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BUS. ADM.
JUh
LIBRARY
ommetria* f
COPYRIGHTED IN 1937 BY WILLIAM B. DANA
VOL. 144.
COMPANY, N-W YORK,
,"U9dWr1KY«rlC0W~
RAT. OFFICE
U.
REO.
ENTERED AS SECOND-CIASS matter
JUNE 23, 1879. AT THE POST OFFICE AT NEW
NO.
NEW YORK, JUNE 26, 1937
BROOKLYN TRUST
Chartered
NATIONAL BANK
1866
OF
V.
George
McLaughlin
NEW
BOSTON
YORK
PHILADELPHIAJ'
XHE
For
Deposit
Corporation
Federal
Member
OF
YORK
NEW
CHASE
ditionally
BROOKLYN
YORK
CITY
THE
Kidder, Peadody & Co
President
NEW
CHASE
THE
COMPANY
»B7».
YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
Insurance
tra-
bankers* bank.
a
years
many
served
is
has
it
large number
a
of banks and bankers
as
New York
White, Weld & Co.
Members New
York Stock Exchange
correspondent
and
depository.
reserve
Mtmbtr Federal Deposit
Insurance Corporation
BANK
Boston
New York
AND
Amsterdam
London
INSURANCE
Correspondent
Quotations Facilities
United States
STOCKS
Corporation
Government
paris
Securities
The
Hallgarten & Co.
FIRST BOSTON
Incorporated
63 Wall Street,
E»tabli*had 1850
BOSTON
NEW YORK
CHICAGO
NEW
YORK
Boston
OTHER
PRINCIPAL CITIES
Wertheim & Co.
•n
The
Broadway
State and
New York
Amsterdam
CARL Ma LOEB &
CO.
New\orkTr u st
BROADWAY
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
Company
*
61
San Franciseo
throughout the United States
London
'
Chicago
Philadelphia
Representatives in other leading Cities
Chicago
London
New York
Telephone: BOwling Green 9-5000
SAN FRANCISCO
PHILADELPHIA
AND
120
Brown Harriman & Co.
corporation
.
.
$37,500,000
INC.
Chicago
New York
Amsterdam
Berlin
London
Paris
ioo broadway
57TH ST. & FIFTH
AVE.
40TH ST. & MADISON
EDWARD B. SMITH & CO.
NEW YORK
Service
to
Banks and
Dealers since
i
888
New York
31 Nassau Street
BOSTON
PHILADELPHIA
CLEVELAND
AVE.
LONDON
,
European Representative's Office:
8 KING
WILLIAM STREET
HORNBLOWER
&
WEEKS
Established 1888
LONDON. E. C. 4
40
Correspondent
Edward B. Smith & Co., Inc.
Minneapolis
" CHICAGO
•
St. Louis
Members
System,
York Clearing House Association
Member of the Federal Reserve
the New
and of the
Federal Deposit Insurance Corporation
Wall Street
NEW YORK
*
Boston, Chicago,
Philadelphia and
New York,
Cleveland,
Detroit Stock Exchanges
i
II
Financial
June 26,
Chronicle
1937
BAKER, WEEKS
A.
Becker & Co.
G.
& HARDEN
Incorporated
Established
J. & W. Seligman & Co.
Investment Securities
Members
1898
New York Stock Exchange
No.
New York Curb Exchange
Investment Securities
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
YORK
London
Correspondent«
Buhl Building, Detroit
SELIGMAN BROTHERS
6 Lothbury, London, E. C. 2
Other Cities
And
Street
STREET, NEW YORK
Commercial Trust Bldg., Philadelphia
Chicago
Wall
NEW
Graybar Building, New York
New York
54
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Pans
Foreign
Leading Out-of-Town
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH
BIRMINGHAM
(With
which
the
Western
Australian Bank of
MARX & CO.
New
WALES
(ESTABLISHED 1817)
NEWARK
Paid up
Jersey State & Municipal Bonds
Australian
Commerce. Ltd.
Bank
Capital
The
£8,780,000
6,150,000
8,780,000
Reserve Fund
Reserve Liability of
and
amalgamated)
are
Proprietors
Newark Bank & Insurance Stocks**
BIRMINGHAM, ALABAMA
£28,710,000
Aggregate Assets 30th Sept., 1936_ £115,150,000
A. C. DAVIDSON, General Manager
MUNICIPAL
SOUTHERN
AND
CORPORATION BONDS
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
780 BRANCHES AND AGENCIES
Australian States,
New Zealand, Fiji,
tralasian
Banking
Business.
Produce Credits arranged.
DETROIT
HARTFORD
in
the
Papua
Mandated Territory of New Guinea, and London
The Bank transacts every description of Aua
Head Office:
Wool
and
othei
George Street, SYDNEY
London Offices:
29 Threadneedle Street, E.C.2
47 Berkeley
MICHIGAN MUNICIPALS
Specialists in Connecticut
and
PUTNAM & CO.
WATLING, LERCHEN & HAYES
Members New York Stock Exchange
Members
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
884
BUHL BLDG.,
DETROIT
the U. S. A.
Securities
CORPORATION BONDS
New York Stock Exch.
Square, W.l
Agency arrangements with Banks throughout
CENTRALifcOW
6
Tei. 5-0151
HARTFORD
NATIONAL BANK
A. T. T. Teletype—Hartford 35
of EGYPT
Head Office
PALM
BEACH
AND
WEST
PALM
BEACH
FULLY
PAID
RESERVE
INVESTMENT
Cairo
CAPITAL
FUND.
.
.
.
£3,000,000
3,000,000
.
HOLDINGS
LONDON AGENCY
ANALYZED
6 and
Specializing in
7, King William Street, E. C. 4
Branches in all the
FLORIDA BONDS
principal Towns in
Charles A. Parcel Is & Co.
Members of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
EGYPT
and
the
SUDAN
CARLBERG & COOK, INC.
Palm
Bell
Beach—West
Palm
Beach, Fla.
System Teletype: W-Palm Beach No. 84
Royal Bank of Scotland
MIAMI
Incorporated by Royal Charter 1727
Capital (fully paid)
ST.
LOUIS
£3,780,192
Reserve fund
We buy and set! for
own
£66,800,985
our
account
Over
200
Florida Municipal Bonds
(jORWGAN.MII/LUK £(b
INC.
Ingraham Bldg.
£3,944,171
---
Deposits....
MIAMI
Years
CHIEF
Stik
Co.
Zi
3
Commercial
FOREIGN
Banking
DEPARTMENT
Bishopsgate, London, England
HEAD
SAINT LOUIS
Bell System Teletype MM I 80
of
OFFICE—Edinburgh
General Manager
909 0UVE st
*
William Whyte
Total number of offices. 254
Members
St.
Louis Stock
Associated Bank, Williams Deacon's
Bank, Ltd.
Exchange
MILWAUKEE
Hong Kong & Shanghai
BANKING CORPORATION
WISCONSIN
CORPORATION SECURITIES
Missouri and Southwestern
x
Stocks and Bonds
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed
by Ordinance No. 6 of 1929
of the
Colony.
Authorized
Bought—Sold—Quoted
EDGAR, RICKER&CO.
750 North Water Street,
Milwaukee. Wis.
Smith, Moore & Go.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Capital(Hongkong Currency) H$50,000,000
Paid-up Capital (Hongkong Currencyf---H«20,000,000
Reserve Fund In Sterling
£6,600.000
Reserve Fund
In
rency)
Reserve Liability
kong Currency)
Exchange
A.
72
Silver
(Hongkong Cur¬
H$10,000.000
of
G«
Proprietors
(Hong¬
H $20,000.000
KELLOGG, Agent
WALL STREET,
NEW YORK
Volume
144
Financial
Chronicle
in
Dividends
CRANE
THE ATLANTIC REFINING CO.
PREFERRED
836
NUMBER
DIVIDEND
SO.
CO.
5
MICHIGAN
AVE., CHICAGO
NOTICE OF REDEMPTION
At
meeting of the Board of Directors
held June 22,1937, a dividend of one
a
dollar
on
($1.00)
share
per
was
To the holders
declared
the Cumulative Preferred Stock Con¬
vertible
payable
4% Series A of the Company,
August 2, 1937, to stock¬
holders of record at the close of busi¬
ness
of 7% cumulative preferred shares of Crane Co.:
Notice is hereby given to the holders of Crane Co.
7% cumulative
preferred shares, that the company has elected to redeem and retire,
and does hereby call for redemption and retirement on
September 15,
1937, all of said 7% cumulative preferred shares then outstanding, at
$110 per share and accrued dividends thereon to September 15,
1937, amounting to $7 per share.
July 6,1937. Checks will be mailed.
Dividends
W. M. O'CONNOR
June 22/1937
Secretory
on
on
said shares
to be redeemed will
so
cease
to accrue
September 15, 1937 and all rights of the holders of said shares
as
shareholders of the company will cease and terminate on said date
and thereafter said holders will be entitled
only to receive the
redemp¬
tion
PACIFIC GAS AND ELECTRIC CO.
DIVIDEND NOTICE
price for said shares
as
aforesaid.
The holders of said 7 % cumulative preferred shares are
hereby
required to present and surrender the certificates for said shares for
redemption and retirement,
on
after Spetember 15, 1937, at the
or
office of J. P. Morgan & Co., 23 Wall Street, New
York, or at the
office of Continental Illinois National Bank and Trust
Common Stock 'Dividend No. 86
Company of
Chicago, 231 South La Salle Street, Chicago, Illinois.
A cash dividend declared
by the Board
June 16, 1937, for the
quarter ending June 30, 1937, equal to
2°/o of its par value, will be paid upon
the Common Capital Stock of this Com¬
pany oy check on July 15. 1937, to
of Directors
on
shareholders of record
business
on
D. H.
If payment is to be made to anyone
registered holder, the certificates must be endorsed
or assigned and such endorsement or
assignment must be guaranteed
by a bank or trust company having a New York City office or corre¬
spondent or by a member of the New York Stock Exchange, and in
other than the
be closed.
not
is to be made to the registered holder, the certificates
stamps will not be required.
close of
at,,tne
June 30, 1937. The Trans¬
fer Books will
San Francisco,
If payment
need not \k endorsed and federal and New York State transfer tax
Foote, Secretary-Treasurer.
such
California.
the surrendered certificates must be accompanied by
any
which may be required to place the certificates in transferable
form, together with funds necessary to cover transfer tax stamps.
Dated at Chicago, Illinois, June 23, 1937.
case
papers
THE
YALE & TOWNE MFG.
CO.
CRANE
On June 21, 1937, a dividend No. 184 of fifteen
(15c.) per share was declared by the Board
out
of
past
earnings,
payable
October 1,
1937, to stockholders of record at
the close of business September 10, 1937.
cents
of
J.
H.
TOWNE,
Secretary.
CORPORATION
TENNESSEE
61 Broadway,
Directors
of
of
Tennessee
the
Corporation has this day declared a dividend
of twenty-five
(25c.) cents per share on the
issued
and
outstanding capital stock
of the
company, payable July 22, 1937, to stockholders
of record at the close of business on July 8, 1937.
J.
B.
McGEE,
Notice:
Certificates
for
the
above
mentioned
shares
will
be
accepted for redemption upon surrender at the office of J. P. Morgan
& Co., 23 Wall Street, New York, N. Y., or at the office of Conti¬
nental Illinois National Bank and Trust
New York
June 21, 1937.
Board
The
CO.,
By WALTER EVENSEN, Treasurer.
Directors
Company of Chicago, 231
Chicago, Illinois, at any time prior to Septempber 15, 1937, at $110 per share, plus the unpaid accumulated
dividends of $5.25 per share in arrears on June 15,1937 and an amount
equivalent to dividends at the rate of 7% per annum from June 15,
South La Salle Street,
1937 to the date of surrender.
Treasurer.
Foreign
NATIONAL BANK OF NEW ZEALAND, Ltd.
KstablUhed 1872
Earning at rate of
Chid Office in New Zealand: Wellington
Sir Jsmee Groee. General Manager
8 Moorgate. London. E. C
Head Office
2. Eng.
Subscribed Capital
Capital
£2,000,000
Reserve
Fund
per
Preferred Share for 1937—
£*,#00,Of#
Paid up
$35
over
£1,000,000
Currency Reserve............
The
Sank
conduct*
sterv
Derby Oil & Refining Corporation
£500,000
description
Cumulative
$4
Preferred
Stock
of banking
business connected with New Zealand.
*'
Correspondents throughout the World
London Manager. A. O. Norwood
Carrying accumulated dividends
of $47 per
No Bonds
or
share
Funded Debt
NATIONAL BANK OF INDIA, LIMITED
Bankera to the Government In
and
Head Office:
Listed
Kenya Colony
on
New,'York Curb Exchange
Uganda
INQUFRIES INVITED
26, Bishopsgate, London, E. C.
in
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
Subscribed Capital.
^
£4,000,000
Paid
£2,000,000
Up Capital
Reserve Fund...
£2,200,000
//
The Bank conducts every description of banking
and exchange business
Trusteeships and Executorships also
Jnc.
V
"tta/l
Jt-395/-£
*As of July 1, 1937, a total of 36.00 will
have'been paid
on
accumulated dividends.
undertaken
Harper &, Turner
INC.
Consistent
Investment Bankers
is
or
EXCHANGE
BUILDING
PHILADELPHIA
Business Established 1912
-
most
Let
economy
CHRONICLE
The
STOCK
Advertising
and cuts the cost of selling, making lower prices
better services possible without sacrifice of seller's
profits.
an
can
carry
your
Influential class of people at
us
help
manner.
you
solve
your
a
message
moderate
to
the
World's
cost.
publicity problems in
a
consistent
Financial
IV
NEW
June 26, 1937
Chronicle
ISSUE
$40,000,000
State of New York
2Va% Bonds
rb**
Due
Dated July 6, 1937
Principal and semi-annual interest, January 6 and July 6 payable in lawful money
shown below:
of the United States of America
Manhattan
Interest exempt
These bonds
and
as
Company, 40 Wall Street, New York City. Coupon Bonds in the denomination of $1,000
registered form in denominations of $1,000, $5,000, $10,000 and $50,000 at the option of the purchaser.
at the Bank of the
and in
July 6
from all present Federal and New York State Income Taxes
legal investments in the State of New York for trust funds and savings
are
acceptable to the State of New York
are
dent of Insurance to
secure
as
banks
security for State deposits, to the Superinten¬
policyholders, and to the Superintendent of Banks in trust
for
banks and trust companies.
$30,000,000 Unemployment Relief Bonds
maturing $3,000,000 annually July 6, 1938 to 1947 inclusive
Yield
Due
Yield
Due
Yield
Due
Yield
Due
Yield
1940
1.20
1.45%
1942
1.75%
1944
1.90%
1946
2.00%
1941
.70%
1938
1939
Due
1.60
1943
1.85
1945
1.95
1947
2.05
(accrued interest to be added)
$10,000,000 General State Improvement Bonds
maturing $400,000 annually July 6,1938 to 1962 inclusive
Due
Yield
Due
Yield
Due
Yield
Due
Yield
Due
Yield
2.30%
2.30
1943
1.85%
1948
2.05%
1953
2.20%
1958
1939
1.20
1944
1.90
1949
2.10
1954
2.20
1959
1940
1.45
1945
1.95
1950
2.10
1955
2.25
1960
2.30
1941
1.60
1946
2.00
1951
2.15
1956
2.25
1961
2.35
1942
1.75
1947
2.05
1952
2.15
1957
2.25
1962
2.35
.70%
1938
,
(accrued interest to be added)
The above Bonds
are
offered subject to allotment or to prior sale, for
delivery when,
as
and if issued
and subject to the approval of legality by the Attorney General of the State
of New York. Interim Certificates will be issued pending delivery of Definitive Bonds.
and received by us
Bank of the Manhattan Company
Ladenburg, Thalmann & Co.
Central Republic Company
Chicago
New York, June 23, 1937
Speyer & Co.
L H. Rollins
&
Incorporated
Sons
C. 1 Devine & Co., Inc.
B. J. Van Ingen &
Co. Inc.
Volume
144
Financial
Interest exempt
Chronicle
from all present Federal Income Taxation
$10,066,000
State of Tennessee
3V2% and 3Vi% Bonds
Due
serially December 1, 1944 and 1945, 1947 to 1949, inclusive
in New York,
our opinion, for Savings Banks
Massachusetts and Connecticut
Legal Investment, in
the
obligations of the State of Tennessee
payment of the principal and interest of which the full faith and credit of the
Bonds, to be issued for refunding and county reimbursement purposes, in
These
opinion of counsel will constitute valid general
for the
State
pledged.
are
AMOUNTS, MATURITIES AND YIELDS
$5,8^7,000
Amount
690,000
1944
$1,248,000
4.00%
These bonds
are
1947
1948
3.26%
v
3.20%
3.25%
1948
1949
$1,969,000
2,240,000
3.16%
2,201,000
4190%
1946
Amount
Yield
Maturity
Amount
1,728,000
$
$4,199,000 Z%% BONDSMaturity
Yield
BONDS-
3M%
Vield
Maturity
subject to approval of legality
will be furnished upon delivery.
offered when, as and if issued and received by us and
by Messrs. Thomson, Wood & Hoffman, whose opinion
LADENBURG, THALMANN & CO.
LEHMAN BROTHERS
HALSEY, STUART & CO. INC.
STONE & WEBSTER AND BLODGET
BAN CAME RICA-BLAIR CORPORATION
INCORPORATED
.
INCORPORATED
INCORPORATED
B. J. VAN INGEN &. CO. INC.
DARBY & CO.
KEAN, TAYLOR & CO.
E. H. ROLLINS & SONS
KELLEY, RICHARDSON & CO.
INC.
,
MANUFACTURERS*. TRADERS TRUST CO.
HEMPHILL, NOYES & CO.
BUFFALO
LAWRENCE STERN AND COMPANY
BURR * COMPANY, INC.
R. S. DICKSON * CO.
INCORPORATED
INCORPORATED
MORSE BROS. A
FIRST OF MICHIGAN CORPORATION
McALISTER, SMITH & PATE
CO., INC.
INCORPORATED
KALMAN & CO.
ST.
WARD, STERNE A CO.
J. C. BRADFORD A CO.
PIPER, J AFFRAY A HOPWOOD
BIRMINGHAM
MINNEAPOLIS
PAUL
ELI T. WATSON A CO.
STERN BROTHERS A CO.
EDWARD LOWBER STOKES A CO.
INCORPORATED
KAN8AS CITY
PHILADELPHIA
INCORPORATED
Dated June 1. 1937.
Principal and semi-annual Interest, June 1 and December 1, payable In New
of $1,000, reglsterable as to principal only or as to
piled from
sources
ELDER A COMPANY
SCHMIDT, POOLE A CO.
WILLIAM R. COMPTON A CO.
both principal and Interest.
York City
Coupon bonds In the denomination
.
The information contai ned herein has been carefully com¬
bell eve It to be correct as of this date.
considered reliable, and while not guaranteed as to completeness or accuracy, we
June 21, 1937.
Dividends
Dividends
Notices
BROOKLYN TRUST
TO
COLUMBIA,
HOLDERS
NEWBERRY
OFFICE
OF
AND
LAURENS
General First Mortgage
Bonds:
bonds may be presented
July 1, 1937, for payment of principal at the
of the undersigned, 45 Wall Street, New
York, N. Y.
The above described
on
office
OF
COMPANY
TRUST
STATES
NEW
YORK
Notices
Crescenta-Canada National Bank at Montrose
STATES
OF
POWER
The Board of Directors of the Northern States
Company (Delaware), at a meeting held
on June 16, 1937, declared a quarterly dividend
of one and three-quarters per cent (1 %%) per
share on the Seven Per Cent Cumulative Preferred
Stock of the Company, payable by check July 20,
1937, to stockholders of record as of the close of
business June 30, 1937, for the quarter ending
June 30, 1937.
At the same meeting a dividend of one and
one-half per cent (1}4%) per share was declared
on the Six Per Cent Cumulative Preferred Stock
of the Company, payable by check July 20, 1937,
to stockholders of record as of the close of business
June 30, 1937, for the quarter ending June 30,
Power
1937.
J.
located at Montrose, in the State of California,
MOLYNEAUX,
J.
Treasurer.
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims
BERG, President.
of 2% on capital stock
of the Brooklyn Trust Company has been de¬
clared for payment on July 1, 1937, to stock¬
holders of record at the close of business June 24,
1937.
No dividends will be paid on fractional
shares
'
WILLARD
June 17,
THE
NORTHERN
EDISON
present the notes and other claims for payment.
B. B. JENKS, Cashier.
Dated May 25,
1937.
i
=
ILLUMINATING
Dividend No. 193
quarterly dividend of $2.00 per share has
been declared, payable August 2, 1937, to Stock¬
holders of record at the close of business on
States
(Minnesota), at a meeting held
on June 16,
1937, declared a quarterly dividend
of one and one-quarter per cent (1M %) per share
on the Cumulative Preferred Stock, $5 Series, of
the Company, payable by check July 15, 1937,
to stockholders of record as of the close of business
June 30, 1937, for the quarter ending June 30,
J.
MOLYNEAUX, Treasurer.
TONER, Treasurer.
Boston, June 22, 1937.
MANUFACTURING
AMERICAN
Noble
and
West
COMPANY
Streets
Brooklyn, New York
The Board of Directors of the American Manu¬
facturing
has
Company
declared
the
regular
dividend of $1.25 per share on the
Preferred Stock of the Company.
Also a divi¬
dend of $2.00 per share on the Common Stock
quarterly
both
1937.
J.
V.
JAMES
COMPANY
ILLINOIS
The Board of Directors of the Northern
Covina, in the State of California, is closing its
All note holders and other creditors of
the association are therefore hereby notified? to
ELECTRIC
A
Power Company
affairs.
Secretary.
COMPANY OF BOSTON
OF
STATES POWER
CHICAGO,
The First National Bank of Covina, located at
SCHENCK.
P.
1937.
Checks will be mailed from Old Colony Trust
OFFICE
H.
217
No.
A semi-annual dividend
Company, Boston.
for payment.
1937.
Dividend
July 10, 1937.
is closing its affairs.
Dated April 6,
COMPANY
COMPANY
ILLINOIS
CHICAGO,
COMPANY
RAILROAD
UNITED
NORTHERN
payable
July
1,
1937
to
Stockholders
record June 15, 1937.
ROBERT
B.
BROWN, Treasurer.
of
n
Financial
This is not
an
Offering Prospectus.
Chronicle
June 26, 1937
The offer of these Bonds is made only by
means
of the Offering Prospectus.
This issue, though registered, is not
approved or disapproved by the Securities and Exchange
which does not pass on the merits of
any registered securities.
Commission,
$25,000,000
New York
Telephone Company
Refunding Mortgage 3y4% Bonds, Series B
DatedlJuly 1, 1937
Due
Interest payable January 1 and July 1 in New York
City
BANKERS
TRUST
COMPANY,
July 1, 1967
TRUSTEE
Coupon Bonds in denominations of $1,000 and $500, registerable as to principal.
Registered Bonds in denominations of $1,000, $5,000, $10,000 and
$100,000.
Coupon Bonds and registered Bonds, and the several denomination^, interchangeable.
Legal investment, in the opinion of counsel for the Underwriter<*, for
Savings Banks in the
States of New York and Connecticut.
*
The following is merely a brief outline
of certain information contained in the
Offering Prospectus and is subject to the more detailed statements in
Offering Prospectus and the Registration Statement, which also include important information not outlined or
indicated herein.
The offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase
of these Bonds.
the
NeW York Telephone Company, all of the common stack of which is owned by American Telephone
and Telegraph Company, was incorporated in New
York in 1896.
The Company is engaged in the
telephone business in the State of New York and in a small portion of Connecticut.
The properties of the Company consist
mainly of telephone instruments and facilities for their
interconnection, the latter consisting chiefly of central office
switching equipment and connecting lines.
The Company is subject to regulation by the Federal Communications Com¬
mission and by the Public Service Commission of the State of New
York, within their respective jurisdictions, and, in
some respects, by the Public Utilities Commission
of the State of Connecticut as to the
Company's limited telephone opera¬
tions in that State.
The Federal Communications Commission is
presently engaged in an investigation of American
Telephone and Telegraph Company and its subsidiaries.
THE COMPANY
-
Outstanding
CAPITALIZATION
as
of
December 31,1936
First and General Mortgage Four and One-Half Per Cent. Gold
Sinking Fund Bonds, due
November 1, 1939
Notes Sold to Trustee of Pension Fund (4% Demand
Six and One-Half Per Cent. Cumulative Preferred
Common Stock,
par
*
value $100
per
Notes)
Stock, par value $100
per
$
60,861,600.00*
27,322,275.61
share
_
share
25,000,000.00
421,300,000.00
includes £686,000 principal amount of sterling bonds stated at
13,084,600 (,$4,85 per pound sterling).
The n®* proceeds from the sale of the Bonds, after deducting the estimated expenses of the Company in
are expected to approximate $24,260,600, exclusive of accrued interest, and are
PURPOSE
connection with such sale,
OF ISSUE
be applied tow<*rd the retirement of the Company's presently outstanding issue of
$25,000,000 par Value
of Six and One-Half Per Cent. Cumulative Preferred Stock which
the Company has called for redemption on July 15, 1937
110% of its par value ($27,500,000) and accrued dividends. The Company
expects to obtain the balance of the require¬
ments for such redemption (approximately $3,239,400, exclusive of
accrued dividends) from its current cash.
„mto
at
EARNINGS
The following figures
the
and must be read in conjunction with such income
statements and the notes appended thereto, particularly
to certain claims for. additional excise and sales taxes.
note
are
taken from the income
statements
of the Company
in the Offering Prospectus
referring
Years Ended
Operating
December 31
Revenues
Total
Income
1934
$185,928,657.32
188,815,593.35
199,112,761.83
$37,043,860.39
34,770,930.60
40,151,583.25
1935
1936
Fixed
Charges
Net
Income
$5,452,032.47
$31,591,827.92
552.77
30,031,377.83
36,110,325.25
4,041,258.00
BONDS
The Bonds will be issued under the Company's Refunding Mortgage, as amended and supplemented, and,
in the opinion of counsel for the
Company, will be secured by a lien on substantially all real estate and
telephone plant now owned by the Company in the State of New York and
appertaining to or useful in the transaction of
its business therein.
The lien of the Refunding Mortgage is
subject to the prior lien of the Indenture dated October 1,
1909, securing the Company's First and General Mortgage Bonds, due
November 1,1939, to certain minor encumbrances,
and to possible prior liens,
including tax and assessment liens, on certain land and buildings as to which a current search J
of the record title has not been made.
THE
The Bonds of this series are limited to the amount of
$25,000,00Q now authorized.
The
and supplemented, permits the issuance of
additional bonds of other series, of which
Refunding Mortgage,
as
amended
$200,000,000 may be issued without
All such additional bonds Will rank pari passu with
The Refunding Mortgage permits the Company, in certain instances, to dispose of property covered by the
Mortgage without a release from or notice to the Trustee, and also provides for releases and
substitutions of such property.
No notice is required to be given to bondholders in
connection with any such disposal, release or substitution.
retirement of debt
the Bonds.
or
additional property having
been acquired.
_
Subject to certain terms and conditions, tjhe Underwriters, including the undersigned and one other
named in the Offering Prospectus, have severally
agreed tp purchase these Bonds from the Company
98%, or a total of $24,500,000, plus accrued interest.
Such Bonds are to bektffered to
jhe public at 100%, or a total of
$25,000,000, plus accrued interest.
The underwriting discounts are 2%, or a total of
$500,000.
Under the Purchase Agree¬
ment payment for and delivery of the Bonds are to be made on
or after July 8, 1937,
but not later than July 13, 1937.
UNDERWRITING
at
jg
Price 100%
o.nd Accrued Interest
The Underwriters have agreed to purchase these Bonds on the terms and conditions set
fortffiin the Purchase Agreement, including the approval of
egal matters by Messrs. Davis Polk Wardwell Gardiner & Reed, counsel for the Underwriters, and by Mr. Charles
T. Russell, counsel for the Comyany.
It is expected that delivery of Bonds in temporary form will be made at the office of J. P.
Morgan & Co. on or about July 8, 1987, against
payment therefor in New York funds.
■
,
or
The Underwriters have authorized the purchase and sale, in the
open market or otherwise, of these Bonds for their several
accounts,
short account, within the limits and
during the period set forth in certain agreements referred to in the Offering Prospectus.
Further
information, particularly financial statements, is contained in the Registration
Statement
with the Securities and Exchange Commission, and in the
Offering Prospectus which must be
furnished to each purchaser and is obtainable from the
undersigned.
either for long
onjfile
[MORGAN STANLEY & CO.
Incorporated
KUHN, LOEB & CO.
LEE HIGGINSON CORPORATION
BROWN HARRIMAN
& CO.
Incorporated
Dated June]84. 1987.
KIDDER, PEABODY & CO.
THE FIRST BOSTON CORPORATION
EDWARD B. SMITH & CO.
Volume 144
Financial
This is not
an
Offering Prospectus.
Chronicle
vn
The offer of these Shares is made only by means of the Offering Prospectus.
This issue, though registered, is not approved or
which does not pass on the
disapproved by the Securities and Exchange Commission,
merits of any registered securities.
200,000 Shares
Standard Brands
Incorporated
$4.50 Cumulative Preferred Stock
(WITHOUT PAR VALUE)
Quarterly dividend payment dates, March 15, June 15, September 15 and December 15.
Redeemable
at
option of the Company at any time in whole, or from time to time in part by lot, on not less than 30 days' notice, at $110 per share and
Entitled per share, in preference to Common Stock, to $100 in involuntary, and to $110 in voluntary, dissolution, liquidation or
winding up, plus accrued dividends in each case.
j
accrued dividends.
The following is merely a brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed statements
the Offering Prospectus and the Registration Statement, which also include important information not outlined or indicated herein.
The Offering
Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Shares.
.
in
THE COMPANY
The Company was organized in 1929 under the laws of Delaware to continue the several long-established businesses of The
Fleischmann Company and its subsidiaries, and of E. W. Gillett
Company, Limited, Chase A Sanborn, Royal Baking
Powder Company, and'The Widlar Food Products Company.
The Company and its subsidiaries conduct a manufacturing, processing and.
merchandising business in a large variety of products, primarily food products and foodstuffs, consisting chiefly of yeast and other bakery
products sold under the name "Fleischmann
direct to over 30,000 bakers, hotels, and public institutions, and grocery products sold direct to
approximately 300,000 grocers and other retail outlets.
It is estimated that over half the consolidated net profit from operations is derived from
yeast.
Their other important products include-. Chase & Sanborn Coffee (and other coffees), Tender Leaf Tea (and other teas), Royal Baking
Powder (and other baking powders). Royal Desserts, Fleischmann's Gin, malted grains and vinegar.
The advertising of items sold under
trade names is of great importance, and
expenditures for this purpose constitute a very substantial part of the Company's selling costs. Over
90% of the dollar sales in 1936 were made in the United States and over 95% in the United States and Canada combined.
New Lines of
products may be added from time to time.
Hearings have been held in a proceeding against the Company and a subsidiary before the Federal Trade Commission, under the RobinsonPatman Act, on a complaint alleging certain unlawful price discriminations in the sale of yeast.
The Company denies any unlawful discrim¬
ination.
If the Commission's decision should require a substantial change in present price differentials or in present selling practices, there
.
might be
a
substantially adverse effect on the Company.
The Company and subsidiaries own or lease a large number of manufacturing, processing and selling units, in widely scattered localities
throughout the United Slates, and in Canada and certain other countries.
The Company has no funded debt.
As of December 31, 1936 there were outstanding 70,693 shares of $7 Cumulative
Preferred. Stock, Series A, without par value, and 12.645,423 shares of Common Stock, without par value, stated
CAPITALIZATION
value $2
per
merger
of
a
In addition, 1,369 shares of Preferred Stock and 3,218 shares of Common Stock were reserved for issuance pending the
subsidiary, which became effective April 8, 1937.
All of the $7 Cumulative Preferred Stock, Series A was called for redemption
share.
June 1, 1937.
on
PURPOSE
OF ISSUE
,
f
{estimatedat
may
The only capital securities now outstanding
are
12,648,108 shares of Common Stock.
The net proceeds from the sale of the 200,000 shares of $4.50 Cumulative Preferred Stock (estimated at $18,341,950 after
deducting expenses) will be used in part to pay the principal of temporary bank loans of $8,700,000 incurred on May 6,1937
for redemption of the Company's 72,061 shares of $7 Cumulative Preferred Stock, Series A. The remainder of the net proceeds
$9,641,950), no part of which has been allocated to specific uses, will be added to working capital.
It is possible that part of it
be used for the acquisition or improvement of plants, equipment or other property or businesses.
The following tabulation of results of operations of the Company and its subsidiaries consolidated (compiled from figures
EARNINGS
audited by Haskins A
Sells) is taken from the Offering Prospectus and is subject to the
more
complete notes and comments
therein.
•
,
Net Income
before
Depreciation, Federal
and Foreign Income
Provision for
Federal and
Taxes, and Amortization
Net Sales
4Mos. 1929
Year
$
26,808,586
89,759,575
88,272,143
83,534,573
83,281,438
100,449,057
102.040,080
114,975,651
1930
1931
1932
1933
1934
1935
1936
of Patents
$
Provision for
Depreciationft
Net Income
Foreign Income
Taxes
as per
of Patents
Accountst
491,683
$ 97,881
21,309,361
2,738,515
2,168,592
287,878
*19,259,549
2,635.707
2,081,522
284,577
19,430,106
19,291,002
17,874,161
16,725,733
19,171,990
2,459,380
2,025,700
1,800,622
1,857,865
1,633,182
1,969.235
2,216,507
2,195,517
2,122,905
2,811,359
262,210
222,424
244,443
266,204
256,055
6,546,347
$
r
796,412
$
Amortization
.
$ 5,160,371
16,114,376
14,257,743
14,739,281
14,826,371
13,633,579
12,478,759
14.471,394
tNet Income, as stated above, differs from that of published statements through deductions of yearly charges for amortization of patents which were not made
published statements.
The Company has, since organization, consistently stated the value of all intangibles at 31.00 on its published statements, charging
in
off their book vaiSesagainst surplus.
fobdepreciation
41 The provisions
of property for certain years have
the resulting additional income taxes have been charged to surplus.
*
After extraordinary
Unaudited
as
cmrges:
been subsequently reduced, the adjustments being credited to surplus, and provisions for
'
foreign exchange adjustment, 3624,692; and inventory adjustment, $1,100,000.
figures)for the first three months of 1937 show consolidated
net sales of $31,095,991 and consolidated net income of$2,824,551,
against consolidated/net sales of $27,005,387 and consolidated net income of $3,773,229 for the corresponding period of 1936.
These figures
computed on thp4ame basis as those in the above tabulation, but before providing for surtax on undistributed profits, if any.
are
$4 50* CUMULATIVE
PREFERRED STOCK
J
may be
Tfie total amount of Preferred Stock authorized is 350,000 shares, issuable in series, certain terms of which may
be established by the Board of Directors.
The 200,000 shares of $4.50 Cumulative Preferred Stock constitute
the only series now established. Dividends on Common Stock (other than dividends payable ifi stock of any class)
declared only out of aggregate consolidated net earnings accruing subsequent to January 1, 1937 available therefor, plus $5,000,000.
At all meetings of stockholders holders of
Preferred Stock and Common Stock are entitled to one vote for each share held. Whenever Preferred
dividends shall be in arrears in an amount equal to the annual dividend and until all accumulated dividends shall have been paid or set apart
for payment, holders of the Preferred Stock shall also have the exclusive right to elect two directors.
Neither the Preferred nor the Common
Stock has
preemptive rights.
any
Q
The
Certificate of Incorporation, as amended, provides in effect that the Company shall not create any class of stock senior to the Preferred
Stock without the approval, given in the manner provided in such Certificate, of the holders of two-thirds of the Preferred Stock; and shall not
adversely amend any of the preferences, special rights or powers thereof, increase the authorized number of shares thereof, create any class
ranking pari passu therewith, or incur or guarantee funded debt (with the exceptions provided in the definition of funded debt contained in such
Certificate), without the approval, given in like manner, of the holders of a majority of the Preferred Stock.
The foregoing brief outline of the stock provisions is subject to the more detailed statement in
which is included in the Registration Statement and summarized in the Offering Prospectus.
UNDERWRITING
the Certificate of Incorporation, as amended,
Subject to certain terms and conditions, the Underwriters named in the Offering Prospectus have severally agreed to
purchase these Shares from the Company for delivery and payment on or about June 30, 1937, but not later than
July 13, 1937, at $92.25 per share, or a total of $18,450,000, plus accrued dividends.
Such Shares are to be offered to the public at $95.00
share, or a total of $19,000,000, plus accrued^dividends.
The underwriting discount is $2.75 per share, or a total of $550,000.
per
Price $95 per
Share
plus accrued dividends from June 15, 1987
The Underwriters, including the undersigned and the others named in the Offering Prospectus, have agreed to purchase these Shares on the terms
and conditions set forth in the Purchase Agreement, including approval of legal matters by Messrs. Winthrop, Stimson, Putnam A Roberts, counsel
for the Underwriters.
It is expected that delivery of definitive certificates for the Preferred Stock will be made at the office of J. P. Morgan A Co.
on or about June 30, 1937, against payment therefor in New York
funds.
As
more
fully set forth in the Offering Prospectus, the Underwriters have authorized the purchase and sale, in the open market or otherwise, of
Shares for their several accounts, either for long or short account, within the limits and during the
period set forth in Agreements therein referred to.
Further
information, particularly financial statements, is contained in the Registration Statement on file with the
Securities and Exchange Commission, and in the Offering Prospectus which must be furnished to each
purchaser and is obtainable from the undersigned or from any other Underwriter of this issue.
MORGAN STANLEY & CO.
Incorporated
BROWN HARRIMAN & CO.
THE FIRST BOSTON CORPORATION
Incorporated
EDWARD B. SMITH & CO.
MELLON SECURITIES CORPORATION
KIDDER, PEABODY & CO.
W. E. HUTTON & CO.
i
LEE HIGGINSON CORPORATION
LAZARD FRERES & COMPANY
Incorporated
Dated June 23,1937
#
Financial
VIII
This
is
not
June 26, 1937
Chronicle
Offering Prospectus.
The offer of these Bonds and Debentures
only by means of the Offering Prospectus.
an
is made
These issues,
though registered,
are
not approved
Commission, which does not
disapproved by the Securities and Exchange
or
pass on
the merits of any
Buffalo Niagara Electric
registered securities.
Corporation
$17,029,000 General and Refunding Mortgage 3% % Bonds, Series "C" due 1967, and
$3,420,000 Serial Debentures
Interest
on
the Bonds and Debentures payable June 1
and December 1 in New York City or in Buffalo
The Bonds, in the opinion of counsel for the Underwriters, are
for
legal investments
Savings Banks in the State of New York
The following is merely a brief outline of certain information contained in the Offering Prospectus and
Registration Statement and is subject to the more detailed statements in the Offering Prospectus and the
Registration Statement which include important information not outlined or indicated herein and to which
reference is hereby made.
The Offering Prospectus, which must be furnished to each purchaser, should be
read prior to any purchase of these Bonds or Debentures.
the
THE COMPANY
was organized April 1, 1937, by consolidation, pursuant to the laws
York, of Buffalo General Electric Company, Niagara Electric Service Cor¬
The Company
of New
poration and Tonawanda Power Company.
All of the Company's outstanding stock is owned
by Buffalo, Niagara and Eastern Power Corporation, 99.98% of the voting securities of which is
owned by Niagara Hudson Power Corporation.
The Company is advised that as of May 1, 1937,
Niagara Share Corporation of Maryland held directly or indirectly 10.30%, Aluminum Ore Company
held
indirectly 23.32%, and The United Gas Im¬
Hudson Power Corporation,
actual existence of effective control of it by any
The general type of business done and intended
to be done by the Company is the production and purchase {from affiliated companies) of electric
energy and its distribution and sale in certain municipalities of New York State including the cities
of Buffalo, Niagara Falls, Lackawanna, Tonawanda and North Tonawanda.
Properties of the
Company include one steam-electric generating station, 62 substations, transmission and distri¬
bution systems, lands and other buildings and structures used in its business.
Reference is made
to the Offering Prospectus for information relating to the terms of agreements between the Company
and certain of its affiliated companies {including The Niagara Falls Power Company) for the pur¬
chase and interchange of electric energy.
9.83%, The United Corporation held directly
or
provement Company held 8.65% of the voting securities of Niagara
but the Company disclaims any admission of the
of such stockholders by reason of such ownership.
CAPITALIZATION
balance bheet as of
Aj}tU h.1937
Long Term Debt:
Buffalo and Niagara
Falls Electric Light and Power Company {name changed to
Niagara Electric Service Corporation):
Five Per Cent., First Mortgage, Gold Bonds, due February 1, 1942
-
Buffalo General Electric Company:
First Mortgage Five per Cent. Gold Bonds,
due February 1, 1939.
Refunding Five Per Cent. Gold Bonds, due April 1, 1939
General and Refunding
Mortgage 5%
Gold Bonds, Series "A",
February 1, 1956
General and Refunding Mortgage 4%%
Gold Bonds, Series "B",
February 1, 1981
396,000
2,375,000
7,029,000
First
due
10,000,000
due
...
Total
$
Long Term Debt
20,000,000
$39,800,000
Advances:
Buffalo, Niagara and Eastern Power Corporation,
Affiliated Companies
Total Advances.
a
parent of the
Company
$ 2,460,000
1,115,000
$ 3,575,000
...
Capital Stock:
Capital Stock, without
PURPOSE
OF
ISSUE
par
value {1,097,369 shares outstanding)
$27,434,225
The net proceeds to the Company from the sale of these Bonds and Debentures {estimated at $20,142,707.80 after deducting expenses and exclusive of accrued interest) will
be applied, to the extent of $17,029,000, to the payment of the outstanding principal
of the Buffalo General Electric Company First Refunding Five Per Cent. Gold Bonds,
April 1, 1939, redeemable on July 1, 1937 at 105% and the Buffalo General Electric Company
General and Refunding Mortgage 5% Gold Bonds, Series "A", due February 1, 1956, redeemable
August 1, 1937 at 103% {funds necessary to pay the respective premiums {$651,450) to be obtained
from the Company's cash resources or borrowed from Buffalo, Niagara and Eastern Power Cor¬
poration).
The balance will be used towards the cost {estimated at $3,750,000) of a construction
amounts
due
program.
The following summaries of the combined income accounts of the constitutent com¬
panies of the Company has been prepared from the financial statements {as certified
by Price, Waterhouse & Co.) in the Offering Prospectus and are subject to the related notes and
other important relevant information in such Prospectus not herein referred to:
EARNINGS
Year Ended
Total
December 31
Operating Revenues*
Gross Income
from Gross Income
Net Income
$16,377,034
16,909,794
19,266,805
$4,896,104
5,111,573
5,867,234
1,680,397
$2,208,872
2,175,868
2,172,962
535,244
$2,687,232
2,935,705
3,694,272
1,145,153
1934
1935
1936
1937**
5,180,589
Total Deductions
*Total Operating Revenues include $1,404,000 ineach of the years 1934,1935 and 1936 and $351,000 in the three months ended March 31,1937
on
account
of steam generating capacity reserved for certain affiliated companies.
**Three months ended March 31st.
-
'I
Volume
33^%
Financial
144
Chronicle
Series "C" Bonds, dated June 1, 1937, and due June 1, 1967, will be issued under
BONDS
Mortgage dated as of February 1, 1926, of Buffalo General Electric Company
assumed by the Company, as supplemented by a Supplemental Mortgage to be dated
as of
May 10, 1937, and will, in the opinion of counsel for the Company, be secured, pari passu with
the bonds of Series "A" and Series "B" now outstanding under the Mortgage, by a direct lien on
substantially all of the fixed property owned by the constituent companies at the time of the
consolidation forming the Company with the exception of the property acquired from Niagara
Electric Service Corporation, subject to the liens, in so far as they attach, of underlying mortgages.
Additional bonds of Series "C" or of series other than Series "A" or Series "B" may be issued, under
certain conditions and restrictions contained in the Mortgage, without limitation as to principal
SERIES
"C"
the lien
thereof without
notice other than
The provisions of the Mortgage may be
with the consent of the holders of 75%
Redemption Provisions:
>
The Mortgage provides for the release of property
application in certain instances to the Trustee.
modified (.subject to certain limitations therein set forth)
of the outstanding Bonds of all series.
these Bonds.
amount, ranking pari passu with
from
The Bonds
are
redeemable at the Company*s option
as
a
whole at
in part from time to time on any interest payment date, upon not less than 30 days'
published notice, at the following redemption prices: to and including June 1, 1940, at 107Yl%;
thereafter with successive reductions in the redemption price of 1% during each successive three
time,
any
or
period to and including June J, 1949; thereafter with successive reductions in the redemption
price of )4% during each successive three year period to and including June 1, 1964; thereafter
year
at
100%; in each
case
with interest accrued to the date of redemption.
The Debentures, dated June 1, 1937, will consist of $1,140,000 Series A 2% ($228,000
1, 1942, inclusive); $1,140,000 Series B 3% ($228,000
1947, inclusive); and $1,140,000 Series C 3)4% ($228,000 due each June 1, 1948, to June 1, 1952, inclusive).
The Debentures are unsecured and are
identical except as to maturity, rate of interest and terms of redemption.
While no further Deben¬
tures may be issued thereunder, the Trust Agreement pursuant to which the Debentures will be
issued does not limit the amount of other securities which may be issued by the Company.
SERIAL
DEBENTURES
ue each June 1, 1938, to June
due each June 1, 1943, to June 1,
Redemption Provisions:
The Debentures of the Series A 2% which mature on June 1, 1938,
and June 1,
1939, are not redeemable.
The Company, at its option, may redeem as an entirety
at any time all of the outstanding redeemable Debentures, or all of the outstanding redeemable
Debentures of any one or more maturities upon not less than 30 days' published notice if all of the
Debentures are to be redeemed or if less than all of the Debentures are to be redeemed on an interest
payment date and upon not less than 60 days' published notice
if less than all of the Debentures
date, at the following redemption prices:
Series A 2% (all maturities except 1938 and 1939) 101%; Series B 3%, 1943 maturity, to and including
June 1, 1939, 103}/2%, thereafter to and including June 1, 1941, 103%, thereafter to and including
June 1, 1942, 102%, and thereafter 101%; 1944 maturity, to and including June 1, 1939, 103%,
thereafter to and including June 1, 1941, 102%, and thereafter 101%; 1945, 1946 and 1947 maturities,
to and including June 1, 1942, 102%, and thereafter 101%; Series C 3)4% (all maturities) to and
including June 1, 1942, 103%, thereafter to and including June 1, 1947, 102%, and thereafter 101%;
in each case with interest accrued to the date of redemption.
be redeemed
to
are
on
other than
an
interest payment
Subject to certain terms and conditions, the Underwriters named in the Offering
Prospectus have severally agreed to purchase these Bonds and Debentures from
Company for delivery and payment on or after June 28, 1937, but not later than June 30, 1937.
UNDERWRITING
the
SERIES "C" BONDS
UndertorUino Discounts
Proceeds to Company*
$17,369,580
$340,580
$17,029,000
102%
2%
100%
Price to Public*
Total
Per Unit
*
Exclusive of
accrued interest.
SERIAL DEBENTURES
-SERIES A
Price
to Public*
Maturity
(per unit)
19S8
100.68%
100.94%
100.00%
99.07%
97.70%
1939
1940
1941
1942
*
-SERIES B
2%
UndertorUino Proceeds to
Discounts
Company*
(per unit)
(per unit>
Price
to Public*
Maturity
(per unit)
1943
101.36%
100.78%
99.43%
m%
m% 99.69%
98.75%
ix%
m%
97.82%
m%
96-45%
1944
1945
100.00%
1946
'
1947
99.03%
98.31%
Price
Underwriting Proceeds to
to Public*
Maturity
ix% 100.11%
1H%
99.53%
1H%
98.76%
1X%
97.78%
1X%
97.06%
Total (all
Exclusive of accrued interest.
-SERIES C 3\i%-
3%-
UndertorUino Proceeds to
Discounts
Company*
(per unit)
(per unU)
maturities)
1948
1949
1950
1951
1952
Discounts
(per unU)
(per unit)
100.00%
99.51 %
98.96%
98.62%
98.25%
m%
m%
m%
m%
1)4%
$3,404,518.80* $42,750
Company*
(per unU)
98.75%
98.26%
97.71%
97.37%
97.00%
$3,361,768.80*
The Underwriters, including the undersigned and the others named in the Offering Prospectus, have
agreed to purchase these Bonds and Debentures when, as and if issued, and subject to the approval of Messrs.
Davis Polk Wardwell Gardiner & Reed, Counsel for the Underwriters, and to certain further conditions.
The
validity of the franchises of the Company, the lien of the Mortgage securing the Bonds, and certain other
matters, have been passed upon by Counsel for the Company.
It is expected that delivery of Bonds in temporary
form, exchangeable for definitive Bonds when prepared, and delivery of definitive Debentures will be made at
the office of J. P. Morgan & Co. on June 29, 1937, against payment therefor in New York funds.
As
fully set forth in the Offering Prospectus, the Underwriters have authorized the purchase and sale,
market or otherwise, of Bonds or Debentures, or both, for their several accounts, either for long
short account, within the limits and during the periods set forth in the Agreements between themselves.
more
in the open
or
Further information, particularly financial statements, is contained in the Registration
Statement on file with the Securities and Exchange Commission, and in the
Offering Prospectus which must be furnished to each purchaser and
is obtainable from the undersigned.
MORGAN STANLEY & CO.
Incorporated
BONBRIGHT & COMPAN Y
SCHOELLKOPF, HUTTON & POMERO Y, INC.
Incorporated
MELLON SECURITIES CORPORATION
Dated June 25, 1937
iOfinandal
TV
fUnronicb
ontimrciH
JUNE 26,
Vol. 144
No. 3757.
1937
CONTENTS
Editorials
page
—4227
Financial Situation
The
Right to Work...
The Mission of Premier
.>4239
•
— —.
van
4241
Zeeland...
Practical Phases of the Gold Problem—By H.
Willis
.
Parker
_________
_
_
_
_
_
.4243
Comment and Review
->.4244
Railway Capital Expenditures
Book Reviews—
Big Business: Its Growth and Place
Week
the
on
...—4245
i
Problems in Labor Relations
4245
>._—
—4231
.—4232
4236 & 427 8
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment—
Course of the Bond Market
4244
—
Indications of Business Activity
4246
-
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
.4229
...4277
News
Current Events and Discussions
-.4254
Bank and Trust
--4276
General
Company Items—
Corporation and Investment News.
4331
—4377
Dry Goods Trade
State and
4378
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations..
4277 &4278
4284
Dividends Declared
4330
Auction Sales..
New York Stock Exchange—Stock
New York Stock
Quotations
New York Curb
Exchange—Stock Quotations.
New York Curb
Exchange—Bond Quotations
Other
4296
Exchange—Bond Quotations. .4296 & 4306
Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond
Q&tations
...4312
4316
.4318
.4323
Over-the-Counter Securities—Stock & Bond Quotations .4326
Reports
Foreign Bank Statements
.4235
Course of Bank Clearings
4278
Federal Reserve Bank Statements
General Corporation
...4293
and Investment News..
4331
Commodities
The Commercial Markets and the
Cotton
Crops
....
Breadstuffs
Published Every Saturday Morning by the William
.4368
4370
4374
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 Salic Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain) Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line
Contract and card rates on request.
NOTE;
On account of the fluctuation in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
ALL
THINGS
considered,
turn for the
a
distressingly revealed during the past few weeks
so
worse,
and not improvement, must be charged against
and
the past week in connection with the labor situation
particularly during the past week by the unions
dominated
by Mr. Lewis.
which had already grown acute in Michigan, Penn¬
sylvania and Ohio, and which has for
The
As to
past been anything but encouraging in many other
States.
A
in recent
the
of encouragement may
measure
developments by those who
lead
by public officials during the past week
to
of
revulsion
some
feeling
the
on
"The
lished
of
the great masses of our citizens, and that the public
will
hardly do better than to repeat
presented by Tom M. Girdler, Chair¬
Republic Steel Corporation, to the Senate
by the fact that 200 strikes and walkouts
place in the plants of the General Motors
Corporation since that
,
that present officials alter
their policies or be
with
others
their obvious
is
consummation
a
devoutly
and,
desired,
should
we
sooner
most
be
suppose,
to
that must be
one
course,
expected
events
here]
later should de¬
or
day continue
Ohio
of
ordering that
those
wished
to
work
mitted
to
do
Youngstown mills
in
On
the
tion
seems
be
to
or
whole,
to
the
to have
those
point
must
choose
we
one
tions
be chosen
point
of
focused
upon
ingness
of
tions
to
on
been
so
no
It is
citizens
bereft
of
are
contract
a
no
to
inevitably theirs.
new,
the
public
and
protest
lodged in political
by large numbers of influential citi¬
repeat the outcry
are obtained.
degree
and
with
a
exhibition this
in the past.
and violence have
we
many
for
sands
re¬
doubt,
most
more
less striking,
a
ever
who
The readiness
or
preventing
order to give employment
been carefully noted
say
by
millions, of American
consideration,
have been pre¬
as
to
call
and it is dis¬
go
prevented from getting into the
plants.
"Airplanes delivering food to workers besieged in
the
plants have been fired
about the gates.
upon
been
in
dynamited.
the
plants
threatened,
in
Families of
certain
so
the
illegal
are
at work
have
Defiance
flagrant that in
practices
Republic strike.
who
communities
munities law enforcement has
"These
Railroad tracks have
men
coerced and stoned.
and order has been
to
by armed mobs
The delivery of the United States
mails has been interfered with.
Hardly
however, is the irresponsibility again
when their
done, and other employees who want to
work have been
to
to the aid of irre¬
plants
men
work is
fully elsewhere in this issue.
employees
week in
rarely if
deep-seated significance
careful
of
refused to heed the strike
vented from returning to their families
The matter is of such far-reaching impor¬
and such
the
cussed
no
thousands, not to
citizens.
tance
have
impris¬
oned in the plants thous-
is nothing
whose only sin was that of wanting to work
men
has,
come
closing
them from reopening, in
to
course
conspicuousness
by
unions
been
crowds who call themselves
These
of government officials to
sponsible
have
plants
call and remained at work.
on
known in this country
Re¬
pickets and who by force
the country in
until the desired
of
strike.
present
surrounded by armed
thoughtful citizens of the country
ought to cry in unison:
"WE PROTEST"—
sults
mem¬
bers since the beginning
All
This failure of
but it has been
of its
conduct
istic
seen
and terror¬
in the lawless
normally and in-
are
character of
the C. I. 0. is to be
but few thought¬
will fail to realize that a vigorous
to
prohibiting such
irresponsible
in this steel center,
more
a
"Further evidence of the
their
carry
fact
Mine
strike.
the
needed
the
United
the
This
Workers of America has
more
in
responsibilities
that
do
to
in¬
zation fund.
to
assume
to
this crisis than all the dollars in the stabili¬
govern¬
and
and
coal
company
notwithstanding
that
and
peace.
would be worth
zens
the unwill¬
accept
life
official
in
em¬
coal mine
volved in this strike.
hard-headed
time to remain silent.
funds
would
the
of
any
steel
any
appeal—namely,
the
of
those
Johnstown
Lewis,
it
selling
operator
ful persons
and
articulate
circles
both
no
Doubtless
and labor organiza¬
ment
these
work
word is decisive.
has
this
file
unions,
right to work in
clear indica¬
light
larger
days, and the time to strike is at hand.
We
sincerely hope that there will be no weakness
or backwardness in
responding to the appeal
by those whose
Pitiless
the
been well heated during the past week or ten
to which road will
as
until
shape the destinies of the
labor
that
strike
a
ployees of
George do it."
It is no time to
inarticulate, or to hesitate at the
thought of hurting someone's feelings or
incurring official displeasure.
The iron has
have
a
call
time to "let
road
without very
of
L.
John
of
zation
threatened
remain
at which
approached such
who
This is
reached,
other and to
the
or
make
and
of
C. I. 0. affil¬
a
iate, and the chief organi¬
narrating
uncertain terms.
situa¬
rapidly reaching,
critical
a
who
rank
Workers
.
spinelessness
attention
radical
opinion.
the
the
the
week
last
Mine
America,
citizens of this country to arouse themselves
to the point of
forcing their resentment upon
be in response to an
aroused public
official
Johnstown
for
the
seems
"Only
part of the country suffers from the malady
is
essentially that suggested by those in
per¬
in
so
and
end of
during the period
United
only measure likely to prevent the
spread of this epidemic of labor lawlessness
who
be
.
0.
I.
C.
an
of the agreement.
The
The action of
Governor
need
to
strikes
can
community unless
they have
as
been going.
the
day to
from
known
the
which called for
happen in Johnstown, it can hap¬
anywhere else.
It can happen in your
pen
velopments
well
too
with
ment
Groups of American citizens resident in
Johnstown, Pa., have organized themselves
in defense of their right to work and
by
means
of
advertisements widely published
during the past few days have made an
appeal to the Nation for support, moral,
political and financial, in their struggle.
Near the end of this appeal they warn
people living elsewhere that "if this [recent
duty in the
This, of
premises.
We Protest
do
will
cor¬
poration signed an agree¬
replaced
who
Thursday.
on
irresponsibility of the C. I. 0. is well estab¬
have taken
later demand
sooner or
we can
Post Office Committee
may
part
of the
man
summon
hope that the palpable weakness and favoritism
shown
this,
the summary
be found
can
Facts
weeks
many
been
of law
some
com¬
completely collapsed.
have not
been
peculiar
They have characterized
I. 0. methods since the beginning of its
C.
drive in many
zation
confirmed
than
the
reached
conclusion
the C. I. 0.
and is
was
experiences
more
this
by
an
ever
At another
0. encourages
disregard of law.
meaning
confession
a
on
and promotes violence
If this is
and approval
structions
to
proved
this
If
done under in¬
their part that
they
are
their
without
they cannot control their
confession that the C. I. 0. is
and that
own men,
be
applied to
ties within the limits of
a
preted, and see to it that their formal
irresponsible party
observed with fidelity,
are
A
It
the
Mere
written."
was
Stage in
law unto
assume
the
forced to endure at
on
narrow
themselves, this attitude of utter irrespon¬
or
file
affairs
as
even
two
or
then
"mobocracy." Yet there
are
of the
a
an
a
to suppose
early stage
abundant
consist largely in
that
to
these
optimistic view of the matter. Men given to violence
as
of
scraps
until hard
able to do
As
treating their
own
fully by their own contracts, they will only have
reached
experience teaches them that it is profit¬
so.
stand,
now
everything possible
this outrageous way, or
today
is
old.
at least to see that
the
most
"a'dvanced"
labor
unions
of
Strikers
seem
(including the most lawless of the
to be placed upon the relief rolls
seem
to have gone no farther than this thresh¬
.
Even the
Best
of Them
>
That
they do not have to pay through the nose for such
picketers)
Even
■
being done to make it profitable for labor groups to
conduct.
of really responsible
threshold
the
unionism.
matters
act in
with innumerable ramifications. When
unions reach the stage at which they are
newer
willing to remain within the law and abide faith¬
obligations
do not usually mend their ways
paper
the refusal, or organized labor
recognize this basic truth has many practical con¬
sequences
This is certainly an extremely
and in the habit of
greatly
the abundance of the things pro¬
duced. The failure, or
they must be orderly and must make their word as
good as their bond.
life" must of necessity await a
production of economic goods.
true of other forms of welfare, economic blessings
that out of the vio¬
wage earners
wealth. It is apparently ut¬
"the more
efficient
Whatever may be
realization will gradually grow in the minds
a
of labor leaders and individual
are
unfair distribution of exist¬
enlarged volume of much more regular and
lence, the chaos, and the hardships now being en¬
dured,
the eco¬
subject
terly impossible to persuade them that
"responsible labor movement" in this country.
seem
or
ing or currently created
shrug of
development of what is popularly known as
Such observers
unwise
the result of
here and there apolo¬
the shoulders assert that this is but
organizations in other countries, is
nomic ills to which the wage earners are
existing in the State of Michigan
gists for what is taking place who with
of the country.
unions in this country, and
basically that they seem to suppose that
to refer to the state of
ago
of the wage earners
with most such
together with official weakness, that led Senator
month
even
The trouble with labor
regard solemn agreements voluntarily entered upon,
a
and certainly would hold out very
sense,
promise of great blessings for the rank and
little
to
general public, and this utter readiness to dis¬
Glass
"responsible" only in a rather
could be described as
that they are a
sibility either to the law-enforcing officials
the unions of today, the
by a wide margin preferable to what we are
present. But such a "movement"
be
action, this tendency
part of the unions to
agreements
but which otherwise con¬
Such a state of affairs would certainly
world over?
Healthy Process?
a
this violence of
was
while Europe
"labor movement" dominated by
a
duct themselves much as do
which it
paper upon
somewhat
feel
which with reasonable care hold their activi¬
existing law, liberally inter¬
groups
occurs
it is
to
Should this descriptive term
legedly desirable goal.
with it would not be worth the
contract
a
an
seem
have shown us the way toward this al¬
is said long to
deliberately
approval and
who
because, as they believe, we have not devel¬
oped such a movement in this country
of its leaders, it amounts
successful for the dictators of Europe.
so
done
is
because
citizens
ashamed
adopting the methods of force and terrorism which
have
event raises the question as to
"responsible labor movement" is, any¬
how. The query is affected with more than a purely
academic interest since there are a good many wella
v
"The C. I.
and
Responsible Labor Movement"?
"A
just what
point Mr. Girdler sums up the case
follows:
part to write of current labor
practically a total loss.
All of this in any
force in America."
as
as
Is
What
started that
irresponsible and dangerous
before the present strike
company
shall have for the most
organi¬
They have
industries.
June 26, 1937
Chronicle
Financial
4228
the most
even
at least in this
"responsible" of the unions,
country, still fall far short of being
"responsible" in the larger
sense
of being intelli¬
attempt is made to
gently responsive to the real needs of their member¬
punish those guilty of the most blatant criminal con¬
ship is currently being clearly shown by the behavior
without hesitation.
When through
duct.
of what appears
the
Little
men
seem
or no
private action or as a result
to be the weight of local sentiment,
to be about to fail in their efforts to
keep plants closed, the government steps in and in¬
sures
any
continued idleness.
factor likely to hasten the day when these hot¬
heads will find
better
ment"
by actual experience that they fare
by being law-abiding and reasonable?
Of
the extremes to which the so-called "move¬
course,
is
hasten the
going
open
may,
and it is to be hoped will,
day when public sentiment will no longer
tolerate such
an
Where in all this is there
irresponsible behavior.
It is at least
question, however, whether, when that day
comes, we
shall be
any
better off than we were before
all this trouble started.
It is to be feared that
we
of
the
railroad
brotherhoods, long viewed
"aristocrats" of the labor movement.
groups
as
we
the
have
of wage earners whose wages have been ad¬
vanced from time to time in the past
tainly
Here
until they cer¬
not be considered other than dispropor¬
can
tionately high, and whose hoars are almost ridicu¬
lously short.
moreover,
Various types of restrictions have,
been placed in the contracts under which
they are employed which greatly enhance the cost
of railroad
the
operation.
railroad
The effects oc all this
upon
industry, already in difficult circum¬
stances, are too well known to need exposition here.
Yet
we are now
road
being assailed with demands by rail¬
employees for higher wages, shorter hours and
still further restrictions.
It is plain as a pikestaff
Volume
144
that railroad
Financial
employees cannot continue indefinitely
to obtain more and more emolument from
try that is barely able to make
make
can
to
averse
the
roads, and the
these
indus-
living, if indeed it
a
Railroad labor would not be
government ownership and operation of
far to seek.
in
living.
a
an
reason
for this is probably not
It doubtless feels assured that it could
circumstances effectively tap
pocketbook for
wages
which its
the
public
Chronicle
with
increase
an
money
of
in circulation, brought
$60,000,000 in member bank
reserves over legal requirements, and the total now,
officially reported is $810,000,000.
The sharp fall of
excess reserves last week reflected in large part the
incidental effects of
the
Treasury, but the trend
June
financing
With the credit and
currency
insulated from the arrivals of gold, total
economic
reported by the 12 Federal Reserve banks
merely plays ward politics, even if it observes the
636,000,
law and
change resulted
not
respects its
agreements, is obviously
own
"responsible" in the larger
that
is, in
activity
fashion to render its existence and its
a
asset and
an
"responsible,"
sense,
not
liability to the
a
com-
munity at large.
We
are
labor
way
from really responsible
leadership in this country, and unfortunately
we
do not appear
on
any
to be making appreciable progress
front at present.
It is
out
probably not too
of the term.
soon
to label the current
a
"dud" in
Its real purpose was with-
question that of creating a diversion to take the
public mind
away
from other serious matters
ing embarrassing to the Administration,
build
up
prov-
and
to
psychological atmosphere from which
a
support for the Administration program could be
Our readers will
extracted.
readily recall how ef-
fectively the investigations preceding the enactment
of
the
Banking Act of 1933, the Securities Act of
1933 and the Securities
in
Exchange Act of 1934
stimulating support for radical
such
a
what is known
purpose
quired.
measures.
or
the
appear
crimi-
closely bordering upon the criminal, and
a
popular resentment induced that will lead
public to support almost anything that those
Such elements
date
cult
to
"show"
as
these the current
utterly lacked.
"fire works"
re-
sessions
comparable to
starting
a
tamely into
so
a
of the previous stage
some
effects of the Administration.
most
investigation has
It is conceivable that the
yet to come, but it would be diffi-
are
convert
of
The declin-
ing trend of the circulating medium is reflected in
lation,
It
now
appears
al-
certainty that one further effort of the Ad-
ministration to rally
of $14,973,000
drop
a
$4,162,832,000.
being
reported,
to
Aggregate deposits with the Reserve
banks increased $3,73(6,000 to $7,328,855,000, with
bank reserve
an
increase of
deposits by $46,433,000 to
f.SS^^l^OO; a decline of Treasury general account
yf '
9
}° '
'f lnCJe!?fe
°!L ??an
^0S1^S
3,000 to $166,^
.
963,000, and an increase of non-member bank dePos^s bJ $37,074,000 to $156,553,000. The reserve
ratio improved to 79.8% from 79.6%, owing to the
increase °f reserves and the decline of circulation
liabili*ies. Discounts by the System were off
$1>°25,000 to $13,303,000, while industrial advances
recec*ed $37,000 to $22,012,000. Open market operations were minute> as banker®' bil1 holdings fell
$321,000 to $4,273,000, and United States Governmenl security holdings dropped $50,000 to $2,526,-
o4/^ nan
re-
sponsible for the revelations of wickedness propose.
to
This
increase
an
ings dropped $999,000 to $8,836,904,000.
The attention of the rank and file must be
of
wave
were
But for
"drama" is
as
sharply drawn to conditions made to
nal
principally from
the account variations consisting of
inquiry being conducted by Congress
every sense
$9,169,-
$8,278,000 for the statement week.
specie and other cash, for the gold certificate hold-
member
A "Dud"
tax
up
reserves
are
the total of Federal Reserve notes in actual circu-
long, long
a
the
system still largely
present circumstances produce. This is certainly not
statesmanship, and union leadership which
by
noted indicates that:
now
such effects will be wiped out speedily,
work will not in
own
recession of
a
about
4229
its waning support has failed.
The New York Stock Market
—v.
THERE
indications this week of an un1 foved atmosphere m the New York stock
,
market owing chiefly to a nation-wide reaction
a^mst
laborite faction headed by John L. Lewis
and Tafmst
tacit support given the Committee
^ Industrial Organization by the Administration
Washington. The impression began to. prevail
t lat the PeoPle were heartl]y sick and tared of the
flaimsand Pretentions put forward by the would-be
labor Ezal\ Governor Earle of Pennsylvania who
orde,red s*eel mdl,s clofd ]n aid of
Le™' fo,,nd
lf advisable on Thursday to rescind his absurd declaration of martial
law at
Federal Reserve Bank Statement
respects also there
was
a
Johnstown, and
m
other
trend toward the sound
ONLY anticipated changes are to be noted in the American principle of permitting those to work who
situation proved
current condition statement of the 12 Federal
Reserve
banks, combined.
active gold
last
week,
When the Treasury's in-
fund passed the $1,606,006,000 mark, late
some
observers suggested
a
return to the
old method of reimbursement for the metallic
sitions,
a
safe
on
the plea that $1,000,000,000 would
margin of holdings against
drawal of
any
Treasury holds to its
course on
soar.
prove
sudden with-
fugitive funds from this country.
tive fund continues to
acqui-
desire to work.
The international
perturbing, but Wall Street
peated
war scares
now
little part in determining the trend here.
position remained uncertain, but chiefly
basis.
range
there
was
a
good tone in the commodity markets,
gold, and the inac-
ture appeared to outweigh the adverse elements, and.
In the week to Wednes-
a
modest
buying movement
occurred
were
of
the leadership of copper stocks.
operations,
is reported.
gold, and in the
the
account with
Treasury
In effecting pay-
course
drew
of its ordinary
heavily
the Federal Reserve.
long-
Taking all factors together, gains in the general pic-
gold stocks of the country, and the huge aggregate
ment for the
The gold
on a
But the
groups
now
re¬
Trade trends remain favorable, and
day night, $50,000,000 was added to the monetary
$12,270,000,000
is inured to
in Europe, and this factor played
upon
its
This, together
of stocks.
in
various
Steel and other industrial issues
in favor, while metal securities advanced under
extremely small,
500,000 shares in the full sessions
Stock Exchange.
The turnover
and hardly averaged
on
more
was
than
the New York
Financial
4230
Little business
done last
was
trend in that brief session
Saturday, and the
toward modest firm¬
was
The French financial and
ness.
strained
buyers,
When trading was
Monday,
on
re¬
that movements were measured
so
in smallest fractions.
for the week
political crisis
resumed
small selling movement
a
The losses were modest, but they suf¬
appeared.
ficed to occasion
fresh lows for the year.
numerous
Chronicle
somewhat
J^e 26, m7
a narrow
sion totaled
423,760 shares, being the smallest vol¬
since Feb.
ume
fresh
showing slight reces¬
Total transactions for this ses¬
fairly steady.
hands.
groove,
close, although the tone of the market
sions at the
was
On Monday equi¬
irregular price trends.
ties moved in
14,1935, when 405,026 shares changed
Early dulness and irregularity gave way to
strength
on
Tuesday, and stock values moved
Led by the steel and mining
Specialties showed largest variations, but even in
moderately higher.
the
issues, further progress was made on Wednesday,
highest-priced issues changes were mostly frac¬
tional.
An upturn
developed
Tuesday, and it was
on
fairly vigorous, despite the dull market.
Oil, copper
and stocks advanced in narrow
session
and motor: stocks showed better results than other
The resentment of the country against the
Thursday's
before, and
steel and metal
the
the
groups.
trading.
likened to that of the day
was
shares
were
modest rise.
market's
again favorites in
Yesterday the market
strong-arm tactics of the Lewis labor faction began
turned
to be
quite apparent on Wednesday, and the advance
previous sessions were for the most part maintained.
continued.
General Electric closed
was
Trading volume increased only
a
little, but some good gains were noted in steel, cop¬
per
continued
Tension regarding the labor
to
N. Y. at
11% against 11; Public Service of N. J. at 38%
diminish
quiet and lower.
troubles
against 37%; J. I. Case Threshing Machine at 155
another small advance in
the
manufacturing
the
small
a
point
or
still
metal groups
and
Thursday, and
Some of
two, with
issues
drifted
slightly
while
lower,
United
recorded.
States
Government
bonds
and
high-grade corporate issues were virtually motion¬
Some important new
less all week.
issues appeared,
they were absorbed readily by institutional and
Railroad bonds with
other investors.
a
speculative
tinge were under rather steady pressure, but this
undue
largely a healthy correction of the
be
to
speculation in such issues up to a few months
Some of the communications issues dropped
ago.
sharply, but high-priced convertibles advanced.
For¬
There were some wide
commodities, with wheat up
eign dollar issues were dull.
in
movements
few
a
& Tel. at
E.
damage in the winter wheat belt.
