
a3 >0,000
County
al,238,182
at
it rJ"?rgr
a329,091 North Dakota—
Walhalla
a29,000
Russellville
1938-1947
3543
Waurlka, Okla
temporary injunctions have been granted by the
cases,
by Congress for the construction of public works projects.
As these agreements are obligations of the United
States, the sums
segregated for expenditure pursuant to agreements cannot be utilized for
other public works projects while these injunctions are
pending.
Some of
1937-1956
Union County, N. J. (2 Issues)...2.70
3722 Utlca, N. Y. (2 issues)
1.70
3213 Ventura County, Calif
...2J^
3721
Ventura County, Calif
Vilas County, Wis
7.000
30,614
1S38-1944
3381
this"group of
courts at the request of power companies,
preventing the perform¬
of 43 agreements (including two enjoined in part) between the United
States and municipalities, calling for the expenditure of
money appropriated
In
10,000
Tampa, Fla
4
3543 Tangipahoa Par. S. D. 102, La...5
3718 Tangipahoa Par. S. D. 110,
La_..5>$
3374 Teton Co. S. D. No. 60, Idaho
55
In
these
60,000
...4
3542
(11 of
allotments) granted
against the Administrator by the lower courts of the District of Columbia
will remain in effect and prevent the
giving of nation-wide employmenc
totaling approximately 95,000,000 ma .-hours through construction of
p>wer projects Jor^which some $51,000,000 had already been allotted
by
PWA.
ance
29,900
3H
2%,
In the meantime the 47
existing injunctions covering 54 projects
which do not have Public
Works Administration
district
100.05
1938-1947
1939-1959
County, N. Dak..
Strasburg S. D., N. Dak
3221 Sullivan County, Tenn
3378 Summit, N. J
3726 Sussex, Wis
the above named Federal
agency:
Today's action of the Supreme Court in granting the petition of the
Alabama Power Co. and Iowa City Light & Power Co. for a writ of certiorari
to the United States Court of
Appeals for the District of Columbia after
the questions involved have been decided
favorably to the Government by
five different United States Circuit Courts of
Appeals, means that at least
another six months will elapse before the questions are
finally determined.
115,000
100.83
6,000
600,000 k 100.19
....
1%
2)4
3Si]PUBLICjWORKS]ADMINISTRATION
2.15
101.89
4045
Supreme Court's Approval of Utility Companies' Writ
Further Delays Public Power Systems Program—We
give here¬
with the text of a press dispatch made
public on June 1 by
150,000
4
3723
3222
100.17
8,800
110,000
1938-1944
18,500
3716
3213
2.95
1940-1957
.
Sliver Bow Co. S. D. No.
Sonoma County, Calif
3723
100.57
1938-1944
Sevlerville, Tenn
Shasta County, Calif
3221
3.48
1938-1947
_..5J^
3718
3718
3~66
"""
4,000
3219
3213
2.74
100.06
76,500
130,000
3
3217
3379
rl20.000
20,000
Springs, Wyo
3722 Rocky
Mount, N. C
3723 Rolette
County, N. Dak___
Chronicle
Basis
_
Ohio—
Arkansas—
Sandusky
a200,00l> Pennsylvania—
Myerstown
Paragould
3716
2
1939-1948
160,000
100.32"
1~95
3376
2
1938-1952
485.000
100.53
1.93
3726
3H
2\4
2Vi
2\£
2H
2\4
2M
1938-1946
180.000
1938-1962
320,000
3\i
Wethersfteld, Conn
Wellesley, Mass
West Virginia (State of)
3726 West Virginia (State of)
3718
Wichita, Kan
3725
Williamson County, Tenn...
3373
Wllllmantlc, Conn
3373 Wilmington, Del..
3543 Wilson County. Kan
3374 Winnebago Co. Non-High S.
3377
Windsor, Mo.
iowa
7-115,000
100.21
2.46
Lamoni
150,000
103.41
1.85
Kansas—
1938-1947
9,500
100.10
2.47
1938-1956
95,000
100.69
3.17
Hoisington
Michigan—
Dowagiac
........
3721
Woodbury. N. J
3544 Worcester, Mass
Memphis
1938-1947
May (308 municipalities,
al50,000
Paris
a202,000
Eveleth
a845,000
Columbia
Glenwood..
bl50,909
bl05,455
Newborn.
124,000
1.73
100.09
$97,045,000 temporary loans
The
funds obtained by states and
Government.
* Refunding bonds.
or
following items included in
same.
Rate
Maturity
Amount
2H
3%
1938-1947
$250,000
1-25 years
25,000
7*875,000
100
100
5,973
101
3217
CaseadeCo.S.D. No. 1, Mont_-.2.78
3549 Cass Co. Road D. No. 7-A, Tex___5
Center School Twp., Ind
3379 Centervllle, Ohio (March)
1939-1948
4
3374
1938-1952
4
Colden Com. S. D. No. 10. N. Y..3.40
3
3219 Eufaula, Okla
—
3544
3372
3219
Lexington, Okla.
3216
Martin Co.
Minn
3217
3377
3221
3543
3375
—
50,000
ioo'so"
2~95
17,000
100.32
3.34
1-5 years
5,000
3
—4
3,000
100
3.00
8,000
100.31
3216
3219
Minerva S. D., Ohio (March)
Minnesota (State of)
100
100.22
75,000
100.05
2~49
30,000
103.37
4.20
Las Vegas
North Dakota—
100
3.00
100
r30,000
1938-1939
1,680,000
LOO
Minnesota—
100.28
De Land
104,500
3}4
3
1939-1956
40,000
fob""""
4.50
1938-1947
30,000
100
1938-1947
10,000
100
Canada (Dominion of)
3726
Hamilton, Ont
Kingston, Ont
Total long-term
105.30
1952-1966
2H-3H
2^
<*110,000
100.27
Sulphur Springs
4.330,000
250,000
100,000
126,361
163,636
1938-1942
52,000
100.12
2.94
1939-1949
2,000
54,000
15,000
100
$15,000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1955
3*23
3.50
1938-1950
50.000
1938-1957
150,000
8,000
1-15 years
1938-1947
4,600
101.16
Price—5.25 Basis"
Thomas M. Cook &
Harvey Building
WEST PALM
2.82
Maturity
Amount
2.98
100.10
Price
Basis
100.73
2.25
2 years *7-20,000000
2 years*r60,000000
News Items
Common Financial Terms
Defined—Ball, Coons & Co.,
Cleveland, has prepared a small
booklet which contains a glossary of definitions in summarized
form of the terms most frequently used in financial circles.
This booklet was gotten up for the use of those
who, infre¬
quently dealing in financial and investment matters, desire
to obtain a more thorough comprehension of the
language
Union
Trust
Buying,
of the business.
12 yeare*r33,600000
1-20 years
1938-1942
Company
BEACH, FLORIDA
108.12"
2,482,673
40.000
Canadian debentures sold In May. ...$116,022,673
Issued pursuant to
Lpst-™Littlefield
29,000
Rate
--1
2
3H
[250,909
573,000
102.55
conversion loan offer made to holders of 5>6 % Victory Loan
bonds maturing Dec. 1, 1937.
*
...
2.23
11,500
20,000
3
3
5
Clarksville
Texas—
Chattanooga,
3.00
1938-1940
Tennessee—
"WE OFFER SUBJECT—
3.00
3
5
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MAY
3550
Cost
$152,000
100.07
320,000
indicated) are for April.
These additional April issues will make the total sales (not
including temporary or RFC and PWA loans) for that
month $84,300,804.
3222
468,000
Grand.Forks
All of the above sales (except as
Name
of)
Newton Falls
261,400
Hutchinson
11,000
1939-1950
Warsaw S. D.,Ky
3550 Canada (Dominion
State and Applicant—
3.25
1940-1950
3718
8550 Canada (Domlnlln of)
a95,200
Florida—
29,
..
Page
Cos* HI
$180,000
Nevada—
3219
3374
b72,727
blOO.OOO
Ohio—
22,000
San Bruno, Calif
San Luis Obispo County, Calif
Schuylkill Twp. S. D., Pa. (Feb.)
Stronghurst Twp., 111. (March)—3\£
Sugar Creek Sch.Twp.,Ind.(Mar.)3
Terrebonne Parish, La
4
Tiffin Ind. S. D., Iowa
4^
Wapakoneta, Ohio
3
3214
Leonard
Llano
b Grant.
...
77*13,000
3212
3215
Delaware—
Seaford
1938-1956
Sands Point, N. Y
3542
b1,125,000
Applications for Power Loans 'Made by Municipalities to PWA for Which
PWAiHas no Allotments Outstanding but from Which PWA Has
Been
Enjoined from Making any Payments—Estimated Cost of Project
1-10 years
1938 1947
3218
3381
Loan and grant,
4
3220 Rockmart S. D., S. C
3213
Columbus..
Texas—
L^erty
—
a71,735
LOO
3
Ridge Twp. S. D., Ohio
.
100
Minnesota (Stateof)
3216 Oakland, Mo
4^
3216 Otter Tall Co. Ind. S. D. No. 44,
Minn
Starkville
Thayer
no,ooo
28,000
3216
3548 Ravenna, Ohio
a803,000
1951-1953
No.
a331,000
Part of project covered by
injunction.
a120,000
a150,909
2%
2J4
Minn
3380
Menominee
Aberdeen
"""1941
3%
....
♦
b Grant.
a20,000,000
Norfolk
{Projects in
State and Applicant—
.3
Authority...
Virginia—
Mississippi—
a
1938-1949
5
S. D.
Loan!and"grant.
Missouri—
3.82
™
b310,000
blOO.OOO
Which Avplicant is Enjoined but not the Federa
Emergency Administrator of Public Works—Estimated Cost Used as Basis
for Employment Estimate (Allotment Plus Applicant's Funds)
State and Applicant—
State and Applicant—
Cost
cost
Ohio—
Michigan—
^
7,500
...__3
Ind.
a
2.74
Freeborn Co. Com. S. D. No. 125,
George, Iowa
Gloucester City, N. J
Greenville, Miss
Holabird S. D., S. Dak
Kansas City, Kan
Kansas City S. D., Kan
Lawrence County. Ala
Basis
1938-1952
Cllntonville, Wis
3218
3214
Price
100.04
1938-1957
3222
♦Lower Colorado River
and
South
5.00
Bethel Twp. Rural S. D., Ohio
Yorktown.,,
Power
Irrigation District—;a30,096,000
3.75
400,000
3723
Brenham
♦The Central Nebraska
PWA iPowsr
al50,909
a221,818
Electra__
J*
We give the
number of the issue of our paper in which reasons for
eliminations may be found.
(No deletions of that
nature for May.)
We have also learned of the following additional sales for
previous months:
Name
Nebraska—
totals for the previous
page
these
3214 Anderson, Ind
alOO.OOO
b315,000
Trenton
Public
our
months should be eliminated from the
Page
Huntsville
La Plata
$50,676,913
a204,000
a59.000
.
ToxJifl
Missouri-
cover¬
ing 357 separate Issues)
municipalities from agencies of the Federal
City
Lewisburg—
Minnesota—
d Subject to call in and during the earlier years and to mature In the later year.
JtNot Including
b6,872,000
Lenoir
Janesville^
Total bond sales for
Fayetteville
a2,600,000
a663,500
a52,727
alOO.OOO
b300,000
b149,000
Jackson
a97,000
35.000
3
a40,000
bl52,700
Knoxviile
b917,000
28,000
....
_»
IK
City
a520,000
Authority__a37,500,000
Tennessee—
100.07
a300,000
Carolina Public
Service
Iowa—
50,000
D.
No. 206. Ill
South
a420,00)
bl20.800
al,515,000
South Carolina—
Jacksonville
57.626
.
1-10years
1938-1949
1938-1947
Illinois—
b$250,620
Georgia—Voters Approve All Constitutional Amendments—
general election on June 8 the voters approved by wide
majorities the 26 constitutional amendments sponsored by
At the
Financial
4046
E. D. Rivers, according to Associated Press ad¬
Among the amendments approved were: No. 3—to
Governor
vices.
exempt owner-occupied homes from taxation Up to a value
of $2,000; No. 4r—to exempt $300 pf personal property from
taxation; and No. 5—to classify property for taxation at
varying rates. The Governor had advocated adoption of the
leading amendments on the ballot to "put Georgia in line
with Roosevelt" on old-age pensions and other phases of the
social security program.
A proposal to repeal the State's 22-year-old prohibition
law and legalize the sale of whiskey and other hard liquors
was roundly defeated by the voters, it is stated.
Missouri—Sales Tax Increased to 2%—The
sales tax
was
doubled
on
State's retail
June 7 when Governor Lloyd C.
signed into law a bill increasing the rate from 1 % to
2%, according to an Associated Press dispatch from Jeffer¬
son City on that date.
It was estimated by proponents that
the increase in the levy will add $1,000,000 monthly to the
Stark
State's
revenue.
Nebraska—Insurance
Companies Authorized to Invest in
Bonds—The New York "Journal of Com¬
merce" of June 7 carried the following report on the recent
Revenue
Certain
broadening of the investment restrictions for domestic in¬
surance companies:
companies to invest
financing water works, light and power plants
by bonds issues, "where the estimated
earnings show a coverage equivalent to 1% times the fixed chagres."
Insurance Director Charles Smrha has notified inquiring companies that
he has instructed department examiners to admit as assets only bonds of
this class which conform to his interpretation of the law.
He says than
"estimated earnings" will be interpreted to mean what the plant has earned
in the past, not what it may earn in the future, and that "fixed charges"
will not be confined to interest computations on the investment, but will
include all payments made that are necessary to preserve the property in
such a state as will insure a continuance of its earning power, meaning
maintenance, depreciation, taxes and insurance where these are calculated.
A
new
Nebraska law permits domestic insurance
in revenue bonds of districts
such
other
and
New
The
Jersey—Railroads Complete Case in Tax Dispute—We
measure,
sponsored
by
Low Moffat,
Assemblyman Abbott
Re¬
publican of New York, would have changed the date for the State's fiscal
year from July 1 to April 1 beginning in 1940.
•
It also provided the Governor set up a capital expenditure budget system,
outlining in it a complete program of permanent State improvements forja
six year period.
Thereafter the capital outlay budget system would have
had to outline all expenditures for permanent State improvements for five,
year period.
The bill went through the
.
,
,
,
,
,
Legislature without opposition, even drawing
Leader Irwin Steingut, Democrat.
explained his reasons for the veto in some detail in a
hearty praise from Assembly
Governor
The
memorandum.
Philippine Bonds Made Legal Investment for
Banks and In¬
Companies—A dispatch from Albany to the New York
"Herald Tribune" of June 6 had the following to say in regard
to a further amendment to the statutes regarding legal in¬
surance
vestments in this State:
Bonds of the Government of the Philippine
Islands issued prior to May 1,
1934, and sold in Washington bv the United States
Government through
Department, became legal investments for banks and insurance
companies in New York State, under the provisions of a bill which became
law today with the approval of Governor Herbert H. Lehman.
The bill was sponsored in the Legislature by Senator Jacob H. Livingston,
Brooklyn Democrat.
In siguing it today, the Governor issued a statement
in which he pointed out that "the bill is, of course, permissive," adding,
"It has been the policy of the State not to recognize foreign bonds as legal
investments for banks, insurance companies and fiduciaries.
This is a
sound policy from which I do not believe the State sould deviate.
"The bonds of the Philippine Government covered by this bill, however,
do not, in my opinion, come within this category
even though Congress
has decreed that in the future the Philippines will be an independent nation.
They were created by authority of the Congress of the United States.
By Act of the Congress of the United States, they are exempt from taxation
by the United States Government or by the government of any State or any
political or municipal sub-division thereof.
They are accepted as collateral
for postal savings deposits and for United States Government deposits, and
are eligible for rediscount at the Federal Reserve Bank."
the War
improvements
quote in part as follows form a Trenton dispatch to the New
York "Herald Tribune" of June 9, dealing with the latest
June 12, 1937
Chronicle
In conclusion the Governor said:
"I have set forth the above
as
I do not wish
my
signing of this bill to be
construed in any way as an approval of the purchase of foreign bonds
by
banks, insurance companies or fiduciaries.
To change our general policy
with regard to foreign bonds as legal investment within this State would
be
mistake."
a
Pennsylvania—Federal Land Banks Bonds Made Legal
Investments—Recent passage by the State Legislature of the
Stiefel bill now definitely makes Federal Land Banks bonds
eligible for the investment of trust funds in Pennsylvania, or
as collateral to secure trust fund deposits, the First Boston
Corp. states in a discussion of the various provisions of the
bid.
State and the
operating within its boundaries over the taxes
upon these roads, which they term excessive:
fund
Today's 21st Court session of the railroad tax case, now being tried before
Judge Phillip Forman in United States District Court here, saw the virtual
completion of the direct ralroad testimony.
Tomorrow the first of the two railroad expert witnesses, George W.
taxes,
development in the litigation between the
railraods
levied
Burpee, member of the engineering firm of Coverdale & Colpitts, is expected
begin testifying.
He and another expert, who will follow him on the
stand, will speak for all of the railroads—Lehigh Valley, Lackawanna,
Erie, New York Central and Central of New Jersey—and their subsidiaries
involved in the present suit for a permanent injunction to restrain the State
to
of New
Jersey from taxing their properties in amounts they term excessive.
$37,500,000 upon these carriers for the
The State levied taxes aggregating
years 1934, 1935
amount so far.
and 1936, but they have paid only $22,500,000 of this
••
Jersey—School District Bonding Limit Increased—
Governor Harold G. Hoffman on June 4 approved a bill by
Senator Albert E. Burling,
of Camden, increasing the
bonding limit of school districts with an approved high
school from 6% to 8% of assessed valuation, it is stated in
New
advices.
law will also
"The bonds will fulfill many of the
investments which are lacking
requirements for trust
in the present limited
supply of Pennsylvania 'legals'," the bankers state.
addition to
In
being exempt from all Pennsylvania personal property
Federal Land Bank bonds are entirely exempt from all Federal in¬
taxes, including the surtax and all present and future taxes which
be levied by a State or municipality.
This tax feature is more favor¬
come
can
able than that of United States Government bonds, which are only free of
Federal surtax
bankers point out.
the
new
ease
The letter reads
June 16.
New
York
City—Alderman
Vote
Continuation of Relief
the
Board
of
Estimate
and voted without opposition
to
extend the four emergency taxes for the cost of unemployment
relief for another year,
until June 30, 1938.
The taxes in¬
clude the 2% sales tax, a 1% impost on utilities, a business
tax of l-10th% and a personal property tax designed to
an amount equivalanet to the sales tax from persons
btiy high-priced articles outside of New York, for use
in the city.
The measure was forwarded to Mayor La Guardia
for his signature.
The taxes are estimated to produce about
$67,000,000 during the fiscal year, and form the basis for
the city's pay-as-you-go plan for unemployment relief.
collect
who
$500,000 Pay Rise Slated for Officials—Leo J. McDermott,
of the Budget, made public on June 9 tentative
Director
salary schedules, which would become effective on July 1
if
approved by the Board of Estimate, designed to restore
employees in both the exempt
the emergency pay cuts to city
and civil service categories.
Approximately $9,500,000 will be spent during the second
adjust
other salaries on a comparable basis, it was said by Mr. Mc¬
Dermott.
In addition, he published estimates of $18,913,752.54 which he thinks will be necessary to restore and adjust
all salaries for the next budgetary year. However, Mr. Mc¬
Dermott stated, this figure was merely a tentative one and
subject to revision by the Board of Estimate.
half of 1937 to restore salaries to levels of 1932 and to
New York State—Governor Vetoes
Capital Budgeting Plan
—On June 6 Governor Lehman vetoed the Moffat bill pro¬
principal
amount
held,
the
as
follows:
TOWNSEND, ELLIOTT & MUNSON
Attorneys at Law
Provident Trust Building
respects.
Taxation—The Board of Alderman on June 8 concurred with
aggregate
Pennsylvania—Legislature Approves Bill Abolishing Cer¬
Poor Districts—Townsend, Elliott & Munson, Phil¬
adelphia bond attorneys, in a letter dated June 10, to C. C.
Collings & Co., investment bankers of that city, point out
that the Legislature has approved a measure calling for the
abolition of certain poor districts in the State, and go on to
discuss the effect of this legislation on the contemplated sale
of the Clearfield County Poor District bonds, scheduled for
the debt restrictions in other
We understand that it lifts from 13 to 15% the
total debt limits of municipalities, including school districts,
and provides also that in cases where the 4% debt limit for
regional school districts may be inadequate the Board of
Education may utilize unused balances of the district school
board in the regions served.
$5,000
to
tain
Trenton news
The
up
17th and Chestnut Streets
Philadelphia, Pa., June 10, 1937.
C. C. Collings & Co.,
Fidelity-Philadelphia Trust Building,
Philadelphia, Pa.
Dear Sirs:
Our attention has been called to Senate Bill No. 876, which we under¬
stand has been passed by both Houses of the Legislature and is now awaiting
the Governor's signature.
We have been furnished with a copy of this
bill, designated "Printer's No. 715", and we understand that it is in this
The proposed Act abolishes certain poor
districts of this Commonwealth.
Under the provisions of this Act, the
form that the bill was enacted.
same
1, 1938, with the exception of
thereof, to wit, Section 105, which section provides that all
does not become effective until Jan.
section
one
poor districts of this Commonwealth
current year 1937 under existing laws.
shall continue to function during the
The pasasge of the above mentioned
Act, if it becomes law, will not affect, in our opinion, the right of the County
Commissioners of Clearfield County in charge of Clearfield County Poor
District to issue and sell the proposed $115,000 Clearfield County Poor
District refunding bonds.
Prospective bidders for this issue will, however, wish to be advised as
the effect of this Act after Jan. 1, 1938, upon the Clearfield County
presently issued.
The Act provides,
inter alia, for the creation of "county institution districts to replace presently
existing poor districts which are coterminus with the counties of this Com¬
monwealth," and under Section 301 of said Act it is provided that "the
property, real and personal, and the obligations of each existing county
poor district are hereby transferred to, vested in, and imposed on the
institution district of that county."
Under Section 307 it is further pro¬
vided that "for the purposes of the institution district and for the payment
of the obligations of the predecessor poor district, the Commissioners of
each county shall have the power to levy and collect on real estate, trades,
occupations and professions in the same manner and at the same time as
county taxes, an annual tax to pay the current expense of the institution
district, not exceeding ten mills on the dollar of the last adjusted assessed
valuation for county purposes."
This language is somewhat ambiguous
However, the section goes on to provide that "the Commissioners may also
levy such annual special taxes as may be needed to pay interest and sinking
fund charges on bonds issued to pay for the purchase of lands or buildings
or for the payment of debts of the institution district."
Since,
in Section 301, the obligations of the existing county poor districts are
imposed upon the institution districts, the right of the county commissioners
to levy a tax for the payment of the obligations so imposed would appear
to
Poor District bonds which are to be
.
.
.
to be clear.
Section
308 of the Act provides that the County
Commissioners shall
borrow money and issue and negotiate bonds "of the
for the payment of the obligations of the
predecessor poor district and for the refunding of outstanding bonds issued
by it or the predecessor poor district."
While we venture no opinion on the constitutionality of the Act above
have the power to
institution
district
.
.
.
2uoted, it would appear as though theJan. 1, 1938, are properly protected,
owners of the bonds of the Clearfield
iounty Poor District issued prior to
viding for the establishment of a capital budgeting system
for the State, according to the Albany "Knickerbocker press"
of June 7, from which we quote in part as follows:
first, under existing laws and, second, after Jan. 1, 1938, under the pro¬
visions of the said Act, providing the constitutionality thereof is upheld by
should have further study. Governor Lehman
has vetoed the Moffat bill intended to set up a permanent budget system
for capital expenditures for permanent State improvements.
laws in force at the time of the passage
On the theory the proposal
Should the constitutionality of the Act be
determined ad¬
versely, the rights of the bondholders would, of course, be
of said Act.
Very truly yours,
(Signed) TOWNs^ND, ELLIOTT
governed by the
our
courts.
& MUNSON.
Volume
Financial
144
Pennsylvania—Chain-Store
the
test
State's
new
Tax
chain-store
Suit
tax
act
Filed—A suit to
was filed in the
Dauphin County Court on June 7 by the American Stores
Co., it is stated in an Associated Press dispatch from Harrisburg. The measure was signed by Governor Earle on June 5,
putting a tax of $1 on a single store or theater and up to $500
for 500 stores.
The revenue is to be used for salary in¬
creases
for country school teachers.
United
States
Board of Tax Appeals Holds Interest
Improvement Bonds Is Tax-Exempt—
The Federal Board of Tax Appeals handed down a decision
holding that interest on municipal improvement bonds of a
political subdivision of a State are exempt from tax under
the Revenue Act of 1932, according to Washington advices.
The decision is said to have been an outgrowth of a peti¬
tion filed by the Carey-Reed Co. of Lexington, Ky., for a
tax deficiency of $1,395 for 1933 income taxes.
The said
company during 1933 owned $226,559 of street, sewer and
paving improvement bonds of cities within the State of
Kentucky. The Board, in its decision, stated that interest
on bonds issued
by cities of Kentucky for street, paving and
sewer improvements were
payable exclusively out of collec¬
tions of local improvement taxes assessed against the bene¬
Municipal
on
4047
Chronicle
distributing system was approved by the Public Works Adminis¬
but the local power company has had the matter tied up in the
early in 1936.
The case has been taken on appeal up to the
U. S. Supreme Court and it is expected that the said high court will pass
trical
tration,
courts since
on
the
case
in October of this year.
MOBILE COUNTY
(P. O. Mobile), Ala.—WARRANT OFFERING—
of the Board of School Commissioners, will receive
purchase of an issue of $152,000 refunding
school tax warrants.
Bidders are to specify rate of interest, not to exceed
5%.
Denom. $1,000.
Dated Aug. 1, 1937.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the office of the Board of School
Commissioners, or at the Bankers Trust Co., New York.
Due on Feb. 1
as
follows:
$3,000, 1939; $22,000, 1940; $23,000, 1941; $24,000, 1942;
$25,000, 1943; $27,000, 1944; and $28,000, 1945. These warrants, together
with $34,000 outstanding warrants, are a preferred claim against the
special 3-mill county tax for public school purposes. Certified check for 2%
of amount of warrants, required.
Paul Danner, President
bids until 4 p. m. June 28 for the
ARIZONA
PIMA, Ariz.—BOND SALE DETAILS—In connection with the sale of
the $5,000 fire equipment bonds to Refsnes, Ely, Beck & Co. of Phoenix,
as noted in these columns recently—V. 144, p. 3715—we are now informed
by Charles Rogers, Town Clerk, that the oonds were sold as 5s, for a
premium of $25, equal to 100.50, a basis of about 4.90%.
Denom. $500.
Coupon bonds, dated June 1, 1937.
Due $500 from June 1, 1938 to 1947♦
incl.
Int. payable J. & D.
fited property.
Bond
Proposals and Negotiations
ALABAMA
^ALABAMA, State of—SEALED TENDERS INVITED—'The State is
inviting sealed tenders of its refunding bonds dated July 1, 1935, in an
amount
sufficient to exhaust the
sum
of $500,000, to
office of the State Treasurer, up to noon on
be received at the
June 24.