Other
grains also were improved, while a better tone ap¬
peared in base metals.
kets
The foreign exchange mar-,
reported little business, but the official funds
obviously
were
Sterling did not vary
highly active.
Pont de Nemours at 153
I. du
Cash
tional
Products at
Eastman
Brands
Kodak at
at
United
new
4
On the New York Curb Exchange
low levels.
stocks
touched
Stock
touched
new
high levels and 146 stocks
new
low levels.
Call loans
on
the New York
session
half-day
shares;
on
Tuesday,
on
Exchange the sales at the
Saturday
Monday they
534,060
shares;,
last
220,950
423,760 shares;
were
on
were
on
Wednesday, 551,270
shares; on Thursday, 553,390 shares, and on Friday,
574,620 shares.
the sales last
On the New York Curb Exchange
Saturday
were
61,885 shares;
on
Mon¬
day, 139,165 shares; on Tuesday, 146,775 shares; on
Wednesday,
169,210 shares;
on
Thursday, 153,480
shares, and on Friday, 175,070 shares.
With
attitude toward the
a
a
coutious
market, which has resulted in
decided reduction in sales volume
Alcohol
29%
at
Schenley Distillers at 40 against 40, and National
Distillers at
28% against 29%.
The steel stocks moved to
United States Steel closed
96
on
higher levels this week.
yesterday at 98% against
Friday of last week; Inland
Steel at 107
against 104%; Bethlehem Steel at 83 against 81%;
Republic Steel at 35% against 34%, and Youngstown Sheet & Tube at 81
Auburn Auto
at
50%
on
against 80.
closed
In the motor
yesterday
at
against 50%;
Chrysler at 100% against
100%, and Hupp Motors at 3% against 3%.
rubber group,
In the
Goodyear Tire & Rubber closed yester¬
day at 38 against 38%
Friday of last week;
on
United States Rubber at 56
were
16 bid
Friday of last week; General Motors
against 56%, and B. F.
registered
among
the
Pronounced declines
railroad
shares
the
Pennsylvania RR. closed yesterday at
present week.
36% against 37%
on
Friday of last week; Atchison
Topeka & Santa Fe at 76% against 82%; New York
Central at 37
against 39%; Union Pacific at 125 bid
against 129%; Southern Pacific at 44 against 46%;
Southern
ern
Railway at 29% against 32%, and North¬
Pacific
at
28% against 30%.
Among the oil
stocks, Standard Oil of N. J. closed yesterday at
66% against 66 on Friday of last week; Shell Union
strike conditions prevalent throughout the
country, traders have preferred to adopt
Industrial
Goodrich at 39 against 39%.
Exchange remained unchanged at 1%.
On the New York Stock
States
against 29%; Canada Dry at 26% against 26%;
against 15%
Exchange 3 stocks touched
172% against 169%; Standard
Mfg. at 142% against 139; Lorillard at 20% against
20%;
port of the official funds.
high levels fpr the year while 163 stocks touched
at 35%
Sulphur
11% against 12; Westinghouse Elec. &
group,
On the New York Stock
23%; Texas Gulf
against 34%; Continental Can at 51% against 51%;
greatly, while French francs dipped despite the sup¬
new
58% against 58%; National Dairy
18% against 21%; National Biscuit at
against
23%
against 153; Na¬
Register at 33% against 33; Interna¬
tional Nickel at
sharply in the first half of the week on reports of
black rust
Western Union closed
163% against 165.
yesterday at 45% against 51% on Friday of last
week; Allied Chemical & Dye at 218 against 219%;
reflected modest inquiry.
In the listed bond market diverse movements were
seemed
against 164%; International Harvester at 107%
against 107%; Sears, Roebuck & Co. at 87% against
preferred. ' 88% ^Montgomery Ward & Co. at 54% against 54%;
Woolworth at 45% against 45%, and American Tel.
gains of preceding sessions were main¬
other groups
and
bid
33% against 33%; Columbia Gas & Elec. at
yesterday were irregular, but in general
Rail
tained.
on
prices followed.
leading stocks were up
Movements
yesterday at 52% against 53
Friday of last week; Consolidated Edison Co. of
on
Railroad and utility shares
and other groups.
were
irregularly lower, but the gains enjoyed in
accompanied by
Oil at 28
against 27% bid, and Atlantic Refining at
28% against 28%.
In the copper
group,
Anaconda
Copper closed yesterday at 52% against 51
on
Fri¬
day of last week; American Smelting & Refining at
Volume
144
Financial
against
85%,
and
Phelps
Dodge
44%
at
against 45%.
government outlays are supplying much ot the stim¬
continue
to
A
maintenance
spring, although steel
hamper that industry.
Steel
was a
French
British
of
Rapacity against 76.6% last week and
70.2% at this time last
power
the Edison Electric
watt hours
the
Production of electric
year.
for the week ended June 19
Institute at
reported by
was
2,213,783,000 kilo¬
against 2,214,166,000 kilowatt hours in
preceding week and 1,989,798,000 kilowatt hours
in the
corresponding week of 1936.
revenue
756,289
the
to
according to the Association of Amer¬
cars,
ican Railroads.
over
Car loadings of
freight for the week to June 19 amounted
This
was
an
increase of
1,929
cars
previous week and of >65,622 cars over the
similar week of last year.
As
indicating the
stocks
crisis
and
funds
were
of the commodity mar¬
to
at Chicago closed
corn
against 114%c. the close
on
July oats at Chicago closed
against 40%c. the close
as
on
Friday of last week.
The spot
Friday of last week.
yesterday
The
19.56c.
was
dull
rule among
stocks.
session
day at 14c., the close
In London the
19
13/16
on
In
yesterday at 44%c., the
of
matter
transfers
on
the
cable transfers
pence
same as
on
exchanges,
cable
yesterday at $4.93%
as
Friday of last week, and
Paris closed
on
against 4.4514c. the close
on
developed
German
to
fresh fears of another general
was
the
crisis
franc
course
commodity securities.
were
highly
withdrawal
Spain
occasioned
European
war.
Nor
political and financial
the
of
quiet trading yesterday.
surged upward,
equalization fund
Gold
franc.
London
the
stimulated
Gold
and
eventual
another
continued to
New
was
regarded
as an
business
any
was
tion of the Cabinet
position.
French
thereafter.
was
In
small
The week-end resigna¬
gains than losses. Metal and coal stocks
best
support.
Rapid formation of
regime impressed the Bourse favorably
and
rentes
rallied
sharply.
by
a
clearly represented nothing
The
Larger gains
with
news
of
vary
re¬
a
taking place
burst of buying,
more than a
was
which
flight from
calm and dull.
expenditures and other heavy
nervous¬
Rentes and French
much, but gold-mining stocks
dropped to levels indicated at London.
national
securities
scriptions
were
were
measures
were
firm.
rumors
Other inter¬
Securities of all de¬
in vigorous demand
owing to insistent
were
new
monetary
Chautemps
but French
in far greater demand and gains in
were
marked
spectacular.
International
sharply higher.
increased at Paris
were
Thursday,
on
that further
contemplated by the
instances
curities
Europe remain encouraging, although it is evi¬
new
were
regard to Spain caused
initial advance.
an
equities did not
some
in the leading industrial countries
dent that armaments
a
Tuesday
Wednesday, but this only resulted in late modi¬
fication
se¬
Margin needs
yesterday, but this failed to
dampen demand for securities.
Rentes, equities and
international issues all advanced.
In these cir¬
recovery
The Berlin market
Business reports
on
bank, industrial and other equities,
sizable advances appeared in international is¬
large
Parisian initial period of unsettle-
followed
the currency.
a
Mon¬
a
drop in rentes, but
equities and international securities showed
received
away
disposition of the problem still
London, with
on
await clarifica¬
tion of Premier Blum caused
in
York, with uncertainty
gold price have diminished.
at
indication
done at Paris
the Bourse settled down to
as
move
move
cumstances, prices drifted lower in the first half of
week
mining
unchanged gold policy.
an
day,
main¬
were
the announced increase of
as
devaluation
reduced
of
in
Rentes moved ahead briskly,
prevalent, although immediate apprehensions of
ment
stimulated international issues.
were
to
the
also
Gilt-edged issues and industrial stocks
equities
sums
to
York
The gold mining group was
Favorable reports of the trend
regime.
the
did Anglo-
as
comforting, since the possibility of further
from
as
of the French
Gold and other
A wider
especially buoyant.
ness
developments
warships
on
while
Spanish patrol system and the dispatch of
numerous
lower, while indus¬
Gilt-edged issues
Friday of last week.
disturbing, for the German and Italian
from the
small.
corded in French
MOVEMENTSinwere leading financial centers of
erratic this week on stock
exchanges
the
•
less
was
were
were cheerful, and good
inquiry appeared for industrial stocks and most
sues.
International
on
buying movement finally
Thursday, with almost all groups af¬
yesterday at 4.45%c.
European Stock Markets
Europe.
The tone
commodity issues attracted interested,
more
foreign
London closed
against $4.94 the close
as
against 19 15/16
Friday of last week.
on
the
dropped.
Wednesday, but movements
British funds again were marked
Hardly
was
Friday of last week, and spot silver
in New York closed
mining securities tumbled
ternational issues also
Friday of last week.
on
price of bar silver yesterday
pence per ounce as
per ounce on
the close
on
the
were
gilt-edged issued and British industrial
African gold
nervous
stocks
Domestic copper closed yester¬
soft.
were
Tuesday declines
heavy liquidation and reluctance of buyers, and in¬
for rubber
spot price
industrial
Anglo-American issues also
another
tained
against 19.60c. the close
as
Friday of last week.
while
In
on
against 12.56c. the close
as
slightly,
Continent.
in New
price for cotton here in New York closed
yesterday at 12.74c.
Spanish patrol difficulties.
were marked sharply lower, owing
apprehensions of large-scale unloading from the
fected.
July
there
as
commodity issues
Friday of last week.
Friday of last week.
slack,
was
irregular. Gold-mining stocks and other
American stocks.
yesterday at 41%e.
the
dropped
kets, the July option for wheat in Chicago closed
yesterday at 116%c. as against 107%c. the close on
as
the London Stock Ex¬
on
trial stocks showed modest
recovery.
course
yesterday at 122%c.
opened
general disposition to await the outcome of the
operations for the week
ending today were esti¬
by the American Iron and Steel Institute at
account
new
change, Monday, but business
mated
75.9%
4231
ulus.
Trade and industrial
reports suggest
of the
activity attained last
strikes
Chronicle
The Berlin Boerse
for
week,
was
listless at the start of the
the Leipzig incident
and
the
crisis
in
France
ing
kept speculators and investors from enlarg¬
commitments. Changes were small, with the
main movements toward
slightly lower levels. Some
of the armament stocks advanced
There
as
ter
was
stocks continued to slide
inquiry
variations
against the trend.
little change in the situation on
was
were
Tuesday,
slowly downward. Bet¬
noted toward the close, and the net
kept to small fractions.
Fixed-in-
issues
come
veloped
neglected.
were
Some nervousness de-
Wednesday because of the German and
on
Italian withdrawal from
clines of 1 to 3
patrol duty off Spain. De-
points were recorded in prominent
issues, with the turnover quite small. The tone improved
J^e 26, 1937
Financial Chronicle
4232
Thursday, and some of the previous losses
on
of the week
regained. Activity was restrained,
were
non-aggression, and the proposal for gun calibre
limitation was rejected. The practical result is that
two new first line American ships, to be built in
the Brooklyn and Philadelphia navy yards, probably
will mount 16-inch guns. There is every reason to
believe that Britain likewise will adopt the larger
calibre, on ships now planned or under construction,
however, and not all stocks joined in the upswing.
Modest
European
upward movements occurred at Berlin in a
dull session
ip omacy
T JNSETTLING events in the European diplomatic
yesterday.
field
v/
British Exchange Fund
an(j
gome
have been
fresh
exceedingly
occurrences
common
of this nature
of late,
are
to be
CHANCELLOR OF THE interesting
noted
week. There were British foreign ten
SIMON made the EXCHEQUER SIR
days thisof a reorientation ofindications some polJOHN
announce-
ment in the House of
Commons, yesterday, that the
British
Exchange Equalization Fund
creased
by £200,000,000 from its current total of
will be in-
ago
icy. The German Foreign Minister, Baron Konstan-
tin
Neurath, was invited to London for de¬
von
missions
on
Spain and other problems of mutual in-
£350,000,000., The necessary legislation for further
terest. Intense interest was occasioned by these ar-
Treasury borrowing, so that the resources of the
rangements, for it was assumed that a real effort
account can be
augmented, will be presented in the
to end the Spanish war might be made, while it ap-
by the
peared certain that the possibility of a four-Power
authorities is hardly surprising in
pact and a redrafting of the League Covenant would
This
future, it was indicated.
near
British monetary
view of the tremendous flow of
don market from the
move
capital to the Lon-
Continent, and the rapid de-
It signifies that the
hoarding of gold in London.
But the German Government
be surveyed.
on
saw
fit
Monday to snub the British, by announcing that
alleged attacks
on
German warships in Spain "did
gold accumulations of the British fund exceed the
not permit the absence of the German Foreign Min-
immediate
ister from Berlin."
the
capacity to handle the offerings under
present
regulations.
In
probability
all
the
This ended, for the time being
at least, the British attempt to draw the Reich into
amicable relations with the large democratic
Endless conjecture regarding the
rough equivalence of the British fund at £550,000,000
more
and the combined American Stabilization and Inac-
States of Europe.
tive
Gold
of
Funds
000,000 is
somewhat
accord of last
$3,000,-
When the anby Sir John Simon, he added
accords with the
move
than
than a coincidence.
more
nouncement was made
that this
more
September.
tripartite
currency
A full explanation of his
significance of the incident followed.
ous
It
obvi-
was
enough that the Reich Government felt annoyed
over
the British and French refusal to join in
demonstration off Spain, but this seems
ficient
reason
for the snub.
a
naval
insuf-
an
Some London circles
proposal is to be made when the debate on the bill
felt convinced that the Germans intended to take
takes
some summary
the
place.
Provisionally, Sir John explained that
dehoarding and the general tendency for capital
funds to
move
to London
compel further insurance
against additional movements into sterling.
is
no
reason
to
There
believe, he added, that the present
action in Spain, and perhaps
resume
their practice of "Saturday surprises" in international affairs.
No attempt was made in London to
disguise the disappointment felt, for it
admit-
was
ted that the real intent of the proposed conversa-
conditions of unsettlement in connection with inter-
tions
national movements of
to arrive at a general understanding with
Germany.
capital should be permanent.
was
The International War in Spain
Naval Armaments
FRESH indications werearmamentsthis week that IN appeared this weekinwith bewilderingcivil war
afforded
XTEW developments
the Spanish rapidity,
international naval
will
race soon
an
be in full
swing. Quantitative limitations lapsed, of
with the expiration of the Washington and
course,
London
treaties
denunciation.
Japanese
made
at the end
of last year,
Efforts
owing to
thereafter
and they were of a nature to
arouse
the keenest
anxiety regarding complications that might involve
all the rest of Europe.
The
course
of the struggle
were
within Spain was somewhat more definite, since the
by the British and United States Governments
rebels finally achieved the capture of the Basque
to retain
some
of the
more
significant qualitative
strictions, but Japan refuses to be swayed by
arguments that can be put forward.
port of Bilbao and then turned their attention to
any
the remainder of the strip along the Bay of Biscay,
The British
authorities endeavored last March to obtain
sal of the
re-
a rever-
Japanese attitude and adherence by that
International
shadowed
the
aspects
of
the
conflict
military occurrences,
Germany and Italy
once
far
over-
however,
for
again withdrew from the
country to the qualitative limitations of the latest
patrol arrangements of the Non-intervention Corn-
London
mittee of London, just one week after they rejoined
agreement.
made the issue,
limit.
Gun calibre
on
battleships
with Britain suggesting
a
was
14-inch
Despite the polite Japanese rebuff to Eng-
land, the United States Government lately made
was
a
The German Government alleged that loyalist submarines attempted on two occasions to torpedo one
Washington is reported to have urged Japanese
of its ships, but the odd circumstance is that the
acceptance of the gun calibre limitation in the interests
race.
This action by the fascist Powers
taken under peculiar circumstances, to say the least,
plea to Tokio. The communication
somewhat similar
from
the patrol.
of
peace
and in order to prevent
But in the brief
a
naval
reports at first were denied by Berlin, while the
loyalists declare officially that
none
of their sub-
Japanese reply, reported last
marines
left
Saturday, Tokio is said to have referred to its plea
for naval equality on the basis of non-menace and
attacks.
Adding gravely to the perturbation caused
port
at the
periods
of the
alleged
by such incidents are fairly reliable accounts of fur-
Volume
Financial
shipments of Italian "volunteers" to
ther extensive
Spain.
Chronicle
relate that
144
Germany,
moreover,
its entire fleet off
Spanish shores, and
a
large
centration of French vessels also is
reported.
Britain
Reich
could
France
and
the
warned
indifferent
remain
not
there
is concentrating almost
to
50,000 Italians
Great
they
of
war
act
any
is
work
hidden
by
the
around
and the
seems
crisis
centering
brought
in
to this
contribute
attacks
submarine
raised last
was
the
airplanes
were
utilized
in
Scores
the
rebel
the German
cruiser Leipzig
be
issued in Berlin.
was
observed
Two
by the supporters of General Franco.
nature of
pirates"
submarine
augmented far beyond what might have been
ex¬
pected if the non-intervention accord really were
is
According to the Reich version,
independent comment
illustrated
by
dispatch
a
on
equal
war
The
the fall of Bilbao
the
to
"Times," in which G. L. Steer remarks
torpedoes were followed by listening apparatus
the
German
attack, and the artillery strength also appeared to
attacks
fresh statement.
unanimous
were
to the immensely
The issue over
attempted to torpedo the vessel, Berlin declared in
a
success
viewpoint.
"Spanish-Bolshevist
unseen
attributing this rebel
of
Saturday, not long after an official
of such
denial
on
opposition when they entered
no
superior equipment of the insurgents and to the aid
Numerous other factors
Cabinet crisis in France.
artillery and airplane bombardment,
Independent observers
port.
de¬
Basques collapsed be¬
of Italian "Black Arrow" volunteer units.
by the
about
intense
an
weeks of
many
against the inadequate Basque
The resistance of the
the
surmise is that Berlin decided to
indecision
and
advance
and the rebels met
try for a quick advantage during the period of un-
also
the capture by the rebels last
was
fore
hand-made by Germany and Italy,
was
common
settlement
Spain
fense.
and
altogether obvious
international
newest
Spain
It
intrigue
of
cloak
the
diplomacy in Europe.
that
in
slow
and counter-moves
moves
landed
were
be thrown into the fray.
may
Saturday of the city of Bilbao, after
significance of these
partly
10,000 Italian troops
Equally indicative of the international forces at
against Spain.
The
some
early in June to aid the insurgents, and some
London and Paris authorities indicate that another
con¬
that
4233
New
York
the "un¬
on
against German and Italian artillery and
On the basis of this peculiar declara¬
airplanes."
The main fighting force of the Basques 1
tion Germany demanded that Great Britain, France
and Italy join her in a naval demonstration off the
apparently
made its escape
on
ship.
a
delicate stage on
Tuesday, when
that
British
an
French
and
Governments
precede
Germany and Italy, acting in concert, thereupon
withdrew
from
participation in the international
patrol, with the precise effect of the with¬
uncertain.
still
drawal
FRENCH financial difficulties were emphasized
week-end by
Cabinet crisis
-
Leftist
In
a
note
to
the
British
be
find
to
The lack of British and
agreement to the "minimum request" for a
deplored, and the Reich
was
withdrew because "that
spirit of solidarity is lack¬
ing which forms an indispensable condition for the
execution of
presented
a
a
common
international task."
Italy
similar note, but both nations said they
would otherwise retain their
tional control scheme for
places in the interna¬
keeping
war
material and
volunteer shipments from reaching either side. The
Italy regained freedom of naval action by
Reich and
this means,
are
and the matter allowed
to
parade of German ships off Spain, but
nervousness
prevails in Valencia, and the
Italy appeared determined to keep warships
Spanish-coast, despite withdrawal from the
of
Sardinia
was
reported
Thursday.
The
British fleet in the Mediterranean also has been aug¬
mented.
Italian
circles made it fairly plain that
they have no intention of abiding by their pledge to
refrain
increasing
The lack of
a
economic
balanced bud¬
by the fear of a European
factors
contributing
main
the
to
But these matters have troubled
France for years,
and much as M. Blum is to be com¬
mended for
of his
some
policies, it would be idle to
deny that other aspects of his rule were almost cal¬
culated to
his social
program
while
an
bring about fresh difficulties.
measures
of
Administration in Washington,
our own
even
Some of
closely resembled the New Deal
closer
parallel is to be found in the
repeated but unfulfilled promises to balance the bud¬
French confidence was not increased by the
get.
extreme Leftist orientation of the Blum
Cabinet,
or
franc, the fresh taxation of rentiers and the defeats
given London that "inci¬
patrol, while a sudden gathering of French ships
south
the
are
present situation.
suffered in international
and many
from
helping the fascist protege, General
Francisco Franco.
British business
men
in Malaga
diplomacy. Although these
other matters now must be tackled anew,
the immediate outlook is none too
further
temporizing
seems
To all appearances,
general diplomatic atmosphere in Europe is none too
off the
country.
the
Assur¬
said to have been
rest with the
good.
may
by the timid readjustment of the gold value of the
dents" will be avoided
extreme
for
solution
a
This change
and the concentration of German war¬
ships promptly was ordered off Valencia.
ances
a new
only the beginning of another attempt
circumstance and
war,
demonstration
a
rapid formation of
get, and the heavy flight of capital induced both by
willing to expose their vessels to "further target
practice off Red Spain."
as
troubles of the
that
naval
last
regime by Camille Chautemps to succeed the
accepted
Government, the Reich officials said they were un¬
French
the
over
which eventuated in the
outgoing Ministry of Leon Blum.
Spanish parties involved.
naval
French Cabinet Crisis
held
steps directed against the
any
Santander against the rebel
port of
agreement had been found im¬
inquiry into the circumstances of the inci¬
dent should
the
London Foreign
a
along the
advance.
the measures to be adopted in the Leipzig
on
The
case.
hold
to
Great
objected, and the matter entered
Office statement said
possible
To this proposal,
loyalist coast.
Spanish
Britain and France
westward
coast, for feverish efforts promptly were instituted
promising, since
probable.
it was the strictly financial
aspect of French troubles that brought about the fall
of
the
regime headed by Premier Leon Blum.
became
get
It
public knowledge early in June that the bud¬
remains far out of equilibrium, necessitating
further resort to
the inflationary
rowing directly from the
served
practice of bor¬
Bank of France.
This
only to increase the capital flight from the
country, and when Prof. Charles Rist resigned last
week
as
President
of the
Exchange Equalization
Financial
4234
Fund
exhaustion
M.
Blum
with
of
the
10,000,000,000-franc gold fund. '
the
important visitors
United
the
to
States at this time is the Brazilian Finance
Minister, Arthur de Souza Costa, who conferred with
Administration officials in Washington early in the
But the Senate objected, and in
Saturday the program of the Pre-
defeated
was
not made
was
J\
appealed for dictatorial powers to deal
first test last
mier
MONG
*
situation, and the Chamber of Deputies
the
readily concurred.
a
June 26, 1937
Brazilian Trade and Banking
Management Committee, the worst suspicions
realized, since the step clearly inplied virtual
were
Chronicle
by
a
vote of 188 to 72.
The matter
question of confidence in the
a
week regarding the trade and banking problems of
his country.
Washington reports suggest that
ambitious program
an
is envisaged by the Brazilian
govern-
Minister, and in view of the traditional friendship
ment, however, and the Chamber reiterated its desire
between the territorially largest of the North and
to
place all power in the hands of the Premier.
M. Blum
again met a rebuff in the Senate on Mon-
day, however, by a vote of 168 to 96, and he there-
presented the resignation of the entire Cabinet
upon
President Albert
to
fight
Lebrun.
Only
half-hearted
made by M. Blum for his bill, and it may
was
that he felt daunted
well be
a
by the specter of
an
South American Republics, it is to be hoped that
political differences will be minimized and a full
of support extended the Rio de Janeiro
measure
Among other things, Senhor de Souza
authorities.
Costa
suggested
States.
His
tribution of
kept his prestige unimpaired, and it may well be
will return to power in
that he
the future.
It
re-
mains
true, of course, that the Blum regime was one
of the
longest-lived of recent French Cabinets, for
the "Blum
experiment" started
on
June 4, 1936, and
thus lasted more than a year.
Camille
M.
under
State
of
ister
Blum,
President Lebrun to form
this
accomplished
was
Socialist leader.
little
to the
more
regime, and
Tuesday by the Radical-
on
Essentially, the
be another Left Front
requested by
was
successor
a
new
Cabinet will
affair, with the orientation
M. Blum,
Right.
as
a
the Socialist
leader, was somewhat more uncompromising in his
reform
social
program
than his Radical-Socialist
This introduces the possibility of a redis-
with respect to the
Senhor de Souza Costa remarked, "we may be able
urged his followers to support M. Chautemps,
with
rewarded
the
forming
regime he
new
of Vice-Premier.
office
Delbos remained in the
a
was
Yvon
Foreign Ministry, while the
bank for which we will need
to set up a system or
But if a decision
gold credits from any country.
is reached to set up
from
someone,
plan requiring gold credits
a
will
we
first to the United
come
states, because of our close kinship in financial and
economic matters."
These suggestions
jster
are
by the Brazilian Finance Min-
realistic and appropriate, but it also is
that the
0us
program
should include
obvi-
better
a
ap-
proach to the general question of the external credit
The Federal regime at Rio de Janeiro,
of Brazil.
tracted
and for this aid in
"In
British Dominions.
proposed reorganization of the banking system,"
our
to the Liberal groups
mier
excessive gold holdings, much in the
move
together
The former Pre-
our
that Great Britain lately suggested a similar
supporters, who occupy a position in France similar
in England.
re-
sense
n0
Chautemps, who held the office of Min-
the basis of enlarged gold
on
supplied through a gold loan from the United
serves
empty Treasury and an exhausted exchange fund.
handling of the political crisis is said to have
reorganization of the Brazilian
a
banking system,
its
with
subsidiary
various
units,
con-
indebtedness in the post-war era which
an
plainly cannot be serviced in accordance with the
To the credit of the country
original stipulations.
ft must be
was
remarked, however, that
made to meet the
an
early effort
requirements of the situation,
highly important office of Finance Minister was
and the four-year Aranha
given to Georges Bonnet, who gave up his post as
debt
Ambassador to
early next year, and under its terms negotiations
Washington in order to accept the
Other changes were of no great im-
appointment.
for the essentially Leftist character of
portance,
the
regime
are
not
represented, and one of the questions now
to be faced is that of
is
a
The Communists again
preserved.
was
support from that group.
It
fair surmise that the critical international situa-
tion centering
about the Spanish war hastened the
organization of
a new
From the internal
international
Cabinet.
as
from that of
position of
temps regime is far from promising.
the
Chau-
The letter of
resignation presented last week by Professor Rist
made
was
public
on
Wednesday, and it intimates
The Aranha plan brackets the external debts
in eight
paid,
classifications,
Brazil is not
ments
now
in
service
There is
and
an
reason
some
vanishing
The
point.
proposed 5,000,-
000,000-franc increase of taxation suggested by former
Finance Minister Vincent Auriol was criticized
in the letter
capital.
the
as
insufficient to
reverse
These
are
of
the
budget
would
be accomplished.
admirable aims, but it remains to be seen
whether Premier
Chautemps will embrace them and
brave the social unrest that
might follow.
at
a
later
date,
problem
by the- Brazilian official with the
Foreign Bondholders Protective Council, Inc., before
jie
returns
to
a
his
The question ad-
country.
own
complicated
as
since it involves the
one,
the dollar debts, but
tion that satisfies the creditors
as
imperative for the realization of
f0r additional
gold
or
a
solu-
to its fairness is
any
plans calling
other credits to Brazil,
•
Foreign Money Rates
Larger tax increases were called for, and
balancing
further temporary plan
the current of
government was urged to declare that a complete
pay-
increases of interim debt
to believe that this general
wm be discussed
are
well be that
the sensible pro-
case
ultimate solution
sterling debts as well
10,000,060,000-franc Equalization Fund are
may
position to increase the
cedure would be to arrange a
of
the
a
It
greatly, and in that
mittedly is
the
which varying rates
on
of them modest.
all
plainly that the gold and foreign exchange reserves
near
agreement on external
That arrangement expires
for future debt service are to take place late this
year.
calling, perhaps, for
point of view,
politics, the
service resulted.
|N LONDON open market discount rates for short
1 bills on Friday were 11-16% as against 11-16@M%
0n
Friday of last week, and 11-16% for three months'
bills
as
Money
against 11-16@%%
on
call at London
on
on
Friday of last week,
Friday
was
H%.
At
144
Volume
Paris the
Financial
market rate remains at 6%, and at
open
Switzerland
54.92%,
with 58.47%
compared
74.72% the
1%.
at
4235
Chronicle
French commercial bills
Discount Rates of Foreign Central
Banks
and
ago
year
a
Credit balances abroad,
before.
year
discounted, advances against
accounts showed in¬
securities and creditor current
namely,
creases,
1,258,000,000
francs,
1,000,000
THERE have been noofchanges during the week in
the discount
of the foreign central
francs, 166,000,000 francs, and 2,001,000,000 francs,
banks.
respectively.
rates
Present
any
rates
the
at
leading
centers
are
DISCOUNT
CENTRAL BANKS
OF FOREIGN
RATES
Rate in
BANK
Date
vious
Established
Effect
Rate
Date
Established
COMPARATIVE
June
for Week
3X
Mar.
Holland
2
2 1936
2X
Austria
3X
July
10 1935
4"
Hungary...
4
Aug. 28 1935
4
July
1 1935
4X
India.
3
Nov. 29 1935
4X
3X
3
June 30 1932
4X
May 18 1936
Argentina..
2
1 1936
May 15 1935
6
Aug. 15 1935
7
Canada
2X
Mar. 11
Ireland
2 x
Bulgaria
Belgium
Italy
3.29
Japan
1935
Dec.
Jan.
3
4X
Java
5
Jugoslavia
6 1936
14 1937
Apr.
Chile
4
Jan.
24 1935
Colombia..
4
July
18 1933
Feb.
1
5X
July
1 1936
3
Jan.
1 1936
3X
Morocco
ex
May 28 1935
Danzig....
4
Jan.
2 1937
5
Norway
4
Dec.
Denmark..
Lithuania
Czechoslo¬
vakia
5
.
__
1935
5 1936
3X
5
4
ex
6
4X
3X
4
Oct.
19 1936
3X
Poland
5
Oct.
25 1933
6
England
2
June 30 1932
2X
Portugal...
5
Dec.
13 1934
5
Sept.25 1934
5X
Rumania
4X
Dec.
7 1934
4
Dec.
4 1934
4X
South Africa
3X
May 15 1933
4
France-
6
June
14 1937
4
Spain
5
July
10 1935
+ 1,000,000
8,474,783,348 7,608,901,262 7,113,886,553
1,041,134,830 1,280,070,594 1,174,386,636
4,080,893,816 3,494,729,541 3,269,397,942
Note circulation
—652,000,000 85,798,119,130 84,803,701,040 80,702,561,545
Credit current accts. + 2,001,000,000 18.633,698,287
7,468,880,594 14,012,902,101
c Temp. advs. with¬
out int. to State.No change
19,979,738.771 13,833,423,300
discounted-.
bills
+ 1,258,000,000
No change
bought abr'd
Adv. against securs.
+ 166,000,000
Propor'n of gold on
hand to sight llab.
+0.72
6
Finland
21,1935
Francs
5X
Estonia
June
19,1936
Francs
French commerc'l
b Bills
3.65
June
+28,764 57,359,105.452 53,952,610,373 70,770,121,655
4,029,597
176,703,186
15,106,447
Gold holdings
Credit bals. abroad
a
18,1937
Francs
Francs
Batavia
STATEMENT
Changes
Rale
Country
furnished below:
FRANCE'S
vious
June 25
Effect
OF
Pre¬
Rate in
Pre¬
June 25
Country
A comparison of the different items
for three years is
shown in the table which follows:
.
.
4
_.
Sept.30 1932
5
Sweden
2X
Dec.
1 1933
7
Switzerland
IX
Nov. 25 1936
2
4 1937
c Rep¬
1936, in accordance with de¬
Gold holdings of the Bank were revalued Sept. 26,
valuation
3
Jan.
74.72%
58.47%
54.92%.
b Includes bills discounted abroad,
Includes bills purchased In France,
resenting drafts on Treasury on 10-billion-franc credit opened at Bank.
5X
6
Germany
Greece
a
legislation enacted
on
that
Immediately following
date.
devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
of the
fund, but it was announced a few days thereafter that 5,000,000,000 francs
gold had been returned to the Bank.
Bank of
pean
England Statement
as
THE statement for £3,938,000ended June 23 shows
large gain of the week
in note circulation,
See notation to table "Gold bullion In Euro¬
Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank In the statement of Sept. 25;
all these bills had matured and have since been transferred to the account
"Temporary advances without Interest to the State."
a
Bank of Germany Statement
raising the total to £483,719,000, a new record high.
The previous
high
of
account
on
reached
recorded
was
coronation
May 19 last when
on
circulation
requirements
The present increase is be¬
£481,432,794.
lieved to be indicative of hoarding of sterling notes
in
holdings
and
Public
ago.
while other
consists
The
and
increased
a
£5,445,000,
The latter
which decreased
accounts
other accounts, which
week
a
and
£7,-
£34,995.
rose
ago
those
and 28.60% last
securities
other
on
year.
decreased
£3,-
increased
securities
Of the latter amount £18,305
£341,567.
mark of
with £217,275,747
compares
Government
on
301,000
£1,200,000.
high
proportion is at 29.50%, in comparison
28.30%
Loans
than offsetting
rose
new
large
further
deposits fell off £7,238,932.
reserve
with
a
deposits
bankers'
of
273,927
reserves
so
a
more
reached
also
£327,308,210, which
year
acquired
£5,138,257, of gold,
amount,
the currency rise,
Gold
Bank
The
France.
was
from
THE statement for thirdgold and bullion ofshowed
slight gain in quarter of June 37,000
another
marks, the total of which is
Gold
a
two years ago
are
change
was
made in the 2% discount rate.
registered increases
386,000 marks and 11,000 marks, while bills of
preceding
investments
change and checks, advances and other daily matur¬
and
marks
which brought the total down to
4,428,000,000 marks, compared with 3,945,920,000
marks last
a
The
furnish
we
June
24,
1937
1936
£
June
26,
June
June 28,
1933
27,
Changes
24
,095,564
7 ,640,843
16 ,454,721
22,590,881
20,177, 564
29.50%
28.60%
35.89%
46.82%
2%
Disct. & advances.
Securities.^
Reserve notes & coin
Coin and bullion
2%
2°7r
2%
16,983,605
liabilities
46.76%
2%
Bank of France Statement
28,764 francs, the total of which is now 57,359,-
105,452 francs, compared with 53,952,610,373 francs
and 70,770,121,655 francs two
years
ago.
A loss of 652,000,000 francs was registered in
note
circulation, which reduced the total to 85,798,-
Circulation last year aggregated
84,803,701,040 francs and the previous year 80,702,561,545 francs:
The Bank's reserve ratio fell off to
119,130 francs.
5,316,000
4,001,000
(
Oth. daily matur. oblig.
Other
liabilities
—
Propor'n of gold & for'n
curr.
a
1.7%
to note circul'n.
Figures of June 15; latest figures not
2.53%
1.93%
available.
New York Money
Market
CHIEFtoward slight the New York money market
tendencies in lowering of rates,
that
are
now
of
reserve
duced rates
com¬
on
Dealers in bankers' acceptances
maturities of
more
of
offerings followed.
rates remained
unchanged.
re¬
than 30 days, last
The declines were 1/16% to %%, but
Tuesday.
increase
requirements have been
the Treasury borrowing done for the
quarter date.
another
ago
84,741,000
22,109,000
6,085,000
-132,000,000 4,428,000,000 3,945,920,000 3,502,279,000
754,302,000
705,953,000
738,956,000
—9,551,000
213,376,000
8197,551,000
186,247,000
Notes in circulation
pleted and
THE statement for increase inofgold holdings of
the week June 18 showed
slight
year
Reichsmarks
71,034,000
24,537,000
—98,924,000 4,827,269,000 4,009,157,000 3,396,764,000
229,513,000
247,187,000
a233.053.000
35,276,000
38,698,000
44,374,000
4,691,000
660,908,000
530,294,000
414,286,000
+ 11,000
666,066,000
8777,914,000
592,998,000
Investments
increases
a
23, 1936 June 23,1935
Reichsmarks
68,862,000
"+386",000
Advances
28,509,132
16,642,593
Proportion of reserve
to
June
819,359,000
+ 37,000
abr'd
3.756, 142
6,079,604
10,165,226
11,866,539
12,425,655 10,904,001
43,588, 000 42 ,486,622 56,462,755 70,454,023 75,459,487
327,308, 210 217 ,275,747 193,322,457 192,143,913 190,584,121
Bank rate.
23,1937
Reichsmarks
Liabilities—
483,719, 000 434 ,789,125 396,859,702 381,689,890 375,124,634
Public deposits
17,630,254
14,061,645
16,163,416
15,458, 000 20 ,046,771
Other deposits..
132,173 026 128 ,195,705 141,115,909 132,826,197 147,285,248
90 ,822,163 102,360,761
Bankers' accounts.
96,309,104 105,120,626
94,987, 464
37 ,373,542
Other accounts—
37,185, 561
38,755,148 36,517,093 42,164,622
99 ,603,310
Govt, securities
96,186,044 81,006,071
75,373,033
98,027, 412
Circulation
23,933, 706
June
Reichsmarks
Assets—
Other assets-
Other securities-.
COMPARATIVE STATEMENT
for Week
Bills of exch. & checks.
1934
1935
2.53%.
comparison of the various items
a
REICHSBANK'S
Res've in for'n currency
£
.
ratio stands now at 1.7%;
for three years:
Silver and other coin...
June 23,
reserve
it was 1.93% and the year before,
year ago
Below
and 3,502,279,000 marks the pre¬
year
vious year.
Of which depos.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
con¬
appeared in notes in circulation of 132,-
marks,
000,000
A
9,551,000 marks respectively.
traction also
Gold and bullion
years:
of
ex¬
ing obligations decreased 98,924,000 marks, 4,691,000
Below
with comparisons for
shown the different items
Reserves in foreign
84,741,000 marks.
and
currency
discounts and advances and £323,262 from securities.
No
68,862,000 marks.
now
aggregated 71,034,000 marks and
ago
year
Commercial
no
paper
The Treasury sold last
Monday a further issue of |50,000,000 discount bills
due in 273
average,
basis.
held
to
days, and awards were made at 0.578%
computed on
Call loans
on
an
annual
bank
discount
the New York Stock Exchange
1% for all transactions, whether renewals
Financial
4236
or new
90
Time loans held at
loans.
ties to
1*4% for maturi¬
M.
June 26, 1937
Georges Bonnet arrives in Paris from Washington.
The crisis in the franc is still the
dominating factor in
the foreign exchange market.
day's, while four to six months' datings
again quoted at 1%%.
were
Chronicle
Despite the present
dullness, which is due to the obscurity of the French
New York Money Rates
there
situation,
is
evidence
every
in
firmness
of
DEALING in detail with call loan rates was the
on the
Stock Exchange from day to day, 1%
sterling.
Seasonal factors
favor the
pound, tourist demand for London funds
ruling quotation all through the week for both new
is at
loans and renewals.
political
continues
quiet,
this week.
90
no
market for time
The
money
transactions having been reported
Rates continued nominal at
1%%
up
to
days and 1%% for four to six months' maturities.
The market
for
prime commercial paper has been
Paper has been available in
active this week.
very
Rates
good supply and the demand has been heavy.
unchanged at 1% for all maturities.
are
there is in addition
Rates for 30-day bills
unchanged but rates for 60, 90 and 120-day
bills
were
lowered
June 22
on
1-16% in both the bid
and asked columns and 150 and 180-day
lowered
were
bill rates
%% in the bid column and 1-16% in
the asked column.
The official quotations as
issued
by the Federal Reserve Bank of New York for bills
to and including 90 days are %% bid and
up
7-16%
asked; for bills running for four months, 9-16% bid
and
%% asked; for five and six months, %% bid
and
9-16% asked.
The bill-buying rate of the New
York Reserve Bank is
to 90
%% f°r bills running from 1
days, %% for 91- to 120-day bills and 1% for
121-to
The Federal Reserve Bank's
180-day bills.
holdings of acceptances decreased from $5,094,000
to
Open market dealers are quoting
$4,273,000.
the
same
Reserve
rates
those
as
Bank
of
New
reported by the Federal
The
York.
market acceptances are as
rates
for
open
follows:
Prime eligible bills.
Bid
Asted
Vi
*16
—120 Days—
Bid
Asted
'16
9'
90 Days——
X
916
30 Days
60 Days—
Bid
Asted
Bid
Asted
Bid
Asted
X
Prime eligible bills
'16
X
'16
X
he
DELIVERY WITHIN THIRTY DAYS
FOR
Eligible member banks
Eligible non-member banks
H% bid
...
-
%% bid
-
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The following is the schedule of rates now in
for
the
various
Reserve banks:
classes
■
of
effect
different
at the
paper
v\-;,
.
The
Effect en
>
Date
in the London open
£2,476,000, which
Established
2
Boston
with
Feb.
of
quence
market this week amount to only
2 1934
17 1935
2X
IX
Richmond
2
May
9 1935
2X
2
Jan.
14 1935
Despite the
and
Chicago
2
Jan.
19 1935
2 X
St. Louis
2
Jan.
3 1935
2
May 14 1935
2
May 10 1935
2
May
8 1935
2
Feb.
16 1934
2X
2X
2X
2 X
2X
it
May 11 1935
Exchange
as
disclosure of the financial policies of the
French Cabinet which succeeded that of M. Blum
June
course
21.
Clear
cannot be
Premier
Camille
understanding
of the
French
expected until after June 20, when
Chautemps's
and London favored
many
a
official denials from both London
is
apparent that authoritative opinion in many
compel
decline.
a
The chief element is the extremely
rapid increase in world gold production.
price, officially $35
a
an
ounce
The gold
in the United States
frequently above 140s. in London, has acted
as
powerful magnet in attracting gold not only from
the mines but from the ancient hoards of the Far
It has been estimated that India alone had
East.
shipped
than $1,000,000,000 of gold previous to
more
devaluation of the dollar in 1933 when the American
price for gold
$20.67
was
of determining with
way
gold
which
Britain's
has
out
come
There is
ounce.
no
the amount of
of India since
Great
gold suspension in Sept. 1931.
Just prior to
Sept.
an
accuracy
21,
the suspension of gold by England
the Bank of England bought,
1931
on
on
Sept. 18, £4,700 in gold bars, for which it paid around
an ounce.
When the bank again
open
bought gold
market price
Thereafter the price
on
103s. 5d.
was
an
all-time
Since then there has been
1935.
world
gold production and
price in London.
low
as
140s.
The high
Finance
rose
high of 149s. 4d.
steadily until
an
a
irregular lowering of the
On June 5 the price had
Minister,
gone
as
3%d.
price of gold in the London market during
few
For
mines.
March 6,
on
steady increase in
years
has enabled the South African and
other districts to work their hitherto least
STERLING and the entire foreign exchange market
show only limited activity
international bank¬
on
conse¬
by the widespread
parts of the world expects that circumstances will
the past
new
with
Washington that the gold price will be altered,
2X
a
week
when panic conditions
ago
2
Cleveland—
Atlanta
await
ago,
2
Feb.
ers
weeks
the "scare" aroused
per ounce.
Jan.
Course of Sterling
a
and
with £2,269,000
two
belief that both Washington
it reached
IX
San Francisco
as
lower gold price.
2X
2
-
nearly ended,
prevailed in the London bullion market in
Rate
New York
Minneapolis
to have
compares
£12,845,000 three weeks
8 1934
Philadelphia
Kansas City
Dallas
range
$4.93% and
of between $4.93%
range
seems
£4,017,000
Previous
June 25
The
by the fact that the total gold offerings
Sept. 24, 1931 the
Rate in
a
between
of between
few years found lodgment in the vaults
is indicated
ago,
been
week.
dehoarding of foreign-owned gold which has
of the London banks
85s.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
has
a range
last
week ago.
a
for the past
and
150 Days—
$4.93 15-16
transfers
and $4.94
SPOT DELIVERY
180 Daps
Bid
Asted
and
week
for sterling this
range
$4.93% and $4.94 15-16 for bank¬
sight bills, compared with
cable
forcing
are
normal flow of funds from all
a
The
has been between
grown
Continent
take refuge in London, and
$4.95, compared with
THE market for primeand prime acceptancesbeen
bankers' bills have has
ually
stronger
the
on
world to strengthen balances in the
capital.
$4.93 5-16
Bankers' Acceptances
were
of the
British
for
available in larger quantities.
conditions
Continental money to
ers'
account
high level, the crisis in the franc and uncertain
a
parts
commercial
on
several
weeks
productive
anxiety concerning the
gold price has caused agitation urging Great Britain
to return to the gold standard and stabilize the pound
around present levels.
Sir
E.
.
Oppenheimer, Chairman of the De Beers
Consolidated Mines, Ltd., in a recent communication
to the Rand
"Daily Mail," said: "I firmly believe
Volume
Financial
144
that stabilization in the Union of South Africa on
basis of 140s.
confidence
prove
ounce
an
the
in
of the
example to be followed at no distant
an
by the great financial nations of the
Exposition
pavilion at
South xAfrican Minister of Finance,
expressed the
ultimately the world would return to gold,
saying: "The world has tried managed currencies and
people have found to their cost that with them the
value of their possessions, their welfare and their
prosperity are at the mercy of human beings who,
however great their integrity and their will to do the
right thing, are still human and liable to error. In
gold they have, to be sure, not a perfect instrument,
of
reduction in the price
a
of gold and
belief that
but
least
at
instrument
an
which has been tested
subject to
through the centuries and which is not
human error."
important
and
country to take the
a
attempt
Telegraphs in South Africa, that any
produce
to
lead in stabilization
F. C. Sturrock, Acting Minister
agreed with
of Posts and
effect such as Sir Ernest
an
Oppenheimer suggested, might well cause unfavor¬
able results in South Africa.
Opinion there seems to
the positive
lead of London.
Ralph D. Baker, President of the Canadian In¬
vestment Dealers Association, stated in an address
June 18: "I think it may
be assumed that, despite
establishment of stabilization funds
France and the United States,
by Great Britain,
the various countries
involved will have little desire to
accumulate paper
countries in volume as long as
of other
currencies
memories exist of losses
incurred following currency
debasement and abandonment of the
He said that definite fixation
which
be
can
linked to
Herbert
of
the
gold standard."
of values is necessary,
accomplished only by financial stability
gold
pars.
M.
proportionate to
would
it
mean
inflation
an
in
the price level far
We must assume, there¬
fore, that unless the price of gold is reduced we must
greater than is desirable.
be
prepared to deal with a steadily increasing output
have its full effect upon prices."
The "Economist" stated further: "The root of
without allowing it to
the trouble is that when the
United States went off
gold in 1933, it did not wait long enough for a new
equilibrium to establish itself, but fixed a new
gold which revalued the reserves of the whole
of
a
on
by pointing out that the drastic
remedy of
a
Bratter,
Commerce
and
former
financial specialist
Treasury
at
Departments
reviews the difficulties
posed solutions
avoided, possibly but not certainly, "if we only
inherent in most of the pro¬
of international foreign exchange
problems, including a unilateral cut in the price
On
the
Wednesday
Bank
of
be undertaken." "Even
though unilateral action by the United States may be
inadvisable," he declared, "an international agree¬
ment providing for all round reduction in the price of
gold may prove feasible and desirable."
partite understanding will
"London
Economist" for June
strong plea for the
12 makes a
British Government to make no
policies and
of
Nevertheless, from the long-term viewpoint,
early change in its present monetary
that it should not reduce the sterling price
gold.
finds that
"Economist"
purchase
British
"the
and segregation by the
authorities
for it cannot be
will be used
is
not
a
present plan of
American and
permanent solution—
contemplated that public resources
indefinitely in the purchase of unwanted
The
Fund.
on
circulation account and market opinion seems
to
be that the
a
lower gold price was not im¬
When
impending.
mediately
The
this gold
pur¬
was
market price was 140s. 5d. per
This increase in gold brings the bank's gold
stock to
a new
chased,
the
open
record high of £327,308,210.
fractionally easier,
all
Open market money rates are
with two-,
at
three-, four- and six-months' maturities
23-32%.
All
week
gold
was
on
offer in the London open market
"Economist" points out that the matter is
immediately
pressing
problem is more difficult.
but that
the ultimate
"The present price of gold
this
believed to
taken for unknown destination,
be largely the British exchange equalization fund
though some was taken for shipment to the United
States.
On
Saturday last there
was
available
on Monday £239,GOO, on Tuesday, £631,Wednesday £360,000, on Thursday £424,000,
and on Friday £652,000.
At the Port of New York the gold movement for
the week ended June 23, as reported by the Federal
Reserve Bank of New York, was as follows:
£170,000,
000,
on
NEW YORK, JUNE
17-JUNE 23, INCLUSIVE
Exports
Imports
$27,956,000 from England
5,058,000 from Canada
2,309,000 from
Switzerland
None
2,254,000 from France
614,000 from India
\
$38,191,000 total
Net Change in
Gold Earmarked for Foreign Account
No change.
Note—We have been notified that
received at San Francisco,
approximately $5,550,000 of gold was
of which $4,730,000 came from Japan,
from Australia, and $132,000
$688,000
from Hongkong.
The above figures are for the week ended on
Wednesday.
On Thursday there were no imports
or exports of the metal but gold held earmarked for
foreign account decreased $1,125,000.
On Friday,
$13,055,600 of gold was received of which $10,528,800
came from England,
$1,707,000 from Canada and
$819,800 from India.
There were no exports of the
metal, or change in gold held earmarked for foreign
account.
Gold held in the inactive fund, as
daily Treasury statements
ended last Wednesday, was
indicated in the
issued during the week
as
follows.
The day-to¬
day changes are our own calculations:
GOLD HELD IN THE
TREASURY'S INACTIVE FUND
Date—
June 18
to
Bank bought the gold to reassure
South Africa that
June 17
gold."
not
England bought
of
gold bars through the Equilization
present purchase seems hardly necessary
£5,145,259 in
gold, and concludes that "certain observers feel that
sooner or later some official action
within the tri¬
the
play
for time."
••
urges
surgical
reduction in the price of gold may be
GOLD MOVEMENT AT
of the For¬
Policy Association's "Foreign Policy Reports,"
The
price
world
The analysis
proved too high."
level that has
continues
Washington, writing in the June 15 issue
eign
If
in
the rise in the price of gold,
itself.
comparable in importance to the Rand
equilibrium could only be restored by an increase
ounce.
be that all smaller countries must await
on
at all events Russia has
Havenga stated that South Africa is too un¬
Mr.
profitable to producers, and for the time being
become a source of supply
is very
costs
N. C. Havenga,
discredited rumors
June 22,
on
date
world."
At the dedication of the South African
the Paris
the
gold would restore world
metal and might
for
future
4237
Chronicle
June 19
June 21..
June 22
June 23
$
Amount
994,153,946
1,009,343,289
1,018,790,618
1,019,844,929
1,035,877,688
1,038,796,342
Daily Changs
+$5,922,796
+15,189,343
+9,447,329
+1,054,311
+18,032,759
+2,918,654
4238
Financial
Chronicle
increase for the Week Ended Wednesday
Canadian
exchange continued relatively steady,
^1/0/
ranged this week between
°
^ par^
discount
a
The
following tables show the
Paris, the London
on
and the price
mean
open
Saturday, June 19
Monday, June 21
;_110.89
London check
cap^a] either from abroad
market gold price,
Tuesday, June 22
_110.88
no.89
Friday,
June 25
tie 19
Saturday, June 19
140s. QH
6^d.
ne 21
140s. 6y2
Monday, June 21
i40s. 6^d.
Tuesday, June 22.....140s. 4d.
iio.9i
,
Wednesday, June 23
Thursday,
June 24
Friday,
June 25
35.00
It
sight
equivalent to 4.35 cents.
n
were
chiefly
Bankers'
sight
transfers
$4.94%@$4.95.
was
European
on
cable transfers.
The
bankers'
On
sight
transfers.
range
and
On
Friday
sterling
It
cable
for
two
on Friday were $4.93%
$4.93% for cable transfers. Com-
merial
sight bills finished at $4.93%, 60-day bills
$4.92%, 90-day bills at $4.92%, documents for
payment (60 days) at $4.92%, and 7-day grain bills
at
at
$4.93%.
Cotton and grain for payment closed at
$4.93%.
four
directors
They
as
Baudoin.
Paul
an
In
'
.
banking
their
pressure.
Bonnet, faces
Bank of France gold
;
the franc which they
daily reunions
The
game
why
we
of
and
resignation
For several
reserves.
This
no
unable to .relieve.
were
longer
serve any
is being played
weeks
means
practical
Our
purpose,
other fields and that is
on
ask to be relieved of
our
task."
that since September the Equalization
Fund has practically exhausted $446,000,000 in
Former
Finance
Minister of
Minister
Justice, asserted
new
Vincent
a
a
a
over
fiscal task,
grave
the Government
new
difficulties
even
a
of
the
Popular Front.
The
Premier is
recognized as a man of conciliatory ternperament and his Finance Minister is regarded as
technically expert in financial affairs.
M. Blum remains in
the
Cabinet
of the Council of Ministers would
as
tion,
bank
($2,276,000,000) of
seem
to insure the
goodwill of the
more extreme elements of
electorate, but
as
the French
stated the fiscal problems
are
in-
surmountable by any tried method of
resolving national financial crises.
Had it not been for the
In addi-
excessively large amount of French gold and
note^ jf high denominations are held in hoards
at home.
The amount
cannot
to
be
definitely
ascer-
equal fully one-third of
the French note circulation reported from week to
week by the Bank of France.
As of June 18 Bank
of France note circulation
was reported at
85,798,000,000 francs (approximately $3,800,000,000).
German marks continue to
The fact that
Vice-President
now
an
tained, but it is believed
i
year ago.
Cabinet under Premier Chautemps is in
continuation
Auriol,
few days ago that no
refuge abroad.
Auriol, when they
a
Equalization
the fund's directors have been able only to confess
their powerlessness to reduce pressure weighing upon
m
Foreign Exchange
greater than those which confronted M. Blum pud
his Finance Minister, M. Vincent
The
June 16
authority,
letter
THE FrenchThe continuesMinister,the severest less than 60,000,000,000 francs
franc Finance under M. Georges French capital have
sought
effect
on
useless effort to offset pressure on the franc.
ontinental and Other
took
the
M. Charles Rist, long
were
eminent
of
Fund, which shortly will be forced to appeal to the
cable
Closing quotations
for demand and
the
addressed to M. Vincent Auriol, they said:
"You know the actual resources of the Equalization
sight and $4.93%@$4.93 15-16 for cable
was
pointed out here last week that
M.
slightly more
$4.93%@$4.93 13-16 for
bankers'
transfers.
range
of
regarded
was
The
was
Fund resigned.
for
active.
or
been expended.
Wednesday sterling
$4.94 1-16@$4.94%
would
stabilization fund, it would eventually be dissipated
without results, as the 10,000,000,000 franc fund has
demand.
$4.93 15-16@$4.94%
reserve
to budget
the exchange fund for continued support of
the franc. If this amount were turned over to the
Thursday the pound continued
was
Govern-
further devaluation profit of 8,000,000,000
a
relief
was firm in limited
trading.
The range was $4.94%
@$4.94% for bankers' sight and $4.94%$4.94% for
steady.
new
If the value of the franc
lowered, the Bank of France gold
yield
cable
$4.94 7-16@$4.94 15-16;
On
an
francs, which could be devoted either
On Monday in
trading the pound was firm.
The range was
$4.93 15-16@$4.94 9-16 for bankers'
sight and $4.94
@$4.94% for cable transfers.
On Tuesday sterling
up, "
equivalent to
.
transfers, $4.93 15-16@$4.94 1-16.
firmed
■,
almost inevitable that the
seems
35.00
limited
again
are
«
rate °f ar0Und 45%"
35.00
$4.93%@$4.94;
was
Future francs
•,
or.
?»**£ be forcecHo bring the francs to the lower
legal limit authorized last September, which would be
$35.00
Referring to day-to-day rates sterling exchange on
was fractionally firmer than in Friday's
Bankers'
,
discount that 30-day francs if expressed
&nUU&l
Saturday last
close.
,,
,
a
jn terms of interest rates would be
by^the unitedItat'es'
35.00
,
PRICE
Wednesday, June 23...140S. Ed.
Thursday,
June 24...i40s. 4tfd.
$35.00
return of French
a
from domestic hiding.
though still supported by the British
ease
at so great
(federal reserve bank)
Saturday, June 19__
Monday, June 21.
Tuesday, June 22
of
or
and American equalization funds.
110.85
June 24
LONDON OPEN MARKET GOLD
price paid for gold
paris
Thursday,
on
At present even the spot rate for the franc shows
decided
Wednesday, June 23
110.89
in the
confidence
French savings and investing class in
There is evidently no sign
paid for gold by the United States:
mean London check rate on
reserve
political and financial policies of the Government.
/.a?,
rin
rate
representing the second largest gold
world.
The difficulty is to restore
$50,565,192
l
June 26, 1937
of
ease.
40.332
The
so-called
free
display
or
an
gold
undertone
mark
(par
cents) is ruling around 40.10, and internal or
blocked marks
are
all at
severe
discounts,
Aside from the gold holdings of the Reichsbank,
amounting to approximately 68,862,000 marks, it is
computed that the Reich holds 120,000,000 marks
Spanish strife it is conceivable that M. Blum might
more
have succeeded in restoring French
reserve
finances, though
it must also be admitted that the extreme
measures
for which he
not
sought Parliamentary authority could
have brought the franc out of its critical situation.
France is in
a
strong position
the banking position is
France has
excess
over
from private
note
banks, amounts to about
200,000,000 marks.
the Bank of
The League of Nations has just issued a report on
the financial status of various countries, which points
of $2,258,000,000,
out that between 1928 and 1936 Germany's total debt
even now so
concerned,
gold holdings in
than it did at the beginning of the year.
This
is believed to be held by the Gold Discount
Bank, whose undivulged stock, including gold taken
as
far
as
Volume
from
rose
marks.
Financial
144
marks
7,831,000,000
debt
This
14,439,000,000
to
figure excludes short-term lia¬
bilities due to financing the creation of
highways and defense.
liabilities
"will
have
work, motor
The report states that these
to be met in coming budget
estimate of their total amount is given.
A manifesto of the new anti-Nazi German Freedom
years/' but
no
Party, which recently reached foreign correspondents,
alleges
Germany's
that
totaled 31,000,000,000
marks (approximately $12,-
400.000,000) and that the floating debt is 35,000,The
following table shows the relation of the leading
New Dollar
Range
Parity
Parity a
This Week
13.90
Italy (lira)
5.26
19.30
Switzerland (franc)
(guilder)
Holland
-•
a
New dollar
40.20
parity
between Sept. 25 and
as
4.45M to 4.46^
16.88K to 16.90
5.26^ to 5.26^
22.91
to 22.94y%
54.98^ to 54.99^
6.63
16.95
8.91
32.67
68.06
3.92
(franc)
Belgium (belga)
before devaluation of the European currencies
Oct. 5, 1936.
The London check rate
on
Paris closed
Friday
on
In
New York sight bills on the French center finished
at 4.40, against 4.45% °n Friday of last week; cable
transfers at 4.45%, against 4.45%.
Antwerp belgas
110.95, against 110.87 on Friday of last week.
closed at
16.89 for bankers'
sight and at 16.89 for
cable transfers, against
tations
for
16.89 and 16.89. Final quo¬
Berlin marks were 40.10% for bankers'
sight bills and 40.10% for cable transfers, in com¬
Italian lire closed at
5.26% for bankers*"Sight bills and at 5.26% for cable
parison with 40.09 and 40.09.
transfers,
5.26%
against
schillings closed at
and
0.74, against 0.74;
on
3.48%;
Bucha¬
on
Poland at 18.95, against
Finland at 2.18%, against 2.18%.
exchange closed at 0.90%, against 0.90%.
18.95; and
Greek
Austrian
18.75, against 18.75; exchange
Czechoslovakia at 3.48%, against
rest
5.26%.
on
EXCHANGE on the steady andneutral during the
generally countries
firm, moving in
is
war
close
The Dutch
relationship to sterling-dollar rates.
control of exchange was
due
the
constantly touching
are
new
Argentine
mainly to domestic dehoarding after lifting of
increased since
The bank's gold holdings have
devaluation by approximately 558,On June 21 the Netherlands Bank
000,000 guilders.
reported gold at 1,227,200,000 guilder
of
at
Its ratio
gold to total sight liabilities stood at 84.4%.
Bankers' sight on
Amsterdam finished
on
Friday
54.99, against 54.99 on Friday of last week; cable
transfers
at
54.99,
against 54.99;
closed
pesos
paper
1933, when
instituted.
32.93
on
Friday, official
on
Friday of lasy week; cable transfers at 32.92,
The unofficial
market
free
Brazilian milreis,
5.19,
milreis
in
The unofficial
8.83.
is
6.50@6.58,
against
Chilean exchange is nominally quoted
6.50@6.55.
at
free market close
or
30.35, against 30.30@30.35.
was
Peru is nominal at 25.25,
against 5.19.
against 25.25.
—♦—
EXCHANGE on the Far the slight countries is
steady, following closely Eastern fluctuations
the
recently assured
that
financiers
maintain the
patch
The Japanese Finance
sterling-dollar rate.
Minister
on
adverse
a
delegation of Japanese
Government
the
is
determined
to
present yen exchange rate. A Tokio dis¬
June 22 stated that, confronted with an
balance
trade
of
625,000,000
(about
yen
$179,375,000), Japan is prepared to ship 200,000,000
(about $57,400,000) in gold bullion to the United
yen
States
in
support of the yen.
addition to 200,000,000 yen
This amount is in
already shipped.
Thus
the Government has bought 430,000,000
far,
yen
(about $123,410,000) of newly mined gold to cover
the
shortage in Japan's gold holdings abroad.
Closing quotations for yen checks yesterday were
28.73, against 28.74
on
Honk-
Friday of last week.
kong closed at 30.43@30 9-16, against 30.51@30%;
30
at
29 13-16@29 31-32,
against
29.75@
1-32; Manila at 50.25, against 50.30; Singapore at
Bombay at
58.00;
<58.00, against
37.30%,
against
37.31; and Calcutta at 37.30%, against 37.31.
Gold Bullion in
highs,
gold embargo.
though
quotations, at 32.92 for bankers' sight bills, against
guilder is especially firm, and the gold holdings of
the Dutch bank
is
($64,400,000) through the sale of official ex¬
change in the period since November,
Shanghai
•—
It
understood, has realized net profits of 192,000,000
pesos
in
at
countries.1
two
probable that the plan will be to establish a central
bank in Brazil.
The Argentine Government, it is
or
Old Dollar
mutually profitable
promoting
the
official rates, are 8.82 against
European currencies to the United States dollar:
France
of
means
between
against 32.93.
($14,000,000,000).
000,000 marks
possible
trade
have
expenditures
arms
Chronicle
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
ys by special cable yesterday (Friday); comparisons
are;shown for the corresponding dates in the previous
four years:
1937
1936
1935
1934
£
Banks of—
£
£
£
and commercial
1933
£
England
sight bills
closed at
at *54.95,
against
54.96.
transfers, against 22.92% and 22.91%.
«
checks
at
Copenhagen
193,322,457
192,143,913
190,584,121
431,620,883
566,160,983
633,604,432
1,964,600
649,955,652
Germany b_
Spain
Italy.
Neth'lands.
Nat.Belg..
Switz'land
Sweden
25.47% and cable transfers at 25.47%,
Denmark.
at
Checks
on
while checks on Norway
24.82% and cable transfers at 24.82%,
against 25.47 and 25.47;
finished at
217,275,747
458,872,844
22.05% and cable transfers at
finished
22.05%, against 22.05 and 22.05.
closed
Swiss francs
22.91% for checks and at 22.91% for cable
327,308,210
France
against 24.82 and 24.82.
Spanish pesetas
are
not
_
Sweden
Norway
_
—
2,475,150
2,373,100
3,135,650
88,092,000
90,870,000
842,575,000
6,553,000
63,043,000
51,654,000
103,068,000
44,541,000
19,670,000
7,394,000
6,604,000
c87,323,000
842,575,000
95,505,000
103,232.000
83,595,000
6,602,000
49,069,000
105,656,000
49,303,000
23,983,000
25,780,000
6,548,000
6,602,000
8,553,000
90,379,000
90,525,000
72,108,000
68.928.00C
72,073,000
76,500,000
76,343,000
61,209,000
66,703,000
15,205,000
7,397,000
12,023,000
7,397,000
6,577,000
6,569,000
67,576,000
1,239,816,204 1,023,104,730 1,149,371,090 1,226,161,945 1,248,156,673
week. 1,232,725,866 1,022,693,323 1,146,822,937 1,226,720,215 1,252,582,295
Total week.
Pre v.
Amount
a
held
Oct. 29.
1935. latest figures available,
Bank of Germany are exclusive of
reported as £967,950.
c
b Gold holdings of the
gold held abroad, the amount of which Is now
Amount held Aug. 1, 1936: latest figures available.
Note—The par of exchange of the French franc cannot be exactly determined, as
yet, since the legislation enacted Sept. 26, 1936, empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued its gold holdings
quoted in New York.
—«—
the parity
EXCHANGE on the South American countries is
firm, in sympathy with sterling-dollar quota¬
tions.
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
we have here converted the French Bank's gold holdings from francs to pounds
that
Arthur de Souza Costa, Finance Minister of
The Right to Work
Brazil, is in conversation with United States officials
in
Washington discussing a proposed new Brazilian
banking system to be organized, possibly with the
assistance of a
United States gold credit,
as
the best
The violent
Committee
tacit
scenes
for
which John L. Lewis and his
Industrial
Organization, with the
approval of the Roosevelt Administration,
pre-
4240
Financial
cipitated
short time
a
automobile
have been
ago
in various centers of the
industry, and which for several weeks
repeated with
outrageous incidents
more
Chronicle
to
June 26, 1937
work, of
denied either individual
purposes, are
at
plants of independent steel companies, raise in
dom of choice.
an
acute form the
As
question of how far the American
worker is to be allowed to exercise his
In any
individual
an
right to work.
list of so-called "natural" rights, inherent in
human
as a
being and
member of
a
or¬
and
tated
work
generally regarded
is
as
free to take
as
offered, to continue to work
long
as
It
source.
was
not
a
that needed to be demonstrated in order to
it
was
which
about
one
thought it worth while to argue;
existence
tions of
The
assumed
was
free
a
right
justify
sensible
people
the contrary, its
on
of the natural condi¬
as one
society.
hand, shows
qualify the right and
Persistent
and
a
on
long record of attempts to
even
strenuous
to prevent its exercise.
efforts
have
been
made
may
pur¬
'
no company
be to the workers,
tolerated; the dominating union must be of
industrial type
or
which labor leaders
can
s
j
directly
Now
or
indirectly,
Mr.
come
their
dramatic
really
means
enacted
at
elsewhere
connection whatever.
no
Lewis
and
his
Committee with
showing of what the Wagner Act
in practice. The
scenes
which have been
Youngstown, Johnstown, Warren and
apt illustration of what may be ex¬
are an
pected to happen in any industry anywhere when
a
labor
organization, backed by the benevolent in-
activity of the President and the
^
Department of
Labor, undertakes to seize the machinery of collec¬
tive
history of the American labor movement,
the other
as
wanted, and to be protected against in¬
was
terference from whatever
nor
such
Board, and labor leaders whose
control, and with which the employer has, whether
by regard for safety and health, the worker
been
his labor
it,
job
a
willingness to conform to the conditions dic¬
a
has
and obvious fitness for
necessary
j
free¬
majority, too, is coerced.
union, however satisfactory it
is to be
Given the
naked
or group
the Wagner Act is made to serve,
the craft
prominent place.
Even the
Labor Relations
poses
be
a
as a
interpreted by the Administration, the National
ganized society, the right to work would certainly
assigned, by intelligent people,
still exists, but only
course,
right in whose exercise the workers, for all practical
bargaining and
the
it for union purposes.
use
of these industrial centers is there
none
merest
pretense that the welfare
workers in wages,
issue.
Hardly
of the steel
hours or working conditions is at
shadow of
a
At
than
more
a
claim has been put
by labor unions to monopolize labor opportunities
forward that the great
by enrolling all the workers in
dissatisfied with their present contracts, or that re¬
bers of
union
a
given craft
as mem¬
union, forcing employers to deal with the
a
instead
with
of
individual
workers, and
ex¬
lations between
more
posing, when possible, the closed shop. Even union
continuous
membership has carried
and
when
work
was
to be
no
certain guaranty of work
had, for union leaders have
minorities, at least, of the members did not
approve,
and the right to work has been denied until
the leaders could make their terms.
In
cases
number, workers who refused to join in
have been
publicly denounced
as
without
a
strike
"scabs" and sub¬
however,
ated*
mean
to be
no
that purpose
past have paralyzed railway transportation, mining,
have been removed
shipping and various industries, (destroyed millions
order have been
of dollars
of
and taken
wages,
ghastly toll in deaths and in¬
a
deliberately resorted to to force
upon
willing to work.
were
improving the
often and
wage
Roosevelt, whose zeal
earners' condition has been
fervently expressed, to subject the right
to work to further and novel restriction
device of collective
Act the
as
bargaining.
by the legal
Under the Wagner
been used to subject
or
any
employer regarding
hours
ditions.
and
No
any
an
wages,
agreement with
or
working
minority, however large,
different
employer
stands
any
in¬
business establishment to the will of the
majority, however small, in
must
entering
with
or
the
or
even
more
a
legally
favorable agreement
if it forms
ready to make
can
an
con¬
a
separate union
collective bargain; it
acquiesce in what the majority does. The right
*
to
streets, plants
leaving, pitched battles have been fought
police, and local business has been
The attitude of Federal and
para¬
this crisis has been
open
ery
one
4
State authorities in
either of
temporizing
sympathy with the Lewis strikers.
or
of
^
The deliv¬
of mail to employees in steel plants has been in¬
terrupted by threats of violence to postal employees,
and strikers have been allowed to
dustrial
areas
over
picketed and loyal workers prevented from
decide whether
validity rested upon free individual
minority of workers, however large, in
with
by amicable negotiation, law and
contemptuously defied and the
principle of majority rule, hitherto regarded
choice and general consent, has
make
openly proclaimed, and
grievance that could not
whose
one
the
of labor
lyzed by enforced suspension of work.
It has been reserved for Mr.
for
un¬
thousands of union workers who
There is
supreme.
the right is exercised
Riotous mobs have paraded the
occupations affected,
employment
as
anarchy and conditions not far removed from civil
have been
have not been
right to work,
large independent steel companies given
war.
that terrorism and violence
trace
a
juries have had the support of all the workers in the
or
affected
the
that Mr. Lewis and his Committee deter¬
With
without
in
Organization
right to work except
to contend that the disastrous strikes which in the
more
of workers in
Wagner Act affords to make the Commit¬
in the way
property, sacrificed millions
exceptionally favorable,
are
nothing to Mr. Lewis and his associ¬
for Industrial
tee
mine.
in
products is
agitators in comparison with the opportunity
which the
intimidation
personal violence. It would be idle
thousands
The welfare of the workers and their
jected, not seldom with their families, to boycott,
or
employment
of
tens
The demand for steel
seasonally good, the opportunities for
plants are willing and anxious to remain at work.
again and again brought about strikes of which sub¬
stantial
than
are
employees and employers have not
been harmonious.
cluding non-union workers from employment by im¬
majority of the workers
this open
inspect mail and
delivery should be allowed, while for
disregard of Federal law the postal
au¬
thorities, including Postmaster General Farley, have
made
excuse.