STATEMENT OF GOVERNOR'S FINANCIAL SECRETARY— In
ad
arkansas
con¬
nection with the above call for tenders, the following statement was made
by W. W. Brooks, Financial Secretary to Governor Graves:
"Governor Graves has called for tenders of $500,000 State of Alabama
refunding bonds on June 24.
If bonds are tendered at satisfactory prices,
they will be bought and retired from funds on hand in the trust fund arising
from the income tax.
In addition, bonds amounting to $255,000 which
are due on July 1 will be paid.
"The retirement of $500,000 unmatured bonds at this time means that
with compound interest, provision will have been made for one million
dollars bonds due in 1965 and some $250,000 bonds due in 1964.
"The constitutional amendments authorizing the income tax and the
refunding bonds, provides that the income tax is to be used in the reduction
of State ad valorem taxes after the refunding bonds are paid.
With
prospects for reasonably good business in Alabama for a long time, it
seems reasonable to expect that the State will have some surplus in the
income tax year by year, and that the refunding bonds can be paid and the
ad valorem tax reduced long before the final maturity of the refunding
bonds.
It is Governor Graves' desire to retire as many of the refunding
bonds as possible during his administration, so as to shorten the time
that taxpayers in Alabama will have to wait for a reduction in the State
valorem taxes.
"It is interesting to note the small burden on the taxpayer for the payment
of the debt of the State.
One of our $25,000,000 highway issues is provided
for
by the license tax on automobiles and half of this tax is sufficient to
the bonds and interest on them, the other half being available for road
The other $25,000,000 bond issue is pro¬
vided for by a two-cent gasoline tax and less than half of this tax is required
for debt service, the balance being used for road construction and mainte¬
nance.
The refunding bonds are provided for by the income tax.
The
earnings of the Port of Mobile are now sufficient to take care of the harbor
bonds, although they have been somewhat short heretofore.
The only
burden on the general fund at this time in connection with bonds is the
interest on the renewal bonds, which are a burden imposed upon us by the
reconstruction period.
The interest on these bonds paid out of the general
fund amounts to $339,720 per year.
This is only 12 cents per capita for
the citizens of Alabama.
This is equal to about one sales tax token every
three days, so that the contribution of each citizen is about the same as the
sales tax he pays if he buys a nickel soft drink two or three times a week."
pay
construction and maintenance.
bonds
Largest Retail Distributors
WALTON, SULLIVAN A CO.
LITTLE
ROCK, ARK.
ARKANSAS
STREET
HARRISON
IMPROVEMENT
DISTRICT
NO.
7
(P.
O.
Harrison) Ark.—BOND SALE—The $85,000 issue of road paving bonds
144, p. 3541—was awarded to M. W. Elkins
& Co. of Little Rock, according to T. C. Heuer, Chairman of the Board of
offered for sale on June 3—V.
Commissioners.
MONTGOMERY COUNTY (P. O. Mount Ida) Ark .—COURT RULES
AGAINST COUNTY ON BOND SUIT—Because the suit was filed in 1936,
10 years after the transaction had been completed, the Arkansas Supreme
Court has held that the statute of limitations bars recovery by Mont¬
gomery County in a $35,000 action against W. J. Ellington, former county
judge; Morris Elder, former county treasurer; O. M. Radford, banker, and
Jerry Witt, attorney.
County Judge Joe Denby, plaintiff, asserted that
prior to issuance of $112,000 of bonds Jan. 21, 1926, to pay county debts
Ellington and his associates bought county warrants at 35 to 50 cents of the
dollar and then sold at par to the county to make a profit of $35,000.
The
transaction was not brought to light until Montgomery County records
were examined by the Arkansas auditorial department.
SOUTHEAST ARKANSAS LEVEE DISTRICT (P. O. McGehee),
REFUNDING PLAN STILL PENDING—Adoption of a
Ark.—BOND
plan to refinance $2,413,500 of bonds of the Southeast Arkansas levee
District is now conditioned upon termination of receivership established
February, 1932, by the United States District Court at Little Rock,
assent of two-thirds of the bondholders.
A further condition that
in
and
by 90 per cent, of holders of bonds to mature to July 1,1937.
thereto.
assent be given
(P.
O. Mont¬
gomery) Ala.—PAVING BONDS MARKETED—The following report is
taken from the Montgomery "Advertiser" of June 1:
State officials yesterday delivered $1,750,000 of road paving bonds to
the pin-chasers and received from the engravers approximately $2,145,000
and prior
issued to complete the transaction whereby the State acquired
and opened to free traffic the former Cochrane toll bridge over Mobile Bay.
The road bonds which bear 3% interest, were bought by a group of
Bluff,
ALABAMA
STATE
HIGHWAY
CORPORATION
more,
Alabama banks and bond concerns, from whom the State received
a
check
for the entire amount when delivery was made.
This money will be used
like amount of Federal aid, and the resulting $3,500,000 total
will finance a new road paving program.
These bonds were issued by the Alabama Highway Corporation created
to match a
by the Harrison Act of the present Legislature, the Corporation being com¬
posed of members of the State Highway Commission. Each bond bore the
signature of President Gaston Scott, of the Highway Commission who is
also President of the Corporation, and was countersigned by Fred O.
McManus, as Secretary of the Corporation. Mr. McManus is also Secretary
of the
Highway Commission.
Under the law, all money derived from the sale of bonds issued"by the
Corporation to match Federal aid, as well as the Federal funds so matched,
be spent for road paving only.
Interest and principal of the bonds
are payable out of a special fund in the State treasury created by the setting
aside of one-half a cent a gallon of the State's share of proceeds from the
State gasoline tax.
Matching to be carried out immediately with the $1,750,000 derived
from the bond sale, will take up the remainder of the $2,600,000 of Federal
aid made available to Alabama for the Federal fiscal year ending July 1.
The rest has already been matched by the Highway Department.
Another $2,600,000 of Federal aid for roads will become available to
this State on and after July 1.
It is expected that the respective counties
will, within the 12 months thereafter, raise funds to match the greater part,
if not all of this amount.
Plans for doing so have already been discussed
by the Highway Commission with members of the governing bodies of a
The plan contemplates an annual levy of $177,000, of which 25% will
be credited a levee maintenance funds, and $15,000 to a fund for salaries
administrative expenses.
The balance thereafter would be
to the sinking fund of which the Simmons National Bank, Pine
would be depository and trustee.
Purchases on tenders would be
advertised by the sinking fund trustee, when the total credit reaches $25,000.
The refinancing bonds would be issued at 4 %.
It is further stipulated that the district deposit $114,461.25 with the
Mercantile-Commerce Bank & Trust Co. of St. Louis, for payment of
interest on a basis of $47.50 per $1,000 of debt.
In December, 1935, the
United States District Court ordered payment of interest on a basis of $20
and
other
credited
per
JH|
$1,000 of debt.
will hold hearing June 23 at Little Rock
receivership and Grady Miller, receiver,
will report at that time on the district's condition.
The refinancing plan has been approved by the district's board of direc¬
on
Federal Judge Heartsill Ragon
the petition to terminate the
by the bondholders protective committee, St. Louis.
tors after submission
The board
at a
meeting May 18 at Lake Village approved the plan and also
application now pending with the Reconsturction
for a loan equal to 75% of the outstanding debt.
voted to withdraw an
Finance Corporation
must
CALIFORNIA
MUNICIPAL
BONDS
Revel Miller & Co.
MEMBERS.
650 So.
Los Angeles Stock Exchange
Spring Street
Telephone: VAndike 2201
•
Los Angeles
Teletype: LA 477
SAN FRANCISCO
SANTA ANA
number of counties.
The Mobile Bay bridge
bonds, which bear interest at the rate of 4%
in denominations of $50, $250, $500 and $1,000, respectively.
signed by C. B.
are
CALIFORNIA
All must be
Rogers, President of the State Board of Administration
who is also President of the Alabama
Bridge Authority created by Act of
the Legislature, which issued the bonds; and by Gaston Scott.
The entire
issue falls due in 20 years and is, by law, an obligation of the State Highway
Department which pays the interest out of department funds.
As soon as all have been signed, they will be exchanged with holders
Corporation which erected and formerly
operated the Cochrane bridge, for the original bonds now in possession of the
bondholders. This exchange will be completed on or before July 1 and will be
carried out, it is understood, by the First National Bank of Mobile, as
of bonds of the Mobile Bay Bridge
trustee.
ANNISTON,
Ala.—BOND OFFERING—Sealed bids will be received
10, by Mayor W. S. Coleman, for the purchase
public impt. refunding bonds.
Denom. $1,000.
Dated July 1, 1937.
Due $2,000 from July 1, 1938 to 1947. incl.
Prin.
and semi-ann. int. payable at the Chase National Bank, New York.
The
until 7.30 p. m. on June
of a $20,000 issue of 5_%
bonds will be sold subject to the approval of Storey, Thorndike, Palmer &
Dodge of Boston.
HARTSELLE, Ala.—PWA LOAN HELD UP BY LITIGATION—It is
stated by Leon Livingston, City Clerk, that a loan of $33,000 for an elec¬
HAWTHORNE,
Calif.—BONDS DEFEATED—At
the election held
3541—the voters defeated the proposal to issue
$235,000 in 4H% refunding bonds, according to the City Clerk.
on
3—V.
June
ANGELES,
LOS
stated
144,
that the
p.
Calif.—BONDS READY
Department of Water and
FOR DELIVERY—It is
Power electric plant revenue
bonds, issue of 1937, series A 3H%, due serially, and series B 3^%, due
on Jan. 15, 1977, in definitive form, with July 15,
1937 and subsequent
attached, are ready for delivery in exchange for
outstanding
bonds at the National City Bank of New York, and the Bank of
P. and S. A., Los Angeles.
The exchanges commenced on
coupons
temporary
America, N.
June 7.
LOS ANGELES COUNTY
MENT SHOWN IN
(P. O. Los Angeles), Calif.—IMPROVE-
SPECIAL
DISTRICT
TAX
collections for the fiscal year 1936-37 in Los Angeles
showed
a
COLLECTIONS—Tax
County special districts
decided improvement over the year 1935-36, according to a survey
just released by Morrison Bond Co., Ltd., 621 South Hope Sts., Los Angeles.
Improvement was indicated in 128 out of 208 districts, with no levy made
in four other districts.
Of 59 county acquisition and improvement dis¬
tricts, increases in collections were recorded in 26, figures were not available
Financial
4048
In two, and one district had no levy.
County
an increased collection in 6 out of 16,
additional districts.
showed
road improvement districts
with no levy made in two
City tax collections were better, generally speaking, than county.
Of
33 city municipal improvement districts, increases were recorded in 22,
with no levy made in one additional district.
Reflecting the improved tax situation, special district bonds have held
firm in most cases, or dropped very slight in sympathy with the general
decline in the bond market.
Relatively few of the special district bonds
have been showing in the market, due primarily to the fact that the serial
maturities are reducing the amount of bonds outstanding and to the addi¬
tional fact that most of these issues are very closely held.
June 12, 1937
Chronicle
legal proceedings" to determine the validity of the ordinance and of the
new bonds which it is proposed to issue.
The measure provides that should the court hold the new bonds may be
issued legally, the manager of revenue shall advertise for bids for the sale
of the new bonds and take other necessary steps to complete the refunding
operation.
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—CARMENITA
BONDS OFFERED—The County Clerk will receive
SCHOOL DISTRICT
bids until 2 p. m. June 22, for the purchase of
School District
LOS
ANGELES
COUNTY
(P.
$25,000 bonds of Carmenita
Los Angeles), Calif.—HUDSON
O.
SCHOOL DISTRICT BOND ELECTION—An election is planned for June 18
proposal to issue $40,000 school building bonds
at which a
will be voted upon.
MADERA COUNTY
{P. O. Madera), Calif.—CHOWCHILLA SCHOOL
School District bonds
offered on June 7—V. 144. p. 3716—were awarded to the Bankamerica
Co. of San Francisco as 3Hs, at par plus a premium of $81, equal to 100.231,
a basis of about 3.48%.
Dated Jan. 1, 1987.
Due on June 1 as follows:
$1,000 in 1940: and $2,000, 1941 to 1957.
Redfield, Royce & Co. of Los
Angeles bid a premium of $11 for $11,000 4s and $24,000 3H|s.
Kaiser <te
Co. of San Francisco offered a premium of $61 for $2o,000 4s and $12,000
BONDS SOLD—The $35,000 Chowchilla Elementary
3M8.
COUNTY
MONTEREY
(P.
O.
Salinas)
Calif.—ALISAL
UNION
SCHOOL DISTRICT BOND OFFERING—It is stated by C. F. Joy, County
June 14. for the
purchase of $25,000 school bonds. Interest rate is not to exceed 5%, payable
J. & D.
Denom. $1,000.
Dated June 1, 1937. Due $1,000 from 1938 to
1960, and $2,000 in 1961. Prin. and int. payable at the County Treasury in
Salinas. Bids are to be for not less than par and accrued Interest to date of
delivery. Bids may be for all or any portion of said bonds. Different rates of
interest for different maturities may be bid. Bonds will be delivered at the
office of the County Treasurer.
A certified check for not less than 10% of
the par value of the bonds bid for, payable to the order of the above County
Clerk, that he will receive sealed bids until 10 a. m. on
Clerk, is required.
The Alisal
Union
School
said
date
Alisal
School
Sausal
District under the
1, 1934. Prior to
District is composed of Alisal and El
School Districts and has been acting as a Union School
California continuously since July
laws of the State of
District had been acting as a school district con-
tinuous'y since 1872 and El Sausal School District had been acting as such
continuously since 1873.
The assessed valuation of the taxable property in said Union School
District
is
and
$1,584,135
outstanding bonded
amount of the
the total
indebtedness is $17,000 in addition to which there is a bonded Indebtedness
of $3,000 of El Sausal School District which is now a part of said.Aiisal
Union School District.
SAN
BERNARDINO
COUNi
t
(P.
O.
San
Bernardino), Calif.—
OFFERED—H. L. Allison, County Clerk, will
a. m. June 14, for the purchase of $60,000 bonds of
School District.
Interest rate is not to execcd 4%.
Denom. $1,000.
Dated July 1, 1937.
Due July 1, 1943.
Certified check
for 5%, required.f
COLTON SCHOOL BONDS
receive bids until 11
Colton Elementary
SAN
BERNARDINO
MISSION
SCHOOL
COUNTY
BONDS
(P.
O.
SOLD—The
San
Bernardino), Calif.—
Mission
$22,000
Elementary
District coupon bonds offered on June 1—V. 144, p. 3541—were
awarded to Weeden & Co. of Los Angeles, as 2H&, at par plus a premium
School
of $5.05, equal to 100.022, a basis of about 2.24%.
Denom. $1,000.
Interest [payable Jan. 1 and July
SAN
1.
Dated July 1, 1937.
Due July 1, 1941.
MARINO, Calif.—BONDS DEFEATED—At the recent election
$1,320,000 water
the voters of the city turned down the proposal to issue
distribution system bonds.
h
TRINITY COUNTY (P. O. Weaverville) Calif.—INTEREST RATE—
are now informed by the County Clerk that the $60,000 County High
We
Bankamerica Co. of San Francisco,
a price of 100.715, as noted here recently—-V. 144, p. 3871—were sold as
4^s. Coupon bonds, dated July 1, 1937. Denom. $500. Due from July 1,
1938 to 1947 incl. Interest payableX & J. Basis of about 4.35%.J
School District bonds purchased by the
at
FLORIDA
DADE COUNTY SCHOOL DISTRICTS (P. O. Miami). FU.—BONDS
VALIDATED—Circuit Judge Paul Barnes recently validated Special Tax
School District bonds aggregating $7,574,000, sold on April 27 for the re¬
tirement of the remaining portion of a refunding bond issue, as noted in
these columns at the time—V. 144, p. 3044.
C. W. Peters, School Board
of our refunding bond program.
1934-35 subject to call.
School
7, 9 and 13.
attorney, said this step "is the last phase
We are taking up all those bonds issued in
districts affected are Nos. 2, 3, 4, 5, 6,
FLORIDA, State of —LEGISLATIVE SUMMARY ISSUED—'The fol¬
lowing statement has been prepared by the Clyde O. Pierce Corp., Barnett
Building, Jacksonville:
Legislative Summary June 1, 1937
Definite guarantee that proceeds from three cents of the State gasoline
will continue indefinitely to be available for Florida road and bridge
tax
bonds is being given by this Legislature.
The House has passed House Bill 281,
increasing the credit of counties
in the State gas tax pool by the amount of money spent by the counties for
roads taken into the State system since 1931.
The original gasoline alloca¬
tion
Act
allowed
for only the cost
of those roads paid for by the
counties and taken
Senate has
a
over
by the State prior to 1931.
The
same
bill in the
favorable committee report and will be acted upon soon.
Fourteen counties will have been paid back out of the gasoline tax by
1938 for money they invested in roads.
By 1941, 30 counties out of 67 will
have
been
paid
back.
Legislative leaders,
the present allocation law, foined little and
these bills.
At the same time they served
fearing some disturbance of
bid county factions In backing
notice on Governor Cone that
neither the Senate nor the House will permit any diversion of the gasoline
applied to bonds or roads, for general State expense.
The 1937 Legislature in strong contrast to the 1935 body, has done nothing
to impair credit or revenue of public bonds.
It has even passed a number
of local Acts turning portions of the gasoiine fund over to bolster municipal
bonds, when a surplus remains from servicing county obligations.
End of this Legislature will see county road and bridge bonds in far
stronger position than before, with big county opposition to present gasoline
tax allocation virtually dismissed.
A definite policy will be under way to
tax as
surplus gasoline funds for the payment of municipal obligations, as
as
for other county debt not previously included in the road and
bridge brackets.
So-called "gas tax" bonds, where a sufficient revenue for all debt service
requirements is available without need for the levy of ad valorem taxes,
should hereafter escape the past undeserved discount of their intrinsic worth
by the .investor in Florida securities.
"
use
VENTURA COUNTY
(P. O. Ventura) Calif.—FILLMORE UNION
HIGH SCHOOL DISTRICT BOND OFFERING— Sealed bids will be received
until
10
chase of
a.
June 21, by L. E. Hallowell, County Clerk, for the pur¬
issue of $135,000 2H% school bonds.
Denom. $1,000. Dated
m.
an
July 1, 1937.
on
Due on July 1
as
follows: $13,000, 1938 to 1942, and $14,000,
1943 to 1947.
Prin. and int. (J. & J.) payable at the County Treasurer's
office.
A certified copy of the abstract of the proceedings with reference
to
this Issue will be furnished free of any cost
to the purchaser of these
bonds, but no legal opinion will be furnished. These are the bonds approved
by the electors on May 4, as noted in these columns—V. 144, p. 3541. A
certified check for 2% of the bid, payable to the County Clerk, must
accompany the bid.
The following information is furnished with the offering notice:
Fillmore Union High School District was organized May 29, 1909.
The
area of the district is approximately 121,600 acres, and includes the in¬
corporated City of Fillmore and the Village of Piru. The estimated popu¬
lation is 7,500. The principal industries are agriculture, citrus fruit growing
and a very large production of high gravity oil.
The total bonded in¬
debtedness, including this issue is $211,000.00.
The assessed valuation of
the property within this district is $7,044,788.00 and the estimated valua¬
tion of the property is $20,000,000.
WATSON VILLE,
Calif .—BOND SALE—'The $64,000
municipal im-
lonnellan
Srovement & Co. of San Francisco at par plus a p. 3871—were awarded to
bonds offered on Junei8—V. 144, premium of $112, equal to
the remaining $50,000
Due on-July 1 as follows: $4,000 in 1938;
Co. of San Francisco bid a premium
100.175, the first $14,000 to bear interest at 5% and
at
2%.
Dated July 1, 1937.
and $5,000 from 1939 to 1950.
Kaiser &
of $463 for $19,000 5s and $45,000 2s.
.
well
FORT
MYERS, Fla.—SUPREME COURT REFUSES TO VALIDATE
reported to have affirmed
denying the petition of
refunding bonds.
The
proposed bonds would have been secured by unlimited taxation, while the
original securities were limited in the amount of taxation that could be raised
REFUNDING BONDS—The Supreme Court is
decision of Circuit Judge George W. Whitehurst,
the above city, to validate a $3,000,000 issue of
a
for them.
The State and the Atlantic Coast Line railroad contested the validation
of the issue.
NEW PORT
—Under date
RICHEY, Fla.—NEW BONDS READY FOR EXCHANGE
the Bondholders' Association of the above city
of June 5,
has announced that the new bonds, in
ready for exchange on June 15.
The new bonds will be dated
the amount
of
$570,000
will
be
1, 1936, and mature in 30 years.
Accrued interest prior to Jan. 1, 1934, will be canceled.
Int. from that
date to July 1, 1937, will be paid at the rate of 1% per annum.
The bonds will be callable in numerical order, and interest will be paid
Jan.
ranging from 1% to 5%.
Giles Patterson, attorney, of Jackson¬
ville, will furnish an approving legal opinion.
►•Holders are requested to forward their securities to the First National
Bank at Clearwater, Fla.
Robert M. Hart, 135 South La Salle St., Chicago, 111., is Secretary of
at rates
the association,
SANFORD, Fla.—REPORT ON PROGRESS OF BONDEXCHANGE—
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO—WYOMING
DONALD F. BROWN & COMPANY
DENVER
Telephone:
Keystone 2395
—
Teletype: Dnvr 581
COLORADO
CRAIG, Colo.—BOND SALE—Subject to approval of the voters, an
of $30,000 supplemental water extension bonds has been sold to
Bosworth,iChanute,|LoughridgeI& Co. of Denver.!
issue
DENVER, TColo.—REFUNDING TISSUE PLANNED TO TEST CITY
COUNCIL'S POWER—We quote in part as follows from an article appear¬
ing in the Denver "Rocky Mountain News" of June 5:
waAn ordinance (providing for the^issuance by the city of $4,595,000 worth
of special (improvement district (refunding {bonds has been prepared for
introduction at thefcityfcounciltmeeting Monday to provide a basis for a
court test of the'council's power to authorize such aYefunding operation.
City officials said they -wanted to clear up a number of legal questions
which arose recently when (an attempt was made to issue new^special im¬
provement {bonds to reducelinterest|rates.
When two Conditional (offers for the proposedjaew'^bonds were'rejected by
the {city, the (question (was raised as to whether the council had the right
to authorize tne issuance of new bonds toitake the place of those now
outstanding.
tThe proposed ordinance'was'drawn up bylAsslstant City'Attorney Glenn
G. Saunders at the request of a'groupjof councilmen.
The measure provides
exceeding 5%,
for the Issuance of refunding bonds at an interest rate not
and also instructs "the proper officers of the city to commence appropriate
Mayor Edward Higgins stated on JunC 8 that 94% of the city's original
bond issue has been exchanged for low-interest bonds, according to press
advices. The issue of $5,884,000 has been in default for some time, he said,
but the new program will make it possible for the city to meet interest
requirements without additional burdens on the taxpayers. City attorneys
are seeking to have the remaining 6% of bonds exchanged, Mayor Higgins
reported.
SEBRING, Fla.—REFINANCING PLAN ACCEPTED BY VOTES—
of Sebring took the first definite step toward a final
bond debt on May 19 when they voted 224 to 24 to
accept the refunding contract recently completed by John E. Connolly,
John O. Wilson and Geo. E. Sebring, the committee appointed by the city
council to negotiate with the Sebring Bond Holders' Committee.
Although representatives of owners of more than half the $2,800,000 in
bonds have agreed to come in under the contract, the big problem now
faced by the city, and the bond holders' committee is to secure the endorse¬
The property owners
settlement of the city
ment of the balance of the
bondholders.
Although several cities in the State are in the throes of refunding none
had the per capita debt of Sebring and none are reported to
have secured
a contract to cut principal.
Sebring with a cut of 50% in principal will face
the same problem of putting the plan over as other cities, besides having a
harder problem in selling the plan to bondholders who are not familar with
conditions here, it is said by some citizens who have been working on
refunding plan.
the
VERO BEACH, Fla .—REFUNDING BONDS NEARLY READY FOR
EXCHANGE—R. E. Grummer & Co., fiscal agents for the above city,
have announced under date of June 2, that refunding bonds, on deposit
at the
First National Bank of Chicago, 111., will be ready
for exchange about
Holders are requested to forward their securities
bank promptly,
M Caldwell & Raymond of New York have already given their preliminary
approving legal opinion.
k^The city is in default in the amount of $700,500 principal and $320,219
Interest.
The total interest default, including interest on past due bonds
after maturity, is $444,809.
the middle of next month.
to the
Volume
Financial
144
The agents will pay
a
sum
would
equivalent to the amount holders
receive if 75% of the interest accruals to the nearest semi-annual coupon
ppaylng date at or prior to Jan. 1, 1937, had evidenced interest at the
rate of 2% per annum instead of the rate which they actually evidence
at par.
WASHINGTON COUNTY SPECIAL TAX SCHOOL DISTRICT
(P. O. Chip icy), Fla.—BOND OFFERING— Sealed bids will be
received by D. D. Bass, Chairman of the Board of Public Instruction,
until July 3, for the purchase of a $5,000 issue of 5% semi-ann. school
bonds.
Denom. $100.
Dated July 1, 1937.
Due $200 from July 1, 1939
to 1963, incl.
The bid must be accompanied by a certified check for $350,
NO. 7
4049
Chronicle
Securities Corp, of Indianapolis.^'Dated'March 1, 1937, and
foliows> $2,000 from 1938 to 1943 incl. and $500 in 1944.
due June 1
as
_
The
City Securities Corp. of Indianapolis paid a price of par plus a
premium of $381, equal to 103.04, a basis of about 3.12%.
HOWARD COUNTY (P. O. Kokomo), Ind.—WARRANT OFFERING
—Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
on June 15, for the purchase of $135,000 not to exceed 6% interest tax
anticipation notes.
Dated June 15, 1937.
Denom. $5,000.
Payable <m
Nov. 15, 1937 at the County Treasurer's office.
A certified check for 3%
of the issue, payable to the order of the Board of County Commissioners,
must accompany each proposal.
payable to the Board.
INDIANAPOLIS SCHOOL CITY,
ATLANTA,
Ga.—BOND
of Chicago, as 2Ms, at a price
PROPOSAL APPROVED—It
is
stated
by
B. Graham West, City Comptroller, that the voters appear to have sanc¬
tioned the constitutional amendment permitting the city to issue refunding,
bonds, and to fund its deficit of $1,700,000, submitted at the general elec¬
tion
on June 8.
Ga.—PWA LOAN FOR WATERWORKS NOT AVAIL¬
aid on its
projected $1,000,000 improvement of the municipal waterworks, it was
decided recently by Mayor Hartsfield
and
W. Zode Smith, General
Manager of the Water Department, according to report. J. H. Johnston,
State director of PWA, is said to have advised Mr. Smith that public
works projects must be completed prior to July 1, 1938.
Under present
fiscal arrangements, it is expected that the city will pay for the improve¬
ments over a period of five years by setting aside 10% of
waterworks
receipts.
PWA cannot accept such an arrangement, Mr. Johnston is said
ATLANTA,
ABLE—The city cannot obtain Public Works Administration
to have stated.
,
AUGUSTA, Ga .—BONDS VOTED—We
informed by J. W. West¬
moreland, Olerk of the Council, that at the election held on June 2 the
voters approved the issuance of the $930,000 in 3% various Improvement
bonds by very wide margins.
Due serially over a period of 30 years.
He
states that the date of sale cannot be fixed until the bonds have been
are
validated.
ROCKMART SCHOOL DISTRICT (P. O. Rockmart), Ga .—BOND
SALE DETAILS—In connection with the sale of the $20,000 school bonds,
noted in these columns recently—V. 144, p. 3381—it is stated by the
Secretary of the Board of Trustees that the bonds were purchased by
Johnson, Lane, Space & Co. of Savannah, as 3 Ms. paying a premium of
$510, equal to 102.55, a basis of about 3.22%.
Due $1,000 from Jan. 1,
1938 to 1957, inclusive
SUWANEE
CONSOLIDATED
Ind.—LIST OF BIDS—The $100,June 2 to Halsey, Stuart & Co., Inc.,
of 100.068, as previously reported—V. 144,
p. 3872—were also bid for as follows^
Bidder—
Rate Bid Int.Rate
First National Bank, Chicago
101.537
2M%
Union Trust Co., Fletcher Trust; Co. and Indianapolis
\
Bond & Share Corp:, Indianapolis
——
100.568
2 M%
Brown Harriman & Co., Inc., Chicago
100.58
2%%
City Securities Corp., Indianapolis
100.679
2\
Harris Trust & Savings Bank, Chicago.
100.329
2]
Stranahan, Harris & Co., Inc., Toledo
—....
100.687
2\
Bancamerica-Blair Corp. .Chicago
100.527
2)
Braun, Bosworth & Co., Toledo
101.636
2
McNurlen & Huncilman, Indianapolis..
...
100.512
2%%
000 school building bonds awarded
GEORGIA
SCHOOL
DISTRICT,
Gwinnett
County, Ga.—BOND ELECTION—An election is to be held on June 19
for the purpose of voting on the question of issuing $24,000 school building
MADISON COUNTY
CP. O. Anderson), Ind.—BOND OFFERING—
sealed bids until 10 a. m.
(.Central Standard Time) on June l9, for the purchase of $42,500 not to
exceed 4M% interest "advancement fund bonds, series A of 1937." County
will use tne proceeds to cover cost of poor relief in Anderson and Monroe
Townships.
The bonds are dated June 15, 1937.
One bond for $500,
others $1,000 each,
Due as follows: $2,000 June 1 and Dec. 1 from 1938
to 1945, incl.; $2,000 June 1 and $3,000 Dec. 1, 1946; $3,000 June 1 and
$2,500 Dec. 1, 1947.
Bidder to name one rate of interest, expressed in a
multiple of H of 1 %.
Interest payable J. & D. A certified check for 3%
of the bonds, payable to the order of the Board of County Commissioners,
must accompany each proposal.
County -will furnish the approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis.
No con¬
ditional bids will be considered. Bonds will be delivered within 10days after
award.
They are direct obligations of the county, payable from unlimited
John J. Reddington, County Auditor, will receive
ad valorem taxes to be levied on all of its taxable property.
TIPTON,
Ind.—BOND OFFERING— Besse B.
Beyersdorfer, City
Clerk-Treasurer, will receive sealed bids until 7 P. m. on June 23, for the
purchase of $17,000 4% municipal swimming pool construction bonds.
Dated Dec. 1, 1936.
Denom. $500.
Due serially.
Interest payable
semi-annually. A certified check for $170 must accompany each proposal.
bonds.
IOWA
IDAHO
PRESTON, Idaho—BOND ELECTION—A special election is scheduled
for June 25 for the purpose of voting on the question of issuing $100,000
waterworks
bonds.
INDIANA
MICHIGAN
IOWA
CONSOLIDATED
DISTRICT
SCHOOL
(P.
O.
Bron-
son), Iowa—MATURITY—In connection with the report given here
recently that the refunding of $18,500 bonds had almost been completed
through Vieth, Duncan, Worley & Wood of Davenport, as 3s—V. 144, p.
3717—it is stated that the bonds mature on Nov. 1 as follows: $6,000 in
1938, and $2,500, 1939.to 1943. It is also reported that $3,500 of the 1938
maturity is optional on Nov. 1, 1937.
Municipal Bonds of
ILLINOIS
BRONSON
WISCONSIN
CRESTON,
ment
Bought—Sold—Quoted
Iowa—BOND SALE—An issue of $12,000 3% improve¬
fund bonds has been sold to the Carleton
McDermott & Sparks, of Des Moines, at par.
D.
Beh Co. and Shaw,
Due in 1946; callable after
1942.
DAVENPORT BRIDGE
135 So. Lv Salle
St., Chicago
State 0540
COMMISSION
(P. O. Davenport) Iowa—
BONDS SOLD BY RFC—The purchase of $1,136,000 In revenue bonds of the
above Commission from the Reconstruction Finance Corporation was
MUNICIPAL BOND DEALERS
announced in
Teletype CGO. 437
Washington on June 8 by Carleton D. Beh, of Des Moines. He
that the bonds will be refinanced and offered to the
is said to have reported
Jmblic on a 3 bonds. % They were a partisof the financing operation for the
the 4%
to 3 M interest basis. It reported that Mr. Beh paid 102.00
or
ILLINOIS
HARRISBURG
TOWNSHIP
HIGH
SCHOOL
DISTRICT
(P.
O.
construction, through the Public Works Administration, of a bridge over the
Mississippi River at Bettendorf, Iowa, and are obligations of the City of
Harrisburg), HI.—BONDS VOTED—A proposition to issue $82,500 school
building bonds was approved by the voters at a recent election.
Davenport.
MATTOON, III.—BOND SALE DETAILS—The $78,000 3M% general
obligation judgment funding bonds sold to C. W. McNear & Co. or Chicago,
as reported in these columns at the time—Y. 144, p. 2177, were sold to the
bankers at 100.166, a basis of about 3.48%. Due Feb. 1 as follows: $2,000
1940 and 1941; $3,000, 1942.to 1944 incl.; $4,000,1945 to 1947 incl.; $5,000,
T. Stark, City Treasurer, that the $157,323.33 coupon judgment funding
bonds scheduled for sale on May 28, the award of which was held up pend¬
1948 to 1954 incl. and $6,000 from 1955 to 1957 incl.
prST.
COUNTY
CLAIR
(P.
O.
Belleville),
III.—LEGISLATURE
ASKED TO APPROVE BOND ISSUE—The Illinois General Assembly will
be asked to enact a measure'validating a proposed issue of $350,000 bonds
by St. Clair County, proceeds from the sale of which are to be used in
construction of
county tuberculosis hospital.
Last September the people
voted to levy a tax for the purpose, but through an error the ballots were
worded incorrectly and as a result the trustees have the power to levy the
tax but no authority to issue the bonds.
a
WILL COUNTY SCHOOL DISTRICT NO. 86 (P. O. Joliet), 111.—
BOND SALE—The issue of $65,000 refunding bonds offered on June 7
—V. 144, p. 3717—was awarded to the Bancamerica-Blair Corp
N. Y.
,
as
2%b, at par plus a premium of $415, equal to 100.638, a basis of about
2.69%.
Dated July 1, 1937 and due July 1 as follows: $10,000 from 1947
to 1951, incl. and $15,000 in 1952.
Second high bid of par and a premium
of $410 for 2Ms was made by Halsey, Stuart & Co., Inc., New York.
WILL COUNTY HIGH SCHOOL DISTRICT NO. 204 (P. O. Joliet),
111.—BOND SALE—The issue of $60,000 refunding bonds offered on June 7
—V. 144, p. 3717—was awarded to the Bancamerica-Blair Corp., New York,
as
2%s, at par plus a premium of $605, equal to 101.008,
Dated July 1, 1937 and due $30*000
2.66%.
on
a basis of about
July 1 in 1950 and 1951.
Second high bid of par and a premium of $600 for 2 Ms, was made by the
Mississippi Valley Trust Co., St. Louis.
DES
MOINES, Iowa—BONDS SOLD—We
are now informed by John
a different rate on the bid, as noted in these columns—V. 144, p. 3872
awarded on May 29 to the Carleton D. Beh Co. of Des Moines, as
3s, at par, which was the interest rate desired.
All other bids were for
3Ms and 3Ms.
Dated June 1,1937. Due on June 1 as follows: $2,323.33,
1938; $5,000, 1939 to 1945; $10,000, 1946 to 1948; $20,000, 1949 to 1951
and $15,000 in 1952 and 1953.
ing
—were
IOWA, State of—ATTORNEY GENERAL CLARIFIES TAX EXEMP¬
TION ACT—It was held recently by Attorney General John H. Mitchell
that homestead occupancy under the new homestead tax reduction act
"must be in good faith'* to base a valid application for benefits under the
law.
The opinion, drafted by N. S. Genung, Assistant Attorney General,
is said to have been based on the hypothetical case of a farmer who contem¬
plates building a shack on his land and moving several pieces of furniture
into it, or moving frniture into the loft of his barn to claim a homestead
exemption.
The opinion held that no homestead tax emption could be
received.
LOST NATION INDEPENDENT SCHOOL DISTRICT
(P. O. Lost
Nation), Iowa—BOND OFFERING—It is reported that bids will be re¬
ceived from 7:30 p. m. on June 15 by H. F. Burrichter, District Secretary,
for the purchase of a $13,000 issue of building bonds.
Interest rate is not
to exceed 4%, payable J. & D. Denom. $1,000.
Due $1,000 from Dec. 1,
1938 to 1950, incl. The approving opinion ofrChapman & Cutler of Chicago
will be furnished. These bonds were approved by the voters at an election
held on April 8.
MINGO
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Mingo),
Iowa—BOND SALE—'The $27,000 issue of refunding bonds offered for
144, p. 3717—was awarded to Shaw, McDermott &
sale on June 4—V.
INDIANA
BEDFORD,
Ind.—BOND SALE—The issue of $44,000 water works
on June 9—V. 144, p. 3872—was awarded
Securities Corp. of Indianapolis, as 3 Ms, at par plus a premium
of $237.50, equal to 100.5o9, a basis or about 3.43%.
Dated May 1, 1937
and due Nov. 1 as follows:
$2,000, 1938 to 1943, incl.: $3,000 from 1944
to 1947, incl. and $4,000 from 1948 to 1952, incl.
The Bedford National
Bank of Bedford, second high bidder, offered to pay par plus a premium
of $15 for 3Ms.
revenue
bonds of 1937 offered
to the City
SCHOOL
TOWNSHIP
(P. O.
Boonville), Ind.—BOND
OFFERING—Daniel A. Campbell, trustee, will receive sealed bids until
BOON
Sparks, of Des Moines, as 2Ms, according to the Secretary of the Board of
Directors.
Vieth, Duncan, Worley & Wood, of Davenport, offered $520
premium on 3s.
OTO INDEPENDENT SCHOOL DISTRICT (P. O. Oto), Iowa—
BOND SALE—The $3,500 issue of school bonds offered for sale on May 10
—V.
p. 3214—was purchased by the Sioux Valley Savings Bank of
as 3 Ms, according to the District Secretary.
Dated March 1.
Due $500 from March 1, 1942 to 1948, incl.
144,
Smithland
1937.
WEBSTER CITY, Iowa—BIDS REJECTED—The $7,500 2M% fire
equipment bonds offered on June 7—V. 144, p. 3872—were not sold, the
city rejecting the bids.
Dated Nov. 1, 1936.
Due on Nov. 1 from 1937
to 1946.
2 p. m. on June 25, for the purchase of $10,000 not to exceed 5% interest
bonds.
Dated April 15, 1937.
Denom. $500.
Due $500 July 1, 1938;
$500 Jan. 1 and July 1 from 1939 to 1947, incl. and $500 Jan. 1, 1948.
name one rate of interest, in a multiple of M of 1%.
Interest
payable J. & J.
A certified check for $200, payable to the order of the
township, must accompany each proposal.
The bonds are direct obliga¬
tions of the township, payable from unlimited ad valorem taxes.
Success¬
ful bidder will be furnished the approving legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis. No conditional bids will be considered.
Bidder to
EVANSVILLE, Ind.—BOND OFFERING— Gilbert H. Bosse, City
Comptroller, will receive bids until noon June 21, for the purchase of
$425,000 refunding bonds.
Bidders are to specify rate of interest, in a
multiple of M %, but not to exceed 3 M %. Denom. $1,000. Dated July 1,
1937.
Interest payable Jan. 1 and July 1.
Due on July 1 as follows:
$22,000, 1938 to 1942. and $21,000, 1943 to 1957.
FORT WAYNE, Ind.—NO FURTHER BOND ISSUES THIS YEAR—
City Comptroller, informs us that the city will not issue
further bonds during the present year.
The last sale occurred on
April 15, when a $90,000 refunding issue was awarded to DeWees & Ehrman
of Fort Wayne, as 3s, at a price of 100.344, a basis of about 2.96%.
KANSAS
ATCHISON,
Kan.—BONDS SOLD—It
is reported that the SmallMilburn Co. of Wichita, purchased on June 1 a block of $28,500 2H%
semi-ann. street improvement bonds.
The City
National Bank of Atchison is said to have purchased at the
time $10,000 2M% semi-ann. street improvement bonds.
(The ordinance authorizing the issuance of these bonds was approved in
April, as noted in these columns at the time—V. 144, p. 3046.)
same
CONCORDIA, Kan.—BOND SALE—The city recently sold $23,348.89
bonds. Estes, Payne & Co. of Topeka took
$14,000, and the remaining $9,348.89 bonds were issued to the Cloud
County Bank, the Fidelity State Bank, and the First National Bank, all of
Concordia, jointly.
water works system revenue
PARSONS, Kan.—BOND OFFERING—O. M. Raymond, City Clerk,
2% % refunding waterworks bonds.
Due $5,000 yearly on July 1 from
any
is offering for sale an issue of $50,000
Denom. $1,000.
Dated July 1, 1937.
HUNTINGTON, Ind.—BOND SALE—The $12,500 4% fire truck pur¬
chase bonds offered on June 7—V. 144, p. 3872—were awarded to the City
SHAWNEE COUNTY (P. O. Topeka). Kan.—BOND SALE—An issue
of $25,000 2M% county work relief bonds has been sold to Estes, Payne
& Co. of Topeka at a price of 101.059.
Due serially in 10 years.
Louis F. Crosby,
1938 to 1947, inclusive.
4050
Financial
STAFFORD SCHOOL DISTRICT (P. O. Stafford), Kan.—
SOLD—It is stated by Prank L. Irwin, Superintendent of Schools, that the
$70,000 3% building bonds approved by the voters oh May 4, as noted in
these columns—V. 144, p. 3375—were purchased by the State School Fund
Commission.
Denom. $1,000.
Dated July 1, 1937.
Due from July 1,
1938 to 1952.
Prin. and int. (J. & J.) payable in Topeka.
WELLINGTON, Kan.—BOND ELECTION— An
on
June 15 to vote
on
election
be
will
held
the question of issuing $32,000 park improvement
bonds.
'
KENTUCKY
Chronicle
not less than par
interest cost to
the State.
The amount of any premium offered will be
deducted from the total amount of interest to be paid by the State at the
or rates of interest specified in the
bid, in determining the best bid
rate
submitted.
GLASGOW, Ky.—BOND ISSUANCE AUTHORIZED— The State's
Public Service Commission has granted to the city permission to issue
$275,revenue bonds to purchase the waterworks and build a filtration
plant, according to report. It is said that a few taxpayers filed suit to halt
the purchase by the city of the waterworks property, owned
accept delivery of the bonds in Baton Rouge, and to pay the purchase price
thereof not later than Aug. 20, 1937.
The approving opinion of Thomson,
Wood & Hoffman of New York, will be furnished.
A certified check for
by the Ken¬
I
KENTUCKY, State of—JUNE 1 WARRANT TOTAL PUT AT $15,566,601—The State of Kentucky closed the month of May with $15,566,601.74 owing in outstanding general fund warrants, and with a total cash
balance of $13,878,764.48 on hand, it was revealed on June 1
by State
Treasurer John E.
Buckingham.
City Clerk,
that $5,100 6% semi-annual street assessment bonds were
on June 7 but it was found
necessary to sell only $4,000
of the bonds, which were purchased by a local investor.
NATIONAL BANK
receive sealed bids until 7p.m. (eastern standard
time) on June 14 for the
purchaseof $100,000 coupon refunding bonds. Dated Aug. 1,1937. Denom.
$1,000. Due Aug. 1 as follows: $5,000, 1947 to 1951 incl.; $7,000, 1952 to
1956 incl. and $8,000 from 1957 to 1961 incl.
Bidder to name a single rate
of interest, in multiples of M of
1%.
Principal and interest (F. & A.)
payable at the Fidelity Savings Bank, Frostburg, or at the Manufacturers
Trust Co., New York City.
The bonds are payable from unlimited taxes.
A certified check for $2,000, payable to the order of the
Mayor and
each proposal.
(A preliminary notice of the offering appeared in
Raymond 5409
bonds in the present year.
of
indebtedness, known
ASCENSION PARISH SCHOOL DISTRICT NO. 7 (P. O. DonaldsonLa.—BOND OFFERING—The Secretary of the Parish School
EAST BATON ROUGE WATER WORKS DISTRICT NO. t
(P. O.
Baton Rouge), La.—BONDS DEFEATED—At the election held on June 1
144, p. 3375—the voters defeated the proposal to issue the $400,000
in water bonds, according to the Secretary of the Police Jury.
WICOMICO COUNTY
SCHOOL DISTRICT NO. 1
(P. O. Ruston), La.—BOND SALE—The $260,000 issue of school bonds
offered for sale on June 7—V. 144, p. 3718—was purchased
by the Whitney
National Bank of New Orleans.
Dated June 1, 1937.
Due irom June 1,
1962.
LIVINGSTON PARISH SCHOOL DISTRICT NO. 26 (P. O.
Springwere no bids received for the $30,000 school
ville), La.—NO BIDS—There
State
Dated May 1,
1937.
Due
SIGNS $12,000,000 IN CON¬
TRACTS FOR INDUSTRIAL EXPANSION—The
following is the text of
a special release from Baton Rouge on June 4:
November,
when his three point industrialization plan to attract new industries to his
State was overwhelmingly approved by the Louisiana electorate, he had
signed 15 contracts aggregating nearly $12,000,000 with 11 industrial con¬
cerns guaranteeing them immunity from property taxation for
10 years
on newly constructed plants.
In disclosing the progress made on his unique industrialization
plan, the
Governor said he expressed great confidence in the plan's expansion as other
industrial concerns realized the advantages of Louisiana's friendly offer of
cooperation.
He pointed out that the agreements he had made with private
industries set a precedent in establishing a contractual
relationship between
a State and a private enterprise.
He revealed that the effects of these new
capital expenditures, chiefly in the form of increased payrolls, had already
begun to show results.
Governor Leche explained that in return for tax exemption for a period
of 10 years, the agreements contained clauses providing that the
plants
must employ Louisiana labor wherever possible at reasonable
wages and
working hours; working conditions must be healthful and sweatshop
standards will not be tolerated; the approximate cost of new properties and
the date of completion are agreed upon.
The Standard Oil Co. of Louisiana has agreed to construct a $2,750,000
plant for the manufacture of lubricating oil and a $650,000 polmerization
plant to convert waste gases into high quality motor fuel.
Both plants will
be located at Baton Rouge.
The E. I.
Du Pont de Nemours Co. and the Ethyl Gasoline Corp. have
jointly signed an agreement to construct two plants in Baton Rouge at a
total cost of $3,000,000.
The original plant will cost $2,000,000 and
$1,000,000 will be expended on an addition.
Both will be used in the
manufacture of tetra-ethyl lead, an essential component of ethyl gasoline.
The Solvey Process Co. is building a $1,000,000 plant for the manu¬
facture of chlorine; Swift & Co. a $500,000 meat packing plant; Chalmette
Petroleum Corp. a $400,000 petroleum "cracking" plant and other com¬
panies are making smaller capital expenditures.
Faced with spirited competition from other southern States, all deter¬
mined to share in the current de-centralization and expansion movement of
industry, the State of Louisiana last fall seized the opportunity to evolve
this unique plan to attract new industry by presenting tangible evidence
of its cordial intentions toward industry via the tax-free formula.
To this end the Governor presented a three point program to the Louisiana
State Legislature.
The first two points, speedily passed by the Legislature,
Repeal of the State manufacturing tax and creation of a State
Department of Commerce and Industry.
The third was the ratification
by popular vote of an amendment to the State constitution, which permits
the Governor to exempt all new industries and additions to existing plants
from property taxation for a period of ten years.
This amendment was
adopted last November by one of the largest votes in Louisiana history.
were:
The tax
now
levied under the Constitution and Statutes of the State
on
gasoline, benzine, naphtha and other motor fuel in the amount of 4 cents
per gallon, shall continue so long as any of these bonds are outstanding,
and shall primarily be dedicated to the retirement of said bonds and int.
thereon, subject always to the prior charge on said tax of the bonds issued
under the provisions of Act 219 of the Regular Session of the Legislature
of 1928, Act 3 of the Extra Session of the Legislature of 1930, Act 2 of the
Regular Session of the Legislature of 1934, and Act 66 of the Regular Session
of the Legislature of 1936, but if by reason of any emergency or exigency,
the funds specifically pledged for the retirement of said bonds should prove
insufficient, then the State Treasurer is directed and authorized by Act 66
of the Regular Session of the Legislature of 1936 to use such other revenues
of the State Highway Commission as may be necessary to
pay said bonds
and interest thereon.
In addition to the above, the full faith and credit
of the State are irrevocably pledged for the amount of the principal and
interest on said bonds at maturity.
LOUISIANA,
State
of—BOND
OFFERING—Sealed
bids
will
be
received until 11 a. m. (Central Standard Time) on July 14, by L. P.
Abernathy, Chairman of the State Highway Commission, for the purchase
of a $5,000,000 issue of highway, Series S, coupon or registered bonds.
Interest rate is not to exceed 4%, payable J. & J.
Denom. $1,000.
Dated
July 1, 1937.
Due on July 1 as follows:
$30,000, 1941 to 1943; $34,000,
1944; $30,000, 1945 and 1946; $20,000, 1947; $10,000. 1948; $1,000, 1949;
$110,000, 1950; $160,000,1951 and 1952; $150,000,1953 and 1954; $160,000,
1955; $605,000, 1956; $870,000, 1957; $995,000, 1958; $1,060,000, 1959,
and
$365,OOO in I960.
of indentification.
This issue of bonds will be marked "S" for purpose
The bonds will be awarded to the bidder offering to pay
O.
Salisbury), Md.—BOND SALE—'The
MASSACHUSETTS
CAMBRIDGE,
Mass.—BOND SALE—The $200,000 coupon street
on June 10 were awarded to C..F. Childs & Co. of Boston
bid of 100.149 for l)^s, a basis of about 1.45%.
Dated June 1, 1937.
loan bonds offered
on a
Due $40,000 yearly on June 1 from
1938 to 1942, incl.
CANTON, Mass.—NOTE SALE—The Second National Bank of Boston
pin-chased on June 9 an issue of $100,000 notes at 0.43% discount.
Due
Dec. 1, 1937.
Merchants National Bank of Boston was second high, nam¬
ing a rate of 0.44%.
Other bids
were as
follows:
Bidder—
of—GOVERNOR
Governor Richard W. Leche announced today that since last
(P.
$29,000 school construction bonds offered on June 8—V. 144, p: 3873—were
awarded to W. W. Lanahan & Co. of Baltimore, as 3s, at a
price of 100.79, a
basis of about 2.955%.
Dated June 1, 1937 and due June 1, 1960.
PARISH CONSOLIDATED
on May 26—V. 144, p. 3543.
serially on May 1 from 1939 to 1957.
POSTPONED—TheMsale
for $500 must accompany each
Coblentz of Frederick.
—V.
bonds offered
SALE
coupon,
as
July 1, 1942, upon payment of the full amount and accumulated interest.
Principal and interest (J. & J.) payable in Middletown. A certified check
proposal. Legality approved by Leslei N.
Board will receive bids until July 1 for the purchase of $125,000 bonds of
the district.
LOUISIANA,
Council,
previous issue;.
HAGERSTOWN, Md.—NO FINANCING THIS YEAR—F. Richard
Crowther, City Clerk, informs us that the city does not contemplate issuing
ville),
1939 to
a
MIDDLETOW*
Md.—BOND OFFERING— George L. Daub, Town
Burgess, will receive sealed bids until noon on June 21 for the purchase of
$20,000 coupon water bonds.
Dated July 1, 1937.
Denom. $1,000.
Due
$1,000 on July 1 from 1938 to 1957 incl.
The bonds are redeemable after
ORLEANS, LA.
O. 182
LOUISIANA
LINCOLN
accompany
K
MARYLAND
certificates
Bond Department
Teletype N
must
■
.
registerable as to principal,
"general bond issue of 1927," has
been postponed.
Dated June 15, 1937 and due serially on June 15 from
1940 to 1952 incl. The postponement because of a petition ha ving been filed
pursuant to State laws requesting that the voters be given an opportunity to
pass on the issue.
A similar petition has been filed with respect to the
$1,000,000 State office building issue which was authorized by the 1937
legislature.
The general bond issue of 1937 is part of the total of $9,052,000
authorized at the regular legislative session in
January.
Wanted:
MUNICIPALS
Bell
Highway Commission,
M MARYLAND
(State
of)—BOND
scheduled for June 8 of $900,000 2% %
LOUISIANA & MISSISSPIPI
NEW
State
must accompany
scheduled for sale
WHITNEY
the
to
FROSTBURG, Md.—BOND OFFERING—Mayor Horace G. Evans will
VANCEBURG, Ky.—BONDS SOLD—It is stated by John A. Hallsted,
Offerings
payable
the bid.
000 in
tucky-West Virginia Public Service Co.
No bid for less than the entire issue will be considered, and no
bidder
will be allowed to designate more than three coupon rates.
Principal
and interest payable in lawful
money at the fiscal agency of the State in
New York, or at the State Treasurer's office.
All bidders must agree to
$50,000,
FULTON, Ky.—BONDS SOLD—The Bankers Bond Co. of Louisville is
reported to have purchased $45,000 4H% semi-ann. water works bonds.
June 12, 1937
and accrued interest, and to take the bonds at the lowest
Discount
R. L. Day & Co
Norfolk County Trust Co
First National Bank of Boston
Faxon & Co., Inc
0.54%
0.61%
0.64%
0.68%
;
DEDHAM, Mass.—NOTE SALE—An issue of $100,000 notes, dated
June 10, 1937 and payable Dec. 30, 1937, was awarded on June 9 to the
Merchants National Bank of Boston on a .44% discount basis.
Chace,
Whiteside & Co. of Boston bid .447% discount.
EASTHAMPTON, Mass.—NOTE SALE— On June 11
an
issue of $26,000
water loan notes was awarded to
Tyler & Co. of Boston on a bid of 100.633
for 2s, a basis of about 1.88%. Dated June 15,1937. Due from 1938 to 1947.