The mobilization of State
troops when
local authority proved
until violence
was
inadequate has been delayed
in full
swing, and the proclama¬
tion of martial law under State
enabled
employers to
to workers the
tion.
The
Board
authority has not
their plants
or
assured
right to work without fear of
molesta¬
open
tardy appointment of
a
Federal Mediation
by Secretary Perkins, under the authority
,1
Volume
of
144
President
thin#
Roosevelt, held little promise of
than
more
Financial
^
any-
the attacks of mobs who prefer anarchy to law, it
patched-up settlement when the
a
is time for Congress to consider whether the founda-
membership of the Board is considered, and in
the Board
case
than
impowered to do nothing
was
tions of constitutional government in this country
any
are
more
investigate the issues and situation, conduct
hearings, and "act
voluntary arbitrator
as
of the parties to the dispute"
quest
awards
Board
as
ment of Governor Earle
can
con-
had to confess that it had failed.
The violence
in the steel
in due time come to
and workers
centers
does at
who have lost
millions in wages
questions to which neither
sidence of violence
afford
a
nor
anything but
Mission of Premier
a
It will probably be
sub-
it
van
Zeeland
time before anything
some
dent Roosevelt and the Premier of Belgium during
patched-up settlement will
their interview
ings, if
on
any, were
Wednesday, or what understand-
reached with the President or Sec-
the obligation of
retary Hull while Mr. van Zeeland was at Wash-
ington. Secret diplomacy is still the rule at Washington as it is at other national capitals, and formal
statements, often quite meaningless as far as positive information goes, are all that may commonly
be expected until officialdom is ready to take the
country and the Senate into its confidence. We do
not even know what specific proposals, if any, Mr.
van Zeeland brought with him, or with what actual
authority he was impowered to present them. Jules
sions of the
union
that the
to make
questions
concerns
Wagner Act, to sign
that
workers.
claims
It has
to
a
contract with any
represent a majority of the
held
been
by the Supreme Court
Wagner Act does not require
by Senator Wagner in
a now
letter to the New York "Sun" which he
wishes he had
any
written.
never
kind required of
legal
that
Republic Steel corporation has
the matter
by declaring that
made with tthe Lewis
ganization
is
tions has any
that will be
nor
control
of the
there
or
can
some
of these
The issue
industry, but extends to
are
made responsible
or
no assurance
otherwise, to
Mr. Lewis directs will be
and his
a
a
kept, and
contract is
any
contract,
aggregation
an
any
employer
only exposing himself
loyal workers to future trouble.
The other
question concerns the obligation of the
President to
against
that
unsigned, made with such
who makes such
see
that law and order
individuals
or
are
organizations
ever,
a
doctor who, having de-
doubt regarding some of his objects. Mr. van Zeeland has not come to this country on his own initia-
strikes, the record of President Roose-
velt in those disorders has been
tive, but as the carefully chosen spokesman for the
utterly discreditable,
Recalling the frequent lectures which he has read to
and the reports that have been in circulation
about it, do not leave the American public wholly in
justify Federal interference in the automo-
bile and steel
the contrary, for
The circumstances of Mr. van Zeeland's visit, how-
maintained
that openly
set law and order at defiance. With abundant prece-
dents to
on
consult the greatest world authority on the disease
parent organization.
be
Zeeland "they cannot look
in question. Between President Roosevelt and his
visitor there will be a question, when everything is
said and done, not so much of world economics and
international finance but of pathology." In view of
the fantastic economic and social theories which the
Administration has exploited for several years at the
expense of the people of this country, and the disturbing effects of the American gold policy upon
world finance and trade, it is somewhat surprising
to find an intelligent foreign observer saluting him
as "the greatest world authority" on world disorders, but the average of world statesmanship is
not high, and Mr. Sauerwein doubtless thought that
his comparison would please some of his American
readers.
a
greater and more definite extent than is now
signed
van
contract
law, whether by incorporation
the case,
of" Mr.
the workers affected by
applies. Until labor unions
much
dispatch to the New
spaired of the life of his patient, is on the way to
industry and business to which the Wagner
every
person
but,
the
essentially lawless and beyond
is not limited to the steel
Act
Neither
a
June 12, announced that "the peo-
for a self-assured man full of ideas and suggestions,
or-
of its subsidiary organiza-
upon
groups are
the
agreement will be
irresponsible.
any
on
pie of the United States must understand that in
to the root of
gone
no
York "'Times"
The head of the
it, and there is abundant evidence that
subsidiary
Sauerwein, the usually well informed foreign editor
of the "Echo de Paris," in
agreement, if
an
standing in law to make
binding
now
bargain of
no
organization because that
entirely
Lewis Committee
famous
perhaps
employer, there is neither
an
moral obligation
nor
With
voluntarily made, shall be signed.
the
employer
an
bargain with anybody, and the ruling has
a
been confirmed
as
as
employer, under the collective bargaining provi-
an
in
happen anywhere
definite is known of what passed between Presi-
very
answer.
One of these
can
straight at the White House
will
temporary and inconclusive
a
as
will, of course,
again be at work. There will still remain, however,
two fundamental
Thursday, that "if this
Harrisburg.
end, plants will be reopened,
an
on
happen at Johnstown it
else," points
On Friday the
be submitted to it.
may
The sober
citizens of Johnstown, Pa., in their drastic arraign-
re-
on
not being deliberately undermined.
statement of the committees of steel workers and
and render
regarding the subject-matter of such
troversies
4241
Chronicle
-
British and French Governments.
The selection,
employers and corporations about their obligations
which was decided upon several months ago, was
to labor and the
made, according to apparently authorized reports
longer
means
public,
one
wonders what he thinks
and whether his oath of office any
at the time, because Belgium is not one of the great
anything to him. If the right to work
Powers, because Mr. van Zeeland had made a highly
creditable record as Premier, and because the rela-
about his own,
is not to be assured to whoever stands
ready to
exer-
cise
it, regardless of the demands
ambitions of
tions between Belgium and the two Powers which
any
labor union or political agitator, if the rights
deputed him to serve were such as to insure a close
and sympathetic understanding on his part of what
of
or
employers and owners in the industries which they
have built up
and direct are not to be safeguarded,
and if communities are not to be
protected against
the British and French Governments had in mind,
He was acquainted also, it was understood, with
4242
Financial
German conditions and their
eral
bearing
the
upon
conditions of the Scandinavian Governments.
as
gen-
European situation, and with the policies and
particular, however, that he has
Mr.
It is
spokesman for Great Britain and France in
a
Roosevelt, and
offer and any
any
to talk with
come
suggestions which he
proposals he
than it
1937
June 26.
few months
was a
tion in France is
acute
so
The financial situa-
ago.
as
to "occasion grave anxi-
^hink
ety, and it is difficult to
of any general eco-
nomic agreement that might not be wrecked at
any
moment by further developments at Paris.
The other item that is believed to be prominent
may
make will represent
may
Chronicle
in Mr.
Zeeland's
van
has to do with Amer-
program
primarily what his British and French supporters
ican financial aid to Europe. As outlined on June 17
would like to have the United States do.
in
Why Great Britain and France, if they desired
cooperative action between themselves and the
some
United
tions
States, should not have initiated
through the regular diplomatic
not at first
sight, perhaps, entirely clear.
recalled that either of those
gether, have
another
ever
specially interested,
persuasive
been
nor
some
the Bank for International Settlements would then
make loans,
lay before
which they
have British
or
an
were
French repor
obviously because of
a
countries.
feeling that
pretty
was
direct approach
a
third party, iden-
a
on
As
such terms
a
as
it
fit, to European
saw
part of the scheme, the Federal
Reserve would, presumably, take the two places on
the directorate of the Bank that have long been held
for it, thereby giving the Federal Reserve a voice in
the loan policy of the Bank.
The scheme is only
kind, hesitated to take the
with Washington directly, it
might meet with rebuff, and that
at
representative of
If the British and French Gov-
national action of
Settlements
International
credit against gold earmarked for the purpose and
ernments, seriously interested in promoting intermatter up
for
Bank
the establishment there of a bookkeeping
or
retained in this country. With this deposit or credit
or
thought to lack information
power.
the
the deposit by the
undetermined amount of gold
It is not
American President any matter in
resentatives
with
Basle,
an
to
a
State
smaller
contemplates either
Federal Reserve of
the two to-
Powers,
before deputed
and much
conversa-
channels is
dispatch from Basle to the New York "Times,"
a
the plan
completely transparent de-
a
vice for drawing the United States into the European
whirlpool and pouring American gold into the
po-
litical and economic chaos. It is obviously intended
tified with national and international interests much
to
less
which forbids American loans to countries which
important
succeed
or
where
complicated than their own, might
they themselves might fail.
must have been evident that the
disguise
and that while the voice would be that of the
thin,
to countries which
are
arm,
Zeeland's
van
was
ion,
or
rather the opinion of President Roosevelt
and
the
intended to sound out
Department of State,
Washington opin-
on
two matters in
the practicability and de-
sirability of convening another world economic
ference in the
thinking that
a
future.
near
a
conventional
conditions in
fact
general, and that
no
conference is in
Certainly Great
memory
Britain
and
of the conference of 1933
well hesitate to enter another such
Roosevelt would
not
assurance
that
arbitrarily upset it, and
a
conference
by either of those Powers.
Since Mr.
and French
Zeeland
van
emissary,
chosen
was
moreover, a good
as
a
British
deal has hap-
pened to cloud still further the murky outlook for
a
conference.
met and
The British
Imperial Conference has
adjourned, leaving behind it clear indica-
tions of differences of
and
opinion
between the Dominions
dom,
so
with the result that the United States, whose
chief
should be with
concern
the maintenance
would be financing the armament
peace,
whose aim is preparation for
of
programs
The proposal be-
war.
downright cynical when
comes
remembers that
one
Great Britain, which has been well able to make
some
of the debt payments that
wide that
a
among
the Dominions,
and the
United King-
united British front
national economic issues
seems
its debt agreement
loans for political
are
in default, has
If Mr.
Europe.
the scheme to
van
any
to countries in Eastern
Zeeland has actually broached
responsible
out of the
on
inter-
question,
in this
person
try, it must have required considerable
part to do so, and the
more
more
is firmly set, it is that
than another
shall
go,
directly
on
or
his
num-
the defaulters. Happily, if there is
among
thing
money
coun-
nerve on
because Belgium is
bered
one
which opinion in ConAmerican
more
no
indirectly, into what
have been appropriately called "the
one-way
strong
boxes of Europe."
If the question of the distribution of the monetary
gold stock is
one
with which Mr.
been concerned, there
seems
little
van
Zeeland has
to expect
reason
that the tripartite agreement between the United
States,
Great
Britain
and
France
will
soon
changed notwithstanding the possibility that
The Scandinavian
countries, with Belgium and The
extraordinary
Netherlands, in
conference at Oslo, have reached
France.
a
concluded, has made large
was
purposes
gress
tangible evidence is in fact lacking that
is desired
not only in default but
also straining themselves to the utmost to
obligations, and that France, in the interval since
phrase referring to world economic
may
The
in most
"world economic conference" is only
some reason
gathering without the most positive
Mr.
con-
are
go,
for years assumed an attitude of indifference to its
France, with the
fresh,
There is
debt obligations.
for
contemplated.
still
war
cases,
mission
was
their
on
which
generally believed that Mr.
particular. The first
in default
accom-
Downing Street and the Quai d'Orsay.
It is
are
loans would be practically certain to
the hands would be
plished Premier of Belgium,
those of
Yet it
was
get around the prohibition of the Johnson Act,
aid
may
have
to
be
The London "Economist," in
extended
an
be
some
to
extended
agreements which apparently serve very well their
discussion of the matter in its issue of June 12, while
interests, and which they would not be likely
noting the uncertainties of the long-term gold out-
own
to abandon in order to further other
ends.
gone
The
rapidly from bad to
doubtful
or
political situation
Italy
on
and different
the Continent has
worse,
and while it is
look, found in the short term outlook "no imperative need
of action."
An international
agreement
to limit gold production would not, in the opinion of
how
long either Great Britain, Germany
the "Economist," of itself solve the problem
can
stand the strain of their armament
if such
programs,
the possibility of
war
is distinctly greater
an
even
agreement could be made effective, since
the valuation of the world's gold stock is of much
Volume
Financial
144
Chronicle
4243
of
eco¬
direction of
nomic
adjustment after the huge armament
pro¬
which,
grams
have been completed is also clearly beyond
greater importance.
solution
serious
The
problem
the United States would be
expected that Mr.
view of the American
Zeeland, who is
van
highly competent observer, will
country
the loss of
help¬
upon
that have
the
group
sponsored his mission.
Unless Mr. Koose-
ignores the opinion of Congress and the
there will
be
further political
no
or
economic
new
of "experts"
aid
the
the
independent, whether it
there is at present.
That policy is both historical
should be
trace of
To
why it
reason
this,
and
ous
Practical Phases of the Gold Problem
outspoken
been shown
By H. Willis Parker
of the
helpful.
for
in speaking of the reappearance
superstition about gold,
international
conference
to
with
deal
that had better be left to be dealt with from
partisan scientific standpoint, by
an
freer from bias than that which is
a
of
the
Treasury policy for
advice
into effect schemes of
well be given much
very
greater study and be made the subject of far
date in the early
think,
are, we
uttered.
of
on
specie,
the
in
increasing
in
apparently
States
were
new
aspect.
vagaries
circles,
outlays
to
growing
that has been
of
to
axes
should
given to the gold question both in and
Congress, partly by
grind,
know
and
persons
partly
by
with,
very
"economists"
belong to it.
It would
decided chance
that
commit itself to
the
some
follies without
bringing
ing conditions.
not, as
of action which
can
the
a
have yet
years,
new
matter of fact, some course
may,
at the
relieve the tension that is
of the
a
committing
absurdities greater
been assumed during the past four
and which
a
same
time, somewhat
necessary consequence
as we
and
gold
often
so
recom¬
our
Tugwell,
administrative
adaptation of the-views of Professor
transatlantic basis.
suggestion be seriously considered, it would
involve the abandonment of all of the im¬
do, that the effort to "settle" the
percentage of
reserves so
effectively
positively denounced by Senator Glass would
probably be, first of all, sent into the lumber-room
of discredited
ginning.
doctrines.
This would be
control
scheme
ineffectual in the
so
be
ment of
the closing
go
costly and
so
accomplishment of
any
sought.
fate
The
same
proposed, for tinkering with the
capital into the United States,
controlling exports of the
plete
be¬
a
assigned to all of the various schemes,
actual and
or
would
"gold sterilization" experiment,
of the results that had been
would
only
Along with definite abandonment of the
credit
thus far
had been made
sweep
the national
we
same.
or
move¬
regulating
When
might fairly
a
com¬
that
say
monetary and banking policy had been
restored to its natural basis.
to
present uncertainties.
Believing,
operating the
The
alleviation of the exist¬
or
and
plain business basis, with¬
variations in the
step which, if judged by
country to uncertainties
than
wise
on a
course
of the
be invoked without
loss, and
no
who
The question is certainly fairly put,
whether there is
on a
repeatedly defended
as a
If this
entire
any
be
can
cen¬
properly
precedents, is likely to be something involving
There
by the former admirable Crichton of the
Keynes
government may be led to
new
another intended
tering around what is called "credit control."
that there is at least
seem
practice.
misconceptions
has
efforts
of
our
past is
practical and indefensible academic proposals
better, have all tended to make the
certain temporary urgency that does not
or
further effort of the kind
any
who
.
little
a
dull
subject increasingly troublesome and possessed of
a
kind
one
Administration—the Honorable Kexford G.
Treasury is currently subjecting itself in its
agitation
of
mended
and
which the United
"sterilization" program, and the continued
out
out
The difficul¬
the Keynesian
the
long time past.
a
be great gain, in cutting loose from this
policy of the country
Great Britain and of their
financial
needless
of
actual
series
first
maintaining her stock of bank
school of economists in
adherents
when they
We should not
cease
regret the ill-judged and hasty initiation of the
policy of monetary tinkering beginning in 1933,
the least
nor
gold question at the present time is inadvisable, and
should
likely to be unsuccessful
reaching, after due international consideration,
stated,
we
tion that
for the
reasons
already
must, of course, reiterate the recommenda¬
new
nothing be done for the time being in the
ard.
a
exemplify varying phases of this hoary old blun¬
there may
time, however, the gold question
somewhat
a
France
as
out of
principal ele¬
quantity theory of money, and its resolve to put
der in
any
The ideas thus expressed
valid today
Since that
has taken
ties
as
future.
to
more
thorough investigation than would be possible at
silk purse
in its determined adherence to what is called
seen
the
may
a
The characteristic blunder which
Washington, particularly in view of the fact that
question
and currency
money
well be particularized
may
the
whole
warrant
a
Administration has made for several years
in power in
and
pig-headed and obstinate
faulty theories of
fully.
more
non¬
a courage¬
surrender
by experience to be injurious rather than
continuation
This
one
Administration
now
to
It would be impossible to find
ments of
that
We then suggested that the issue is
agreement
sow's ear" which has constituted the
summoning
*
question.
well be in the
answer may
and determined effort to "make
increasing strength of the suggestion for the
an
not be pos¬
may or may
policies thus far attempted which have
adherence to
took notice
we
"revaluation" of the metal, and for the
of
This, how¬
already recognized
follies and difficulties.
think, the
we
terminate all
A few weeks
ago,
ever
advisers whom, ac¬
or
affirmative, and should consist simply in
changed.
of the world
than
more
Treasury Department.
as
no
to be
leaves open the question,
ever,
en¬
of
sible to alleviate present
sound, and there is
question.
fact, in view of the composition of
tanglement of the United States with Europe than
and
probably repre¬
cording to current report, have been summoned to
coun¬
decidedly than he has yet done, however,
more
"deserving
some
the occasion in
upon
shirt appear
our
ful, if such help is desired, to the two Governments
try
by
Certainly the fears of Mr. Morgenthau concerning
with him
ca^rry away
attitude that will be
the
sent
a
founded
velt
"likely to lose its shirt,"
worn
Democrat" of the kind who would
It is to be
a
international session at
or
especially if the shirt be
by international agreement at the present
time.
*
conference
a
Secretary Morgenthau has expressed it,
as
we
in
moderate
the
intention
basis for the re-introduction of the
We
should
merely be saying
of
a
gold stand¬
that
for the
4244
Financial
present, at
rate,
any
we
had canceled the continuous
development of ineffectual schemes of
another, leaving the situation
might
as
be.
sort
one
or
Chronicle
000,000.
There is nothing in
these
schemes
This
$1,700,000
These
nearly undisturbed
as
June 26, 1937
daily
was a
the whole of the 15-year period.
over
capital outlays include disbursements for
equipment, roadway and structures, and for
new
which either promises to guarantee the better work¬
additions and betterments to
ing of the original devaluation proposal
nection with the
be relied
may
to mitigate the hardships and
upon
injustices of its application in practice.
the present
it in
which
or
As
a
whole,
"gold policy" has nothing to commend
theory
practice, promises
or
mitigation of
no
un¬
further
for
doubtedly that of refusing to advance
along
any
lines already adopted, refusing to
erroneous
for each of the last 15 years,
15-year period, or $3,748,829,000, was expended
expenditure,
ears,
720,000,
ject.
It is
negative policy but, perhaps, for
a
$2,200,375,000, represented freight
or
while the next largest equipment item, $913,-
affects the whole sub¬
as
More than one-half of the equipment
equipment.
untried schemes, and preserving, as far as we can,
independence of action
capital outlay for
Nearly one-half of the total
commit the Treasury more deeply to new costly and
our
in some detail,
set out in the statistical tables that follow.
the
of action is
The expendi¬
replace worn-out or obsolete items.
tures
effective
course
They not
shops, engine houses, &c., but include amounts spent
to
are
The wisest
property used in con¬
transportation service.
only represent additional or improved equipment,
existing hardships, and certainly has no suggestion
of "stabilisation" of prices or of values upon any
basis.
of approximately
average
expended for locomotives.
was
CAPITAL
GROSS
EXPENDITURES—CLASS I RAILWAYS
Thousands of Dollars)
Calendar Years 1922-1936, Inclusive (In
reasons
TABLE I—EQUIPMENT
t
the safest and most conservative
already stated,
that
can
we
Freight
devise.
Passenger
Other
Total
Train Cars
Locomotives
Year
Train Cars
Equipment
Equipment
8245.509
seeking
are
reach
to
agreement
an
courses
of
caution
action, it is probably wise to reiterate
a
which, had it been observed in the beginning, might
We
8176,701
818,043
89,393
406,665
40,105
22,988
681,724
102,456
318,571
53,134
19,448
493,609
1925
59,778
222,467
41,207
14,653
1926
we
regarding the actual feasibility of various
saved
have
841,372
208,966
1924
108,263
185,792
58,117
19,750
371,922
76,975
136,490
53,770
21,466
288,701
1928
51,501
116,549
41,215
15,036
224,301
1929--.
70,660
191,917
38,670
20,059
321,306
1930
88,494
181,028
44,791
13,956
328.269
1931
25,821
17,142
29,548
13,850
3,886
73,105
12,066
4,750
2,413
36,371
5,123
6,898
2,367
1,066
11,892
64,174
12,444
3,495
92,005
29,068
30,669
16,182
3,416
79,335
1922
While
much
us
disappointment.
outlay and
ought, in short, to refuse absolutely to act upon
unsound
and
relation of
eral Reserve
of
baseless doctrines
System
the movement of
can
prices and the
The notion that the Fed¬
gold thereto.
1923
1927.
1932
-
—
1933
-
1934
1935
-
can
16,209
117,831
18,765
6,299
159,104
8913,720
82,200,375
8457,410
$177,324
83,748,829
1936
Total
TABLE II—ROADWAY
from the industrial
"recovery"
standpoint by
credit and access to money should
manipulating
definitely be given up until a time has come when
there is at least
from
a
Grand Total
can
Track
Year
All Other
Total
Heavier
Add'l
Engine
Improve¬
Roadwayd
Equip't &
Roadway &
Rail
Ballast
Houses
ments
Structures
Structures
Shops
&
Material
&
$50,327
108,745
116,725
1922—
1923—
1924—
$16,875
$5,420
$13,635
$97,507
27,866
9,471
10,825
51,214
180,129
32,037
39,834
181,714
188,358
$429,273
$183,764
377.425
1,059,149
874,744
381,135
generalization
1925—
145,757
166,758
32,952
42,184
11,665
31,345
410,077
748,191
1926—
16,519
240,821
513,164
885,086
be relied upon to furnish
1927—
139,175
43.742
16,230
46,882
35,236
248,468
482,851
771,552
1928—
116,494
47,193
15,748
24,323
248,606
1929—
129,148
46,862
17,049
36,561
302,795
452,364
532,415
853,721
1930—
114,486
47,101
11,455
342,118
180,571
544,339
872,608
5,319
2,809
29,179
9,041
288,807
3,127
90,536
130,823
2,391
53,741
88,493
103,947
212,712
colorable
experience which
some
AND STRUCTURES
serve as a means
Additional
of
15,454
bN
t
somehow be used to control
prices and
338,114
excuse or
kind of warrant for the
hasty acceptance of
676,665
doctrines.
Yet, the "New Deal" unhesitat¬
361,912
167,194
ingly gave its assent in an extreme form to the
64,535
29,341
1933—
these
22,304
14,500
12,047
15,862
1934—
7,915
20,652
2,355
3,750
86,035
120,707
4,531
6,872
69,925
108,967
188,302
77,400
139,887
298,991
1931
—
1932—
'
1,999
1935—
quantity theory of money, and allowed itself to em¬
8,401
22,883
3,227
1936,..
19,265
31,789
4,561
t
Ml
bark upon
policies that involved the expenditure or
Total. $1,224,535 $469,386
$8,504,047
$134,652 $337,921 $2,588,724 84,755,218
"tying-up" of literally hundreds of millions of dol¬
The Course of the Bond Market
lars, to say nothing of the disturbances and injus¬
tices of debtor-creditor relations.
the
To this
was
added
unhesitating acceptance of the silver experi¬
ment, which could be defended only as a part of the
Baa
rails
are
were sources
our
favoritism to special
uncertain
are
wisest
course
of
position in such matters,
our
of action is to withdraw from the
field, "sit tight," and wait until there is some ground
for
assurance
of
attain
course,
our own
position.
pretend
or
assorted ideals of financial
at least
We
to attain,
may
all
not, of
sorts of
betterment, but we shall
been
The movement
on
the part
Ohio
railway plant.
of
capital
was
15-year
period from 1922
railways made
for additions and
an
1995, declined 3% to 78%;
Missouri Pacific 5s,
1977, closed at 34%, down 1%; Southern Pacific 4%s, 1968,
lost IV2
points at 84%.
the utility bond
of financing has featured
Resumption
There
of the railway
$3,420,000
were
offered
$25,000,000
New
York Tele¬
to
gross
betterments
average
necessary.
execu¬
improvement
During the
1936, inclusive,
the
capital expenditures
aggregating $8,504,-
outlay per annum
serial debentures
of $567,-
of
1967,
Buffalo Niagara
the
refunding purposes.
Listed issues
relatively
small.
High grades have maintained a firm tone, but lower
grades
have
For this improvement a large
Class
047,000,
Baltimore &
grades have shown further weakness.
5s,
Electric Corp., largely for
railway efficiency and economy
could not have succeeded without the
I
1948, closed at
% to 103%; Texas & Pacific 5s, 1977, at 102% were off %.
Lower
been
fairly
mixed,
were
increase
investment
Baltimore & Ohio 1st 4s,
irregular.
phone Co. refunding 3%s, 1967, and $17,029,000 3%s,
Railway Capital Expenditures
of the
virtually unchanged this week.
104%, down 1% points; Great Northern 4%s, 1977, declined
and
to
back to October, 1935, for
The high-grade and United States Govern¬
High-grade and medium-grade railroad bond prices have
market.
tives
utilities refer
Baa
ment averages are
avoid further involvement in loss and em¬
barrassment.
the
comparable lows.
As long as
and loss inflicted upon others.
groups,
we
of infinite danger,
The two together
have been since July, 1936,
lowest that they
the
The Baa
utility groups this week.
railroad and Baa
whereas
general monetary policy, if at all.
occurred In the
Declines to new lows for the year have
dull
and
volume sales
tending toward weakness.
Among the more
of issues to lose ground were Iowa-Nebraska
conspicuous
Light & Power 5s, 1961, which closed at 93, down
a
week ago;
clined 2% to
off 10% at
The
and
3% since
de¬
Tennessee Electric Power 6s, 1947, which
85%, and Western Union 5s, 1960, which were
89.
industrial list has been fairly steady, with advances
declines
about
evenly balanced.
been noted in the coal
2 to 43.
Some weakness has
section, Hudson Coal 5s, 1962,
Packing company issues closed
sinking
with losses of siz-
Volume
able
144
Financial
fractions, Wilson & Cb. 4s, 1955, receding % to 100%.
In the steel group, convertible issues
advances.
at 98.
Interlake Iron
accounted for the best
4s, 1947, closing 2^4 higher
conv.
Movements among the obligations of building supply
companies have
been
Products 5%s,
Certain-teed
upward,
1948, rallying 2% to 79.
The foreign bond
view
of
the
situation
MOODY'S
BOND
(Based
U. S.
All
1937
Govt.
Bonds
abroad.
Averages
PRICES
movements
June 25-.
have been
quiet
Aa
A
with
French
one
points.
averages
given in the following tables:
BOND
on
YIELD
AVERAGES
(REVI8ED)
Individual Closing Prices)
AU
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Corporate by Groups
Domes-
Indus.
Daily
Averages
108.66
June 25—
120 Domestic
P. U.
tempo¬
European obligations
undertone, excepting
Moody's computed bond prices and bond yield
are
Corporate by Groups*
RR.
were
softness has been
some
bonds, which have continued to suffer losses of from
MOODY'S
BOQ.
Japanese bonds
firm
a
(Based
Corporate *
by Ratings
Aaa
small.
noticeable in South American issues.
(REVISED)
120 Domestic
Corp.*
generally
rarily upset, but rallied later, while
interest in
Price
tic
120
been
4245
Average Yields)1
on
Domes¬
Daily
have
to over two
market has attracted little
political
Chronicle
30
For-
Aaa
ticCorp.
A
Aa
Baa
RR.
P.
Indus
U.
eigne
108.36
100.70
113.48
109.64
99 83
83.87
94.33
99.83
4.01
3.53
24-
108.35
101.06
113.68
110.04
100.00
84.28
94.65
100.18
109.05
24-
3 94
3.28
3.46
4 00
5.02
4.32
3.99
3.51
ornmm
23-
108.37
101.23
113.89
110.24
100.00
84.55
94.81
100.35
109.05
23—
3.93
3.27
3.45
4.00
5.00
4 31
3.98
3.51
—
22-
108.37
101.23
113.68
110.24
100.00
84 69
94.81
100.53
109.05
22-
3.93
3.28
3.45
4.00
4.99
4.31
3.97
3.51
mmm
109.05
21-
3.93
3.28
3.45
3.99
4.98
4.30
3.97
3.51
-mm
21-
108.37
101.23
113.68
110.24
100.18
84.83
100.53
94.97
3.96
3.29
3.48
5.05
4.01
4.34
5.12
mm
19-
108.44
101.41
113.68
110.24
100.35
84.96
95.13
100.53
109.24
19-
3.92
3.28
3.45
3.98
4.97
4.29
3.97
3.50
18-
108.44
101.41
113.89
110.24
100.35
85.10
95.13
100.70
109.24
18-
3.92
3.27
3.45
3.98
4.96
4.29
3.96
3.50
17-
108.47
101.41
113.68
110.24
100.35
84.96
95.29
100.53
109.24
17-
3.92
3.28
3.45
3.98
4.97
4.28
3.97
3.50
mmmrn
16—
108.48
101.41
110.43
100.35
85.10
95.29
100.53
109.05
4.28
3.97
15-.
108.36
101.58
113.89
110.43
100.53
85.24
95.46
100.70
109.24
14-.
108.47
101.58
113.89
310.24
100.53
85.38
95.62
100.70
109.24
12-
108.50
101.76
11-
108.53
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
11
—
3.90
3.27
3.44
10- 108.56
101.94
114.09
110.43
100.70
80.07
95.95
101.06
109.44
10-
3.89
3.20
3.44
85.93
95.95
101.06
109.44
9—
3.89
3.26
3.43
113.68
110.43
100.53
9-
108.57
101.94
114.09
110.03
100.70
8-
85.65
100.88
95.78
mmm
5.13
10—
3.92
3.28
3.44
3.98
4.96
3.51
rnmmm
15—
3.91
3.27
3.44
3.97
4.95
4.27
3.96
3.50
rnmmm.
14-
3.91
3.27
3.45
3.97
4.94
4.26
3.96
3.50
rnmmm
3.97
4.92
4.25
3.95
3.50
'rnmmm
3.96
4.92
4.24
3.95
3.50
3.96
4.89
4.24
3.94
3.49
rnmmm
3.96
4.90
4.24
3.94
3.49
rnmmm'
"
113.89
■
12-
109.24
3.90
3.27
3.44
.
5.11
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
rnmmm
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
4.20
3.95
3.49
rnmmm'
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
95.40
100.70
109.05
3-
3,92
3.30
3.45
3.98
4.93
4.27
3.96
3.51
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
rnmmm
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
Weekly—
May 28- 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
May 28—
3.92
3.30
3.40
3.98
4.92
4.20
3.97
3.52
toL*21-
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
14l 7-
107.97
101.23
112.25
109.44
99.83
80.21
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
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
4.80
4.30
3.96
3.62
5.41
L
*
Weekly—
23-
107.17
100.70
111.23
107.69
99.48
80.92
95 29
100.70
100 64
23-
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
10-
107.79
100.70
111.03
107.88
99.48
87.21
95.02
100.70
106 64
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
8 70
5.33
2-
107.19
100.18
110.03
107.49
98.80
88.64
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
90.11
100.70
107.30
Mar.25—
3.93
3.37
3.53
4.03
4.70
4.23
3.96
3.60
5.33
19-
109.32
101.23
111.84
108.40
99.14
87.93
96.11
100.88
107 30
19-
3.93
3.37
3.64
4 05
4.76
4.23
3.95
3 60
5.20
12-
5.30
.
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- 111.82
Feb. 20- 112.18
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
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
11— 112.20
104.48
114.93
111 03
102.84
91.51
99.00
104.30
110.04
11—
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.40
5.18
91.66
5.19
5.24
5- 112.34
105.04
115.78
111.84
103.38
100.00
105.04
110.63
3.18
3.37
3.81
4.51
4.00
3.72
3.43
105.41
116.64
112.25
103.50
91.51
100 00
105.04
111.43
5—
29..
3.72
Jan. 29— 112.21
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
3.30
5.39
15-
112.53
106.30
118.10
113.48
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3 66
3.35
8..
Jan.
5.41
112.71
106.30
117.94
113.89
104.48
91.97
101 23
100.17
112.25
8—
3.65
3.08
3.27
3.75
4.49
3.93
3 66
3.35
5.43
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low 1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.11
Low 1937 107.01
1 Yr. Ago
99.48
109.64
107.11
98.28
84.96
94.17
99.31
105.41
High 1937
4.03
3.48
3.01
4.10
4.97
4.35
4.04
3.70
5.43
June25'36 109.83
101.23
'
1
114.51
109.24
98.62
85.93
94.17
108.46
101.58
2 Yrs.Ago
Yr. Ago
*
June25'36
3.93
3.24
3.50
4.08
4.90
4.35
3.91
3.54
4.41
3.59
3.95
4.46
5.63
4.86
4.32
4.05-
5.7
2 Yrs.Ago
June25'35 108.86
93.21
107.49
100.88
92.43
76.53
86.50
99.14
94.65
June25'35
5.82
*
These prices are computed from average yields on tne basis of one "typical" bond (4% coupon, maturing in 30
years) and do not purport to show either the average
or the average movement of actual price
quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relativegmovement of
yield averages, the latter being the truer picture of the bond market.
level
BOOK
REVIEWS
of
one year
tality
Business: Its
Big
Alfred
L.
Growth
Bernheim.
Twentieth
Century
and
Place.
102
Fund,
Pages.
Inc.
Edited
New
$1.35.
a
series in which the results of
business," commonly
aim of the
so
a
study of "big
by small
medium-sized companies.
or
of 1920 to the end of 1934 being "19.8 per cent for
$50,000,000
or
affiliations, since these
and
the
A Case Book Presenting
Major Issues in the Relations of Labor.
Capital and Government.
By Herman Feldman,
353 Pages.
New York: The Macmillan Co.
$2.75.
Some
For the purposes of
The
A collection of several hundred actual
deal with the growth and extent of incor¬
of large corporations in
manufacturing
trade, the concentration of corporate wealth and income,
tions, designed
ministration,
tional
labor
The text is
supplemented
by 25
conclusions
reached
are
purely
judgments and suggestions for action
formulation by the Committee.
ever,
of
factual,
being
economic
left for later
The editor points out, how¬
that "it must not be assumed
.
.
.
that the prevalence
large corporations in an industry indicates the extent of
control, if
over
any,
which these corporations
prices, wages, output
try," size having
utilities
and
a
or
are
able to exert
trade practices in the indus¬
different meaning, for example, in public
transportation,
public regulation,
generalized cases,
wage
as wages,
wage
incentives and
system to the
case
methods and wage ad¬
wage
methods, wage in¬
administration, hours, working conditions and
regulations, industrial health
and
safety, protective
labor regulation, old age, insecurity and unemployment, the
tables and 5 charts.
The
and
application of the
as an
study of such topics
creases
produced.
or
grouped under 70 problem heads and accompanied by ques¬
concentration in banking, and concentration of the total na¬
income
meas¬
Problems in Labor Relations.
corporations, with total assets of at least
rise
subject to statistical
are not
urement
played
total net income of at least $5,000,000.
various chapters
poration,
study
exercised through such devices as interlocking di¬
rectorates, investment trusts, trade associations and banking
study, "big business" is represented by enterprises, al¬
most all of them
industrials,
for utilities and 29.2 per cent for railroads."
does not extend to concentration effected or
called, will be embodied. The general
inquiry is to show the role of the giant corpora¬
tion in American life, and to compare it with the role
the
not always the giants of the next, the mor¬
giant corporations from the beginning
control
Corpora¬
Survey Committee of the Twentieth Century Fund, is
the first of
are
among
17.4 per cent
The
This volume, prepared under the auspices of the
tion
by
York:
rate
than
which
are
largely
subject
it has in manufacturing.
tration of corporate wealth,
again, is not the
to
Concen¬
same as con¬
personal
environment
and labor
Appendices discuss
their
some
application to
tended
of
workers,
group
relations,
unions
law, and strikes, boycotts and labor relations law.
the
general principles of analysis and
study
of problems,
reference and reading lists.
and offer
ex¬
book is in¬
While the
tended primarily for college or university students, or groups
in
which
discussion
perusal of the
cases
of the range and
and
questioning
can
be carried
on,
a
and problems gives an informing view
details of labor relations
as
a
whole and
the difficult questions to which an answer has often to be
sought.
The author, who is professor of industrial relations
all of the
in the Amos Tuck School of Administration and Finance of
largest corporations are owned by large numbers of stock¬
Dartmouth College, has had wide experience as an industrial
centration of
holders.
individual
wealth
because
nearly
The situation, in other words, is not a simple one.
consultant and has drawn upon
"Big business" predominates in the cigarette industry and
upon
hardly exists in the women's clothing industry.
other
The giants
his experience, as well as
the reports of the National Labor Relations Board and
bodies,
for his material.
4246
Financial
June 26, 1937
Chronicle
Indications of Business Activity
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Business activity again failed to show signs of slackening
last
week, according to the "Journal of Commerce."
This
publication places the weekly business index figure at 101.0
as compared with a revised figure of 100.1 for last week and
91.4 for the corresponding week of last year.
According to
this
coal production,
authority,
motive
activity,
well
as
petroleum
steel
as
made
slight
gains, while merchandise loadings for the week were lower.
This
showing is rather surprising to not a few in view of
the strikes and widespread labor
disturbance. However, the
Age" report on the steel industry is not so reassuring.
This authority states that there is a continued shrinkage
of new business in the steel industry, which is attributed
"Iron
in
small
no
measure
to loss of confidence occasioned
by labor
agitation, coupled with the breakdown of law enforcement
"aided and abetted by the President of the United States
and Governors of the great
steel-making States of Ohio and
It states that despite the loss of steel out¬
Pennsylvania."
put caused by strike shutdowns at various plants, bookings
continue to dwindle in a manner not
entirely accounted for
With the closing down of the Johns¬
by seasonal factors.
92; Dallas, 76 to 98; Springfield, Mo., 74 to 94; Oklahoma
town
plant of the Bethlehem Steel Corp., by order of Gov¬
ernor
Earle of Pennsylvania, and the shut-down of the other
Montreal, 62 to 80, and Winnipeg, 54 to 80.
Revenue
Freight
of
Loadings
Car
workers
reduction
in
lowered operations at some
not
The average
factor.
a
Age," the decline in
backlogs finds reflection in
plants where labor troubles
are
ingot production for the week,
considering the industry as a whole, is estimated at 75%,
2
down
in the
Production of electricity
points from last week.
United States of 2,213,783,000 kilowatt hours
in the
2.5% from the pre¬
ceding week, but was 11.3% higher than for the correspond¬
ing week last year.
Merchants predict that June retail sales
week ended June 19 registered a loss of
will
reflect
gain
a
around
of
10%
above the
1936 level,
This would be the
despite the labor unrest in the country.
best margin of increase registered since
March. The larger
employment and payrolls in lines unaffected by labor dis¬
June 19, 1937, loaded a total of 340,926 cars of revenue
freight on their own lines, compared with 341,440 cars in
the preceding week and 321,352 cars in the seven days ended
June 20, 1936.
A comparative table follows:
REVENUE FREIGHT LOADED AND
moved
retail
the
for
along at
Retail
showing.
increased pace,
an
of
wholesale
lines
continued.
which
in
trade
with
this
week
Athcison Topeka & Santa Fe Ry.
24,804
21,040
30,178
4,852
32,416
23,971
34,757
5,977
Baltlmore & Ohio RR
17,312
17,506
16,175
21,971
21,394
22,515
10,488
10,383
10,133
Chesapeake & Ohio Ry
..
contributed
6,151
Chicago Burlington <fc Quincy RR
14,501
14,406
15,012
7,755
8,198
7,072
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry...
19,711
20,405
20,716
8,048
15,589
15,554
16,491
10,004
7,711
10,040
9,634
Gulf Coast Lines
2,555
2,757
2,332
2,653
2,246
2,310
1,983
1,906
1,713
Missouri-Kansas-Texas RR
5,308
4,870
4,576
3,226
3,019
2,969
13,392
42,226
13,529
14,692
8,683
8,567
8,305
42,663
40.033
39,773
40,163
36,539
5,044
9,909
5,380
9,905
19,517
5,057
5.057
69,991
5,466
20,090
70,770
61,773
46,969
47,814
43,133
6,331
6,154
6,016
4,772
5,111
4,998
—
Missouri Pacific RR
New York Central Lines..
New York Chicago <fc St. Louis Ry
Norfolk & Western Ry.
5,240
20,428
.
Pennsylvania RR..
Pere Marquette
Ry
...—.
Pittsburgh & Lake Erie RR.
higher quotations
week's
The
posted,
were
loadings
car
totaled
the
report
756,289
bring the stabilization fund to $2,750,000,000, and
Total.
cars,
was
made
by the unsettled international monetary situation.
culture, though cultivation was hiiftSfered by too much rain
6,776
6,565
30,846
27,293
7,364
x9,201
7,775
x8,466
x7,223
4,786
5,249
8.107
8,494
8,210
many places from the Western Lake region and Ohio
Valley eastward, with considerable complaint of cultivated
In the Southeastern
becoming grassy.
well-distributed rainfall
cars
Interchanged between S. P. Co.-Pacific Lines and Texas & New
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Weeks Ended—
June
June
19, 1937
Chicago Rock Island & Pacific Ry.
Illinois Central System.
St.
26,736
12, 1937
30,022
14,662
71,420
Louis-San Francisco Ry
Total
69,203
week ended June 12 reported as
States fairly
beneficial in relieving a tempo¬
was
follows:
week
in
1936
and
102,249
cars
or
15.7%
above the
corresponding week
in 1935.
Loading of revenue freight for the week of June 12
62.220
cars or
Miscellaneous
showers
were
favorable,
and
is
there
ample moisture quite generally throughout the
Mississippi
Valley sections.
too much in some extreme upper
States the week was mostly
Great Plains
with
considerable wind movement
soil rapidly.
is either
follow-up
of
favorable condition.
area
have
the
the
benefit,
out
in
While recent
soon.
subsoil
order
is
so
to
dry that
maintain
a
However, the wheat markets have been
areas
past
the
needed
now
numerous
substantial wheat
City
will be needed
or
great
rains are
reflecting the
which dried
In much of the Western Plains moisture
needed
now
was
dry and
reports
of
wheat
due to black rust.
week almost ideal
crop
damage in
In the New York
summer
conditions,
prevailed, clear and comfortably warm generally.
early
part
In
however, an electrical storm
Long Island, near and far, being
of the week,
played particular havoc
on
freight loading totaled 312,149
1936, and 75,780
cars
cars, an increase of
cars, an
less
than
carload
lot
freight
Grain
and
grain
grees:
Overnight at Boston it was 64 fo 74 de-*
Baltimore, 66 to 86; Pittsburgh, 60 to 84; Portland,
Me., 60 to 76: Chicago, 78 to 96; Cincinnati, 66 to 82; Cleve¬
land. 68 to 80; Detroit, 68 to 78; Charleston, 72 to 84;
loading
corresponding week in 1936.
above the
cars
same
above
totaled
corresponding week in 1936.
27,547
cars,
an
It
however,
was,
an
increase
of
below the
cars
increase of 1,699
cars
week in
below the corresponding week in 1936.
Live stock loading amounted to 10,588 cars, an increase of 127
the preceding week, but a decrease of 131
cars
It was, however, an increase of 244
above the
cars
below the
same
cars
above
week in 1936.
week in 1935.
same
In
the western districts alone, loading of live stock for the week ended
June 12
totaled 7,735 cars, a decrease of 26 cars below the
preceding week, but
increase of 38 cars above the
Forest
12,998
cars
above the
5,858
cars
same week in
Ore loading amounted
an
to 72,896
cars,
a
increase of 22,942
1936, and 339,895
cars
cars,
an
above the
increase of
same
week in
same
1,653
cars
1,843
cars
1936, and
1935.
decrease of 510
cars
above
cars
the
below the
corresponding
above the corresponding week in 1935.
Coke loading amounted to 10,130 cars, an increase of 708
preceding week,
an
corresponding week in 1936.
products loading totaled 39.480
above the preceding week,
above the
showers Saturday.
169,533
cars
week in 1935.
1935.
In the western districts alone,
grain and
grain products loading for the week ended June 12 totaled 17,575 cars an
increase of 4,268 cars above the preceding week, but a decrease of
2,628
for
Local
products
5,061 cars above the preceding week, but a decrease of 4,547
week in
Saturday.
same
Coal loading amounted to 112,037 cars, an increase of 7,233 cars
fibove
preceding week, but
tonight and
week
It was, however, a decrease of 45,113 cars below the same week in
1935.
injured and considerable property dam¬
age resulted. Today it was fair and warm here, with tem¬
peratures ranging from 67 to 83 degrees.
The forecast was
warm
totaled
increase of 20,405 cars aboVe the preceding week, 8,105
Many
partly cloudy and
27,353
above the corresponding week in 1935.
Loading of merchandise
styled the worst that Coney Island has experienced in years.
persons were
increase of
an
above the preceding week, 27,132 cars above the
corresponding
cars
in
was
9.0% above the preceding week.
the preceding week, and 6,705 cars above the
additional
rainfall
68,035
reviewing the
Loading of revenue freight for the week ended June 12, totaled 754,360
cars.
This was an increase of 67,717 cars or 9.9% above the
corresponding
isiana
warm,
1936
25,112
29,459
13,464
The Association of American Railroads in
the cotresponding week in 1936 and 12,968 cars above the
the
June 20,
24,842
30,758
13,603
rarily droughty condition, but a few limited areas are still
unrelieved, especially in Alabama.
In Mississippi ancj Lou¬
area,
5,345
340,926 341.440 321,352 206,683 207.535 189,077
Excludes
TOTAL LOADINGS
in
the
9,084
Orleans RR. Co.
The weather for the week was generally favorable for agri¬
In
1,293
7,017
Wabash Ry
heavily to the expansion
$1,000,000,000 to support her mone¬
tary agreement with the United States and France.
This
jump, Sir John Simon told the House of Commons, would
Valley
1,443
31,812
4,981
Southern Pacific Lines
x
1,558
Latest advices from abroad are to the effect that
necessary
7,342
International Great Northern RR
gains over last
Great Britain has put up
crops
Weeks Ended—
June 19 June 12 June 20 June 19 June 12 June 20
1937
1937
1936
1937
1937
1936
represents an increase of 9.5% over the same period
1936.
Received from, Connections
volume, fall buying being confined chiefly to
which
on
CONNECTIONS
Weeks Ended—
2% to 5%, and the spread over the same
period last year, widening to 12% and 22%, so Dun & Bradstreet, Inc., reported today.
More numerous requests for
merchandise
FROM
Loaded on Own Lines
week ranging from
summer
RECEIVED
(Number of Cars)
turbances and the keen interest in summer sports and travel
account
in
the "Iron
According to
orders and
new
Cars
Loadings of revenue freight for the week ended June 19
totaled 756,289 cars.
This is an increase of 1,929
cars, or 0.3 % above the preceding week; a gain of 65,622 cars,
or 9.5% from the tbtal for the like week of 1936, and an in¬
crease of 189,240 cars, or 33.4% over the total loadings for
the corresponding week of 1935.
For the week ended June
12, 1937, loadings were 9.9% above those for the like week of
1936 and 15.7% over those for the corresponding week of
1935.
Loadings for the week ended June 5, 1937, showed
a loss of 0.5% when
compared with 1936 but a rise of 9.9%
when comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
idle, and total payroll losses to date are about
are
1,929
1937,
nearly 11,000,000 tons on an annual basis, or about 16%
the country's total capacity.
In addition, 90,000 steel
$15,000,000.
Gain
Week Ended June 19
independent steel mills, it is claimed that the amount of
steel ingot capacity that has been rendered idle by strikes
is
Seattle, 52 to 70;
City, 78 to 98; Salt Lake City, 58 to 84;
and auto¬
runs
production,
Milwaukee, 80 to 96; Kansas City, 80 to 100; Savannah, 74
to
Friday Night, June 25, 1937.
above the
same
week in
1936
cars
above the
and 3,778
cars
week in 1935.
All districts reported increases in the number of
cars
loaded with
revenue
freight, compared with the corresponding week in 1936, and all except the
Pocahontas showed increases
Loading
years
of
follows:
revenue
over
1935.
freight in
1937
compared
with
the
two
previous
Volume
144
Financial
In the
1937
Five weeks In January.
Four weeks In
1936
2,766,107
2,330,492
2,408,319
2,512,137
2,415,147
2,543,651
5
3,003,498
2,955,241
3,897,704
692,140
Week of June 12
754,360
686,643
652,111
17,398,084
15,179,539
13,976,817
4 weeks in April
Five weeks In May
Week of June
following
undertake to show also the loadings
for the week ended June 12.
During this period a total of 98 roads showed increases
when compared with the same week last year:
3,351,564
695,844
2,302,101
2,887,975
629,712
The most important of these roads which showed increases
REVENUE FREIGHT LOADED AND
Total
Railroads
wanna
&
,
1936
1935
Chicago Indianapolis & Louisv.
450
598
I,167
1,894
7,427
1,459
268
281
10,046
9,176
1,970
1,639
I,123
2,217
&
(NUMBER
OF
CARS)—WEEK
Delaware
Western
ENDED
JUNE
Total Revenue
Lacka¬
RR.,
Southern District—(Concl.)
Norfolk Southern
1936
12
Total Loads Received
Freight Loaded
1937
1,276
7,589
1,476
8,569
-
the
the
System; the Illinois Central System, the Atchison
1936
1937
525
Boston A Maine
Lines,
Norfolk
the
Railroads
from Connections
1,437
Bangor A Aroostook
RR.,
Total Loads Received
Revenue
Eastern District—
Ann Arbor
Central
York
Western
Topeka & Santa Fe System, and the Union Pacific System:
RECEIVED FROM CONNECTIONS
Freight Loaded
1937
New
the
were
Southern
Total
we
for separate roads and systems
1935
2,974,553
3,316,886
2,778,255
February
Four weeks In March...
4247
Chronicle
from Connections
1935
1936
1937
2,498
1,949
Piedmont Northern.
385
399
357
803
868
Richmond Fred. A Potomac
397
344
347
4,314
Seaboard Air Line
8,675
7,261
6,797
3,736
3,266
13,034
580
2,541
1,150
1,191
27
16
11
63
65
Southern System.
20,614
19,199
18.279
3,507
14,165
1,277
6,048
10,692
1,129
1,015
6,097
2,141
7,496
2,000
Tennessee Central
443
415
324
651
5,434
9,352
Winston-Salem
169
159
140
768
674
10,885
7,136
6,671
6,294
385
361
242
127
130
101,278
94,300
90,828
62,875
56,893
1,821
10,040
2,237
9,449
2,607
7,711
3,242
2,830
7,473
Central Indiana
Central Vermont
Delaware A Hudson
Delaware Lackawanna & West.
Detroit A Mackinac
Detroit Toledo A Ironton
2,326
2,432
2,297
Total
1,142
347
381
301
1,295
2,574
2,516
13,540
12,881
5,135
4,938
13,055
4,608
14,688
7,547
14,508
7,058
Detroit A Toledo Shore Line..
Erle
Southbound
Grand Trunk Western
Northwestern District—
Lehigh A Hudson River
280
188
183
1,889
1,782
Lehigh A New England
Lehigh Valley
1,377
9,377
2,886
3,850
2,427
42,663
10,880
1,832
8,332
2,715
941
1,098
8,188
2,021
7,464
1,850
260
221
2,271
39,693
10,592
1,802
5,006
2,240
8,606
2,836
5,792
2,543
37,955
9,875
2,084
4,335
27
28
Chicago Great Western.
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
36,334
Duluth Missabe A Northern—
II,242
Duluth South Shore A Atlantic-
6,591
6,188
5,174
5,357
Maine Central
Monongahela
Montour
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario A Western.
1,266
N. Y. Chicago A St. Louis
3,525
5,466
6,620
6,154
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
Pittsburgh & West Virginia...
274
267
40,163
II,661
1,895
9,905
7,931
5,111
776
Belt
989
Elgin Joliet & Eastern
8,804
Ft. Dodge Des Moines A South.
Great Northern
56
59
294
304
426
196
229
1,106
1,285
1,574
2,003
1,738
Green Bay & Western
Lake Superior A Ishpeming
—
657
640
548
1,093
998
4,786
5,460
5,114
Spokane International
4,274
3,962
8,494
3,362
8,121
4,564
3,618
Spokane Portland A Seattle.
156,980
148.574
149,269
161,961
149,056
Total.
Allegheny District—
596
454
730
6,129
17,506
3,557
16,806
7,312
30,811
4,133
208
297
6
5
1,329
7,460
896
10
17
6,001
1,432
7,077
11,840
10,075
--
Buffalo Creek <fe Gauley
Cambria A Indiana
359
178
161
22,726
17,792
14,889
3,121
3,084
636
660
546
622
562
3,490
255
203
500
521
6,746
4,942
Pacific
2,370
2,088
1,674
1,625
1,836
6,164
9,332
5,005
6,369
2,395
2,530
3,891
3,455
1,209
96
104
226
205
358
257
1,142
1,497
1,473
1,136
110,019
88,126
46,681
44,270
23,971
20,743
3,010
19,165
2,646
5,977
2,268
4,837
2,860
521
311
252
97
63
14,406
14,368
13,586
8,198
7,350
1,763
13,041
1,344
746
930
12,206
1,525
10,673
2,519
2,719
2,770
8,690
2,589
2,268
744
807
791
2,409
1,843
2,137
1,282
2,803
1,253
2,513
382
Total
318
1,726
126,723
_.
2,287
Atch. Top. & Santa Fe System.
Alton
Bingham A Garfield
330
532
20
1,125
1,830
1,076
1,186
862
1,824
1,639
1,332
537
659
610
64
48
249
274
415
46
33
97
77
210
49
27
Colorado A Southern
653
762
802
Denver A Rio Grande Western.
1,011
941
2,449
1,384
2,524
1,242
70,770
1,114
Denver & Salt Lake
61,067
13,060
63,259
14,359
47,814
42,674
Fort Worth & Denver City
1,663
17,608
7,821
15,065
Illinois Terminal
1,885
1,936
Pennsylvania.
Ligonler Valley.
Long Island
Penn-Readlng Seashore Lines.
Pennsylvania System..
Reading Co
15,392
17,150
13,012
26
39
7,310
424
0
1
3,323
2,946
3,813
6,519
5,736
161,119
137,819
136,047
117,403
101,878
(Pittsburgh)
West Virginia Northern
Western Maryland...
4,741
Nevada Northern.
2,263
8,336
10
Peoria & Pekln Union
442
112
84
845
893
374
329
176
177
85
112
107
23,789
—
1,604
843
North Western Pacific
Southern Pacific (Pacific)
Total..
20,616
17,182
4,738
247
302
5,803
1,120
10,874
10,026
8,064
195
224
393
14
2
1,414
1,369
1,433
2,037
1,625
107,266
Western Pacific
367
12,502
Toledo Peoria A Western
Union Pacific System
Utah
Pocahontas
459
Chicago Burlington A Qulncy..
Chlcago A Illinois Midland
Chicago Rock Island & Pacific.
Chicago A Eastern Illinois
Central RR. of New Jersey...
Cornwall
Union
417
1,461
725
31,082
243
Bessemer A Lake Erie
A
7,281
3,633
Central Western District—
579
34,757
Akron Canton A Youngstown.
Baltimore A Ohio
Cumberland
13,434
19,846
1,673
6,397
9,907
Wheeling A Lake Erie
Northern
23,451
1,172
16,435
2,017
17,105
3,179
9,299
1,539
5,936
2,428
3,134
Minneapolis & St. Louis
Minn. St. Paul A S. S. M
Wabash
Rutland..
863
20,012
2,420
19,853
4,123
9,251
1,944
5,694
4,998
1,110
19,111
Ry. of Chicago..
Chicago & North Western
96,712
87,733
53,131
1,186
7,332
District—
Chesapeake A Ohio
21,394
Norfolk A Western
20,090
22,380
19,496
25,685
903
793
1,092
4,260
10,589
4,252
1,078
4,164
52,774
46,236
Virginian
10,383
5,057
1,348
1,054
17,842
16,712
22,132
3,457
46,836
Norfolk A Portsmouth Belt Line
Total
47,420
S
793
Southwestern District—
Total
Alton A Southern
International-Great Northern.
_
305
207
224
2,368
1,822
1,443
1,307
2,309
2,178
1,982
1,906
238
215
193
194
127
Atl. A W. P.—W. RR. of Ala..
775
705
680
1,319
1,075
Atlanta Birmingham A Coast..
Atlantic Coast Line
677
577
727
769
561
9,980
8,750
4,038
9,345
3,586
481
405
350
4,193
2,709
1,114
3,669
4,320
1,377
920
1,096
1,767
1,478
351
377
257
292
256
Durham A Southern
137
152
135
271
271
Missouri Pacific
Florida East Coast
512
421
422
693
485
Natchez & Southern.
43
46
50
36
104
97
Quanah Acme A Pacific
146
925
890
888
1,550
1,580
St. Louis-San Francisco
7,825
383
362
430
478
363
St. Louis Southwestern
2,206
7,556
2,453
Taxes & New Orleans
7,057
6,446
Texas A Pacific
5,174
2,551
4,309
2,860
317
Columbus A Greenville
Gainesville Midland
Georgia
Georgia A Florida.
Gulf Mobile A Northern..
2,403
865
Louisiana A Arkansas
359
345
246
372
877
1,057
473
216
951
10,427
4,590
Macon Dublin <fe Savannah
193
169
133
362
303
Wichita Falls & Southern
Mississippi Central
189
183
158
303
318
Wetherford M. W. A N. W___
1,990
2,714
1,791
1,619
1,937
2,666
2,446
2,265
1,510
2,256
of
New
Ordered Highest
Since
June 1, this year, had more new
freight
Cars
1924
cars on
on
order than
on
any
The number
there
on
were
the
on
order
61,256.
same
on
Total
months last year
corresponding date since 1924, the
June
on
21.
1,764 refrigerator
cars;
box
cars,
1,391 flat
cars
On June 1, 1924,
were
including both plain and
cars;
800 stock
cars,
automobile:
on
and 510 miscellaneous
order
on
June 1, this
the largest number for any corresponding period since 1930, at which
on
order.
On the
same
day last
year
58
locomotives were on order, while two years ago there were 10.
new
steam
New freight
cars
installed in service in the first five months of 1937
27,807, the greatest number of installations in
period since 1930 when there were 42,122.
75
132
89
6,955
4,006
5,119
4,133
4,191
2,887
2,663
4,586
2,800
19,160
19,756
266
236
87
94
41
52
20
81
56
52,983
47.334
59,996
58,307
corresponding period two years ago.
2,143
11
»
15
2,487
2,563
4,375
same
New electric and Diesel loco¬
period this year totaled 12, compared with
eight in 1936 and 55 in 1935.
included in the above figures.
Moody's Commodity Index Advances Sharply
Moody's Index of Staple Commodity Prices advanced
sharply this week, closing on Friday at 204.3 as compared
The rise
and
hogs.
while there
a
week ago.
mainly due to higher prices for wheat,
Prices of silk, cocoa, hides and cotton also
was
were
New electric
and Diesel locomotives on order on June 1 totaled 30.
totaled
8,567
46
installed 8,948 new freight cars, and in the corresponding
motives installed in the
with 198.9
Class 1 railroad had 329 new steam locomotives
time there were 431
13,236
49
116
order, and
on
cars.
year,
14,303
New freight cars and locomotives leased or otherwise acquired are not
reported:
June 1, this year, was 45,176.
On June 1, last year, 25,748
20,291
251
3,030
8,302
122, compared with nine in the corresponding period last year and 20 in
the
day two years ago, there were 1,479.
cars;
277
3,023
period in 1935, 1,294 were installed.
New freight cars on order on June 1, this year, included the
following:
20,420 coal
103
4,074
New steam locomotives installed in the first five months this year totaled
Association of American Railroads announced
The Association further
Terminal RR. Assn. of St. Louis
108
4,642
* Previous figures.
Freight
Class I railroads
168
157
4,866
54.158
997
Number
274
13,529
-
Missouri-Kansas-Texas Lines..
4,950
Note—Previous year's figures revised
270
444
11,209
Nashville-Chattanooga A St. L.
993
519
19,399
...
993
1,538
231
1,586
18,557
...
734
1,981
219
1,591
Ohio
890
1,984
Louisiana Arkansas A Texas—
20,079
A
106
1,702
1,248
Litchfield A Madison
20,233
Mobile
134
2,206
Midland Valley.
Missouri <fc Arkansas*
1,882
System
1,782
153
City Southern
20,512
Central
Louisville & Nashville
245
2,027
1,629
Kansas Oklahoma A Gulf
20,415
Illinois
4,447
112
137
Alabama Tennessee <fc Northern
Central of Georgia
Charleston A Western Carolina
Cllnchf leld
5,151
125
127
2,757
Gulf Coast Lines
Kansas
166
154
86
--
Fort Smith A Western
Southern District—
187
162
Burlington-Rock Island
any corresponding
Class I railroads in the first five
declines for rubber and coffee.
There
corn
rose,
were
net
changes in the prices of silver, steel scfap, copper,
lead, wool and sugar.
no
The movement of the Index
parisons, is
as
follows:
during the week, with
com¬
4248
Financial
»
FrI.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
June
June
June
June
June
June
June
18
19
21
22
23
24.
25
"Annalist"
198.9
No index
200.4
201.0
1936 High—Dec. 28
201.7
Low—May 12
202.2
Weekly
199.3
207.3
168.8
208.7
162.7
228.1
Year ago, June 25
1937 High—April 5
Low—June 14
204.3
Index
of
198.2
Wholesale
Commodity
Prices Advanced During Week Ended June 22
Sharp advances in wheat and corn and the livestock and
carried the "Annalist" weekly index of wholesale
commodity prices 0.9 point higher during the week ended
June 22.
The index rose to 141.9% of the 1913 average
on June 22 from 141.0
(revised) on June 15.
Continuing,
Other advances
silk, and tin.
that
Wholesale Commodity Prices
Week
Ended
June
19,
Fertilizer
the
index
lemons,
included
wool,
cotton,
eggs,
bananas, lard, flour, hides, and
National
WEEKLY
Based
Association.
Fertilizer
1926-28
the
on
of 100%, the index last week registered 86.4%,
as against 86.9% in the preceding week.
A month ago it
stood at 88.3% and a year ago at 76.9%.
The Association's
announcement, under date of June 21, went on to say:
Lower prices for foodstuffs and grains
largely responsible for the
were
decline in the index; the index representing
the prices of all commodities
food price index was at the lowest level reached since last
The
INDEX
PRICES.
OF
WHOLESALE
COMMODITY
(1913=100)
November, with
last week's recession the net result of 14 declines and five advances in the
Lower grain prices caused a decline in
group.
losess.
"ANNALIST"
Association
Continuing the downward trend of the three previous
weeks wholesale commodity prices further declined during
the week ended June 19, reaching the lowest level since the
first of March, according to the index compiled by the
Cotton
THE
Further Declined During
According to National
except farm products and foods remained unchange during the week.
:
influenced
Potatoes, cocoa,
rubber suffered
June 26, 1937
average
meat group
the "Annalist" said:
Chronicle
,
2 weeks ago, June 11
Month ago, May 25
also
week,
last
the farm product index.
making the fourth consecutive
Higher prices for burlap and silk were sufficient to offset
weekly decline.
the crop in
downward
moved
the result that the textile group index remained
cotton with
unchanged, at the lowest level reached since the first of the year.
June 22.1937
Farm products
June
144.3
15,1937
June 23, 1936
115.4
131.9
122.6
narrow
al26.4
106.5
occurred
177.6
177.6
170.8
138.4
138.4
110.4
Fuels
Metals
for steel
quotations
al41.5
131.7
*126.5
Food products
Textile products
index
and
tin;
this
the past
two
months
scrap
during
range
has
fluctuated
following
In
very
a
the decline
which
during April.
Thirty price series included in the index declined during the week and
99.7
99.7
97.1
16 advanced; in the preceding week there were 39 declines and 21 advances;
103.7
Chemicals
104.1
86.2
in the second
141.9
al41.0
122.5
83.8
83.3
72.8
-
Miscellaneous
All commodities—
All commodities
old dollar basis
on
"■Preliminary,
preceding week there were 38 declines and 13 advances.
WEEKLY
Compiled
by
WHOLESALE
National
The
COMMODITY
INDEX
1926-1928=100
Latest
Per Cent
Total
Business
Activity in United States During May
Advanced, According to "Annalist"
to
Index
the
1937
Foods
Business
1937
1937
82.8
-
83.8
84.5
79.8
1936
Fats and oils
23.0
76.2
79.3
79.0
69.2
Cottonseed oil
,
settled."
June
Group
25.3
activity in the United States expanded in May,
largely as a result of increased output of durable goods and
a heavier freight movement,
allowing for the usual seasonal
trend, according to H. E. Hansen in the current issue of
the "Annalist" (New York).
"The 'Annalist' index of business activity rose to 110.1
(preliminary) for May, from 106.9 in April and March,"
according to Mr. Hansen.
"It is now only slightly under
the December index number of 110.5, which was the highest
since October, 1929.
It is not unlikely that the index would
have surpassed the December figure, had labor conditions
Year
Month
Preced'o
Week
Ago
Ago
19, June 12, May 22, June 20,
Week
Each Group
more
PRICE
Association.
Fertilizer
Revised.
a
Bears
been
The
slight drop in the index of metal prices was brought about by declining
87.3
91.7
93.1
86.9
Farm products
83.9
88.6
71.6
Cotton
68.8
69.1
73.4
66.9
Grains
100.0
104.9
113.5
85.0
70.3
82.3
82.4
84.1
72.7
17 ;3
Fuels
85.3
85.3
85.0
79.5
10.8
Miscellaneous commodities..
87.6
87.7
89.8
74.2
Livestock
8.2
Textiles
78.8
80.5
Metals
105.0
105.1
105.2
82.5
Building materials
90.7
90.6
92.9
80.7
1.3
Chemicals and drugs
93.7
93.7
93.7
94.4
.3
Fertilizer materials
72.1
72.1
71.9
65.1
.3
Fertilizers
77.3
77.3
77.3
71.1
.3
Mr. Hansen continued:
78.8
7.1
6.1
Farm
95.6
95.6
95.6
92.6
86.4
86.9
88.3
76.9
100.0
—
machinery
All groups combined
67.7
Besides the increase in freight loadings, important factors in the rise of
the
index
lumber
included
production
influences).
steel
ingot
and
rayon
Pig iron output
production, automobile output,
(after
consumption
was
zinc
eliminating
and
seasonal
unchanged, while cotton and silk
Decrease of
0.2% in Wholesale Commodity Prices Dur¬
Week Ended June 19 Reported by United
States Department of Labor
con¬
ing
sumption and electric power production were lower.
The favorable May business picture is now overshadowed by the serious
labor situation.
The weekly business index of the New York "Times" has
been lowered by strikes.
also have been
Steel has been the hardest hit but other industries
adversely affected.
Although handicapped somewhat by labor disturbances, the automobile
industry
able to raise its output, after allowing for seasonal fluctuations
was
and the long-term trend, to the highest
is still at
a
Steel output
made
level since July, 1929.
Demand
high level, but reports are spotty.
was
an even more
the highest for any May on record, and would have
spectacular showing except for the strikes.
It has been
maintained by the large volume of unfilled orders placed a few months ago.
New business, however, has fallen off, partly owing to the curtailment of
orders
from
motor
under way.
producers as preparations for model change-overs get
Demand continues active from the
and farm equipment
can
Due to continued weakness in wholesale prices of farm
products and foods, the index of wholesale commodity
prices of the Bureau of Labor Statistics, United States De¬
partment of Labor, declined 0.2% during the week ended
June 19, according to an announcement made June 24
by
Commissioner Lubin.
"The decline,"
Mr. Lubin said,
"brought the all-commodity index to 86.5% of the 1926
average.
The index is 1.0% below the level for the corres¬
ponding week of May but 9.9 % above that for the week ended
June 20, 1936."
The Commissioner added:
In addition
industries.
Activity in the non-durable goods industries has declined in the last two
months, although it is still at
industry
Developments in the textile
high level.
a
somewhat unfavorable last month, new business falling off
were
"ANNALIST"
I- -THE
INDEX
OF
COMPONENT
the farm
products and foods groups, hides and leather
terials, metals and metal products, building materials, and housefurnishing
goods groups remained unchanged at last week's level.
although mill activity except in silk remained large.
TABLE
to
products, textile products, and miscellaneous commodities declined slightly.
Chemicals and drugs advanced fractionally.
The fuel and lighting ma¬
BUSINESS
ACTIVITY
AND
GROUPS
Market prices of raw materials fell 0.4% reaching a new low for the
year.
The current index—85.3—is 2.7%
below that for the corresponding week
of last month.
It is 10.8% above the level for the
corresponding week of
The semi -manufactured commodity group index decreased 0.2%
last year.
May, 1937
-
Other
Electric power production
101.7
100.2
commodities are, however,
106.4
102.0
100.4
secutive
101.0
99.7
rl05.2
7105.2
114.8
Miscellaneous
April, 1937
plOS.O
-
108.9
113.9
Freight car loadings
116.6
Manufacturing
Steel
113.9
Mar., 1937
116.9
132.9
136.7
145.8
123.4
Cotton consumption
104.0
116.0
127.4
135.3
..
107.6
116.0
P125.7
Ingot production
Pig Iron production
Textile activity
7137.3
"
Wool consumption
77.2
Rayon consumption
Boot and shoe production
84.0
71.4
121.6
Silk consumption
rll9.7
7112.2
132.3
7147.2
P130.0
7-114.8
114.1
92.1
Automobile production
85.0
-
-
-
Cement production
75.1
91.1
99.6
794.4
97.3
7106.9
Average prices of partially processed
16.9% above
products
prices
a
For the third
year ago.
have
declined
con¬
moderately.
8.7% above
The
a year ago.
The
index for the group of "all commodities other than farm
products"
reflecting the movement in prices of nonagricultural commodities remained
unchanged at 86.4.
Prices of commodities other than farm products are
0.1%
below
month ago and 9.4% above a year ago.
a
Industrial
com¬
modity prices, measured by the index for "all commodities other than farm
products and foods" receded 0.1% to a point 0.5% below
9.1% above a year ago.
The
88.8
7106.9
a month ago.
finished
following is also from the
a month ago
and
issued
by
announcement
92.3
—
—
but
81.7
95.2
pllO.l
Mining.
Zinc production
0.7% below
week
present index for this group—87.5—is 0.2% below the level of a month ago
81.1
«.
—
Lumber production
to a point
Lead production
Mr. Lubin:
The largest decrease during the
week—0.7%
was
registered by the farm
products group.
Combined Index
TABLE
II—THE COMBINED
INDEX SINCE
The
Grains dropped 0.4% due to lower prices for corn and rye.
sub-group "other farm products" declined 2.3% because of falling prices
for cotton, apples, lemons, oranges, hops, seeds, dried
beans, potatoes, and
wool.
Livestock and poultry prices
1.2% as a result of
JANUARY, 1932
Advanced
1937
1936
1935
1934
1933
1932
prices for calves,
for barley,
cows, steers,
oats, wheat, eggs, flaxseed, and onions also
January
7104.2
92.3
87.2
79.6
67.5
73.4
farm products index—87.4—is
February
7105.7
89.0
86.7
83.2
66.1
71.4
is
March
4.2% lower than
a
now at
month ago.
7106.9
89.5
84.4
84.6
62.5
69.8
7106.9
94.1
82.8
85.9
69.2
66.8
pllO.l
95.9
81.8
86.4
77.3
64.3
fruit and vegetable
97.6
82.0
83.8
87.5
63.9
dropped 0.1%.