;*■
EVERETT, Mass.- -NOTE SALE—The $400,000
revenue
anticipation
notes offered on June 8—V. 144, p. 3873—were awarded to the Merchants
National Bank of Boston, at 0.68% discount.
Dated June 8, 1937 and due
$200,000 March 11, 1938, and $200,000 April 8, 1938.
Jackson & Curtis
of Boston were second in the bidding, naming a rate of
0.71%.
Other bids were as follows:
Bidder—
Discount
Shawmut National Bank_;
Bank of the Manhattan Co., N. Y.
0.72%
0.73%
0.73%
0.75%
0.768%
0.78%
0.785%
0.79%
0.80%
0.804%
0.82%
0.825%
Whiting, Weeks & Knowles
First National Bank of Boston
Second National Bank of Boston
Faxon & Co., Inc
Leavitt & Co
;
E. H. Rollins & Sons
Everett National Bank
First Boston
Corp
Brown Harriman & Co
Middlesex County National Bank
LYNN, Mass.—BOND SALE—An issue of $100,000
street and sidewalk
coupon or
registered
paving bonds
Smith & Co. of Boston
on a
was awarded on June 11 to Edward B.
bid of 100.058 for 1 Hs, a basis of about 1.49%.
Dated June 1, 1937.
Denom. $1,000. Principal and semi-annual interest
(June 1 and Dec. 1) payable at the First National Bank of Boston, or at the
City Treasurer's office.
Due $20,000 yearly on June 1 from 1938 to 1942.
Lazard Freres & Co. of Boston bid 100.042 for l^js.
LYNN,
offered
Mass.—NOTE
SALE—The issue of $300,000 revenue notes
awarded to the First National Bank of Boston, at
Due $100,000 each on Feb. 17, Feb. 24 and March 3,
Day Trust Co. of Boston, second high bidder, named a rate of 0.68%.
June
8
was
0.66% discount.
1938.
Other bids
were
as
follows:
Bidder—
Discount
E. H. Rollins & Sons
0.71%
0.73%
0.74%
0.76%
0.76%
0.763%
0.794%
Jackson & Curtis
Security Trust Co., Lynn
Whiting, Weeks & Knowles
Brown Harriman & Co
Leavitt & Co
First Boston Corp
NORTHBRIDGE, Mass.—NOTE SALE—The
of Boston
was
awarded
Dated June 7,
Bidder
New
a new
issue of
Second
National
Bank
pf. $75,000 notes at 0.54% discount.
Other bids were as follows:
1937 and due Dec. 1, 1937.
Discount
England Trust Co
__0.575%
0.59%
0.63%
0.643%
0.84%
Worcester County Trust Co
Merchants National Bank
First Boston Corp
Mansfield & Co
PALMER,
until
Mass.—NOTE OFFERING—Sealed bids will be received
on June 15 for the purchase at discount of
$75,000 notes, dated
1937 and due Dec. 17,1937.
**
noon
June 18,
PEABODY, Mass.—BOND ISSUES DISAPPROVED—'The City Counci
returned to
Mayor McVann without approval a request for two bond orders,
for $65,000 and the other for $45,000, the money to be used for street
improvements, welfare aid and other expenses.
one
PLYMOUTH COUNTY (P. O.
Plymouth), Mass.—NOTE SALE—An
of $80,000 tuberculosis hospital maintenance notes was awarded
issue
on
June 10 to the Brockton National Bank of Brockton
Notes are payable March
Rockland, bid .619% discount.
basis.
30,
1938.
The
on a .574 % discount
Rockland Trust Co.,
Volume
144
Financial
Other bids were as follows:
Bidder—
National Bank of Wareham
Home National Bank of Brockton
-
.>
'
Discount
v
0.67%
0.69%
0.74%
Mass.—BOND SALE—'The
$240,000
bonds
coupon
offered on June 9 were awarded to Whiting, Weeks & Knowles of Boston,
and the Harris Trust &
Savings Bank of New York, jointly, on their bid
of 100.177 for the bonds as 2s and
2Ms, as follows:
$160,000 municipal relief bonds sold as 2s.
Due $16,000 on June 1 from
1938 to 1947, incl.
45,000 sewer bonds sold as 2Ms.
Due June 1 as follows:
$3,000 from
1938 to 1942, incl. and $2,000 from 1943 to 1957, incl.
35,000 macadam pavement bonds sold as 2s.
Due $7,000 on June 1
from 1938 to 1942, inclusive.
are dated June 1, 1937.
Second high bid was submitted
by Lazard Freres & Co., Inc., and Kidder, Peabody & Co., both of New
York, jointly.
The offer was a price of 100.142 for $160,000 2s, and issues
of $45,000 and $35,000 as 2Ms.
{Financial Statement, June 1, 1937
Assessed valuation for year 1936 (incl. motor vehicle exise)_ .$53,687,090.00
Total bonded debt (not including these issues)
2,692,000.00
Water debt, included in total debt
357,000.00
Sinking funds other than water
Population
None
39,425
,
Tax
levy,
1935,
$1,935,614.00;
uncollected
June
1,
1937,
$3,878.92.
Tax levy, 1936, $1,955,109.10; uncollected June 1, 1937, $234,672.31.
WATERTOWN,
Mass.—NOTE OFFERING—H.
W.
Brigham, Town
Treasurer, will receive sealed bids until 3:30 P. m. on June 14, for the
purchase at discount of $100,000 revenue anticipation notes; due March 30,
1938.
WORCESTER, Mass.—NOTE SALE—The issue of ,$500,000 revenue
anticipation notes offered on June 9 was awarded to the Day Trust Co. of
Boston, at 0.58% discount.
Dated June 10, 1937 and due May 20, 1938.
Other bids
Bidder—
were
as
follows:
'
Discount
,j.
Merchants National Bank of Boston
•
yj-*Boston Safe Deposit & Trust Co. (plus $17 premium)__i
Washburn & Co
•
;
State Street Trust Co..
First Boston Corp.
i*
Whiting, Weeks & Knowles....
-
-
$1,000.
Dated July 1, 1937.
Interest rate is not to exceed
6%, payable semi-annually.
Said offerings will bear interest at a single
per annum, any such rate to be a multiple of
M or l-10th of 1%.
Coupon bonds, which may be registered as to both prin. and int. on applica¬
tion- to the City Comptroller.
Sealed bids will be received until 10 a. m.
and open bids will be asked for after that hour.
Bids offering an amount
rate
less than par cannot be accepted.
Prin. and int. payable at the city's
fiscal agency in New York City or at the office of the
City Treasurer in
Minneapolis, at the option of the holder.
Legal approval by Thomson,
Wood & Hoffman of New York City.
A certified check for 2 % of the bonds
bid for, payable to the City Treasurer, is
required.
Said obligations will be issued pursuant to the terms of Sections 9 and 10
Chapter XV of the Charter of the City of Minneapolis, will be payable
in "lawful money of the United States of
of
America," will be without option
of prior payment and will be tax
exempt in the State of Minnesota.
and credit of the
full faith
T All of the bonds
.
4051
Denom.
Bridgewater Trust Co. (plus $7 premium)
WALTHAM,
Chronicle
-
-
*—•„
-
0.62%
„•
-i
-
.
Second National Bank
Shawmut National Bank
...
_—
Halsey, Stuart & Co. (plus $40 premium)_______
Guaranty Trust Co
0.63%
0.64%
0.66%
0.66
%
0.66%
0.674%
0.69%
0.73%
_____
0.73%
The
City of Minneapolis will be pledged for the
payment thereof.
In addition to the purchase
price, purchasers will be
Board of Estimate and Taxation $1.30
per bond to
required to pay the
apply on the expense
of the
Board in issuing and transporting the bonds to
place of delivery.
Delivery will be made by the City Conptroller in New York City,
in
Chicago, or in Minneapolis at a National Bank satisfactory to the pur¬
chasers, any charge made by said bank for delivery service to be paid by
the purchasers.
Said obligations will be sold to the bidder
(or bidders) offering bids
complying with the terms of this sale and deemed most favorable, subject
to the provision that the Board of Estimate and Taxation
reserves the right
to reject any or all bids.
RAMSEY COUNTY SCHOOL DISTRICT NO.
16, Minn.—BOND
OFFERING—W. T. Middlebrook, District Clerk, will receive bids at 2285
Folwell Street, St. Paul, until 7:30 P. m. June 23 for the
purchase of $1,000
3% school remodeling bonds.
Denom. $200.
Dated Dec. 31,
1936.
Principal and semi-annual interest payable at the District Treasurer's
office.
Due $200 yearly on Dec. 31 from 1937 to 1941.
Certified check
for $50, payable to the District
Treasurer, required.
Approving opinion of
T. L. O'Hearn of Minneapolis will be furnished
by the district.
STILLWATER SCHOOL DISTRICT (P. O.
Stillwater), Minn.—
BOND OFFERING— Sealed bids will be received until 7
p. m. on June 24,
by A. J. Holm, District Secretary, for the purchase of a $50,000 issue of
refunding, Series A bonds.
Interest rate is not to exceed 3%, payable
J. & J.
Denom. $1,000.
Dated July 1, 1937.
Due $10,000 from July 1,
1938 to 1942, incl.
No oral or auction bids will be received on these bonds.
Prin. and int. payable at the First National Bank of St. Paul.
The approv¬
ing opinion of Junell, Fletcher, Dorsey, Barker & Colman, of
Minneapolis,
will be furnished.
A certified check for $1,000, payable to the
district, must
the bid.
accompany
ADD ITIONAL OFFERING—It is said that the above
Secretary will also
offer at the same time, by popular
subscription, a $50,000 issue of 3%
refunding, Series B bonds. Denom. $1,000.
Dated July 1, 1937.
Due
$10,000 from July 1, 1943 to 1947, incl.
The district reserves the right to
all or any part of said bonds on any interest payment date.
All
subscriptions must be filed with the Secretary on or before the time set for
receiving same, the form for entering such subscriptions to be received from
the Secretary.
prepay
We Buy for Oar Own Account
MICHIGAN MUNICIPALS
SWANVILLE
SCHOOL
DISTRICT
(P. O. Swanville),
BONDS SOLD—The State is said to have purchased the
Cray, McFawn Si Company
building bonds that
as
approved by the voters
were
3s.
on
Minn.—
$32,000 school
June 1, taking them
DETROIT
Telephone CHerry 6828
A. T. T.
Tel.
DET
MISSISSIPPI
347
COAHOMA
--I
MICHIGAN
of
ALLEGAN, Mich.—BOND SALE—A. S. Huyck & Co. of Chicago have
an issue of $20,000 light plant bonds at 3.89% interest cost.
purchased
DETROIT, Mich.—PROPOSALS FOR FISCAL AGENCY—J. N. Daley,
City Comptroller, will receive proposals until 11 a. m. on June 16, for
of fiscal agent for the city for the period from
July 1, 1937 to
June 30, 1938.
Proposals must be made in accordance with specifications,
copies of which may be obtained from the Comptroller.
services
ECORSE
TOWNSHIP (P. O. Ecorse), Mich.—BOND OFFERING—
Township Clerk, will receive sealed bids until 8 p. m. on
16, for the purchase of $64,000 not to exceed 6% interest series B
refunding bonds.
Dated June 15, 1937.
Denom. $1,000.
Due June 15
as follows:
$10,000 from 1939 to 1943, incl.; $14,000 in 1944.
Proceeds
of the issue will be used in the redemption of a simi'ur-amount of outstand¬
ing 1933 refunding bonds.
Principal and interast (J.'& D. 15) payable at
the Ecorse Savings Bank, Ecorse.
The bonds are geh'eral obligations of the
township, payable from unlimited ad valorem taxes on all its taxable
property.
A certified check for 2% of the bonds bid for, payable to the
order of the township, must accompany each proposal.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit.
This issue of
bonds has been approved by the State Public Debt Commission.
John M. Smith,
June
MELVINDALE, Mich .—JUNE 1 BOND INTEREST AVAILABLE—
Oliver Goldsmith, Refunding Agent for the city, 2268 Penobscot Bldg.,
Detroit, is informing holders of bonds issued by the city
or
its predecessor,
the Village of Melvindale, that funds have been deposited with the Detroit
Trust Co. to pay the June 1, 1937 interest on the refunding bonds issued
by the city, according to the refunding plan approved by 85% of the bond¬
holders.
filed, may obtain
circular describing the plan and form for filing
of consent by inquiry to the refunding agent.
NORTH MUSKEGON
$89,000 4%
sewer
a
(P. O. Muskegon), Mich.— BOND SALE—The
special assessment bonds offered
on
June
8—V.
J. 3873—wereDue $17,800 yearly on June 1 from 1938 to 1942.
awarded to Stranahan, Harris & Co. of Toledo.
1, 1937.
144,
Dated
une
PORT HURON, Mich.—TO REFUND MATURITIES—'The City Com¬
mission is reported to have announced its intention to refund $29,000 bonds
maturing July and Aug. 1.
Most of the bonds bear 4M % and 5% interest.
The refunding resolution provides that the new bonds bear interest at not
more than 3M%.
SAULT
assessment
STE.
curb
awarded
Central
to
Marie,
and
the
Mich.—BOND SALE—The
$17,902.50
special
gutter bonds offered on June 7—V. 144, p. 3719—
First National Bank, Sault Savings Bank and the
Savings
Bank, ail of Sault Ste.
serially from 1938 to 1942, inclusive.
Marie,
as
3Ms,
at
par.
Due
V
TAYLOR TOWNSHIP
SCHOOL DISTRICT NO. 5 (P. O. Dearborn,
WANTED—R. G. Van Dette, Director,
will receive sealed tenders of 1936 refunding bonds and 1936 certificates of
Route
1),
Mich.—TENDERS
indebtedness, dated Aug. 1, 1936, until 8 p. m. on June 29.
Prices must
be quoted flat and bonds and certificates purchased should be delivered to
the Detroit Trust Co. within 10 days from date of acceptance.
MINNESOTA
BELTRAMI
COUNTY
(P. O. Bemidji) Minn.—BOND SALE—The
$80,000 issue of refunding bonds offered for sale on June 2—V. 144, p. 3544—
was awarded to Pipar, Jaffray &
Hopwood, and the First National Bank &
Trust Co., both of Minneapolis, jointly, as 3Ms, paying a premium of
$416.00, equal to 100.52, a basis of about 3.10%.
Due $10,000 from
1938 to 1945; redeemable on and after April 1, 1942.
CLEARWATER
COUNTY
(P.
O.
Bagley), Minn.—BOND SALE—
The $15,000 issue of 3% semi-ann. drainage funding.bonds offered for sale
June 8—V. 144, p. 3719—was purchased by the First National Bank
on
of
Bagley, according to the County Auditor.
No other bid was received.
Due $1,500 from June 1, 1942 to 1951, inclusive.
Dated June 1, 1937.
MADISON SCHOOL DISTRICT NO. 74 (P. O. Madison), Minn.—
BOND ELECTION—An election is to be held June 15 at which a proposal
to issue
(P.
O.
Clarksdale),
Miss.—BOND SALE—
Memphis, jointly,
Dated July 1. 1937.
as 3s, at a price of 98.75, a basis of about 3.17%.
Due from Jan. 1, 1941 to 1949.
JACKSON COUNTY
(P. O. Pascagoula), Miss.—COURT TEST ON
BOND PLAN EXPECTED—In litigation which is
expected eventually to
the Mississippi Supreme Court, hearing will be held soon in
the
reach
Chancery Court at Pascagoula on the protest of the Southern Industrial
Mortgage Corporation against a proposed $150,000 industrial development
County.
The protest challenges validity of the 1936 Act
to make effective Governor Hugh L. White's
plan to balance agriculture
with industry.
It authorizes general obligation bonds for bonus payments
to industrial enterprises.
The 1936 Act has not been subjected to court
test, although several taxing units have proceeded with the sale of bonds.
Jackson County in a recent special election authorized an issue of
$150,000
issue of Jackson
to
finance construction of
a
woolen mill.
MISSISSIPPI, State of—NOTE OFFERING—Greek
of
the
10
a. m. on
State
first
L. Rice, Secretary
Highway Note Commission, will receive sealed bids until
June 14, for the purchase of a $2,500,000 issue of
highway notes,
series, sub-series C.
Interest rate is not to exceed 4%, payable
A. & O.
Dated April 1, 1937.
Due on Oct. 1 as follows: $100,000, 1938
to
1941; $125,000, 1942 to 1945; $150,000, 1946 to 1951, and $175,000
1952 to 1955, incl.
Said notes to be issued in coupon form, in the denom. of
$1,000 each,
or, at the option of the holder, in registered form in denom. of
$1,000,
$10,000 and $50,000, to be dated April 1,1937, both principal of and interest
on said notes to be payable at the Chemical Bank & Trust
Co., N. Y. City,
in any coin or currency of the United States of
America, which on the
respective dates of payment of the principal of and interest on said notes
shall be legal tender for the payment of public and
private debts.
Said
Those holding bonds for which consents to accept refunding bonds have
not been
were
COUNTY
The $97,500 issue of refunding bonds offered for sale on June
7—V. 144,
p. 3545—was awarded to Saunders & Anderson, and Leftwich & Ross, both
$100,000 school remodeling and building bonds will be voted upon.
MINNEAPOLIS, Minn.-—BOND OFFERING—It is stated by Geo. M.
Link, Secretary of the Board of Estimate and Taxation, that the said
Board will offer for sale by sealed and auction bids on June 17, at 10 a. in.,
the following two issues of bonds aggregating $975,000:
$750,000 public relief bonds.
Due $750,000 from 1938 to 1947 incl.
225,000 work relief bonds.
Due $22,000 from 1938 to 1942, and $23,000
from 1943 to 1947, all inclusive.
coupon notes shall be registerable as to principal or convertible into
fully
registered notes, and said registered notes shall be convertible into
coupon
notes.
.
Said notes will be numbered from C-l to C-2500, incl. (except that
regis¬
notes originally issued shall be otherwise numbered but shall
be
convertible into coupon notes so numbered) and will be delivered as
tered
promptly
possible after the sale of said notes.
If definitive notes shall not be ready for issuance at the time when
same
are to be issued, interim certificates shall be issued in lieu of such
as
definitive
notes.
Such
$1,000,
or
interim
certificates
shall
be
in
the
denom. or denoms. of
and shall be exchangeable
without cost to the holder thereof for the definitive notes described therein
when the latter are ready for issuance.
The interim certificates shall
provide that the bearer thereof shall be entitled to all the rights and privileges
of an owner or holder of the notes described therein.
Said notes are payable as to both prin. and int.
any
multiple
or
multiples
thereof,
solely from the "High¬
Note Sinking Fund" provided for by House Bill No. 38, Laws of
Mississippi, 1936, into which is required to be paid monthly an amount
equal to the amount produced by a one and one-quarter (1H) cents
per
gallon gasoline tax levied under the statutes of Mississippi, including among
others House Bill No. 38, Laws of Mississippi, 1936, and House Bill No.
94,
Laws of Mississippi, 1936, and in the event the
"Highway Note Sinking
Fund" shall at any time be insufficient to pay when due the
principal of and
interest on said notes, said act provides that the
deficiency shall be paid
into the said fund out of any funds then in the State
Treasury to the credit
of the State Highway Fund derived from any excise tax on
gasoline, all in
way
accordance with
the provisions
of said act.
Said notes shall be redeemable in whole or in part at the
option of the
State Highway Note Commission on any interest-payment date in the
in¬
verse order of maturity, at a price per note equal to the
principal amount
thereof plus accrued interast to date fixed for redemption, and a
premium of
of
of the principal amount of the note for each year or fraction
the full number of years from the date fixed for
redemption
to the stated maturity of the note.
Bidders for said notes shall specify the rate of interast such notes are
to bear in multiples of M of 1%, payable on A. & O. 1 in each
year, such
rate, however, shall not exceed 4% per annum.
Each bid, except bids by the United States of America, or
any agency
thereof, must be accompanied by a certified check payable to the State
Treasurer, in a sum equal to 2% of the par value of the notes bid for as an
evidence of good faith.
The approving opinions of Thomson, Wood & Hoffman of N. Y.
City,
to the effect that such notes are valid and legally binding
obligations of
the State, of Mississippi, payable solely as aforesaid, will be
delivered to
the purchaser without charge.
1%
thereof
over
Said notes will be issued and sold pursuant to House Bill No.
38, Laws
of Mississippi, 1936, and resolutions adopted by the State
Highway Note
Commission, reference to which is made for a more detailed description
thereof.
as
(These are the notes that were offered for sale without
noted in these columns—V. 144, p. 3874.)
success on
June 2,
4052
Financial
YAZOO COUNTY (P. O. Yazoo City), Miss.—BOND SALE—The
_
$8,000 issue of Supervisors District No. 2, Separate District 4% refunding
bonds offered for sale on June 8—V. 144, p. 3545—was awarded to the
Bank of Yazoo City, and the Delta National Bank o^ Yazoo City, jointly,
according to the Clerk of the Board of Supervisors.
No other bid was
received.
Dated July 1,1937.
Due $l,Q00Jrom July 1, 1940 to 1947, incl
Chronicle
June 12, 1937
HUNTLEY SCHOOL DISTRICT NO. 13 (P. O.
Huntley),
BONDS VOTED—At an election held on May 25 the voters of the
approved a proposal to issue $39,000 school building bonds.
Neb.—
district
NEVADA
ELY PUBLIC SCHOOL DISTRICT NO. 1
TO BE SOLD—We
MISSOURI
ANDREW—NODAWAY DRAINAGE DISTRICT (P. O. Savannah)
Mo.—BONDS SOLD—The First Trust Co. of St. Joseph is reported to have
purchased $90,000 4% semi-ann. refunding bonds.
Dated Feb. 1, 1937.
Legal approval by Charles & Trauernicht of St. Louis.
HOWELL COUNTY (P. O. West Plains), Mo.—BONDS SOLD—It is
reported that $25,000 4% semi-ann. refunding road bonds were purchased
recently by Smith, Moore & Co. of St. Louis.
Dated Feb. 1, 1937.
ST. LOUIS, Mo.—17. S. SUPREME COURT CLEARS WAY FOR
MEMORIAL PROJECT—An Associated Press dispatch from Washington
on June 1 had the following to say:
"Thirty-seven industrial property owners of St. Louis, Mo., lost in the
Supreme Court today in their effort to block the Thomas Jefferson memorial
project in that city.
*
*»*"The High Court refused to pass upon a ruling against the property
owners by the Court of Appeals for the District of Columbia.
That Court
held the City of St. Louis was an indispensable party to the suit against
Secretary Ickes and Arno Cammerer, Director of the National Park Service,
lift The property owners asked for a permanent injunction against the
use of relief funds for the project.
They said the Government threatened
to condemn land they did not want to sell.
President Roosevelt, by Executive order, has allotted 6% milliontdollar
in relief funds for the project."
WRIGHT COUNTY (P. O. Hartville)/Mo.—BOND SALE—The $75,000 issue of 4% coupon semi-ann. judgment funding bonds offered for sale
on June 4—Y. 144, p. 3874—was awarded to the Baum, Barnheimer Co.
of Kansas City, Mo., at a price of 105.50. Due serially in 20 years without
option of prior payment before maturity.
OFFERINGS
informed
(P. O. Ely), N
by F. T. Boise, Manager of the Municipal
Department, J. A. Hogle & Co., 132 Main St., Salt Lake City, that J. P.
Whitmore, District Clerk, will sell some bonds on June 30.
NEW
DOVER, N.
HAMPSHIRE
H.—BOND SALE—The $60,000
coupon hospital impt.
144, p. 3874—were awarded to Kennedy,
Spence & Co. of Boston, as 1Mb, at a price of 100.479 a basis of about
1.60%.
Dated May 15, 1937 and due $10,000 on June 1 from 1938 to
1943, incl.
Goldman, Sachs & Co., New York, were second high bidders,
offering 100.208 for l^s.
bonds offered oh June
10—V.
HILLSBORO COUNTY (P. O. Manchester), N. H.—TEMPORARY
LOAN—The First Boston Corp. of Boston purchased on June 9 an issue of
$300,000 revenue notes at 0.80% discount.
Due Dec. 14, 1937.
MANCHESTER, N. H—BOND SALE—The $80,000 3% coupon munic¬
ipal improvement bonds offered on June 10—V. 144, p 3874—were awarded
to Ballou, Adams & Whittemore of Boston on a bid of 101.276.
Kennedy,
Spence & Co. of Boston bid 101.179.
Dated May 1, 1937.
Other bids
were as
follows:
Bidder—
—
——
First National Bank of Boston
—
H. L. Allk Company
WYOMING
mk$&ipal Bonds
Telephoi^Wor 2-7333
New Jersey
N. Y. 1-528
A. T. & T.
FIRST SECURITY TRUST CO.
SALT
Wasatch
LAKE CITY
3221
Bell
Teletype: SL K-372
MUNICIPAL
New
BOZEMAN, Mont.—BOND SALE—The $1,900 issue of special impt.
Sanitary Sewer District No. 304 bonds offered for sale on June 4—V. 144,
3545—was purchased by the Cemetery Permanent Care
Fund, as 6s
P.
?,&r£ar' ^ccordm^.
the City Manager. Coupon bonds, dated
7,'. ,Denom. ;$100.
Due on Jan. 1,1942, optional at any time
Int.
57
on
Mont.—BONDS NOT SOLD—It is now reported by the Town
$6,000 not to exceed 6% semi-ann. refunding bonds scheduled
May 10, as noted in these columns—V. 144, p. 3048—were
-
~~
1937.
.
WILLIAM STREET,
A. T. & T.:
2.45% Rd. Bonds.
Due June 1, 1943-52
To yield 2.10%.2.50%
$40,000 issue of refunding bonds
Colyer, Robinson « Company
offered for sale on June 2—V.
144, p. 3216—was purchased by the State
Board of Land Commissioners as
4Hs, at par. This was the only bid re¬
ceived, according to report.
in
grade
unanimous vote.
O
and
high
school
improvement
bonds
by
an
DISTRICT NO. 3 (P. O.
Helena), Mont.—BOND OFFERING—Sealed bids will be re¬
m. on
choice and serial bonds will be the second choice of the School
Board.
A
certified check for $100, payable to the Clerk, must
accompany the bid.
<P°*
Roundup),
Mont. — BOND'
TENDERS INVITED—It is stated
by Harold P. Bennett, County Clerk
Recorder, that the county has available the sum of $50,000 to be used
for the purchase of
outstanding bonds of the county at prices less than par,
and
and that tenders will be received on
June
19, at 10 a. m. for the purpose
upon tenders for the sale of such bonds.
price in excess of par will be accepted.
Each
tender must be accompanied
by a certified check, cashier's check, or bank
draft payable to the county in an amount
equal to 1 % of the face value of
bonds tendered.
receiving, opening, and acting
No tenders of bonds
at
a
PARK COUNTY HIGH SCHOOL DISTRICT NO. 1
(P. O. Liv¬
ingston), Mont.—BONDS VOTED—A proposed $225,000 bond issue for
improvements to the high school building was approved by the voters at an
election held on May 29.
ROSEBUD
COUNTY
SCHOOL
DISTRICT
NO.
bud), Mont.—BOND SALE—The $10,000 issue of
12
(P.
coupon
O.
Rose¬
gymnasium
bonds offered for sale on June 1—V.
144, p. 3048—was purchased by the
8tate Board of Land
Commissioners, according to
Harry Kennedy, Clerk
of the Board of Trustees.
There
were no
other bids received, he states.
STILLWATER COUNTY SCHOOL DISTRICT NO. 52 (P. O.
Abaarokee), Mont.—BOND OFFERING—Ira L. Whitney, District Clerk
will receive bids until 7:30 p. m.,
July 7 for the purchase of $5,500 gymna¬
sium bonds.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the school board.
If amortization bonds are sold the entire issue
may be put into one single
bond or dividend into several
bonds, as the board of trustees may determine
upon at the time of sale, both principal and interest to be payable in semi¬
annual instalments during a period of 10
years.
If serial bonds
are issued
they will
be
in the amount of $500 each, except
the last bond which will be in the amount of
$1,000; the sum of $500 will
become payable on July 1, 1938, and a like amount on the same
day each
^thereafter, except that the last instalment will be in the amount of
The bonds, whether amortization
,
York
REctor
or serial bonds, will bear date of July 1,
1937 and will bear interest at a rate not exceeding 6 % payable semi-annually,
1 and July 1 in each year, and will be redeemable in full on
any
on Jan.
Interest payment date from
after five years from the date of issue.
Said bonds will be sold for not less than par and all bidders must state
the lowest rate of interest at which
they will purchase the bonds at par.
All bids other than that
by or on behalf of the State Board of Land Com¬
missioners must be accompanied by a certified check in the sum of $500,
ana
_
payable to the order of the Clerk.
(This offering was originally set for June 22—V. 144,
p.
°"ering a $15 premium for 3% bonds. Bonds are dated June 9,
NEBRASKA
ARNOLD,
passed
a
Neb.—BONDS AUTHORIZED—The Village Board has
resolution authorizing the issuance of $50,000 bonds to finance
the purchase of the local electric power plant.
MArket 3-1718
A. T. & T. Teletype
Wire:
NWRK 24
2-20S5
NEW
ASBURY
PARK,
N.
JERSEY
J
NALPNIDAPPROVED
NUFER—.
BY
MUNICIPAL COMMISSION—Approval by the State Municipal Finance
Commission of City Council's plan for refunding the city's debt of about
$11,000,000 was announced June 2 by Ward Kremer, special city counsel.
The plan, Mr. Kremer said, which contains many suggestions advanced by
Supreme Court Justice Perskie, who has assumed jurisdiction in the debt
situation, was submitted to the court Saturday (June 5)
Mr. Kremer said approval by the Commission marked the first time in
the long debt controversy that the court, the city and the Commission
were in agreement on a method of refinancing the city's debt.
The interest
rate, chief point of contention between the city, the Commission and cred¬
itors' organizations, was not disclosed by Mr. Kremer. He declared that it
could not be made public immediately "because the Finance Commission
is still
studying the figures."
can become operative, the plan must be approved by 35%
city's creditors.
The plan provides for raising $630,000 annually by the city's taxpayers
for debt service.
This is the same amount provided for in previous city
plans as well as that of the Finance Commission. One of the chief features
of the plan is payment by the city of all back interest in cash. Justice Perskie
is expected to rule Saturday on the city's application to pay out more than
$600,000 from available funds at once on back interest in accordance with
terms of the plan.
The city will issue new bonds for those now in default to run for 30 years.
Before it
of the
ATLANTIC
CITY, N. J .—FLOATING DEBT REDUCED TO $39,000—
David C. Reed, Assistant Finance Director, recently stated that the city
had succeeded in reducing
its floating debt to the nominal amount of $39,-
000 from the peak level of almost $4,500,000 which existed two years ago.
The amount now owed consists of tax notes.
"The floating debt is now out of the financial picture," Mr. Reed said. "We
have cleaned it all up in the past couple of years.
In accordance with our
agreement with the bondholders, the sinking fund debt has been canceled."
Director Frank B. Off is also hopeful that there will be no need to issue
scrip after this summer.
r'We hope to get rid of it all by December at the latest," Mr. Reed
"It will save us a lot of headaches and hard work keeping track of it."
With only $39,000 in tax notes outstanding, and the end of scrip in sight,
the city is getting back to a cash basis, and to an almost normal financial
condition.
The comeback has been quicker than anticipated.
Tax collections for May were $345,000, as against $340,000 last year.
Of this $221,000 was in cash, as compared with $200,000 last year.
Only
$81,000 was received in scrip in May, and the balance was in tax notes.
any more
said.
BELLEVILLE, N. J .—BOND SALE—The $270,000 4% general refund¬
ing bonds offered on June 10 by the New Jersey Sinking Fund Commission,
Highway Extension Fund—V. 144, p. 3875—were awarded to an account
composed of Lehman Bros.; Graham, Parsons & Co.; Kean, Taylor & Co.;
Morse Bros. & Co., Inc., all of New York, and Van Deventer, Spear & Co.,
Inc. of Newark, at a price of 104.57, a basis of about 3.40%.
Dated
June 1,1935 and due $30,000 each on June 1 from 1942 to 1950 incl.
3720.)
WHEATLAND COUNTY (P. O. Harlowton), Mont.—BOND SALE
The $46,000 refunding bonds offered on June 9—V. 144, p. 3377—were
awarded to the State Board of Land Commissioners as amortization bonds
on a bid of par for 2.90s.
Kalman & Co. of St. Paul submitted the next
1937
Blvd., Newark
almost
July 6 by D. W. Hilger, District Clerk, for the pur¬
chase of a $3,500 issue of school bonds.
Int. rate is not to exceed 6%,
payable J. & J.
Dated July 6,1937.
Amortization bonds will be the first
_
New
on May 28—
are said to have approved the issuance of the
LEXiS^D CLARK COUNTY SCHOOL
Box 857,
ceived until 2 p.
or
INCORPORATED
1180 Raymond
—BONDS VOTED—At the election held
;•*'3377—the voters
Tel.: Market 3-3124
$350,000 Essex Co., N. J.
GALLATIN COUNTY SCHOOL DISTRICT NO. 44 (P. O. Belgrade),
Mont.—BOND SALE POSTPONED—The sale of the $14,673.46
refunding
bonds which was scheduled for June 8—V.
144, p. 3720—was temporarily
postponed.
$12o,000
Telephone: John 4-6364
Newark
1-730
Dj
)ated July 1,
__
yt
N. Y.
& Co. Inc.
N. Y.
.
because of an error in the official notice of sale.
Due $500 from July 1, 1938 to 1949, inclusive.
J*APi*EM' Mont.—BOND SALE—The
BONDS
Jersey and General Market Issues
B. J. Van Ingen
June 15,
funds are
payable Jan. 1.
Clerk that the
for award
New York
100 Broadway
MONTANA
available.
100.119
NASHUA, N. H.—LOAN OFFERING—Sealed bids will be received by
the City Treasurer until 10 a. m. (Daylight.Saving Time) on June 16, for
the purchase at discount of $100,000 notes, payable March 15, 1938.
MUNICIPALS]
Phone
Rate Bid
100.80
—100.436
,
Goldman, Sachs & Co
Halsey, Stuart & Co., Inc.-—
WANTED,1
UTAH—IDAHO—NEVADA—MONTANA
are
CLIFTON, N. J.—BOND SALE—The $540,000 bonds offered for sale
June 10 by the New Jersey State Sinking Fund Commission, Highway
on
Extension Fund—V. 144, p. 3875—were awarded to an account composed
of B. J. Van Ingen & Co., Inc.; Schlater, Noyes & Gardner, Inc., both of
New York; C. A. Preim & Co.; C. P. Dunning & Co., and MacBride,
Miller & Co., all of Newark, at a price of 102.299, a basis of about 3.95%.
The bonds are as follows:
$510,000 4H % general refunding bonds.
Dated Oct. 1,1935.
Due Oct. 1
as follows:
$100,000 in 1940 and 1941, and $155,000 in 1942 and
1943.
30,000 4H % serial refunding bonds.
on
Oct. 1 in 1942 and 1943.
Dated Oct. 1,1935 and due $15,000
Volume
Financial
144
BEACH
HAVEN, N. J.—BOND OFFERING—A. P. King, Borough
Clerk, will receive bids until 8 p.m. June 21 for the purchase at|not less than
par of an issue of $157,000 coupon, registerable, general refunding bonds.
Bidders are to specify rate of interest, not to exceed 434 %
Denom. $1,000.
Dated June 1,1937. Principal and semi-annual interest (June 1 and Dec. 1)
payable at the Beach Haven National Bank & Trust Co., Beach Haven.
Due on June 1 as follows: $10,000,1938 to 1952; and $7,000,1953. No more
bonds will be awarded than will raise a sum equal to $158,000.
Certified
check for 2% of amount of bonds bid for, payable to the borough, required.
Approving opinion of Caldwell & Raymond of New York will be furnished
by the borough.
•
DELAWARE RIVER JOINT COMMISSION (P. O. Camden), N. J.—
PUBLICLY OFFERED—A banking group comprising Graham
BONDS
Parsons & Co., Kidder, Peabody & Co., Brown Harriman & Co., Inc., and
Edward B. Smith & Co., on June 11 offered a block of $1,980,000 Delaware
River Joint Commission Philadelphia-Camden Bridge 43£ % bonds.
The
bonds are dated Sept. 1, 1933 and are due in varying amounts each year
from 1941 to 1950.
The prices at which the bonds are being offered show
yields to maturity of from 1.80% on bonds due in 1941 to 2.96% on bonds
due in 1950.
The bonds are redeemable on or after Sept, 1, i943 at 105
and accrued interest, the offering prices showing yields to earliest redemp¬
tion date of from 1.80% on bonds due 1941 to 2.57 % on bonds due in 1950.
The bonds, in the opinion of counsel for the bankers, are legal investment
for savings banks and trust funds in Pennsylvania and New Jersey, are taxfree in Pennsylvania and New Jersey, and are exempt from present Federal
income taxes.
They were acquired by the bankers in competitive bidding from the
New Jersey State Sinking Fund Commission at a price of 112.037.
Four
other group bids were submitted for the bonds.
ESSEX COUNTY
(P. O. Newark), N. J .—BOND SALE-The issue
10—V. 144,
of $600,000 coupon or registered road bonds offered on June
S. 3875-—was awarded to an account composed of Phelps, Fenn & Co., Inc.;
tone & Webster and Blodget, Inc., both of New York; Oolyer, Robinson &
Co., Newark, and the First National Co. of Trenton, as 2.45s, at par plus a
premium of $26, equal to 100.0043, a basis of about 2.44%.
Dated June 1,
1937 and due $40,000 annually on June 1 from 1938 to 1952 incl.
The successful banking group made public reoffering of the issue at prices
to yield from 0.80% to 2.50%, according to maturity.
The bonds, the
bankers state, are: Interest exempt from all present Federal income taxes;
tax-exempt in the State of New Jersey, and legal investments for savings
banks and trust funds in New York, New Jersey and certain other States.
an
FAIRVIEW, N. J.—BOND SALE—On June 8 the Borough Council sold
issue of $300,000 funding and refunding bonds to Campbell & Co. of
a price of 98.50.
New York at
JERSEY
CITY, N. 3.—BOND SALE—The following issues of bonds
Commission,
Highway Extension Fund—V. 144, p. 3875—to an account composed of
were
awarded June 10 by the New Jersey State Sinking Fund
212—Hendrickson—Validates bonds and notes heretoforelissued by
municipalities.
S. 213—Hendrickson—Validates
bonds
issued
under
Chapter
233,
S.
Laws of 1934, where corrected ordinances were
all of New York, and VanDeventer, Spear & Co., Inc., of Newark,
price of 104.40, a basis of about 3.61%:
& Co.,
$200,000 434% general improvement bonds. Dated Oct. 1, 1930, and due
$100,000 on Oct. 1 in 1945 and 1946.
40,000 434% school bonds. Dated Oct. 1, 1930, and due Oct. 1 as fol¬
lows: $15,000 in 1945 and $25,000 in 1946.
LINDEN, N. J.—BOND OFFERING—James J. Smith, City Treasurer,
will receive sealed bids until 2 p. m. (Daylight Saving Time) on June 22
for the purchase of $511,000 not to exceed 4% coupon or registered bonds,
divided
as
follows:
$406,000 improvement bonds. Due July 1 as follows: $20,000 from 1938
to 1940, incl.; $25,000 in 1941 and 1942; $30,000 from 1943 to
1951, incl., and $26,000 in. 1952.
105,000 local improvement assessment bonds.
Due $21,000 on July 1
from
1938 to
1942, incl.
All of the bonds will be dated July 1, 1937. Denom. $1,000. Bids must
or none" and the price paid for the improvement bonds must be
be for "all
not less than
$406,000 and not more than $407,000, and for the assessment
$106,000. Bidders may name
single interest rate or specify different rates on each issue, although all
loan not lees than $105,000 and not more than
a
of the bonds of each issue must bear the same rate.
Interest rates to be
expressed in multiples of 34 or 1-10 of 1%. Principal and interest (J. & J.)
payable at the Linden Trust Co., Linden. A certified check for 2% of the
bonds bid for, payable to the order of the City Treasurer, must accompany
each proposal.
The approving legal opinion of Caldwell & Raymond of
New York City will be furnished the successful bidder. Bonds will be
delivered on or about July 8, 1937, at the City Treasurer's office, or at a
bank or trust company in New York designated in the bid.
MILLBURN
TOWNSHIP
SCHOOL
DISTRICT,
N.
3.—BOND
ELECTION—A proposal to issue $224,000 school bonds will be considered
by the voters at an election on June 11.
NEPTUNE CITY, N. J.—BOND OFFERING—A. Frank Bennett Jr.,
Borough Collector-Treasurer, will receive sealed bids until 8 p. m. (Day¬
light Saving Time) on June 16 for the purchase of $22,000 not to exceed
5% interest coupon or registered sewage improvement bonds.
Dated July
1, 1937.
Denom. $500.
Due July 1 as follows: $1,000 from 1938 to 1953,
incl. and $1,500 from 1954 to 1957, incl.
Rate of interest to be expressed
in a multiple of 34 of 1%.
In the case of bids for less than $22,000 bonds,
the tender must be for the bonds first maturing and the amount bid must
equal or exceed $22,000.
Principal and interest (J. & J.) payable at the
office of the Borough Collector.
A certified check for 2% of the bonds bid
for, payable to the order of the Borough Treasurer, must accompany each
proposal.
The approving opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder.
NEWARK, N. J.—$425,000 BONDS PUBLICLY OFFERED—Lehman
Brothers, New York, are making a special offering of $425,000 334% to
4H% bonds, maturing at various times from March 15, 1947 to June 1,
1964.
The bonds are priced to yield from 3.20 to 3.50%.
They are legal
investments, in the opinion of the bankers, for savings banks and trust
funds in New York and New Jersey.
NEW
JERSEY, State of—REPORT ON MUNICIPAL DEFAULTS—
The following statement is taken from the May issue of the regular monthly
bulletin prepared by Walter R. Darby, State Auditor:
We
have recently made
a
study of the numoer of municipalties and
counties in default at the close of the past six years.
This information is,
I believev of sufficient interest to municipalities to warrant publication.
The information has been compiled from reports filed in this office by the
various municipalities aiM is complete as reported.
No responsibility is
accepted for any omissions or incorrect statements; however, the results
shown below are substantiated by information made available through
other sources, and while there may be errors or omissions the figures are
correct as to the source from which they are taken.
I might say in this
connection that as of March 31, 1937, the number of municipalities in
default has been reduced to 44, thus indicating a further improvement.
Year—
1931
Number.Amount-.--
1933
23
—
88
$6,377,747.14
$37,838,926.85
1934
"
94
$56,880,835.96
Amount.---.-..
JERSEY
45
$2,325,471.46
.-—
Year—
Number—
NEW
1932
(State
1935
72
$41,034,507.98
1936
50
passed prior to Jan. 1, 1937.
NORTH
BERGEN TOWNSHIP, N. 3,.—FIRST INTEREST PAY*
MENT—Initial payment of interest, amounting to about $299,000, on the
new refunding bonds issued by the township in connection with the recent
refinancing of its original indebtedness, was made on June 1. Coupons due
on that date were redeemable at the Central Hanover Bank & Trust Co.,
New York, and the Seaboard Trust Co., Hoboken. The next interest date
is Dec. 1.
NORTH BERGEN TOWNSHIP, N. J.—$100,000 BONDS PUBLICLY
OFFERED—Quist & Co. of New York City are offering for public invest¬
ment, at price of 83.50 and interest, $100,000 4-434% refunding bonds,
dated Dec. 1, 1936, and due Dec. 1, 1975.
Redeemable as a whole or in
0 days' notice.
Sart by lot on any interest payment date at par4% to Dec. 1,interestand
The bonds will bear interest at and accrued
1950, on
434% thereafter until maturity.
Principal and interest (J. & D.) payable
at the Central Hanover Bank & Trust Co., New York, or at the Seaboard
Trust Co., Hoboken.
Coupon bonds in denoms. of $1,000, $500 and $100,
registerable as to principal only or as to both principal and interest.
The
bonds have been approved in part by Hawkins, Delafield & Longfellow of
New York, and in part by Thomson, Wood & Hoffman of New York City.
In connection with the present offering, Quist & Co. cite the following
salient features of the covenants between the township and the bondholders
insuring the payment of principal and interest of the bonds, which have been
issued pursuant to the general refunding operation successfully negotiated
recently:
Creation of a fiscal agent with specific duties In the investor's interest.
Pledge of approximately $9,000,000 in receivables, collection of which
is dedicated to a special fund, declared to be a trust fund, to accelerate
redemption of the refunding bonds, such fund to be administered by the
fiscal agent.
During each year of the life of the
new
bonds the township will appropriate
a sum equal to not less than 20
% of the uncollected portion of the previous
year's tax levy.
These funds, together with the initial payment of $300,000
in cash into a revolving fund, will be available to the township for meeting
promptly all items of the annual budgets including debt service.
tv*
Provision for the holding of annual tax sales, ana measures to assure the
prompt collection of taxes.
hm|
Restraint on appropriations to maintain levies well within the capacity
of township's taxpayers.
The rights of the individual bondholder to enforce his obligations and
any of the covenants supporting the bonds.
NORTH HALEDON, N. J.—BOND SALE—An issue of $7,200 4% land
purchase bonds has been sold to the Haledon National Bank.
Due $1,200
annually. •
OCEAN
Lehman Bros.: Graham, Parsons & Co.; Kean, Tayior & Co.; Morse Bros.
at a
4053
Chronicle
COUNTY
O.
(P.
Toms
J.—NOTE SALE-—An
N.
River),
issue of $25,000 6% tax anticipation notes, due Aug, 2, 1937, has been
sold as follows:
$15,000 to the Tuckerton National Bank and $10,000;
to the Ocean County Trust Co. of Toms River.
PALISADES PARK, N.J .—NEWISSUE OFFERING—H. L. Schwamm
Co., New York, are offering a new issue of $120,0004% refunding bonds,
$12,000 annually from May 1, 1938, to 1947, incl,, at prices to yield
from 2% to 3,50%, according to maturity.
The bonds are legal invest¬
ment for savings banks and trust funds in New Jersey and are tax exempt
&
due
in that State.
PARK RIDGE, N. 3 —BOND SALE—The following bond issues were
awarded on June 7—V. 144. p. 3546—to Campbell, Phelps & Co. of New
York,
as
334s, at
a
price of 100.26,
$24,000 general refunding
1945,
a
bonds.
basis of about 3.44%:
Due $3,000
on
May
1 from 1938 to
incl,
11,000 water bonds.
Due May 1
incl. and $1,000 in 1943.
Each issue is dated May 1, 1937.
PLAINFIELD SCHOOL
as
follows: $2,000 from 1938 to 1942,
DISTRICT, fi. 3.—BOND SALE DETAILS
—The $20,000 334% school bonds recently sold to the City Sinking Fund
Commission mature $5,000 annually on May 1 from 1938 to 1941, incl.
RIDGEFIELD, N. 3.—BOND SALE—The $116,000 4% local improve¬
refunding bonds offered for sale on June 10 by the New Jersey State
Sinking Fund Commission, Highway Extension Fund—V. 144, p. 3875—
were awarded to an account
composed of B. J. Van Ingen & Co., Inc.?
Schlater, Noyes & Gardner, Inc., both of New York; C. A. Preim & Co.,
C. P. Dunning & Co. and MacBride, Miller & Co., all of Newark, at a
ment
Srice of1 100.209, a basis of in 19483.97%. Dated March 1,to 1952 and due
1936, incl.
larch
follows: $4,000 about
and $28,000 from 1949
as
SPRINGFIELD TOWNSHIP, Union
County,
The $180,000 434% funding bonds offered for sale
N. 3 .—BOND SAI.E—
on June 10 by the New
Jersey State Sinking Fund Commission, Highway Extension Fund—-V.
144, p. 3875—-were awarded to Hand, Rapp & Co., Inc., of New York, at
a price of 105.93, a basis of about
3.645%. Dated June 1, 1935, and due
$20,000 each Sept. 1 from 1941 to 1949 incl,
TEANECK TOWNSHIP SCHOOL DISTRICT
(P. O. Teaneck)
N. J.—BONDS NOT SOLD—It is reported that no bids were received for the
$5,000 4% coupon or registered school bonds offered on June 9.—V. 144,
p. 3875.
Dated Nov. 1, 1934 and due Nov. 1, 1961.
TUCKERTON SCHOOL DISTRICT,
N.
3.—BOND EXCHANGE—
An issue of $115,000 4% refunding bonds was exchanged for the original
issue, held by the Commercial Casualty Insurance Co. of Newark. Dated
Dec. 1, 1936.
Denom. $1,000. Due as follows: $3,000 in 1937 and $4,000
from 1938 to 1965 incl.
Optional in 10 years. Principal and interest pay¬
able in Tuckerton.
UNION COUNTY (P. O.
Elizabeth), N. J.—NOTE SALE DETAILS—
In connection with the previous report in these columns—V.
144, p. 3875—
of the sale of $200,000 tax anticipation notes, we learn that they bear 0.75%
interest, are dated April 29, 1937, and mature Dec. 29, 1937.
Notes were
sold in amounts of $50,000 each to the following: Plainfield Trust Co..
Summit Trust Co., Peoples Bank & Trust Co., Westfield, and the Central
Home Trust Co., Elizabeth.
UNION TOWNSHIP, Union County, N. 3.—BOND SALE—The
$259,000 434% serial funding bonds offered for sale on June 10 by the
New Jersey State Sinking Fund Commission, Highway Extension Fund
—V. 144, p. 3875—were awarded to a syndicate composed of B. J. Van
Ingen & Co., Inc.; Schlater, Noyes & Gardner. Inc., both of New York;
C. A. Preim & Co., C. P. Dunning & Co., Inc., and MacBride, Miller
& Co., all of Newark, at a price of 100.299.
Dated March 1, 1935, and
due March 1 as follows:
$30,000,1942 to 1945 incl.; $20,000,1946; $30,000
in 1947 and 1948; $29,000 in 1949, and $30,000 in 1950.
WOODBURY, N. J.—BOND SALE DETAILS—The $35,000 3%
bonds sold at par to the State Sinking Fund Commission, as previously
reported—V. 144, p. 3721—are described as follows:
$25,000 water system improvement bonds. Due $1,000 annually from 1937
to 1948, incl., and $1,000 in 1949.
v
10,000 highway improvement bonds. Due $1,000 annually from 1937 to
1946, incl.
$34,597,718.04
NEW
of)—STATE
SINKING FUND AWARDS
DELAWARE RIVER BRIDGE BONDS—The $1,980,000 Delaware River
Joint Commission, Philadelphia-Camden Bridge 434% bonds offered by
the State Sinking Fund Commission on June 10—V. 144, p. 3875—were
awarded to a syndicate headed by Graham, Parsons & Co. of Philadelphia
and including Kidder, Peabody & Co., Edward B. Smith & Co. and Brown
Harriman & Co. on a bid of 112.037.
The bonds are dated Sept. 1, 1933,
and mature yearly on Sept. 1 as follows: $89,000, 1941; $105,000, 1942;
$149,000, 1943; $148,000, 1944; $179,000, 1945: $208,000, 1946; $239,000,
1947; $268,000, 1948; $297,000, 1949, and $298,000 in 1950.
OTERO
COUNTY
CP.
O.
MEXICO
Alamogordo),
N. Mex.-—BOND CALL—
bridge bonds numbered from 1 to 70, of the
5% issue of July 2,1917, are being called for payment at the First National
Bank of Denver, on July 2, on which date interest shall cease.
Due on
It is reported that road and
July 1, 1947, optional on July 1, 1937.
Interest coupons maturing on
July 1,1937, should be detached and forwarded to the Chase National Bank
of New York City.
(A $70,000 issue of refunding bonds was sold recently, as noted in these
columns—V. 144, p. 3875.)
-
NEW JERSEY, State of—MUNICIPAL BILLS APPROVED—Among
the measures signed by Governor Hoffman recently, are the following acts
of interest to municipal bond circles:
S. 130—Toolan—Permits banks and insurance companies to invest in
bonds, mortgages and loans insurred by Federal Housing
Administration.
S. 177—King—Amends Financial Assistance Act to make "municipality"
include county, city, borough, township, village or municipality governed
by improvement commission.
S. 190-—Hendrickson—Authorizes
relief bonds by municipalities.
ROOSEVELT COUNTY SCHOOL DISTRICTS
N. Mex.—BONDS SOLD—The two issues of school
(P. O. Portales),
bonds aggregating
$8,500, offered for sale on June 5, as noted in these columns recently—
V. 144, p. 3378—were sold at par as 4s, according to the County Treasurer.
The issues
are
divided
as
follows:
$5,000 School District No. 20 bonds.
Due $500 from July 1,1940 to 1949,
incl.
and
regulates the issuance
of poor
3,500 School District No. 24 bonds.
incl.
Due $500 from Jan. 1,1939
o
1945,
Financial
4054
SAN
O.
5
JUAN
COUNTY
CONSOLIDATED SCHOOL
DISTRICT
(P. O. Aztec), N. Mex.—BOND OFFERING—Sealed bids will be
received until 9 a. m. on June 28, by Everett P. Brewer, County Treasurer,
for the purchase of a $10,000 issue of school bonds.
Interest rate is not to
exceed 5%,
payable J. & J.
Denom. $1,000. Dated July 1, 1937.
Due
$2,000 from July 1,1940 to 1949, incl. Prin. and int. payable at the State
Treasurer's office or at such other place as the bidder may elect. None of
the bonds will be sold at less than par and accrued interest to date of
delivery nor will any discount or commission be allowed or paid on the sale
of the bonds.
A certified check for 5% of the amount bid, payable to the
County Treasurer, is required.
NEW YORK
BETHEL, N. Y,—KAUNEONOA LAKE SEWER DISTRICT BONDS
OFFERED FOR SALE—John A. Fine, Town Clerk, will receive sealed bids
1 p. m. (Eastern Standard Time) on June 21 for the purchase of
$50,000 not to exceed 6% interest coupon or registered sewage system bonds
of the above-mentioned district.
Dated Aug. 1, 1937.
Denom. $1,000.
Due $2,000 on Aug. 1 from 1938 to 1962, incl.