July
102.4
82.7
78.0
94.0
62.9
August
102.5
84.9
75.1
87.5
64.4
September
102.9
86.1
71.4
82.0
68.5
butter, powdered milk, oatmeal,
October
103.3
89.1
74.6
78.5
69.8
farm-food Items, canned corn, canned string
November
107.1
92.0
76.0
75.3
69.2
dressed
110.5
96.7
82.4
77.5
68.8
p
Preliminary.
—
r
Revised.
were
higher,
The
the lowest level reached this year and
May..
December
Wholesale prices
It is, however, 12.9% above
April
June.!
higher
light hogs^and wethers.
a year ago.
Wholesale food prices fell 0.6% due primarily to a drop of 4.5% in the
sub-group.
Meats declined 0.3%
Cereal products,
on
and dairy products
the other hand, were up 1.7%.
Im¬
portant individual food Items for which lower prices were reported were
poultry,
Higher prices
coffee,
were
copra,
rye
flour, hominy grits,
lard,
edible
corn
meal, certain
beans, cured and fresh pork,
tallow,
and
vegetable
oils.
reported for cheese at New York, cookies, wheat flour,
pretzels, canned fruits, dried apricots, fresh beef at Chicago, cocoa beans,
Financial
Volume 144
pepper,
In
This week's food index—84.0—is 1.3% below the
and raw sugar.
or
corresponding week for last month and 5.4% above that for last year.
^Weakening
Chronicle
for the hides and
prices for hides and leather caused the index
leather products group to decline
Average wholesale prices of shoes
0.4%.
and other leather manufactures such as gloves, luggage,
and harness were
steady.
Crude rubber ad¬
vanced 0.5% and radio batteries averaged higher.
The automobile tire
and tube and paper and pulp sub-groups remained unchanged.
Continued weakness in quotations on cotton goods including drillings,
print cloth, sheeting, tire fabrics, and yarns, together with lower prices for
handkerchiefe, burlap, manila hemp, raw jute, and cotton twine caused the
textile products group index to decline 0.1%.
The silk and rayon sub¬
group advanced 2.6% because of higher prices for Japan raw silk and silk
8 8% during the week.
Cattle feed prices dropped
4249
Denmark, the failure of agricultural exports to increase in either price
resulting in declining purchasing power in rural areas.
volume is
In several countries concern is being expressed over the increase
sale prices
and the accompanying rise in living costs.
duced consumer purchasing power will have
dustrial production.
This situation is most serious in Japan, where it Is
accompanied by political uncertainties, high money rates, and an extremely
The gold value of International trade advanced to the highest level of the
period during March.
recovery
pharmaceuticals,
and
drugs
fertilizer prices were steady.
The index for the fuel and
of the 1926 average.
at
78 1%
or
unchanged
reported in coal, coke,
lighting materials group remained
No changes were
petroleum products.
index for
Average prices
implements, iron and steel, motor vehicles, and plumbing
A decrease of 2.4% in
quotations for pig tin did not affect the
It remained at 95.1.
the metals and metal products group.
of agricultural
showed no change.
and heating fixtures
Conference Board Reports May
Activity Continued Below Recovery High
Business
Mark Made Last December
Business
materials group, a decline of 0.5% in
levels.
the regular monthly survey of business conditons made by
the National Industrial Conference Board.
There has,
however, been no sharp decline in activity since February.
The survey also said:
Greater-than-seasonal declines
Average
remained at 91.0.
stationary.
Bureau of Labor Statistics includes 784 price series
prices of both furniture and furnishings were
The index of the
weighted according to their relative importance in
and is based
the average for the year 1926 as
on
the country's markets
100.
modities for the past five
of com¬
weeks and for June 20. 1936, June 22, 1935, June
23, 1934, and June 24, 1933. which are the nearest
comparable dates of the
respective years:
(1926=100)
building contracts, petro¬
These declines were counter¬
Automobile production during May totalled 540,357 units, representing
decline of about 13,000 units from the level reached in April.
considerably less than the usual seasonal recession.
This
Consequently,
was
on
a
seasonally adjusted basis, automobile production reached the highest level
for 1937.
The number of units produced during the current model year,
or since Oct. 1,
1936, is nearly 10% above the number produced in the
corresponding period of the preceding model
table shows index numbers for the main groups
The following
were noted in
balanced by advances in production of automobiles, steel ingots, bituminous
coal, and electric power, and in retail sales.
'
a
The index for the housefurnishing goods group
^wholesale
activity in May continued to remain below the
high point registered last December, according to
recovery
leum output, and orders for machine tools.
lumber was offset
by an advance of 0.4% in paint and paint materials.
The brick and tile,
cement, and structural steel sub-groups remained unchanged at last week's
In the building
during April.
Industrial
National
Mixed
and fertilizer materials.
Preliminary reports indicate that the vol¬
of foreign trade was maintained
ume
0.1% due to higher prices for
The chemicals and drugs group advanced
in whole¬
It is feared that re¬
unfavorable effect on In¬
large unfavorable trade balance.
yarns.
chemicals,
an
This would
year.
seem
to
indicate that total output of 1937 models will probably reach the earlier
estimate of
5,000,000
cars.
Steel ingot production in May, on a seasonally adjusted basis, was 5%
higher than In April in spite of labor disturbances.
Production during the
first five months of this year was about 43% above that for the
correspond¬
ing period of 1936.
June June June May May June June June June
24
23
22
22
20
12
5
29
19
1937 1937 1937 1937 1937 1936 1935 1934 1933
Commodity Groups
During the first four weeks of June, however, output
averaged only about 76.5% of capacity compared with an average of about
89% of capacity in May.
Building awards in 37 states,
86.5
86.7
87.1
87.4
88.0
89.3
91.0
78.7
87 4
87.4
All commodities
79.3
76.0
65.8
65.1
1
53.2
showed
a
there is
reported by the F. W. Dodge Corp.
as
decline of 22.3% in May compared with April, although normally
a
slight increase at this
season.
Residential contracts for the first
91.2
77 4
78.0
84.9
84.5
84 8
85.1
84.0
Foods
Hides and leather products.. 107.2 107.6 107 6 107.0 107 1
77.9
78.1
77.4
77.3
77.6
Textile products...
79.7
82.5
71.3
61.4
five months of 1937
94.4
89.3
83.5
but non-residential construction showed
61.5
I' Machine tool orders declined sharply from
Farm products
.
were
about 62 % above the corresponding period in 1936,
69.4
69.7
88.1
72.5
Fuel and lighting materials.-
78.1
78.1
78.2
78.2
78.2
76.4
74.7
73.4
63.6
Metals and metal
95.1
95.1
95.1
95.1
95.0
85.5
85 9
87.1
78.9
the recession amounting to about 22% on a seasonally adjusted baiss.
Building materials
97.0
97.0
97.0
97.2
96.9
85.6
85.1
87.6
74.2
adjusted index, however,
Chemicals and drugs
Housefurnishing goods
83.6
83.4
83 3
83.6
83.6
77.6
80.0
75.6
73.6
products.-
91.0
91.0
90 9
90.8
82.9
817
83.2
72.8
79.2
79.4
80.0
80.2
80.5
69.6
68,4
70.5
85.6
86.5
87.4
87.7
77 0
*
*
Semi-manufactured articles..
86.6
86.8
86.9
87 1
87.2
74.1
*
*
♦
87.7
80.5
*
♦
*
91 0
Finished products
All commodities other
farm
87.9
87.8
86.4
other
86.4
86.6
86.7
86.5
79.0
85.9
86.0
86.2
86.3
86.3
78.7
77.0
79.5
influence, reached
new
The
all-time high levels.
The dollar value of retail trade increased
The greatest
amount.
suffered
increase
during
by more than the usual seasonal
May
was in rural areas, which
sharply reduced volume of trade during the first quarter of 1937
a
are now
67.8
close to the recovery peak registered in the last quarter
of 1936.
Urban sales have been maintained during recent months at about the 1936
than
farm products and foods..
*
87.6
ment for seasonal
but
products
All ^commodities
1
87.5
than
the high level reached in April,
was higher than for any month in 1929.
Electric power production continued its upward trend and, after adjust¬
61.1
85.3
*
—
Miscellaneous
Raw materials
increase of only 10%.
an
78.7
77.9
69.4
high level.
Not computed.
California
Electric
Business
During- May Well Above Year
Ago, According to Bank of America (California) i
Output for Week Ended June 19 Totals
2,213,783,000 Kwh.
California business in
Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
The
light and
industry of the United States for the week
power
ended June 19, 1937, totaled 2,213,783,000 kwh., or 11.3%
above the 1,989,798,000 kwh. produced in the corresponding
week of 1936.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
May registered substantial gains
corresponding month in 1936 but declined in most
April of this year, according to the current issue
of the Bank of America (California) "Business Review."
The bank also had the following to say in its review:
over
the
lines from
Employment
in
major
manufacturing industries
for
May
advanced
14.3% over the same period last year while weekly payrolls rose 23.7%.
Average employee earnings topped the May, 1936, total by 8.3%. Although
May employment and weekly payrolls slipped 4% and 2.7%, respectively,
below April levels, the average amount earned per employee increased 1.2%.
Week Ended
Major Geographic
Regions
June I'd, 1937
Week Ended
Week Ended
June 12,1937
June 5, 1937
Week Ended
May 29,1937
V
Activity in the aircraft industry during May was relected in an employ¬
78% over the corresponding period in 1936 and a gain in J
Nine other California industries reported
ment increase of
9.2
5.4
14.1
total weekly payrolls of 90%.
Middle Atlantic
11.5
13.4
10.8
14.2
Central Industrial
12.2
12.9
10.3
14.9
3.1
4.4
6.8
6.9
total weekly payrolls up more than 25% over May of last year.
The May index of prices received by California farmers for 25 principal
10.3
New England
West Central
.
Southern States
13.1
13.8
19.3
16.8
products stood at 132% of the 1910-1915 level, scoring the highest May
Rocky Mountain
Pacific Coast..
13.4
27.9
27.4
21.2
average since
6.8
9.1
7.5
6.6
13.8
11.3
Total United States.
this year,
12.9
10.9
DATA FOR RECENT WEEKS (THOUSANDS OF KILOWATT
^Totaling
HOURS)
Percent
1936
1935
1932
was
off 2.9%
Compared with April of
and stood 7.7%
below the mark for
decline set in.
$2,236,853,000, bank debits in 15 California cities
were
13%
May, 1936, but off 7.6% from April of this year.
Bay region department stores reported a 10% increased in dollar volume
up
1937
a
over
over
Change
1937
Week Ended
1930 when the index reached 180.
the index
February when
the
same
month
last year while sales of Los
Angeles stores moved
9%.
1929
from
1936
.
V
Harvard
May
1
May
8
May
—
15..
-
May 22
-
May 29
June
5
June
12
2,193,779
2,176,383
2,194,620
2,198,646
2,206,713
2,131,092
2,214,166
2,213,783
Jpne 19—
June 26.
July
July
3
10
Advance
in
During
World
April
1,932,797
1,928,803
1,947,771
1,961,694
1,954,830
1,922,108
1,945,018
1,989,798
2,005,243
2,029,639
1,956,230
+ 13.5
1,673,295
1,698,178
1,701,702
1,700,022
1,696,051
1,628,520
1,724,491
1,742,506
1,774.654
1,772,138
1,655,420
+ 12.8
+ 12.7
+ 12.1
+ 12.9
+ 10.9
+ 13.8
+ 11.3
Industrial
According
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
1,435,471
1,441,532
1,440,541
1,456,961
1,341,730
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
Production
Slackened
National
Industrial
to
Conference Board
There
was
a
less rapid advance in world industrial pro¬
duction in April than during the preceding three months,
according to the regular monthly review of world economic
conditions by the National Industrial Conference Board.
In its report, issued June 25, the Conference Board stated:
Gains in output
during April took place in Canada, Germany, and the
Netherlands, but these were offset by declines in France and Great Britain.
Activity in the South American and Scandanavian countries was generally
sustained.
'
Business
School
Prosperity for
Based
on
Regards 1936 as
Department Stores
Year
of
the volume of business done and the level of
percentage margins and profits, 1936 was a year of prosperity
for department stores, according to the Bureau of Business
Research of the Harvard Business School, Cambridge, Mass.,
in its 17th report on department store operating results,
published on June 24. Although dollar sales at the end of
1936 still were 16% below the level of 1929, prices were so
much lower that the physical volume of sales was approxi¬
mately equal to the all-time high the report pointed out, and
on the
average, during 1936, department stores sales in
physical quantities were higher than in 1929.
At the same
time, gross margin in percentage of sales reached a new high
point and percentage expenses were lower than in 1935.
As a result, the report noted, percentage earnings in 1936
were higher than in 1929 and
represented continued progress
upward from the low of 1932.
The report was written by Carl. N. Schmalz, Assistant
Professor of Marketing and Manager of the Bureau of Busi¬
ness Research, and it was based on a
study of returns from
487 firms doing more than one-third of the total business of
4250
Financial
department and specialty stores in the United States.
The
study was made with the cooperation and financial support
of the National Retail Dry Goods
Association, said an an¬
nouncement issued by the Bureau of Business Research
which
summarized
in
part
as
follows the contents of the
report:
Chronicle
June 26,
facturing plants were employing nearly 992,000 workers receiving approxi¬
mately $26,500,000
Working time,
a
week.
measured by employee-hours actually worked In the
as
plants of 2,068 establishments, decreased about
but
showed
a
of 23%
gain
as
compared with
1% from April to May
a
earlier.
year
Averago
hourly earnings in mid-May were somewhat higher than a month earlier,
Weekly earnings of factory
reflecting additional increases in wage rates.
Margin
1937
in May nearly equaled those in the latter part of April, the
wage earners
The higher percentage of gross margin, or of spread between sales and net
cost of merchandise delivered, 36.5%, resulted not from
higher percentages
of mark-up on goods purchased but from lower mark-downs.
The
same
percentage of mark-downs to sales
producing consumers' goods reported some decreases in both employment
average
was lower in
1936 than in
1935 for all
eight groups of department stores with comparable figures and the
average
highest since the fall of 1929.
and
level
wage
in
as
April but
than
a
of the last half of that year.
57%
over a year
Expense
more
employees and facilities and which provided
a
These lower expense percentages exerted
complete utilization of
higher base of dollar sales.
a
The average drop in the
of 7 and 19%, respectively, as compared with
As to employment conditions in factories in Delaware the
Philadelphia Reserve Bank stated:
Factory employment and wage payments in Delaware increased about
percentage of total
studied
period.
expense for the several groups of department stores
0.9% of sales, while the corresponding increase in the gross
Working
1% from April to May, according to the reports of 81 plants.
1% in this
time in 75 establishments, on the other hand, decreased nearly
was
of
Similar indexes for consumers' goods were 99.2
before.
year ago.
greater influence for increased
a
profits than did the higher percentage margins.
For durable goods the Majy index
84.9% of the 1923-1925 average, or nearly 25% higher
earlier; that of payrolls was 112.3 and showed an increase
year
ahd 95.4 and registered gains
>•
The average percentage of total expense to sales in 1936,
34.9, was sharply
upward trend of prices which made possible
of employment was
Industries
small decline occurred in payrolls.
a
payments in this interval.
decline in the rate of mark-downs was 0.7% of sales.
Presumably, this
advantage resulted from the increasing sales of 1936 and the rising prices
lower than in 1935 because of the increasing physical volume of sales and the
in May continued at about the
In durable goods industries employment
Compared with
the number of workers was 29% larger
a year ago
and the amount of wages disbursed 44% greater.
margin percentages was 0.4% of sales.
Inventories
At the close of 1936, inventories were higher in relation to 1936 sales than
they
were at the
stores.
.
.
beginning of that
The
year.
same
was
true of
specialty
Weekly
of
average gross sales
lumber
The
1936 ranged from $1.90 to $2.50 and those for total expense
gross sale in
transaction ranged from 60.2 cents to 76.5 cents.
New Credit Data
Movement:
12, 1937
of
80%
Ended
industry during the week ended June
1937, stood at 82% of the 1929 weekly
and
Week
Lumber
June
Average Sale
For four groups of large department stores, the common
figures for average
per
Report
.
shipments.
1929
production
Lumber
12,
of production
average
was
heavier than in the preceding (holiday) week but slightly less
:
(
The current report contains a number of new figures
relating to the cost
of handling credit sales.
The average expense for accounts receivable and
credit pay roll, losses from bad debts, and interest
accounts
receivable
2.8 to 3.45%
for
five
groups
of net credit sales.
of
on
department
the investment in
stores
averaged ranged from 22.5 to 24.7% of net credit sales for the
same
on
the
groups
of stores.
Current
The report
Problems
emphasizes the fact that,
the emergency of the depression
being over, there should be time and energy for attention to the problems
which were troubling department store executives when the depression came
on
and which, apparently, still exist.
to
the levels of margin,
partment
with
store
expense,
reference
These problems include those relating
and profit rates; the position of the de¬
to
competing
institutions;
relations
with
customers; and relations with employees.
Decline in
Employment and Payrolls in Pennsylvania
Collieries from Mid-April to Mid-May,
Reflecting Largely Seasonal Conditions
Anthracite
Employment in Pennsylvania anthracite mines declined
5% and wage disbursements 30% from the middle of April
to the middle of May, according to indexes compiled by the
Federal Reserve Bank of' Philadelphia on the basis of
reports to the Anthracite Institute by 26 companies em¬
ploying 71,300 workers whose compensation amounted to
approximately $1,800,000 a week.
Employee-hours actually
worked in the collieries of 22 companies showed a reduction
of nearly 38% in this interval.
The decrease in employ¬
ment, payrolls and working time reflects largely seasonal
slackening in the output of anthracite.
The Philadelphia
Reserve Bank's announcement continued:
The employment index in May was 50.1%
that of wage payments was
and
of
53.7, respectively.
7%
37.3;
a
in the
a
of the 1923-25
year
case
ago
average
this was
of payrolls.
were
a
and
53.0
1935
1936
62.3
61.1
57.9
53.2
February
61.4
62.7
60.1
51.8
March
65.7
50.0
51.5
48.0
56.6
51.5
48.9
53.0
43.3
42.0
24.1
62.0
52.4
53.9
50.1
53.7
41.8
47.5
37.3
—
.
56.0
June.
softwoods
by this
combined;
271,743,000
shipped
feet
Revised figures for the preceding w;eek
565; production, 272,509,000 feet; shipments, 239,420,000 feet;
in the week ended June
Hardwoods reported
12, 1937.
All regions but West Coast and Northern
shipments below output.
All but West Coast and
Northern Hardwood regions reported orders below those of corresponding
week of last year;
all but West Coast, Western Pine & Northern Pine
re¬
So. Pine, So.
Cypress & No. Hardwoods reported production above the 1936
week.
Lumber orders reported for the week ended June 12,
wood mills totalled 198,435,000 feet; or 28%
mills.
or
Shipments
as
reported for the
4% below production.
Production
Reports from 96 hardwood mills give
below production.
Shipments
Identical
1937
January
April
shown
as
All regions but Northern Hardwoods reported orders below production
Last week's
May
and
as
was
new
1937, by 452 soft¬
below the production of the
same
week
Mill
262,779,000
were
274,008,000 feet.
business
as
7,544,000 feet,
reported for the
8,964,000 feet, or 13% below production.
Payrolls
1934
heavier
orders, 213,733,000 feet.
27%
1937
New business,
quarter.
hardwoods
of
wOre mills,
feet,
1936
the
booked orders of 105,979,000 feet.
Prepared by the Department ot Research and Statistics of Federal Reserve Bank
of Philadelphia.
1923-25 Average=100
—
-
1935
were
During the week ended June 12, 1937, 530 mills produced 284,302,000
feet
decrease
Other details
follow;
Employment
Shipments
preliminary report, was lowest of any week of the year to
date.
National production reported for the week ended
June 12 by 6% fewer mills was 4% above the output (re¬
vised figure) of the preceding week; shipments were 14%
above shipments of that week; new orders were 4% below
that week's orders, according to reports to the National
Lumber Manufacturers Association from regional associa¬
tions covering the operations of important softwood and hard¬
wood mills.
Reported new business during the week ended
June 12 was 28% below production; shipments were 4%
below production.
In the previous week new orders were
22% below, and shipments 12% below production.
Pro¬
duction in the week ended June 12, 1937, was shown by mills
reporting for both 1937 and 1936 as 15% above output in the
corresponding week of 1936; shipments were 18% above last
year's shipments and new orders were 7% below orders of
that 1936 week.
The association further reported:
same
1934
of
weeks
May.
preceding week and nearly equal to the highest
ported shipments below those of similar week of 1936 and all regions but
month earlier these indexes
Compared with
for employment and 21%
than in the
from
ranged
Accounts receivable outstanding
than in the last three weeks of
Production
week
same
or
were
10,294,000 feet.
was
Reports
production of 444 identical softwood mills
was
272,262,000
48.1
45.8
35 9
55 2
53.9
64.7
34.5
feet, and a year ago it was 235,422,000 feet; shipments were respectively
69.2
32.7
31.8
261,438,000
53.7
feet, and 212,795,000 feet.
59.4
35.9
feet,
and 218,618,000 feet; and orders received
In the
reported production last week and
case
196,825,000
of hardwoods, 82 identical mills
a year ago
8,842,000 feet and 9,438,000
55.6
50.3
44 7
55.5
35.3
July
52.2
48.5
47.5
35.4
31.6
31.3
feet; shipments 7,795,000 feet and 9.124,000 feet and orders 7,155,000 feet
August
48.2
37.9
40.4
33.3
23.8
26.4
and 7,624,000 feet.
September
55.4
45.2
46.8
39.4
32.2
29.3
October..
56.9
57.7
49 0
40.4
47.1
40.8
-
45.7
59.0
November
50.6
42.8
23.9
33.8
December
59.8
56.3
53.9
43.9
46.7
46.5
Average-
58.0
52.0
50.9
46.7
39.9
38.4
Report
Crop
of
Bank of
Montreal—Hot
Prairie Provinces of Canada Causes
Weather
in
Rapid Growth
of Grain but Rain Is Needed
Factory
and Payrolls in Pennsylvania
April to May Unchanged According to Phila¬
delphia Federal Reserve Bank—Slight Gain in
Delaware Factories
Employment and payrolls in Pennsylvania factories
virtually no change from April to May, according
to indexes compiled by the Federal Reserve Bank of Phila¬
delphia from the reports of 2,314 companies employing
558,000 workers whose earnings averaged some $15,300,000
a week.
This was about in line with seasonal expectations
and followed gains for three consecutive months, which were
especially pronounced in the case of wage payments, says
ihe Bank's announcement, (dated June 21), which continued:
The preliminary index of employment in
May was 92.2 and that of
pay¬
rolls 103.7, relative to the 1923-1925 average; a year ago these indexes were
79.7 and 74.6, respectively.
Estimates based
on
current reports and the
data indicate that about the middle of May Pennsylvania manu¬
issued
weather has caused
rapid growth of grain crops in regions
are adequate,
but there are large
in which rain is urgently needed.
The lack of adequate
where
\
showed
census
The Bank of Montreal, in its report on the Canadian
crops,
June 25, states that "in the Prairie Provinces hot
Employment
from
areas
moisture
rainfall
to
reserves
date
has
resulted
in
deterioration
central and west central Saskatchewan and
of
Alberta.
Crops
of
over a
in southern Saskatchewan
crops in
large part
are
poor."
The Bank added:
Some insect
damage is reported.
In other parts of Canada
both
east
and west heavy rains
crops
have been general and growth has been rapid, although
are still somewhat backward.
In Quebec prospects on the whole are
favorable.
In Ontario grain and roots are doing well and cutting of a heavy
hay crop has begun.
In the Maritime Provinces rain has
so
delayed opera¬
tions that in a few localities
are
are
seeding is not yet completed, but growing crops
progressing satisfactorily.
In British Columbia grain and root crops
in promising condition, but heavy rains have so seriously damaged early
strawberries that much of the crop is suitable for jam only.
Volume
Automobile Production in May 12% Higher Than
Tiie Bureau of the Census has issued the figures in the
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and
reported as complete units
vehicles) for May, 1937. Canadian production figures
supplied by the Dominion Bureau of Statistics.
Figures of automobile production in March, 1937,1936 and
1935 appeared in the issue of the "Chronicle" of May 29,
of
have been
page
3584.
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Canada (Production)
United States (Factory Sales)
Year ana
Total (All
Passenger
Tracts,
TotaliAll
Pass'ger
Vehicles)
Month
Cars
&C.
Vehicles)
Cars
Trucks
1937—
April
Tot. 5 mos. end. May
4,154
536,334
516,899
439,980
96,354
17,081
12,927
425,432
91,467
23,458
17,980
5,478
2,291,551
1,875,564
415,987
104,530
79,644
24,886
...
May
1936—
April
502,674
416,431
86,243
24,951
20,247
May
460,512
384,921
75,591
20,006
16,389
4,704
3,617
2,035,592
1,666,125
369,467
89,548
73,238
16,310
452,936
387,158
65,778
20,563
3,560
361,107
305,547
55,560
24,123
20,702
308,670
95,528
Tot. 5
mos.
end. May
April
May
*
mos.
end. May
1,861,915
1,553,245
16,938
3,764
77,283
18,245
Figures for the United States revised as a result of correspondence.
Europe Consumed 6.1% More Sugar During First Eight
Months of Current Crop Year than in Same Period
Last Season
Consumption of sugar in the 14 principal European
countries during the first eight months of the current year,
September, 1936 through April 1937, totaled 5,219,853 long
tons, raw sugar value, as contrasted with 4,918,775 tons
consumed during the similar period last season, an increase
of 301,078 tons, or approximately 6.1%, according to Lamborn & Co., New York, which announced:
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia. France,
Sugar stocks
3,489,200 tons
Germany,
Hungary,
Holland,
Irish
Free State,
Roumania, Sweden, and the United Kingdom.
Italy, Poland,
of
on
as
276,200 tons,
hand for these countries
on
May 1, 1937 amounted to
against 3,765,400 tons on the same date in 1936, a decrease
or
approximately 7.3%.
The estimated beet sowings for this season
for the 14 principal European
countries, according to advices received from F. O. Licht, the European
authority, is placed at 3,780,600 acres as compared with 3,447,700
sugar
last season, an increase of
acres
produced last
Petroleum
season
and
332,900 acres, or 9.7%
5,960,800 long tons of sugar.
Its
Products—July
.
These countries
'
Market
Estimate
Lifted 57,800 Barrels Over June—Texas Commission
Exceeds
Bureau's
Estimate—Crude
Oil Stocks
De¬
cline—Daily Average Oil Production Dips—Freight
Rate Increase Fought by Oil Groups
An increase of 57,800 barrels over the June forecast, and
453,500 barrels above actual production in July a year ago,
recommended in
daily average crude oil production for
by the United States Bureau of Mines, which in¬
dicated total market demand of 3,423,800 barrels.
All major producing States, with the exception of New
Mexico, were given higher production by the Federal agency's
was
next month
recommendations issued
on
June 22.
Texas and California
the
largest increases, daily average output for the latter
being suggested above the 600,000-barrel level.
Oklahoma,
Louisiana and Kansas won only moderate increases.
The Bureau of Mines' recommended production by States
for July (in barrels) follows:
won
the United States Bureau of
disclosed. Domestic crude stocks
47,000 barrels but this was offset by a drop of 71,000
barrels in stocks of foreign crude.
The final figure at the
close of the period of 307,199,000 barrels compared with the
15-year low set late last January of around 287,000,000 barrels.
The third consecutive weekly decline in daily average
production of crude oil was shown in the American Petroleum
Institute report for the week ended June 19.
The trade
group placed total daily average output at 3,510,950 barrels,
off 4,950 barrels from the previous week.
Production com¬
pared with estimated June market demand of 3,366,000
barrels forecast by the Bureau of Mines, and actual output
in the like 1936 period of 2,963,400 barrels.
With the exception of Oklahoma and California, all major
oil producing States showed expanded production during the
June 19 period.
All of the major areas reporting except
Louisiana, showed production substantially in excess both of
State allowables and the market forecast issued by the
Bureau of Mines.
Oklahoma, despite a dip of 8,600 barrels
to 632,200 barrels, was above the State and Federal quota of
625,300 barrels.
A drop of 4,800 barrels in California's
total carried it off to 658,400 barrels which compares with
602,915 barrels recommended by the Central Committee of
California Oil Producers and the Bureau's figure of 585,900
rose
barrels.
1935—
Tot. 5
barrels in the previous period,
Mine's report on June 23
Last Year
1937,
4251
Financial Chronicle
144
State—
Texas
June
—
Oklahoma
California
Louisiana
Kansas
New Mexico-
Pennsylvania.
Wyoming
Michigan
Arkansas
Montana
Kentucky
New York
Illinois
West Virginia
Ohio
Colorado
Indiana.-
The Texas Railroad Commission
1,354,000
625,300
585,900
252,000
190,700
102,000
52,400
51,000
38,400
28,300
15,400
15,700
14,700
12,800
9,700
10,600
4,800
2,300
July
1,375,100
629,700
605,500
253,000
195,600
100.800
53,700
52,900
39,800
28,400
16,200
16,100
15,600
13,000
10,700
10,700
4,700
2,300
a few days later set the
daily allowable production of crude oil in the
State as of June 1 at 1,385,476, which compared with the
1,407,562-barrel allowable as of June 17.
The new allowable
set by the Texas control group was 10,376 barrels above the
1,375,100-barrel level suggested for the State by the Bureau
of Mines.
It was pointed out that the reduction from the
June 17 allowable will be more than absorbed by the auto¬
matic increases through the completion of new wells during
next month.
The allowable production of the East Texas
field was set at 466,000 barrels daily, a slight gain over the
462,817-barrel figure ruling during June.
Stocks of domestic and foreign petroleum held in the
United States registered a small decline during the week
ended June 12, in contrast to the gain of more than 750,000
maximum
Texas production rose 5,600 barrels during the week to
1,396,400 barrels, which compared with the State quota of
1,352,775 barrels and the Bureau's recommended total of
1,354,000 barrels.
An increase of 4,050 barrels fcir Louisiana
lifted the total to 253,900 barrels, against a State quota of
254,650 and the Federal figure of 252,000 barrels.
Kansas,
with a gain of 3,700 barrels lifting its aggregate to 194,350
barrels, was far above the State-Federal recommendation of
190,700 barrels.
Increased freight rates for heavy commodities, including
oil, were opposed by representatives of the oil industry,
who testified at the hearing before the Interstate Commerce
Commission in Washington on June 21 that the higher rates
would
mean
less
railroad
freight business.
James F.
Lawrence, appearing for Southwestern oil refiners, and Harry
Elkins, of the Western Petroleum Refiners Association, held
that the increase would divert traffic to
competitive means of
transportation.
Only through the encouragement of private initiative as
expressed through industry can high social and economic
standards of individual and national life be maintained,
W. R. Boyd Jr., Executive Vice-President of the American
Petroleum Institute told delegates attending the annual
meeting of the National Oil Scouts Association at the Baker
Hotel in Dallas on June 25.
Calling attention to the general
lack of understanding on the part of the public of the great
contributions to national progress made by the petroleum
industry, he urged that oil men "let American? know the
truth" about the industry.
"The facts will show that the petroleum industry has been
managed from thb standpoint of great service, rather than
great profit," he continued.
"The industry's investment is
roundly
$12,000,000,000.
The industry is owned by
several million holders of stocks and bonds.
No industry's
securities are more widely held, and none presents less
opportunity for concentration of ownership or control."
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil
Co.)
Corning, Pa
_
52.821 Eldorado, Ark., 40.
1.25 Rusk, Texas, 40 and over
1.42 Darst Creek
$1.27
1.35
1.09
Illinois-
1.35
Central Field, Mich
Western Kentucky
1.40
Sunburst, Mont
1120
Huntington, Calif., 30 and over
1.22
Kettleman Hills, 39 and over.—1.31
Mld-Cont't, Okla., 40 and above-- 1.30
Rodessa, Ark., 40 and above
1.25
Smackover, Ark., 24 and over..—- 0.90
REFINED
1.42
—
Petrolla. Canada
2.10
PRODUCTS—12% GAIN IN JULY MOTOR FUEL CON¬
SUMPTION FORECAST—REFINERY OPERATIONS SPURT TO
NEW
HIGH—GASOLINE
An increase
STOCKS
MOVE
LOWER
of
12% in motor fuel consumption in the
domestic market during July as compared with the like 1936
month was indicated lh the market forecast issued by the
Bureau of Mines in Washington on June 21. Should
disap¬
pearance reach the 52,300,000-barrel figure indicated, this
would compare with actual consumption nearly 6,000,000
barrels lower a year earlier. Export demand was estimated
at 2,800,000 barrels, up 200,000 barrels from the June total.
A spurt of 1.9 points in
operating rates of refineries during
the June 19 week lifted the total to a new all-time high at
84.3% of capacity, according to the American Petroleum
Institute report.
Daily average runs of crude to stills also
set a new high at 3,320,000 barrels, up 70,000 barrels over
..
the
previous period.
Gas and fuel oil stocks continued to
anticipation of heavy fall and winter demand, gaining
1,057,000 barrels to 99,215,000 bjarrels.
A decline of 422,000 barrels in stocks of finished and un¬
finished gasoline during the second June period carried the
total off to 76,574,000 barrels. The decline would have been
broader, it was pointed out, had it not been for the sharp
expansion in refinery operations. Refinery stocks dipped
952,000 barrels but an increase of 442,000 barrels in bulk
terminal holdings offset the decline.
Stocks of unfinished
gasoline rose 88,000 barrels. Daily average production of
cracked gasoline dipped 20,000 barrels to 730,000 barrels. -
rise in
4252
Financial
There
were no major price changes posted, all marketing
showing firmness.
areas
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
New York
Refinery
Other Cities—
New York-
—
Stand. Oil N.
Chicago
07 H
J..$.07>*
Socony-Vacuum.. .08
Gulf
.08H
Isew
Orleans.
$.05
-.05^
.06HI-.07
Tide Water OH Co
.08 X
Shell Eastern
.07 H
Richfield Oil (Cai.)
07 H
Gulf ports—
Tulsa..
.05*4
.05X-M6A
Warner-Qulnlan..
.07H
Texas
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas
I New
$.04
(Bayonne)-—---$.05H | Los Angeles..
|
.03H-.05
Orleans.$.05H-.05J4
Tulsa
Phlia., Bunker C....
$1.00-1.25
..$1.35
Diesel 28-30 D
1.35
2.20
(Bayonne)—
$.04^1
New York
x
Brooklyn
$.165
I Newark
$.19
| Boston
19
bond at principal
June 19 totaled 1,058,000 barrels,
of 169.857
daily average of 151,143 barrels, compared with a daily average
a
for the four
barrels for the week ended June 12 and 164,250 barrels daily
Receipts of California oil at Atlantic and Gulf Coast ports for the
ended June
_.$.02^-.03
|Tulsa
I
$.053
28-30 D
week
daily average of 19,286 barrels,
a
daily average of 37,714 barrels for the week ended June
a
12
and 23,393 barrels for the four weeks ended June 19.
Reports received from refining companies owning 88.8% of the 4,084,000
$.175
| Buffalo
I Chicago
17
135,000 barrels,
19 totaled
compared'with
Gasoline, Service Station, Tax Included
x
1937, is estimated at
19,
June
weeks ended June 19.
.Chicago,
27 plus
weeks ended
the four
3,534,700 barrels.
The daily average output for the week
ended June 20, 1936, totaled 2,963,400 barrels.
Further
details, as reported by the Institute, follows:
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
Daily average production
oil-producing States during June.
for
Imports of petroleum for domestic use and receipts in
.$1.05
New Orleans C
California 24 plus D
(Bayonne)—
Bunker C
The
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
current week's
United States ports for the week ended
Fuel Oil, F.O.B. Refinery or Terminal
N. Y.
4,950 barrels from the output of the previous week.
.03H-.04
....
June 26, 1937
Chronicle
barrel
177
xNot including 2% city sales tax.
daily potential refining capacity of the United
estimated
States,
Bureau of Mines'
indicate that the industry as a whole ran to stills, on a
basis, 3,320,000 barrels of crude oil daily during the week, and that all
Production of Coal During Week Ended June 12, 1937
The U.S. Bureau of
Mines, in its weekly coal report stated
production of soft coal in the week ended
June 12 is estimated at 6,995,000 net tons.
This is an
increase of 395,000 tons over the output in the holiday week
preceding, but falls below the average weekly rate for the
month of May.
Production in the corresponding week of
1936 amounted to 6,697,000 tons.
Anthracite production in Pennsylvania during the week
ended May 12 is estimated at 1,069,000 net tons.
Produc¬
tion during the corresponding week in 1936 amounted to
that
the
companies had in storage at refineries,
pipe Unas
Cracked gasoline production by companies owning 94.8% of the
potential
charging capacity of all cracking units indicates that the industry as a
whole,
on a
Bureau of Mines' basis, produced
of 730,000 barrels
an average
daily during the week.
DAILY AVERAGE CRUDE OIL
PRODUCTION
(Figures in Barrels)
B.
Four
of M
Week
Dept. of
State
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
June 1
June 19
Previous
June 19
June 20
1937
Week
1937
1936
lations
;
:
bulk terminals, in transit and in
76,574,000 barrels of finished and
unfinished gasoline and 99,215,000 barrels of gas and fuel oil.
total
911,000 tons.
of the end of the week,
as
(.June)
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
Week Ended—
Oklahoma
(IN NET TONS)
June
June 5,1937 e
12, 1937d
June 13,1936
625,300
Kansas
COKE
190,700
a.
ltd
Total, Including colliery fuel
DaUy average
6,995,000
6,600,000
6,697,000
1,166,000
gl ,245,000
1,116,000
1,069,000
..
959,000
911,000
Southwest Texas.
Coastal Texas
Pennsylvania anthracite: b
Daily average
Commercial production.c._
East Central Texas
East Texas
Total, including colliery fuel
178,200
gl91,800
151,800
1,018,000
913,000
64,000
62,100
22,100
Daily average
10,667
10,350
3,683
644,050
+3,700
196,900
86,950
+9,400
+ 500
84,200
64,900
72,800
33,000
25,500
196,500
+2,250
119,300
464,950
232,050
191,350
—3,150
+950
72,300
33.000
—100
200,650
122,950
463,600
230,750
200,550
+ 1,200
59,000
179,300
55,000
439,150
157,700
183,000
868,000
Total for period
—8,600
194,350
112,483
462,817
213,667
186,275
West Central Texas...
West Texas
632,200
78,031
61,000
65,460
173.042
Panhandle Texas
North Texas
Bituminous coal:
546,350
149,200
625,300
190,700
-
Beehive coke:
Total Texas—..—
1936
1937
19291
;
Bituminous coal:a
203,512,000
181,297,000
232,686,000
1,480,000
Total, Including colliery fuel
1,319,000
1,681,000
Daily average
Pennsylvania anthracite: b
h
Commercial production c__—-
h
h
h
Total, including colliery fuel
Daily average
h
h
h
h
Total for period
608,300
11,889
4,345
Daily average
week ended June
5; anthracite average based on five working days,
parable data not yet avaUable.
"""ESTIMATED
ia
h Com¬
^
___
WEEKLY PRODUCTION OF COAL,
Eastern
M
lchlgan
Wyoming
Total East of Calif.
_
California
Total United States
x
.
2,780,100
585,900
254,650
28,300
118,200
38,400
51,000
15,400
4,800
102,000
+ 1,050
+3,000
79,000
170,250
145,650
253,900
+4,050
249.250
221,100
28,650
120,750
42,250
46,650
252,000
New Mexico
2,997,100
21,408
► a Includes lignite, coal made into coke, and local sales,
b Includes washery and
dredge coal and coal shipped by truck from authorized operations.
Estimates
based on railroad carloadings 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 make comparable the number of working days
In the three years.
& Average daily rate of bituminous based on 5.3 working dasy
in
Total Louisiana
Arkansas
Colorado
h
1,665,900
75,450
79,650
174,250
Montana...
Beehive coke:
+5,600 1,408,500 1,163,550
1,354,000 1,352,775 1,396,400
North Louisiana
Coastal Louisiana
Calendar Year to Date—
—5,450
+600
29,550
110,550
—250
28,000
120,250
43,400
—7,550
50,350
+250
30,400
36,100
16,800
+50
16,300
3,600
4,600
114.500
17,350
3,600
116,450
+2",6OO
113,800
73,000
x602,915
2,852,550
658,400
—4,800
3,510,950
—4,950 3,534,700 2.963,400
3,366,000
—150
2,874,400 2,381,200
660,300
582,200
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 19, 1937
BY STATES
(Figures in Thousands of Barrels of 42 Gallons Each)
(IN THOUSANDS OF NET TONS)
[The current estimates are based on railroad carloadings and river shipments and
subject to revision on receipt of monthly tonnage reports from district and State
of final annual returns from the operators.]
Crude Runs
Stocks of Finished and
to Stills
DaUy Refining
Capacity
are
sources, or
Unfinished Gasoline
Finished
Poten¬
Week Ended—
June 5
May 29
1937 v
1937 V
June 6
1936
r
June 8
June 8
1935
1929
Total
2
2
2
2
217
224
196
212
329
387
12
Alabama
14
17
25
57
70
Arkansas and Oklahoma
8
100
1
1
555
607
1,003
834
1,243
Indiana
234
232
224
380
309
416
*
90
*
(feC.,
Distil.
Fuel
104
175
s
669
Appalachian.
Ind., 111., Ky
Okla., Kan.,
146
129
507
467
Mo
669 100.0
566
84.6
88.4
115
89.1
92.1
455
97.4
294
77.4
5,385
1,281
9,099
12,122
1,431
3,303
1,346
OH
8,069
227
707
1,033
5,556
8
449
380
84.6
591
3,160
201
56.6
152
75.6
130
491
793
757
95.5
691
91.3
4,922
1,384
7,707
2,802
355
Texas Gulf..
296
1,600
La. Gulf
164
158
96.3
140
88.6
786
598
271
1,734
7,103
2,131
88
No.La.-Ark.
91
58
63.7
44
75.9
102
84
89
68
111
93
128
62
69.7
40
64.5
1,899
105
747
703
862
661
Rocky Mtn.
California...
89
654
821
746
90.9
562
75.3
10.342
2",302
1,259
67,452
103
118
96
175
195
183
19
17
23
38
46
47
Reported
3,627
88.8
3,059
84.3
7,007
1
1
11
14
12
Est. Unreptd
43,071
2,880
23,086
3
280
250
97,045
2,170
47
45
Western
38
45,951
46,903
23,366
22,924
7.257
7,169
99.215
98,168
40,325
21,718
6,884 103.707
Maryland
Michigan
Montana
37
72
Kentucky—Eastern
.
37
.*1—
46
40
43
25
New Mexico
29
23
79
27
56
43
51
21
10
14
812
sl4
June 19 '37
438
320
523
417
888
June 12 '37
1,762
2,100
1,679
2,394
2,791
3,615
92
Ohio
Pennsylvania bituminous
103
94
98
113
Texas
12
15
13
12
21
21
Utah
23
28
27
36
58
89
237
248
168
226
220
457
261
4,084
4,084
4,084
4,084
3,250
Virginia
Washington
79
25
29
23
23
43
1,691
1,546
1,728
1,920
424
677
671
856
79
68
76
87
84
104
1
1
1
82
7,517
6,430
8,718
9,324
10,866
*
Total bituminous coal
6,600
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.I
and on the B. & O. in Kanawha, Mason and Clay counties,
b East of State, in¬
a
cluding the Panhandle District and Grant, Mlneral and Tucker counties.
c Includes
Arizona, California, Idaho,{Nevada and Oregon.
(^Average weekly rate for the
entire month,
p Preliminary > r Revised.
s Alaska, Georgia, North Carolina and
South Dakota included with "othe&Western States."
* Less than 1,000 tons.
Daily Average Crude Oil Output Off 4,950 Barrels in
Week Ended June 19
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
June 19, 1937, was 3,510,950 barrels.
This was a loss of
average gross
a
19 '36
b2,967
Estimated on Bureau of Mines basis,
85
Wyoming
Other Western States.c
a June
b June,
1936, daUy average.
1,380
537
3,320
44
1,465
467
Virginia—Southern.a
Northern, b
386
U. S.B.of M.
240
Tennessee
266
aEst.tot.U.S.
19
401
North and South Dakota
daily
fineries
776
11
Kansas and Missouri
r The
At Re¬
ated
and
674
Iowa
West
Oper¬
age
Gas
Inland Texas
74
535
-
Georgia and North Carolina.
66
s
Illinois
Colorado
C.
Unfin'd
of
Terms., Nap'tha
1923 d
East Coast..
Alaska.
P.
P.
Aver¬
Rate
Avge.
C
Daily
Reporting
tial
June
State
Stocks
of
District
World
Tin
Months
Production
of
Increased
During
Also
Year—Consumption
First Four
Higher
According to the June issue of the International Tin Re¬
search and
Development Council's "Bulletin" published by
Hague Statistical Office, world production of tin in the
first four months of the current year was 60,646 tons, show¬
ing an increase of about 5,600 tons as compared with the
corresponding period of 1936.
The comparable statistics of
consumption were 65,636 tons in 1937 against 54,691 tons
in 1936.
In noting the foregoing, an announcement issued
June 22 by the New York office of the Tin Research and
Development Council also said:
The
Attention is drawn to
they
now
countries
an important revision In these statistics whereby
include the quantities of tin smelted and consumed locally in such
as Japan and Australia.
This revision has been applied to the
Volume
figures for past
now cover
Financial
144
for the current year,
years as well as
so
Zinc
that these statistics
practically the whole of the world's production and consumption
of tin, excluding only the quantities refined and consumed locally in
in respect
of which
no
4253
Chronicle
China
information is available.
The steadiness in
mestic market for zinc.
There
fair call for prompt shipment zinc,
a
was
and sellers experienced no difficulty in
Statistics for the past three 'years on the new basis are given as follows:
of the do¬
London prices improved the general tone
The spot
obtaining 6.75c., St. Louis.,
Shipments of the common
abroad.
situation remains tight here as well as
grades of zinc to domestic consumers during the last week again were large,
totaling close to 4,700 tons, which was accepted as evidence that consump¬
World Production
World Consumption
(Tons)
(Tons)
1934
114 881
122,790
1935.
146,819
178,226
148,713
18, but advanced to
162,738
tinent.
1936
tion of the metal remains satisfactory in spite
of the labor difficulties in the
Spot zinc in London dropped down to £20 per ton on June
steel industry.
£21 yesterday because of developments on the Con¬
Tin
The following table shows the consumption statistics for the year
April,
1937,
in
tons of $2,240
comparison with
the statistics for the
previous
ended
Demand for tin
(in
year
was
fair last week, and, in sympathy with
erally anticipated,
London, prices
Production of tin during May was smaller than gen¬
moved slightly higher.
lbs.):
15,898 tons
in March, according to the American Bureau
Percentage
production for the month came to 15,255 long tons, against
Increase or
Year Ended April
in
1936
1937
Decrease
United States-
84,132
66,330
20,592
24,131
—14.7
U. S. S. R
11,155
7,992
+39.6
France
10,116
8,879
Germany
9,606
9,431
Japan
7,832
6,264
33,364
156.391
the
17,664
tons
During May, Bolivia exported 1,552 tons, against 1,676
preceding month,
and
DAILY
of 17,800 tons over the previous
tion in the United
year's consumption.
Kingdom shows
was
an
increase
Apparent consump¬
activity in the tin consuming industries, this indicating that invisible stocks
(in consumers' works
at smelter)
or
are
being depleted.
Consumption in
("E.
Straits
Electrolytic Copper
decrease of 14.7% despite increased
a
METALS
54.875c.
& M.
J."
QUOTATIONS)
Zinc
Lead
Tin
New York
Dom.,Refy. Exp., Refy.
The increase in world consumption in the year ended April, 1937, was due
principally to the United States of America, where there
PRICES OF
quota.
follows: June 17th, 54.125c.; 18th,
19th, 54.250c.; 21st, 54.125c.; 22d, 54.600c.; 23d,
+ 11.1
Total apparent consumption
considerably below its
again
Chinese tin, 99%, was nominally as
54.125c.;
—9.3
173,683
in
+ 13.9
+ 1.9
+2-5.0
30,250
April and
of Metal Statistics.
tons
+26.8
United Kingdom
Other countries
World
of sellers.
served to steady the views
which
New York
St. Louis
St. Louis
55.125
6.00
5.85
6.75
13.775
13.275
55.125
6.00
5.85
6.75
13.775
13.275
55.250
6.00
5.85
6.75
June 21.
13.775
13.125
55.125
6.00
5.85
6.75
June 22
13.775
13.15C
55.600
6.00
5.85
6.75
June23.-._-
13.775
13.275
55.875
6.00
5.85
6.75
Average
13.775
13.233
55.350
6.00
5.85
6.75
13.775
June 17
June 18
June 19..
...
13.300
Russia at 11,155 tons has again exceeded all previous records, being nearly
40% ahead of the figure for the previous
Substantial increased in
year.
tin consumption are also recorded for France
13.9%; Japan, 25%; Poland,
48%, and Canada, 10%.
Tin Consuming Industries
World production of tinplate increased
in the year ended April,
by 24%% from 3,196,000 tons
1936, to 3,976,000 tons in the
ended Ap^il,
year
1937, and the quantities of tin used in this industry were, respectively,
53,000 tons and 66,000 tons.
year
The world output of motor vehicles in the
_
-
19 are: Domestic copper, f.o.brefinery, 13.775c.; export copper, 13.192c.; Straits tin, 54.992c.; New York lead,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 6.75c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
prices for calendar week ended June
Average
Daily London
ended April, 1937, totaled 6,060,000 vehicles against 5,251,000 vehicles
in the
preceding year.
industry in the
Approximately 13,500 tons of tin
were
Copper, Sid.
ended April, 1937.
year
Prices
used in this
Zinc
Lead
Tin, Std.
Copper
Electro.
World Stocks and Prices
Spot
During May, 1937, world visible stocks of tin decreased by 786 tons to
23,027 tons, equivalent to 13% of the current annual rate of consumption.
3M
June 17
53 %
521516
60
Spot
(Bid)
246%
53%
53%
60
246
June 21
52%
52%
59%
245%
17.0, compared with sterling £267.8.8 in April, and with sterling £283.5.7
June 22
53
52%
59%
June 23
55%
54%
61
245%
247%
in March.
245
246%
Spot
2115,6
2U,6
20",6
20
20
21 %
2115,6
2215,6
245%
244%
June 18
3M
221,6
217,6
246
The average cash price of standard tin in May, 1937, was sterling £250.-
3M
Spot
3M
217i6
21%
22%
207,6
207i6
20%
20%
20%
21
2015,6
of the London
tin are the official closing buyers' prices.
(2,240 lb.).
Prices for lead and zinc are the official prices for the first session
Metal Exchange; prices for copper and
Buying
of
Major
Non-Ferrous
Scale—London
"Metals
and
Metals
Moderate
on
Steadies
Mineral Markets"
in
its issue of
June 24
reported that the labor difficulties here and the uncertainty
over the political situation in Europe caused
both buyers
and sellers of non-ferrous metals to move slowly in the last
week.
The sales volume was of modest proportions.
Prices
ruled steady to firm, with no changes of consequence. London
quotations came in higher on June 23, after almost a week of
unsettlement in that center.
Highly favorable domestic
refined-lead statistics for May were reflected in another
reduction in stocks in the hands of producers.
Output of
tin by countries in the control plan continues below the
quotas established for the industry.
The publication further
reported:
a
unsettled during most of the week, which had
was
sympathetic influence on the domestic industry.
advanced
on
described
was
as
to
Demand for copper in
improve.
good
There was
metal.
As the market abroad
June 23, partly on nervousness over developments in Spain,
sentiment seemed
the
foreign field
June 23, but inquiry was chiefly for July-August
comparatively little interest in forward copper.
Most of
the buying originated in the United
Kingdom.
Consumers abroad, in
over
many
the remain¬
der of the year will be more than sufficient to take care of requirements.
London Metal Exchange stocks are slowly increasing, reversing the trend
of the last year.
Domestic business in copper during the last week totaled 6,498 tons, or
not much more than in the
preceding week.
The business
close down for
amounted to
The
a
vacation
of scrap
Intake
Perth
was
Sales for the month to date total 18,717 tons.
hope to maintain the domestic price at 14c.,
booked at
Producers
even
19
days
of June
10,350 tons.
Am boy refinery of the American
Smelting & Refining Co.
Furukawa, operating in Japan, produced 1,360 short tons of copper dur¬
ing April, against 1,387 tons (corrected) during March.
a
little
more
active than in the preceding week,
seven-day period amounting to about 4,650 tons.
Producers
regarded
the
the week's business was the inquiry
market
from
prompt-shipment material asked for
Favorable
on
as
quite firm.
consumers
a
A
feature in
for near-by lead, with
fair proportion of the tonnage
Quotations continued at 6c., New York, which
was
also the contract
settling basis of the American Smelting &
Louis.
East at
a
Business
was
premium.
Refining Co., and at 5.85c„
booked by St. Joseph Lead for delivery in the
basis, or about 16% of the country's total capacity.
tons on an annual
secutive monthly shrinkage in the surplus in the hands of producers.
The
stocks at the end of May—115,843 tons—represented little more than two
months' apparent consumption.
Domestic shipments to
consumers in the
first five months of 1937 averaged 53,986 tons a month, against an average
of 35,600 tons in
the same period last year.
Production during May
was
3,863 tons smaller than in April, attributed in part to the "labor holiday"
of the properties in Idaho.
,»
In
addition, 90,000 steel workers are idle and total payroll losses to date are
about $15,000,000.
Labor anarchy with a Government guarantee
steel companies in a position
places the strike-affected
from which there appears to be no way out
that will be satisfactory to either
side in the controversy.
The efforts of
the Federal Steel Mediation Board may come to naught in view of the re¬
sistance
of
the
companies
to signed
agreements and
strikes
the
enter
their fifth
the abrogation by
work.
Government edict of the Constitutional right to
week, and with
hopes for
a
mutually
satisfactory settlement as remote as ever, the volume of steel business being
switched to companies not affected
by strikes appears to be growing in vol¬
though it is not even now of large proportions, which is one indication
that requirements
of consumers, with some exceptions, are lessening.
Other
developments pointing to a downturn in consumers' needs are requests for
holding up of shipments or extension of delivery dates beyond the time
originally specified.
The decline in new orders
and reduction in backlogs find reflection in
lowered operations at some plants where
week.
last
labor troubles are not
a
factor.
estimated at 75%, down two points
A part of this is caused by the complete shutdown at
Johnstown, but there have also been declines at Buffalo and in southern Ohio
which
are
offset to
some
Birmingham districts.
extent
by increases in the Cleveland-Lorain and
However, it is now apparent that further reduction
in operations will occur soon unless
business improves.
is expected, as backlogs in many instances are
No sharp decline
sufficient to
assure a very
good rate through July.
lies in the plans of automobile
companies for work on new models, which has been interfered
considerable extent by the many strikes in that industry.
with to a
If automobile
companies are now successful in making a quick changeover to production
of 1938 cars, volume purchases of steel will
:v
The reduction in stocks of refined lead during May marked the 10 con¬
at one
producing capacity that has been rendered idle by strikes is nearly 11,000,000
Chief hope for early business improvement
sold.
St.
Youngstown Sheet & Tube Co., when martial law was declared in
Mahoning Valley by Governor Davey of Ohio, the amount of steel ingot
from
May statistics and higher London quotations were factors in stimulating
business.
and
of
of the Youngs town plants of Republic Steel Corp.
The average for the country this week is
Lead
Demand for lead was
Bethlehem Steel
With the closing down of the Johnstown plant of the
the scheduled reopening
ume,
period of ten days early in July.
by custom smelters during the first
shut down the afternoon of June 23 because of labor trouble.
sales for the
Dwindle
Age" in its issue of June 24 reported that de¬
spite the loss of steel production caused by strike shutdowns
at various plants; the volume of new business being taken
by companies not affected by strikes continues to dwindle,
which may be partly due to seasonal factors and partly
to the widespread loss of confidence occasioned by labor
agitation, coupled with the breakdown in law enforcement,
aided and abetted by the President of the United States and
the Governors of the great steel-making States of Ohio and
Pennsylvania.
The "Age" further reported:
As
though fabricators may
Numerous fabricators will virtually
restrict operations in the next month.
Business Continues to
The "Iron
on
instances, feel that production outside of the United States
14c., Valley.
New Steel
Volume of
Corp. by order of Governor Earle of Pennsylvania and the postponement
Copper
The London market
All are in pounds sterling per long ton
weeks,
some
In the
be made within two or three
steel having already beeD ordered for first runs on the new cars.
new
business of the past week the heavy products,
particularly
plates and shapes, have predominated, although there is also a growing
demand for oil-country pipe owing to extensive
companies.
drilling operations by oil
The farm machinery group is a consistently large user of steel.
Tin plate shipments are at the limit
of capacity.
Deliveries of some steel
products are shortening, but backlogs in sheets, plates and tin plate are
very
heavy.
•
4254
Financial
Structural steel business shows
a
sizable amount for private construction.
The
week's lettings of more than 15,000 tons included 2,100 tons for a
General Motors plant at Rochester, N. Y., 3,500 tons for a
bridge at Turn¬
Falls, Mass., and 1,050 tons for the Bronx-Whitestone bridge, New
ers
York.
New projects of size
are
Trenton, N. J., 2,200 tons for
5,000 tons for
a
General Motors plant at
Bendix Aviation Co.
a
Chronicle
plant at Teterboro,
"Steel" of Cleveland, in its summary
markets,
a rayon machinery plant at
Painesville, Ohio, 1,800
hearth building for the Republic Steel Corp. at Alabama
City, Ala., and 2,000 tons for a bridge at Ottawa, 111.
Reinforcing bar
awards were 6,300 tons.
The Seaboard Air Line has ordered 200 cars and
10,000 tons.of rails. The Minister of Rys. of China has bought 20 locomotives
here and may buy 20 additional.
Iron ore movement
the Great Lakes is tapering owing to the relaxing
on
of pressure by companies that are affected
by strikes.
Pig iron buying is not brisk, but furnaces
through the third quarter.
are
booked
almost
Iron &
solidly
For the first time since December, 1928, every
RR Co. having blown in its No. 6 stack at
Steel Corp. has put into blast its
idle since
Ensley.
The Sharon
Lowellville, Ohio, furnace, which has been
1931.
The decline in steel scrap prices has been
halted, temporarily at least,
though there will be
no
signs of strength until the steel strikes
are
buying, while less than
settled.
ment
Finished
June 22, 1937, 2.605c. a Lb.
than
Steel
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
—2.605c.
rolled strips.
These products represent
85% of the United States output.
1937
High
2.605c.
Mar.
1936
1935
Some
lines
automotive
and
2.330c.
Dec. 28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.1240.
Jan.
8
2.199c.
_
Apr.
24
2.008c.
Jan.
2
Mar.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
9
1929
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
-2.286c.
Dec.
11
2.217c.
July
17
considerable in
Buffalo,
18.84
Valley,
and
Southern iron at Cincinnati.
High
$23.25
Mar.
1937
1935
Norfolk & Western has distributed about 10,000 tons
cars.
Bids
not be
other
on
battleship
a
battleship will be built in
activity in this line will be continued through the summer, a
slight drop in
upward
134
one
to
the
only decrease,
of
so
producers is intensified.
much material that tin mills
are
Wheeling
was
Larger canmakers
made at
in need
are
Because of
operating extra turns.
'Influence of the labor disturbances in
town has been felt to less
sumers
85%
Cleveland, Chicago and Youngs¬
degree than expected.
In
few instances con¬
a
have asked steel from other than their usual sources, but the total
Low
9
$20.25
Feb.
18.73
Aug.
11
A static condition prevails in scrap and appearances are that prices have
16
Nov. 24
come
close to
the bottom
of the present decline.
14
at the moment and domestic
May
1
To
1933
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
a
large extent prices are nominal
as
buyers and sellers mark time.
Pressure to transport the greatest possible tonnage of iron ore from the
head of the Lakes is shown
by the record for largest
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Dec.
16
twice in the past
week, in each
1929..
18.71
May 14
18.21
Dec.
17
single bottom.
With
18.59
Nov. 27
17.04
July
24
Scrap
Export demand is ligh
buying awaits further depletion of stockpiles.
1931
case
cargoes
being broken
well over 15,000 tons being carried in a
33 freighters clearing Duluth-Superior harbor in a
single 24 hours recently the total
ore
shipped that day was approximately
300,000 tons.
June 22, 1937, $17.08 a Gross Ton
Based
on
No.
1
heavy melting steel
One week ago
.$17.08quotations at Pittsburgh, Philadelphia
One month ago
17.92
and Chicago.
One year ago
12.75
High
$21.92
$17.08
June
Dec.
21
12.67
June
13.42
Dec.
10
10.33
Apr.
13.00
Mar. 13
9.50
Aug.
12.25
Automobile production advanced last week to 120,720 units from a revised
total of 108.182 the
to
15
9
23
Sept. 25
8
6.75
Jan.
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
week
General Motors stepped up its output
before.
a
trifle with 28,740
29,240, and Chrysler's 28,500 compared with 27,600 the
All
other
car
manufacturers
ran
up
total of 21,332,
a
in
comparison with 13,559 the previous week.
Composite price for steelworks scrap declined to $17,
from the revised composite for the previous week.
29
3
preceding week.
42,150 from 37,783 the preceding week, Ford lost
compared with
Low
Mar. 30
17.75
1930
No change
labor difficulties the national production rate for tin plate is not over
27
1933
93%.
Tin plate continues the most sought material and as the canning season
opens pressure on
May
.
to
Pittsburgh with 92%; Youngstown, 30; Cleveland, 46; Buffalo, 89; Birming¬
Jan.
—
point to 6334; New England, 37 points
ham, 83, and Cincinnati, 93%.
16.90
1935
a
2 points,
17.83
1936
Eastern Pennsylvania gained
of capacity.
82; Detroit, 2 points to 97, and St. Louis 8 points to 93%.
showed
only
has resulted in the national steel operating rate pushing
points to 7534%
5
1934
These builders are
Gains in operating rate in five districts, unchanged rate in six and
a
Nov.
1937
An¬
completed.
are
yard, the two accounting for a heavy
a navy
tonnage of steel.
17.90
Steel
17 but steel specifications will
opened June
were
ready for about eight months when drawings
18.84
1928
10,000 tons of
Seaboard Air Line has placed
prospect.
with
of plates and other steel for its car and locomotive program.
1934
_
1937
complete
to
of this diverted tonnage is small.
19.73
1936
partly
This tonnage is expected to
Railroad buying is appearing in good volume,
of capacity.
Pig Iron
June 22, 1937, $23.25 a Gross Ton
Based on average of basic Iron at Valley
One week ago
$23.25'
furnace and foundry Irons at Chicago,
One month ago
23.25
Philadelphia,
One year ago
In
number of producers.
being booked,
is
tonnage
1938 model compaigns.
short time.
a
rails and some
2
1931
;
for
some
234 points to 67%; Chicago, half
Low
9
2.330c.
1933
a
plates little progress has been made by eastern mills in reducing backlogs.
[Based
—2.605c.'
1934
May, in the experience of
taking steady tonnage of steel.
One month ago
-_2.097c.l
in
reflection of good conditions in the farming industry.
One week ago
One year ago
Deliveries of sheets are further
contrary to the expected summer lull.
deferred
demand
this tendency is not sufficiently marked up to
strong influence on buyers, it seems to indicate a move¬
a
Prospects of agricultural implement and tractor manufacturers are ex¬
"IRON AGE" COMPOSITE PRICES
:
wEe
other lines.
some
this time to exert
cellent and
.
increase over a
an
instances are falling back.
some
This is true in sheets and plates, particularly, with stiffening of
in
The "Iron Age" composite price for scrap remains at $17.08.
THE
few weeks ago, shows
a
fortnight ago, to the extent that deliveries in
increase in
serviceable blast furnace in Alabama is making iron, the Tennessee Coal
of the iron and steel
June 21 stated:
on
Unexpected and encouraging features are developing in the steel market
and
N. J., 1,900 tons for
tons for an open
Jane 26, 1937
December.
are
a
drop of 12 cents
This is the level of mid-
In the absence of sufficient trading to test the market prices
unchanged at Chicago and in the East, with Pittsburgh showing a slight
15.00
Feb.
18
11.25
Deo.
9
1929
17.58
Jan.
29
14.08
Dec.
3
decline.
1928
16 50
Dec
31
13 08
July
2
finished steel composite again is unchanged at $61.70.
-
The American
Iron and
Steel Institute
on
June 21
an¬
nounced that
telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 75.9%
of capacity for the week beginning June 21 compared with
76.6% one week ago, 91.0% one month ago and 70.2% one
year ago.
This represents a decrease of 0.7 points, or
0.9% from the estimate for the week of June 14, 1937.
Weekly indicated rates of steel operations since June 8,1936,
1936—
1936—
8
69.5%
70.0%
70.2%
74.0%
67.2%
69.0%
June 15
June 22
June 30
July
6
July
13
July
20
Sept. 21
Sept. 28
1937—
74.4% Jan.
.75.4% Jan.
79.4%
Apr.
19
11
78.8%
Apr.
26.
Oct.
5
75.3% Jan.
18
80.6%
May
3
75.9% Jan
74.2% Feb.
25
77.9%
79.6%
80 6%
81.6%
Oct.
12
Oct.
19
Oct.
26
4
1
Feb.
8
Feb.
15
Feb.
22.-82.5%
27
3
70.9%
71.5%
71.4%
Nov.
Nov. 16
74.3%
74.7%
74.0%
74.1%
Mar.
1
Aug. 10
70 0%
Nov. 23
74.3% Mar.
8
July
Aug.
U. S.
Steel at 87%, against 88% in the two preceding weeks.
independents
are
Aug. 17
72.2%
72.5%
Aug. 24
Nov.
2
9
Dec.
7
Dec.
14
7
Sept. 14
Deo. 21
Sept.
68.2%
72.5%
May 10
May 24
May 31
7
Dec. 28
with
66%, unchanged from
The following table gives a comparison of the percentage
corresponding week of previous
in
from the
points,
Industry
1937
years,
week
before,
—34
87
1936
+1
66
1935
38
—1
35
1934
57
—3
48
of production
together with the
immediately preceding:
U. S. Steel
7534
7134
1933
Leading
the week
two weeks ago.
Independents
—1
66
+1
75J4
+1
40
—1
—1
64
34
—
—5
50
+2 34
40
+2
58
35
—2 34
—2
35
—4
35
—2
66
71
—1
62
—2 34
95
—1
99
—1
72 34
1927
June 21
1931
1928
June 14
1930
1929
85.8%
87.3%
75.9% Mar. 15
88.9%
76.6% Mar. 22
89.6%
79.2% Mar. 29
90.7%
77.0% Apr.
5..*—89.9%
77.0% Apr. 12
90.3%
Nov. 30
Aug. 31—71.5%
91.3%
92.3%
91 0%
91.2%
90.0%
91.0%
77.4%
76.2%
76.6%
75.9%
May 17
June
credited
and compared with 64%
approximate changes,
1937—
to $39.80 and the
Steel ingot production for the week ended June 21, is
placed at 75}4% of capacity according to the "Wall Street
Journal" of June 23.
This compares with 76% in the pre¬
vious week, and 75% two weeks ago.
The "Journal" further
reported:
with the nearest
follow:
June
The iron and steel composite lost four cents,
71
—
34
+3
92
—2
76
6934
—1
74
68
Note—1932 not available.
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended June 23 member bank
balances increased
reserves
arose
$46,000,000.
from
decreases
Treasury cash amounted to $1,039,000,000
reserve
Additions to member bank
of
$21,000,000 in
money
in
circulation, $99,000,000 in Treasury deposits with Federal
Reserve banks and $3,000,000 in Treasury cash other than
inactive
gold and
currency,
an
increase
offset in part by
Reserve bank credit and
member
Excess
to be
deposits
reserves
and
an
a
of
Treasury
increase of $57,000,000 in non-
other
Federal
of member banks
approximately $810,000,000,
for the week.
$2,000,000 in
decrease of $21,000,000 in
on
Reserve
June 23
an
were
accounts.
estimated
increase of $60,000,000
Inactive gold included in the gold stock and
increase of
$51,000,000 for the week.
on
June 23,
After noting
an
these
facts, the Board of Governors of the Federal Reserve System
proceeds as follows:
Principal changes in holdings of bills and securities
$2,000,000 in United States. Treasury notes and
a
were
an
increase of
decrease of $2,000,000
in United States Treasury bills.
The statement in full for the week ended June 23 in
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 4294 and 4295.
Changes in the amount of Reserve bank credit outstanding
and related items
1937,
were as
during the week and the
follows:
year
ended June 23,
Volume
Financial
144
Increase
June 23,
or Decrease
Since
565,000,000
3,759,000.000
Otherwise secured and unsec'd
+2,000,000
+40,000,000
474,000,000
—5,000,000
—19,000,000
—21,000,000
+ 50,000,000
2,550,000,000
—7,000,000
+2,000,000
—99,000,000
+ 57,000,000
Returns of Member
Banks
in
New York City
729,000,000
Otherwise secured and unsec'd
794,000,000
U. S. Govt, direct obligations
8,556,000,000
Obligations fully
guaranteed by
United States Government
1,165,000,000
Other securities
3,111.000,000
Reserve with Fed. Res. banks
5,280.000.000
Reserve
rent
purchasing
or
Loans to banks
+ 16,000,000
+61,000,000
Other loans:
On securities
and
+ 5,000,000
+298,000,000
—893,000,000
—137,000,000
—259.000.0oo
+ 1,343,000,000
—90,000,Coo
—427.000.0oo
299,000,000
—1,000,000
—32,000,000
—87,000,000
—38,000,000
1,774,000,000
+ 23,000,000
15,242,000,000
5,233,000,000
—264,000.000
Cash in vault
Balances with domestic banks
Below is the statement of the Board of Governors of the
Liabilities—
Demand
System for the New York City member
banks and also for the
+ 11,000,000
for
loans
carrying securities
Real estate loans
Chicago—Brokers' Loans
Federal
+*44,obb"666
1
+74,000,000
587,000,000
—3,000,000
167,000,000
+ 76,000,000
+ 2,000.000
716,000,000
1,166,000,000
Other
—778,000.000
Non-member deposits and other Fed¬
eral Reserve accounts
1,371,000,000
securities
+1,546,000,000
+221,000.000
+ 748,000,000
+46,000,000
balances
Money In circulation
Treasury cash
brokers and dealers in
Loans to
+ 90,000,000
+1,670,000,000
+50,000,000
-21,000,000
+ 48,000,000
reserve
+ 94,000,000
cultural loans:
On securities
6.854,000,000
6,394,000,000
3,396,000,000
Treasury deposits with F. R. bank..
151,000,000
Member bank
(—)
June 17, 1936
$
—86,000,000
+1,203,000,000
Commercial, industrial, and agri¬
—8,000,000
2,562,000,000
12,270,000,000
currency
+ 359,000,000
22,573,000,000
9,741.000,000
Loans and investments—total
Loans—total
Open market paper
Treasury
$
$
A. sscts
+ 7,000.000
+ 1,000,000
+ 96,000,000
3,000,000
Gold stock
Decrease
or
Since
-1.000,000
22,000,000
Total Reserve bank credit
(+)
June 9, 1937
June 16,1937
S
U. S. Government securities.2,526,000.000
Industrial advances (not Including
Other Reserve bank credit
(—)
-1,000,000
13,000,000
'
4,000,000
$17,000,000 commltm'ts—June 23)
Increase
June 24, 1936
June 16, 1937
1937
$
Bills discounted
Bills bought.