Bidder to name a single
rate of interest, expressed in multiples of M or 1-10 of 1%.
Principal and
interest (F. & A.) payable at the Sullivan County National Bank, Liberty,
with New York exchange.
The bonds are general obligations of the town,
payable from unlimited taxes. A certified check for $250, payable to the
order of the town, must accompany each proposal.
The approving opinion
of John D. Lyons, Town Attorney, will be furnished the successful bidder.
Any other opinion to be at the expense of the purchaser.
until
BUFFALO, N. Y.—CERTIFICATE ISSUE AWARDED—The $2,500,000 tax anticipation certificates of indebtedness offered on June 7—V. 144
3876—were awarded to an account composed of Phelps, Fenn & Co.,
P.
New
York, Marine Trust Co., Buffalo, Goldman, Sachs & Co., Kean,
Taylor & Co. and Lobdell & Co., Inc., all of New York, at 0.79% interest,
at a price of par.
Dated June 15, 1937 and due Dec. 15, 1937. The cer¬
tificates include $1,000,000 series of 1934-1935, $600,000 series of 19351936, and $900,000 series 1936-1937.
The banking group is re-offering the
certificates for general investment to yield % of 1 %.
BUFFALO,
Y.—BOND
OFFERING—William A. Eckert, City
Comptroller, will receive sealed bids until 11 a. m. (daylight saving time)
N.
June 14 for the purchase of $4,700,000 not to exceed 6% interest coupon
on
registered refunding bonds.
Dated July 1, 1937.
Denom. $1,000. Due
annually as follows: $94,000 from 1938 to 1942 incl.
and $282,000 from
1943 to 1957 incl.
Bidder to name a single rate of interest, expressed in
multiples of M or 1-10th of 1%.
Principal and interest <.J. & J.) payable
at the City Comptroller's office, or at holder's option, at the Central
Hanover Bank & Trust Co., New York City.
A certified check for $94,000,
payable to the order of the City Comptroller, must accompany each pro¬
posal.
The bonds will be delivered at the office of the Comptroller or at
the Central Hanover Bank & Trust Co., New York, (the preferred place
of delivery to be specified in the bid), on or about July 1, 1937.
The ap¬
proving legal opinion of Caldwell & Raymond of New York City will be
furnished the successful bidders.
Al' proposals must be unconditional.
or
|tt CHEEKTOWAGA, N. Y.—BOND SALE—The $18,000 coupon "or
registered unlimited tax debt equalization bonds offered on June 10—Y.
144, p. 3876—were awarded to the Manufacturers & Traders Trust Co. of
Buffalo.
Dated May 15, 1937 and due $6,000 on May 15 from 1942 to
1944 incl.
CORNING.CITY SCHOOL DISTRICT, N. Y.—BOND OFFERING—
Leigh
R.
Hunt,
District Clerk,
will receive sealed
bids until
10
a.
m.
(eastern standard time) on June 16 for the purchase of $100,000 not to
exceed 5% interest coupon or registered school bonds.
Dated June 1, 1937.
Denoms. $1,000 and $500.
Due June 1 as follows: $3,000, 1940 to 1946,
incl.; $3,500, 1947 to 1951, incl.; $4,000 from 1952 to 1954, incl. and $4,500
from 1955 to 1965, incl. Bidder to name a single rate of interest, expressed
in multiples of M or 1-10th of 1 %.
The bonds are direct general obligations
of
the district, payable from unlimited taxes.
Principal and interest
(J. & D.) payable at the First National Bank & Trust Co., Corning, with
New York Exchange.
A certified check for $2,000, payable to the order
of Aaron F. Williams, District Treasurer, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be&^nished the successful bidder.
I~EVANS MILLS, N. Y,—BOND OFFERING—H. C. Lortscher,
Village
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
June 14 for the purchase of $33,000 not to exceed 6% interest coupon or
registered water bonds. Dated Feb. 1, 19$7. Denom. $1,000. Due Feb. 1
as follows: $2,000 from 1941 to 1956, incl., and $1,000 in 1957.
Bidder to
name one rate of interest, expressed in multiples of M or 1-10 of 1 %.
Prin¬
cipal and interest (F. & A.) payable at the Chase National Bank, New York
City. The bonds are general obligations of the village, payable from un¬
limited taxes. A certified check for $700, payable to the order of the village,
must accompany each proposal.
Purpose of the issue is to finance con¬
struction of a waterworks system in the village.
The approving legal
opinion of Clay, Dillon & Vandewater of New York City will be furnished
the successful bidder.
pAGRAND ISLAND, N. V.—BOND OFFERING—Elsie E. Stamler, Town
Clerk, will receive bids until 2 p. m. (Eastern Standard Time) June 21 for
the purchase of $19,000 coupon, registerable, water bonds.
Bidders are
to name rate of interest, in a multiple of M % or 1-10%, but not to exceed
4%.
Denom. $1,000.
Dated July 1, 1937.
Prin. and semi-annual int.
payable at the First Trust Co. of Tonawanda, in Tonawanda.
Interest
payable Jan. 1 and July 1.
Due $1,000 yearly on July 1 from 1938 to
1956, incl.
Cert, check for $380, payable to the town, required.
Approv¬
ing opinion of Reed, Hoyt & Washburn of New York will be furnished by
Chronicle
$2,800, payable to the order of Harry W. Reeve, District Treasurer ,must
proposal.
The approving legal opinion of Clay, Dillon
New York City will be furnished the successful bidder.
accompany each
& Vandewater of
Y.—BOND OFFERING—Jannette
Medlock,
E.
the successful
LONG
bidder
BEACH,
N.
Y.—BOND OFFERING—James
G.
Blake,
coupon or
O.
N.
Tarrytown),
registered bonds offered
on
Y.—BOND SALE—The
June 9—V. 144, p. 3876—
were
LONG
BEACH, N. Y.—BOND SALE—The $175,000 coupon or regis¬
tered judgment funding bonds offered on June 10,—V. 14441). 3876—were
awarded to Quist & Co. of New York at par for 4Hs.
Dated June 1,
1937.
Due on Jan. 15 as follows:
$11,000, 1939 to 1941; $12,000, 1942
1944; $13,000, 1945 to 1950, and $14,000, 1951 and 1952.
to
r
MAMARONECK, fN.
Trustees
have
passed
a
Y*—BONDS ^AUTHORIZED—The
resolution
authorizing
premium of $224.42. equal to
The sale consisted of the following:
100.229,
a
NASSAU COUNTY (P. O. Minneoia), N. Y —BOND SALE—The
$3,500,000 coupon or registered bonds offered on June 11—V. 144, p. 3876—
awarded to a syndicate headed by Lehman Bros, of New York, and
including Ladenburg, Thalmann & Co.; Bancamerica-Blair Corp.; Phelps,
Fenn & Co.: Kean, Taylor & Co.; George B. Gibbons & Co.,
Inc., all of
New York; Manufacturers & Traders Trust Co., Buffalo; Hemphill, Noyes
& Co.; Adams, McEntee & Co
Inc.; R. H. Moulton & Co.. Inc.; Wertheim
& Co., Inc.; Granbery, Safford & Co.; Lobdell & Co., Inc., all of New
York, and, the South Shore Trust Co., Rockville Centre, at a price of par
for the combination of 4s and 2 Ms, the net interest cost to the county being
2.8864%. The bonds were sold as follows:
were
,
$1,500,000 refunding bonds as 2Ms. Due June 15 as follows: $200,000 from
1947 to 1953 incl. and $100,000 in 1954.
1,220,000 emergency relief bonds as 2 Ms. Due June 15 as follows: $500,000
in 1946, and $720,000 in 1947.
500,000 public works bonds as 4s. Due June 15 as follows: $40,000 from
1938 to 1942 incl. and $60,000 from 1943 to 1947 incl.
280,000 general county bonds as 4s. Due June 15 as follows: $50,000 in
in 1938 and 1939, and $60,000from 1940 to 1942, incl.
All of the bonds will be dated June 15, 1937.
•
Financial Statement (As of June 1, 1937)
Debt of the county evidenced by negotiable obligations including the
proposed $3,500,000 of bonds:
Refunding bonds
$6,000,000
Improvement bonds
29,809,000
Emergency relief bonds
13,090,000
Public works bonds
1,400,000
Tax revenue bonds
1,300,000
Tax anticipation notes issued against 1936 taxes
1,850,000
-
■-
Tax
800,000
anticipation notes issued against 1937 taxes
Tax
anticipation notes issued against 1935-36 School District
1,000,000
1,989,600
200,000
taxes
Notes issued for emergency relief purposes
Notes issued for public works—WPA material and supplies
Total
$57,438,600
.
Deductions
Sinking funds held for tax revenue bonds
Proceeds of $1,500,000 refunding bonds now on hand and held
for the payment of outstanding bonds described above--Proceeds of emergency relief bonds now on hand and held for the
pay. of outstanding emergency relief notes described above-Proceeds of public works bonds now on hand and held fort he
pay. of outstanding public works notes described above
Cash on hand and held for the payment of outstanding tax an¬
ticipation notes issued against 1935-36 school taxes described
$968,427
506,000
275,500
100,000
above
147,459
Proceeds of proposed $1,500,000 refunding bonds to be held for
the payment of outstanding bonds described above
Notes issued for emergency relief purposes to be funded by the
1,500,000
1947.
1947.
7,500 Sunnyside Land Improvement bonds.
One bond for $500,
$1,000 each.
Due May 1 as follows:
$1,500 in 1938, and
from 1939 to 1944, inclusive.
7,500 Knollwood Water District bonds.
One bond for $500,
$1,000 each.
Due May 1 as follows:
$1,500 in 1938, and
from 1939 to 1944, inclusive.
7,000 Hartsdale Sewer District bonds.
Denom. $1,000.
Due
annually on May 1 from 1938 to 1944, inclusive.
others
$1,000
$1,000
-
DISTRICT NO.
13
The county's population according to the
100,000
$4,817,386
-$52,621,214
840,766,917
Assessed valuation of taxable real property
Federal Census of 1930
was
303,053, and according to the Federal Census of 1920 was 126,120.
The
present population is estimated to be 450,000.
The county has never defaulted in the payment of its bonds or interest
thereon.
The county has established a "Cash Basis Fund" under authority of
Chapter 554 of the Laws of 1934.
The moneys in the fund now amount
$1,000,000 and these moneys are segregated from other funds of the
county as required by law, and are now held in the County Treasury as cash.
Tax
$1,000
(P. O.
District
Valley Stream), N. Y.—BOND OFFERING—J. P. Schmidt,
Clerk, will receive sealed.bids at the office of Brown & Herman, 196 Rockaway Ave., VaJey Stream, until 11 a. m. (daylight saving time) on June 18
for the purchase of $28,000 not to exceed 4M % interest coupon or registered
school bonds.
Dated Juiy 1, 1937.
Denom. $1,000.
Due $2,000 annually
July 1 from 1938 to 1951, incl. Bidder to name a single rate of interest,
a multiple of M or l-10th of 1
%. Principal and interest (J. & J.)
payable ait the Valley Stream National Bank & Trust Co., Valley Stream,
with New York Exchange.
The bonds are general obligations of the district,
payable from unlimited taxes.
A certified check for $600, payable to the
order of John H. Carey, District Treasurer, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished without cost to the successful bidder.
on
stated in
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. O.
Rockville Centre), N. Y.—BOND OFFERING—R. K. Atkinson, District
Clerk, will receive sealed bids until 4 p. m. (Daylight Saving Time) on
June 16, for the purchase of $140,000 not to exceed 6% interest coupon or
registered school building bonds.
Dated July 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows:
$8,000, 1939 to 1944, incl.; $10,000, 1945; $12,000,
1946; $8,000 in 1947 and 1948; $10,000 in 1949 and 1950; $11,000 in 1951
and 1952, and $12,000 in 1953.
Bidder to name a single rate of interest,
expressed in a multiple of M or 1-10th of 1%.
Principal and interest
(J. & J.) payable at the Bank of Rockville Centre Trust Co., Rockville
Centre, with New York exchange.
The bonds are direct general obliga¬
tions of the district, payable from unlimited taxes.
A certified check for
-
to
others
All of the bonds are dated May 1, 1937.
Second high in the bidding was
George B. Gibbons & Co., Inc., New York, with an offer of 100.097 for 3s.
SCHOOL
Total
Net debt
38,000 Greenville Sewer District bonds.
Denom. $1,000.
Due May 1
as follows:
$4,000 from 1938 to 1945, incl. and $3,000 in 1946 and
UNION FREE
1,220,000
Notes issued for public works (WPA materials and supplies) to
be funded by the issuance of $500,000 public works bonds
basis of about 2.65%.
$38,000 Greenville Water District bonds.
Denom. $1,000.
Due May 1 as
follows:
$4,000 from 1938 to 1945, incl. and $3,000 in 1946 and
Village
of $75,000
the issuance
incinerator bonds, subject to approval of the voters.
awarded to Halsey. Stuart & Co., Inc., New York, as 2.70s., at par
a
City
Clerk, will receive sealed bids until 11:15 a. m. (Daylight Saving Time)
on June 15 for the purchase of $75,000 not to exceed 6% interest coupon
or registered city bonds.
Dated June 15, 1937.
Denom. $1,000.
Due
$5,000 annually on Jan. 15 from 1938 to 1952, incl. Bidder to name a single
rate of interest, expressed in multiples of M or 1-10 of 1%.
Principal and
interest (J. & J. 15) paybale at the Guaranty Trust Co., New York City.
The bonds will be valid and legally binding obligations of the city, which
will be required by law to levy on all of its taxable property ad valorem
taxes unlimited as to rate or amount in order to pay both principal and
interest.
A certified check for $1,500, payable to the order of the city,
must accompany each proposal.
The approving legal opinion of Clay.
Dillon & Vandewater of New York City will oe furnished the successful
bidder. Bonds will be delivered at the offices of the attorneys on or about
July 1, 1937.
issuance of $1,220,000 emergency relief bonds
(P.
plus
HEMPSTEAD
N.
INTERLAKEN,
Village Clerk, will receive sealed bids until 3 p. m. (Daylight Saving Time)
on June 22 for the purchase of $15,000 not to exceed 6% interest coupon
or registered water bonds. Dated July 1,1937.
Denom. $1,000. Due $1,000
annually on July 1 from 1940 to 1954 inci. Bidder to name a single rate of
interest on all of the bonds, expressed in a multiple of M or l-10th of 1%.
Principal and interest (J. & J.) payable at the Chase National Bank, New
York City, with New York exchange.
The bonds are general obligations
of the village, payable from unlimited taxes. Village will apply the proceeds
to its share of the cost of constructing a water works system, a public works
project undertaken through and by authority of the work relief authorities
of the State and Federal Government.
A certified check for $300, 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 town.
PTGREENBURGH
$98,000
June 12, 1937
Collection
Report
The fiscal year of the county begins on Jan. 1.
The amounts of taxes
levied by the Board of Supervisors for all purposes in the tax rolls in which
taxes were levied for county purposes for the fiscal years 1934, 1935 and
1936
respectively, $17,484,230,
$12,334,548 and $13,765,867; the
of the respective fiscal years
$2,626,901; and the amounts of such
taxes which remained uncollected as of the date of June 1, 1937, were,
respectively, $703,206, $1,087,340 and $1,909,959.
The amount of taxes
levied by the Board of Supervisors for all purposes in the tax rolls in which
Were,
amounts of such taxes uncollected at the end
were
$3,989,075,
$2,918,304
and
were levied for county
purposes for the fiscal year 1937 was $13,711,837, and the amount of such taxes uncollected as reported by the
taxes
Town Receivers of Taxes
as
of the date of June
1, 1937, is $5,039,665.
The taxes levied for the fiscal year 1934 include taxes levied for school
district purposes; the taxes for the fiscal years 1935, 1936 and 1937 do not
include taxes for school district purposes.
NEW YORK (State of)—BOND OFFERING—Morris S. Tremaine,
State Comptroller, will receive sealed bids until 1 p. m. (Daylight Saving
Time) on June 22 for the purchase of $40,000,000 not to exceed 4% interest
bonds, consisting of the following:
$30,000,000 unemployment relief bonds.
Due
July 6 from 1938 to 1947 incl.
10,000,000 general State Improvement bonds.
on July 6 from 1938 to 1962 incl.
All of the bonds will be dated July 6, 1937.
$3,000,000
Due
annually
$400,000
on
annually
Principal and semi-annual
interest (J. & J. 6) payable in lawful money of the United States at the
Bank of the Manhattan Co., New York City.
Bidder to express the rate
of interest in multiples of M of 1% and not more than a single rate shall
be named for each issue.
Bidders may condition their bids upon the award to them of all but no
part of the entire $40,000,000 bonds, and the highest bidder on the basis
Volume
of "all
or
Financial
144
none" will be the
whose bid figures the lowest interest cost
one
to the State on all issues combined after
deducting the amount of premium
bid if any.
No bids will be accepted for separate maturities or for less than par value
of the bonds nor unless accompanied by a deposit of money or by a certified
check
bank draft upon a solvent bank or trust company of
or
the cities of
or New York, payable to the order of the "Comptroller of the
State of New York" for at least 2% of the par value of the bonds bid for.
No interest will be allowed upon the good faith check of the successful
bidder.
Albany
4055
Chronicle
C.—BOND
sale
Co.
of Columbus, as 3s
paying a premium of $15 equal to 100.03, a basis of
about 2.995%.
Dated Jan. 1, 1937.
Due from July 1, 1938 to 1956, incl.
The next best bid was a tender of $11 premium on 3s, submitted by
NEW
HANOVER
COUNTY
(P.
O.
N.
Wilmington).
SALE—The $46,000 issue of coupon school building bonds offered for
on June 8—V. 144, p. 3722—was awarded to the BancOhio Securities
Kirchofer & Arnold, of Raleigh.
WHITEVILLE, N. C.—NOTES SOLD—The Citizens Bank & Trust Co.
2.99%.
of Southern Pines is said to have purchased $4,000 notes at
All
proposals, together with the security deposits, must be sealed and
"Proposal for bonds" and enclosed in a sealed envelope directed
"Comptroller of the State of New York, Albany. N. Y."
The Comptroller reserves the right to reject any or all bids which are
not in his opinion advantageous to the interest of the State.
Approving opinion of Hon. John J. Bennett Jr., Attorney General of
the State, as to the legality of these bonds and the regularity of their issue
will be furnished the successful bidder upon delivery of the bonds to him.
If the definitive bonds of this issue can not be prepared and delivered
endorsed
at a time to suit the purchaser,
the State reserves right to deliver interim
certificates pending preparation of the definitive bonds, and will endeavor
to have these interim certificates ready for delivery on or about July 6, 1937.
The net debt of the State of New York on June 1, 1937, amounted to
$676,931,829.77, which is about 2.6%
the real and personal property of the
of the total assessed valuation of
State subject to taxation for State
purposes.
NEW YORK (State'of)—BONDS PUBLICLY OFFERED—Barr Bros.
& Co., Inc. of New York are offering for public investment a block of
$400,000 3% coupon bonds, due March 15, 1968 to 1970, at prices to yield
2.40% according to maturity.
NORTH
UNION
HEMPSTEAD
FREE
SCHOOL DISTRICT
DISTRICT NO. 16 (P. O. Rolla), N. Dak.—
BONDS NOT SOLD—The $2,000 issue of not to exceed 5% semi-ann.
school bonds offered on May 22—V. 144, p. 3219—was not sold as no bids
were received,
according to the District Cierk.
BROWN
SCHOOL
NORTH
DAKOTA,
unpaid.
700 CUYAHOGA
SOUTHOLD UNION FREE SCHOOL DISTRICT NO. 5 (P. O.
Southold), N. Y.—BOND SALE—The $250,000 3M% registered school
building bonds offered on June 11—V. 144, p. 3877—were awarded to the
Southold Savings Bank of Southold at a price of $265,100, equal to 106.04,
a basis of about 3%.
Dated July 1, 1937. Due on Jan. 1 as follows: $6,000,
1939 to 1941; $7,000, in 1942;and $9,000from 1943 to 1967. Geo. B. Gibbons
& Co. of New York bid
$264,000.
STERLING UNION FREE SCHOOL DISTRICT NO. 19
(P. O.
Fair Haven), N. Y.—BOND SALE—The $65,000 coupon or registered
school building bonds offered on June 11—V. 144, p. 3877—were awarded
to the Manufacturers & Traders Trust Co. of Buffalo, as 3.20s, at a price of
100.399,
follows:
CANTON
a basis of about 3.17%.
Dated June 1, 1937 and due June 1 as
$2,000 from 1940 to 1958 incl. and $3,000 from 1959 to 1967, incl.
YONKERS, N. Y.—BONDS PUBLICLY OFFERED—Schmidt, Poole &
Co., Philadelphia, are offering $293,000 2%% bonds. The bonds are due
Dec. 1, 1955 to 1960, and are being offered at prices to yield 3.10%.
NORTH CAROLINA
yield 99 M
to
BROAD
$400,000 street improvement bonds.
S.
1962
incl.
11,000 Trunk sewer construction bonds.
Due Oct. 1 as follows: $1,000from 1938 to 1946 incl. and $2,000 in 1947.
1, 1937.
Denom. $1;000.
Tenders may be
4% bonds, provided, however, that if a fractional rate
M of 1%.
No formal
bidding blank is required and offers must be on an "all or none" basis.
Prin. and int. A. & O. payable at the City Treasurer's office.
A certified
check for 2% of the amount bid for, payable to the order of the Director of
Finance, must accompany each proposal.
Bonds will be furnished by the
city.
Legality to be approved by Squire, Sanders & Dempsey of Cleveland
at expense of purchaser.
(A preliminary notice of the offering was given in a previous issue.)
Each issue is dated June
made for other than
is
named, such fraction must be in a multiple of
BRADNER, Ohio—BOND OFFERING—Julian R. Shepler, Village Clerk
of $15,500 4%
works system bonds.
Dated May 1, 1937.
One bond for $290,
others $390 each.
Due as follows: $390, May 1 and Nov. 1 from 1938 to
1956 incl.; $390, May 1 and $290, Nov. 1, 1957.
Bidders may name a
rate other than 4%, although fractional rates must be expressed in a multiple
of M of 1 %.
Interest payable M. & N.
A certified check for $155, payaole
to the order of the village
must accompany each proposal.
will receive sealed bids until noon on June 21 for the purchase
water
COUNTY
(P. O.
Hamilton),
Ohio—BOND ELECTIONwill be asked to approve a
CAMDEN VILLAGE SCHOOL DISTRICT
(P. O. Camden), Ohio—
will
BOND OFFERING—Edward Slover, Clerk of the Board of Education,
for the purchase of $2,250 4%
school bonds.
Dated June 1,1937.
Due $225 April 1 and Oct. 1 from 1938
to 1942 incl.
Interest payable semi-ann.
A certified check for $100 must
accompany each proposal.
NEW YORK
CHARLESTON, S. C.
C.
Due $40,000 each Oct. 1 from 1938
Due $6,000 each Oct. 1 from 1938 to
96,000 Public parks and playgrounds bonds.
Due Oct. 1 as follows:
$9,000 from 1938 to 1941 incl. and $10,000 from 1942 to 1947 incl.
50,000 Street opening and widening bonds.
Due $2,000 each Oct. 1
from 1938 to 1962 incl.
*
receive sealed
Telephone WHItehall 4-6765
GREENVILLE,
SPRINGFIELD
1947 incl.
150,000 Sewer construction bonds.
BUTLER
STREET
COLUMBUS
AX the general election in November the voters
new issue of $750,000 hospital building bonds.
99
McALISTER, SMITH & PATE, Inc.
67
BUILDING, CLEVELAND
CINCINNATI
AKRON
OHIO
2^% due 1946 to 1948
Price to
DEED
AKRON, Ohio—BOND OFFERING—Don H. Ebright, Director of Fin¬
ance, will receive sealed bids until noon (Eastern Standard Time) on June 21
for the purchase of $707,000 4% coupon, registerable as to principal only or
exchangeable for fully registered bonds, divided as follows:
to
SAYVILLE FIRE DISTRICT (P. O. Sayville), N. Y.—BOND SALE
—The issue of .$60,000 coupon or registered fire house bonds offered on
June 9—V. 144, p. 3722—was awarded to the Oystermans Bank & Trust
Co. of Sayville, as 2.90s, at a price of 100.31, a basis of about 2.87%.
Dated May 1, 1937 and due $3,000 on May 1 from 1938 to 1957, incl;
TAX
MITCHELL, HERRICK & CO.
May 1 from 1938 to
COUNTY
QUEENSBURY UNION FREE SCHOOL DISTRICT NO. 1, N. Y.
—BOND ELECTION—At a special school meeting on June 30 the voters
will be i ked to approve an issue of $50,000 bonds to meet current expenses,
in anticipation of taxes.
This amount, according to Russell M. L. Carson,
President of the Board of Education, represents the sum of school taxes
ISSUES
MUNICIPALS
OHIO
NO. D
(P. O. Brewster), N. Y.—BOND SALE—The
$80,000 coioon or registered general obligations, unlimited tax, home relief
bonds offered on June 8—V. 144, p. 3722—were awarded to B. J. Van
Ingen & Co., Inc., of New York, as 2.20s, at a price of 100.177, a basis of
about 2.17%.
Dated May 1, 1937, and due May 1 as follows $5,000 in
1938 and 1939, and $10,000 from 1940 to 1946, incl.
PUTNAM
of—GOVERNOR
State
MORATORIUM—Declaring drouth conditions the worst in the State's
history, Governor William Langer on June 2 issued an emergency proclama¬
tion enforcing a moratorium on the issuance of tax deeds on any tax certifi¬
cate held by counties, individuals or corporations for the remainder of this
year, according to Bismarck dispatches.
The moratorium was declared
under the extraordinary powers granted the Governor by the State's con¬
stitution.
It applies on approximately $5,000,000 of real estate taxes de¬
linquent for the 6-year period, 1931 through 1936.
(P. O. Williston Park), N. Y.—BOND SALE— The $24,000 coupon or
registered school bonds offered on June 9—V. 144, p. 3722—were awarded
to Rutter & Co. of New York, as 2.20s, at a price of 100.07, a basis of
about 2.18%.
Dated May 1. 1937 and due $4,000 on
1943, inclusive.
DAKOTA
NORTH
to the
bids until noon on June 11
CINCINNATI CITY SCHOOL DISTRICT, Ohio—BOND OFFERING
NORTH
—R. W. Shafer, District Clerk, will receive sealed
June 28 for the purchase of $85,000 2M % refunding
CAROLINA
""ASHEBORO, N. C.—NOTE SALE DETAILS—It is stated by the Town
Clerk that the $30,000 water bond anticipation notes purchased by the
Peoples National Bank of Randleman, at 3%, as noted here recently—V.
144, p. 3722—'were sold for a premium of $5.00, are dated June 1, 1937,
and mature
on
Dec.
1, 1937.
CAROLINA BEACH, N. C.—NOTES SOLD—It is reported that $894.30
notes
Mauldin of Wilmington at 6%.
purchased by W. F.
were
DURHAM, N. C.—NOTES SOLD—The Cabarrus Bank & Trust Co. of
Concord is said to have purchased $75,000 revenue anticipation notes at
6%, plus
a
Due in three months.
premium of $1,000.
DURHAM
COUNTY
ISSUE CANCELED—We
(P.
are
O.
Durham),
N.
C.—PROPOSED
authorizing the issuance of $176,000 school bonds has
been rescinded, owing to the fact that bonds could not be delivered within
this fiscal year, as required by North Carolina law.
He states that bonds
in the amount of $55,000 will be issued during the coming fiscal year.
ager. that the action
EDGECOMBE
COUNTY
(P.
O.
Tarboro),
The $250,000 issue of coupon or registered school
N. C.—BOND SALE—
bonds offered for sale on
June 8—V.
144, p. 3722—was awarded to Stranahan, Harris & Co., Inc.,
of Toledo, the Wachovia Bank & Trust Co. of Winston-Salem and Lewis
&»Hall, of Greensboro, paying a premium of $350.67, equal to 100.14, a
basis of about 3.83%, on the bonds divided as follows:
$130,000 as 4s,
maturing on June 1; $5,000, 1938 to 1947, and $10,000, 1948 to 1955; the
remaining $120,000 as 3Ms, maturing $10,000 from June 1, 1956 to 19678
The second highest bid was an offer of $820 premium on $180,000 as 4s,
and the remaining $70,000 as 3Ms, submitted by R. S. Dickson & Co.,
the Wells-Dickey Co. and the First of Michigan Corp.
GREENVILLE, N. C.—BOND SALE—The $55,000 issue of refunding
bonds
offered for
BancOhio
sale
Securities
on
Co.
June
of
8—V.
144,
Columbus,
as
3877—was awarded to the
3Ms, paying a premium of
p.
$110, equal to 100.20, a basis of about 3.47%.
1939 to 1952.
Dated June 1, 1937.
Due
from Dec. 1,
|* .The second best bid was submitted by Ryan, Sutherland
an offer of $19 premium for $19,000 as 3Ms, the remaining
LINCOLNTON,
aggregating $37,000,
sold
as
N. ' C.—BOND SALE—The
two
issues of bonds
offered for sale on June 8—:V. 144, p. 3877—were
follows:
$20,000 refunding bonds to Braun, Bosworth & Co. of Toledo, as 4Ms, pay¬
ing a premium of $327, equal to 101.63, a basis of about 4.12%.
Due $5,000 from March 1, 1953 to 1956, inclusive.
17,000 funding bonds to R. S. Dickson & Co. of Charlotte, as 4Ms,
paying a premium of $215.05, equal to 101.26, a basis of about
4.12%.
Due from March 1, 1948 to 1952
On the $20,000 issue the second best bid was an offer of $111 premium on
4Ms, submitted by R. R. Dickson <fc Co., while tne next highest bid for the
$17,000 issue was an offer of $177 premium on 4Ms, tendered by Braun,
Bosworth & Co.
MAXTON, N.
C.-—NOTES SOLD—The State Bank of Laurinburg is
5%.
relief bonds
as
O.
Lancaster),
Ohio—BOND
SALE—
2Ms at par plus a premium of $48, equal to 100.60.
HAMILTON, Ohio—BONDS SOLD—The City Treasury Investment
purchased $60,000 3% refunding bonds.
Dated July 1, 1937.
Due $6,000 on Oct. 1 from 1938 to 1947, incl.
Board
Denom. $1,000.
(P. O. London), Ohio—BOND OFFERING—
Auditor, will receive sealed bids until noon on
of $4,600 6% poor relief bonds.
Dated July 1,
1937.
Due March 1 as follows:
$600, 1938 to 1940, incl.; $650, 1941;
$700 in 1942 and 1943, and $750 in 1944.
Interest payable M. & S.
A
certified check for 5% of the bid, payable to the order of the Board of
Commissioners, must accompany each proposal.
MADISON
COUNTY
K. Dixon, County
Robert
June 28 for the purchase
OHIO, State of—TAX EXEMPT PROPERTIES TO BE REVIEWED
Associated Press dispatch from Columbus on June 2 reported as
—An
follows:
"To
the
eliminate certain tax-exempted properties from county duplicates,
State Tax
Commission today authorized a resurvey of all exempted
properties.
"Commission figures showed that exempted property in
to
1931 amounted
$1,079,731,000.
estimate the amount of property which would
be taken from the exempt list.
"The
Commission plans to require exempted institutions,
such as
churches and schools, to furnish definite and conclusive proof that their
declined
to
respective properties are still being used for purposes which come under
the list of exemptions.
"The work will be conducted in cooperation with county auditors."
SALINE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Irondale)»
Ohio—BOND SALE POS TPONED—Sale of the $45,000 3M% achoo
bonds has been postponed from June 17—V. 144, p. 3878—to
Maturity schedule has been revised to provide that bonds due
15, 1953 to Oct. 15, 1960, incl., shall be callable at not more
than par on April 15, 1938.
The entire issue is due $1,000 on April 15
and Oct. 15 from 1938 to 1959, incl. and $500 April 15 and Oct. 15, 1960.
building
June 29.
from April
WAPAKONETA,
Ohio—BONDS SOLD—Public Works Administra¬
purchased $104,000 4% electric light plant mortgage revenue
Denom. $1,000
Due as follows: $7,000 from 1938 to 1945, incl.,
nd $8,000 from 1946 to 1951, inclusive.
tion
reported to have purchased $3,000 notes at
(P.
The BancOhio Securities Co. of Columbus has purchased an issue of $8,000
poor
"Officials
& Co. of Toledo,
$36,000 as 3Ms.
COUNTY
FAIRFIELD
BOND
informed by D. W. Newsom, County Man¬
bids intil 2:30 p. m. on
bonds.
Dated Aug. 1,
$1,000.
Due Sept. 1 as follows:
$11,000 from 1949 to
1953 incl. and $10,000 from 1954 to 1956 incl.
These bonds are the unsold
balance of an original issue of $206,500, the other bonds, maturing from 1938
to 1948 incl., having been sold, in varying amounts, to the following:
Sinking fund of the city, Replacement Fund of the School District, and the
sinking fund of the School District.
Bidders may bid for an interest rate
other than 2M%, although where a fractional rate is named, such fraction
must be in a multiple of M of 1%.
Prin. and int. (M. & S.) payable at the
Irving Trust Co., N. Y. City.
A certified check for 3% of the amount of
bonds bid for must accompany each proposal.
(This offering supersedes that previously announced, in which the amount
to be sold was placed at $206,500.—V. 144, p. 3379.)
Denom.
1937.
has
bonds.
4056
Financial
Chronicle
HAWLEY
June 12, 1937
SCHOOL
DISTRICT.
Pa.—BONDS
of the district at an election held on
May 15 voted
to issue $55,000 school
building bonds.
R. J. EDWARDS,
Inc.
VOTED—The
approval of
a
voters
proposition
HEMPFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Hunkers),
„
Pa.—BOND SALE—The
$25,000 school bonds offered on June 9—V.
p. 3548—were awarded to Otis & Co. of Cleveland as 3s, at par plus a
premium of $216.75, equal to 100.867, a basis of about 2.81%.
Dated
June 21, 1937.
Due on Dec. 21 as follows:
$5,000, 1938; $3,000, 1939;
$2,000, 1940 to 1943, and $3,000, 1944, 1945 and 1946; redeemable on and
after Dec. 21, 1938.
E. H. Rollins & Sons of Philadelphia bid a premium
of $64.25 for 3s.
144,
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok
City, Oklahoma
Oy 19
JLong Distance 158
LUZERNE, Pa.—BOND SALE PLANNED—'The issue of $32,000 4%
refunding and improvement bonds offered without success on April 6 will
be sold to the Luzerne National Bank of Luzerne,
upon approval of pro¬
ceedings by the Department of Internal Affairs.
The issue was originally
offered bearing date of July 1, 1937 and due serially on Jan. 1 from 1939
to 1945, incl.; Callable on and after Jan. 1, 1938.
OKLAHOMA
BRITTON, Okla.—BOND OFFERING—Sealed
bids will be received
until 8 p. m. on June 15, by W. W. Gossett, City
Clerk, for the purchase of
two issues of bonds aggregating $17,000, divided as follows:
$12,000 water works bonds.
Due $1,000 from 1941 to 1952 incl.
5,000
sewer
Bidders
bonds.
are to name
Due $400 from 1940 to 1956, and $200 in 1957.
the desired rate of interest.
McCURTAIN
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 13 XP. O. Eagletown), Okla.—BOND OFFERING—Vick
Lutrell,
District Clerk, will receive bids until 8 p. m. June 14, for the
purchase at
not less than par of $6,000 school
building bonds.
Bidders are to specify
rate of interest.
Due serially in 15 years.
Certified check for 2% of amount
of bid. required.
MAYFIELD SCHOOL DISTRICT (P. O. Mayfield), Pa .—BOND OF¬
FERING—Wallace Hrapchak, Secretary of the Board of School Directors,
will receive sealed bids until 7:30 p. m. on June 21 for the purchase of
$15,000 5% school bonds.
Dated June 15, 1937.
Denom. $1,000.
Due
$1,000 annually on June 15 from 1938 to 1952, incl.
Callable after three
years from date of issue.
Interest payable semi-annually.
The bonds
shall be free and clear from any tax or taxes except succession, inheritance
and Federal taxes, now or hereafter levied thereon under any present or future
laws of the Commonwealth.
MEAD
TOWNSHIP
SCHOOL
BOND OFFERING—R. J.
DISTRICT
£ OKLAHOMA, State of—HEARING SET FOR JUNE
22
ON ROAD
BONDS—The State Supreme Court will hold
hearing June 22 on petition
$35,000,000 Road Bond Repeal Association for injunction to
prevent State Highway Commission from proceeding with sale of
$10,000,000 of gasoline tax aniticpiation notes for highway construction.
In
event injunction is denied by the court, sale of
$20,000,000 of the auth¬
of United
orized
issue
signatures
would
are
be
possible before initiated repeal bill, if sufficient
go on ballot for general election in Nov., 1939.
fident legal requirement of 62,000 signatures will be met.
OREGON
COOS COUNTY (P. O.
-—In
Coquille), Ore.—BOND ISSUE VALIDATED
connection with the report given in these columns
recently
that the
Circuit Court had upheld the
legality of the proposed issuance of $376,000
in road fund bonds—V. 144,
p. 3051—we are now informed that the State
Supreme Court has validated the proceedings.
These bonds, approved by
the voters in January, will be used to take
up outstanding road warrants.
It is said that they will be issued and offered for sale
basis of about 2.47%,
a
^
as
Inc., at a price of 102.717,
noted in these columns recently—V. 144, p.
8"TTWe ar? inf°rmed by the City Treasurer that the city has
take
i
arranged to
back $141,000 of the bonds at the price being
paid for its own sink¬
ing fund requirements.
This
was a
stipulation by the City Council to the
successful bidders when awarding the bonds, conditioned
upon their refusal
of the offer by the
City Treasurer to take all of the bonds at par for sinking
fund investment, a
proposal which met with opposition from the bidding
groups.
Commonwealth of Pennsylvania
To Net
The bonds are offered for sale subject to approval of the
Department of Internaal Affairs of Pennsylvania.
A certified check for
$300, payable to the order of the district, must accompany each proposal.
(The above offering was originally scheduled for June 15.)
MOUNT CARMEL TOWNSHIP SCHOOL DISTRICT (P. O. Mount
Carmel), Pa.—BOND SALE—M. M. Freeman & Co. of Philadelphia have
purchased an issue of $91,000 funding bonds.
MOUNT
PLEASANT TOWNSHIP SCHOOL
DISTRICT
(P. O.
Trauger), Pa.—BOND OFFERING—J. F. McCrackin, District Secretary,
will receive sealed bids until 7:30 p. m. (Eastern Standard Time) on June 14,
for the purchase of $18,000 not to exceed 4% interest coupon school bonds.
Dated June 15, 1937.
Denom. $1,000.
Due June 15, 1947. Callable on
any interest date on 30 days notice.
Interest payable J. & D. A certified
check for $500, payable to the order pf M. D. Hoyman, District Treasurer,
must accompany each proposal.
District will furnish the bonds and the
approving legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
Sale
of the issue is subject to approval of the Pennsylvania Department of In¬
ternal Affairs.
PENNSYLVANIA (State of)—NOTE OFFERING—As previously noted
3878—the State is making an offering of $60,-
in these columns—V. 144, p.
000,000 series CT 1)4% tax anticipation notes.
Sealed bids will be re¬
ceived by F. Clair Ross, State Treasurer, until 12 in. (eastern standard time)
on
June 15.
Dated June
1,
1937.
These notes will be payable to bearer and title
shall pass by delivery.
The notes are registerable as to principal only, and
shall be issued in denominations of $5,000, $10,000, $25,000 and $100,000
the purchaser may require.
The notes shall be countersigned Dy the
Philadelphia National Bank, Loan and Transfer Agent of the Common¬
wealth.
Payable at the Philadelphia National Bank, Philadelphia, Loan
and Transfer Agent of the Commonwealth, in lawful money of the United
States on May 31, 1938
Interest payable semi-annually on Dec. 1, 1937
and May 31, 1938.
The right is reserved to reject any or all bids and to
award any part, or the entire issue to one bidder if it appears to be to the
best interest of the Commonwealth so to do.
The issuance of these notes is
as
ity of issuing Tax Anticipation notes has been upheld by the Supreme Court
of Pennsylvania in the case of Kelley vs. Baldwin, et. al., 319 P. A. 53.
2.15%
Proposals must be made upon the prescribed
of blanks,
form
copies
of
which may be obtained upon application at the office of the Governor, or
from the State Treasurer.
No bid will be considered unless accompanied
Moncure Biddle & Co.
1520 Locust Street
Pa.—
authorized by Act No. 197 as passed by the General Assembly of the Session
of 1937 and approved by the Governor on May 20,1937.
The constitutional¬
5% Bonds due July 1, 1951
Price:
Tiona),
4, 4)4, 4% and 5% school building and funding bonds.
Dated June 1,
1937.
Denom. $1,000.
Due serially over a period of 20 years.
Interest
shortly.
PORTLAND, Ore—CITY TO TAKE UP PORTION OF BONDS—In
connection with the sale of the $475,000 3
% semi-annual refunding improve¬
ment bonds to a syndicate headed
by Blyth & Co.,
O.
June 22 for the purchase of $20,000
payable J. & D.
secured, would
Chief Justice Monroe Osborn said the suit would be
given prompt con¬
sideration by Oklahoma Supreme Court.
The Association has initiated
petitions in circulation in virtually all counties of Oklahoma and is con¬
(P.
Keenan, Secretary of the Board of Directors,
will receive sealed bids until 5 p. m. on
by
a
certified check or certificate of deposit drawn to the order of the
an amount at least equal to H of 1 % of the principal of
Deposits of successful bidders will be
Commonwealth for
Philadelphia
the notes for which the bid is made.
applied in partial payment of the notes awarded to them.
No allowance
will be made for interest on such payment from the time a bid is submitted
PENNSYLVANIA
until
a
time of settlement.
Settlement for the notes awarded must be made in full with the Phila¬
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—UTILITY BILL
SIGNED—The Kane-McArdle bill authorizing the County of
Allegheny to
engage in public utility operation either by developing its own system or by
delphia National Bank, Loan and Transfer Agent, at Philadelphia, on or
before June 22, 1937.
Surchase, upon an affirmative referendum votethe the perople, became law
of measure.
4 when Governor George H. Earle signed
located out of the current revenues accruing to the General Fund of the
State Treasury during the present biennium, the following sums for the
une
Under the terms of the bill the
county may engage in bus or street car
operation, garbage disposal, water, gas, electric or steam Dusiness.
No definite plans for a vote have
John J. Kane,
yet oeen outlined.
Chairman of the Board of
County Commissioners who fathered the oill, in
commenting on the measure after it had passed both houses of the Legisla¬
ture, declared that the holding of the referendum offered no
particular
problems.
He indicated that a referendum might be put to ballot in con¬
nection with the coming November
general election or might be decided in a
special election in the same way as a bond issue is put to vote.
Mr. Kane made it clear, however, that as far as he is concerned there is
no intention of
buying out the plants of any of the present public utilities.
He indicated that the
purpose of the bill is to force a radical reduction in
present utility rates.
Street car fares might be revised downward, it was
pointed out, by the establishment of a municipal bus line operating on a
cost basis to parallel the present electric lines of the street car
company.
AVALON,
struction
Pa.—BOND
bonds
offered
on
SALE—The
June
4—V.
$35,000 coupon highway con¬
144, p. 3548—were awarded to
Singer, Deane & Scribner, Inc. of Pittsburgh, as 2Ks, at par plus a premium
of $52, equal to 100.148, a basis of about
2.49%. Dated July 1, 1937 and
due on July 1, 1957.
Other bids
were
as
follows:
Bidder—
S. K. Cunningham & Co
E. H. Rollins & Sons, Inc
Mellon National Bank..
Glover & MacGregor
Johnson & McLean
int. Rate
Rate Bid
102.11
Colonial Trust Co
2% %
2%%
2%%
2%%
2%%
2%%
Peoples-Pittsburgh Trust Co.
3%
102.16
3%
3y2%
100.36
Chandler & Co., Inc
Leach Bros., Inc
101.30
101.28
100.525
100.118
Par
100.15
BANGOR SCHOOL DISTRICT, Pa.—BOND OFFERING— R.
Speer,
District Secretary, will receive sealed bids until 3 p. m. (Eastern Standard
Time) on June 28, for the purchase of $25,000 2K, 2%, 3, 3M or 3)4%
As
provided by law, the Department of Revenue has irrevocably al¬
payment of the principal of said notes in the amounts and at the times here¬
inafter stated, together with sufficient additional sums for the payment of
the interest
on
allocation has
when
and
the
becomes due, and such
said
notes
been
approved by the State Treasurer:
as
same
Sinking Fund Payments to Provide for Principal of Notes
Feb. 28, 1938
-
April 30, 1938
May 15, 1938
—
„
May 31, 1938
In
the
$7,500,000
15,000,000
-
-
Mar. 31. 1938
-
.17,500,000
—
-
-
10,000,000
10,000.000
of the Attorney-General, allocations of moneys in the
General Fund made by the Department of Revenue to provide sinking
funds for the payment of tax anticipation notes, authorized by the Act
approved May 20, 1937, aforesaid, are payaole into, and shall beset aside in,
said sinking funds in the amounts and at the times specified, prior to all
other expenditures, expenses, debts and appropriations, including current
expenses payable from the General Fund.
The foregoing sinking fund payments which shad be cumulative, will
be deposited in the General Fund to a special account, or accounts, in
escrow for the holders of said tax
anticipation notes.
Said account, or
accounts, shall be
designated "General Fund—Commonwealth of Pensylvania Tax Anticipation Notes Special Sinking Fund Account ," and shall
be maintained until the maturity of said notes either in cash, or used only
for the purchase of said Tax Anticipation notes, at a price not in excess of the
principal amount thereof and accrued interest thereon to maturity.
A statement setting forth the foregoing sinking fund allocation will
appear in full upon the face of the notes.
With the exception of $132,442,000 of bonds issued under the Act of
April 18, 1919, the Act of Mar. 6, 1925, and the Act of May 1, 1933, for
the payment of which $12,522,239.91 has been deposited in the Sinking
Fund, the Commonwealth is free of all bonded indebtedness not now fully
provided for by moneys in the Sinking Fund.
The successful bidder will
be furnished at the cost of the Commonwealth, with a legal opinion of
Thomson, Wood & Hoffman, of New York.
opinion
coupon, registerable
as to principal only, school bonds.
Dated June 1,
1937.
Denom. $1,000. 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. Interest payable J. & D.
Bidder to name a single interest rate on all of the bonds.
A certified check
for 2% of the bonds bid for, payable to the order of the District
Treasurer,
must accompany each proposal.
The bonds are issued subject to approving
legal opinion of Townsend, Elliott & Munson of Philadelphia.
CLEARFIELD COUNTY POOR DISTRICT (P. O. Clearfield), Pa.—
IMPORTANT NOTICE TO PROSPECTIVE BIDDERS 02V4ll5,000 BOND
f
ISSUE—In connection with the offering shceduled for June 16 of $115,000
not to exceed
3)4 % interest refunding bonds, previously reported in these
144, p. 3878, we have received from O. O. Collings & Co.,
Philadelphia, a copy of a statement prepared by Townsend, Elliott &
Munson, municipal bond counsel of Philadelphia, bearing on the status
of the proposed offering as a result of the recent enactment by the State
Legislature of a bill abolishing certain County Poor Districts. This state¬
ment, which is given in full text on a preceding page of this section, should
prove of considerable interest, not only to those houses who intend to bid
at the coming sale, but to all others having any interest in the obligations
of county poor districts now outstanding.
columns—V.
PHILADELPHIA, Pa.—BOND OFFERING—Sealed bids will be received
at the office of 8. Davis
Time)
on
Wilson, Mayor, until 11 a. m. (Eastern Standard
July 1 for the purchase of $5,000,000 3)4% registered and coupon
Dated July 1, 1937.
Due July 1, 1987.
Redeemable at the city's
option at par and accrued interest after 20 years from date of issue, or at
bonds.
interest period thereafter, upon 60 days notice by public advertise¬
Interest payable J. & J.
Negotiable interim certificates will be
if desired, pending engraving of permanent certificates.
Loan
certificates will be interchangeable as to form from registered to coupon,
or from coupon to registered, and re-exchangeable from one to the other
from time to time at option of the holder, and coupon form may be registered
as to principal.
A certified check for 5% of the issue bid for must accom¬
pany each proposal.
City reserves the right to sell the issue in part or in
its entirety.
The bonds are free of all tax in Pennsylvania, free from tax
under Income Tax Acts of Congress and legal investment for trust funds.
any
ment.
Issued
PHILADELPHIA,
Pa .—COUNCIL COMMITTEE APPROVES NEW
TAXES—The Finance Committee of the City Council has approved five
taxes estimated to bring in about $16,000,000 added revenue
new
despite warnings that some ©f the
ing to Philadelphia news reports.
yearly,
measures
The
will be fought in court, accord¬
measures
approved
are:
Volume
Financial
144
A
levy of four millsjper $1 on certain classes of personal property held by
mutual savings fund societies and mutual fire and life insurance companies
providing an estimated return of $6,000,000.
An amusement tax of one cent for each 25-cent admission charge replacing
the State tax Avhich expires July 21.
The estimated revenue is $5,000,000.
Ail0% tax on receipts from billboard and advertising signs.
Estimated
revenue is $200,000.
hjA 10% tax
gross
on
receipts from parking lots.
Estimated return
$1,500,000.
A
franchise
signs, poles, marquees, tunnels, bridges between
buildings, show cases, gasoline pumps, show cases and coal holes.
Esti¬
mated return is $3,460,000.
JMiMmemm
WE
tax
on
^PHILADELPHIA, Pa.—ORDERS INTEREST PAYMENT ON WAR¬
RANTS—The city must pay interest at 5% on warrants presented to the
City Treasurer but unpaid because of lack of funds, it was ruled July 9 by
Judge Heiligman in Common Pleas Court.
The ruling is of added impor¬
tance because in other litigation the city is contesting the claim that it pay
interest on more than $1,700,000 of mandamuses, according to report.
Judge Heiligman's ruling was made in the case brought by a local contract¬
ing firm which received warrants for work done by the Department of
Transit.
One warrant, dated Oct. 26, 1931, was for $372,435.56, and
another, dated Nov. 21, 1931, was for $259,684.55.
The city was unable
to pay the obligations in February 1932.
They were later paid, but the
holder sued to recover interest at 6% for the period of the delay.
The
Court's decree based the interest payment at 5% in accorance with a Councilmanic ordinance of 1878.
Both sides to the litigation will have^opportunity to file exceptions before the Court's ruling becomes final
JtM
4057
Chronicle
(P. O. Lewisburg), Tenn.—BOND OFFER¬
ING—It is stated by W. T. Edmondson, County Judge, that he will offer
for sale on June 30, at 10 a. m., a $20,000 issue of 3% semi-ann. school
bonds.
Denom.
$1,000.
Dated July 1, 1937.
Due $1,000 from July 1,
1938 to 1957 incl.
These bonds are to be issued for the purpose of retiring
outstanding county school warrants in the sum of $12,000, and for_the
purpose of paying the running expenses of the schools of the county .HSK9M
MARSHALL
COUNTY
(State of)—BOND OFFERING— Sealed bids will be
a. m. on June 17 by Governor Gordon Browning, in behalf
Funding Board, for the purchase of consolidated bonds in the
of $10,066,000, divided as follows: fefciftk*
W
f* TENNESSEE
received until 11
of the State
amount
$5,867,000 refunding'bonds.1 Due on Dec. 1 as follows: $690,000110*1944;
$1,728,000, 1945; $1,248,000, 1947, and $2,201,000 in 1948.
4,199,000 county reimbursement bonds. Due on Dec*l as follows:4$l,Btt,.
959.000 in 1948 and $2,240,000 in 1949.
ft#All of said bonds
are
1
shows.
Collections of city taxes for the five months' period amounted to $28,571,381 against $26,981,499 a year ago, increase $1,589,883.
School taxes
rose to $15,844,986 from
$14,977,148 year ago, increase $867,838 and
personal property tax amounted to $552,551 against $452,039, gain of
$100,513.
Delinquent tax collections decreased $1,847,244, totaling $2,940,419
against $4,787,664 and delinquent school tax collections dropped to $1,589'114 from $2,682,002 a year ago.
Personal property delinquency increased
$76,511 to $126,740.
Collections of water taxes amounted to $4,654,780 against
$4,282,314,
gain of $372,486.
accompanying the re¬
port says: "In the first 5 months report, we show 67% of the current year
(1937) taxes collected—an increase of 6% over the same period of last year;
showing a gain in all collections with the exception of delinquent taxes.
I
believe that delinquent tax collections will now improve on account of the
recent Act of assembly abating penalties and interest. All penalties, interest
and costs are abated on delinquent city and school taxes for 1934 and back
years if paid on or before Nov. 1, 1937.
mM
Receiver of Taxes Frank J. Willard in a statement
SCOTT
TOWNSHIP
(P.
Carnegie),
O.
Pa.—BOND
OFFERING—
Township Secretary, will receive sealed bids until
(Eastern Standard Time) on June 23, for the purchase of $25,000
2%, 2M. 3, 3M or 3M% coupon bonds. Dated July 1, 1937. Denom.
$1,000. Due $5,000 on July 1 in 1942,1947, 1952,1957 and 1962.
Interest
payable J. & J.
A certified check for $1,000, payable to the order of the
township, must accompany each proposal. Bids will be considered subject
to legality of issue by Moorhead «s Knox of Pittsburgh, whose opinion will
be furnished the purchaser, and also subject to approval of issue by the
Pennsylvania Department of Internal Affairs.
Walter
Komoroski,
7 p. m.