(+)
4255
Chronicle
deposits—ad Justed
Time deposits
Chicago member banks for the cur¬
+ 811,000.000
+ 212.000.000
—305,000,000
547,000,000
+444,bob",666
5,041,000,000
592,000,000
+ 2,000,000
—307,000,000
+ 13,000,000
+ 112,000,000
58,000,000
+ 42,000,000
+ 46,000,000
United States Government deposits
Inter bank deposits:
week, issued in advance of full statements of the member
Domestic banks
Foreign banks.
banks, which latter will not be available until the coming
Borrowings
Monday:
*
Comparable figures not available
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
New York City
Chicago
June 23
June 16
June 24
June 23
June 16
1937
1936
1937
1937
1936
$
$
$
'
i
Italy
June 24
1937
$
/
Assets—
8,513
8,606
8,998
1,979
1,988
1,929
Loans—total
4,032
4,011
3,294
668
655
522
Industrial,
Bilbao
and
On securities
228
Otherwise secured & unsec'd
* *
226
1,484
1,491
34
33
*
394
394
*
28
29
*
58
44
80
*
*
81
ening this week, after Italy and Germany had announced
on June 23 their withdrawal from the four-Power
Spanish
164
163
1,217
1,169
278
278
Real estate loans
134
131
133
14
14
15
Loans to banks
100
126
31
3
3
6
Loans
to
brokers
a
and
dealers
Other loans for purchasing
1,030
*
*
Other loans:
4
'
On securities
255
Otherwise secured & unsec'd
U. S. Govt, direct obligations.
—
254
172
3,141
*
173
3,023
22
23
35
34
922
943
*
4,007
*
»
1,014
Obligations fully guaranteed by
United States Government-..
440
559
95
95
93
Other securities
1,020
1,014
1,138
294
295
300
Reserve with Fed. Res. banks..
2,509
2,478
1,906
586
598
677
438
Cash In vault
55
28
28
37
64
69
76
141
145
206
471
469
476
59
59
73
6,252
49
Balances with domestic banks..
Other assets—net
48
Liabilities—
Demand deposits—adjusted
1,473*
6,263
6,251
1,499
1,512
Time deposits
722
726
547
453
451
United States Govt, deposits...
Inter-bank deposits:
289
289
192
41
41
101
_f.
1,863
1,905
2,263
534
548
587
Domestic banks
Foreign banks
491
423
7
7
5
31
53
404
405
367
22
22
35
1,475
1,477
1,468
237
237
230
570
-
Borrowings..
Other liabilities
Capital account
-
552
Comparable figures not available.
+
Complete Returns of the Member Banks of the Federal
Reserve System for the
As
patrol as a result of a disagreement arising from the reported
attempt by Spanish loyalists to torpedo the German cruiser
55
or
carrying securities
*
Preceding Week
explained above, the statement of the New York and
Chicago member banks
taneously with
political situation became more threat¬
The international
agricultural loans:
Open market paper,
are
given out
figures for
the
the
on
Thursday simul¬
Reserve
banks
them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System
respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business June 16:
Leipzig.
The Spanish Government denied responsibility
for this incident, and asserted that on the day when the
Leipzig reported the attack, all loyalist submarines were in
port. Nevertheless Germany demanded that Great Britain,
Italy and France join her in a naval demonstration against
the loyalist Government as a protest. Italy supported Ger¬
many in the demand, but France and Great Britain insisted
that an investigation be made before further action was
taken.
Thereupon Germany announced that the projected
visit of Foreign Minister von Neurath to London had been
canceled because of the gravity of the Spanish situation.
After Italy and Germany had formally resigned from the
naval patrol, it was reported that their fleets were being
concentrated in Spanish waters, and that French naval vessels
also
converging on the area.
Spanish civil war was last reported in the "Chronicle"
of June 19, page 4092.
On June 19 Spanish rebel troops under the command of
General Franco entered the city of Bilbao, which had been
besieged for many months. The rebels' next objective was
reported to be the city of Santander.
A London dispatch of June 23 to the New York "Times"
from
its
special correspondent, Frederick T. Birchall,
described the latest steps taken by Italy and Germany as
were
The
follows:
As
the
(Britain, France,
today
Increases of
$94,000,000 in loans, $298,000,000 in holdings of United States Government
$264,000,000 in demand deposits, adjusted; and
an
►
Spain.
They have not
pledges to send no pore
volunteers to
withdrawn their observers from the neutral
even
They have merely removed
ports from which the control scheme is operated.
danger zone.
Moreover, both Powers have assured Great Britain that this is all they
intend to do
unless further provocation is
Britain is immensely
offered.
relieved by this assurance.
German Note Presented
Commercial, industrial and agricultural loans increased $35,000,000 in
New York district and $42,000,000 at all
reporting member banks.
German
withdrawal
bassador.
Loans to banks increased $45,000,000 in the New York district. * "Other
loans" increased $9,000,000 in the New York district and
$16,000,000 at
Leipzig
all reporting member banks.
in the Spanish sea
Holdings of United States Government direct obligations, following the
United States Treasury's June 15 financing, increased in all
districts, the
of
"other
securities"
declined $36,000,000 in the New York district and
$32,000,000 at all re¬
was
announced
Foreign Office this morning by Joachim
the
Holdings
i
They have not formally withdrawn from the International Non-inter¬
vention Committee or from their
The
$298,000,000.
Ger¬
the international
increase of $42,000,000
in borrowings.
being
their warships from
withdrew
patrol.
direct obligations and $444,000,000 in Government
deposits; a decrease of
increase
Germany and Italy) over the proper
alleged attempt to torpedo the Germany cruiser Leipzig,
Italy
and
many
the four Powers patrolling
result of yesterday's disagreement among
a
Spanish coast
retort to the
their ships from international duty in the Spanish
The condition statement of weekly reporting member banks in 101
leading
cities shows the following changes for the week ended June 16:
aggregate
Naval
with France and
Great Britain on Protest Against Torpedoing of
German Cruiser Leipzig—Spanish Rebels Capture
(In Millions of Dollars)
Loans and Investments—total..
Commercial,
Spanish
from
Withdraw
Germany
and
Control—Action Follows Dispute
It
von
in
note
a
presented at
the
Ribbentrop, the^German Am¬
read:
"The German Government, after being notified of attacks on her cruiser
on
June 15 and June 18, immediately informed the Powers engaged
control that they were unwilling to expose their naval
forces, while entrusted with
an
international task, to further target practice
off Red Spain.
"The German Government have limited to
which had to be asked for the safety
a
minimum the guarantees
of German ships in requesting a naval
porting member banks.
demonstration of the four control Powers, thus to express definite, obvious
Demand deposits, adjusted, declined $231,000,000 in the New York
district, $42,000,000 in the Boston district and $30,000,000 in the Phila¬
delphia district, and increased somewhat in most of the other districts,
and
all reporting member banks showing a net decrease of
$264,000,000 for the
week.
Government deposits increased in all but two
lacking
in the New York district being $292,000,000 and the total increase
being
"The
districts, the increase
$444,000,000.
Deposits
credited
little change for the week.
to domestic
banks showed relatively
Deposits credited to foreign banks increased
$15,000,000 in the New York district.
Borrowings of weekly reporting member banks aggregated $58,000,000
June 16, an increase of $39,000,000 being reported
by New York banks
$3,000,000 by other banks.
not
solidaric
regrets to state that among the control Powers that spirit of solidarity is
forms
international
German
an
indispensable
condition
for the
execution
of
a
task.
Government
therefore
has
decided
to
withdraw
finally
by
Count
from the control scheme."
Germany's
Dino Grandi
necessary
draw
and
resumes
which
common
on
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended June 16, 1937, follows:
Since the British and French Governments were
warning.
ready to agree even to this minimum request, the German Government
announcement
on
followed
by
similar
action
behalf of Italy, whose note said that the lack of solidarity
for common action
definitely"
her
was
from the
among
control
the four Powers caused Italy to "with¬
system.
Thus
Italy, like
Germany,
liberty of action in regard to acts of aggression, but retains her
place in the non-intervention scheme.
There is nothing to show that the German or Italian fleets will abandon
Spanish coastal waters.
On the contrary, there is every indication that
large units will remain in the vicinity to protect their
own
shipping.
The
Financial
4256
June 26, 1937
Chronicle
few
It is fer¬
their international duties.
vessels will merely cease to carry on
leaves open virtually the entire
now
and France shall undertake to
or
whether other countries such as the Scandinavian
lands—perhaps
entail such complications that
over
Aug
Powers and the Nether¬
There is
to believe the conversation
reason
what
could
matters,
be
done
maintain
to
Anglo-German cooperation in Spanish
the Ambassador suggested a
with Ambassador von Ribbentrop to
all
Powers
the
Spanish civil
could
cordial
Minister's assurance it took the turn of discussing
the result that
with
between Baron von Neurath
Henderson, the British Ambassador, was wholly
Sir Neville
and that after the Foreign
unite
in
work out
a
consultation
practical scheme by which
and ultimately liquidating the
restricting
war.
,
It is notable also that Ambassador von
Ribbentrop flew from London to
Berlin this evening for consultation with
That
some
the danger,
their
possible, because
which
Exchange Requests Members to File
embodied in its report to Congress last June on
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended May 22 were given in our issue of June 19,
page 4094.
In making available the data for the week
ended May 29, the Commission said:
The figures given for total round-lot volume for the New York Stock
with the Committee stating whether or not they are at pre¬
sent "associated with any investment trust, either through
participating in the organization or management of the trust
or by offering or distributing its securities."
The Committee
asked that the data be submitted in writing prior to July 10.
It is explained that the questionnaire is preliminary to the
.establishment, if found necessary, of rules by the Exchange
to govern members' relations with the management type of
trust.
The Exchange already has effective rules in force
relative to fixed trusts.
The following is the questionnaire
sent to the Exchange members:
Exchange and
the
week
on
York
New
(a)
(b)
tween
Curb
and warrants)
The
reported on the ticker.
On the
the same week,
round-lot volume in
total
Exchange,
data
(exclusive of rights
.
published are based upon reports
filed with the New York
by their respective
Exchange and the New York Curb Exchange
These reports are
classified as follows:
N.Y. Stock
Reports
of the Rules of the Governing Com¬
Other than
Stock List requests that all firms registered on
as
Exchange
865
1,074
transactions:
*
104
194
—.
specialists:
64
- 122
543
596
♦
Note—On the New York Curb Exchange the round-lot transactions of specialists
"in stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
224
274
Initiated on floor
associated with
Initiated off floor
either through participating in the organization or
—...
-
(
Reports showing no transactions
association of a member firm or any partner thereof should be re¬
a partner of the firm is an officer or director of an investment
affiliated depositor corporation.
Where there is a management or investment advisory contract be¬
showing
As specialists
N.Y.Curb
Exchange
Number of reports received
Where
dealer
as well as
those of the specialist.
or
the firm
and
investment trust.
an
,
The
than
Where a member or member firm has been engaged at any time since
Jan. 1, 1937, in the distribution of the securities of an investment trust.
Where
a
member
or
member firm is associated with an investment trust
number
the
In any of the foregoing capacities, the report to the Committee on
YORK
Stock
STOCK
FOR
EXCHANGE—TRANSACTIONS
Week Ended May 29.
(a) The name of the investment trust.
(b) The size of the investment trust as indicated by the market valuation
of its portfolio as of Dec. 31, 1936, or other recent convenient date.
(c) The nature of the member or member firm's association with the trust.
Where
a
member
trust in any
or
member firm is not associated with an investment
of the foregoing capacities,
on
orders for the account of
acting solely
as a
broker
a
report to that effect should be
an
Total volume of round-lot sales effected on the
Round-lot
on
transactions
of
members
except
Exchange
Per
Cent
a
3,470,560
transactions of
specialists and odd-lot dealers in stocks In which
1. Initiated on the floor—Bought
registered:
203,410
—
247,040
-
investment trust or the execution of
by
member
over-the-counter dealer should not be reported
a
or
450,450
Total....
member firm
investment trust
or
6.49
139,670
2, Initiated off the floor—Bought
171,900
Sold
sales commission or discount from the issuer or
Total..
distributor of the securities of the trust.
The Committee
1937
Sold
an
a
STOCKS
Week
membership association, unless the member or member firm participates,
directly or indirectly, in
ALL
IN
(SHARES)
Total for
Stock List.
Transactions in the securities of
because, at times, a single repor
ACCOUNT OF MEMBERS *
List should include the following:
filed with the Committee
classifications may total more
the various
of reports received
entires in more than one classification.
may carry
NEW
of reports in
number
(c)
as
the New York
21, 1937
ported in the following specific cases:
trust
The total round-lot volume for
Stock Exchange, 3,470,560
by the ticker.
on
937,035 shares, exceeded by 6.9% the ticker volume
management of the trust or by offering or distributing its securities.
IfcThe
29
Stock List
the Exchange notify it whether or not they are at present
any investment trust,
May
Curb Exchange represent the volume of
on those exchanges as distinguished
effected
shares, was 6.3% larger than the volume
the New York Stock Exchange:
mittee, the Committee
ended
members.
June
Pursuant to Section 2, Chapter XIV,
of stock
from the volume reported
Stock
To the Members of
New York
the
sales
round-lot
all
YORK STOCK EXCHANGE
on
percentage of 19.33% in the pre¬
a
the
Members of the New York Stock Exchange were requested
June 21 by the Committee on Stock List to file a report
Committee
with
compares
program
on
New
transactions) in amount
(in round-lot
account
own
Exchange (except odd-lot
ceding week ended May 22, when member trading amounted
to 596,165 shares and total transactions 1,542,225 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its
Investment Trust Connections
on
New York Stock Exchange and
Exchange During Week Ended
on
May 29, total round-lot transactions for accounts of all
members during the week ended May 29 were 367,075
shares; as total transactions on the Curb Exchange during
the week amounted to 937,035 shares, the member trading
for their own account was 19.59% of total transactions,
Form
Definitive
Stock
Data
...-1,049,964
During the preceding week ended May 22 trading
by the Stock Exchange members amounted to 2,219,935
shares, or 20.48% of total transactions of 5,420,030 shares.
There was one less trading day during the week ended May 29,
the Exchange having been closed on May 29, the Saturday
preceding Memorial Day.
•
>
v.X
On the New York Curb Exchange, which was also closed
857.
York
1,199,064
1.012,186
May 28
shares.
City Bank Farmers Trust Co. has announced that King¬
dom of Norway 26-Year 4 % sinking fund external loan bonds
due Feb. 1, 1963, in definitive form will be available for
delivery against the surrender of the temporary bonds on
June 22, 1937.
Reference to the offering of the bonds was
made in our issues of Feb. 13, page 1021, and Feb. 6, page
,
1,426,522
Apr. 30
of 1,427,840 shares, an amount which was 20.57% of total
transactions on the Exchange during the week of 3,470,560
Kingdom of Norway 26-Year 4% External Loan Bonds
New
Mar. 31
York Stock Exchange
dealers
on the Stock market) for their own account during the week
ended May 29 was above the previous week, it was an¬
nounced yesterday (June 25) by the Securities and Exchange
Commission.
The Stock Exchange members traded for
while temporarily averted, still exists.
in
996,399
974,338
1,011,670
and the New York Curb
desirable is the belief in official
such collaboration is highly
It is felt it should be organized as speedily as
Available
26
31
Aug. 31
May 29
Chancellor Adolf Hitler and his
circles here.
29
Feb.
Trading by all members of the New
A German Government airplane went to London for him.
official chief.
Jan.
Curb
York
New
Neurath
visited him
act.
and
1,132,817
1,117,059
1,138,358
30..
July
Trading
Member
significant that even before the
Germany's intentions, that the Reich intended no new overt
to ascertain
1937—
May 29
Apr.
Sept. 30
but the whole question is a thorny one.
the British and French Ambassadors, who
assure
31
June 30
930,219
1,032,788
927,028
Dec. 31
Rome and London preceded the announce¬
yet it may be
of the withdrawal,
able to
31
30
Sept. 30
Oct. 31
Nov. 29...
....1,066,184
1,230,579
1,136,814
30
Dec.
would
Britain and France will probably prefer to
meeting of the Berlin Cabinet, Foreign Minister Constantin von
was
870,813
998,872
913,620
Mar. 31
30
Nov
be reluctant and an appeal to Russia
the business themselves,
Cabinet meetings in Berlin,
ments
28
July
Oct.
..1,103,399
1,246.715
1,175,351
31
Feb.
Russia—shall be invited to assume this duty.
even
Scandinavia probably would
take
Jan.
control
The alternative is whether Britain
fill the gap with their own armed trawlers
Spain, is under technical consideration.
1936—
1936—
768,199
840,537
southeastern coast of
of again filling up the gap in the naval
Meantime the question
scheme, which
X
1935—
May 31
June 28
vently hoped here that nothing will happen to them.
Stock List requests that information in response to this
request be submitted to it in writing prior to July 10,
ROBERT
Round-lot
1937.
L.
transactions
311,570
.
of
specialists
in
stocks
which
In
335,920
registered—Bought
FISHER,
329,900
Sold
Secretary
665,820
Total
9.59
Total round-lot transactions of members, except transactions
of odd-lot dealers In stocks in which registered—Bought..
Short
Interest
on
the
Increased
New
York
During
Stock Exchange
Sold
May
679,000
748,840
1,427,840
Total
The total short interest
existing as of the opening of bus¬
iness on May 28, as compiled from information secured by
the New York Stock Exchange from its members, was
1,049,964 shares, it was announced by the Exchange on June
21.
This compares with 1,012,186 shares as of April 30,
and with 1,117,059 on May 29, 1936.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since May 31, 1935:
Transactions for account of odd-lot dealers in stocks in which
160,600
89,780
1. In round lots—Bought
Sold
250,380
Total
2.
In odd I ots (including odd-lot transactions
of specialists):
530,378
Bought--
583,222
So Id
Total
-
1.113.600
20.57
*
I
Volume
NEW
Financial
144
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
OF
MEMBERS *
(SHARES)
Per
Cent a
Week
Total volume of round-lot sales effected on the Exchange
937,035
H
■
Round-lot
1.
transactions of members, except
specialists In stocks In which registered:
Initiated on the floor—Bought
sale of any security
■
'
Misrepresentation
misleading.
broker
a
or
Initiated off the floor—BoughtSold...
dealer, except when acting solely
purchase
a
In
4.10
which
Sold
106,210
128,780
-_-i.
would disclose the capacity in
which the broker-dealer acted in the transaction and, if a brokerage trans¬
well
registered—Bought
furnish the
defined in the rules, the broker-dealer would be required to
action, the name of the
stocks
sale as to the capacity in
but before the completion of the transaction
or sale
customer with a written confirmation which
76,785
in
would impose is that a broker-
broker and for only one customer,
as a
which he is to act in the transaction.
as
36,280
Total
made,
the effect and meaning of registra¬
make disclosure before effecting each purchase or
2.95
40,505
specialists
as to
as
person
with whom the transaction was effected as
the date and time of the transaction, or a statement that these
will be furnished upon request.
Also in the
of
case
a
12.54
234,990
facts
brokerage transaction,
the confirmation would disclose the amount of every commission or
Total
of a
fact necessary to make other
dealer would be prohibited.
One of the requirements that the rules
27,900
27,400
Following
of
inducing the purchase
of business which would
or course
statements, in the light of the circumstances under which they were
not
55,300
transactions
Act, practice
"«■' ■'"
of
transactions
Total
Round-lot
any
material fact or any omission to state a material
tion of
Sold
2.
by
operate as a fraud or deceit upon any person, or by any untrue statment
Total for
:
The rules would prohibit a broker or dealer from
or
Week Ended May 29. 1937
4257
Chronicle
STOCKS
ALL
IN
other
remuneration received in connection with the transaction and the source
of
such compensation.
Total round-lot transactions for accounts of all members:
Bought
A broker-dealer who controls, is controlled by or is under common
174,615
192,460
Sold
with
an
issuer would be required to disclose the existence
of such
a
control
relation¬
ship in advance of the time when he effects a transaction in securities of that
Total
19 59
367,075
Bought
Sold
Total
*
of
"members" includes all Exchange members, their firms and their
Including special partners.
Percentage of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions Is compared with
Exchange volume for the
reason
particular
case,
and
may
result from the operation of any one
number of different factors.
a
giving investment counsel, would be required to disclose to a
customer .for
a
Includes
customer his interest in the distribution
prior to effecting each transaction
This disclosure prior to purchase
in such security for or with the customer.
sale could be oral,
or
time receiving a fee from
dealer having such an interest and at the same
or a
that the total of members' trans¬
actions Includes both purchases and sales, while the total Exchange volume
only sales.
distribution of a security,
A broker who is financially interested in the
The term
twice the total
question of fact to be determined according to the circum¬
a
stances of each
139,016
partners,
a
by written disclosure before the completion of the transaction.
"Control" is
83,537
55,479
This disclosure could be made orally provided it were
issuer for a customer.
followed
Odd-lot transactions of specialists in stocks In which registered:
the completion
but
written disclosure would be required prior to
a
An interest in a distribution is defined
of the transaction.
by the phrase "participating or otherwise financially interested" which is
Odd-Lot Trading on New York Stock Exchange During
Week Ended June 19 as Reported by SEC
The
Securities
and
Exchange Commission made public
on June 24 a
summary for the week ended June 19, J 937,
of the daily figures on odd-lot transactions of odd-lot dealers
and specialists in stocks, rights and warrants on the New
York Stock Exchange.
This is the second of a series of such
weekly releases which the Commission proposes to make
regularly.
The first, covering the week ended June- 12,
was given in our issue of June 19,
page 4112.
The Com¬
mission's figures for the week ended June 19 follow:
ODD-LOT TRANSACTIONS OF ODD-LOT
DEALERS AND
SPECIALISTS
broad enough to
19,
1937
such ownership or option is related to either a primary or
the security if
secondary distribution of such security.
«(Customers' Orders to Buy)
(Customers' Orders to Sell)
A broker
dealer managing a discretionary account
or
all the requirements
to a
Number
special limitation against effecting trades for the discretionary account
frequency in view of the financial resources of
He would also be required to make a record immediately
the account.
Shares
June 14
.
Value
Orders
of the customer, the name, amount
Value
10,406
268,729
$11,444,344
6,818
186,671
June 15
7,086
180,613
7,731,080
5,818
155,909
June 16
5,600
120,379
8,214
5,413,219
8,586,634
4,586
June 17-
140,469
214,347
6.793
186,483
$8,033,797
6,456,503
5,017,217
7,432,720
June 18 and 19--
7,706
196,766
8,315,007
5.794
148,157
6,212,163
29,809
797,599
A
broker
or
dealer would not be permitted to
or to
39,012
1000,924
$41,490,284
including other securities firms and their customer's men, for
inducing or soliciting a third person to purchase a particular security over
an
exchange: and would also prohibit making such a payment
chase of
a
Total sales of stock in May (including rights and warrants) were 43,991,-
$238,347,920,
The two leading
of all sales
on
a
Total principal amount of bonds
decrease of 34.5% from April.
New York Exchanges accounted for 96.1% of the value
registered exchanges, 95.5% of stock sales and 99.8% of bond
sales.
The dollar value of sales
on
all exempt exchanges was
$792,019,
a
for the
paying the compensation.
The other proposed rule
under section 10 (b) incorporates under the pro¬
made the subject of regu¬
(c), with language that will
provided by the Act, a violation of these
In addition to other penalties
registered securities exchanges in May amounted to $1,474,109,197, a decrease of 37,9% from the value of sales jn April
and an increase of 2.9% over the value of sales in May,
1936.
Stock sales (including rights and warrants) had a
value of $1,267,543,269, a decrease of 38.2% from April 1
figure, while bond sales were valued at $206,517,976, a de¬
crease of 35.7% from April.
The SEC stated:
was
for the pur¬
given security on an exchange except when the purchase is
account of the person
effected by brokers or dealers.
made by the Securities and Exchange
June 23 that the dollar value of sales on all
was
993 shares, or 39.0% under April's total.
authority of section
making payment to any
suitably limit the application of this rule to over-the-counter transactions
May Sales of Securities on National Securities
Exchanges Reported Below April by SEC
on
offered for sale
controlled by himself, his custo¬
hibitions of this section all the practices which are
Commission
security for sale
with whom he is in a relationship of control.
10 (b) of the Securities Exchange Act would prohibit
other person,
a
definite knowledge of the existence of a
lation in the rules adopted pursuant to section 15
Announcement
offer
represent that the price of a security
market other than that made, created, or
$33,152,400
Total for week
and price of the security, and the date
and time when the transaction took place.
The first of the two new rules proposed under the
Shares
after
effecting any transaction for such an account which should include the name
Number
Orders
would be subject to
of the over-the-counter rules and would also be subject
which are excessive in size or
mer, or someone
Trade Date
include
ordinary trading activity.
is the market price unless he has
Purchases
in which those terms are
employed by those engaged in the securities business, and do not
"at the market"
Sales
The terms "primary distribution"
and "secondary distribution" are used in the sense
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK ENDED JUNE
include ownership of the security or of an option to purchase
decrease
of 31.3% from April.
rules occurring
subsequent to their final adoption would constitute grounds
for the revocation or suspension of the registration
of
Registration
Under
88
New
Securities
of a broker or dealer.
Issues Totaling
Act
Effective
$238,068,000
During May—Two
Reorganization and Exchange Issues Also Became
Effective
The Securities and Exchange
Commission announced
on
analysis of statements registered under the
Securities Act of 1933 indicates that new securities with
June
20
that
estimated gross
proceeds of $238,068,000 became fully effec¬
during May, 1937, the lowest monthly total since
February, 1936.
The comparable totals for the preceding
month and for the same month of 1936 are $288,076,000 and
tive
The Commission explained that
and April this year and
May, 1936, are securities which have been registered but
are intended for purposes other than cash sale for the account
of the registrants, approximately as follows:
$319,319,000, respectively.
included in the amounts for May
SEC Issues Preliminary Draft of Rules for Regulation
of
Over-the-Counter Markets—Proposed
Regula¬
tions
Submitted
Commissions
for
Brokers
to
and
State
Comment—Would
Securities
Cover
All
Jr
May, 1937
Announcement
made
June 24
by the Securities and
Exchange Commission that it had sent a tentative and pre¬
liminary draft of proposed rules for the regulation of the overthe-counter markets to State securities commissions, organi¬
zations of brokers and dealers and representatives of other
interested groups, for their comments prior to final adoption.
The proposed rules would apply to brokers and dealers in
exempted securities such as Government, State and municipal
bonds as well as to brokers and dealers effecting transactions
in non-exempted securities.
In its announcement of June
was
24 the SEC commented
The proposed rules
as
on
follows
on
the rules:
define practices considered to be manipulative, de¬
April, 1937
May, 1936
$51,213,000
7,067,000
Brokers and Dealers
$30,548,000
15,989,000
$12,075,000
189,000
81,000
20,013,000
59,227,000
16,475,000
25,648,000
Reserved for conversion ol Issues with
convertible features
Reserved for the exercise of options
Reserved for other subsequent issuance.
-
Registered for the "account of others". .
To be issued in exchange for other securs.
To be issued against claims,
7,534,000
41,000
other assets,
671,000
Total..
-
2,613,000
$95,628,000
$134,106,000
$19,650,000
In its announcement of June 20 the SEC stated:
Registrations by the manufacturing industries accounted for $155,131,000
or
65.2%
of the
month's
effective securities.
communication industry accounted for
gross
The transportation and
$43,375,000 of the month's estimated
proceeds, or 18.2%, entirely through the Southern Bell Telephone
ceptive, or fraudulent within the meaning of sections 15 (c) and 10 (b) of
&
the Sec«rities Exchange Act of 1934, as amended.
panies again registered only a small portion of the total (1%).
They supplement the
provisions of subsections (a) and (b) of section 15 of the Act which require
Telegraph debenture issue.
The registrants
The electric, gas and water utility com¬
indicated that they proposed to use 42.8% of the net
the sale of their securities for
"new money" purposes, i. e.,
the registration of brokers and dealers who use the mails or any means or
funds from
instrumentality of interstate
23.6% for plant and equipment and 19.2% as additional working capital.
counter markets.
commerce to effect transactions in over-the-
In addition, 33.5% of their proceeds was to be used to repay indebtedness
4258
Financial
—almost all at maturity, and
13.9% to retire outstanding preferred stock
Chronicle
Annual
issues.
large increase,
recently
visible in
these
and
statistics
especially
"new money" should not be interpreted
Increase
change, consistently experienced
as
for all types of registrants, in the
purpose of financing.
that there has been a noticeable
shifting from
Banks
While it is true
capital, this change by
new
dicated in
these
data.
is
means
These figures
as
reflect,
creased importance that the registration
great as superficially in¬
to
large extent,
a
the in¬
by manufacturing companies have
borne in the past several months to the monthly aggregates—a result of
the smaller registrations by other groups,
principally the electric, gas and
utility companies whose securities have formerly been for refunding
There
purposes.
proposed
the
been
has
marked
no
change in recent
months
the
in
of the proceeds of the manufacturing companies' flotations.
uses
statements
registered during
1936,
the manufacturing companies
indicated that they proposed to use 15.9% of their net proceeds for addi¬
tional plant and equipment and 14.7% for increased
working capital.
the first five months of 1937, the
corresponding percentages
for additional plant and equipment and
25.2%
For
16.2%
were
for working capital.
The
extent
by which the registrations for May, 1937 are weighted by the issues
manufacturing companies is indicated by the fact that they accounted
for 65.2% of the total estimated gross proceeds and
53.6% of the total
cash
proceeds.
They also accoimted for 96.9%
tended for plant and equipment and
tional
of the aggregate in¬
79.6% of the total proposed
addi¬
as
working capital.
During May, 1937, the effectively registered fixed interest bearing securi¬
amounted to $77,657,000—an amount even smaller than registered
for
this
type of security in
the
preceding month,
month's figures the lowest on record since March,
registration of
$50,913,000
other
to
specifically registered
against
aggregate
stock
issues
thereby making this
1935.
Total effective
conversion
were securities reserved for conversion of other
Approximately $95,628,000
during the month
tinued:
for
reserved
were
$20,013,000
were
Certificates
issues,
of
conversion
other than immediate
Of this total, about $51,214,000
securities
having
convertible
features;
registered "for the account of others"; $7,067,000
$16,475,000
were
registered for exchange
were
for other securities, and $859,000 were
registered for the direct acquisition
for the payment of selling commissions and claims, and
of various assets
deducting the
above
amounts,
there
remained
$142,410,000
of
registered securities proposed to be offered for sale for the account of the
registrants.
Of these securities, $141,403,000 represented issues of already
established enterprises while $1,037,000 were to be initial
offerings of newly
organized companies.
In connection with the sale of the securities, the
registrants estimated that
expenses
of 4.8%
would be incurred; 3.8%
commissions and discounts to underwriters and
agents and
expenses
in
connection
flotation
with
and
the registrants estimated
expenses,
issuance.
that
for
1.0% for other
After
of
payment
they would retain,
net
as
than
79%
of the
$142,440,000
of securities
offering for the account of the registrants
was to
the
was
registrants
themselves.
registrants'
own
The
for
proposed
registration
was to
000,000 25-year 2>M%
statements
indicated
to be offered to the public generally,
was
security-holders, and 2.7% to selected
of the
being considered'
were
measures
to¬
to'a
slowing-down of the stock market advance, contributed
a
decrease in the movement, but at the end of the year foreign purchases of
American securities
were
proceeding
about the
on or
scale as during
same
the first nine months of 1936."
Gold Fund and Taxation
With the fund of sterilized gold held by the Treasury in excess of $1,000,-
000,000, and with officials being prepared to recommend
investments
on
as a
increase in the
an
incomes received by non-resident aliens from American
deterrent to the inflow of capital, as well as a revenue pro¬
ducer, the comments by the Board in its report attracted considerable In¬
terest.
A record of policy actions of the Board of Governors,
showing the rate in each instance by its members is pre¬
sented
in the report,
and it is noted in the account from
Washington to the New York "Herald Tribune" that it is
Davis, mem¬
Board, voted "No" on the initial increase in re¬
requirements of member banks, voted by the Board in
meeting held on July 14, 1936. It is further noted in the
bers of the
serve
a
"Herald Tribune":
This increase in reserve requirements of 50%, which was
supplemented
by the Board in voting another 50% increase in January, 1937, was carried
through votes of Marriner S. Eccles, chairman; Joseph A. Broderick, M. S.
Szymczak and Ronald Ransom, other members.
Mr. Davis had just come
debentures,
due 1962;
TYPES OF NEW SECURITIES INCLUDED IN 62 REGISTRATION STATE¬
MENTS THAT BECAME FULLY EFFECTIVE DURING MAY, 1937
No. Units of
No. of
Issues
Per Cent of Total.
Gross
Stock, &c.:
Face
Amount
Amt.of
Bonds, &c.
Common stock
54
Preferred stock.
14
May
April
May
1937
1937
1936
$114,789,312
—Remarks Before Colorado Bankers Association
Speaking
48.2
48.4
27.8
34,441,994
14.5
17.2
before
Estes Park,
Colo.,
Colorado
Bankers
Association
at
on
years
commercial loans have been
have
had
to
limited that the banks
so
into the investment
go
security field for in¬
come," making it, he said, "more necessary than at any time
in the history of banking for the banks to
give proper atten¬
tion to their security portfolios."
9.9
674,865
the
June 19, Comptroller of the Currency
J. F. T. O'Connor pointed out that
"during the past several
Reference
9,622,115
will be referred to at greater length another
Comptroller of Currency O'Connor Urges Banks to
Give Proper Attention to Their
Security Portfolios
Phelps Dodge Corp., $20,-
ofj.92,803 sharesof_5%_cumulative convertiblepreferred stock
Type of Security
The report
week.
that
34.9%
persons.
285,000 convertible 3M% debentures, due 1952, and the Crane Co. issue
of
was
made by the Comptroller to Section 11(4)
the regulations of his office,
promulgated Feb.
15, 1936,
prohibiting, lie noted, the purchase of investment securities,
Certificates of participation,
interest,
five times the rate prevailing in the first three quarters
be offered by
Among the large issues for which registration statements became effective
during the month were: Southern Bell Telephone & Telegraph Co., $45,-
beneficial
gether with
cash
underwritten, while 12.6%
be offered by various selling agents and 8.1%
62.4% of the securities
to the
or
Announcement in November that
would make American investment less attractive to foreigners,
to the Board at the time.
proceeds, $135,620,000.
More
at four
year.
shown therein that John McKee and Chester C.
for other purposes.
such
were
of which
40.0% of the securities effectively regis¬
or
reserved for the exercise of options;
After
"During the six weeks from the latter part of September until the middle
of November," the Board said, "foreign investments in American securities
withholding tax
were intended for purposes
cash sale for the account of the registrants.
Requirements of Member
Two Members of Board of
By
of
privileges
$34,442,000
of participation and warrants totaled $11,180,000.
tered
American
$114,789,000, of which
Preferred
were
securities.
$300,000
stock issues amounted
common
of
From Abroad—
Board of Governors of the Federal
the operations for the year 1936,
was submitted to
Congress on June 23. Among other things
the report in discussing gold and international gold move¬
ments makes reference to foreign purchases of American
securities, particularly in the period following the tripartite
agreement among the United States, France and Great
Britain, and (we quote from a Washington account to the
New York "Times") states that "this investment movement
in the final quarter of this year was the chief factor in the
heavy inflow of gold from abroad." The same advices con¬
which
ties
Opposed
Purchases
Flow of Gold
Reserve
The annual report of the
Reserve System, covering
of
net
In
Governors
refunding issues to those
raising
In
System—Foreign
Securities Factor In
marked this month, in the proportion of net funds
proposed to be used as
water
Report of Board of Governors of Federal Re¬
serve
The
June 26, 1937
war¬
under the national
10
rants, &c
Secured bonds
7
Short-term notes
banking laws, "unless the bank shall
4.7
3.2
4.3
2,778,000
1.1
18.1
24.8
vide for the regular amortization of
74,878,773
31.5
12.8
33.0
securities."
0.3
0.2
11,179,547
3
Debentures-
2,772,000
76,465,500
--
—
premium paid
pro¬
such
on
Comptroller O'Connor continued:
Although obligations of the United States and of the
States and
various
1
Total
88
Common
stock
$114,789,000
stock
issues
issues,
or
issues
100.0
$238,067,626
100.0
effectively
registered
during May amounted to
for
14.5%
1.1%; debenture issues,
of the
31.5%,
month's figure;
Preferred
secured
bond
and certificates of participation
and warrants, 4.7%.
In addition to the
TYPES
MENT
OF
new
SECURITIES
INCLUDED
FOR REORGANIZATION
AND
IN
REGISTRATION
No.
Type of Security
STATE¬
EXCHANGE* ISSUES WHICH
BECAME FULLY EFFECTIVE DURING MAY,
1937.
Approximate Market Valuea
practice
April,
1937 May, 1936
banks
$3,250,000
~2
Preferred stock
$13,641,921
$44,116
1,515,334
97,963
premium
any
by
in
office
circular
premium
off
and many
which would
or
any
banks
same
944",092
27,
furnished
Many
classes
of
required
of
investment
course,
securities
exempted
or
far
at a
National
all
to
banks,
subject to the regulations
are
others amortize such premium
be
the
has
uniformity and sound banking
securities also should be
1936.
all
on
should
not
place
other investment securities at
nor
should
the
market
of
excess
they write them
greater rate
to amortize the premium by call date
actually
at
For
we
par,
the
it
at
in
this
of
office
such
95
should
and
had
require
R.
S.,
requiring
banks
though
even
amount
an
through
bonds
placed
the
the
in
are
examination
or
the
bank
same
other
any
on
its
reverse
its
same
to
practice by the bank would be not only
unsound banking practice but also would result
S.
to
unless
government
immediately
that
or
purchase price,
It is not considered sound banking
purchased
price
a
increases
investment securities
if
had
would
reason
greater than
their books after purchase
on
example,
that
find
securities
for
amount
an
original purchase price.
sold.
bank
books
up
their books United States bonds
on
investment securities
take appreciation
practice to
a
price of such
the
make
to
in violation of
and1
publish
Section 5211
correct
reports
of
condition.
commercial
3"l2~,666
of
of
office
this
5136,
maturity.
National
of
Section
limitations
exempted
Oct.
immediately
than
that
such
the
from
made public and
dated
The value to the Nation of
interest, &c
of
terms
on
was
regardless of whether the
Certificate of participation, beneficial
Secured bonds
exempted
are
the
paid
Such position
therefrom,
U.
Common stock
regulations
amortized.
entries
May, 1937
thereof
adopted the position that in the interest
investment
of
Issues
subdivisions
and
charge
issues, the Commission said, two
issues of stamped preferred stock were registered (in a state¬
ment involving other securities as well) for issuance
against
outstanding preferred stock having a market value of $13,641,921 to facilitate a recapitalization plan.
There were also
registered during May, 1937 two registration statements
covering the guarantees of two individuals of a $335,000 note
issue.
The Commission made available the following com¬
pilation:
THE
political
statute
48.2% of the month's aggregate registrations.
accounted
100.0
Debentures
sections
Short-term notes
15",000
structure
179,734
needs
and
to
provide
banking system to meet its expanding
credit
to
the
and
newer
fast-growing
structure
Certificates of deposit
Voting trust certificates
900,705
Total
*
a
Represents actual market value
available.
or
$2,788,065
be
country
$13,641,921
exchange for existing securities,
one-third of face value where market
was not
be
over-emphasized.
A
sound
banking
efficient, experienced and honest bankers, and a capital
adequate for the protection of the depositors.
Banks should not
penalized by State laws for building up a strong capital structure to
protect
depositors
needs.
Justice John
an
cannot
means
mercial
2
Refers to securities to be issued in
1,507,160
$5,973,039
of
the
sound
a
and to make available larger
In the
Marshall
case
of
of
the
opinion that a State has
McCullough
v.
sums
of
money
for
com¬
the State of Maryland, Chief
Supreme Court of the United States rendered
no
power
to tax
a
National bank
as
it is
an
Volume
144
Financial
instrumentality of the Federal Government.
It would be manifestly unfair
for Congress to permit a National bank to
operate in competition with a
bank
State
and
without
therefore
vides that
the
to
other
of
tax being paid by the National bank to the State,
Congress passed Section 5219 of the U.
"The
Legislature of each State
provisions
shares
any
this
of
R.
22 22 co o o
which pro¬
S.
place of
and
manner
banking
associations
located
Congress has left to the various
within
the
taxing all
limits."
its
the
States
5?
P g
In
determination
5
?
5
W
W
Ct)
prohibitory tax is
levied
structure.
the
same
since
course.
The
banks
Congress
industries
repealed
recommended
the
taxation
and
and
building
would
up
This
is
surplus reached
p
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if -o
to to to
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some
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year
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that the Comptroller has utilized
form
banks
folios.
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institutions
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or
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to
O
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an
amount less than
multiples of $1,000.
$1,000 will be considered.
Each tender
The price offered must be expressed on the
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Tenders will be accepted without cash deposit from
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basis of 100, with not more than three decimal
places, e.g., 99,125.
tions must not be used.
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(maturity value).
must be in
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$1,000,000
and
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$500,000,
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$100,000,
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June 30.
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on March 30, 1938.
On the maturity
the face amount of the bills will be
payable without
interest.
An issue of Treasury bills, in amount of
The (the bills) will be issued in bearer form
only, and in amounts
$5
S 2.
to
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1937, and will mature
nominations
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date
on
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June 24 by
Tenders to the
to
<ys
there¬
offering will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p.m., Eastern Standard
Time,
Monday, June 28, but will not be received at the Treasury
Department, Washington. The bills, which will be sold on "a
discount basis to the highest bidder, will be dated June
30,
000, matures
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to
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for
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a
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as
capital
a
basis.
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banking agencies in Washington to build
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strong
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to
seem
individuals.
by
surplus
liability on shareholders.
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Congress by myself, it was coupled with the suggestion
to
that National banks set aside
the
avoid
will
equitable rule of
other
as
the
capital
upon
the State
H
Legislature, of
was
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®
a
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tax.
proper
If
<
? 1
of
00
the
4259
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
W
National
words,
the
section,
S.
determine and direct, subject
may
Chronicle
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and trust companies and from responsible and
recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied
by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
or
Immediately after the closing hour for receipt of tenders
or
June 28, 1937,
the closing hour will be opened and public announcement of the
acceptable
ject
as soon as possible thereafter,
probably on the following
The Secretary of the Treasury expressly reserves the right to re¬
any or
all tenders
or
parts of tenders, and to allot less than the amount
applied for, and his action in
such respect shall be final.
any
mitting tenders will be advised of the acceptance
ment at the price offered for
Federal
Reserve
banks
or
cash
or
other
must
Pay¬
be made at the
immediately available funds
on
except
or
other disposition thereof will also be exempt, from all
estate
and
inheritance
taxes.
Treasury Decision 4550, ruling that Treasury bills
No loss from the sale
shall be allowed
Ml
Its
ms
© © to I
CO its to
coomsrfsomsmsms,
©
©
©
to
©
as a
deduction,
any tax now or hereafter
or
or
(Attention
are not
is
invited
to
exempt from the
other disposition of the Treasury bills
otherwise recognized, for the purposes of
imposed by the United States
or any
of its
posses¬
sions.
Treasury Department Circular No. 418,
as
amended, and this notice pre¬
scribe the terms of the Treasury bills and
govern the conditions of their issue.
to
©
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*
Revised figures.
a
Does not Include gold other than that
These amounts
are
not
Included
held by the Treasury.
In the total, since the gold or silver held aa
security against gold and silver certificates and Treasury notes of 1890 is Included
under gold, standard silver dollars, and sliver
gold
bullion, respectively.
This total Includes credits with the Treasurer of the United States payable in
certificates In
Reserve
The Treasury bills will be exempt, as to
principal and interest, and any
gift tax.)
to
00
c
in
June 30, 1937.
gain from the sale
taxation,
©
CO
Ml
Those sub¬
rejection thereof.
Treasury bills allotted
©
to
CO
00
on
branches thereof up to
prices will follow
morning.
CO
to
CO
incorporated bank
trust company.
all tenders received at the Federal Reserve banks
O
©
Its.
an
I?
00
Its
©
to
accompanied by an express guaranty of payment by
(1)
the
Certificate Fund-Board of Governors, Federal
System, in the amount of $6,022,942,437; and (2) the redemption fund for
Gold
Federal Reserve notes in the amount of $11,340,052.
d Includes $1,800,000,000 Exchange Stabilization Fund; $759,125,719 inactive
gold, and $140,913,049 balance of increment resulting from reduction in weight of
the gold dollar.
e
Includes $60,300,000 lawful money
deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.
g Includes
money
held by the Cuban
agency
of the Federal Reserve Bank of
Atlanta.
h The
money
In circulation includes any
paper currency held outside the
con¬
tinental limits of the United States.
Note—There is maintained
Stock of Money in the
Country
Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after
deducting
the moneys held in the United States
Treasury and by
The
Federal Reserve banks and agents.
The figures this time
are for May 31, 1937, and show that the
money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve
System) was
$6,461,857,985, as against $6,426,352,614 on April 30, 1937,
and $5,952,598,759 on May 31,
1936, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
in the
Treasury—(i) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (theee
notes are being canceled and retired on receipt); (ill) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of
a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act.
direct
obligations of the United States if
so
or. until June 30.
1939, of
authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve
notes
in
actual
circulation.
"Gold
certificates"
herein
used
includes
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are in process of retirement.
Federal
as
Financial
4260
Tenders of $127,407,000 Received to
000
Offering of $50,000,-
of
273-Day Treasury Bills Dated June 23—
$50,120,000 Accepted at Average Rate of 0.578%
Henry Morgenthau Jr. an¬
had been tendered to
the offering of $50,000,000, or thereabouts, of 273-day
Treasury bills, dated June 23,1937, and maturing March 23,
1938, of which amount $50,120,000 was accepted.
The
Secretary
nounced
the
of
Treasury
June 21 that $127,407,000
on
tenders had been received at the Federal Reserve banks and
the branches thereof up to 2 P. M.,
June 21.
Reference to the offering
issue of June 19, page 4095.
As to the accepted bids,
announcement of June
Secretary Morgenthau, in his
21, had the following to say:
from 99.636, equivalent to a rate of
The accepted bids ranged in price
0.480%
to 99.553, equivalent to a rate of about
per annum,
0.589% per
Only part of the amount bid for at the
bank discount basis.
annum, on a
Eastern Standard Time,
of bills was made in our
The average price of Treasury bills to be issued
latter price was accepted.
is 99.562 and the average rate is
about 0.578% per annum on a bank dis¬
of 0.578% compares with rates on recent issues of 273-
The average rate
day bills of 0.572% (bills dated June 16), and 0.545% (bills dated June 9).
off
Mt.
Roosevelt
Code of
Effective
Proclaims
Fair
Coal
Industry—All Pro¬
ducers in Interstate Commerce Subject to Provi¬
sions of Guffey-Vinson Coal Act—Non-Compliers
to Be Taxed 19Hz%
President Roosevelt
on
June 21 issued an Executive Order
proclaiming effective that day the code of fair competition
provided in the Guffey-Vinson Bituminous Coal Act of 1937
for the soft coal industry.
The code was promulgated on
21
June
by
National
the
Bituminous
Coal
Commission,
which, under the Act, is empowered to fix minimum prices
and to enforce the fair trade practices.
All producers of
bituminous coal in interstate commerce are subject to the
code and to the excise taxes
provided for its administration.
Guffey-Vinson Act, which was enacted as a substitute
Act of 1935 held un¬
The
for the Bituminous Coal Conservation
by the United States Supreme Court
constitutional in 1936
regulating the
of Congress,
imposes an excise tax of lc. per ton of 2,000 pounds on coal
produced in the United States and sold or otherwise disposed
of by the producer, and a 19%% penalty tax on producers
failing to comply with the code of fair practice.
The 1937
the
on
The
in
contain any labor provisions.
does not
law
of the Act
that provisions
ground
and hours of miners exceeded the powers
wages
The signing
May 1, 1937, pages 2899-2904.
of
issue
our
Coal Act of 1937 was given
of the Bituminous
text
Roosevelt on April 27 was noted
in that same issue, on page 2922.
In reporting the issuance
of the Executive Order by President Roosevelt declaring the
code effective, Associated Press advices from Washington,
June 21, also said:
law
of the
by President
first
Commission's
The
act
after
receiving
President Roosevelt's order
hearing here July 12
what
producers could claim exemption because their coal
intrastate commerce.
The Commission also decided to give
ducers until Aug. 1 to accept the code.
It was announced
making the code effective was to call a
had
reply to the Board's notices.
to
time
in
the
called for July 12 by the
following taken from a
Commission
is
Washington
dispatch, June 21, to the New York
of Commerce" of June
It
from
They
the office
at
of
Commission that an
the
overwhelming
with the Commission
This exempts them
the tax of 19^% on the sale price of coal produced by non-members.
are, however, subject to the tax of
lc. per net ton imposed by
producers of coal have already filed
formal acceptance of membership in the code.
the Act.
'lv
.•
Commission
The
Washington
interstate
at
the
same
time
issued
an
order calling a hearing in
determine what intrastate coal directly affects
and is, therefore, subject to the code.
According to
July 12
on
commerce
to
responsible producers and1 their
Commission's order,
the
"Journal
:
of all
majority
their
stated
was
22
organizations claim
transactions in bituminous coal directly
price and other factors in interstate coal in Alabama, Arizona,
Arkansas,
California, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa,
Kansas, Kentucky, Maryland, Michigan, Missouri, Montana, New Mexico,
North
Carolina,
North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia,
substantially
that
affect
all
intrastate
the
Wyoming and Alaska. *
As the hearings develop here, further hearings will
be ordered at points
convenient to the various localities in which the problem is acute.
The
Commission will also provide facilities whereby individual producers, believ¬
ing their coal to be exempt from the code, may make special representa¬
tions to the Commission.
The order states that failure of any producer
at the Washington hearings shall not prejudice
right to appear subsequently before the Commission for exemption.
The
Commission's order and the representations of John Carson,
or
group
sumer's
through
does
of
to
appear
counsel
to
the
Commission,
preliminary
its
say
interstate
their
con¬
that there is substantial support
that intrastate coal
and other factors in the regulation
investigations for the claim
directly affect the price structure
The Premier tonight
the world economic
obstacles
to
With
free
with
reducing
said that his talks with Secretary Hull dealt
flow
of
He said Mr.
commerce.
Hull pointed out
the United States has pursued a full program for that
and that it is ready and anxious to co-operate with the rest
world in restoring real prosperity and the promotion
of the
of peace by improving
conditions for trade.
Zeeland said he was convinced that the United States is
wants
more
liberal policies
hopeful
He did not
to prevail in the world.
Mr. Hull
in this respect.
He said their talks were a process of "thinking out loud"
but that they explored the general field of economic and political affairs.
flatly state his own position but indicated that he concurred with
The idea of another general world economic
ruled out, it was
learned.
conference at this time was
The nations were not prepared for such a de¬
velopment, it was agreed.
The officials felt that the failure of another
conference would be disastrous.
The
following bearing
on
the conference June 23 between
President Roosevelt and Premier
van
Zeeland is from Wash¬
ington advices of that day to the New York "Times" of
June 24:
What special questions entered into the discussions
and the Prime Minister were not
clear
behalf of Mr.
on
Zeeland
van
between the President
disclosed, but previously it had been made
that
he
would
have no proposals to
make and Mr. Roosevelt had said that their talks would embrace all sub¬
jects of interest.
The arrival of Premier
Zeeland
van
was
noted in
our
issue
of June 19, page 4111.
The Premier paid a short visit to
Mayor La Guardia of New York at the City Hall on June 19.
On June 22 he received
an
honorary degree of Doctor of
Laws from Princeton
University, Princeton, N. J., and in
return conferred five Belgium decorations on Princeton offi¬
cials.
After ending his visit to the White House on June 24,
the Premier stayed at the Belgium Embassy in Washington.
He is to return to New York today (June 26) and will attend
a luncheon Monday, June 28, to be given in his honor at
the Hotel Astor by the Foreign Policy Association.
Follow¬
ing his special trip back to Washington June 29 to again
confer with Secretary Hull, the Premier will sail from New
York
June 30
on
on
the Normandie.
Roosevelt
New Railroad Retirement
Approximately 1,150,000 Rail
Workers—Companion Measure to Levy Taxes to
Pay Pensions Approved by House
President
Signs
Affects
Bill—Plan
The
Wagner-Crosser bill establishing a new retirement
for approximately 1,150,000 railroad employees,
was approved by Congress this week and signed by President
Roosevelt on June 24.
The Act, which is retroactive to
Jan. 1, 1937, was passed by the Senate on June 23 after the
House had adopted it on June 21 by a vote of 361 to 1.
Representative Jerry O'Connell, of Montana, cast the lone
dissenting vote. A companion measure, providing taxes to
pay the pensions, was approved by the House on June 24
and sent to the Senate.
The House Ways and Means Com¬
mittee favorably reported the measure to the House on
June 21.
The taxes would begin at 2 % % on both employers
and employees for 1937, 1938 and 1939, and would increase
by one-quarter of 1% every three years thereafter until it
reached 3%% in 1949.
The railroad retirement bill which
was
made
a
law this
week received the
approval of the House Interstate and For¬
eign Commerce Committee on June 15 and the Senate Inter¬
state Commerce Committee
sents
on
June 7.
The
measure repre¬
compromise between the railroads and the Govern¬
a
ment reached as a result of a
series of conferences between
the
railway management representing 98
of the total
mileage of class I railroads of the United States and repre¬
sentatives of the 21 standard railway employees' organiza¬
tions
representing substantially all railway employees
on
Class I railroads includes those whose
an¬
class I railroads.
The members of the Federal
Railroad Retirement Board also participated in the confer¬
ences which were held at the suggestion of President Roose¬
velt.
It is stated that the railroads have agreeded not to
nual income is
over
$1,000,000.
challenge the constitutionality of the retirement bill in the
an
United Press account from Washington, June 23,
take the
following regarding the bill:
we
Discussed—Second
Secretary Hull Arranged
ships of penniless old age, denied them when
Problems
Premier Paul
Zeeland
van
situation and particularly the possibilities of
Zeeland of Belgium Confers With Presi¬
Roosevelt
and Secretary of State Hull—
van
World
Mrs.
courts.
coal.
dent
a
that for three years
From
Premier
Premier and
program
Further coihment on the hearing
contained
the
a
New York "Herald-Tribune" of June 25:
to determine
affects only
Alaskan pro¬
they had not
and
Vernon
wreath at the tomb of George Washington.
A
dinner was given in their honor the evening of June 23 by
President and Mrs. Roosevelt.
The Belgian visitors were
over-night guests at the White House.
On June 24 Premier van Zeeland conferred with Secretary
of State Cordell Hull and again with President Roosevelt
before ending his visit at the White House.
The Premier
held two conferences with Secretary Hull and a further con¬
ference has been arranged for Tuesday, June 29.
We quote
as
follows from a Washington dispatch, June 24, to the
placed
Mr. van
Practices for Bituminous
Roosevelt general world problems of economics,
with Mr.
of and
President
1937
finance and peace.
Any conclusions which might have been
reached were not disclosed.
The President's yacht anchored
purpose
basis.
co unt
Chronicle
van
Conference
Zeeland of Belgium, who, accompanied
by his wife, arrived in the United States on June 18, visited
President Roosevelt on June 23, and on a cruise aboard the
Presidential yacht Potomac on the Potomac
River, discussed
The
hazards and hard¬
they were excluded under
struggle to protect rail employees against the
the Social Security Act, began in 1934 when Congress passed the first rail¬
road retirement bill.
The
Court.
Act
was
declared unconstitutional by the United States Supreme
Congress then passed a substitute measure
court's objections to
while the workers were
designed to meet the
Railroads challenged it in the courts
contributing about $1,000,000 toward their retire-
the first
one.
Volume
ment
Financial
144
of
be eligible
in montly wages up to
will figure the amount
monthly salary; 1
be based
the
on
and who have completed
on
the basis of 2% on the first
$1,500,000,000 Work Relief Bill Passed by Senate as
Favored by President—Rejects Amendments to Re¬
duce
Appropriation—Also Defeats Proposals to
Require States to Contribute Toward Cost of
Relief—Measure Sent to Conference—Warning by
% on the next $100 and 1 % on the monthly pay between
$150 and $300.
Workers who reach the age of 65 and have put in
benefits of $20
to receive minimum
a
20 years service are
month.
Employees who desire to retire at 60
years
of age who have 30 years
service will have their pensions reduced by one-fifteenth
The retirement
are
Senator
000,000 work relief appropriation, the Senate on June 22
the program will be raised by equal taxation of the
Money to operate
adopted the Administration's relief
employee's salary and the payroll of the railroad.
ment benefits to the
employees during the 1938 fiscal year beginning July 1
predicted the amount would increase annually to reach $231,390,000
in 1975.
Roosevelt
President
Heads
ment
Instructs
Governmental
Economize—Desires
to
1939 Fiscal Year be
of 326 to 44 after voting down three amendments pressed by
revolting members seeking to earmark $505,000,000 of the
appropriation for flood control, public works and Federal
road projects.
The House approval of the bill was referred
to in our issue of June 5, page 3766.
The Senate Committee
on Appropriations reported
the measure to the Senate on
June 14, as noted in these columns of June 19, page 4099.
A Washington dispatch, June 22, to the New York "Herald
Tribune" of June 23, intimated that the bill in reality makes
$2,060,000,000 available for work relief during the year
beginning July 1.
The advices said:
Depart¬
for
Estimates
Ready by Sept. 15
President Roosevelt, through Daniel W. Bell, Acting
Budget Director, has instructed Governmental department
heads to pare expenditures in the 1939 fiscal year, it was
reported by the Associated Press in a dispatch from Washing¬
ton, June 20.
Mr. Bell in a message, which he asserted was
written "by direction of the President/' told the department
officials to have their 1939 expenditure estimates compiled
by Sept. 15.
The following is from the Associated Press
dispatch:
For the 1937 fiscal year, ending June 30, the Treasury
corded
$2,778,000,000
a
Roosevelt's
retirement.
deficit,
net
revised
estimates
forecast
a
The
final
net
be made to bring the
"Any
increase
in
particular
considered
items
essential
absolutely
in
should be offset by reductions
in other items."
Mr. Bell added that estimates should cover all requirements for the en¬
tire
1939 fiscal period "in order to avoid the transmission to Congress
of
supplemental estimates."
officials
Treasury
said
budget
experts
heads to shave expenditures for 1939.
department
with
After the departmental estimates
they added, the Budget Bureau itself may effect reductions
drafted,
are
would work
before transmitting appropriation requests to Congress.
In his economy message, similar to one sent out
the bureau stood ready to
last
Mr. Bell said
year.
offer information and advice on the preparation
of estimates.
For the 1938 fiscal year, Mr. Roosevelt has forecast receipts of
000,000,
an
$6,906,-
Thus, should the
tinue through
revenue
1930, together with
Treasury officials said it
no
•
now
tidy surplus.
a
"It represents a
long-range forecast of business activity can be made with ac¬
That theory, he explained, was that when the disposition
was
added,
however,
that
some
revenue
increase
may
result from
would not be attempted, the funds would
and there would be better
In addition, said
President
Vetoes
Roosevelt
Bill
to
Allow
Hearing
on
$700,000 Sugar Claim—R. A. Watson of New York
Sought Sum to Rectify Losses Suffered
on
a
transactions
under
the
on
an
ment
oral
understanding with
Food
the Federal Government in view of comparative figures.
Senate
bill to
Hopkins.
law.
The
Watson founded his
claim
Control
subordinate of the Depart¬
that the latter would find purchasers for the sugar upon
a
its arrival in the United States but that the subordinate
failed to meet this obligation.
Mr. Roosevelt told Congress
that he could not find any "moral
obligation"
on
the part
of the United States to recompense Mr. Watson.
In concluding his message, the President stated:
It is quite evident that
Mr. Watson imported the
matter and assumed the usual hazards of such
conferences with
a
a
sugar
venture.
Representative of the Department
as
a
business
The object of his
of Justice appears to
have been to obtain an assurance that if he compiled with certain restrictions
and did not resell the sugar at an
to
excessive profit,
prosecution under the Food Control Act.
Schwellenbach of Washington asked how Senator
Vandenberg explained his belief that States could do the job cheaper than
Sugar
jurisdiction on the Court of Claims to hear and decide
a claim
against the United States for more than $700,000
sought by Robert A. Watson of New York for losses sustained
on the sale of 3,500 tons of sugar imported from the Argentine
Republic in 1920 subject to the direction of the Department
of Justice.
President Roosevelt explained in his message
that in 1920, when there was a shortage of sugar in the United
States, the Department of Justice, charged with the enforce¬
ment of the anti-profiteering provisions of the Food Control
Act, approved plans of a number of dealers, including
Mr. Watson, to import sugar from the Argentine.
The
Department agreed that if the merchandise was resold at
prices and in the manner approved by departmental re¬
presentatives, no prosecutions would be instituted in respect
such
be distriubted more equitably,
"policing" against exploitation.
on
confer
President maintained that Mr.
money
Senator Vandenberg, his method would abolish "costly
But Senator Lewis B.
"Those
June 16 vetoed
of relief
"sociological experiments"
duplicated overhead."
Importations During 1920 Shortage
President Roosevelt
em¬
put in the hands of the neighbors of those who receive it there would
be "wiser decisions" in administrative matters,
projected legislation to plug loop holes in the tax laws.
to
philosophy," he said, "which must ultimately be
braced if the Federal credit is to be preserved."
curacy.
They
as to
osophy behind it.
1939 revenues
is too early to estimate
illusions"
Senator Vandenberg said at the outset that he had "no
the fate of his substitute plan, but he felt compelled to outline the phil¬
1939, the Government would attain in the latter year the
first balanced budget since
because
and spending trends projected for 1938 con¬
bill which passed the House.
passing the bill on June 22, the Senate that day
defeated by voice votes amendments by Senators H. Styles
Bridges, of New Hampshire, and Arthur H. Vandenberg,
of Michigan, to lower the amount of the appropriation.
Senator Bridges' amendment would have reduced the amount
to $1,000,000,000, while the Republican proposal sponsored
by Senator Vandenberg sought to cut the appropriation to
$1,250,000,000 and to allocate the funds to the several
States for distributibn by them.
The Senate also voted
48 to 30 against an amendment of Senator Henry C. Lodge
Jr., of Massachusetts who proposed that $20,000,000 of the
fund be used for a census of the unemployed.
The following
regarding the Vandenberg amendment is from a Washington,
United Press, dispatch of June 22:
At $7,324,-
increase of 32% over expected revenue this year.
000,000, the 1938 expenditure estimate is about 6% under that for this year.
$340,000,000 is
Before
responding amount available for expenditure for the fiscal year 1938.
order to comply with the requirements of law
Of this about $220,Works Administration
The PWA item was hiked up $40,000,000 today to con¬
form with the separate
item below the cor¬
amount of each
House, really makes approximately $2,060,000,000
the
expenditure during the coming year.
revolving fund.
preparation of your estimates," Mr. Bell said, "every possible
effort should
it now goes into conference committee for ironing out of
with
made available for public works through the Public
deficit for the 1938 fiscal year.
"In the
as
000,000 is reapportioned from unexpended balances and
for debt
$418,000,000
bill,
details
available for
already has re¬
of expenditures
exclusive
for the 1938
program
fiscal year.
The Senate approved the bill without a record
vote in the form desired by President Roosevelt, and sent
it to conference with the House for the adjustment of minor
differences.
The House passed the bill on June 1 by a vote
Treasury officials estimated $58,280,000 would be distributed in retire¬
and
Congressional Appropria¬
Against
Rejecting all amendments designed to reduce the $1,500,-
will be administered by the Federal Government.
it
Glass
tions
provided.
is to be financed solely by the carriers and the
plan
although
workers,
benefits
for every year the
;
employee is below the age of 65.
Death and disability
investi¬
gation they cannot recommend approval of this bill.
Actuaries
$50
$300 during his period of employment.
of the annunity
Govern¬
The Attorney General
merits of the claim.
Budget have informed me that after careful
and the Director of the
the pensioner received
amount
obligation on the part of the United States to re¬
ment of a defense directed to the
30 years of service also will be eligible for pensions.
pensions are to
had no authority to bind it in such manner.
Mr. Watson for his losses, or any reason for depriving the
compense
Persons, irrespective of age, who are totally
and permanently disabled for regular employment
The
unusual and far-reaching character, claimed to have
I fail to find any moral
$120 a month
to receive pensions upward to
after reaching the age of 65.
very
that its representatives
The Act will operate in this way:
will
a
subordinate, but also to
under terms of the bill approved today.
Workers
oral commitment
been made a by
bar the Government from advancing the defense
damages said to have resulted from a breach of an alleged
impounded by court action.
$100,000,000 will be returned to those who contributed it,
The entire
for
permit Watson to sue the Government
The bill proposes not only to
An additional $99,000,000 in taxes from the workers and
pensions.
the roads was
4261
Chronicle
he would not be subject
figures," Senator Vandenberg replied, "were collected by Mr.
Everything depends on the way you keep the books."
While
rejecting the above-mentioned proposals, the Senate
on June 22 approved two other amendments.
As to these
we take the following from Washington advices,
June 22,
appearing in the New York "Times" of June 23:
The final phase of the battle involved that part of the bill which
tinues the PWA for another two years
on
con¬
The Committee
beginning July 1.
Appropriation voted to authorize the PWA to sell the securities of State
and local units, held by it as collateral
nance
Corporation,
Thomas
of
Oklahoma
$340,000,000.
Another
in an amount
offered
an
for loans, to the Reconstruction Fi¬
not
to exceed
amendment
$300,000,000.
increasing
Senator
the amount
to
It was adopted.
amendment
was
agreed
to
as
submitted
by
Senator
Davis,
requiring the Administrator of the WPA to make public the names of all
WPA employees who
receive $1,000, or more, from the relief fund.
On June 21 Administration forces in the Senate defeated
two
attempts to require States, cities, and counties to
tribute towards the cost of relief.
One of these
con¬
sponsored
by Senator James F. Byrnes, of South Carolina, and was at¬
tached as a rider to the bill when the measure was reported
to the Senate by the Senate Committee on Appropriations.
Proposing that the local governments pay 40% of the cost,
the amendment resulted a week ago in a controversy on the
floor of the Senate, which brought a compromise by Senator
Joseph T. Robinson, of Arkansas, majority leader, who of¬
fered an amendment requiring the local governments to con¬
tribute 25%.
The amendments were regarded as failing to
have the approval of President Roosevelt.
The Robinson
amendment was defeated by the Senate on June 21 by a vote
of 49 to 34, while the Byrnes amendment was rejected by a
was
Financial
4262
the
The Senate approved the
"WPA
two
$6,000—Measure
by Senator Russell, one
incorporated in any wagethe Re¬
$32,000,000 of unobligated funds previously
Administration
settlement
Before passing the measure on June 24 the Senate had
approved and then rejected an amendment by Senator
Robert M. LaFollette, of Wisconsin, to increase the surtax
rates on incomes of $6,000 and over.
The Senate adopted
the amendment by a vote of 35 to 31 and an hour later re¬
versed itself and defeated the proposal 42 to 29.
The Senate
passed the bill itself without a record vote.
In the form as reported to the Senate on June 15 by the
Senate Finance Committee, the bill would have extended
the "nuisance" taxes and the three-cent postage rate for only
one additional year.
The amendment of the committee was
defeated by the Senate which approved the bill in the same
form in which it was passed by the House on June 11.
The
action of the Senate Committee and of the House on the
measure was referred to in our issue of June 19, page 4100.
The following bearing on the Senate action of June 24 is
from a Washington dispatch, that day, to the New York
velt.
appropriated.
barred
first
the
the
leaders in
cratic
the Demo¬
Roosevelt became President
Mr.
since
time
first
limited the RA to $100,000,000 and
funds.
of the unobligated
use
For
with the White House.
Senate refused to go along
against the President and
voting for the 25% contribution
amendment were Senator Robinson, the
majority leader; Senator Harrison,
Lined up
Senator Pittman, President Pro
Chairman of the Committee on Finance;
of the President's principal
Senate, and Senator Byrnes, one
Tern of the
spokesmen in past New Deal legislative battles.
Glass, returning to the Senate floor after an
Senator
weeks,
because
absence of many
warned his colleagues that a continuation
of illness,
of
"spendthrift" policies would lead to disaster.
He asserted that the public
debt of the United States actually was nearer
used by spokesmen for the
would have a part in the
$40,000,000,000 than the $36,000,000,000 total
administration, and that every man in the country
paying of that debt.
spendthrifts for the
Government securi¬
banks with their
millions of depositors and stockholders have to meet that issue, we are going
to have precipitated upon us a disaster that none of us can conceive."
Senator Barkley of Kentucky, with Senator McKeller of Tennessee,
"If
keep
we
constituting ourselves legislative
on
Government," he added, "pretty soon depreciation in
ties is going to occur; when
should seek to construct sewers and
Government gets
had voted for it
The bill is
the pockets of the taxpayers of the
That is the only way the Federal
in the communities and in the
"For that reason and others I
the House provision
sides and was overwhelmingly
An amendment by Senator
was
people, if there be any, instead of engaging in
the hungry
also rejected
am
with its extravagance
business and shall vote against it.*
Chandler
Permit
to
Act
Federal
at
Reorganization—Measure Retains Broad Features
of President Roosevelt's Original Plan
Senator Robinson
on
June 23 introduced
a
bill designed
for executive
reorganization. Although the measure modifies the original
plan in some respects, it would grant the President broad
powers to transfer, consolidate, regroup and abolish Federal
agencies. At the same time leaders in the House planned to
present the program in four separate bills, so that different
sections of the plan might each be considered on individual
merits.
Representative Cochran, Chairman of the Special
to
out President Roosevelt's
carry
Reorganization, appointed four sub¬
speed the legislation. Congressional
reported as follows in a Washington dispatch of
House Committee
committees
action
was
program
on
on
June 23 to
Regardless of these
Capitol that
such
as
a
two
comprehensive plan for remaking the executive establishment,
the President outlined last January,
Senator
there was much doubt at the
developments,
Robinson
s
bill
was
Senates special reorganization
to bear at least the
a
must repudiate
Bill
Amend Section 77-B of Bankruptcy
to
Annual Convention of National Association of
Credit
Men
Association
Chicago on June 23, approval of the Chand¬
ler Bill, amending Section 77-B of the bankruptcy Act, was
voiced by Commissioner William O. Douglas, of the Securities
and Exchange Commission.
The bill calls for the mandatory
appointment court appointment of an independent trustee.
Before the House Judiciary Committee early this month.
Mr. Douglas described the bill as adequate legislation to
eliminate "widespread an persistent abuses in reorganizations
in the Federal courts."
At that time .(June 3) the New York
"Journal of Commerce" stated in its Washington advices:
Before the annual Convention of the National
of Credit Men in
The bill under consideration,
give the
SEC additional authority to intervene in reorganizations
under
Reporting the address of Mr. Douglas at Chicago, on
Commerce" said:
June 23 the "Journal of
committee, and was generally understood
acquiescene, although not exactly the hearty approval
drafted by Rep. Chandler (Dem., Tenn.)
Subcommittee on Bankruptcy Legislation, would
of the present bankruptcy Act.
77-%
would be enacted at this session.
product of prolonged negotiations in the
Senator La Follette, were coming; or
"enormous indebtedness of nearly
this
Approved By William O. Douglas of S. E. C.
Chairman of the Special
June 23 to the New York "Times":
should be handled in a less "hap¬
affecting
He warned that higher income taxes, higher and
country
'
Bill
Introduces
Robinson
Senator
Virginia opposed the La Follette surtax amendment,
$40,000,000,000 that we have uselessly incurred."
this country into actual bankruptcy
utterly opposed to the whole
of
people than those proposed by
the
else
United States
intensely that the Congress of the
"Mr President, I feel so
voice vote.
with a roll-call.
hazard" fashion.
all of this foolish¬
ness.
is precipitating
on a
the matter of undistributed profits taxes,
saying that, in his opinion, the matter
feed
more
that I
Glass
Senator
They had better take that money and
defeated
Vandenberg of Michigan, to provide a cushion
for debt-ridden corporations in
silly things.
people.
is extended.
amendment to broaden the tax base
married
amend¬
conscious somewhat, in order that they
I shall vote for the proposed
people art at the
expense of the taxpayers, teaching them music, teaching them how to play
golf at the expense of the taxpayers of the country, and a multitude of other
"Talk about starving
Besides a variety of
making it two years was approved.
by reducing exemption in the case of single men from $1,000 to $800 and for
men from $2,500 to $2,000.
This proposition was assailed by both
intend to vote for the amendment of the
people tax
A com¬
for only one year was defeated and
miscellaneous taxes, the 3-cent postage rate
States to meet
understand about these various projects, teaching
may
their votes.
expected to provide about $650,000,000 in revenue.