SHENANDOAH SCHOOL DISTRICT, Pa.—BOND
pledged the annual net
or
by any State
or
hereafter levied until and including
1946-47, the annual proceeds of a tax of 5 cents per gallon upon gasoline, the
volatile substances provided for
by Section 6821 of the Code of Tennessee, one-half of the annual proceeds of
motor vehicle registration fees now or hereafter required to be paid to the
State and the entire annual proceeds of franchise taxes imposed by the Fran¬
chise Tax Law, being Chapter 100, Public Acts of 1937, and all of said
bonds are entitled to the benefit of the proceeds of the foregoing taxes, fees
and revenues and to share therein pro rata with any other obligations of the
State of Tennessee which are made a charge thereon in accordance with the
provisions of Chapter 165, Public Acts of Tennessee 1937. All of said bonds
are exempt from taxation by the State of Tennessee or by any county, mu¬
nicipality or any other agency or instrumentality of the State of Tennessee.
Bidders are requested to stipulate the rate or rates of interest the bonds
are to bear in multiples of one-fourth of 1%.
Different rates of interest
may be stipulated for such issues, but the same rate of interest must be
stipulated for all bonds of the same issue. Bidders may bid for both issues
or for one issue and may condition their bid upon the award to them of all
or no part of the bonds bid for.
All bids must be enclosed in a sealed en¬
velope addressed to the Funding Board of the State of Tennessee and must be
accompanied by a certified check upon a National bank or upon a regular
depository of the State of Tennessee, drawn to the order of the Treasurer
of the State of Tennessee in an amount equal to 2% of the face amount of
the bonds bid for. No bids for less than par will be accepted. The legality
of the bonds will be approved by Thompson, "Wood & Hoffman, attorneys
at law, New York City, whose opinion will be furnished the purchaser
without charge.
The bonds will be awarded to the bidder offering to take them at the
annual proceeds of all fees for inspection of
lowest rate of interest at
price not less than par and
a
WILKES-BARRE, Pa.—BONDS VOTED—At the June 1 election the
city, by 3,856 to 1,132, approved a proposal to issue $400,000
accrued interest to
date of delivery, unless a bid for both issues is received which will result in
a lower interest cost to the State over the life of all bonds of both issues than
combination of bids for separate issues, in which event such bid will be
accepted.
No bid at less than par will be accepted.
As between bidders
naming the same rate of interest, the amount of premium bid will determine
any
the award,
TEXAS
(P.
O.
Angleton),
bonds offered
SCHOOLV DISTRICT
NO. 1
Texas—BOND SALE—An issue of $35,000 school
was awarded to the First National Bank of Angleton.
COUNTY
BRAZORIA
voters of the
municipal
of all toll bridges now operated by the State
the first $307,500 of the annual receipts of any
the fiscal year
revenues
agency,
SALE—The State
bonds which
Retirement Fund has purchased the $80,000 operating revenue
offered on April 26.
were
of $1,000
Treasurer, Nashville, Tenn., at the option of the holder, and the bonds
contain provisions for their registration as to principal alone or as to both
principal and interest. All of said bonds are direct general obligations or
the State of Tennessee for the payment of which the full faith and credit of
the State are pledged, and as additional security therefor there is also
tobacco tax heretofore
^PHILADELPHIA, Pa .—TAX COLLECTIONS HIGHER—Tax collec¬
tions of the city for the first five months of 1937 totaled $55,065,943 com¬
pared with $54,908,899 in the corresponding period of 1936, an increase of
$157,044, statement issued today by Frank J. Willard, Receiver of Taxes,
dated June]l, 1937, of the denomination
each, and interest thereon is payable on the first days of June and December
in each year.
Both principal and interest are payable at the fiscal agency
of the State of Tennessee in New York City, or at the office of the State
on
COMMON
June 9
bonds.
improvement
BRAZORIA COUNTY
RHODE
ROAD DISTRICT NO.f4
(P. O. Angleton),
Tex.—BONDS DEFEATED—Floyd Enlow, County Judge, states that at
the election held on May 29 the voters defeated the proposal to issue $40,000
ISLAND
in road bonds.
PROVIDENCE,
R. jl.—TO
EXTEND MUNICIPAL
WHARF—The
city has decided to enlarge the municipal wharf, the cost of which is ex¬
pected to reach $2,000,000.
Application has been made for a Federal
grant of 45% of the cost of the project.
Plans for the extension are already
completed and work will be started even if the grant is not forthcoming.
The yearly tonnage handled at the present wharf has increased steadily
from 325,869 tons in 1931 to 475,000 tons in 1935 and 1936.
During 1935
operating costs were $12,023, wnile revenue totaled $87,703.
In 1936, the
outlay was $14,752, with revenues of $81,259.
CAROLINA
SOUTH
LANCASTER COUNTY (P. O. Lancaster),
S. C.—BOND SALE—The
$250,000 issue of coupon road and bridge bonds offered for sale on June
8—V. 144, p. 3878—was awarded to Stranahan, Harris & Co., Inc., of
Toledo, Braun, Bosworth 2ic Co., of Toledo, and C. W. Haynes & Co. of
Columbia, S. O., paying a premium of $366, equal to 100.146, a net interest
cost of about 3.39%, on the bonds divided as follows: $180,000 as 3 Ms,
maturing $10,000 from Jan. 1, 1940 to 1957; the remaining
3Ms. manuring $10,000 from Jan. 1, 1958 to 1964 incl.
COUNTY
SPARTANBURG
(P.
O.
Spartanburg),
S.
$70,000 as
C.—BOND
OFFERING—It is stated by R. H. Ashmore, Clerk of the County Board,
that he will receive sealed bids until July 8, for the purchase^of $250,000
road improvement bonds.
Due in 10 years.
SOUTH
DAKOTA
Due from 1939 to 1947.
TENNESSEE
BRADLEY COUNTY (P. O. Cleveland), Tenn.—BOND OFFERING
POSTPONED—It is now stated by Lon Brock, Clerk of the County Court,
of not to exceed 3M%
which had been scheduled for sale on June 7,
—V. 144, p. 3549—will be offered for sale at 1
July 1, 1937.
Due $1,000 from July 1, 1938
check for 2% must accompany the bid.
semi-ann. refunding bonds
as noted in these columns
p. m. on
June 10. Dated
A certified
to 1962, incl.
(May 1 and Nov. 1) payable at the Chase National Bank in New
Purchaser is to pay cost of legal opinion and printing of bonds.
York.
Tenn.—BOND OFFERING—Sealed bids will be
on June 22 by F. K. Rosamond, City Auditor,
for the purchase of a $634,000 issue of public improvement bonds.
In¬
terest rate is not to exceed 6%, payable J. & D.
Rate to be stated in
multiples of M of 1%.
Dated June 1, 1937.
Due on June 1 as follows:
$234,000 in 1953; $50,000, 1954; $100,000, 1958 and 1961, and $150,000
in 1962.
The bonds are issued under Chapter 673, Private Acts of Ten¬
nessee, of 1937, No bid will be considered at less than par and accrued inter¬
est.
The approving opinion of Caldwell & Raymond of New York will be
furnished.
A certified check for 2% of the par value of the bonds, payable
to Alvin Shipp, City Treasurer, must accompany the bid.
(These are the bonds that were originally scheduled for sale on June 11,
the award of which was postponed as noted in these columns—V. 144,
CHATTANOOGA,
p.
until
11
a.
m.
3879.)
MADISON
COUNTY
(P. O.
Jackson), Tenn.—BOND SALE—The
$80,000 issue of refunding bonds offered for sale on June 8—V. 144, p. 3879
awarded to C. H. Little & Co. of Jackson, as 334s, at a discount of
—was
$865, equal to
98.91, according to the County Judge.
BRENHAM, Texas—INJUNCTION GRANTED AGAINST MUNIC¬
granted an
injunction holding up the bond issue approved by the local voters last
January for the construction of a municipal light and power plant.
The
city had previously received a Public Works Administration grant of
$140,000, which, with the bond issue of $170,000, was to provide funds for
the construction of a $310,000 city power enterprise.
IPAL LIGHT PLANT—The Texas Power & Light Co. has been
?" CAMERONICOUNTY (P. O. Brownsville), Texas—RFC AUTHOR¬
IZES REFINANCING LOAN—A loan of $1,021,000 for refinancing, under
certain conditions, the flood protection bonds of the above county has been
authorized by the Reconstruction Finance Corporation, it was announced
on June 9.
We understand that this loan makes a total of $118,517,228.24
which has been authorized to date for various municipalities by the said
Corporation under the provisions of Section 36,iEmergency Farm
amended.
Mortgage
Act of 1933, as
DALLAS, Texas—BOND SALE—The two issues of coupon bonds aggre¬
gating $790,000, offered for sale on June 4—V. 144, p. 3725—were awarded
to a syndicate composed of Goldman, Sachs & Co. of New York, the Boat¬
men's National Bank of St. Louis, Lobdell & Co. of New York, and PeonDallas,
as
2Ms, at a price of 98.88, a basis of 2.623%.
The
issues are described as follows:
$750,000 school bonds.
Due as follows: $37,000, 1938; $38,000,
$37,000, 1940; $38,000, 1941; $37,000, 1942; $38,000,
$37,000, 1944; $38,000, 1945; $37,000, 1946; $38,000,
$37,000, 1948; $38,000, 1949; $37,000, 1950; $38,000,
$37,000, 1952; $38,000, 1953; $37,000, 1954; $38,000.
$37,000. 1956, and $38,000 in 1957.
40,000 library bonds.
Due $2,000 from 1938 to 1957, incl.
The city is said to have
$10,000 from 1947 to 1951, incl.
The second best bid was submitted by
of New York, a
BONDS
the
1939;
1943;
1947;
1951;
1955;
exercised its option of repurchasing from the
successful bidder at the bid price, $50,000 of the school bonds,
offered
CAMPBELL COUNTY (P. O. Jacksboro), Tenn.—BOND OFFERING—M. P. Bolinger, County Court Clerk, will receive bids until 1p.m.
June 28, for the purchase of $150,000 school bonds, to bear interest at no
more than 5%.
Dated May 1, 1937.
Principal and semi-annual interest
received
should be addressed to Mr. Davis.
drom & Co. of
CITY, S. Dak.—BOND SALE—The $30,000 issue of 4%
coupon semi-ann. airport bonds offered for sale on June 7—V. 144, p. 3381
—was awarded to Piper, Jaffray & Hop wood, of Minneapolis, for a premium
of $1,076.40, equal to 103.58, a basis of about 3.38%.
Dated July 1, 1937.
RAPID
that the $25,000 issue
BRECKENRIDGE, Texas—BOND TENDERS INVITED—It is stated
by R. L. Davis, City Secretary, that the city will receive until 5 p. m. on
25, sealed offerings of refunding bonds, Series 1935—A, B, G, D
and E, dated Nov. 1, 1935.
All offerings should be firm for 10 days and
June
maturing
headed by Lehman Bros,
tender of 98.71 on 2Ms, giving a basis of about 2.64%.
OFFERED
above
FOR
a group
INVESTMENT—'The successful bidders reat prices to yield from
bonds for public subscription,
0.90% to 2.45%, and at 98.25 for 1947 to 1957.
EDEN, Texas—BONDS VOTED—A proposition to issue $36,000 water
approved by the voters at a recent election.
works bonds was
ENNIS
INDEPENDENT SCHOOL DISTRICT. Tex.—BONDS RE¬
National Bank of Ennis has refunded $37,000
FUNDED—The Citizens
bonds maturing in 1937.
The
new
bonds bear 5% interest.
GALVESTON COUNTY (P. O. Galveston), Texas—BOND SALE—
The $250,000 issue of causeway bridge, 1917 refunding bonds offered for
sale on June 7—V. 144, p. 3215—was awarded to the Gregory-Eddleman
Co., and the George V.
Rotan Co., both of Houston, jointly, paying a
gremium of $160,follows:to 100.06, as net int. cost of about 2.71% on the
onds divided
equal $132,000 a 3Ms, maturing on July 10; $12,000,
as
1938; $13,000, 1939; $14,000, 1940 and 1941; $15,000, 1942 and 1943; $16,1944 and 1945, and $17,000 in 1946; $37,000 as 2Ms, maturing on July 10;
$18,000, 1947, and $19,000 in 1948; $39,000 as 2Ms, maturing $19,000 in
1949, and $20,000, 1950; the remaining $42,000 as 2Ms, maturing $21,000
on July
10, 1951 and 1952.
SAN
ANTONIO.
Texas—BOND SALE—The $325,000
bonds offered
June 10—V. 144, p. 3879—were awarded to Stranahan, Harris & Co.
and Graham, Parsons & Co. of New York, at par plus a premium of $529,
on
4058
Financial
Chronicle
equal to 100.165, a basis of about 2.85%, on $218,000wbonds maturing
from 1938 to 1951 to bear 3% interest and $107,000 bonds
coming due
from
1952 to 1957, at 2%% interest.
The bonds
divided
are
as
Enterprise).
Wash.—BOND ELECTION—The Board of Directors has called a special
election for June 19 at which a proposal to issue $253,805 refunding bonds
follows:
MARINETTE
$65,000 4%
school
DISTRICT, Texas—BOND
bonds
sold
was
recently to the
par.
SOURLAKE INDEPENDENT SCHOOL DISTRICT
(P. O. Sourlake)
Texas—BONDS SOLD—It is stated by the
Secretary of the Board of
Education that $10,000 school repair bonds
approved by the voters last
November, have been purchased by Aves & Wymer, of Houston, at 104.00.
TALCO, Texas—BONDS VOTED—A
paving
was
approved by the voters at
bond
a recent
issue
of
until
2.
Marinette),
Wis.—BOND SALE—
Dated June 1, 1937.
Due
on
107.03, a basis of
June 1, 1942.
noon
an
VERNON COUNTY (P. O. Viroqua), Wis.—BOND SALE—The $110,-
Co. of Chicago, paying a premium of $3,825, equal to 103.477, a basis of
about 1.55%.
Dated May 1, 1937.
Due on May 1, 1940.
The second
highest bid was an offer of $3,805 premium, tendered by the Northwestern
$125,000 for city
National Bank & Trust Co. of Minneapolis.
is stated by
Mayor W. L.
for the
purchase of two issues of coupon bonds aggregating $60,000, divided as
follows:
$4O,0Q0 Avater, and $20,000 sewer bonds.
Bidders to name the
he will receive sealed bids
O.
000 issue o{2H% semi-ann. highway improvement, series K bonds offered
for sale on June 5—V. 144, p. 3550—was awarded to the Central Republic
election.
WASKOM, Texas—BOND OFFERING—It
Rudd that
(P.
Wis.—BOND OFFERING— Sealed bids will be received
on June 15, by R. E. McKeague, City Clerk, for the purchase
$88,000 issue of refunding bonds.
Interest rate is not to exceed
4)^ %.
The lowest rate of interest combined with the highest premium will
determine the award of these bonds.
Denom. $1,000.
Dated July 1,1937.
Due on July 1 as follows: $12,000, 1947; $11,000, 1948 and 1949; $15,000,
1950; $10,000,1951; $15,000, 1952, and $14,000 in 1953.
These bonds have
been authorized for the purpose of refunding outstanding bonds maturing
$12,000 pn July 1; $37,000, Aug. 1; $38,000, Sept. 1 and $1,000 on Nov. 1,
1937, and are to be delivered in blocks as the outstanding bonds are pre¬
sented for payment and cancellation.
These bonds are to be issued subject
to the approving opinion of Chapman & Cutler of Chicago.
The purchaser
is to pay for the cost of the approving opinion and the blank bonds.
The
city reserves the right to sell all or part of the bonds, and to reject any or
all bids.
The said bids are to be considered at a meeting of the Common
Council at 8 p. m. on June 15.
A certified check for 2% of the par value
of the bonds, payable to the City Treasurer, must accompany the bid.
of
1948 to 1957.
of
COUNTY
SUPERIOR,
until
The purchasers of the bonds are now offering them to investors at
prices to yield from 1% to 2.80% on the 3% bonds and at from 100 to 99
on the 2Ms.
at
,
Co. of Chicago, paying a premium of $4,921, equal to
about 2.02%.
as dated July 1,
1937, and the entire issue of $325,000
July 1 as follows: $15,0C0, 1938 to 1947; $17,000, 1948 to 1952,
$18,000, 1953 to 1957.
Second high bid for the bonds was submitted by
Mahan, Dittmar & Co.,
Lazard, Freres & Co. and Boettcher & Co., offering a premium of $191.75
for 3^% bonds maturing 1938 to 1947 and
2M% bonds maturing from
issue
O.
The $70,000 issue of 3^% semi-ann. highway improvement bonds offered
on June 7—V.
144, p. 3880—was awarded to Halsey, Stuart &
All the bonds
of Texas
(P.
for sale
matures on
SHAMROCK INDEPENDENT SCHOOL
DISTRICT
WISCONSIN
and
SALE—An
RECLAMATION
will be voted upon.
$100,000 fire station building bonds.
Due $5,000 from July 1, 1938 to
1957, inclusive.
60,00u police and fire station bonds.
Due $3,000 from July 1, 1938 to
1957, inclusive.
12,000 health building bonds. Due $1,000 from July 1,1938 to 1949, incl.
30,000 airport bonds.
Due on July 1 as follows:
$1,000, 1938 to 1947,
and $2,000, 1948 to 1957, all inclusive.
30,000 bridge construction bonds.
Due on July 1 as follows:
$1,000,
1938 to 1947, and $2,000, 1948 to 1957, all inclusive.
45,000 street improvement bonds.
Due on July 1 as follows:
$2,000,
1938 to 1952, and $3,000, 1953 to 1957, all inclusive.
48,000 sewer construction bonds.
Due on July 1, as follows:
$2,000,
1938 to 1949, and $3,000. 1950 to 1957, all inclusive.
State
1937
12
June
WHITESTONE
p.
m.
on
YORK TOWNSHIP (P. O. Monroe), Wis.—BONDS SOLD—It is re¬
ported that $26,000 road bonds were purchased by Harley, Haydon & Co.
of Madison as 3Ms. paying a price of 100.28.
June 25,
rate of interest.
Dated as of date of sale.
Prin. and int. payable in New
City and Dallas.
Legality approved by Chapman & Cutler of
Chicago.
These bonds were approved by the voters at an election held on
March 6.
A certified check for 5% must accompany the bid.
York
WYOMING
CODY, Wyo.—BOND SALE DETAILS—In connection with the sale
of the $50,000 refunding bonds, notice of which was given in these columns
in March—V. 144, p. 1842—it is stated by the Town Clerk, that the bonds
were sold to the American National Bank of Cheyenne, as 2J-£s.
$41,000.00
HOT SPRINGS COUNTY SCHOOL DISTRICT NO. 9
Washington (D.C.) Suburban Sanitary Dist.
mopolis),
$1,000
1937.
OFFERING—R.
M.
Richmond,
(P. O. TherClerk of the
or
multiples thereof, except bond No. 1 for $600.
Dated July 1,
Due yearly as follows: $1,600 in 1938; $2,000, 1939 to 1943: $3,000,
1944 to 1948: $4,000, 1949 to 1952; $5,000, 1953 to 1957, and $6,000, 1958
to 1962.
Certified check for $3,000, payable to the District Treasurer, re¬
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
Wyo.—BOND
Board of Trustees, will receive bids until 8p.m. June 28 for the purchase of
$97,600 building bonds.
Interest rate is not to exceed 3$£%■*
Denom.
43^s, due July 1974/54 at 3.40% basis & int.
The district will furnish legal opinion and blank bonds.
a report which appeared in an earlier issue—V. 144,
3880—under the caption "Thermopolis School District No. 9.")
quired.
A. T. T. Tel. Rich. Va. 83
(This supplements
p.
VIRGINIA
RIVERTON, Wyo.—BONDS CALLED—E. H. Steffy, City Treasurer,
of
6% water bonds dated June 1,1922. Denom. $500. Optional on June 1,
is said to have called for payment on June 1, at his office, Nos. 1 to 50
DICKENSON COUNTY (P. O.
Clintwood), Va.—BOND OFFERING
be received until 2 p. m. on June 15, by Catherine C.
Remines, Clerk of the County School Board, for the purchase of a $30,000
the
—Sealed bids will
Interest ceased oh date called.
(A $25,000 issue of refunding bonds was authorized by the City Council
May, as noted in these columns—V. 144, p. 3382.)
1937.
issue of 4% coupon semi-ann. school funding bonds.
Dated June 1, 1937..
Due $3,000 from June 1, 19o9 to 1948, incl.
The right is reserved to reject
any and all bids.
Bids for less than par will not be accepted.
These bonds
are issued under authority of House Bill No.
357, an Act of the General
in
Assembly, approved March 27, 1937.
Canadian Municipals
'*
PARKSLEY, Va.—BONDS VOTED—The citizens of the town have voted
authority for the issuance of $55,000 water supply bonds.
Information and
VIRGINIA, State of—CERTIFICATES OFFERED FOR INVEST¬
MENT—The $478,000 issue of 2% coupon or
registered refunding certifi¬
cates of indebtedness purchased on June 4 by Lehman
Bros.; Graham,
Noyes & Co., all of New York, jointly, as
144, p. 3879—was reoffered by the successful
bidders for public subscription priced at
102.00 and accrued interest.
Dated July 1, 1937 and due on Jmy 1, 1947.
Parsons & Co., and Hemphill,
BRAWLEY, CATHERS & CO.
noted in these columns—V.
25
KING
ST.
<DrumWbr, Ehrlichman & IDhifo
Teletypes SEAT 187, SEAT 188
SCHOOL
(P. O.
COUNTY
(P.
O.
Ellensburg),
1936.
Wash.—FINANCIAL
with the offering schedule for June
19, of
Denmark School District No. 12 bonds, report on which was
given in these columns recently—V. 144, p. 3880—we have been furnished
with the following data
the $35,000
School District No. 12—Denmark School
(1936 levy figures
as
amended)
1936 Levy
_____
Additions
Total.
$1,028 414
$962,734
65,680
$i ,028,414
.
_____
Bonded indebtedness.
None
Cash warrants outstanding—April 30,1937.
Cash on hand general fund
7.33
5.107.33
Tax Collection Record
%
Year—
Mills
1936
1935
1934
2.5
2.5
—
___
4
4.912.44
5
---
1933
1932
Levy
$2,406.84
2,155.47
5,798.56
3,031.93
2.3
Totals
Collections
$1,171.75
1,885.25
4,428.41
5,354.62
2,304.24
Collected
Uncollected
48.7
87.5
$1,235.09
90.2
484.03
92.4
76
443.94
270.22
727.69
$15,144.27
$3,160.97
SPOKANE COUNTY SCHOOL DISTRICT NO. 343
(P. O. Spokane),
Wash.—BOND OFFERING— Sealed bids will be received until 10 a. m. on
June 25, by Paul J. Kruesel, County Treasurer, for the
purchase of a $25,000
issue of school bonds.
Interest rate is not to exceed
6%, payable semi-ann.
Bonds are to mature in from 2 to 20
years after date
redeemable at any time after five years from date of issue.
Prin. and int. payable at the County Treasurer's office, the State Treasurer's
office, or at the fiscal agency of the State in N. Y. City.
A certified check
for 5°~ of the bid is required.
Dated when issued.
RE¬
arrears
of taxes totaled
$111,$03. compared with $101,-
EDMONTON, Alta.—REVISE REFUNDING PLAN— Under the plan
adjustment for the debt of the City of Edmonton, as previously approved,
6 % and 7 % debentures were to be adjusted to a 4 XA
% basis by the payment
of a premium in cash.
The City Council has now decided to
of
pay present interest rates to the
original maturity dates and 4J^% thereafter. Funds which were to have
been used to pay the premium are to be utilized for some much needed
capital expenditures.
Three 6% issues, however, are excepted from the change in the plan and
are to be dealt with as
originally planned. These are 6% debentures matur¬
ing in 1960, 1962 and 1963, totaling $65,932. The premium to be paid on
these issues to reduce them to a 4XA % basis is $15,000.
HALIFAX, N. S.—BOND OFFERING—George J. Allen, City Treasurer
will receive sealed bids until
noon on June 11, for the purchase of $523,"
years.
Purpose
financing is to provide $269,000 for refunding requirements, $79,807.70 local improvements, $50,000 water extensions and $125,000 direct
807.703)^% bonds, dated July 2,1937 and due serially in 20
of the
relief.
LONDON, Ont.—TO ISSUE $150,000 BONDS— The city's program to
go on a pay-as-you-go policy has been temporarily halted owing to the
necessity of issuing $150,000 bonds to finance damages to local facilities
caused by recent floods.
MOOSE
JAW, Sask.—BONDHOLDERS TO PROTEST INTEREST
REDUCTION ORDER—Institutional investors of the
City of Moose Jaw
debentures have decided to protest the order of the Local Government
Board of Saskatchewan providing for a
40% reduction in interest on that
city 's bonds from July 1, 1937, to June 30, 1938, with the minimum rate
being not less than 3 %.
A bondholders'
protective committee has been formed and bondholders
being circularized for proxies.
If 20% of the outstanding bonds are
against the order and a petition filed by June 13, the reduction
cannot become operative.
F. H. Hancock, of the Dominion Mortgage &
Investment Association, 302
Bay St., Toronto, is Secretary of the committee.
are
voted
No. 12 is one of four grade school districts
making up Consolidated High
School District No. 200.
This District has no bonded indebtedness and had a
1936 levy of four (4)
mills.
of issuance,
TAX
DRUMMONDVILLE, Que.—BOND OFFERING—Raoul Heroux, City
•
Area—A sector of farming and grazing lands lying south and east of the
Town of Kittitas.
valuation
Receipts of
934 last year.
Waterville), Wash.—
STATEMENT—In connection
Assessed
DELINQUENT
of
BOND SALE—The $12,500 issue of school bonds offered for sale on June
5
—V. 144, p. 3550—was purchased by the State of Washington, as
4s, ac¬
cording to the Treasurer of Douglas County.
No other bid was received,
he states.
Due serially in 25 years.
KITTITAS
AND
Treasurer, will receive sealed bids until 7 p. m. on June 22 for the purchase
$232,900 4% bonds, divided as follows:
$179,000 bonds dated May 1, 1937, and due serially in 30 years.
53,900 bonds dated July 1, 1937, and due serially in 25 years.
Teletype SF 296
DISTRICT
Ont.—CURRENT
CEIPTS HIGHER—Tax collections in 1937 to May 14 were $34,682 higher
than in the corresponding period of 1936.
Collections of current taxes in
the period amounted to $470,340 as against $445,227 in the same
period of
FRANCISCO
WASHINGTON
BRIDGEPORT
6438
CANADA
BRANTFORD,
Washington—Oregon—Idaho—Montana
SAN
ELGIN
WEST, TORONTO
NORTHWESTERN MUNICIPALS
SEATTLE
Markets
Moose Jaw debenture holders in western Canada are
being
send completed forms of the
petition to F. L. Hancock, care of
asked to
Houston,
Co., Regina.
the order of the Local Government Board, the London
Stock Exchange has removed the official list
quotations for Moose Jaw
debentures.
A large amount of Moose Jaw debentures are held in Great
Willoughly &
As
a
result
of
Britain.
SHAWINIGAN
FALLS, Que.—BOND OFFERING—J. O. S. Brunet,
Secretary-Treasurer of the Board of School Commissioners, will* receive
sealed bid until 6 p. m. on June 17 for the purchase of
$100,000 3H or 4%
school bonds.
Dated May 1, 1937.
Denoms. $1,000 and $500.
Due
serially in 30
years.
@FedFRASER