Senator La Follette offered another
...
ment in order to make the
the previous roll-call, changing
mittee amendment extending the taxes
thereof?
maturities of this enormous debt.
Senator from Arkansas.
A second roll-call was immediately ordered,
defeated, seven Senators, who
of 45 to 26.
on
$650,000,000 Revenue Sought
and it is going down deeper and deeper into
money
any
a vote
and this time the La Follette amendment was
sidewalks with Federal money.
that it does not first pick from
the pockets of every taxpayer
by
carried
the administration leaders were off their guard.
quickly brought in a motion to reconsider and it was
Senator Truman
"Where does the Government get any
money?" he exclaimed.
various States and subdivisions
He put it through when
Washing¬
of $6,000 a year or more,
of 75% was reached on incomes in
of $5,000,000.
excess
disgrace" that his own rich community
Mr. Glass said he considered it "a
money
Mr. La Follette's amendment, hitting incomes
aimed to step up surtaxes until a rate
the two amendments.
In part Senator Glass was quoted as follows in the
ton dispatch, June 21 to the "Herald Tribune":
"Federal
"Times" of June 25:
it does occur, and when the
directed the administration battle against
Sen^to White House
due to expire July 1, was passed by the Senate on June 24
and sent to the White House for signing by President Roose¬
and the other making available to
A committee amendment would have
Three-Cent
"nuisance" taxes and the three-cent postage rate,
the WPA any wage differentials
bill passed by Congress
and
Doughton bill extending for two years the so-called
which are
The
Hayden amendment to extend the life of the
and adopted two amendments
years,
applying to
hour
Taxes
Postage for Two Years—Adopts and Then Rejects
Amendment Increasing Surtax on Incomes Over
account, June 21, to the
the
"Nuisance"
Extends
Senate
follows from a Washington
"Times" of June 22, summarizing
action taken by the Senate on June 21 which included
adoption of several amendments to the work relief bill:
We quote as
vote of 58 to 25.
June 26, 1937
Chronicle
The bill calls in part
for
an
amendment to Section 77-B of the Bankruptcy
Act which deals with reorganization of companies
whose securities are held
of the President."
Calls for a Resources
The
Declaring that managements whose interests are at
Senate bill would create one new department,
Welfare, instead of two new ones as proposed
recommended, it would change the name of the
to the
by the public.
Board
the Department of
by the President.
As he
Department of the Interior
Department of Conservation and create within the executive
branch
Planning Board to
establish policies "for the de¬
velopment and utilization of the resources
of the nation, both natural and
a
Resources
National
of the securities holders are
Commissioner
go
declared that "there are constructive measures which
groups
from seizing on
confidence in the integrity and honesty of the reorganization pro¬
create
cedure."
Legal
full
the
rank in
of Welfare, to be headed by a Secretary of Welfare with
Cabinet,
would
be
designed
health, safety and sanitation; the protection
the
education;
relief of unemployment
caused thereby; the relief
to
"promote the
and suffering
of the needy and distressed; the assistance of the
aged; and the relief and vocational rehabilitation of the physically
and in
public
of the consumer; the cause of
and the hardship
general shall coordinate and promote public health,
disabled;
education and
welfare activities."
detail that part of the President's plan en¬
larging the White House staff and authorize
ministrative assistants at salaries
The
the appointment of six ad¬
of $10,000 a year.
up
followed.
a
Civil Service Administrator within the executive branch is
Also in line with his ideas, the civil service requirements would
be extended throughout the
Federal service, except to officers dealing with
policy-making, to employees of temporary agencies, to government-owned
corporations and other posts
control the present General Account¬
ing Office and offices of Controller General and Assistant Controller
advocating
passage
President.
of the
Chandler
bill,
Commissioner
Douglas
of the reorganization process is the investors' only
protection, when a company is being reorganized.
"They need minimum
tually,
assurance," he continued, "that those who ac¬
although perhaps not legally, determine their fate are held to fi¬
duciary standards.
Government
can
the instruments of Government not
izes
to
the detriment
of investors.
do," he declared, "is to require that
be exploited for the benefit of reorgan¬
Until that challenge has been met,
"Until that challenge is met legitimate business continues to
the disintegrating
our
Gene¬
influence of irresponsible reorganizes.
suffer from
The effects
on
capital markets and our financial processes are profound."
Mr.
Douglas also said:
"Primarily, it
already specifically exempted.
The bill would transfer to executive
ral, as proposed by the
In
said that the integrity
Fee Regulation
"will not be satisfied with less."
he said,
Government has not done its task.
President's original plan to abolish the Civil Service Commission
and set
"Investors,"
"The least which
The bill would carry out in
can
racketeering
reorganization chaos to exact tribute, which can
far toward curbing excessive practices, which can prevent
human."
The Department
variance with those
able at present to control reorganizations, the
(the bill) is directed toward obtaining fair and thorough
reorganizations of distressed corporations.
Secondarily, this amendment,
if it becomes law, will constitute notice to corporate manages that when
reorganization comes, they will stand or fall upon the basis of their record.
Volume
Senator
144
Financial
Chronicle
Vandenberg's Child Labor Amendment Favor¬
ably Reported to Senate—Judiciary Committee Ap¬
proves 16-Year Limit
quote,
The new child labor amendment to the
Constitution, in¬
troduced last March by Senator Arthur H.
Vandenberg, of
The
continued, in part:
Board's
the
United
Michigan,
the
bill
Senate
President of
was unanimously and favorably reported to the
June 21 by the Senate
Judiciary Committee.
The
amendment was offered on March 29
by Senator Vanden¬
on
the
was
The
cost
Vandenberg
which
has
substituted
argued
some
that
"employment for hire,"
the amondment
would
of
Mr.
with
Vandenburg passed
those
some
weeks
this spring
Judiciary Committee
active opponents
new
who
not
are
exactly "employed,"
The
the old amendment,
a
Senator
on
since the joint resolution which
tive
loans
the
clearance
and
object of such legislation should be aid
points out that subsidies granted to them
local
to
laws
in
greatest
housing authorities
States
whose
need."
and
to
corporations
statutes
as
Legisla¬
Similar
Lea
to
Bill
Now
Before
House
Com¬
Exchange Commission on June 21 for¬
Congress the second part of its report on the
to
the Commission says, on almost two years of ex¬
of the personnel, activities and
practices of pro¬
to
in every field of reorganization.
It un¬
describe and analyze the functions which
may'
in which conflicts of interest
oper¬
manner
deprive investors of
committees
functions
and
and
to
proper representation
thwart
objectives
going is quoted from
the
vote
of
the
of
attainment
such
of
by protec¬
the
committees."
an announcement issued
proper
The
fore¬
June 21 by the
joining in the report
motive
issues
were
"recognition of fundamental equal rights
no
Senators
The
concerning
be submitted to
at
length
in
the
report
those
are
the
will
meet
the
views
of
time
he
was
with
reported
defaulted
of
of
protective
class
of
foreign governmental bonds.
committees,
suffer, for the
is
competitive
key to reform
security
holders
committee's
a
reason
and
relates
and
is
essence
the
risks
of
deal
to
exclusive
possess
diluted,
the
and
losses
The
protective
loyalty
reorganiza¬
report concludes
committees
to
holders
security
of representation in
bargaining.
the activities
power
must
loyalty
that the
appraisal
in
legislative grant of the
Wagner to Meet
President
Public Service .Corp. and a number of real estate
by S. W. Straus k Co., American Bond k Mortgage Co.
bond houses of issue, together with certain
aspects
estate
when
class;
tion
lies
that
in
directly and forthrightly with
the
pre¬
vailing conflicts of interest.
The report is the sixth to be prepared by the SEC in
connection with the general study and investigation of
pro¬
tective committees and corporate reorganizations inaugu-.
Senator Robert F. Wagner indicated on June 21 tbat be
planned to present to the Senate changes in his housing bill,
Senator Wagner conferred
part
particular
that
the
by Senator
Federal
thereby caused to investors, who under the present unregulated procedures
of reorganization are forced to rely upon representatives whose
pecuniary
interests and whose loyalties very frequently clash with the interests of
these investors.
The report emphasizes that a committee which represents
Views of President Roosevelt
velt, at which
considered
report sets out at length the prevalence of such conflicts of interest
the
on
a
Redrafted
real
the readjustment
of
controversy."
soon
Works,
underwritten
other
and
Senator Hatch said the proposed
hoped the amendment "will
Bill
reorganizations
concerned
Paramount-Publix Corp., Kreuger k Toll Co., St. LouisRailway Co., Cuba Cane Sugar Corp., Celotex Co., R. Hoe k
Co., Inc.; City of Coral Gables, Fla.; McLellan Stores Co., Baldwin Loco¬
a new legal tradition for women, * he said.
a
following:
Among
which
House
♦
to
to
ate
Sponsored by the National Woman's party, such an amendment has been
endorsed by nine national and more than 100 other
organizations of women,
all of which are compaigning for it in various parts of the
country.
18
slum
typically be performed by protective committees in reorgan¬
States for early adoption."'
redrafted
that
State
izations and "the
Hattie Caraway, only woman member of the Senate, said she
"delighted" with the favorable action taken by the Senate and House
June
attain
"approved minimum standards" for
tective committees
K
.
favors
under
dertakes
Senator
Housing
to
means
of
San Francisco
of the subcommittee
and
of
amination
first introduced in Congress in 1923.
was
favorably last week by unanimous
which there had been
was
suggestions
adequate housing
The portion of the report handed to Congress on
June 21
the subject has been taken by Senators
Hatch, Van Nuys, Austin and Steiwer.
committees,
building costs.
on
not, however, confined to adverse criticism
greatest benefits where exists the
Board
is based,
it Senator Burke announced that he regarded the proposed amendment as
a logical
sequence of the Susan B. Anthony amendment, which
gave to
women the right to vote.
was
is
part of the report, which dealt with the strategy and tech¬
niques of the committees, was submitted to Congress on
May 10 and referred to in our issue of May 15, page 3260.
Judiciary Committee.
amendment
encourages extrava¬
than economy, and aggravates the
rather
SEC in explanation of the report, from which we also take
This Is the first time action
"It would write
of
it
protective and reorganization committees, the
present instalment dealing with committees and conflict of
interest.
The Commission also made to
Congress specific
recommendations for corrective legislative action.
The first
Constitutional amendment will
York "Times":
^
attempt
families
functions of
Constitutional
P Other members
not
to
The Securities and
amendment, providing that
"men and women shall have
equal rights throughout the
United States and every place
subject to its jurisdiction,"
was
favorably reported to the Senate Judiciary Committee
on June 23
by the unanimous vote of a subcommittee headed
by Senator Burke.
The amendment was also favorably
reported on June 16 by the subcommittee of the House
Judiciary Committee. The Senate action was described as
follows in a Washington
dispatch of June 23 to the New
reported
limited
because
by basing subsidies
in distress, the Board
warded
to Grant Women
Equal Rights Is Favorably
Reported by Subcommittees of Senate and House
Judiciary Committees
was
be
mittee
Amendment
It
measure
construction,
the position
tion
commerce.
proposed
the
will
income.
buildings used
Vandenberg has said
+.
A
housing
SEG Submits Report to Congress on Conflict of
Interest
of
Protective Committees—Recommends
be required to deal with the labor of children in
industries which do not
affect interstate
has
which
wording.
Roosevelt Administration is seeking to attack child labor
through the Black-Connery wages-and-hours bill, by
prohibiting interstate
the products of child labor,
Labor,
prescribe "standards
human habitations, such loans to be used for rehabili¬
tation of any sub-standard
housing which lends itself economically to im¬
provement by that method."
the
commerce in
with
statement filed
and
total expenditure of $3,400,000,000,
a
new
condemns
in
of
low
confer
organized
he is not worrying about that If industrial
exploitation can be stopped.
The Judiciary Committee amended
the resolution to provide that it will
become effective only if ratified
by conventions of three-fourths of the
States within seven years.
While
of
persons
"will
While some have seen in the
phrase "employment for hire" an oppor¬
tunity for evasion, through arrangements by which a father
might contract
to do a beet-field job and use his
children for labor, or through use of young
salesmen
provision
to
this morning that many of the most
had agreed to accept the
also
constructive
Taking
basis
Congress to
discussing the matter
to
of
statement of the Board
offers
for
who organized much of the
opposition
making
years,
occupancy
waste
the
age was no longer a child.
and he told the
formal
a
provision whatever for slum clearance and does
proposed subsidization
families
regulate the mental labor of children in parochial schools, or the labor of a
boy on his father's farm.
Many opponents argued that a person 16 or 17
years
and
of
The
stated:
the
was
empower
60
run
no
but
"regulate has been the basis for much of the criticism of the
old resolution as a youth control measure.
The word "labor", for which
on
to
that
Board
gance
The word
Mr.
in
Education
on
The
low income.
under 18 years of age."
In Washington advices, June 21,
to the New York "Herald-Tribune" of June
22, it
Committee
statement, signed by Clarke G. Dailey,
Board, and made public yesterday, declared that although
provided for an initial outlay of $1,000,000,000 and "grants"
measure
assure
made known
was
Senate
consideration.
the
it contained
to
position
States
under
of subsidies
berg, as noted in our issue of April 3, page 2228, as a substitute for that approved by Congress 13 years ago but which
has not been ratified by the
necessary 36 States.
It would
forbid the employment "for hire" of
persons under 16 years
of age.
The proposal pending ratification would empower
Congress "to limit, regulate and prohibit the labor of persons
^
4263
"families of low income to live in decent habitations."
The
New York "Herald Tribune" of June
12, from which we
Roosevelt.
President
On
rated by the Commission in
Roose¬
tion 211
of
the
October, 1934, pursuant to Sec¬
Exchange Act of 1934.
Besides
Securities
saying that they
had practically reached an agreement on
plans to finance
the
government's new
slum-clearance housing
program.
From a Washington
account, June 18, to the New York
Part One of the current report, the other reports dealt with
protective committees and agencies for holders of defaulted
"Times"
committees
we
was
mittees
Wagner would! not discuss the nature of the compromise,
it involved retention of his
plan for an annual rental
Treasury opposition, and the inclusion in the bill of
financing to be used at the option of borrowing com¬
learned that
subsidy,
•"
foreign
quote:
While Senator
it
as
another
despite
form
of
It
of
the total
It
believed
was
the
cost
was
Federal
the
of
the
our
alternative
projects
understood
would
Government
as
plan might embody some of the
of outright gifts of a percentage of
advocated by the Treasury.
that
contribute
would
the
the
furnish
President
sites
Works
for
had
housing
Progress
advanced
projects
tee
the
Administration
labor
grant of 25% of the cost
city would be required to furnish the balance.
The
to 12% of the cost and make
up
a
cash
.
,
Senator
Wagner,
it
insisted upon the retention of his
original plan, but agreed to write the President's alternative proposal into
the
bill, with
a
was
understood,
provision giving the cities
the
privilege of selecting the
plan under which they wished to operate.
Opposition to the Wagner-Steagall housing bill
was
re¬
cently voiced by the Real Estate Board of New York, Inc.,
because it would "hamper rather than aid" efforts to enable
holders
of
trustees
under
indentures;
and com¬
of real estate bonds,
municipal
and
quasi-municipal
referred to, respectively, in
issues of May 22, 1937, page 3420; June 20, 1936, page
William O. Douglas as
plan
a
and
the
bonds;
the holders
were
4099; June 6, 1936, page 3768, and May 9, 1936, page 3213.
The study and investigation was headed by Commissioner
capital grant system
further
whereby cities
that
for
for
obligations; these reports
munities.
features
governmental
Director of the Protective Commit¬
Collaborating with him on the present report
were
Samuel O. Clark Jr., Abe Fortas, S. H. Levy and
Martin Riger, together with R. B. Ainsworth, Philip Blacklow, F. A. Doolittle, Morton Liftin, J. Q. Newton Jr„ N. A.
Stoll and I. S. Weissbrodt, all of the Protective Committee
Study.
It
Study.
is pointed
out in a Washington dispatch, June 21, to
the New York "Herald Tribune" of June 22 that the
recom¬
mendations contained in the report for corrective legislation
are similar to the provisions of the Lea bill, introduced in
the House
on
May 11 by Representative Lea.
the bill was made in our issue of
advices quoted said:
Reference to
May 15, page 3262.
The
4264
The
SEO
lawyer
made
influence
William
Chronicle
Finahcial
O.
series
a
with
of
the
recommendations
avowed
from
power
banker
restricting
according
purpose,
Douglas, of "shifting the
inside
and
ments
in
recommendations, involving strict SEC control
be
back to
groups
proxies and
the personnel of
over
outlawing participation by
effect,
deposit
over
protective
agree-
committees
investment bankers,
interested
»
and,
man¬
and lawyers,
are already embodied
in the Lea bill, on which
being held before the House Interstate and Foreign Commerce
Committee.
Commissioner Douglas,
who authored the report approved
by the Commission unanimously, said that today's SEC recommendations
agements
hearings
With
the report
interest
in
Douglas
and
in
therefore,
turned
the
on
conference
press
a
caustic criticism
directed
at
held
to
masters."
two
order
avoid
to
is
It
racketeering
in order to
and
faith."
"lose
to
violation
of
this
flicting
in order
declared,
avoid self-serving
to
As
A.
that
disclosure
took
itself
alone
Commissioner
abuses.
"The
the
cure
denied
this
the point.
up
fiduciary
problems
1
.
key to reform," the SEC said,
of
before
conflicts
that protection
of
interest
of
of
tions
ticular
;
Commissioner
alternative
said that there was
or
This,
alternative.
an
designated Federal
a
of
would
course,
It
the
was
control
of
type
a
bill
Barkley
The
.
criticized
similarly
.
Federal
for
Advisory
indenture
ferences
of
there is
no
the
Barkley
bill,
was
the
but it
the
at
at
the
is
SEC
the
American
Council
Bankers
Association.
to
that
those
adverse
from
free
dealing
committees have
assurance
of
who
of
investors.
full
Broadly
and
in
is
standards
minimum
or
or
interest
takes
in
greater measure
Commission
takes
Other
sufficient.
the
is
position
that such
security
necessary
and
appropriate
those
for
who
assume
holders,
of
recommendations
committees
security holders.
all
a
been
the
of
such
trust
It
In
the
as
is
Securities
of
powers
of
1933
in
requires,
be
should
and
their
Measures
suitable
over
depositors
attorney,
to
personal
profit
the
which
they
represent,
those
is
are
spoils
of
Commission recently
their
affiliated
of
interests
in buying
engage
deposit.
the
to
which
securities
the
other
or
committee
under¬
the
regarding
report
the
by
played
part
finds that lawyers play a dominant role in all reorganization
of
of
power
in the hands of lawyers is not in
"They
it
a
to
debt
the
are
system
the
responsibility which
causes
too
of
perhaps
fall
must
this
But
processes.
and
great
the
power
frequently has not
of the abuses in
many
traceable to the Bar.
This is due in no
they have frequently abused their position
that they have accepted retainers from con¬
are
fact
and1
whose shoulders
on
In other words, the
itself objec¬
least by tradition
at
readjustment
concomitant
that
that
have themselves
they
the report finds,
uncommon,
for
at
times
assumed
with
the
issuers
lawyer
con¬
affiliated with the
or
trustees.
find the committee
to
common
the
of
a
counsel for receiver
as
reorganization, also, it is
of
affiliated
and
junior interests in
and
the
with
multiple
receiver
which
action
as
or
a
security which
the
committee
It is not unusual,
reorganization.
representation
the
trustee
will
assets
prosecuted.
whether
to
If
demanded
it
He
will
committee
will
be
may
approve
will
be
to
a
by
attorneys
large extent
in
reorganizations
collected1,
claims
also be influential
a
particular plan
influential
in
is
Counsel
determine the diligence
scrutinized,
and
causes
of
in the court's decision
as
of
reorganization.
determining
Counsel
as
be
adopted
possessing material
from
solicitation
assuming such
of
security holders by
to
well
sented
unless
greatly restricted,
use
will be
curtailed
conflicts.
deposits
or
have
and
single committee;
a
of
rosters
and
to prevent the
measures
from
two
committees from
would,
or
com¬
in general,
more
classes
of
they would prohibit such solicita¬
by underwriters and their
the issuer;
affiliates of any outstanding securities of
and they would in the main bar such solicitations by debtors
their affiliates.
attorneys
who
The
have
employment by committees of attorneys
interests materially
or
other
the contents
classes
of
of the
securities
as
be seriously prejudicial to the security holders repre¬
committee and its counsel.
"No program for reform of
by the
reorganization practices,"
steps
no
are
taken to
assure to
conflicting loyalties
General
of fiduciaries.
These
issuers,
or
the
report
states,
"will
be
complete
investors representation by counsel who
interests."
Senate Committee Studies Charges of Failure to Deliver
Mail to Non-Striking Steel Workers—Postmaster
deposit agreements, should
interest,
proxies
underwriters,
Deposit agreements should
as
free the
conflicts of
they represent
well, the result may
all
of
provisions which impose upon committee mem¬
affiliates the responsibilities
should
outlaw
and
or
its bankers to be appointed
types
existing
depositors increased.
powers of
to contain
mittees
tion
their
control
certificates
or
reorganizations;
not
Dual
entitled to know the qualifications, inter¬
are
committees
withdrawal by
Proxies and
persons
of
Act
Security holders
the
be made
4.
security holders
seriously prejudicial to holders of the securities, the report finds.
longer be instruments for oppressing investors.
bers
all
senior
complete disclosure of all relevant and material information,
Deposit agreements should be altered, and1 their
that
3.
for
1
,■
,
whose principal motivation
also, according to the report, to find lawyers attempting to represent both
affiliations of their representatives.
freedom of
no
of
of the houses
more
plan, and in pressing or retarding the scrutiny and investigation of claims.
and
committees.
so
the management
represents, and with the underwriters of these securities.
:
Full
ests and
2.
from
measure
to
outlined
by
one or
flicting positions."
To purge the committee field of the conflicts of Interest arising as a result of trading,
it is recommended that all purchasing and selling by committee members and their
be
of the
seeking
senior,
or
flicting interests,
affiliated interests should be barred.
can
with
reorganization
The conflicts of interest which
recommendations
interests
fully assumed.
small
members from using the advantages and information derived from their positions to
trade In the securities of the Issuer and in the certificates of deposit for such securities.
1.
that the major
It characterizes the lawyer as "the mainspring of the system."
with
carries
groups
counsel
follows
controlled
or
committee members,
securities
work
(B) Though conflicting interests have long Characterized the activities of lawyers
who represent committees and security holders in reorganizations, little attention
has hitherto been given to this abuse. It is recommended by the Commission that
legislative attention should now be directed toward elimination of these adverse
interests on the part of lawyers. "No program for reform of existing reorganization
practices will be complete," the Commission states, "unless steps are taken to assure
to investors representation by counsel who have no conflicting loyalties or interests.''
(C) A third major recommendation of the Commission would prevent committee
detailed
benefit of
represent.
company or
more
the
committee has affiliations with the holders of securities
have marked their activities in reorganizations make it necessary to relegate manage¬
ment and bankers to a subservient role in the reorganization process.
Commission's
dominated
and emoluments of
junior
to
essential
(A) Because a fundamental need in the existing reorganization system Is a
prohibition against persons with conflicting interests acting as the representatives of
security holders. It is recommended that corporate managements and investment
hankers should ho longer be permitted to exercise a dominant and controlling in¬
fluence over the activities of protective committees.
have
consideration of what
a
protective committee and the
a
by necessity the reorganization experts
a
given particular emphasis in its report:
are
is
tionable, the report states.
with interests
Three aspects of the Commission's
similar
and
security holders
That involves
loyalty.
committee members
procedures.
reorganizations.
in
adverse to those of the
The
the
not
or
length in Part I of this report.
This concentration
be
must
measures
at
The report
that
basic minimum
a
agency,
lawyers in reorganizations:
appropriate for the protection
in these situations
one
the committee is serving."
or
be the
to
following
those
only
themselves
and
appraisal
no
The SEC also presented in its explanatory statement the
capacities
representative
to
competitive
is
it is equally clear that
•
selling the
claims,
of
of
interest,
their func¬
This is true whether the agency be a com¬
the investment bankers of the corporation."
itself, therefore," the Commission states, "into the
undivided
concerned
When
and
of
or
whether
committees
When
or
The report issued today demonstrates
standards would call for disqualification to act as representatives
role
fiduciary
reorganization
reason,
protective committee is dominated by
a
discussed
•
conflicts
conflicts
effectively represent all classes of security holders
can
committee
a
reorganization
new
appropriate
the
itself
in
not
fiduciary
and
necessary
speaking,
a
It relates
violation
and
performance of
proper
issue.
chiefly
which would require not only disclosure, but also compliance with
adopted
of
are
complete disclosure
it
requirement,
specifically with
which
in
manner
disregard
issuer.
supposed
However,
;
act
interests
discretionary powers which
while
in
same
resolves
of
one
When
con¬
Commission's explanatory
their objective
as
detriment and distress of
reorganization.
a
committee's
When
marshaled
in response
came
Scope of the Recommendations
recommendations
protective
are
For the
issue
When
in Federal
the arguments were
of June 21:
General
The
representation
of
case
the
changing its stand.
is from the
report,
announcement
of
the
and
the
security holders which it represents arises most frequently
following conditions:
Reserve Board,
understanding both
modification
to the
from
exam¬
committees
of
under the
the
on
made by the Federal
bill before modification.
the Federal
to aid
SEC that
The
the
and
of the
record
by law
up
modified.
SEC
made
attack
The following, indicating the recommendations contained
in
flow
The Commission said that the report finds
control
mainly
set
bill
the
trust
Council,
the
the
consider
directed
be
Board circles and
Reserve
before
.
Council to
Advisory
which
conflicts of interest between
officials
exhaustive
an
standards
,
SEC Cool to I. B. A.
SEC
fiduciary
factors, have inhibited
other interests, if any,
made.
now
of
broader
which the SEO has
power
the
whom the committees purport to represent.
few exceptions,
the
and the "good" from
embody
the effect of conflicts of
on
frequently disregarded,
mittee, the management,
would definitely
agency
"bad" managements,
from the
the far-reaching request for additional
beyond
with
in
which
in
abuses
other
bargaining.
the basis
on
of their
sight
states that "the committee which represents a par¬
security holders must have exclusive loyalty to that class.
loyalty is diluted, the particular class will suffer, because the
"The
Congress
"good"
bankers.
"bad"
exclusively and solely
lose
Commission
essence
conclusion
our
.
Douglas
where
separate the
the
.
.
system built
a
-It is
committees to
class of
that
If
"in the activities and practices of
forthrightly.
and
caused
by committees.
The
the report
is not to be found under the present system
investors
regulation or under
of disclosure."
directly
too
and
principles,
all
reorganization
and1
protective committees lies in the legislative grant of the power to deal with
these
all
the evils
to
emphatically,
has
report is in substance devoted to
manner
the security holders
Opposes Measure
would
Douglas
in scrutinizing and negotiating plans;
dissents to plans.
The presence of con¬
report's comment
the
of
been
have
opposing the Lea bill
and, according to SEC analysis, their opposition boils down to an essential
belief
in in¬
and
the
on
Commission's
ination
Bankers Association of America is
Investment
to the
The
in
groups,
change the system.
B.
surveillance
exercising
in
receivership and bankruptcy;
functions of the committees, the announce¬
ment of the SEC said:
produce fiduciaries without diluted and divided allegiance,
I.
in
claims;
assents
however,
interests,
interest
principle had led
the Commissioner
necessary,
groups,
for the Federal Government to
The
that
said
marshaling
indenture trustees;
estates
of
essential functions.
influences in the reorganization system, which had caused1
"corroding"
investors
He
in
and
Commissioner
serve
by
administration
vestigating and disclosing
by Commissioner
reorganization
the
can
action
protective
the
over
lawyers,
"strategists" and "technicians" of the reorganization system.
Douglas said that in the matter of changing the present
reorganization and protective committee system, the issue was clear.
The
SEC's proposition was a simple one, he said, the principle that "no man
on
It makes the point that under the system which has prevailed
and which still exists, committees have been in a position to
past
obtain
of record in the Lea bill, the
matter
a
the
perform useful and indispensable functions, in mobilizing security holders to
reflected' in the Lea bill.
were
SEC views,
the
disqualified
represent.
are
"by and large"
holders represented by the committee would be prevented;
be prohibited from being financed by those who would
from serving on committees; and, ih general, solicitation
of deposits and proxies would be permitted only by beneficial owners of
the securities solicited or their representative.
The Commission's report emphasizes repeatedly the fiduciary nature of
committee membership, and the duty of diligence, (efficiency and singleminded devotion owed by committees to the class of investors whom they
committees would
stockholders."
These
the scurity
of
and
Commissioner
to
June 26, 1937
conflicting with
or
firms
the interests
•
Farley
T. M. Girdler of
Defends
Orders—Statement
Republic Steel Corp.
by
The Senate Post Office Committee this week conducted
hearings to investigate alleged interference with the delivery
of mail to persons employed in steel plants where some of
the workers are on strike.
Charges against the Post Office
Department in that connection were noted in the "Chronicle"
of June 19, page 4107.
T. M. Girdler, Chairman of the Re¬
public Steel Corp., told the Committee on June 24 that
Volume
Financial
144
Philip Murray, Chairman of the Steel-Workers Organizing
he had read the complete records of the testimony before the
Committee of Philip Murray, Chairman of the Steel-Workers
Organizing Committee, and he declared the statements of
Mr. Murray to be "entirely unfounded in truth orfac in t."
Mr. Girdler went
Let
involving
not
hours
wages,
strike in the
a
to say
on
working conditions in Republic plants.
or
that
sense
invading army
descended
First Assistant Postmaster General, had said that there was no regulation,
but that it
It
his
was
This is
upon
What has happened is that
plants
our
forced many of our
and
effect
are
howe/er, that the
mean,
indefinite
uncertain.
or
the form of notices which
all the plants to which
are
of employment
terms
now in
They have been reduced to writing in
posted
or otherwise announced in
they apply and
writing in
thoroughly understood by our
are
employees.
These terms which
in effect in Republic Steel plants were estab¬
bargaining between the Company and its employees
are now
lished through collective
before the proposed Committee for Industrial
presented to any steel company.
satisfactory to the C. I. O. and
as a
hazardous
Farley's refusal to accept and deliver the mail
conditions,
the
strike.
Postmaster General to exercise
and use of the mails under unusual
Mr.
reply
stated.
Denials
were
made
that
"arbitrary and
was
capricious."
Opposition
Views
clined to put in writing an agreement which they have made orally.
That
is not true.
There is no such agreement, oral or otherwise, now in existence.
That does not
established practice not to deliver mail matter, "unusual
course," under unusual conditions such
the practice and policy of the
discretion to regulate deliveries
Organization
agreement was
These conditions of hours and pay were
were
incorporated by them in the agreement
Lea
to
of
Bill
Orrin
G.
to
Extend
Wood,
Powers
John
A.
SEC—
of
and
Prescall,
George Woods Before House Committee
been made that the Companies involved have de¬
has
was an
in the normal
employees from their jobs.
The statement
It denied also that Jesse M. Donaldson, Deputy
large body of our employees quit work
a
because of grievances against the Company.
an
4265
of mail to the Niles plant.
and
make it clear that the fundamental issue in this strike is not one
me
Chronicle
Before the House Committee
on Inter-state and Foreign
Washington on June 18 Orrin G. Wood, of
the Investment Bankers' Association, of which he was for¬
merly President, stated that the Lea bill to extend the powers
of the Securities and Exchange Commission in
corporate
reorganization proceedings placed "too great a responsibility"
on the Commission.
He added that the legislation would
tend to lead investors to rely upon the
judgment of the SEC
Commerce at
rather
than in their
own.
Associated Press advices from
Washington, June 18, likewise said:
other terms
To carry out the added responsibilities, Mr. Wood said the Commission
of the proposed agreement including the responsibility of the other contract¬
would require a "very large staff" of experts trained in law, finance and
ing party which were not acceptable to
industry.
which they later submitted to us.
However, there
were many
us.
The difficulties in the present dispute arise from the fact that the Com¬
pany will not enter into a contract,
oral
or
written, with
party and the C. I. O., as presently constituted is wholly irresponsible.
It has been charged
strike breakers.
in
employees
This
is
now
operating Republic plant is
an
roll before the strike
In conclusion let
conduct
our
was ever
me say
a regular
it is
.
.
.
and
man
working
was on
the pay¬
Every
employee who
civilization
along
the lines
of the
basic
This involves
Constitution.
our
It
-
seems
to me
toward
industrial
and employees which might point the way
Among the principles I would suggest
peace.
the
are
1.
ton thus
"There is
or not to
join
a
union
as
4.
demonstrated by the recent history of the C.
and harmony
I. O.
we
would place
the
on
same
voluntary re¬
basis
He advocated that the management of
as
bank¬
a corpora¬
tion undertaking a voluntary reorganization or merger with another cor¬
Appropriate laws
poration or corporations be permitted to solicit proxies from investors.
to that end should be enacted.
so
representative of the investment
organizations of solvent and going corporations
The responsibility of a union in any contract or agreement should be
need for which has been
a
He opposed sections which
reorganizations.
ruptcy reorganizations.
On the basis of these principles the
quote:
bankers, urged revision of provisions of the Lea bill covering voluntary
There should be full publicity and public accounting of the financial
equal to the responsibility assumed by a corporation.
we
First Vice-President and Director of the First Boston
Corp., appearing before the Committee as
they want to strike.
affairs of every union.
5.
"We
made mistakes."
From the "Wall Street Journal" of June 19
All employees should be permitted to take a vote by secret ballot on
or not
we
George Woods,
No employee should be forced to pay dues to a union against his will.
3.
he told the House Commerce Committee, the in¬
capable of protecting his customers.
intimate relationship between the local investment banker
could not continue to enjoy the confidence of our customers and stay in
he chooses
2.
an
and the investor that does not exist in the big centers," he declared.
without coercion from any source.
whether
reported him:
In the smaller cities,
business if
Every worker should be free to join
plans
further governmental supervision of small security markets
is unnecessary.
Associated Press dispatches from Washing¬
vestment banker is
following:
sponsoring reorganization
.
hearing on June 21 John A. Prescote
City, in giving his views on the bill contended that
of Kansas
entirely possible to work out certain principles for rela¬
tionships between employers
protective committees
At the Committee's
i
mutual respect for the rights and liberties of others as defined under our
laws.
stockholders
corporate reorganization proceedings.
n
plants are imported
firm belief that it is entirely possible to
my
principles of democracy laid down under
a
our
He said he questioned its ability to obtain sufficient help to carry
proposed duties.
The bill would give the Commission regulatory powers over bondholders
discussed.
industrial
present
working in
unqualified falsehood.
an
out the
irresponsible
an
Earlier
dramatically
objections to the bill
were
noted in
our
June 12
issue, page 3938.
believe that peace
between management and employees would be preserved in
this country.
I
want
free assembly.
free speech, to
a
free
press, to a
These are all without substance unless coupled with the
right to work, free from coercive influence.
This right is the basic issue in
the present controversy.
Attorney General Cummings on June 23 issued
steel
the
strike
United
area.
\
advices of June 23 added:
a
warning
Press Washington
1
'
.
Attorney-General Cummings was especially emphatic in his order that
the United States mails must go through.
Testimony has been intro¬
duced
Senate Post
before the
A
joint investigating Committee of the Senate and House
hearings on tax avoidance and eva¬
sion, with evidence furnished by Treasury officials and other
Government employees.
On June 22 it Was indicated that
the Committee would inquire into the administration of the
revenue laws 'to ascertain why long delays have occurred,
before steps were taken to recover back taxes allegedly due
the Government.
On the following day Guy T. Helvering,
this week continued its
that the Government will not tolerate interference with the
mails in
Congressional Committee is Told Holding Companies
Enable
Tax
Avoidance—Treasury Officials Say
Government Loses Huge Revenues
There still exist certain funda¬
make this final statement.
to
mental recognized civil rights, the right to
Office Committee that mail addressed to
Commissioner of Internal Revenue, told the Committee that
use of personal holding companies is costing the Treasury
loyal workers in Republic plants had been rejected as "irregular" by postal
officials at Niles and Warren, Ohio.
Postmaster-General W.
Assistant
cials
and
deliver
made
mail
W.
Hawes defended the postal offi¬
department was within its legal rights in refusing
said the
conditions
under
which
threatened
attempted to make the delivery.
or
of those who
The Republic Steel Corp. is
here to force Postmaster-General
the courts
seeking through
the lives
to
James A.
Farley to rescind the "irregular" mail order.
Today,
as
warrants were issued for the arrest of the six steel strikers in
"interference" charges, Mr. Cummings said:
the Mahoney Valley on mail
"It doesn't make any difference who
mails will not be tolerated for a single
they
Interference with the
are.
huge losses of revenue.
Mr. Helvering, testifying again on
June 24, said that 1,300 personal holdings, through deduc¬
tions legal under present statutes, had made an aggregate tax
saving of $2,638,307 in 1936 returns.
He estimated that an
analysis of 4,516 holding company returns would show tax
reductions totaling $9,237,000, and that this figure repre¬
sented only a fraction of the tax avoided through holding
companies.
follows:
as
an
to the demand made last week by the
answer
Republic Steel Corp. for a writ of mandamus to force him to accept and
parcels,
the
General asserted,
Postmaster
vice" was given the committee by Mason B.
Counsel
to
the
Bureau
were
not
postal
authorities
and
offered
"in
employees" in the controversy between the
Republic Corp. and the strikers.
was
done was the filing of the reply.
Republic Corp. for further legal steps,
Five days are available to the
but John S. Brooks Jr., counsel
that
a
for the corporation, announced late today
demurrer to the Farley statement would be filed tomorrow.
Five
the policies and
took interest deductions
materially.
;
tax payments
expressed here that the court will announce its finding
finally replies.
be there will be
almost as soon as the Government
matter what the
case
decision may
will be carried to the Supreme
The
It seems probable that
an appeal, and that the
Court for final settlement.
Farley petition denied any understanding or agreement
representatives of the G. I. O. and the Niles postmaster
•
.
Are Named
who
bought large insurance policies in
between 1932 and 1936 and
were
to the Federal Treasury to only $11,556
regarding delivery
over
this period
'
hearing on June 23 was described as follows in a
Washington dispatch of that date to the New York "IJerald
Tribune":
.
The Treasury collected less than $2,000,000 in surtax on personal
holding
income of $115,000,000 in 1935, according to a preliminary survey,
Helvering said.
return to the
provisions."
This he pointed out is at the rate of less than 2%,
The low rate of
Treasury was attributed by him to "over-generous deduction
J
;
1
As another illustration Mr.
Helvering cited ah analysis of 4,457 return^
under the 1934 Revenue Act, filed for the calendar year 1934 and for
years
between
a
able to reduce their
although the rates called for by law run from 8 to 48%.
,
Although no time limit is set for a ruling, the issue is regarded as clear
no
the loans, which is allowed
»
The
company
cut, and hopes are
.
total income claimed by the Treasury to have been $1,657,288.
Mr.
.
,
He named six New Yorkers
Bahamas company
days will then be given to the Government to present a counter-answer,
.
on
by the law, and in that way escape payment or reduced the tax payments
after which the matter will be taken under consideration by the District
Court.
Leming, Assistant General
Revenue, who said that under this
method taxpayers paid single premiums for large policies, then borrowed
on a
Neither Mr. Farley nor any member of his staff appeared in the court.
All that
of Internal
Six
good faith but with the design and ultimate and real purpose of involving
the
:
follows:
deliver mail addressed to workers in the strike-bound plants.
The
,
,
Testimony concerning the use of the "foreign insurance company de¬
on
His statement was
,
A Washington dispatch of June 22 to the New York
"Journal of Commerce" reported the hearing on that date
,
moment."
Postmaster General Farley on June 22, issued a statement
asserting that the refusal of the Post Office to accept food
and clothes in the mails for delivery to non-striking steel
workers was "legal, proper and warranted."
A Washington
dispatch of June 22 to the New York "Times" reported him
as
the
fiscal
ending between January and June, 1935.
These
holding compahies had an aggregate net income of
$53,000*000, he said.
more
than
But only 374 of them, orlessthan9% showedincome
4266
Financial
subject to the surtax Imposed in 1934
on the net income of personal holding
companies, and the aggregate taxable income which they showed was only
$5,000,000,
less than 10% of the total net income of the group.
or
Treasury's total surtax receipts from all 4,457 companies,
The
he said,
was
only $1,695,000, or about 3% of their aggregate net income,
t) All of these companies having
income
tax,
a
The
holdings of all institutions eligible for membership in the System,
this, brings the total to $10,569,000,000, or about 60%.
Board, created by Congress in 1932, supervises the Bank System,
comprising 12 Federal Home Loan Banks. These have 3,859 member in¬
The
stitutions,
The
but in the higher brackets this is much less than the surtax
largest
Before Mr.
and
Helvering began to talk the committee argued for
an
hour
formal action
Herman
said,
in
Oliphant,
these
on
cases
General
Counsel
the
to
Treasury,
said
that
Allen
Republican,
Mr.
quoted
"Federal Taxes
on
Magill's
analysis
on
showing
Estates, Trusts, and Gifts."
that
their resources for their heirs by buying
wealthy
persons
could
single-premium life in¬
He suggested that the New Yorkers who bought policies
policies.
surance
Bahamas insurance company had
only been following Mr.
Magill's
Mr. Magill said his book dealt with "legitimate" insur¬
published advice.
companies and not with "fake" transactions.
It
,
'
on June 17 by Chairman Leo T^Urowley
Deposit Insurance Corporation that his office
indicated
was
of the Federal
is
determined
to discourage/ banks showing high liquidity
improved earnings to take advantage of their improved
position to retire preferred capital obligations held by the
and
Reconstruction
this
St.
In our June 19 issue, page 4098, we indicated the member¬
ship of the Committee inquiring into tax avoidance, and gave
the text of the resolution calling for the investigation; state¬
ments made to the Committee by Secretary Morgenthau
and Under Secretary of the Treasury were referred to on
Finance
before
known
Corporation.
Minnesota
the
made
Mr. Crowley
Bankers'
Association
at
June 17, at which time he declared that
"liquidity is not nowr, never has been, and I hope never will
be a proper measure of the adequacy of a bank's capital
Paul, Minn.,
on
structure."
A
St.
Paul dispatch to the
Philadelphia "Record" further
quoted Mr. Crowley as follows:
4104-4105.
pages
has become the
years
Crowley of FDIC Before Minnesota Bankers
Cooperation in Effort to Estab¬
lish Banking on Sound, Permanent Basis—Cau¬
tions Against Assuming that High Liquidity Is
Adequate Basis for Retiring Preferred Capital
Obligations Held by RFC
Jk•
Massachusetts,
about his joint
authorship of a book
T.
Treadway,
of
husband
five
Convention Urges
civil
Roswell Magill, Undersecretary of the Treasury,
twitted
than
comprehensive
most
Chairman
had been taken by the Bureau of
be devised to reinforce existing statutes relative to fraud
|k) Representative
$3,375,000,000.
less
+.
conspiracy.
a
of
resources
Fahey
single unit of the total private debt of the country.
1932 income-tax report of the first person to use it.
sanctions could
ance
and
Mr.
mortgage reserve system in the world,
operating in the field of small home mortgages. These represent the greatest
Internal Revenue agent as long as three years ago, when he examined the
in
estimated
for the avoidance of tax payments by six New Yorkers.
members of the committee apparently were still unable to grasp
Several
why no
He
with
System,
half over the residue of testimoney about the use of a "phoney" Bahamas
insurance company
and
June 26, 1937
added to
net income paid the regular corporate
individual incomes.
on
Chronicle
"I
realize
than
they
well
as
as
that banks
you
are
of necessity
now
more
liquid
have been before, and that there is less possibility of loss
ever
depreciation developing in these liquid assets than would have been the
case
with what we like to look back on as a normal assets distribution,"
or
25% of Farms Sold by Federal Land Banks from Febru¬
ary
to
April Purchased by Tenants—Governor
Myers of FCA Places Number of Purchasers at
Over 1,000
banks in February,
March and April of this
according
year,
statement issued June 20 by Governor W. I.
a
the Farm Credit Administration.
Governor
figures compiled to determine how
many
bracing
a
the
cannot
opportunity
to
own
Myers of
Myers said that
tenants were em¬
farm
possible
made
4,467 farms sold by the banks in the three
months were bought by tenants.
The remainder were pur¬
chased by non-tenants.
According to the FCA Governor,
tenants were most active as purchasers in the St. Paul dis¬
trict, covering Michigan, Wisconsin, North Dakota and Min¬
nesota, where over two-thirds of all farms sold by the bank
of the
during the period were bought by tenants.
not
Reports 5% Drop in Farm Mortgage Recordings
First Quarter as Compared with First Quarter
1936
Farm
recordings
Farmers
viduals.
obtained
Their
the
largest
mortgage loans
during the quarter,
or
volume
of
mortgage
credit
and renewals aggregated
36% of the total.
from
indi¬
$79,000,000
Commercial banks showed the
over
Their recordings amounted to $61,000,000
compared to $48,000,000 during the same period last year.
greatest percentage of increase.
approximately
$36,000,000, an increase of 33%; loans by the Federal Land banks and
Land Bank Commissioner $33,000,000, a decrease of 52%, and all others
$14,000,000, a decrease of 26%.
Last year farmers obtained mortgage loans and renewals which were
estimated from the recording figures at approximately $802,000,000 com¬
loans by life
mortgage
pared to $1,014,000,000
The
insurance
companies were
realize
which are based on reports received
from approximately
40% of the * counties in the United States, include
renewals and refinancing of existing mortgages, and, to that extent, do
not represent new loans or additions to the outstanding debt.
The figures
do
indicate, however, the current availability of mortgage credit to
farmers.
by FHLBB Advanced 54% of
$1,961,000,000 in Home Mortgage Loans Made Dur¬
ing 1936 on Small Non-Farm Houses
1,951,000,000 in home mort¬
gage loans made on one to four family non-farm houses
during 1936, thrift and home financing institutions super¬
vised
by the Federal Homfe Loan Bank Board
or
eligible
for membership in the Bank
System, loaned $1,051,000,000
or 54 per cent, John H. Fahey, Chairman of the Board, an¬
nounced in Washington, June 19. These loans were made
for new construction, refinancing, purchase, and moderni¬
zation of urban dwellings.
Individuals loaned about 600,000,000 of the aggregate total, or 30%, and commercial banks
$300,000,000, or 15%, Mr. Fahey stated. The following re¬
garding Mr. Fahey's further remarks is from
ment made available
He estimated that
In
an announce¬
by the FHLBB:
loans for
1936, of which $156,000,000
new
was
construction amounted
$625,009,000
Federal Home Loan Bank System.
At the
close
of
1936, home mortgage loans outstanding in the United
$17,799,000,000, Mr. Fahey said. Members of the Bank
System, together with the Home Owners' Loan Corporation, under super¬
vision of the FHLBB, held a combined total of $4,806,000,000, or 27%.
States aggregated
the
period' of famine
long
just past, bank
to
of dividends."
Insurance Corporation made known
liquidate five
"without any loss to depositors."
Leo T.
Federal Deposit
8 the completion of negotiations to
banks
Crowley, Chairman of the Corporation, said that the liabili¬
ties of the five banks will be assumed by other insured
banks in
the
neighboring communities.
or
same
tion of the banks is in the program
banking
Liquida¬
of the FDICI to elimi¬
and uneconomic banks from the Nation's
In an announcement issued June 8 the
system.
FDIC said:
consolidations
The
of
of
assets
insured
will
action
arranged
were
the
authorizes
which
law
banks
in
by
an
through the provision
or loan
upon the
impaired condition, when such
the
Corporation
FDIC
to
insolvent or
purchase
Corporation's losses and
minimize the
will
facilitate mergers
consolidations.
or
Three
the
the
of
banks—the
First
National
two
banks,
with
National
National
Farmers
First
deposits totaling
Bank,
banks
$2,846,730, were National
Pa., deposits $2,408,600;
deposits $276,100, and the
Bank, Mahanoy City,
Grayville,
Bank of Pukwana,
State
involved
S. D.,
were
111.,
deposits $162,030.
Fanners
and
Merchants Trust
Co.,
deposits $1,261,400, and Carroll Exchange Bank, Carrollton, Mo., deposits $859,600.
The Corporation's loans to the five banks
aggregated $2,215,000.
The Corporation previously had1 loaned upon or purchased the assets of
32 insured banks in difficulty.
Deposits of these banks totaled $22,161,000,
while the assets taken over by the Corporation had an aggregate value
Cape Charles, Va.,
^
$10,140,000.
In Washington
June 9 it
was
First National
111.,
was
Bank of
advices to the "Wall Street Journal" of
stated:
Bank, Mahanoy City,
the
same
taken over by
city.
the
Pa., was taken over by the Union
The Farmers' National Bank, Grayville,
National Bank of that city.
The
Peoples'
First National
Bank of Pukwana, S. D., was taken over by the Northwest
Security National Bank of Sioux Falls.
Farmers & Merchants Trust Co., Cape Charles, Va., was taken over
by
the Northampton County Trust Co. of the same city.
Carroll Exchange
Bank, Carrollton, Mo., was taken over by the Carroll County Trust Co.,
Carrollton.
Investigations
Conducted
by
FTC
Under
Robinson-
Patman Act
The Federal Trade
lic
on
Commission, in a statement made pub¬
21, of work under the Robinson-Patman Act,
June 19, 1936, noted that the Robinson-Pat-
June
approved
to
loaned by member institutions in the
effort to establish the banking structure on a
an
after
that
eager
are
June
National
Of the total of approximately
continue
a
Liquidates Five Insured Banks—Consolidations
Completed Without Loss to Depositors
The
on
of
Institutions Supervised
in
basis.
fully
then, consider the distribution
The
figures,
will
reward the patience of stockholders by resuming
the payment of dividends," Mr. Crowley said.
"The prescription I propose is this:
Take depreciation regularly and
losses as they occur; reserve out of profits a sizable addition to capital
account in anticipation
of the next period of deflation; then, and only
managers
in 1935.
recording
mortgage
liquidity
willingness but
its
nate unnecessary
said:
Farm
only
permanent
"I
insured
in the first quarter of
1937
amounted to $223,000,000, or a 5% decrease compared with
the first quarter of 1936, according to a statement issued
June 5 by the Farm Credit Administration, which further
mortgage
high
to discourage any reduction
determined
are
eration with the FDIC in
sound,
FDIC
in
this
bank's
the management of the bank has demon¬
its ability to maintain an adequate
capitalization without outside help."
Mr. Crowley warned against payment by banks of dividends except where
justified "beyond question" by the institution's condition and urged coop¬
strated
♦
FCA
that
however,
assume,
We
capital structure until
existing
through sale of Federal Land bank properties showed that
25%
said.
"We
indefinitely.
Over 1,000 tenants bought farms from the Federal Land
to
he
Act has been on the statute books one year, or since
June 19, 1936, during which time 291 investigations* necessi¬
man
tating field work have been conducted.
It is further stated
that the Commission's investigational division has completed
152 reports to the Commission on the facts regarding alleged
violations.
One hundred and thirty-nine investigations are,
■
Volume
144
Financial
therefore, yet to be completed.
statement also said:
of
of
case
the
98
22, closed1 98, and 32
matters
crimination
was
closed,
the
apparent.
still
are
Commission
awaiting disposition.
found
that
In 43
unlawful
no
sion of
cases
because
closed
were
the
the
differentials
petition.
Thirteen
unrelated
were
In
ters.
four
in
cases
to
it
unlawful
any
because the practices
transactions and
appeared
were
effect
from
the
concerned
facts
upon
"The
necessary to meet an
com¬
complained of
purely local
that the sellers'
In
two
it
cases
appeared that
advertising rates not
merchandise, and bore
mat¬
Robinson-Patmkn
does
the
sale
alleged related solely
of
goods,
any
wares
or
one
not
apply
to
sales
made
to
the
Federal
the
facts
developed
investigation
on
that such
under
result
a
various
of
Act
and
individual
helpful
its
of
they had
their
industries
indutries.
As
part of the
a
to the Commission
with
with
respect to
particular
concerned,
and
men
inequitable
so-called
requests
the
fact,
it
sets
up
The
pacific
a
court's
refute
a
reference
members
their attorneys
result,
whole
allowances
and
by representatives
the
to
problems of
desiring
of
its
be
to
staff
to
as
discuss
problems generally affect¬
industries
eliminated
revised
the
dis¬
quantity
unlawful
Act
machinery
opinion
of
any
face
the
declares
testimony
"Sit-Down"
was
strike
no
or
opinion pointed out.
did;
an
"Ignored"
for
arbitrating
that
counsel
and
settling
by
presented
the
for
the
such
defendants
defendants
con¬
did
not
violence,
to
as
difficulty of
kind at the plaintiff's plant,"
any
"Its payroll was about $70,000 per week,
annual
business of approximately $5,000,000.
situation in this plant in which
everybody
plaintiff
highest
the
There
was
and it
peaceful
a
satisfied.
was
alleges,
without contradiction, that it was paying the
had the best and most desirable working conditions in
wages and
entire^ industry.
Strike
and
Held
Wagner
"The
been
Violate
to
a
No complaint of
sit-down
strike
Fact
any
kind
was
made
by
single
a
Strike"
a
in
was
fact
not
strike.
a
If
there
any
its
peaceful
settlement.
The
main
settling controversies and
of
causes
unrest.
It
orderly
defines and
rights of labor and provides for enforcing them.
"Underlying this case is the question of whether
the
process
declares the
few
a
pro¬
of
purpose
to avoid industrial strife by providing an
was
has
labor trouble at the plaintiff's factory, the law
for
or
remedy
Wagner Act
of
lawless
indi¬
viduals,
ignoring and condemning the Wagner Act and! in defiance of all
order, and in ruthless disregard of the rights of others, should be
permitted, by assuming the name of a union, to deprive all others of
law
and
their
were
to
Both
so-called
strike
a
|
Anti-Trust
Labor
Act—Ruling by United
States Circuit Court of Appeals in
Philadelphia
Calling for Evacuation of Apex Hosiery Mills by
Strikers—Views on Strike of Secretary Perkins
Asked by Representative Ditter
unanimous
a
exculpates
way
of
the
granting
♦
In
no
of property, exclusion of the
rightful owners from it—even in
pleas for permission to enter to safeguard delicate machinery—
physical injury to workers and executives.
the
and
still
or
handled
cases
brokerage and other discriminatory allowances.
Law
view in
employee.
the Robinson-Patman
Commission,
possible, permitted
as
of business
and
counts
in
Sherman Act."
the
troversies.
vides
conferences
administration
business
to
with groups
ing
in
not,
Act.
numerous
industries for
the
of
did
complaints investigated by the Chief Examiner's office,
the Robinson-Patman
As
objective which
the violation
"Not in
291
commerce—they knew exactly
intended, as rational beings, to do
■
being investigated by that office, represent only
of
control
...
The
lawful
used
pointed out that the Wagner Labor Relations Act was devised for
specific purpose of preventing violence in industrial disputes, and that
"The
case
involving the application of Section 2(c) of the Act, the
complainant alleged control of the broker by a
buyer.
It appeared from
exist.
had
was
"There
Government.
In
the defendants
the restraint of interstate
Wagner
relation thereto.
Act
if
destruction
with
Several
cases
involving sales to the Federal Government were closed'
following the giving of an opinion by the Attorney General, holding that
the
ultimate
from
It
the
prices to
equally low price made
the discriminations
connected
no
crimes and
dis¬
competitor of the said sellers.
a
to
produced
closed
were
interstate
cases
the particular customers
by
price
perfectly all right
bring it about, but when they used unlawful means—the commis¬
parties
complained of had changed their practices before the
alleged violations had
been completely
investigated.
In 14 cases the evidence failed to disclose
that
be
what they were doing and must have
exactly what they did.
them
Twelve
4267
would
to
means
'
repotted
in the
"This
In part, the Commission's
In the 152 investigations completed by the Chief Examiner's division and
on to the Commission, the Commission has issued formal
complaints
I
Chronicle
of
means
livelihood and compel
self-styled leaders.
them to contribute of their earnings
A few 'sit-downers'
are keeping 2,500
persons, who
entirely satisfied! with their positions, from working and from earning
living for themselves and their families.
If an employer had
denied to labor any of its rights, the Wagner Act provided an
orderly way
of calling him to account.
honest
an
"Instead of resorting to this Act, the defendants
by force and violence
sought to compel the employer and its employees to do what the Wagner
does not countenance and what the
judgment of every true friend: of
Act
labor and of all good men condemns
On June 22
as
wrong
both in policy and principle."
Representative Ditter
decision, on June 21, the United States
Circuit Court of Appeals in Philadelphia ruled that the "sitdown" strike at the Apex
Hosiery Mills in Philadelphia vio¬
(Republican) of Penn¬
Secretary of Labor Perkins to clarify
the department's policy on the "sit-down" strike.
According
lated both the Sherman anti-trust law and the
Wagner Labor
Act.
At the same time, the judges
to
rendering the decision,
viz., Judges Joseph Buffington, J. Warren Davis and Oliver
B.
Dickinson
(the latter substituting on the Appellate
Court) upheld every averment of the employer.
The de¬
cision
reversed
ruling by Judge William H. Kirkpatrick
of the District Court, who the
previous week refused an
injunction against the strikers, holding that while the strik¬
ers violated the
Pennsylvania law, the Federal courts had
no jurisdiction.
Under the Circuit Court's order immediate
a
evacuation of the mill
by the strikers
ordered, and
was
sylvania
Washington account to the New York "Herald Tribune,"
a
he
requested
called
attention to the Circuit Court decision warning
"sit-down" strikers who forcibly keep willing workers
from their jobs would "destroy the foundations of the
gov¬
that
itself."
Quoting, in part, from the Circuit Court
decision, Representative Ditter in his message to Secretary
ernment
Perkins said:
of
In view of your official declaration several months
ago,
the sit-down strike was an open question, I write to
view of
yesterday's decision
for you
that the legality
ask
whether, in
to offer a public declaration' in the matter?
as
above, it would
now
be possible
desirable
or
on
William
June 22 an order was signed by Judge
Kirkpatrick, at the
direction of the Circuit Court, directing the eviction of the
strikers.
The strikers had asked a closed shop agreement
Workers
with
to consider the situation incident to the court order.
the company.
Under date of June 22, special advices
from Philadelphia to the New York "Journal of Commerce"
Leader, President of
Federation and head
Council, said
Branch
of the
1 of the Hosiery
Philadelphia C. I. O.
special meeting of the union would be held
a
said:
Johnstown
The
most
[eviction 1
sweeping
order
given
in the
one
sit-downers
to
union
visiting Apex
from
street,
in
or
any
that
but
the
The
and
Wagner
at
their
to
intimidate
stay
be
of
forbidding
attaches,
members
homes,
execution
the
Apex;
and
the
the Circuit
from
interfering
force and
the
with
conspiring
were
physical
this
manufacturing
together
destruction
manufacturing and
from
of
of
Act
its
shipping
premises,
ma¬
merchandise
to
its
customers; from retaining forcible possession of the plant; from annoy¬
ing and insulting employees or their families in an attempt to force them
to join the union; from gathering in
large numbers to intimidate loyal
employees, ordered the eviction of sit-downers and finally gave a mandate
for restraining sit-downers
and every member of the union committing
further
destruction
or
damage to the plant.
The decision of the Circuit
to
means
includes
secure
the sincere,
and
labor in using
every
its rights, but public opinion—and this
protect
sober,
principles of even-handed justice and destroy the foundations of the
govern¬
itself.
From the Philadelphia "Inquirer" we also take the follow¬
that
to
"however
an
end,
in itself
doing
their
lawful
a
acts
and do not constitute
on
Governor
Condi¬
40,000
Cambria Plant Is Canceled
a
modified form of martial law and had ordered the
issued
June 19.
on
On June 24 Governor Earle issued another
proclamation lifting martial law from the strike
tive at 7
a.
ently the
m.
on
June 25.
emergency
zone,
The Governor said that
effec¬
"appar¬
in Johnstown has passed," and that
conditions generally may revert to the status before martial
law was declared.. He added that the mills might reopen.
The
of
text
the
proclamation ordering
martial
law is
a
they
intent of
the
only
a
conspiracy in restraint of inter¬
fact that
now
a
strike
the ruling said.
conspirators
for
a
in this
closed shop.
lawfully conducted
if
has statutory
conspiracy under the Sherman Act
lawful thing,"
to sign an agreement
incidental,
were
recognition."
or
of
Cambria
me
by the Sheriff of Cambria County
County, whereby lives and property,
peace
threatened and which the civil authorities have asserted
and safety
are
are
beyond their
control and power to suppress, and
Whereas, the said Sheriff of Cambria County, being the highest
peace
authorities to cope with the said impending emergency and has called upon
the Governor to exercise the power invested in him by the Constitution and
of this
Commonwealth to prevent insurrection and to suppress riot,
mob and tumult, and
Whereas,
the
the
Governor,
Constitution and laws of this Commonwealth authorize
whenever in his judgment
case
was
It
to
may
power
he
may
deem it necessary,
to
of the Commonwealth, to suppress
domestic violence, preserve the peace and protect lives and property;
Now, therefore,
otherwise because
"It could not become
spiracy unless the measures employed were unlawful.
ultimate
Whereas, it has been represented to
that there is imminent danger of riot, tumult and mob in various sections
employ the police and military
its lawfulness
and
no
were,
coun¬
*
argument overlooks the
"There could be
of
unlawful
commerce," said:
"This
is
by
Peaceful
closing of the plant, the disarming of "vigilantes" and the
superseding of the city police in all strike duty by 525 State
police and State highway patrolmen. The proclamation was
laws
Judge Davis's opinion, in referring to the argument of defendants'
state
Law
After
officer within the said county, has averred the inability of the local civil
ing regarding the Circuit Court's conclusions:
means
under
fair, just and
thoughtful and law-abiding element of labor—
will feel outraged at the lawless conduct of the defendants which, if toler¬
ated, would strike down American institutions, flaunt our long-cherished
sel
Martial
Rescinded
given below:
Public opinion will sympathize with
ment
Under
The Cambria plant of the Bethlehem Steel Corp., where
employees affiliated with the Committee for Industrial
Organization are on strike, was closed on June 21 after Gov¬
ernor
Earle of Pennsylvania had placed Johnstown, Pa.,
Court, written by Judge Davis,
said:
legal
Coal Miners
opera¬
to prevent Apex
Is
tions Prevail in Bethlehem Strike—March of
the
for
Attorneys
orders of
on
Placed
Earle—Order
directing the
of the hosiery
the strikers from further violations
from combining and
equipment
the
was
accosting them
them.
of
Reing
forthwith.
Labor Act;
through violence,
chinery
court
workers
a
Marshal
Judge Kirkpatrick ruled that the Appellate Court's orders
action should
at
local
and
injunction restrains
the
tions
for
States
plant
attempting
way
hosiery union asked
Court
of
memory
the
vacate
United
to
I,
George H.
Earle,
Governor of the said Common¬
wealth, do hereby admonish all good citizens and all good
persons
within
con¬
the territories under the jurisdiction of the Commonwealth against attend¬
be that the
ing and abetting such unlawful proceedings; and I do hereb# command all
persons engaged or participating in such riotous demonstrations to disperse
a
force the plaintiff
forthwith and retire
peacefully to their respective place of abode, warning
Financial
4268
them that
persistence in such violence will compel resort to such force as
a
this mandate I
In order to carry out
road!
cars
2.
The
of the police and military force
of the Commonwealth, and do hereby Invest
the commanding officer of the said forces with all the power and authority
to carry out the same.
necessary
At the time the order
proclaiming martial law
as
a protest
against the Bethlehem
Shortly after the issuance of the proclamation,
however, John L. Lewis, Chairman of the CIO and President
of the United Mine Workers, called off the
proposed protest
corporation.
This action
march.
was
described
follows in
as
Johnstown
a
dispatch of June 19 to the New York "Times":
Late tonight Colonel A.
Earle
direct
to
S. Janeway, who
enforcement
the
ordered the Bethlehem
by Eugene
Governor's request pending Federal mediation of the CIO strikes against
four independent steel companies,
Bethlehem, the Republic Steel Corp.,
the petition of
Sheriff Michael J. Boyle of Cam¬
bria County, who telegraphed and telephoned him early this morning that
city and county authorities could not cope with the violence which
might ensue from the threatened march of 40,000 coal miners on Johnstown
from various parts of Pennsylvania and West
Virginia to attend
a mass
meeting tomorrow afternoon of Bethlehem's steel, coal and railroad strikers.
enforce
his
coal
sent from
and
area
Lewis, Chairman of the CIO and President of
The
Washington to mine union leaders throughout this
issued
was
the request of
at
Governor Earle. with whom
Mr. Lewis had been in communication by telephone.
The telegram by Mr.
in the
the
mass
and
Governor of Pennsylvania, I have agreed that
meeting to be held at Johnstown tomorrow at 5 p.
"Please make public announcement to this effect and advise all inter¬
ested persons that the meeting will not be held.
It is our purpose to co¬
operate fully with Governor Earle in his efforts to preserve public peace."
Colonel Janeway was sent here by the Governor as his "personal repre¬
sentative" to take command of the State police who have been here since
Tuesday's rioting and of the heavy reinforcements which began pouring
noon.
Colonel Janeway, a National Guard officer, who is director
long
as
we
as
of the General
Colonel Janeway established headquarters at the
Fort Stanwix Hotel,
Attorney General Charles J.
with
the
in
to
Canton
arrived in
units,
Stark
Valley.
Mahoning
Mahoning
4,400 militia
well
County as
as
About
day.
cost to the State of around $20,000 a
a
began
an
Adjutant
that steel workers "who want to
see
to their employment shall enjoy the privilege with¬
being molested." He issued the order to the commander
out
of Ohio military forces after citing
mediation
board
advices
to
settle the
Margiotti, whom the Government sent here to handle legal questions con¬
cerning martial law; Captain E. J. Henry, acting chief of the State High¬
"failure" of the Federal
strikes.
Associated
current
from
Columbus, Ohio, stated
Davey's ordAr easing his "modified" martial
Mahoning Valley followed action earlier
Governor George H. Earle of Pennsylvania
that Governor
law order for
the
martial
law
which
order
Corp's mills at Cambria.
advices
Governor
Republic
Steel
had
closed
in the day by
lifting his
in
Steel
Bethlehem
the
As to Governor Davey's order, the
said:
did
refusal to meet at
issue
not
and
his
Youngstown
round-table
a
until
statement
Sheet
Tube
&
discussion with
he
received
strike leaders.
the
from
definite
their
companies
•
.
•
The guardsmen have been in the Mahoning Valley strike zone since
Tuesday morning (June 22), with instructions to preserve the "status quo"
pending peace negotiations.
Heretofore the guardsmen have permitted no
plants
to
but
open,
have
allowed
continued
operation
of
plants
already working.
Today,
however, the Governor's instruction bore amplification.
Marks was reported to have
Republic's plants in Cleveland
would "stay closed for the time being," Associated Press
accounts from Youngstown last night (June 25) said:
stated
Adjutant
yesterday
General
that
the
Mahoning Valley steel mill operators announced today that they would
their plants for two-Bhift operations tonight at 7 o'clock (8 o'clock
New York time.
Simultaneous announcements were made by the Youngs¬
open
Sheet & Tube Co. and the Republic
town
Among
the
President
of
the
Steel Corp.
developments
many
appeal by President Roosevelt
this spring, arrived by airplane this afternoon.
of conferences
artillery
include
On June 24 Governor Davey issued an order to
fund, and who supervised the State flood relief activities here last year and
series
Counties
General Emil Marks to
State Authority, which has charge of a $60,000,000 institutional building
a
chiefly
to
Mahoning Valley at
While
where he held
with
Charles P.
have anything to
The Chairman of the Board,
inquiry at Youngstown
into charges made by the Steel Workers Organizing Committee that Re¬
public interfered with and coerced its employees.
is called off
m.
canceled.
into town this
Cleveland
at
sessions
resumed
The National Labor Relations Board
4.
closed
Lewis to mine union leaders said:
"At the request of the
Board
again.
moved out of' the plant
many
companies.
Guardsmen,
Trumbull
The
relieved, however, this
was
the United Mine Workers, ordered the march of miners called off.
was
Mediation
four
proclamation
and
same
order
as
military rule there under orders of Governor Davey, who extended
original
were
March Halt Eases Crisis
This major occasion of immediate tension
afternoon when John L.
and
said that "we will keep going
National
Press
the Youngstown Sheet & Tube Co. and the Inland Steel Co.
the
of the
in
return
The drastic action of Governor Earle followed the refusal
G. Grace, President of the company, to close the plant voluntarily at the
on
2d,
3.
sent here by Governor
was
of martial law,
officials to close the Cambria plant at once.
The Governor acted
Taft
issued,
was
Johnstown
on
Federal
executives
About 100 loaded rail¬
going despite the picket lines.
moved
were
work on."
40,000 coal miners affiliated with the CIO had planned to
march
June 26, 1937
have kept the plant
hereby declare the said district to be under the jurisdiction
be necessary to enforce obedience to the laws.
may
Chronicle
of
week
the
the
were
June 21 to Tom M. Girdler,
on
Republic Steel Corp., and Frank Purnell,
President of the Youngstown Sheet & Tube Co., not to open
their Youngstown plants the following day.
tendent of State Police, who has been in charge of policing the picketlines
Identical telegrams, as follows, were addressed to them
by President Roosevelt, who asked that the request of the
since early this week, and others.
Mediation Board, to this effect, be acceded to:
Patrol, also ordered here today; Major Lynn G. Adams, Superin¬
way
The
Colonel Janeway summoned to his rooms David Watkins, strike leader
"I told Mr. "Watkins," he said, "that the basic reason of the
in declaring martial law was to prevept
Governor
riot, insurrection and bloodshed,
and that I expected the strikers through him would cooperate to the
fullest
extent.
mass
and from
formation which might lead to disorder.
am
glad to
Board
In
that the SWOC would cooperate."
Police—
Mayor Daniel A. Knaggs, of Monroe, Mich., who about
weeks ago asked citizens of that city to volunteer for
police duty during disorders at the reopening of the Newton
Steel Co. plant in Monroe, dismissed on June 19 the volun¬
teers and thanked them for their services.
Mayor Knaggs
explained that he was dismissing the volunteers because the
Monroe
was
made in
Reference to the disorders in
over.
our
should be expected and
in
this
White
o'clock
House
tonight,
made
Mediation
at
be attianed, I earnestly join with
issue of June
Steel
in
public the President's telegrams
without comment.
was
The
action,
shortly after
however,
followed
an
appeal today by the President of three Youngstown lodges of the Committee
19,
4110.
page
reopening of steel plants
account from its
Fails of
Strike
Results
permitted.
Washington bureau the New York "Herald
Tribune" said, in part:
The
action
of
the
President
expressed,
in
vivid
which grew in Administration quarters today over
tion which was developing in Youngstown.
The
manner,
the
concern
the tension of the situa¬
Administration had been
hoping to avoid direct White House intervention, hoping Governor Martin
L.
Davey
the
—Appeal by President Roosevelt to Heads of
Republic Steel Corp. and Youngstown Sheet &
Tube Co. to Keep Youngstown Plants Closed—
Martial Law Proclaimed in Pennsylvania by Gov.
Earle—Gov. Davey Orders National Guard Troops
to Steel Areas—Labor Holiday Called by CIO in
Warren and Niles, Ohio—Later Called Off—In¬
junction Against SWOC Pickets
was
President Roosevelt dispatched the telegrams following a
conference with Secretary of Labor Frances Perkins.
In an
Ohio would
of
intervention
into
of
the strike
was
to
hold
reached,
the
conflict
however,
the
in
Before
check.
Administration
Davey had ordered his National Guardsmen to
at
war-zone
rioting and bloodshed
to their
be able
decision
informed that Governor
Efforts
can
request to you.
Industrial Organization for intervention by the President on the ground
that "horrible things"
might develop in Youngstown if the scheduled
two
was
Mediation Board,
for
Mayor of Monroe, Mich., Dismisses Civilian
Says Crisis is Over
crisis in Monroe
that the Steel
me
Chairman, has requested you not to open your
Washington dispatch to the New York "Times" it
a
The
11
that Mr. Watkins gave the most complete assurances
say
is
stated:
meeting must go individually or in small groups and not in any
mass
"I
which
ment
that there must be no parade or demon¬
stration within the city, and that strikers going through the city to
mass
Taft
meeting scheduled for tomorrow afternoon
must be held outside the city limits,
the
Charles P.
Youngstown plants tomorrow, Tuesday morning (June 22).
In the promo¬
tion of public safety and in the interest of a reasonable and peaceful settle¬
the
"I also told him that the
Secretary of Labor has advised
of which
for the CIO steel workers organizing committee here.
daybreak in
as
a
the anti-C.
I.
was
move
final effort to avert the threats
O.
workers attempted to
return
jobs.
Criticised in
House
.
Disturbances in
the steel
strike
in Ohio
area
and
Penn¬
sylvania have continued to increase during the week,
no
results have
Mediation Board to
situation
as
from the sessions held
come
work
it existed
out
a
June 23,
on
To
solution.
we
and
by the Federal
indicate the
The
strike-affected
foul
the
eighth
Federal
steel
companies
Mediation
Board
maintained
a
"united
front"
National Guard
bayonets protected the movement of freight at picketed Mahoning Valley
mills.
The steel strike, extending over seven States, was in its twenty<
The
still
1.
developments
existed
in
Troops
demonstrators
company
along
the
strike
front
today
today
while
indicated
that
danger
the militia-guarded Mahoning Valley:
with
from
fixed
bayonets
the gates
pushed
of the
back
an
angry
crowd of
strike
Republic mills at Warren when the
began the evacuation of between 2,000 and 3,000 non-strikers who
C. I. 0."
to
Mr.
letters
Green wrote of the "evil influences"
from
Lewis to get
of
day.,
Steel
Green, President of the American Federation of Labor, holding the "riots,
reprisals, violence and bloodshed" in the current strike in the Youngstown
and Republic steel plants were traceable to the "destructive
policies of
quote the following
United Press advices of that date from Cleveland:
before
This development also followed a day in which the Administration's
position in the conflict was vigorously criticized in the House.
As part of the debate which took place in the House,
Representative
John Luecke, Democrat of Michigan, made public a letter from William
Representative Luecke,
organized labor together.
urging
in O.
both
I.
O.
Messrs.
in
response
Green
and
Mid-week developments brought the calling by the C. I. O.
a "labor holiday" in Warren and Niles, Ohio, on June
23,
in protest
against the decision of Sheriff Roy Hardmann of
County, Ohio, to enforce the injunction issued on
June 19 restraining strikers from interfering with workers
Trumbull
going into and out of the local plants of the Republic Steel
Corp.
A dispatch to the New York "Times" on that date
from
its
which
About
we
Warren
correspondent, Russell
B.
Porter,
from
quote, added, in part:
5,700
men
and
Progress Administration
women
projects
walked
here,
out
and
from
another
14
plants
thousand
and
Works
from
four
Volume
144
plants in Niles,
two
cities,
Financial
making
including
mittee who struck
total of about
14,000 workers
members of the
Steel Workers
a
the
the
the
strike in
on
Chronicle
rate
Organizing Com¬
May 26.
on
Today's
strikers
belong to the S. W. 0.
Workers
Union.
sympathy
and
gates
C. I.
0.
the
about
into
and
0.
the
United
We then
Electrical
1,500
the
streets
around
with
persons,
the
American
Republic
flags
At 12
and
a march toward the business section.
They were
through the factory districts, but were dispersed by the
deputy sheriffs when they arrived in the center of
march
to
police
and
to the Republic plant, the paraders joined thousands of
sympathizers milling around outside the National Guard lines
yesterday at the Republic gates after Governor Martin L. Davey
be
This
canceled
plans
for
of
truce
part
was
which
Gus
the
Trumbull
Under
from
the
strike
arranged
at
in
yesterday, the 0. I. 0.
Trumbull
County.
.
.
early morning conference,
an
in
.
chief organizer for the S. W. 0. C.,
participated with
Brigadier General Ludwig S. Connelly, commanding officer
County sector of the Youngstown area.
the
lawful
action
and
the
orders
to
the
which
are
plants
which
the
of
Federal
been
closed
Mediation
shall
All
3.
4.
Board,
closed
during
and
There
small
in
The
shall, be
the
the
of
shall
he
disarmed
of
the
these
of
that
so
counties
is
maintain
to
continue
may
the
status
either
quo
conditions
Board has finished
its
work.
as
just
would show
government
any
partiality
as
between
its
Whereas,
Tuesday morning and
days
some
insurrection, and
repel
in
the
Counties
•
As
we
out
settlement
a
June 21.
made in
of
the
strike
Reference to the
held
on
its
former
son,
Board,
and
Chairman
of
F.
session
appointment of the Board
the
National
McGrady,
Labor
night
(June 25)
or
oral,
with
were,
to
was
Relations
and
not
with
an
Monday morning with the union
them the
representatives.
and
the
the
companies
companies.
They stated positively
had agreed that there was
and
no
if
any,
them
Tuesday.
of
repre¬
settling
the
as
that they
said
They said that they
now.
separately,
company
representative
of
their
They
said,
however, that they would
stated
that in view of the last reservation they
meetings would have any value.
offered to meet with the Board again at any
basis
of
on
latest
our
advices
that
the
plants
not
may
In view of this fact and the possibility
Wednesday looking toward
settlement,
a
are
we
the situation at this time.
on
June
on
19, the
(June
Board issued the following
continuous
steel
telephone communication with
and
companies
the
representatives
the
of
the
20).
of circumstances
be
cannot
held
conference
and
which
over
until
with
soon
a.
no
control
the
union,
morning, June 21.
the
representatives
The
m.
of
employers,
Messrs.
11
a.
m.
Grace,
shortly
the city.
in
the
Board
will
necessary in
as
9
at
possible,
as
parties concerned had
Monday
he
will
Murray,
arrival
remain
in
attempting to
Cleveland
the
over
week-end
this mediation
out
carry
suc¬
-
Mr.
and
have
Taft
canceled
their
other
engagements
on
Girdler is Chairman of the Board of the Republic
M.
executives
23,
of
four
the
steel
but adjourned until
position
is unchanged,"
Apparently meaning
Charles
other
several
concerns
Board with
held
was
on
the
said
R.
J.
that the steel
Wysor,
President
still
concerns
of Republic
refused
to
sign a
Sykes
of
Inland
0.
P.
2d
Taft
high
announced
officials
better
the
of
purpose
to
that
P.
Wilfred
D.
Block of the company
them here
invite
to
"check up"
In
a
invitation,
he
said,
acquainted with the Inland
Taft said
he
not
was
the
ing tomorrow if
Inland
was
Steel
whether
certain
for
tomorrow's
con¬
officials
permit
the
Board
to
there would be another meet¬
unable
are
to
executives.
to be here.
He
said
he
with Philip Murray, Chairman of the S. W. 0. 0.,
several points.
on
statement before
the Mediation
Board, on June 21,
Steel Corp. made the following
Mr. Girdler of the Republic
statement:
Republic
Steel
involved
in
standing
that
Board
over,
Corp.
C.
the
order
as
the company's
to
any
present
this
of
to
this
Board
It
company.
Labor
Perkins
is
the facts
our
under¬
appointing
this
strike,
Re¬
fact-finding body.
the
Board
the
to discuss
strike
appearance
strike
against
Secretary
of
a
ready to
strike
submitting
is not
consent
stands
O.
I.
appearing before
public
this
the
designated it
In
the facts
of
to arbitration by
the
is not to be construed
settlement
plan
which
may
the
as
be
Board.
More¬
requiring it to
promulgated
by
Board.
First
of
strike is
all,
not
we
one
must make it clear that
involving
wages,
hours
or
the
fundamental
issue
in this
working conditions in Republic
plants.
The
unequivocally that all of
dispute about any term of
almost
four
would meet later today
We discussed
in
between the union
in
the
Garrison
Mr.
.
question of the terms of the Carnegie-Illinois agreement
effort to determine just what the issues were,
of
any
Tuesday morning.
been
long
The
to
annexed statement was issued by the Board:
met
or
They
members of
as
become
prosecute or apportion blame.
We appeal to both sides to
act with us accordingly."
Following its June 21 session the
We
the
possibility
ference.
O.
settlement
the
for different reasons,
Steel Corp. was attempting to reach President
and
Replies last
it is said, being awaited from the
promote a
explore
representatives
endeavor to arrange
Chairman
Corp. and Inland Steel Co. The Board, in
statement, said that it would "remain in session
until we have definitely ascertained whether or not such a
joint conference can be arranged."
The Board also said:
appointed
companies to meet with
to
companies,
on
contract with the C. I.
on
its June 24
were
the
Purnell and Sykes, will meet with the Board at
Bethlehem Steel
"We
of
order
the union
officials
the
of
an
their
"Our
Assistant
Lewis's O. I.
in
further comment
first
Steel.
and steel executives, both the Republic and Youngstown
companies advised the Board that they would make no agree¬
written
not
with
oral,
or
following day.
In the
absence of any statement by the Board, we quote the fol¬
lowing from United Press accounts from Cleveland, June 23:
Secretary of
Labor.
In addition to its earlier statements, given below,
the Board on June 24, at Cleveland, issued a statement mak¬
ing an appeal for a "man-to-man" peace conference of union
ment,
would
they
as
June
refer¬
June 19
Edward
heads
four
conferences
because
the
issue, and, as indicated therein, it is
composed of Charles P. Taft 2d, Chairman; Lloyd K. Garri¬
our
that
written
the Inland Steel Corp.
A meeting of the members of the Mediation
June 17 to work
first
position
agreements,
Corp.; Frank Purnell, President of the Youngstown Sheet &
Tube Co., and Wilfred Sykes, Assistant to the President of
Cambria, Pa., plant of the Bethle¬
Corp., Governor Earle op June 19 proclaimed
law in Johnstown, Pa.
The Federal Mediation Board named
into
Steel Corp.; Eugene Grace, President of the Bethlehem Steel
Steel
martial
the
took
enter
to ways of recording
as
Saturday (June 19)
Tom
to the strike at the
ence
hem
all
proposals
our
Mr. Lewis is Chairman of the C. I. O., and Mr. Murray,
Of the steel company heads,
DAVEY, Governor of Ohio.
our
of
Chairman of the S. W. O. C.
Mahoning and
indicate in another item in this issue in
reached
understanding
an
us
Mr.
Trumbull, State of Ohio.
MARTIN L.
such terms.
of
by which
ways
Lewis
menaced; and
of
did not and would not agree under any
specific examples
Monday.
thereafter:
invasion,"
Carnegie-
cessfully.
Now, therefore, I, Martin L. Davey, Governor of Ohio, by virtue of the
power vested in me, under Article 9, Section 4, of the State Constitution,
hereby "call forth the militia, to execute the laws of the State, to sup¬
press
any
to them.
the
in
on
and
peace officers will
with the situation that would otherwise arise on
for
terms
Girdler,
serious riot is threatened
are
was
meetings with them
after
reopening of two plants now closed; and
comfort and safety of the citizens of said counties
cope
the
with
on
no
The
and dignity of the State of Ohio
peace
adequate
there
not agreeable
was
were
Messrs.
Whereas, official information indicates that the local
wholly unable to
of
open
Sunday
but
jeopardy because of promised1 action and threatened counter¬
action, and the
there
time
They have expressed their readiness to meet with
the advertised
the peace,
in grave
are
of
time and place.
have
All
in connection with
be
further
or
being violated in the Counties
most
the
believe that such
conferences
a
this
at
fully authorized representatives meet, each
feel
We
and
Whereas, minor riots have occurred and
whether
that
they
us
union
situation.
not
union in
Mahoning and Trumbull, State of Ohio, and violence has been resorted
by various persons in connection with the steel strike in said counties;
to
which
asked
the
union
Presidents
citizens.
Proclamation
of
them
to
assurances
statement at Cleveland:
protect the interests of the general public.
are
the
These
We shall pursue a course of strict
neutrality for the purpose of doing
justice and dealing with entire fairness as between the contending elements
in this
industrial conflict, and seek with determination to
preserve and
Whereas, the laws of the State of Ohio
stated
reached and
Previously,
they
as
of
companies
gave
be arranged
to
the
of
instructions remain in effect for the next few days and until further notice.
No
have
the
making
orders
they
Federal Mediation
the
circumstances
meet
attempt to
by non-residents,
if
heads
We
appropriate action.
of these
The
0.
of
convenient
for
be made,
could
bloodshed.
The heads of the companies
formation.
mass
effect
parties,
until
authorities
invasion
no
in
or
practical
exist
civil
to
over
groups
between
now
law
certain
refuse to discuss at such meetings the
making or signing of a contract.
The Board then met with the union representatives and informed them
provided this period of time
the
of
view
in
proposed various
0.
not
place
guilty of violations of the law shall be arrested
person or persons
turned
5.
officers
not
are
progress
members and with the Board at any convenient time and
place, the time and
did
who
persons
what
strike.
would
of all kinds and description.
Any
W.
The
reasonably limited.
weapons
then
present
would
Adjutant General
remain
beginning under great
were
meant
see
execution
its
companies questioned all
S.
the
now
have
could
we
that
companies
and
4. We then
operating shall continue to operate on
they have during the strike, free from interference except
as
we
Cargenie-Illinois agreement which
the
sentatives
picketing.
Steel
deliberation
is
this
asked
agreement
the
with
plants
basis
We
under
follows:
same
2.
of
the
of
The
Adjutant General of Ohio has been ordered to send: ample troops into
Mahoning and Trumbull Counties to be ready for duty at daybreak Tuesday
morning, in order to prevent riot, bloodshed and possible loss of life.
conditions
felt
we
by collection bargaining could be recorded.
Davey.
The
Steel
then
of
3.
Statement
as
the
with
call.
on
employers.
that
until
longer,
any
Illinois agreement to
an
1.
the
agreement.
an
The meeting
Youngstown and Republic, stated they did not feel,
employees who wished to return to work, that they
their
to
circumstances,
proclamation of Governor Martin L. Davey of Ohio
was issued as follows on June 21
along with a statement also
given herewith:
The
We
Each
The
are
of. recording
under advisement.
adjourned to be reconvened
start
advised;
involved,
delay
term
agreement,
Governor
written
a
enforcement.
2.
the Sheriff announced, he would issue individual
workmen who have been inside the mill, pending further orders
to
passes
general
a
different
a
not
or
the orders
of
least
at
were
justice
law
Hall,
the Sheriff and
of
a
declared
the
at
possible methods
proposals
met with
because
companies
24, to the "Times" said:
was
stated
we
could
Later Warren advices, June
certain
these
we
withdrawn
since
in
Calling off the labor holiday which
today
had
company
whether
for opening certain plants at a definite
Tuesday morning (June 22) in 6pite of our request expressed Saturday
(June 19) that the status quo be maintained.
We asked that this order
in the troops to preserve order.
sent
one
was
time
and
up
noon
We
1.
city.
set
proposed
took
difficulties
Returning
strikers
that
The sole question
union representatives then
banners, started
allowed
local
swarmed
of
agreement except
labor.
common
The union
strikers
parade
a
for
agreement should be signed.
and Radio
The
4269
Carnegie-Illinois
to
basic
work
free
issue
from
of
the present
molestation
strike is the
or
violence
right of American
and
anger,
and
the
citizens
right of
4270
the
therefore
It
issue
between
I.
The
that
urged
contract,
the
oral
facts
in
that
are
Republic
this
contract
Board
I.
0.
do not
There
in
written,
or
the
It
women.
this
of
lose
is
sight
of
not
existence
fact
in
the
of this funda¬
written
a
contract
never
between
and
Mr.
the
by
is
the
plants
employees
have
been
and
Richard
are
collective
existing
few
before
company
0.
Republic
Therefore,
in
now
Tripoli Mazzoli
in
do
was
B.
and
I. 0.
discussion
any
surrounded
are
by
armed1 crowds
families when
their
work
is
done,
violence,
of
23,000
some
of
our
was
and
for
country
deal has
great
a
been
right to strike.
the
free
American
right of employees to call
ing is undeniable.
said about
Is
by
a
citizens
there
who
the right
not
want
equal
an
strike and to engage in
armed
under
and
the law.
has
lective
of
Steel
with
Corp.
It
operated
has
clubs
and
has
its
always
who,
guns,
the
recognized
by
or
The
force,
of
paid the prevailing rate of
plants
eight-hour
on
It
has
employees
the industry
in
wages
shifts.
of
practiced
employees
lack of membership in any organization.
by
col¬
reason
This policy will
suggestion has been made by Secretary of Labor Perkins that
be
kept
ployees
do
at "status
who
want
This
so.
to
quo."
This
return
to
cannot,
company
would
jobs
their
will
and
that thousands
mean
would
be
not,
be
not
a
opera¬
of
em¬
permitted
to
party
to
such
any
Nearly
four
weeks
of
idleness
have already deprived
than $3,000,000 in
more
employees
intolerable
an
them
for
a
livelihood.
The company stands on its
The
thousands
to
ment
position
reopened
can
of
right to operate its plant and to offer employ¬
willing workers who want to return to their jobs.
of
the
rapidly
as
company
distinguished
tribution
to
peaceful
all
and
is
that
its
plants
false charge of
sleeping."
men."
discharged for throwing "some chocolate into the
Bowers, given heavy work,
Ellinger
"laid off"
was
on
a
discharged after
was
a
physician
suspended after
was
charge of "coming to work drunk,"
a
fight with another girl.
The com¬
pany permitted the other girl to return to work two weeks before Gilda.
CIO to
Organize Union of 800,000 Civilian Government
Employees—John L. Lewis Announces that Jacob
Baker Will Lead Campaign—Strikes Will Be Out¬
lawed
John L. Lewis, Chairman of the Committee for Industrial
Organization,
June 21
on
union to be known
as
announced the formation of a
the United Federal Workers of America,
and to have
a
membership of 800,000 civilian Government
Jacob Baker, former Assistant Administrator
of the Federal Emergency Relief Administration and the
Works Progress Administration, will head the new
organiza¬
employees.
tion. Mr. Lewis said that the first members of the new union
will be 3,200 employees in 15
dissenting locals of the Ameri¬
can Federation of Government
Employees,
the American Federation of Labor.
read as follows:
of
relationship
"The
will
be
Committee
workers,
affiliate of
an
Mr. Lewis's
announce¬
for
Industrial
Organization
Board
will
make
lasting
a
con¬
between
labor and industry and to the
by careful examination and impartial pres¬
that
Government
I.
"Numerous conferences have been held between
representatives of the
Chairman of the C. I. O. and Federal employee
groups, and it is our judg¬
ment that a
provisional union should be formed to be known
the United
as
Federal Workers of America.
With this in view,
I have selected Mr. Jacob Baker to act, during the
organizing campaign among Federal workers,
this
feels
groups of whom have made application for affiliation
O., are entitled to have serious consideration given to the
problems confronted by Federal workers.
numerous
with the C.
that employees
assurance
from their jobs.
members
maintenance of industrial peace
entation of
been
has
civil authorities will give
as
safely to and
go
The
a
dismissed for complaining against "non-union
Mr. Loy said the usual penalty is a one-day suspension.
Gilda Schiavoni
of Re¬
For them to continue this idle¬
wages.
during the deliberations of this Board would be to place
burden
upon
the families of these men, dependent upon
ness
v
falsely reported that he
ment
arrangement.
public of
was
which he denied.
to
continue.
tions
Carrado
can."
John
employees
show
rights
bargaining and has not discriminated against
membership
charge of "loafing on the job"
a
dismissed "because it
recommended he be returned to light work.
lawful picket¬
But it is another thing to have plants and
men
work
to
keep the plants from operating.
Republic
B.
scrap
unmolested?
picketed:
was
Noah Bolen was dismissed "on
the
cannot
on
threatened to beat his boss."
to work, from getting into the plants.
go
conditions
years
bargaining
this
the
I.
conditions
dismissed
was
at work.
now
right
so
Simmons
because he talked with his brother "for about five minutes."
by force and violence, keep employees
to their
returning
the
During the last
The
Loy charged in his affidavits that:
William
plants
from
of
by
0.
utterly irresponsible.
employees who want to
spite
working
irresponsible party, and the C.
an
themselves pickets and who,
other
In
June 26, 1937
Mrs. Betty Horst was transferred from "her
regular job" to a high¬
speed machine and lost considerable time "due to her nervous condition. •
Howard Mazzoli, an employee for 15 years, was dismissed with the
explanation that the action was based on seniority.
has
Republic
and
now,
Chronicle
is
futile.
company's
call
established
were
contract with
a
and
hours
wages,
presented
was
into
subject is
The
who
of
sight
the technical question
C.
plants
presently constituted
in
lose
not
and
men
Clyde Wampler
proposed
and
do
the
by discussion of
will not enter
of
Board
68,000
to
0.
effect
as
the
Republic and
any
employment
investigations.
therefore
is
mental
been,
its
furnish
that
urged
of
conduct
O.
Financial
to
company
organization.
Mr.
Baker,
who
is
well
as
President of the provisional
known
throughout
Government
circles, having acted for the past several
years as Assistant Administrator
Federal Emergency Relief Administration and the Works
Progress
of the
Administration, is thoroughly familiar with Government procedure and
facts and by a full report of it to the public.
an
executive and organizer of National repute.
He will be charged with the
responsibility of conducting an organizing
C. I. O. Unit Files Charges Against Republic Steel
Corp.
with NLRB—Asks Investiation of Alleged
Coercion,
and
Seeks
Election
Determine
to
Employee
Re¬
campaign among Government workers, and with the approval of the Chair¬
of the C. I. O., and as the necessity
arises, he will select a policy board
man
in which geography and concentration of Federal
employees will be given
consideration.
Mr. Baker will have charge of the
organizing staff, and he will enunciate
presentation
the
The Steel Workers
Organizing Committee, a subsidiary of
the C. I. 0., on June 23 filed charges with the National Labor
Relations Board against the Republic Steel
Corp., asking
an investigation of
alleged acts of discrimination, coercion
and intimidation which, it asserted,
prevented the operation
of collective bargaining in the company's
plants. The Com¬
mittee asked the NLRB to conduct
an
election among the
employees of the company to determine employee represen¬
tation.
The charges included the allegation that
striking
pickets, had been fired at from within plants at Warren and
Niles, Ohio.
A Washington dispatch of June 23 to the New
York "Herald Tribune" gave the
Specifically the charges against the
,
following additional details:
company were:
That it intimidated and discharged union workers.
That it locked out the employees of its mill in
Canton, Ohio, last month.
That the company maintained in its
plants extensive
arsenals, including
machine guns and bombs.
That the company paid for and supported the back-to-work
movement
and that the organizations fostering the movements were made
up of "im¬
ported thugs and gunmen, company police, office help and
so
forth, in the
pay and employ of the corporation."
That Republic ag( nt: were shooting at
pickets from within the company's
plants in Warren and Niles, Ohio.
CIO Union
Labor
Charges Hershey Chocolate Co. with Unfair
Practices—Files 10 Complaints with NLRB
Charges of unfair labor practices against the Hershey
Chocolate Co., Harrisburg, Pa., were filed on June 21 with
the National Labor Relations Board by the United Chocolate
Workers, affiliate of the Committee for Industrial Organiza¬
tion.
>
Ten complaints of alleged unfair labor practices
were
contained in the affidavits signed by John E.
Loy, business
for
manager
the
Hershey local of the United
Chocolate
Workers.
Last
April the union called
but farmers, deprived of
a
sit-down strike at the plant
market for their milk, and nonstriking workers routed the sit-downers from the factory.
The
NLRB
conducted
Chocolate Workers
a
an
election
at
which
the
United
rejected as the collective bargaining
agent for the employees and the Loyal Workers' Club, an
independent organization formed by the workers, was recog¬
nized.
was
Reference to the strike
April 17,
was
made in
our
issues of
2584, and April 10, page 2411.
Associated
Press advices from Harrisburg, June 21, to the
Philadelphia
"Record" of June 22, summarized the 10 alleged
charges of
the United Chocolate Workers against the
Hershey firm as
page
follows.
policy of the provisional organization.
All Federal employees will be eligible for
membership in the United
Federal Workers of America, except executives with
authority to hire or
discharge, members of the military and, for the time being, postal em¬
ployees.
Plans for the completion
from time to time and
new
of the organization will be subject to
change
policies will be added with the approval of the
C. I. O.
The
union will later adopt a program
designed to improve work¬
ing conditions, salaries, tenure of office, and promote the enactment of
legislation that will provide a labor board to which Government
employees
can
new
appeal for the adjustment of grievances.
The policy of the provisional United
Federal Workers of America and
branches will at all times be enunciated
by the Inter¬
national Executive Officers through, and with the consent of
the National
Policy Board of the organization, and in conformity with the ideals of the
all of its affiliated
O.
O.
I.
Because
of the circumstances
surrounding the employment of Federal
workers, strikes and picketing shall be deemed a violation of the
principle
of the provisional organization.
The C. I. O. will assume the initial financial
obligations necessary, will
extend organizing assistance and
personnel, as well as the facilities of the
several offices of the C. I. O. set
up
throughout the United States, and
the organizing campaign of the provisional union will
be under the direct
supervision of the Chairman of the O. I. O.
Illinois Coal Miners Given
Wage Increase—Agreement
Also Provides 35-Hour Week
Representatives of the Illinois Coal Operators' Association
of the Illinois District of the United
Mine Workers of
and
America reached
an agreement on June
15 providing wage
rises for the miners "in minimum of
10% in all classifica¬
tions and
in
classifications substantially more."
The
for a five-day week of 35 hours,
and a half for overtime, equal division of
work, and
recognition of the United Mine Workers of America as sole
some
also provides
agreement
time
bargaining
reached
agent
on
June
for
the
15
after
miners.
10
The
weeks
Chicago, said the Chicago "Tribune"
of
agreement
was
deliberation
of June
in
16, which also
noted:
More than
profit by the
1939,
miners in Illinois,
members of the U. M. W.
A.,
will
increase, which is retroactive
wage
to April 1, when the old
contract, which will be in effect until March 31,
raises the basic pay scale from $5.50 to $6 a day [with additional
contract
expired.
increases
made
25,000
in
The
some
new
classifications]
and
is
an
adaptation
of
the
agreement
by Eastern coal operators.
Negotiations
tion to
are
between the Progressive Miners of America, rival organiza¬
the U. M. A. W., and the Illinois Coal Producers' Association now
pending
in
Springfield.
of 20,000 miners in
Illinois.
The
Progressive union claimB
a
membership
Volume
Limit
144
Financial
Federal
on
Spending
Amendment Urged
Uis
tional
Manager
Down"
H.
of
to
Credit
Cause
Roper,
of
Constitutional
Convention
of
its
by Executive
Damage in ''Sit-
Douglas
exercises
SEC
of
Federal
appropriations
by
constitutional
so
June
solving the problem of the unbalanced national
budget, by Henry H. Heimann, Executive Manager of the
In
Mr. Heimann stated
restriction
a
Congress.
on
be better to have Congress of its
situation, but
perhaps
the
appropriations for
certain
There
might well be
should'
tide
percentage
be
us
placed
through
stitutional
with
a
in
a
had
we
a
volition recognize the
constitutional
income for
a
further stipulation that
a
special account to
depressions.
severe
amendment
restriction
to
If
definite
a
You
percentage
an
We
years.
by
national
our
the
not
that
say
other
no
widely-accepted theory of government spending in
seems
it
should
method
be by
of
way
available at
seems
Analyzing
limitation of
some
"America's
that kind
must
constitutional
be made.
amendment,
present.
Sheet,"
Mr.
We
is
obvious that unless
the
European
type
To say that we must
avail
We
is
it
we
going to avoid
are
change must
a
balance
now
our
a
take place
a
our
fiscal
Mr.
severe
Such
one.
The
to the
longer be available.
government
we
are
by
We
are
spending
so
make
we
no
mistake about its not being a
need will,
to
Any attempt to repeat
performance during the past depression will plunge us into confiscatory
and
and
attitude
an
fairness to other
One
of
fairness,
earning
not
groups
necessarily
and to its
fairness
to
damage
The
tices
has
union
the
are
the
to
cause
of labor
have
we
known
than
can
be
remedied
by
a
year
days when there shall be
no
past
has
taken
accounting.
slow
poison.
Some of the union
Gone
have hastened
the time when legislation will demand of them, as it
business, certain compliances and certain rules of fair play in this
of capital and labor.
Collective bargaining is here to stay, but nothing is more uncertain than
the status of certain present labor' leadership.
The labor leadership of the
future will bear little resemblance to the labor
leadership
of
the
past.
It is no idle prophesy to
suggest that if irresponsible labor leadership
persists, collective representation will be utilized by the membership itself
to
cast
off
this
Speakers
intolerable yoke.
at
the
convention
included
Court of Appeals; Robert Hervey Cabell,
Armour
&
Co., and
Dr.
Allen
President of
Albert, former President of
A.
be
huge
B.
A.
are
The remarks of Mr. Douglas on the
referred to in another item in this issue.
for
it
■
It
School of Banking Begins 1937
Rutgers University—President Smith of
A. B. A.
Addresses Opening Session—Frederick
Shelton Speaks on Future of New Deal Policies—
at
With
an
enrollment
of
593
bank
executives
from
46
opening exercises held the evening of June 21 in the univer¬
sity's gymnasium.
The school, which was established in
1935 as a joint educational project in advanced banking
studies
under the auspices of the Association and the uni¬
for
responsibility to the economic
be built not only with the
must
in mind
but
also
with
view
a
the
to
the entire banking system and upon the
distribution of national
a
income
so
used
be put into the hands of the masses who are
goods
provided,
break
to
and
to
In
as
fact,
it
companies,
extremely
there
is
not just
regarded
as
a
a
is
hard
hardly
old-age
political
combat
to
phase
a
of
to
national
important part.
an
favor
to curry
move
super-
individuals
for
powerful weapon to force
with the
employers
to give
Thus it fits into the plan
larger share of the business dollar.
a
taxation,
factor making for stabilization.
a
holding
up
make
Also by
services.
and
conceived
in which taxes will not play
policy
the
bottom
farm
third.
although colored strongly with political motives, is
seriously calculated to achieve and maintain a better balance between the
program,
power
Here also the top
The
say
of the farming population and the non-farming
third is forced to aid the bottom third.
or
drive
for
low interest rates should be.
unification
central Federal
These
of
as
an
Washington has not
failures
and
backing
up,
that
it
the
purpose
explains
and
a
one
of the Administration's dream
business.
too
is
big
Four
years
job.
But
a
to this conclusion.
come
great obstacles.
instruments of power
further strength¬
means
of the government,
agency.
the Nation's
many
This
arm
banking system,.to bring all banks under
points suggest the aims and scope
stage-managing
This
the
of
regulatory
convinced
groups.
will attempt to formulate credit and banking policy to
government
how high
ening of the Federal Reserve System
of
experimentation
the
now
is
push
to
government
at
It has discovered weaknesses,
But the enthusiasm endures,
ahead
with
and
instead
devices,
new
of
new
and control.
partly
the
demand
for
of
revamping
strengthening the White
House
various
the
courts,
for
agencies,
for
industry, labor and agriculture.
controls
new
Resistance
however,
over
to this great
and
control
all
over
expansion of the New
government
Deal
program
conceivably call a halt.
This is the
Washington developments which now requires watching.
may
An address
Hecht,
Bank of New
Changes
of
lished
of
Orleans, in which he said, in part:
structure
traditions
phase
of
momentous
the
has arisen,
new
delivered at the June 21 session by R. S.
the Board of the Hibernia National
was
Chairman
Fortunately,
States, the District of Columbia and Puerto Rico, the Gradu¬
ate School of Banking, sponsored by the American Bankers
Association, opened its third resident session at Rutgers
University, in New Brunswick, N. J., on June 21.
Tom K.
Smith, President of the Association, addressed the formal
of
sense
skimming extra income from the top third of the population and giving
to
economic
Remarks of R. S. Hecht
it
fortunes.
is
purchasing
Graduate
Session
a
policies
try to force
income will
business,
labor
employees
Rotary International.
Chandler bill
only
whole.
a
will
spend
in
have
Secretary of Com¬
merce Roper, Commissioner W. A.
Douglas of the Securities
and Exchange Commission; former Senator
Henry Allen of
Kansas; Judge Florence E. Allen of the United States Cir¬
cuit
to
unions.
of
prac¬
the
future
group
will
The
the
as
economic planning
service.
in
have
Managerial
institution upon
that extra
so
The
of
game
one
acquire
but
only contemplate the sit-down strikes to know that they have
hurt the general labor cause more than
any other act on the part of that
small segment of labor that has been unionized.
One sit-down strike does
more
who
men
government
no
need
assiduous application in loyal
the
determine many things formerly left
play of natural economic forces and the normal adjustments effected
private decisions of millions of men trying to use their best
Taxes
future welfare.
own
In
trust.
financiers should be permitted to hold managerial
as
particular institution
the
bigness
of patience
industry,
charged with the responsi¬
banking institutions of
that
He said, in part:
expected
Turning to the labor situation, Mr. Heimann said:
a measure
chartering of
maintain
must
anyone
institutions.
pensions will be
today is
the
are
has too large a share of the total.
Major devices for
purpose will be taxation, labor policy, and farm benefits.
s
By taxation, corporations will be prodded to pay out all earnings so
that surpluses will not accumulate for the account of wealthy shareholders,
inflation.
The great requirement in the field of labor
in
The banker
The time has passed when just
this
a
face the next emergency with a barren
cupboard.
we
our
job.
the
that
large degree, no
heedlessly destroying our storm-cellars.
In
lavishly from our storehouse of surplus that
may
of
j
government will undertake to
The
as
welfare
economic
judgment.
himself.
protection
I
deeper
Sbelton, who addressed the Graduate School of Bank¬
on June 23, said that the fundamental program
omy."
policies.
merely balance the budget when conditions are prosperous?
shall always have a recurrence of lean
years, for man has not yet
And when the next storm breaks,
to the
the
upon
of the New Deal for the future "is to make the government
the all-over master planner for the whole national econ¬
to
learned how to control
relation
it affects
as
curriculum,
ing assembly
Of what
half-truth.
ability
have
a
of
for his
help them
whole.
a
of
influence
generation of inflation
in
budget is but
his
emphasis
an
Governmental authorities
economic structure
to say:
It
of
and
the
effort to build the banker of the future who will
an
standards
our
must
as
welfare
Heimann
here
present
observe
I
as
banking
You do not overlook the
whole.
a
but.
times, who will draw inspiration from the great leaders
should
of proven
order
pointed out that "there is nothing that seems so distant as
the day of payment when, with
pockets full, the spending
spree starts.
And there is nothing quite so disillusioning
as the application needed to refill these
pockets."
He went
on
We
positions in
although
is
banker
trained
high
future.
•
Balance
to his
banker.
a
bility of
do
there
the
as
methods,
past, and who will avoid1 the mistakes of others.
be
can
years
I
that
engaged in
attuned
the
men
view of
June 21,
on
V
be thoroughly
con¬
proviso for the setting aside of a certain percentage for
emergency
there would be some measure of protection
against the growing
depression, it
are
be
income,
organization
operating
;
of
tax burden.
In
realize
the people.
fund to
emergency
appropriations
of
in
responsibilities of
govern¬
purposes,
of
trends
newer
maximum,
two
J., and
Cleveland,
men
here to study the broader implications of
come
the economic and social
less than one-sixth of it
as
limited
we
on
a
the preceding
no
serve
as
W.
N.
addressing the opening of the 1937 session,
readily
national
Princeton,
W.
has a responsibility to the Nation as a whole
will, during the rest of our lifetime at least, be a
powerful factor in financial affairs."
He added:
authority granted to Congress
days of loose thinking about
two-year period which allowed,
the
of
University,
will
who
Dr.
are
government
He added:
Assume, for instance, that
ment
a
Others
to date
and
must needs be limited in these
fiscal affairs."
policies.
who make up the official forces
of banking institutions must have a sense of the
quasi-public
character of those institutions and "must realize that the
I submit that it would
own
Princeton
Mr. Smith said that the
do not favor
as
Deal
announced
P. Ay res of the Cleveland Trust Co.,
Mr. Ayers's address is referred to in another item.
Ohio.
amending the Constitution every time
we are faced with an
important problem.
But it seems to
me that there
may be one answer to our constantly mount¬
ing appropriations by resorting to a constitutional amend¬
ment
New
Leonard
Men, in his address before
to the Association's
forty-second annual con¬
Hotel, Chicago.
future
on
the assemblies
Kemmerer,
Association of Credit
vention in the Stevens
23
address
of
the delegates
Shelton, counsel of the Kiplinger Washington
Washington, D. C., spoke before an assembly on
agency,
that expenditures cannot exceed a
fixed per¬
centage of the national income was advanced on June 21 as
that "I
number of
a
Frederick
Restricting
National
of the two weeks' session
course
speakers have been invited to address the school assemblies.
Speakers
one means
on
During the
W. A. Harriman of Union Pacific RR.
Among
amendment
year graduate the first class to complete
Diplomas will be awarded at commencement
July 2 to 193 graduates.
The speaker of the
courses.
evening will be Dr. Francis P. Gaines, President Washington
and Lee
University, Lexington, Va.
Labor—Secretary of
Commissioner
4271
versity, will this
Na¬
Men
Heimann—Sees
Strikes
Commerce
and
H.
Through
Annual
at
Association
Chronicle
and
importance
many
appeals
of
are
going
problems
new
those
who
in
on
our
financial
pressing for
are
would
like
to
a
and
solution.
overturn, the estab¬
of
American life and embark on some
wholly new and
have not prevailed, but the struggle between the two
opposing forces of traditional American individualism and governmental
paternalism still goes on.
New leaders have arisen who sometimes wisely,
revolutionary
course
sometimes not
wisely,
for
share
a
greater
Often
prosperity.
are
in
these
would
inevitably lead to
nomic
unbalance,
distribute
wealth
to
than
and
leading the
masses
of
our
the material benefits of
we
demands
new
are
problems,
know
that
in
so
such
the
as
long
people in their demands
our
extreme
Nation's
that
undue
run
their
wealth
and
fulfillment
inflation
and
eco¬
it is not feasible to
any
class—employer or employee—a greater proportion of
they contribute to the social pool by their economic efforts.
Financial
4272
June 26, 1937
Chronicle
C1
demands
Excessive
be
against, and we should do
guarded
in that direction.
We must realize, however, that these social
be stopped by simply attempting to dam up the forces
part
our
somehow
must
movements cannot
which
the direction of giving the masses relatively higher
in
running
are
the danger is that unless these people gain their ends
standards of living;
bettering their condition constructively, they will sooner
of
such
about
It behooves
changes destructively.
"Bourbons"—"devoted
not
are
we
ditions"—but
that
we
"sound
are
to the
us,
ideas
or
later bring
therefore, to prove that
suited
only to past
con¬
liberals," willing to contribute in
our
thinking and in our attitude to the efforts which wise leaders are making
to reach
constructive satisfaction of those demands for higher standards
of
of
all
for
living
people
our
force, and which will not
which
arising with such
are
irresistible
be denied.
accustomed
The
Enemy"
"Worst
Graduate School
Before
of
Banking—Comments
of
Banking
"The lessons of the great depression
are still clear in
our memories," he observed, "and there
has been no such upsurge of new business as to tempt us
to forget them. Nevertheless, these calm conditions will not
of operation.
vatism
permanently endure. We are slowly returning to prosperity
and some time in the future that condition will really de¬
a
return
wholly probable that when it does, we
something of a building boom, and with it
of real estate speculation."
He went on to say:
"No
can
a
period
It
velop.
now seems
shall evperience
one
that could
now
foretell how vigorous the speculative activities of such
prove
may
to be, but we have in our banks the credit resources
real boom.
The same is true with respect to future
finance
security speculation
in
possibilities
a
Secretary
and
resources
and
do
anything
are
that sort
of
Our
in
If
we
yield to the temptation to
is
quoted
although
not.
Vice-President of the Cleveland Trust
the Economic Policy Commission of
American Bankers' Association, made the foregoing com¬
the
the general meeting in
at
ments
of
chairman
and
New Brunswick, N. J. on
jointly
June 25 of the Graduate School of Banking conducted
American Bankers' Association and Rutgers Uni¬
Stating that the worst enemy of banking in this
country has always been the business cycle, Col. Ayres add¬
ed : "Bankers have always made loans in periods of prosper¬
the
by
uncollectable in the following periods of depression. When the de¬
pressions were mild and brief the resulting banking troubles
did not prove serious, but when they were severe the banks
suffered greatly." He said that with almost clocklike regu¬
larity banking has been hard hit in business depressions at
intervals of about twenty years ever since this country has
existence."
in
been
Col.
Ayres
discussed
business
present
prospects.
He
out that while four warning signals which have
always appeared in advanced stages of prosperity periods
pointed
previous major depressions are now apparent
make one wonder whether more serious develop¬
preceding
and
may
be impending, the answer will probably turn out
be in the negative since general business is not yet well
has promoted
to imply the further and complete abdication of
Congress, already more than once put into the stultify¬
appears
the
of
position
ing
period of prosperity. He also noted that there
available for study long series of continuous finan¬
along in a
are
now
the New Haven "Evening
Professor Angell continued, in part, as follows:
innumerable
Constitution
protected for us in perpetuity.
To assure this rape of the Constitution,
it is proposed to bring the judiciary also under the control of the Chief
Magistrate, that these revolutionary measures may in due time be pro¬
nounced by the courts constitutional.
Many sober-minded and honorable
men
feel that if such things can happen we shall have left to us little but
This
end
is
be
to
achieved
On
always exploited labor.
.
about busi¬
cycles as a basis for the formulation of banking poli¬
cies," he declared. He added, however, that we have not
yet reached the time when anyone can write a simple and
valid book entitled, "The A. B. C. of the Business Cycle."
The speaker said that there are also four more general
principles to bear in mind about business conditions which
adequate substitute for informed judgment
ness
might result in banking difficulties:
First, that
about
ten
Nation
the
of
believe
I
justly
is put in jeopardy.
estate
speculation during the preceding
Third, that
depressions
are
of
their employees.
...
the
with
life,
and
satisfactory basis.
Methods Stray
What occasions
all
desirable ends
to
headed straight away from
me
the same abyss which
large part of Europe.
.
.
.
only the betrayal of a great political tradition which
engulfed a
Were there at stake
fathers
contains
it
dismayed,
But I deeply believe
within it a promise of the ultimate corrosion and
higher spiritual forces in the Nation which are our
subversion
democracy, I should be shocked and
as
hesitate to challenge it in this place.
I might
that
their lives to establish, the unabashed creation of a new
gave
mesquerading
absolutism
of
latent
all those
just concern this morning.
easy-going and unsophisticated person, it may well seem
the
To
present effort of
the
identify
flames
reasonably
showing how rapidly this sort of conflagration spreads, once the
are
lighted, and even among highly civilized folk, it should be
increased if there was much
to
thoughtful
any
all
regiment
to
poses
prosperities.
criticism;
and
the
the more
observer that a political
the more impatient will
claims,
What
Let those who still
-
depressions
are
international
in
of the Graduate School
of Banking is made elsewhere in this issue.
of
temper
be
it be of opposition.
.
.
.
Might Happen
regard all this
as
sheer idle forboding,
a
mere
night¬
timidity and distrust, imagine in the White House a man of the
of
mare
autocracy, which pro¬
details of business life, cannot long tolerate
dogmatic the grounds upon which it rests its
securities
character.
absurd
the central government to secure sub¬
stantially complete control over industry and perhaps over agriculture; in
other words, to present us with a planned national economy—it may 6eem
absurd, I say—to identify this with any possibility of a thorough-going
authoritarian regime.
But even if we had not the lesson of Europe before
to
obvious
Further reference to the meeting
seem
traditions of American democracy and toward
our
has
deep anxiety is that so many of the methods proposed
me
all these
achieve
to
especially serious when the preceding pros¬
exceptionally serious
all
honorable con¬
of opportunity opened
doors
with
and,
that
equally persuaded that the
I am
for their children,
protection against needless unemployment, and complete freedom to
join, or not to join, such unions as they choose; and that as good citizens,
many of them property holders, they are as unwilling to be exploited by
labor bosses and racketeers as by employers.
Finally, I do not question,
indeed, I actively sympathize with the altruistic purposes of the central
government in seeking to help the under-dog in the economic struggle,
in the desire to give the under-privileged everywhere a hand up and a fair
break, in the effort to see that the profits of business are more equitably
distributed, in the intent to put both agriculture and industry on a stable
of
ditions
us,
perities are accompanied by periods of widespread speculation in
Fourth,
employers are willing and eager to deal
great mass of
of working men want only fair treatment and
mass
fair-minded,
fellow citizens who wish and strive to be
my
the
that
with
great
after the close of hostilities.
the severity of depressions is
Second, that
real
between
controversy
Employers Just
With many
all great wars are followed by long and serious depressions
years
the
of
merits
ultimate
capitalism, although the present struggle seems
yet
no
Industrial Capitalism
judgment at this time and in this presence
labor and industrial
demonstrably and primarily
aimed at the acquirement of power by a single labor group with which
other
important labor groups are in conflict.
Wages, hours of work,
overtime pay—all these familiar objects of strikes are in the background.
The single vital isSue is power, and to gain this the peace and prosperity
the
on
our
will feel the
has
.
.
Controversy Between Labor and
competition of those bankers who are students
of such matters. "Under this new competition there will be
do not avail
to
confiding
empty shell of democracy, a mere mockery, a mere name.
the other side of this picture are the assertions that capital
the
and that from now
themselves of this material
who
bankers
on
the
through
commissions of powers which we had supposed the
anonymous
of previous business cycles,
cial records
In his
Register,"
the Executive."
of
puppets
mere
given in
address, as
ments may
to
failing to sign
regard as open to
they
faith
President Angell, "that he [the Presi¬
legislation which, if finally enacted,
"Certain it is," said
dent]
versity.
ity that turned out to be in greater or less degree
older doctrine in our
any
question.
the next few years we should be prepared
Col. Ayres, who is
hardly
good
whose
groups
Now far be it from me to pass
Co.
sit-down
knowing whether a
not
as
there is
affecting the right of possession of
that
labor
with
vigilantly for the appearance of the warning signals."
watch
to
commodity speculation.
in
stock market boom simultaneously.
a
Labor
of
or
than
law
property by labor, and then by criticism of employers for
adequate to finance a business boom, a real estate boom
credit
He further declared
property. The
Executive is charged with having encouraged much of the existing disorder,
first by silence in the face of gross violation of law and destruction of
ness
everywhere in this country by prudence, caution and conser¬
crisis comparable in its gravity
a
is legal
common
contracts
According to Col. Leonard P. Ayres of Cleveland the busi¬
of banking at the present time "is characterized almost
their words with care, feel that we
weigh
with that of the Civil War."
strike
Cycle
to
for the Nation
that "leg¬
islation designed to relieve tension in industrial relations
has either been completely disregarded, or, if belatedly used,
ha§ often been made a ground for fresh disorder," and he
went on to say:
"Most extraordinary, perhaps, of all, and
distinguishing this upheaval from any we have known be¬
fore, is the fact that the National Government has appeared
as a partisan in the conflict."
He continued:
facing
are
+
Col. Leonard P. Ayres Finds Banking Business at This
Time Marked by Prudence and Caution—Business
devoted citizens, men
declared that "many of our loyal and
the late Huey Long—a possibility which unfortunately cannot
as
wholly fantastic—and the most casual study of what
dismissed
happened
Long
Mr.
under
in
the
free
State
will
Louisiana
of
make
it
ridiculously easy to see what might happen to the Nation.
President Angell of Yale University Sees
Facing Situation Comparable to Civil War
—Declares Supreme Court Legislation Promoted
by ' President Roosevelt Would Effect Complete
Abdication of Congress and "Rape of Constitu¬
Retiring
Nation
tion"—Finds
National
Government
Partisan
in
Now, our task
America, if democracy is to
in
pelling needs of the
•
impossible, and that,
It
liberties.
tional
time,
too,
will
require
and
to
inestimable
the
salvage
liberal
inhere
Present Disorders with President Silent in Face of
human
interest is overlooked.
Destruction of
overnight.
in
Present
labor
disorders
and
the
responsibility
therefor
of the National Government were dealt with by the retiring
President of Yale University, James Rowland Angell, in
last
baccalaureate address
ment exercises
on
June 20.
at the
236th
his
annual commence¬
President Angell, in his address,
to the com¬
up
but it is surely not
of our constitu¬
and women endued with
devoted
men
essence
prophetic vision and inspired by dauntless resolution to see the job through
which
Property by Labor
measure
is altogether stupendous,
without sacrificing the
mood,
highest
such
all
to
of
us
on
us
political
values—moral,
democracy
while
seeing
to
Also it will take time.
and
spiritual—
no basic
that
it
It cannot be
done
will
of
are
to
a
involve enlightened self-interest, essentially altruistic
the part of both industry and labor, and will call for, the
It
type
men
tively
in
to
generous,
be
recreate
not
merely
to
protect
a
found.
public-spirited
Nay,
more,
leaders
on
both
is there not an
sides.
Surely
obligation upon
the very ideal of democracy itself that
it may mean
shrewd and clever political mechanism, intended nega¬
against the abuse of
power,
but
rather
an
invaluable
Volume
positive
that
144
moral
is
in
them
whole that is
And
the
this
of
a
.
,
moral
for
the
to
bring
forth
ultimate benefit
the
the
of
best
social
.
and
of
joined
are
conflict
into
which
you
are
to
in the
smug
come
to
believe; you may ridicule as guileless, or as fools, all
who put anything before the
gratification of personal pleasure and worldly
passion; but you can never wholly slay the ineradicable instinct for noble
living, for daring spiritual adventure, for genuine devotion of self to the
needs of society and to interests conceived as
higher than this self and
•
essentially
to
sacred;
and
that
is
true
religion.
keep the command of the Christ
and
one's
lived
neighbor
the
on
which
one's
as
highest
self.
level
and
It
to
is
a
knows,
one
That
love
God
in
act
with all
of living,
way
and
is
attainable
deed
one's
heart
practical
a
in
and1
the
life
measure
in
honestly seeks it.
one
Buttresses
a
so
University Declares Need Today Is
Preserving Democratic Institutions—Free¬
Learning, Press, Assembly, &c., Essential
dom of
human
spirit which cannot be wholly smothered1 by
purely self-centered philosophy, or choked by the tentacles
materialism.
You may teach that there is no God until
many
of
Brown
That of
will shortly
you
4273
Warning by Chief Justice Hughes at Amherst College
Against "Ruthlessness of Intemperate Minorities"
—At
spiritual attitudes with which
human
Chronicle
....
fumes
have
men
individuals
maelstrom
There is that
the
which
free
as
of
be drawn?
in
humanity.
what
approach
Financial
order
Chief
Justice
Charles
alumni of Amherst
the
ruthlessness
individual
of
would
Angell, addressing the graduating classes
College, the Sheffield Scientific School and the School
of Engineering, referred to the "sit-down" strike
and the
technique of the "pressure group," saying in part:
of Yale
We may not be prepared to
modern democracy
weil be alert to
may
the
accept
Fascist doctrine
common
is merely the spawn of
we
that in scotching some of the sins of
industrial
see
capitalism we do not end up with a bastard
democracy deriving from
munistic sentiment and
that
decaying liberalism, but
a
ideology, while employing to gain its ends
com¬
Fascist
a
technic of irresponsible force.
"The
technic of the pressure group has
again and again demonstrated
in our legislative halls its
malign power over the judgment of honest but
timid men.
The shameful history of our bonus
legislation is an object
lesson which no citizen who wants to see a
true
democracy preserved would
small
pressure
strike is
example in industry of the
terrify and
to
groups
an
majorities
coerce
on
same
effort
of
behalf of their
purely selfish interests, and utterly without regard to the
suffering inflicted
perfectly innocent persons in no way responsible for the industrial
upon
situation."
♦
and
emotional.
not
Understanding of
Banks Is One of Major Problems of
Justice Hughes,
Bankers
A.
A.
B.
Tells
Utah
Asso¬
lems
and that
tion,
deeming
elaborate
ties."
ciation
his
ciation
is
directed
that
to
end, F. N. Shepherd, Executive
Manager American Bankers Association, said in an address
before
the
convention
the Utah
of
Bryce Canyon, Utah, June 21.
desires and reactions is
Bankers Association
in
"An understanding of public
essential factor for bank admin¬
an
istration under conditions that exist today, just as is a mas¬
which
dom,"
"I
accomplished
toward
However, these
promoting
not the
are
solution be arrived at
of
operations
is
themselves
of well-rounded
one
fostering
there
also
The
bank
should
public
be used
can
exists
problem
most
a
of
powerful
public
medium
relations
administration—not merely one
for
of the
for
public
their
"The
frequently failed to
No doubt
matters
of
in the best of banks,
even
technical
soundness
that
they
popular viewpoints and sentiments.
sense
bank's
a
toward
operations should be based
sound after all.
so
in
Shepherd
in
described
detail
the
relations
aspect of the work of the various divisions, commissions and
committees
of
adaptation
American
the
varying
to
Bankers
conditions
Association, and its
throughout
the country.
He said, in conclusion:
We
do
believe
not
relations program
from
New
Ours
tude
But
for
is not
of
it
York
a
by
or
a
any
toward
program,
a
standardized,
radio
or
The
own
nation-wide
public
be successfully conducted
can
that pretends to revolutionize overnight the atti¬
banking.
We do not believe that can be done.
sound
and productive
of results
still flexible
enough
to the conditions peculiar to
groups
environment.
but of
Annual Convention in
The
twenty-fourth
annual
Bankers Association of
Ohio, this
Chicago
of
Cleveland, Oct. 13
convention
America
will
be
previous years.
said,
the
discords
forth
Safe
and
its
held in
Mortgage
Cleveland,
that
approximately 1,200 would attend
include
Innovations in the
an
"Appraisal
one
day longer than
program
Clinic"
this
year,
consisting
of
a
series of talks by various well-known authorities on apprais¬
ing.
An address
subject
<
are
on
farm chemurgy and discussions of this
also scheduled.
f
The midsummer Board of Governors meeting on June 17
and
wis¬
than
was
for
ease
"in contrast to
emotional
an
the
to
spirit
and
The
who
drive.
specious
Such
appeal of
of
democracy
fairness.
is
interests
will
Democracy
inevitably
carries
lead
to
banner
the
of
conflict between progress and liberty."
the
may
All
quicken
provisions
resolve
Nation
will
Freedom of
assembly,
false,
in
response
treasure and
the
the
highways
adequate
of
honest
in
their
to
the
reap
dominant
which
have had the
Our
institu¬
liberty.
existing
is the
of
speech,
institutions.
over
the
the
resultant
outstanding influence of
educa¬
our
the seed of which
sow
freedom
of
the press,
our
the
conflicts
meretricious.
By
freedom
security, the
are
In
have confidence in the triumph of
we
of the worthy
constitu¬
dominant senti¬
is
special advantages of
conscience—these
of
or
...
freedom
democratic
in
not
sentiment
colleges and universities
crop.
extent
in
but in the
That
among
•;
interest of
the
is
who
fullest
forms
mere
government
forces,
.
the popular will.
upon
them.
.
pessimistic surrender, but
a
utilize
confidence
no
depend1
leaders
ail,
of
framework of
or
freedom
for
clear
people,
leave appropriate
one
shall be used.
to
Put
learning,
of
keep
to
united
a
will
is not
institutions
establishments.
tional
question
institutions,
of triumphing over
one
democratic
maintains
intellectual
longer
no
however astutely contrived in
interacting
many
our
The
designed
power
security of our
which
establishing democratic
for national ends,
strength
reason.
arrangements,
tional
insidious
still be in the present, what of the look ahead?
the
of
the
and
unifying the Nation, but whether
these arrangements
ment
of
one
questions should not find
resources
forces
he also said:
freedom.
government,
we
on June 21, at which time
impulses growing weaker, and
The question is
great
individual
as
These
should
that
of
essential
with
opinion,
the
true
freedom
the
over
alone
may
hope that experience will be able to teach its salutary lessons and that
public ills which may be due to temporary aberrations will find corrective.
we
Our
first
of
attempt
who
In
duty is to
preserve these freedoms—of learning, of speech, of
of conscience—and to be alert to detect the slightest
assembly,
impair them.
to
foremost
are
of
its
their
But
the
in
our
confidence
enjoyment
will prove illusory
these
of
privileges
are
if
those
keenly
not
responsibility.
dispatch from Providence, June 21, the New York
"Times" said:
It
was
Chief
much
very
Justice
spoke
commencement
saw
of
Hughes
a
saw
a
program
the degree
Jr.
of
he
New
of
as
a
Doctor of
York
day at
grandson,
City,
the university,
Charles
E.
representative of
Laws
conferred
former
the
before the
3d, speak
graduating
his
on
Solicitor
for
Hughes
son,
General
of
Charles
the
on
class
E.
United
States.
Other
to 15
principles"
fervor
more
And the ruthlessness of intemperate
economic
longer
endeavor, but how that
tional
of
part,
no
Jr.,
Burgess,
and
recipients of the Doctor of Laws degree
Professor
'11,
James
P.
Adams,
Vice-President
were
of
John
D. Rockefeller
Brown;
W. Randolph
Deputy Governor of the Federal Reserve Bank of New York,
Professor Zachariah
on Oct. 13, 14 and 15, it was announced in
June 5 by George H. Patterson, Secretary.
Mr.
Patterson estimated
he
of
Hold
to
interest, Justice
Chafee
Jr., '07,
of the Harvard Law
School.
year,
on
the convention, which will be in session
in
America
the
individual
democratic
preserving them.
sectional
Hughes
Association
is
democracy.
essential
no
In
is
the
Bankers
not
minori¬
alien philosophy will not democracy be able
an
and
Mortgage
did
that
that
on
of
is
pressure
question
conscious
adaptation by local banks and local
their
centralized,
otherwise
virtue
our
survive?"
to
press,
other place.
program
the public
is
that
press,
prob¬
finishing
after
time-honored
have
the essential resistance
trampling
there
the
buttresses
public
and
interview
immediate
thoroughly and who have
overthrow
and
freedom
Mr.
briefly
of the "intemperate
"certain
sometimes
to be unfair and vindictive.
teachings of
of
under stress, not to have been
spoke
an
democracy's "foremost" need
thoroughness and precision."
contains
drive
he asked "are
the
prove,
nevertheless
said
consists of
subjects
entire
under
improving public relations for banking should not rest wholly on publicity,
propaganda.
Sound banking, done in an unpopular way,
may
He
grant
current
'Chief Justice Hughes also addressed the alumni of Brown
banking, rather than popularity, but wherever possible the operations should
also be coordinated with a sound public relations
policy for the burden of
advertising and
to
discuss
University at Providence, R. I.,
of
considerations of sound
on
a
specific questions on educa¬
answer
experts."
declined
"crusaders
Justice
cognate civic
freedom
The
directed
so
become me" to
not
attempt to
place thoroughness and precision," he said,
It is easy
department.
often
for
demagogues, and to the irrational demands of zealots.
the
bank
a
triumph
may
flippancy, to the desire simply to find an argument in controversy.
highest mission of an educational institution is to send out men
attitude.
nor
In banking policies and methods
Banking operations and policies of the past,
were
better
a
which
means
through them alone.
promoting public relations.
relations
and
only
along the line of publicity,
these agencies much is
through
would
the
were
that
Chief
of
Doubtless,
which
avoidance of "current affairs of
"which
truth
power
believe the solution lies
to
minorities
being threatened by "an authoritarian philosophy."
the
for
propaganda.
"it
Justice
observing
putting
seem
essential
no
...
were
scope
men
Chief
democracy," said Justice Hughes, "is moral
escape clashes of
interests.
We cannot
organized
"for
Hughes said that there
tery of loan and investment principles," Mr. Shepherd said,
Some
those
Chief
address.
adding, in part:
advertising and
a
he would not
Despite his
the
major problems is to establish and
maintain a clearer understanding and greater
sympathy of
viewpoint by the public toward banks and bankers, and
therefore, much of the work of the American Bankers Asso¬
was
Am¬
an
Tribune,"
cannot
his reference to the "ruthlessness"
on
The
minorities
One of the banker's
According to
"Herald
on
"entire
who spoke extemporaneously, prefaced his remarks with
the announcement that
Bankers, F. N.
Shepherd of
York
the
to
time over a divided or
disorganized majority.
We will never be without
crusaders, but crusaders sometimes have more fervor than wisdom."
know
Create Better
to
We
actions of
escape
emotional
Education of Public
democracy."
Hughes made it plain that there
hope to
After
"The sit-down
lead
conflict "between progress and liberty."
In part, the same
advices further quoted the Chief Justice as follows:
forget.
ever
June 21, warned that
on
inevitably
the New
to
"The fundamental need of
On June 22 Dr.
Hughes, in addressing the
intemperate minorities in trampling
American
dispatch
Justice
of
interests
overthrow
herst
Evans
(Mass.) College,
18 will
be held in
Salt
Lake City, home of James W.
Collins, President of the Association.
Will of George F. Baker Filed for Probate—Financier
Left $15,000,000 for Charitable
Purposes
The will of George F. Baker, Chairman of the Board of the
First National Bank of New York, who died on
May 30,
was
filed for probate on June 23 in the
Surrogates Court of New
York City.
Mr. Baker's death was noted in the "Chronicle"
of June 5, page 3771, and his funeral was
"Chronicle" of June 19, page 4111. The
reported in the
will, dated Aug. 28,
The
has been estimated at between
$50,000,-
1935, formally valued the estate at
value of the estate
more
than $20,000.
Financial
4274
Principal provisions of the will were
follows in the New York "Times" of June 24:
as
Baker established
Mr.
a
trust fund of 7,500 shares of the stock of the
First National Bank, with a current market valuation
of about $15,000,-
000, providing that its net income and, in the discretion of his trustees,
charitable, scientific,
parts of the principal were to be devoted to religious,
literary or educational purposes.
bank accounts and securities was left to his widow,
The
s
Edith Kane
George F. Jr., 21 years old, a Harvard student, and Gren-
two sons,
ville K., 14, a student at
M. Schift of Oyster
charity,
well
as
as
giving
administration of such of my property as
of
be¬
be¬
I
but great obligations and responsibilities.
grandfather helped to organize the First National Bank, and,
"Their
than
any
other
deserves the credit for the stability, earning
man,
and public confidence attained by the bank under his leadership
It has been my effort to maintain this standard. I
nearly 68 years.
have every
confidence that my two sons will make the same effort.
Mr. Baker's will, occupying 24 typewritten pages,
Attached to it
were
Reynolds
was dated
Aug. 28,
Departure for Europe of Japanese Economic Mission—
Before Leaving U. S. Members Were Welcomed
[
President Roosevelt and
as one
of the charity trustees, general trustees, and executors of
of the First National Bank, had
retired from active business and had re¬
quested to be relieved "of duties incidental to the said fiduciary appoint¬
and
referred to in
was
one of the speakers.
In a statement issued just
departure, Chokyuro Kadono, chairman of the
before his
charitable bequest was dated July 16, 1936,
revoking Mr.
Reynolds's appointments was made on Jan.
"The mission will leave the friendly shores of
est recollections of the many
America with the pleasantThey feel that
friends they have left behind.
their visit has not been without results of great potential value to
Japanese-
American relations."
On June
the members of the mission
11
were
welcomed
by President Roosevelt at his office in the White House as
to which special Washington advices to the New York
David
the first codicil by Leonard
Ferguson;
The President told the group that
the
14,
Hull Smith, Grandin
Mr.
"Present Day Banking" Published by
of Series of
Regional Banking Conferences
Held This Year
Current developments and trends in the banking field are
a volume "Present Day Banking," published by
covered in
Banking, the official journal of the American Bankers As¬
sociation, presenting the proceedings of a series of regional
banking conferences held during the early months of the
present year by the association.
An announcement in the
are:
the need for bankers counselling together;
bankers' part in building an
the
agricultural community; chartering of banks;
loan administration policy; investment
policy; budgetary and expense con¬
trol; income from services; banking education and public relations; personal
departments;
Federal
Administration
Housing
sociation between banking and trust
the as¬
mortgages;
business; insurance and crime protec¬
tion. and research by the American Bankers Association.
table.
of the United States,
geographical differences and adverse problems
of
He expressed the hope that the United States may
the various regions.
understanding and help in solving economic
were
problems.
also greeted on June 11
by Daniel C. Roper, Secretary of Commerce at a luncheon
given for the mission by the Commerce Department's Busi¬
ness Advisory Council. Associated Press advices from Wash¬
ington reporting this said in part:
Secretary Daniel C. Roper, said, Japan and the
to
"resolve now
United States "have all
and good will," and urged that the two nations
and forever to outlaw war."
He spoke at a luncheon given
through
gain
peace
by the Commerce Department's business advisory council
The
Secretary,
Commerce
American
agreement
accord "is
and
covered
Georgia, Cazon Calloway,
said when they returned they told him
He recommended that the Japanese visit all parts
to obtain an idea of the
a
Mr.
any
attention
the
for the mission.
recent
Japanese-
Japan, said
this
said, "is to have frequent and frank conferences
defeat our abiding objective of
temporary differences
any
and all problems through peaceful means."
Roper
expressed
appreciation
of "the constructive attitude"
Hirosi Saito, Japanese Ambassador, saying:
of his vision and understanding that our
most
to
imports from
cotton
spendid example of wise procedure."
let
never
solving
calling
restricting
"The lesson taught," he
matter continued:
Subjects
neighbor from
economic problem could be solved by sitting around a
that any
The members of the mission
American Bankers Association—Contains Proceed¬
ings
a
had visited Japan. The President
+
New Volume of
and including
Forbes,
He recalled that last
headed by his cousin, Cam¬
mission of American businessmen
a
have Japanese
Pennoyer and Mr. Waid.
he had been made very happy over
by round-table conferences.
obtained
results
summer
DuPratt White, Paul G. Pennoyer
The will was witnessed by J.
Tracy Vought and Jesse E. Waid; the second codicil by Mr. Smith,
loan
our
mission said:
eron
will."
under my said
The codicil increasing the
that
United
3939, con¬
cluded its visit on June 16, when the members of the mis¬
sion sailed for Europe on the steamer Normandie.
A fare¬
well banquet was given at the Waldorf Astoria on June 15,
at which Hirosi Saito, Japanese Ambassador to the United
June 12 issue, page
was
"Journal of Commerce" said:
reluctance," the will explained, because Mr. Reynolds, formerly President
1937.
Japanese Economic Mission, whose tour of the
Reynolds's request "and with great
This cancelation was made at Mr.
and
by
by Secretary of Commerce
Roper
The
for charity from 5,000 to 7,500
the other of which revoked the appointment of Jackson E.
the will.
-
Furthermore, the
two codicils, one of which increased the amount
of First National stock to be held in trust
shares, and
ments
added
the
States
am
my property not
them an active voice in the
is bequeathed to charitable pur¬
"I want them to realize that they are inheriting not wealth
poses," he said.
1935.
of enlarged size with many
States
"In addition to substantial property that my sons now have,
queathed to
for
and contributors,
departments
»
—
L. I., and Mrs. John
Bay, L. I.
queathing to them by far the largest proportion
power
special
many
and features will obviously be of Immense advantage not only to
included only as contingent beneficiaries in
of the death of both of his sons without issue.
Mr. Baker's
event
more
with
writers.
largest measure of employment possible will be maintained.
St. Paul's School, Concord, N. H.
daughters are Mrs. J. Suffern Tailer of Locust Valley,
alone,
transferred to the
of classified advertising will be
pages
together
financial
The creation of two powerful papers
pages
consequently they were
the
numerous
"Journal,"
including
Ample provision has already been made for his daughters, the will stated,
and
Evening Journal.
After her death the income is to be divided equally between Mr.
Baker.
Baker
the New York
"Mirror" and the "Journal" but to the reading public.
life interest in his residuary estate and all his personal property except
cash,
in
Many of the daily features of the New York American will appear
000 and $80,000,000.
given
June 26, 1937
Chronicle
of
"It is through representatives
international relationship can be
effectively guarded and perpetuated."
Replying to Mr. Roper's address, Mr. Kadono asserted that
tionships between Japan and the
trade rela¬
United States now rest "on a very sound
basis."
Reprints of
national
Articles Entitled "Fifty Years of
Law"
and
"The
Dictatorial
Inter¬
Drift"
by
Members of the mission lodged an informal protest
cations Commission against high
The
J. B. Moore
their
Recently brought to our attention are two pamphlets con¬
taining reprints of articles by John Bassett Moore, of New
York City.
The two articles are respectively entitled "Fifty
Years of International Law" and "The Dictatorial Drift."
The former
was published last January, but the latter, which
in the June number of the "Virginia Law Review,"
has a more immediate bearing on the present condition of
things in the United States, and embraces domestic as well
appears
as
foreign affairs.
♦
Other Hearst
Newspapers—Disadvantages of Maintaining Three
Competing Papers Given as Reason—Sunday Edi¬
tion to Be
Continued
The New York "American," published in New York City
since 1902 by William Randolph Hearst, ended its existence
yesterday (June 25) as a separate newspaper and its features
were contained in yesterday's edition of the Daily "Mirror,"
morning tabloid, and last night's edition of the New York
"Evening Journal," both owned by Mr. Hearst.
Announce¬
ment that the "American" would cease publication was con¬
tained in the June 23 issue of that paper.
The announce¬
ment explained that "the practical disadvantages of main¬
taining three competing newspapers in one community make
a
combination of this kind desirable and beneficial."
The
Sunday American, the announcement said, "complete with
all its features and with its Associated Press membership
and other press association franchises, and further enlarged
and improved by many added 'Journal' attractions, will be
published in conjunction with the 'Evening Journal.' " The
announcement said in
with the New York Journal in the evening and with the New York Mirror
in the morning fields.
The New
York American transfers its Associated
Press daily member¬
ship, and City News Association daily franchise, and many of its daily
features to the New York Daily Mirror.
received
with the Communi¬
cable and radio rates across the Pacific.
by Commissioner
complaint was a matter between
Irvin
Stewart, who told it
the Japanese Telegraph Adminis¬
companies at this end.
"I told them it was my personal opinion the rates were too
said
same
following the conference.
high," Stewart
"I shall tell the American companies the
thing, informally."
An address
was
also delivered at the luncheon by Secre¬
tary of State Hull.
+
George Bonnett, French Ambassador to United States,
Departs for France to Become Finance Minister in
Cabinet
Georges Bonnet, French Ambassador to the United States,
was recalled this week by the new French Premier, Camille
Chautemps, to take the post of Finance Minister in the new
cabinet.
M. Bonnet departed for France to assume his
new duties on June 23 aboard the Queen Mary.
In a pre¬
pared statement, issued to the press after he sailed, M.
said that he "had hoped to stay in this country
for a long time and to accomplish here, without any other
cares, a mission of national interest."
He added:
Bonnet
You will understand that I have consented to leave America apd return
to France to carry out a
France
convinced that
will understand the imperious necessity for a democracy
free and healthy
Reference
bassador
was
to have
finances."
to
M.
Bonnet's appointment as French am¬
our issue of Jan. 23, page 550,
referred to in
and his subsequent
our
duty and with the will to rehabilitate French fi¬
I will devote myself to this with all my strength,
nances.
arrival in the United States
was
made in
issue of Feb. 20, page 1213.
.»»
Stock
Exchange Elects N. C. Urquhart
President Succeeding B. B. Housser
Toronto
part:
The New York American, beginning with Friday's issues, will consolidate
was
tration and the American communications
New
New York "American" Absorbed by Two
<
mission
as
At the annual meeting of the members of the Toronto Stock
Exchange held June 22, Norman C. Urquhart was elected
President by acclamation to succeed Harry B. Housser,
whose
presidential term of office had expired.
Frank G.
was
elected Vice-President, Hon. Manning W.
Lawson
Volume
144
Financial
Doherty, Secretary and Gordon R. Bongard, Treasurer.
All
the officers were elected by acclamation.
Members of the
Managing Committee returned to elective office were Harry
B. Housser of H. B. Housser &
F. J. Crawford & Co., R. B.
Co., Fred J. Crawford of
Duggan of Duncanson, White
&
Co., and T. A. Richardson
of F.
O'Hearn & Co.
members elected to the Committee
of Stewart McNair & Co. and J. M.
new
were
Two
J. F. Stewart
Scott, Jr. of J. M.
Scott, Jr. & Co. to succeed G. W. Nicholson and E. Gordon
Willis, both of whom retired from the board after many years
of service.
The two
new
floor committee.
Chronicle
who
Vice-President of the Club during the past year»
Foy W. Porter of Herrick, Berg & Co.
Russell
V. Adams of Adams & Mueller was elected
Vice-President,
and William C. Rommel of J. S.
Rippel & Co. was re¬
elected Secretary and Treasurer.
Carl A.-Preim of C. A.
Preim & Co., Edwin C.
Stengel of Herrick, Berg & Co., and
Foy Porter were appointed Governors of the Club for a
three-year term.
was
succeeds
H. G.
membbrs served last year on the
The President, N. C.
Urquhart, makes the 39th incumbent
to hold office of the Toronto Stock
Exchange.
Mr. Urquhart
Vice-President last year and is a former President of the
old Standard Stock &
Mining Exchange, having been in con¬
tinuous office since
January, 1922.
He served on the build¬
ing committee for the new building and has been intimately
connected with the
mining
was
industry since the Cobalt days.
4275
Chalkley Jr. Appointed Directorjof'New Orleans
Branch
of
The Board
of
Federal
James
At
as
Member of Federal Power
by Senate Interstate Com¬
Committee
merce
The Senate Interstate Commerce
Committee on June 21
favorably reported the nomination of John W. Scott, of
Indiana, as a member of the Federal Power
Commission,
succeeding Herbert J. Drane.
Mr. Scott has served the
government for the past 27 months as
utility counsel having
acted in more than 75 cases
brought in an
Bank^of^Atlanta
the unexpired portion of the term
ending Dec. 31, 1939.
J.
Hopkins Elected
New
Nomination of J. W. Scott
Commission Approved
Reserve
Governors of the Federal Reserve System
on June 23 announced the
appointment of Henry G. Chalkley,
Jr., of Lake Charles, Louisiana, as a Director of the New
Orleans branch of the Federal Reserve Bank of Atlanta for
York
Board
to
Curb
of
Governors of
Exchange
regular meeting of the Board of Governors oLthe
Exchange, held June 23, James J. Hopkins
a
New York Curb
elected
was
a
member of the Board to fill
a
vacancy.
Hopkins joined the Curb Exchange in May, 1922.
his office at 74 Trinity Place, New York
City.
Mr.
He makes
♦
Heads
of
Newspaper Publishers
Associations
Call
Meeting in Chicago June 29 to Act on Demands
American Newspaper Guild for Closed
Shop—
of
attempt to obtain
constitutional test in the Supreme court of Public Works
Administration Joans and grants for
municipal power projects.
See
a
Threat
Against
Free
Press—Guild
Voted to Affiliate with C. I. O.
Recently
A call
was issued at
Chicago on June 18 by the Presidents
large associations of newspaper editors and publishers
for a special convention on June 29 to act on
the demands of
the American
Newspaper Guild that newspapers agree to a
closed shop.
The call was issued as follows:
of 10
C.
E.
Wyzanski Jr.
Resigns as Special Assistant
Attorney-General Cummings
to
^Attorney-General Homer S. Cummings announced on
June 18 the resignation of Charles E.
Wyzanski Jr., as his
special assistant. The resignation becomes effective Aug. 1.
Mr. Wyzanski won praise for his
arguments in helping to
secure
victories for the government in the cases
involving
the Social Security Board and the
Wagner Labor Relations
private practice in the Boston law
firm of Ropes, Gray,
Boyden & Perkins, with whom he was
associated before he went to
Washington in 1933, as solicitor
of the Department of Labor.
Law.
He will return to
P. G. Ten Eyck Resigns as Commissioner of
Agriculture
and Markets of New York State—H.
V.
Noyes
Named
as
Successor
Announcement
made
State.
on
When Governor Lehman
appointed Mr. Ten Eyck
Feb., 1935, he was the first Democratic Commissioner in
It was in 1935 when a Democratic Legislature
changed the law giving the Governor the power of appoint¬
in
20 years.
ment
which had previously been held
by the RepublicanAgriculture and Markets. Holten V.
Noyes, Kenwood, N. Y., was named by Governor Lehman
on June 22 as the successor to Mr. Ten
Eyck, as New York
State Commissioner of Agriculture and Markets. Mr.
Noyes
controlled Council of
is
Chairman
of
the Board of Holstein-Friesian
Association
which has
kept him in close contact with the dairying in¬
dustry. In his announcement of the appointment, Governor
Lehman described Mr. Noyes as "a farmer of
diversified
experience." The appointment became effective immediately
and Mr. Noyes will take up his official duties at
Albany some
time in the
near
daily newspaper publishers and editors represented in the
addition, the Guild is demanding closed shop contracts
not only with the
daily newspapers of this country but with the three great
press associations.
"The issue is whether or not the
newspapers of this country should submit
to the Guild's demand for
"This is
a
closed shop.
most serious threat to
a
a
free
press, and consequently to the
free people.
Many publishers throughout the country have
already expressed the feeling that the newspapers should stand
together
against this common danger.
liberties of
a
"For these reasons, a number of the
regional and State newspaper asso¬
ciations, together with the American Newspaper Publishers'
Association
Society of Newspaper Editors, are joining in this call
future.
a
for
special convention of the publishers and editors of the
daily newspapers
respective organizations joining in this call.
who are members of the
"The convention will be held at the Palmer
House in the city of
Chicago
a. m.
Representation of the respective
newspapers
convention will be limited to executives from
the home
Tuesday, June 29, at 10
at this
cluding the publisher, general manager, business
manager, editor
ing editor.
office, in¬
or
generally
attended, of all newspaper conventions in the
history of this country."
Those issuing the call
were:
A. H. Kirchhofer of the American
Society of Newspaper Editors.
S. R. Winch of the Pacific Northwest
Publishers Association.
Edmund F. Jewell of the New
England Daily Newspaper Association.
E. D. Corson of the New York State
Publishers
Association.
Daily Press Association.
George F. Morell of the California Newspaper Publishers
Association.
Floyd Chalfant of the Pennsylvania Newspaper Publishers
Association.
R. R. O'Brien of the Inland
Louis N. Goldberg of the Texas
Ted
Newspaper Publishers Association.
Dealey of the Southern Newspaper Publishers Association.
James G. Stahlman of the American
Newspaper Publishers Association.
The action of the
Bond Club of New York Elects Nevil Ford
President—
Other Officers Fleeted
Nevil Ford, a Vice-President of The First Boston
Corp.,
was elected President of the Bond
Club of New York at its
annual meeting held on June 23 at the Bankers
Club.
He
succeeds Frank F. Walker of
Eastman, Dillon & Co., who
has headed the Club for the
past
year.
John K. Stark¬
weather, of Starkweather & Co., was elected Vice-President
of the Club, filling the post held
by Mr. Ford during the past
year.
Other officers elected at the annual meeting were
Harry H. Egly, of Dillon, Read & Co., Secretary, and
Gerald E. Donovan, of Schroder, Rockefeller &
Co., Treas¬
Three members
were
elected to the Board of Govern¬
for
three-year terms.
They are James J. Lee, of Lee
Higginson Corp.; H. C. Sylvester Jr., of Brown Harriman &
Co., Inc., and Irving D. Fish, of Edward B. Smith & Co.
Governors whose
terms
carry over are Frank F. Walker,
Street, Francis T. Ward, Sidney J. Weinberg,
J. Taylor Foster, Albert H. Gordon and
Perry E. Hall.
Hearn
W.
American
delegates to the annual convention
Newspaper Guild in voting on June 8
affiliate with the
C.
I.
0.
and
to
include
in
the
page
E.
Reed
Elected
♦
Opening Session
merce
T. J.
at
of
Berlin
International
to
Be
Chamber of Com¬
Broadcast to New York—
Watson,^President of International
Machines Corp.,
New
Charles
E.
of
Bond
Club
of
Jersey
Reed, Newark resident partner of Kean,
Taylor & Co., on June 18 was elected President of the Bond
Club of New Jersey for the ensuing year, at the annual meet¬
ing held at the Down Town Club in Newark.
Mr. Reed,
Business
Presiding Chairman
The opening session of the ninth
biennial congress of the
International Chamber of Commerce at Berlin
on June 28
will be featured
by a world-wide broadcast. The
broadcast
will be from 10.00 to 10.30
p. m. (German time), or 5.00 to
5.30 p. m., New York
Daylight Saving Time. It will be
carried by transatlantic radio
telephone to New York and
broadcast over the Blue Network
The
(WJZ in New York).
topic to be discussed is "World Peace
Through World
Thomas J. Watson, President of
International
Trade."
Business Machines
Corp. and
section of the International
man
President
Guild's
3938.
Chairman of the American
Chamber, will preside
Charles
of
to
membership "white collar" newspaper employees in addition
to editorial
workers, was referred to in our June 12 issue,
4
urer.
manag¬
"We cannot urge you too
strongly to attend this convention, which
will,
no doubt,
prove to be one of the most important, if not the most
the
ors
mem¬
"The American Newspaper
Guild, at its annual convention in St.
Louis,
voted overwhelmingly to leave the ranks of
the American Federation
of
Labor and to affiliate with the Commission for
Industrial Organization.
In
and the American
June 18 by Governor Lehman
of New York of the resignation of Peter G. Ten
Eyck as
Commissioner of Agriculture and Markets of New York
was
To the
bership of the undersigned organizations:
during the half-hour broadcast.
Dr. F. H. Fentener Van
the International
as
chair¬
The speakers will be
Vlissingen of Holland, President of
Chamber; Lord Riverdale, K. B. E., of
England; Dr. Abraham Frowein, of
Germany; Senator Ettore Conti, of
Italy; Rene Duchemin, of France; J. Sigfried
Edstrom, of Sweden; and Chokyuro
Kadono, head of the
Japanese Economic Mission.
Financial
4276
I
JEM 5 ABOUT BANKS, TRUST COMPANIES,
&c.
Arrangements were made June 24 for the sale of a New
York Curb Exchange membership at $19,800, off $2,200
from the
previous sale.
»
completed June 23 for the sale of a
membership in the Chicago Stock Exchange at $2,000, un¬
changed from the last previous sale of June 16.
f* Arrangements
were
of Brocton,
(consisting of 250 shares of
the par value of $100 a share) to 30,000 (consisting of 250
shares of the par value of 100 each and 800 shares of pre¬
ferred stock "A" of the par value of $5 and 50 shares of
preferred stock "B" of the par value of $20 each) was
approved on June 9 by the New York Banking Department.
N. Y., from $25,000
o
C. Lawrence,
former member of the New York
a
on
June
20 at
He was 76 years old.
Brighton, S. I.
his
home
New
in
Mr. Lawrence retired
the brokerage firm of Orvis Brothers &
192S from
in
died
Exchange,
Co.,
active partner and became a special part¬
ner.
Later he gave up this connection after having been
identified with stock brokerage interests for 50 years.
Mr.
Lawrence's seat on the Exchange was purchased by his
New York,
as
an
When Mr. Lawrence retired in
1928 he sold his membership for $530,000.
stock.
,
Thomas
H.
Gammack, senior partner
Exchange
firm
June 18 at the New York
on
was
of the New York
of Gammack & Co., New York, died
37 years old, was a
Hospital.
Mr. Gammack, who
Mr. Gammack graduated
Harvard College in 1920 and three years later became
Northampton, Mass.,
from
a
reporter on the
transferred
was
to
in 1900,
New York "Sun," where he eventually
the financial department. In 1929 he
organized the brokerage firm of Gammack & Co., and headed
this firm for the next six years, when he was drafted by
Joseph P. Kennedy, Chairman of the SEC, as executive as¬
sistant. Mr. Gammack remained with the Commission from
Later he returned to private
March, 1935 until May, 1936.
partner in his old firm. Only recently
Gammack was elected to the Board of Governors of
business
a
as
Mr.
the
New York Stock Exchange.
York announced on June
24 the appointments of Broderick Haskell as a Vice-Presi¬
dent, and Robert H. Craft as an Assistant Treasurer. Mr.
formerly
a
Beginning June 21, a 6% dividend, amounting to $600,000,
to be distributed to depositors in the Chelsea-National
Bank of Atlantic City, N.J.
O.
H.
K.
of
Manufacturers Trust Co., New York, will open
offices in Manhattan, located at 14th
Street and Second Avenue, 93rd Street and Columbus Avenue
and 116th Street and Third Avenue.
These locations are
now
occupied by the Chase National
continue them on June 30.
two
banks provides that
Chase National
the
ferred
to
Bank, which will dis¬
An arrangement between these
the business formerly handled by
Bank at these locations will be trans¬
Manufacturers Trust Co.
This arrangement will
Manufacturers Trust Co. 64 offices in
The present personnel at these three
remain with Manufacturers Trust Co.
give
York.
Greater New
branches will
——♦
14 approved
$850,335 held by the Reconstruc¬
tion Finance Corporation against the Jefferson Trust Co. of
Hoboken, N. J., now in the hands of State Banking Com¬
missioner Carl K. Withers, as liquidator, for $650,000.
The
RFC will continue to hold
a
general deficiency claim
the settlement of a claim of
Seligman, a former senior partner
"Jersey Observer" of June 15, authority
bank
the
financially
was
signed on June 11 by Supreme Court Justice Louis
A. Valente at the request of Carl J. Austrian, counsel for
tion
was
paid out to date
to 70% of the amount on deposit when the bank closed on
Dec. 11, 1930.
The total sum returned to the 413,000 de¬
positors is approximately $94,300,000.
the
bank.
The dividend brings the total
♦
Edwin V. Hellawell, receiver
of the First National Bank
Hempstead, N. Y., announced on June 16 that a further
dividend of 8% had been declared and would be distributed
of
depositors immediately.
With this payment a
of 90% of deposits will have been paid.
to
all
The New York
total
State Banking Department on June 11 ap¬
proved an increase in the canital stock of the First Citizens
Bank & Trust Co. of Utica, Utica, N. Y., from $1,000,000
(consisting of 400,000 shares of the par value of $2.50 each)
$1,955,000 (consisting of 400,000 shares of common stock
of the par value of $2,50 a share and 99,500 shares of pre¬
ferred stock of the par value of $10 a share).
to
five years ago it obtained a
collateral bonds and
value of that amount.
Interest of $145,621.78 is
and1 penalties to Feb. 4 last amount to $274,original mortgages have been foreclosed and title
mortgage having a face
due
distressed
$1,578,979.02 from the RFC and put up as
of
loan
the
on
and taxes
the
of
Some
910.33.
passed to the bank.
has
now
obtain absolute title to the
real estate and judgments upon notes which the bank
the court that he believed the settle¬
The Commissioner advised
would
ment
RFC will
the
settlement
the
secured.
expedite the liquidation of the assets remaining in
the hands
the Commissioner.
of
Payment of
dividend to 20,000 depositors of the
Co. of Toledo,
5%
a
Savings Bank & Trust
defunct Commercial
Ohio, was begun on June 15, according to
of that date, which also said:
The
total
mercial.
liquidation has returned to depositors of the
the
Com¬
be paid
Boon,
5%
officials said
dividend by
this
same
will
bank
today.
State Auditor of Illinois, anounced on
that he had authorized
19
May
the Toledo "Blade"
The payment increases to 55%
distribution will be $365,000.
which
Another
amount
the
a
5% dividend payment,
amounting to $10,879, to depositors who waived their funds
in the Granite City Trust & Savings Bank of Granite City,
following the 1933 moratorium to
that date by the
United Press.
Bank
National
Central
in
Chicago,
June 14 increased its capital stock
The
enable the institution to
Springfield advices on
is learned from
business, it
resume
Chicago,
111.,
on
from $200,000 to $300,000.
promotion of Norman C. Blette from Discount Teller
the Easton-Taylor Trust Co. of
Assistant Treasurer of
to
announced by the directors on June 15,
St.JLouis "Globe-Democrat" of June 16.
officers of the institution, headed by John R.
St. Louis, Mo., was
it is learned from the
All
Depositors and creditors of the defunct Bank of United
States, New York, have received an additional 5% dividend,
amounting to $6,582,000.
The order authorizing the distribu¬
figures. The
for this, added:
amounting to the difference between the two
Edward J. Barrett,
in the inter¬
national investment banking house of J. & W. Seligman &
Co., New York, died on June 18 at the Columbia-Presbyterian
Medical Center, New York, at the age of 78.
Mr. Seligman
was born in New York,
a son of the late James Seligman,
who helped to found the firm of J. & W. Seligman & Co., and
was
graduated from Columbia College in 1878.
He began
in the banking business as a Cashier "with J. & W. Selig¬
man & Co., and in 1888 was admitted to the New York Stock
Exchange.
When he retired, in 1934, from J. & W. Selig¬
man & Co., one of the oldest
private financial institutions
in Wall Street, Mr. Seligman transferred his seat* on the
Exchange to Walter Seligman, a partner.
At that time he
was one of the six oldest members of the Exchange.
Jefferson
of
N. J.
Montclair,
Under
additional
Manager
Vice-chancellor Egan of New Jersey, on June
Second Vice-President.
On July 1
General
and
President
Meister,
Hyatt Bearings Division of General Motors Corp., has been
elected a director of the First National Bank & Trust Co.
bonds and mortgages,
three
the near future by
Trubee & Co.
When
Guaranty Trust Company of New
was
30,000 shares with a
share, is expected to be made in
a
was
loan
Haskell
group
a
former official of the SEC, having
resigned last year as executive assistant to James Landis,
Chairman of the Securities and Exchange Commission. Bom
in
to
.
value of $10
par
Wood,
Stock
Y.,
N.
offering of the bank stock, which consists of
Police
1868 for $1,000.
father in
Industrial Bank,
of the Buffalo
control
of the
of Buffalo men through the
purchase of a majority of stock from the Morris Plan Corp.
of America and the Morris Plan Industrial Bank of New
York City was announced on June 17, according to the
"Buffalo-Courier" of June 18, which went on to say:
Victor Holden, President of the Buffalo Industrial Bank, and directors
of the institution, along with the New York Stock Exchange firm of Wood,
Trubce & Co., were named as jointly participating in the purchase of the
Buffalo,
Ashton
stock of the Bank
An increase in the capital
Brocton,
Transfer
Stock
June 26, 1937
Chronicle
other
Lanigan as President, were reelected.
Promotions in Bank of
ern
America's official staff in South¬
M. Gian-
California were announced on June 17 by L.
Los An¬
below:
nini, President of the institution, according to the
geles "Times" of June 18, from which we quote
H.
M. Bardt becomes
Vice-President
been
at
Vice-President and Trust Officer andi J. A. Purdy,
bank's
the
southern
headquarters.
H.
C.
appointed Assistant Trust Officer, Long Beach main office,
Watt has
and Joseph
Trust Officer, Santa Barbara main office. The following
named Assistant Cashiers: H. R. Pingree, Whittier Boulevard branch;
Brock, Assistant
were
Fred
Kremis, Seventh and Westlake branch, and C.
0. Phillips, Inglewood
branch.
C.
A.
branch
Steves is being
to
Corona
to
transferred from the Managership of the Fallbrook
open
the
bank's
new
branch
in
that
city.
E. B.
the La Habra branch, be¬
comes manager at Fallbrook, and N.
R. Skinner has been promoted! to the
position made vacant by Mr. Demerest's transfer.
Demerest,
who
has been Assistant Manager at
As of June 15, the
American National Bank of Pensacola,
Pensacola, Fla., reduced its capital stock from
$800,000 to
$400,000.
♦—
Advices
from
the Los Angeles
Lindsay, Calif., on June 14, appearing in
"Times," reported that the Bank of America
.Volume
144
Financial
Chronicle
National
Trust & Savings Association
(head office San
Francisco) had that day acquired the Lindsay Savings Bank,
institution chartered
an
having total
resources
it
was
was
said,
Daniels
of
made
continuing
as
board" there
the bank's
personnel, Ernest
part of the week and Mead Johnson gained 2 points on a
turnover.
Industrial specialties moved slightly
L.
modest
.Chairman, F. F. Hostetter
higher under the guidance of Pittsburgh Plate Glass which
jumped nearly 2 points and Singer Manufacturing Co.
Manager.
♦_
According
which moved ahead 1
Canadian Press advices from
to
Ottawa
city.
Mr. Lindsay (who
formerly in charge of the bank's branch in Quebec)
ceeds R. M. Gemmelm, who is
retiring.
•
was
suc¬
4
The
Royal Bank of Canada (head office Montreal) an¬
nounces the following
changes in its official staff, according
to the "Financial Post" of June 26:
W.
non,
I
S.
Strachan, Manager, St. Lawrence and Craig, Montreal; to Ver¬
as Manager.
B. G.,
H.
Ostrom,
Manager,
Kingsway,
Vancouver; to West Vancouver,
as
Manager.
F. W. Phillips, appointed Manager at Val
d'Or, Quebec.
A. Chilton, West Vancouver
branch, retires
The Rt.
director
count
from
Hon.
of
Viscount
Trade in
was
until he
a
was
pension.
Runciman has
the Westminster
Runciman
1924
on
been
Bank, Ltd.,
director
elected
of
the
appointed a
of London.
Vis¬
Westminster
President
of
Bank
the Board
of
■
DAILY
1931.
THE
Trading
on
CURB
point to 301.
transfers reaching
The volume of trading
approximately 148,090
shares with 346 issues traded in against 160,550 on Wednesday.
Curb market prices were somewhat stronger on
Friday
though the improvement was largely among the public
utility stocks and specialties.
Trading was quiet and there
were few
changes of outstanding importance.
Brown Co.
pref. attracted some buying and climbed up 2 points to 77,
Bell Telephone of Canada moved up 3
points to 168, Florida
Power & Light pref. 6)4 points to 44)4,
Jersey Central
Power & Light pref. 3 points to 69 and United Gas
pref. 2
points to 115.
As compared with the closing quotations of
Friday of last week, prices werel ower, American Cyanamid
B closing last night at 30 % against
31)4 on Friday a week
ago, American Gas & Electric at 31)4 against 32, Consoli¬
dated Gas of Baltimore at 64 against 67)4, Fairchild Avia¬
tion at 4 against 5, Glen Alden Coal Co. at
9% against 10)4,
Gulf Oil Corp. at 52)4 against 52%, Hollinger Consolidated
Gold Mines at 10% against 11% and Lake Shore Mines at
48% against 49%.
lower,
was
on
June 22, announcement has been made of the
appointment
of Charles F. Lindsay as Manager of the Bank of Nova
Scotia's main branch in that
few small changes in the curb
a
Technicolor again advanced and reached its best
price for the current movement as it hit 29 24 at its top for
the day.
Lion Oil maintained its advance of the earlier
as ViceChairman of the Advisory Board, and It. E. Wolf
remaining
as
only
were
shares.
by the State in March, 1910, and
more than $1,000,000.
No change,
in
4277
the
TRANSACTIONS
AT
NEW
THE
YORK
Slocks
EXCHANGE
CURB
Bonds (Par
Some
the Curb market has been unusually quiet this
importance and stock transfers
down at times to the lowest levels in
many months.
activity
apparent in Lion Oil which raised its top
were quiet to firm but made
was
several times.
Public utilities
little
upward progress.
Specialties, particularly the in¬
dustrial section, were slightly higher but there was little
interest apparent in the mining stocks.
Quiet trading and irregular price movements were the out¬
standing characteristics of the dealings on the New York
Curb Exchange during the abbreviated session on
Saturday.
Despite the light turnover there was a tendency to move
upward though the changes were generally in minor fractions.
Lion Oil was the bright spot in the
trading as it continued
its steady advance and closed at 32, a new
peak for the year.
Public utilities were stronger but the gains were confined to a
few of the more active of the speculative favorites.
Specialties
recouped some of their losses and moderate improvement was
apparent in
some
of the metal stocks.
June
of
25, 1937
Foreign
Domestic
Shares)
Foreign
1% points to 123;
Pittsburgh Plate Glass, 2 points to 123 and Sherwin-Williams,
2 points to 121.
The transfers were down to approximately
62,000 shares with 216 issues traded in, the lowest level
since 1935.
levels
again registered as the Curb market
Monday. There were occasional strong
spots scattered through the list but the gains were generally
small and without special .significance.
Pepperell Manu¬
facturing Co. was down on the day and despite the an¬
nouncement of the $5 special dividend,
dipped 3 points to
120.
Sherwin-Williams declined 2 points over Sunday and
Horn & Hardart receded
3%. points to 31. Carrier Corp.
was off a point at
46%, Ohio Power pref. was down 1%
points at 103)4 and Consolidated Gas of Baltimore 1 point
to 66)4.
Dow Chemical moved against the trend and closed
at 134% with a gain of 4)4 points.
>
Trading continued to drag along on Tuesday, the transfers
being slightly lower than the preceding day.
Most of the
transactions centered around the industrial specialties and
public utilities.
Some of the high priced stocks which had
recorded declines on the previous day did not appear on the
tape during the session and many of the trading favorites
in the general list drifted about without definite trend..
Among the strong spots included in the day's transactions
were Aluminum Co. of America, 2)4
points to 141%; Babcock
& Wilcox, 2 points to 118; Godchaux Sugar
pref., 5 points
to 98)4; Nevada-California Electric
pref., 2 points to 72 and
Electric Power & Light 2d pref., 2 points to 52.
Irregular price movements were in evidence on the Curb
Exchange during most of the dealings on Wednesday, and
while the tendency was toward higher levels, the changes
were small.
Public utilities, as a group, were slightly above
the preceding close and a few of the oil shares moved
moderately higher.
Industrial specialties also showed im¬
provement but the mining and metal stocks were off on the
day.
Technicolor was in quite active demand and sold up
to 29 at its top for the day but slipped back to
28)4 at the
end of the session.
Other gains included Aluminum Co. of
America, 2)4 points to 14324; American Superpower 1st
pref., 3 points to 94; Gulf Oil Corp., 1)4 points to 52%;
Royal Typewriter, 2% points to 106)4 and Public Service
of Indiana pr. pref., 3% points to 44)4.
Minor gains were registered during the quiet session on
Thursday, and while the list, as a whole, was fractionally
higher, there were a goodly number of issues on the side of
the decline as the day ended.
Public utilities were dull and
despite the improved demand for metal stocks on the "big
were
resumed trading on
Saturday
61,885
139,165
146,775
169,210
153,480
175,070
Government
Monday
Tuesday
Wednesday
Thursday-
Friday
Total
845,585
Sales at
$539,000
1,008,000
Total
Corporate
$14,000
$4,000
15,000
76,000
$557,000
1,099,000
1,155,000
1,134,000
9,000
905,000
38,000
1,203.000
37,000
12,000
2,000
23,000
1,288,000
21,000
60,000
1,369,000
$6,077,000
$195,000
$116,000
$6,388,000
Week Ended June 25
945,000
1,263,000
Jan. 1 to June 25
New York Curb
1937
Exchange
Stocks—No. of shares.
1936
1937
1936
845,585
1,290,900
65,375,182
74,374,509
$6,077,000
$11,350,000
$457,491,000
Bonds
Domestic.
195,000
426,000
$240,992,000
7,267,000
116,000
475,000
6,266,000
10,134,000
6,824,000
$6,388,000
$12,251,000
$254,525,000
$474,449,000
Foreign Government-Foreign corporate
Total
THE
PARIS
BOURSE
The best advances
included Pepperell Manufacturing Co.,
Lower
Value)
(Number
Week Ended
week with few movements of
were
EXCHANGE
Qdotations of representative stocks
each day of the past week:
as
received by cable
June 19
June21
June22
June23
Jurte2\
June25
Francs
Francs
Francs
Francs
Francs
Francs
Bank of France
6,100
6,500
6.400
6,700
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlsienne..
1,046
1,085
1.083
1,174
367
385
393
427
Canadian Pacific
279
Generale
d'Electrlclte
286
305
307
25,300
25,000
25,000
25,500
775
786
810
1,240
_
284
24,500
756
Canal de Suez cap
Cle Dlstr d'Electrlclte..:
Cle
6,600
1,250
1,290
—-
1,320
1,300
49
49
46
51
55
492
492
517
525
649
Cle Generale Transatlantique
Citroen B
660
605
705
Comptoir Natlonale d'Escompte
Coty S A
220
230
220
230
Courrieres
207
219
229
228
Credit Commercial de France-Credit Lyonnaise.-
452
465
475
500
1,380
1,190
1,450
1,210
1,450
298
302
325
Eaux Lyonnaise cap..
Energle Electrique du Nord
Energle Electrlque du Littoral-. HOLI-
496
1,280
1,490
1,470
1,350
•
1,330
336
DAY
512
538
560
592
602
650
870
Kuhlmann
L'Alr Liqulde
230
920
940
1,010
540
Lyon(PLM)
615
620
625
NordRy...
660
651
665
721
Orleans Ry 6%
Pathe Capital
359
364
363
-
1,020
373
645
18
20
19
1,741
66.75
1,745
382
22
1,615
Pechiney
1,900
Rentes, Perpetual 3%
64.30
66.75
69.50
Rentes 4%, 1917
Rentes 4%, 1918
64.00
65.50
65.60
68.40
68.40
64.00
65.80
65.70
68.60
68.50
Rentes
68.90
70.70
70.75
72.60
73.00
68.00
69.50
69.50
71.40
71.80
91.60
91.25
91.90
93.25
94.00
5,180
5,230
5,260
5,430
5,430
1,736
1,868
967
995
1,882
1,060
1,990
1,100
4%%, 1932 A
Rentes 4 % %, 1932 B
Rentes 5%, 1920
Royal Dutch
Saint Gobaln C & C
Schneider & Cie
-
—
Societe Francalse Ford
68
Soclete Generale Fonclere
Societe Lyonnaise
66
66
70.10
70
120
127
125
1,210
1,280
76
128
1,194
1,349
Societe Marseillaise
475
Tubize Artlfical Silk, pref
Union d'Electrlcite
140
141
142
153
395
405
417
434
85
86
89
96
Wagon-Lits
ENGLISH
470
FINANCIAL MARKET—PER
CABLE
The
as
daily closing quotations for securities, &cM at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
June 19
June 21
June 22
Silver, per oz_- 19 15-16d. 19 15-16d.
19%d.
Gold, p. fine oz. 140s.6%d. 140s.6%d. 140s.4d.
Consols, 2%%
Holiday
74%
74%
British
W.
Wed.,
Thurs.,
Fri.,
June 23
June 24
June 25
19 13 16d.
140s.5d.
74%
19 13-16d.
19%d.
140s.434 d. 140s.6%d.
74%
74%
3%%—
L
Holiday
100%
100%
100%
100%
100%
Holiiay
109%
109%
109%
109%
109%
British 4%—
1960-90
The
States
price of silver per ounce (in cents) in the United
the same days has been:
on
Bar N. Y. (for¬
eign)
U.
S.
O.
Closed
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
44%
S. Treasury
Treasury
(newly mineo)
Financial
4278
June 26, '1937
Chronicle
offered
templation,' ^conditions? becamefsomewhat easier^ and the amounts
werefrnotfcso large
We collect
documentary
clean drafts drawn
or
.^'although
stmTe^considerable; however, buying for
America !wa^gr^unae^iandr!offeringsj^were'absorbedSwithout further official
on
buying being apparent.
any part of the United States
and on foreign countries.
Ik Quotations:
Equivalent Value
of £ Sterling
Per Fine
Ounce
COMPANY
TRUST
MANUFACTURERS
12s. 0.86d.
9d.
5d.
3J^d.
8^d.
7d.
63^d.
June 9
140s.
140s.
140s.
140s.
140s.
140s.
Average
140s. 6.58d.
June 3
June 4
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT!
YORK
55 BROAD STREET, NEW
-
June 5
June 7
June 8
Member Federal Reserve System
Member New York Clearing House
Member Federal Deposit Insurance
Association
Corporation
The following were the
12s. 1.20d.
12s. 1.33d.
12s. 0.90d.
12s. 1.03d.
12s. 1.07d.
12s. 1.07d.
United Kingdom imports and exports
of gold
registered from mid-day on May 31 to mid-day on June 7:
"""
Exports
Imports
;
British South Africa
British West Africa
EXCHANGE RATES
FOREIGN
Pursuant to the
Kenya
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
Australia
cable transfers in the different countries of the world.
Soviet Union
give below
RATES
CERTIFIED
BY
New Zealand
France
Other countries
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF
JUNE
British India
Netherlands...
record for the week just passed:
a
EXCHANGE
FOREIGN
We
of
States
£5 ,645,537
35.000
30,950
16,447
3,610
23,006
20,654
25,449
1.669
America
British India
Germany.
Netherlands
France--Finland
Switzerland
Yugoslavia
Other countries
RESERVE
1930
£12,435.990
,
The SS. Mongolia
1937, INCLUSIVE
19, 1937 TO JUNE 25,
United
£1,636,307
124,648
6,194
281,516
4,478
36,090
7,449,085
2,818,341
76.487
2,844
to
theValue
£5,802,322
•
which" sailed from Bombay
on
the 5th inst. carries
gold
of about £35,000.
'
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
June 19
June 22
| June 21
June 23
i
June 24
*
.
Unit
June 25
China sales and
$
$
Europe—
$
$
J
$
theT>ulk
speculative re-sales provided
the main support came from the Indian Bazaars
of
the
supplies and
who made some purchases
Austria, schilling
.187142*
.187228*
.187228*
.187200*
Belgium, belga
.168838
.168878
.168940
.168846
.012825*
.012825*
.012825*
.012825*
.012825*
.012825*
and
.034839
.034844
.034844
.034844
.034848
.034846
at
.220481
.220550
.220841
.220720
.220600
.220404
England, pound sterl'g 4 .939500
.021818
Finland, markka.-—
.941458
.947500
;.944208
.941458
=.938083
.021825
.021830
.021825
.021825
.021812
and"20 3-16d^forjbwo months' delivery^ which compare
with 20~?46d. andJOjHjd. for the respective deliveries quoted a week"'ago
""Today's level may not be attractive to sellersrbut increased interest on*
.044530
.044550
.044613
044590
044.546
.044525
the
400867
.400878
.400996
.400917
.400842
.400914
Greece, drachma
.009050*
.009050*
.009053*
.009053*
.009053*
.009046*
Holland, guilder
Hungary, pengo
.549839
.549823
.549825
.549814
.549817
.549819
.197725*
.197600*
.197700*
.197725*
.197725*
.197700*
.052606
Bulgaria, lev
Czechoslo'kla,
koruna
Denmark, krone
France,franc
relchsmark
Germany,
.187214*
SILVER
"Trices again showed only small movements and although conditions were
quiet, themari^trmai ntaTned "*a" steady tone'^during most of the week.
.187228*
.168863
.168853
Italy, lira
.052604
.052608
.052610
.052609
.052608
Norway, krone
.248162
.248233
.248535
.248429
.248287
.248097
Poland, zloty
.189300
.189200
.189325
.189340
.189275
.189275
Portugal, escudo
.044700*
.044733*
.044741*
.044750*
.044716*
.044716*
Rumania, leu
.007253
.007296*
007296*
.007296*
.007296*
.007253*
Spain, peseta
.052300*
.051428*
.050714*
.051250*
.051166*
.051785*
Sweden, krona
.254658
.254712
.255039
.254908
.254779
.254570
Switzerland,
.229287
.229246
.229326
.229232
.229171
.229082
.023060*
.023060*
.023060*
.023060*
.023060*
for
'early Thipment.
thereTwas'an
20hjd.Tor
Yesterday, however, Indian buyers became hesitant
easier tendency in consequence.Prices today were
part of the Indian Bazaars would seem necessary to any
"T'he following
were
Asia—
advance.
the United Kingdom imports and exportsj?f silver,
registered from mid-day on May 31 to mid-day on June 7:
)
i
Imports
.023060*
franc__Yugoslavla, dinar
£32,308
Japan
9,188
27,722
Canada
Netherlands
3,981
2,674
France
New Zealand
x3,800
3,246
Irish Free State
Other countries
f.
'
Exports
£13,770
15,900
British India
Aden & Dependencies
1,900
Anglo-Egyptian Sudan
Sweden
1,950
Netherlands
2,950
Portugal
1,215
Other countries
2,224
£39,909
£82,919
x
fixed
cash
Coin at face value.
China—
dol'r
.296916
.296604
.296708
.296708
.296708
.296604
Hankow(yuan) dol'r
Shanghai (yuan) dol
.297083
.296770
.296875
.296875
.296875
.296562
.296666
.296666
.296666
.296562
dol'r
.297083
.296770
.296875
.296875
.296875
.296770
Hongkong, dollar. _
.304093
.304250
.304531
.304218
.303781
.303500
.372877
.372900
.373364
.373187
.372937
.372712
Quotations during the week:
.296770
.296875
Chefoo (yuan)
Tientsin (yuan)
India, rupee
287210
.287229
.287620
.287550
.287245
.287075
.578625
.578625
.579500
.579250
.579000
.578750
Japan, yen
Singapore (S. S.) dol'r
Australasia—
.966041*3.966770*3.972291*3.969635* 3.966770*,3.963958*
pound.
New Zealand,
Africa—
South Africa, pound._ 4.890703*4.892421* 4.897500*4.895625* 4.890546*4.889140*
North America—
.998713
.998629
.999362
.999771
.999555
.999765
Canada, dollar
Cuba, peso
.999281
.277500
.277500
June 7
—20 5-16d.
20 3-16d.
.996160
.329566*
.329375*
.329183*
.999166
Mexico, peso
.277700
.277500
.277500
Newfoundland, dollar
.997522
.997500
.997120
.329150*
.329333*
South America-
.087188*
.087188*
.087222*
.087205*
.087205*
.087188*
(Free) mllrels
Chile, peso
.065588
.065522
.065600
.065662
.065525
.065537
.051725*
.051725*
.051725*
.051775*
.051775*
.051775*
Colombia,
peso..
.569785*
.571705*
.569705*
.569825*
.569705*
.569705*
Uruguay, peso...
.791666*
.792000*
.794333*
.794500*
.794500*
.794500*
mllrels
45 A cents
45 H cents
45 H cents
June 4
453-i cents
45 A cents
45 A cents
June 5
20Kd.
June 7
20^d.
20 3-16d.
June 8
Average
20.281d.
20.344d.
The highest rate
of exchange on New York recorded during the period
from the 3rd to the 9th of June was
.996250
.329750*
.999166
Argentina. peso
June 2
June 3
June 9
.277500
.996875
.999281
*
20^d.
20 7-16d.
20^gd.
20 7-16d.
20Hd.
20 5-16d.
$4.93 J4 and the lowest $4.917A
•
.999166
.999166
Brazil (official)
20^d.
June 5
YORK
2 Mos.
Cash
June 3
June 4--
NEW
(Per Ounce .999 Fine)
Bar Silver Per Oz. Std.
June 8
,936354* 3.937589* 3.942321 * 3.939910* 3.937589*3.935312*
Australia, pound
IN
LONDON
IN
COURSE OF BANK
Bank
with
a
year ago.
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, June 26)
upon
bank clearings from
Nominal rates; firm rates not available.
CLEARINGS
clearings this week will show an increase compared
all cities of the United States from which
it is
THE BERLIN
STOCK EXCHANGE
Closing orices of representative stocks as received by
each day of the past week:
June
June
June
19
128
130
165
Deutsche Bank und Dlsconto-Gesell. (5%)-119
22
21
129
130
165
113
119
June
23
cable
June
24
possible to obtain weekly returns will be 7.2% above
those for the corresponding week last year.
Our preliminary
total stands at $5,971,274,154, against $5,570,524,548 for
the
same
At this center there is a gain for
ended Friday of 6.1%.
Our comparative sum¬
week in 1936.
the week
June
25
mary
.
for the week follows:
Per Cent of Par
Allgemelne Elektrlzitaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)
128
124
127
127
130
130
130
130
165
165
165
113
113
113
113
119
118
119
119
118
118
118
118
118
157
Deutsche Reichsbahn (German Rys) pf 7% -125
Dresdner Bank (4%)
105
Farbenindustrie I. G. (7%)-_
168
Gesfuerel (6%)
154
Hamburger Elektrizitaetswerke (8%)
-151
Hapag
19
157
125
105
166
153
151
19
156
124
Per
165
113
119
Clearings—Returns by Telegraph
Week Ending June 26
Licht (8%).
Commerz-und Prlvat-Bank A.G. (5%)
Berliner Kraft
u.
Dessauer Gas (7%)
154
155
154
125
125
125
125
105
105
105
105
166
166
166
166
152
150
150
150
151
150
151
161
20
20
20
20
123
21
123
122
123
123
21
21
21
21
216
214
213
210
211
Norddeutscher Lloyd-Reichsbank
232
164
218
233
232
233
234
-
-
(8%)
Rheinische Braunkohle (8%)
Salzdetfurth (7^%)
Siemens & Halske (8%)--_
331,000,000
_
163
162
162
160
218
216
216
174,715,000
88,035,725
79,000,000
116,612,000
130,161,378
95,775,014
Boston
Kansas City_-
St. Louis
San Francisco-
Pittsburgh
Detroit
Cleveland
80,512,581
Baltimore
56,582,589
37,260,000
New Orleans.Twelve cities, five
days.
Other cities, five days
Total all cities, five days.
ENGLISH
GOLD
AND
SILVER
MARKETS
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 19, 1937:
We
GOLD
amounted to £321,261,366
June 2 showing no change as compared with the
The
week
market,
under
review
nervousness
consequence
has
seen
very
active
previous Wednesday.
conditions in the gold
with regard to the situation still prevailing; as a
offerings of gold were on an unprecedented scale, the amount
disposed of at the daily fixing during
the week being about £10,500,000,
of £4,225,000. Prices
which included a record daily offering on the 4th inst.
were
+5.4
±!B
+ 19.2
+ 12.9
69, 990,000
104, 886,000
+ 11.2
102, 796,366
91, 348,315
64, 227,257
55, 848,556
+ 25.4
+ 1.3
31, 246,000
+ 19.2
+26.6
+4.8
$4,230,431,655
745,630,140
$3,925,141,230
+ 7.8
658,570,455
+28.4
$4,976,061,795
995,212,359
$4,583,711,685
986,812,863
+8.6
Total all cities for week
$5,971,274,154
$5,570,524,548
+7.2
+0.9
reprint
The Bank of England gold reserve against notes
on
+6.1
216
All cities, one day
THE
273, 000,000
190, 007,000
73, 849,664
Cent
212
233
166
221
Deutsche Erdoel (5%)
Mannesmann Roehren
$2,629, 480,732
238, 551,340
251.405.440
Chicago
Philadelphia.
1936
$2,789,371,928
New York
1937
at a large discount on
dollar parity in view of the reluctance to make
purchases for America and during the first part of
mostly taken for an official quarter.
Following
a
the week offerings were
further statement made by President Roosevelt over the
week-end that "no change in policy affecting
the price of gold was in con-
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended June 19.
results
For that week there was an increase of
0.9%, the aggregate
clearings for the whole country having amounted to
$7,260,511,286, against $7,197,597,673 in the same week
in 1936.
Outside of this city there was an increase of 14.4%,
of
Volume
Financial
144
4279
Chronicle
clearings at this center having recorded a loss of
We group the cities according to the Federal Re¬
districts in which they are located, and from this it
the bank
6.7%.
serve
that in the New York Reserve District (including
this city) the totals register a decrease of 5.8%, but in the
Boston Reserve District the totals show an increase of 7.8%
Week Ended June 19
Cleaunos at—
Inc.
or
Dec.
$
appears
and
the
in
The
Philadelphia Reserve District of 6.4%.
Cleveland Reserve District has managed to enlarge its
totals
by 26.5%, the Richmond Reserve District by 12.5% and the
Atlanta Reserve District by 14.4%.
In the Chicago Re¬
serve District the totals record a gain of 14.9%, in the St.
Louis Reserve District of 12.2% and in the Minneapolis
Reserve District of 4.9%.
The Kansas City Reserve Dis¬
trict shows an improvement of 10.0%, the Dallas Reserve
District of 24.5% and the San Francisco Reserve District
of 16.6%.
In the following we
Seventh Feder al Reserve D Istrict—Chic ago—
+ 47.6
298,612
440,635
Mich.—AnnArbor
Grand Rapids.
Lansing
Ind.—Ft. Wayne
Terre Haute—
Wis —Milwaukee
Iowa—Ced
Des
Raps
111 —Bloomlngton
a summary
by Federal Reserve
districts:
Peoria
Rockford
Springfield
SUMMARY OF BANK CLEARINGS
I
10,651,000
915,790
721,237
3,896,123
12,862,083
+ 17.1
+ 24.7
+ 19 0
+6 7
997,024
645,028
+6 2
6,762,486
6.122.153
—10 2
2,826,163
430,496
2,593,993
+ 11 0
932,107
387.918
224,549.959
497.125
2,284,113
779,188
859,015
+ 14.9
393,282,372
344,923,086
81,200,000
26,322,132
12,649,419
67,600,000
21,573,127
12,033,169
324,196 + 155 1
+ 10 4
314.746,170
+ 78.0
795,198
+ 13 9
3,905.142
+ 12 3
1,287,936
1,286,279
495,975,182
569,651,957
Total (18 cities)
13,091,000
4,053,194
16,913,065
347,496.396
1,415,463
4,447.715
1,446,071
1.428,171
Chicago
712.464
+25.9
+ 16 4
8,031,339
3,016,306
827,103
Moines.—
Sioux City
+ 24.5
+ 10.0
1,568.184
5,443,195
23,849,657
1,276,873
South Bend...
85,021,498
2,096.730
1,298,459
+ 25.2
1,425,135
4,677,975
20,040,481
1,196,746
7,562,191
3,358.266
1,249,185
20,696,000
Indianapolis...
$
290,121
74.218,073
1,648,223
1.272,296
645,438
366,942
113,373,699
2,766.786
1.487.773
1,003.597
16,439,000
141.925,857
3,238,814
1.854,993
Detroit
Decatur
furnish
*
$
1934
1935
%
1936
1937
252,321,888
550,823
2,487,278
1,504,965
Inc.or
12 cities
Boston
•'
4,448,302,722
'
'
416,436,328
'
'
•
'
156,436,087
'
117,912,605
'
*
'
158,309,538
Cleveland— 6
6th
Richmond .6
Atlanta....10
7th Chicago ...18
8th St. Louis.. 4
9th
Minneapolis 7
10th KansasClty 10
6th
1934
S
S
•
395,522.912
162.513,746
569,651,957
167,848,859
+ 7.8
226,329,414
209,371,595
—5.P
3,891,513.773
3,224,338,890
377,912,322
230,191,430
230,148.287
212,423.139
+6.4
391,486,435
312,669,9^5 +26.5
139,100,9*6 + 12.5
142,110,689 + 14.4
495,975.182 + 14.9
149,539,191 + 12.2
+4.9
112,359.344
143,881.023 +10.0
65,374,258 + 24.5
249,051,736 + 16.6
114,984,190
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
+6 8
98,900,000
105,600.000
Louis..
+23.1
33,809,043
41,606,925
Ky.—Louisville..
+22 7
16,279,148
19,971,934
Tenn.—Memphis
Mo.—St
4,721,798,415
York. 13
New
4th
1935
%
274,245,489
295,706,505
8rd Philadelphia 10
2nd
Dec.
S
%
Federal Reaerve Diste.
1st
1936
1937
Week End. June 19, 1937
109,017,010
112,745.089
101.408,308
393,282,372
101,547,296
X
551,000
+ 21 6
376,000
341.000
167.848,859
149,539,191
+ 12.2
120,547,551
101,547,296
3,191,177
58,443,358
25,901,208
1,696,651
2,851,488
54,677,862
20,042,085
1,584,913
Qulncy
Total (4 cities).
X
344,923,086
120,547,o51
X
X
X
670,000
III.— Jacksonville
93,208,587
82,769,960
131.903,918
109.604,048
51.040,924
45,675,767
Reserve Dis trict—Minne apolis-
Ninth Federal
Minneapolis.
3,174,044
72,911.145
3,981,645
77,961.553
29,416,456
Minn.—Duluth—
—
Fran. .11
12th San
81.386,387
+ 2.5
—0.8
+ 13 6
+ 6.9
290,483,640
112 cities
Total
7.260,511.286
Outside N. Y. City
2,963,540,125
217,449,505
188,060,643
5,961,065,932
4.959,331.272
2,178,634,452
1,828,514,681
350,781,060
+0.9
2,591,445,663 +14.4
7,197,597,673
300,910,804
N. Dak.—Fargo.
2,417,297
29,654,336
2,229,760
8. D.—Aberdeen-
6
11th Dallas
776,032
683,044
553,887
489,981
660,083
622,445
+6.0
484,916
2,699.539
3,084,570
—12.5
2,937.390
358,226
2,765,405
117,912,605
112,359,344
+ 4.9
93,208,587
82,769,960
St. Paul
Mont.—Billings
.
Helena
+8.4
'
32 cities
Canada
390,987,587
—4.3
408,692,482
Total (7 cities).
4
We
add
now
our
detailed statement showing last week's 1
figures for each city separately for the four years:
Tenth Federal
Reserve Dis trict—Kans
234.712
Clearings ai-
1934
Mo.—Kan. City.
St.
Portland
Mass.—Boston.
546,766
752.782
2,287,683
256,601.612
738,044
Me.—Bangor
.
Fall River
2,185,517
239,764,968
+4.7
648,903
+ 13.7
N.H.—Manches'r
Total (12 cities)
New Haven
R. I.—Providence
332,953
+ 8.9
387,751
+ 12.2
1,700,886
10,944,955
+ 36.0
—2.6
681,039
2,559,771
1,266,481
10,870,111
3,598,648
9,904,400
+20.5
2,894.631
+30.0
9,008,500
2,715,133
1,377.260
8,972,499
3,455.379
7,736,200
582,482
+0.1
590,984
505,718
274,245,489
295,706,505
Worcester
Conn.—Hartford
+7.8
226,329,414
9,231,818
5,059,740
975,217
922,838
+2.0
Buffalo
529,615
686,501
915,186
681,547
+34
4,296,971,161
—6
3,288,676
5,870,048
4,606,152,010
7,394,705
4,137,807
2,760,428
5,063,850
463,735
*400,000
+ 15,
475,000
350,000
22,965,732
48,874,966
19,625.848
34.749,736
+ 17.
17,984,166
32,307,455
16,650,898
28,107,977
639,921
Elm Ira
New York
28,566.824
30,500,000
486,174
536,776
543,319
548,784
3,782,431,480 3,130.816,491
5,465,227
6.194,868
2,980,389
4,269,253
1,492,890
2,510.722
2,896,123
3,548.234
—6
Jamestown..
....
7,892,899
7,002,118
Rochester
Syracuse
WestchesterCo.
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J.
Total (13 cities) 4,448,302,722 4,721,798,415
+6
+69
+ 19,
+ 15
+40.
509,361
+26.4
*350,000
1-4.1
346,193
317,978
+ 13.7
328,460
+30.9
1,140,704
+ 5.0
380,000,000
+ 25.1
1,289,296
+ 8.7
2,688.685
1,439,415 —29.7
+ 26.1
1,367,914
2,372,600 +207.1
1,009,344
365,000,000
1,129,298
2,145,110
1,153,633
1,149,132
5,339,000
219,000,000
974,662
1,973,285
1,309,948
1,002.293
4,622,000
+6.4
377,912,322
230,191,430
373,416
Chester
1,493,134
Lancaster
..
399,000,COO
Reading
1.613,338
Scranton
Wilkes-Barre..
2,922.990
1,012,401
Philadelphia
N. J.—Trenton..
1,725,608
7,287,000
Total (10 cities)
416.436,328
York
Fourth
391.486.435
322,634
.
Cleveland
126,883,668
Columbus
14,935,900
2,349,712
Mansfield—
Youngstown
.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
Va—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
D. C.—Wash'gton
Total (6 cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville—
Ga.—Atlanta
67,194,255
92,841,359
11,289,700
1,798,856
+ 10.7
...
Augusta
Macon
Fla.—Jacksonville
Ala.—Blrm'ham.
Mobile
Miss.—Jackson.
176,950,844
395,522,912
139,545,795
312,669,965
Reserve Dist rict
440,282
3,193,000
41,396,890
1,168.946
83,052,509
27,184,460
156,436,087
+ 36.7
+32.3
+ 30.6
43,174,296
65,952,719
8,046,600
1,164,827
+26.8
+26.5
104,356,245
94,084,697
230,148,287
212,423.139
323,932
2,643,000
36,961,621
1,299,379
73,990,510
23,882,504
139,100,946
+ 35.9
+20.8
+ 12.0
127,089
2,300,000
32,451,881
—10.0
974,314
+ 12.2
58,707,092
20,423.814
+ 13.8
127,409
2,140,000
29,648,130
758,528
62,048,673
14,294,370
+ 12.5
114,984,190
109,017,010
2,931,021
12,763,141
40,200,000
2,234,337
Fort
131,903,918
109,604,048
1,223,404
39,642,546
5,576.763
1,784,000
35,264,933
5,721,846
District—Da lias—
Reserve
1,014,759
50,299,588
6,368,287
3,671,000
1,006,042
3,014,582
+ 63.4
4,059,000
1,111,404
3,961,115
81,386,387
Worth
Galveston
Wichita Falls..
La.—Shre veport.
_
65.374,258
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
+26.0
20,612,779
17,456,166
52,900,000
+ 18.1
+0.4
+ 13.1
835,582
996,731
15,870,000
1,223,339
880,928
15,167,000
+4.6
22,146,539
1,819,635
19,370,531
1,306,699
+ 14.3
14,892,000
14,669,904
+39.3
1,211,411
+ 9.5
736,229
10,511,270
36,900,000
964,766
502,608
11,381,000
14,208,104
1,020,091
x
x
77,969
90,644
La.—New Orleans
148,207
37,428,964
103,291
30,244,273
+23.8
24,427,832
162.513,746
142,115,689
+ 14.4
112,745,089
+ 10.6
657,372
1,935,000
X
+ 10.5
709,493
+ 31.4
2.104,718
2,096,616
+24.5
51,040,924
45,675,767
SCO—
25,705,295
7,516,000
+32.5
+ 4.4
30,277,342
8,368,000
865,562
+ 26.5
576,160
483,613
29,813,529
+30.4
+ 32.1
23,643.420
10,227,981
2,634,000
2,476,460
104,749,075
1,478,337
1,049,128
1,118,655
188,060,643
4,029,513
3,548,387
145,954,620
+ 18.0
2,829,496
1,580,849
2,530,727
2,194,962
+ 28.9
1,305,600
+21.1
2,152,023
+ 17.6
27,494,939
12,266.413
3,502,187
2,747,554
127,498,116
1,954,269
1,131,944
1,632.581
290,483,640
249,051,736
+ 16.6
217,449,505
19,256,794
4,444,772
4,187,183
159,402,000
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San Francisco
Franci
34,577,022
10,029,000
.
San Jose
Santa Barbara-
Stockton
cities)
14,581,518
+ 10.3
+ 9.2
(112
7,260,511,286 7.197,597,673
+0.9 5,961,065,932 4,959,331,172
+ 14.4 2,178,634,452 1,828,514,681
cities)
Week Ended June 17
Clearings atInc.
1936
1937
Canada—
1
5
+43.5
or
Dec.
%
+ 7.5
1935
*
124,273,008
91,659,460
53,447,127
16,182,421
23,655,933
4,014,323
2,314,877
4,060,860
5,323,078
1,585,225
1934
$
100,957,611
95,519,531
45,808,162
14,099,743
4,763,172
3,958,687
1,825,720
4,019,878
4,491,288
1,596,023
1,502,906
3,113,081
3,662,147
2,756,648
144,499,778
134,366,187
116,351,584
109.779,408
+ 5.1
72,614,792
18,192,271
28,474.590
4,055,677
—48.5
2,361,328
+ 15.9
4,529,145
5,211,767
1,855,649
+ 40.1
1,735,409
3,490,588
+ 11.5
1,506,149
+ 1.1
4,068,262
3,257,032
342,599
+4.2
+ 18.2
3,013,721
3,761.717
2,913,146
455,395
445.005
+ 2.3
519,487
386,848
1,601,113
+ 7.5
1,360,355
1,178,913
648,192
1,489,465
582,446
+ 11.3
477,587
484,838
1,086,078
869,786
994,415
+ 9.2
954,498
934,551
—6.9
652,302
577,611
+ 23.6
510,803
873,751
867,070
464,522
234,720
—5.3
244,630
197,084
696,591
+ 7.0
623,606
646,749
650,403
995,326
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw.
Brantford
Fort William
New Westminster
Peterborough
37.425,946
21,251,814
18,668,499
5,346,144
2,735,636
6,347,537
3,423,924
2,028,074
1,935,037
3,529,490
4,238,269
3,849,833
318,262
713,765
222,341
745,054
785,582
+ 16.8
—34.4
+ 31.8
+ 4.1
+ 9.3
—7.1
297,217
304,016
+ 17.1
587,294
1,107,808
+ 32.5
3,044,573
+37.5
—3.8
1,008.325
2,466,173
365,13S
2,758,529
278,727
909,020
350,146
784,788
+ 15.8
766,406
674,766
Kingston
718,830
533,660
+ 34.7
511,970
505,220
Chatham
606,496
456,810
+ 32.8
437,784
547,433
524,061
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Sarnia
Sudbury
1,467,567
4,186,381
345,484
670,767
Total (32 cities)
x
388,041
550,156
504,067
+ 9.1
1,126,520
941,355
+ 19.7
739,007
657,343
390,987,587
408.692,482
—4.3
350,781,060
300,910,804
101,408,308
+ 48.7
1,095,267
38,886,308
Yakima
Ore.—Portland..
23,595,488
Total (10 cities)
Vlcksburg
+21.5
45,801,244
10,469,000
.
Spokane.
Medicine Hat
3.463.462
x
+ 10.0
1,657,604
61,127,152
9,470,112
Dallas
London
-Richm ond—
4,363,001
1,227,890
143,881,023
Eleventh Fede ral
Calgary
Reserve Dist rict—Atlant
57,900,000
504,626
609,357
Montreal
47,242,726
68,245,886
8,965,200
1,338,230
..
Pa.—Pittsburgh
558,804
Toronto
x
74,402,788
Cincinnati
625,844
237,656
794,513
Feder al Reserve D istrict—Clev eland—
Ohio—Canton
+42.8
—24.9
Outside New York 2,963,540,125 2,591,445,663
377,073
643,973
364,468
Bethlehem
579,718
816,357
158,309,538
Texas—Austin...
Grand total
...
827,887
,—5.8 3,891,513,773 3.224,338,890
Reserve Diet rict—Phliad elphla-
Third Federal
2,495,399
92,171,393
2,569,175
612,681
Total (10 cities)
Total (11
Pa.—Altoona
+8.1
+ 14.0
York-
4,949,702 + 101
+23,
1,096,281
34,100,000 +23,
9,967,515
1,350,765
42,100,000
2,766,364
209,371,595
,
Second Federa 1 Reserve Di strict—New
Bingham ton...
+ 12.2
Joseph
Total (6 cities)
N. Y.—Albany.
+ 14.7
531,370
413,606
804,918
3,302,227
2,312,930
10,661,784
4,334,575
12,876,300
583,188
Springfield
+ 7.0
413,677
1,491,032
181,310.759
717,303
3,237,055
450.462
Lowell
New Bedford..
—1.8
1.828,267
3,210.446
100,387,436
Pueblo
563,532
1,752,332
195,095.159
659,123
+37.7
46,060
1,867,688
24,305,653
1,652,767
3,016,282
74,841,935
2,657,057
31,452,630
Colo.—Col. Spgs.
_%
Reserve Dist rict— Boston
Flrst Federal
102,623
95,079
2,119,96C
29,330,961
1,853,294
2,990,407
Wichita.
1935
Dec.
1936
1937
or
84,009
—4.7
2,630 318
2,097,661
3,601,809
114,442,105
Omaha
Kan.—Topeka
Inc.
City
2,506,360
30,887,058
Lincoln
Week Ended June 19
as
+ 11.4
97.742
111,745 + 110.0
108,858
Neb.—Fremont..
Hastings
Figures not available.
* Estimated.
4280
Financial
Chronicle
June 26, 1937
Condition of National Banks Mar.
31, 1937—The statement of condition of the National banks under the Comp¬
trollers' call of Mar. 31,1937, has
just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Nov. 1, 1935,
are
included.
ABSTRACT OF REPORT OF CONDITION OF NATIONAL
BANKS IN THE UNITED STATES ON DEC, 31, 1935 AND
MARCH 4, JUNE 30 AND DEC.
31, 1936, AND MAR. 31 1937
Dec. 31
Mar. 4 1936
1935
Mar. 31, 1937
June 30, 1936
(5,374 Banks)
Dec. 31,
$7,430,864,000
4,235.000
6,480,438,000
$7,759,149,000
$8,267,328,000
3.882.000
7.300.159.000
$8,469,204,000
5,368,000
1,305,541.000
3,803.037.000
85,774.000
1.374.385.000
4,035.261.000
3,520.901.000
531.694.000
4,328.831.000
7,501.000
1,385.395.000
4,094.490.000
78.717.000
633,095,000
176.506,000
3.828.463.000
518,503.000
4,634,115.000
9.099.000
1,352,019,000
4,082,065,000
101,869,000
636.352.000
175.104,000
3,918,035,000
483.510,000
3,876,071,000
7,166,000
6.083.000
388.000
154.406.000
5,779.000
273.000
134.637,000
7.014.000
368.000
121,821,000
(5,392 Banks)
'5,381 Banks)
$7,505,321,000
1936
(5,331 Banks)
(5,311 Banks)
Assets—
Loans and discounts
Overdrafts
(including rediscounts)
United States government securities, direct
obligations
Securities guaranteed by United States
government
and
3,463.000
6,554.770.000
to
as
principal
1,257.342,000
3,665.424.000
Other bonds, stocks, securities, &c
Customers* liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
89.101.000
_
Cash
In
4.193.000
7.072.979.000
6,813,206,000
interest
vault
Balances with other banks and cash items in
process of collection
Cash items not in process of collection
Acceptances of other banks and bills of
exchange or drafts sold with
endorsement
647.677.000
183.242.000
3.436,909.000
493.839.000
4.209.574,000
12,058,000
7.136.000
647,194.000
184.211.000
3,637.060,000
469.042.000
4,092.344.000
7,689,000
547,000
Other assets
Total.
4,647.000
547.000
158.298,000
Securities borrowed
140,396,000
81.395.000
641.550.000
184.123.00
$28,224,701,000 $28,293,019,000 $29,702,839,000 $31,070,441,000 $30,049,172,000
Liabilities—
Demand deposits of individuals,
partnerships and corporations
Time deposits of Individuals,
partnerships, and corporations
State, county, and municipal deposits
United States government and postal
savings deposits
Deposits of other banks.
Certified
and cashiers* checks,
checks outstanding, &c
cash letters
of credit,
travelers'
450.622,000
Total deposits
Secured by pledge of loans and/or
Not secured
and
Agreements to repurchase U. S. government and other
securities sold..
,
Rediscounts
Obligations on Industrial advances transferred to the Fed. Res.
Bank..
Acceptances of other banks and bills of exchange or drafts
sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for
account of
Securities borrowed
dividends not
Other liabilities
$2.301.000
2,233.000
769.000
41.000
7,136.000
84.627,000
13,066.000
repoting banks
Interest, taxes, and other expenses accrued and
unpaid
Dividends declared but not yet payable and
amounts
547.000
42.744,000
set
declared
365,238,000
353,644.000
469.147,000
372,261,000
$24,847,733,000 $24,859,455 000 $26,200,453,000 $27,608,397,000 $26,515,110,000
2.122.628.000
2,366,543,000
2.604.693.000
2,388,301,000
2,136,482,000
22,481,190,000 22,736,827,000 23,595,855,000 25,220,096,000 24,378,628,000
investments
by pledge of loans and/or investments
Bills payable
$10,911,717,000 $10,863,696,000 $11,665,872,000 $12,691,606,000 $12,132,545,000
6.816.676.000
6,878,346.000
7.074.544.000
7.281,494.000
7,401,394,000
1.979.040.000
1,953.679.000
2.108.486.000
2,057.872.000
2,119,798,000
772.683.000
586.905.000
829.903.000
658.230.000
378.020,000
3.916,995.000
4,211.591.000
4,168,004.000
4.450.048.000
4,111,092,000
aside
$1,585,000
4,330,000
843,000
38,000
$586,000
2,425.000
835,000
2,588,000
751,000
12,155.000
447.000
62.000
112.000
262,000
10,000
10,000
4,647,000
84,289.000
10,282.000
547.000
50,343,000
6.083.000
81.865.000
13,794.000
5,779.000
83.126.000
11,504.000
388.000
273.000
47,316.000
47,636.000
7,014.000
104.243,000
14,210,000
368,000
59,767,000
8,985,000
137,460.000
1,750.246.000
895,242,000
327,782,000
151.056.000
5,889,000
28.043.000
155.449 000
1.691,375.000
973.393.000
346.039.000
147.219.000
7,702.000
28,642.000
110.579.000
1.598.815.000
1,046.582.000
368.525.000
146.467.000
10.621,000
for
25.686,000
92.657.000
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Reserves for contingencies
1,758.450.000
887,934.000
302,395,000
151.381,000
5,001,000
Preferred stock retirement funds
Total
19,442.000
118,587.000
1.586.072.000
1,059.257.000
385,445,000
157.929.000
8,700.000
$28,224,701,000 $28,293,019,000 $29,702,839,000 $31,070,441,000 $30,049,172,000
Memorandum:
Par
value
of capital
Class
A
Class
B
stock:
preferred stock
preferred stock
$487,683,000
21.021,000
1,257,034.000
Loans and investments pledged to secure
liabilities:
U. S. government obligations, direct
and/or
Other
bonds, stocks, and securities
(excluding rediscounts)
fully guaranteed-..
Loans and discounts
...
United States government and postal
savings deposits
State, county, and municipal deposits
deposits of trust department
other deposits.
borrowings
With State authorities to
qualify for the exercise of
powers
$285,826,000
18.653,000
1.287,222.000
$1,757,110,00'
$1,698,251,000
$1,605 011.000
$1,591,701,000
$2,056,526,000
685.274,000
$1,871,796,00'
638,774,001
26,061,000
$2,352,584,000
2,129.484.000
614.369.000
31,894,000
$1,948,458,000
601.497,000
$2,536,631,000
$858,188,000
1,188.515.000
447.324.000
171,022,000
4,490,000
611.070.000
29.950.000
$315,771,000
19.310.000
Total
.
,
24,780.000
24,891,000
$2,993,604,000
$2,768,633,000
$2,574,846,000
$705,160,000
1,166,324.000
393,639,000
159.676,000
6,680,000
$888,956,000
1,247.125.000
696,785.000
152,612.000
3.347.000
$732,246,000
1,308.843.000
465.873.000
163.794.000
3,630.000
$463,089,000
1,317.797,000
534,252,000
154,933,000
87,181,000
17,281,000
87.838.000
16,941,000
76.344.000
17,903.000
76.015,000
17,252,000
$2,773,694,000
$2,536,631,000
$2,993,604,000
$2,768,633,000
$2,574,846,000
fiduciary
For other purposes
Details of demand deposits:
1,269,930.000
$481,708,00'
21,021.00'
87.393,000
16,762,000
Total
Pledged:
Against
Against
Against
Against
Against
$423,228,000
20.261,000
1,254.762.000
$2,773,694,000
Total
1,254,381,00'
$1,765,738,000
Common stock
11,508,000
^
Deposits of individuals, partnerships, and corporations
United States government
deposits J
State, county and municipal deposits
Deposits of other banks in the United States
(except private banks
and American branches of
foreign banks)
Deposits of private banks and American branches of
foreign banks
Deposits of banks in foreign countries (including balances of
foreign
branches of other American
banks, but excluding amounts
due to own foreign
branches)
Certified and cashiers checks
(including dividend checks), letters
of credit and travelers' checks sold for
cash, and amounts due
to Federal Reserve Bank (transit
account)
$10,911,717,000 $10,863,696,000 $11,665,872,000 $12,691,606,000
585,289.000
436,656.000
1.670,364,000
1,668,095,000
692.527.000
1,786,484.000
565,356,000
1,823.571,000
$2,132,545,000
291,704,000
1,917,084,000
3,507,044.000
82,163,000
3,864,604,000
51,646,000
3.772,714.000
71,619,000
4,010,248.000
110,283,000
3,647,308,000
202,413.000
167,986,000
194,184,000
198,769,000
234,232,000
450,622.000
365,238,000
353,644.000
469,147,000
372,261,000
285,584,000
654,061.000
150,249,000
322.002,000
667.621.000
6,067.704.000
50,829.000
288,390,000
137.376,000
234,301,000
608,230.000
6,360.083,000
16,218.000
296,863.000
92,874.000
202,714,000
600,688,000
6,413,936,000
41,510,000
345,260,000
86,316,000
206,000
8,163,000
121.640,000
2.942,000
121,826.000
4,107.000
123,472,000
4,027,000
3,433.000
4.202,000
4,905,000
4,815,000
4,870,000
11.97%
7.51%
12.01%
7.51%
9.34%
4.80%
7.84%
11.99'
17.92'
11.62'
14.11'
7.37'
11.85'
97 183,000
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book
Christmas savings and similar accounts
Open accounts
Postal savings
Deposits of other banks in the United States
(except private banks
and American branches of
foreign banks)
Deposits of private banks and American branches of
foreign banks.
Deposits or banks in foreign countries
(including balances of
foreign branches of other American banks, nut
excluding
amounts due to own
foreign branches)
Ratio of required reserves to net demand
plus time deposits:
Central Reserve cities
1
Other Reserve cities
All Reserve cities
Country banks
Total United States
308.676.000
644,178,000
5,905,975,000
12.081,000
254,442,000
187,394,000
9.30%
4.80%
7.80%
5,911,688,000
27,962,000
284,635,000
7.55*
9.36'
4.87'
7.87*
20.69%
13.52%
16.30%
8.55%
13.65%
■//
Financial
144
Volume
4281
Chronicle
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Department:
6?
o
CAPITAL STOCK INCREASED
COMMON
Amount
Bank in Chicago, Chicago, 111.
June 14—Central National
H
From
$100,000
of increase
$200,000 to $300,000—Amount
National Bank of Pensacola, Pensacola,
From $800,000 to $400,000—Amount of reduction..
400,000
VOLUNTARY
June
8 5 " "
ggfrfrgffSS&SB
»
13
June 15—-.The American
Fla.
r
LIQUIDATION
S
i
'-<•3
2 5°
9a' 2
foISS
S=<
•
crt-
_
ifsf
17—The Farmers & Merchants National Bank of Minneota,
Minneota, Minn
||IF|
SdBdo
CAPITAL STOCK REDUCED
COMMON
€
O.
60,000
•_
'1
May 29,
1937.
Liq. Agent, H. J. Tillemans,
Minneota, Minn.
Succeeded by Farmers & Merchants State
Bank, Minneota, Minn.
Effective,
|
8:
MONEY HOLDINGS
TREASURY
following compilation, made up from the daily Gov¬
ernment statements, shows
the money holdings of the
Treasury at the beginning of business on the first of March,
April, May, and June, 1937:
The
Holdings in U. S. Treasury Mar.
1937
Apr. 1, 1937
May 1, 1937
$
1,
June
$
1,1937
tO
tO
$
Net National bank notes.
684,962,191
449.599.028
2.830.640
1.733.851
Net Federal Reserve notes
14,998,815
Net Fed. Res. bant notes.
417.062
Net gold coin and bullion.
Net silyer coin and bullion
Net United States notes..
6,891,912
5,717,098
Net subsidiary silver
Minor coin, Ac
S
,
827,095.424 1,056.215,603 1,250,329,931
436,417.326
446,245.853
454,760.487
2,704.566
3,444.244
3,418.553
833.745
506,816
1,320,641
15,038,980
14,880,858
16.411.272
208.240
258.946
936.648
6,230.799
7,263,299
7,410.316
7,286,797
7,297,831
7,470.916
[
J
©©©tOOOtO
CO I
I
"if*"M "coootoVt
•sfl
I
CO it* © 00 CO M
OlOll
I
to © M M tO to
3
I
I
.
oil
I
► >
to l
I
Total cash In Treasury.
.Kf
S;
©I
j
I
'
I
Less gold reserve fund
OOMO
©M
.
to if* if* co oo oo
©
Q|
1,167,150,597 1,318,849,948 1,536,423,688 *1718 723.455
156,039,431
156,039,431
156,039,431
156,039,431
*<
M
m'
Cash balance In Treas..
1,011,111,166 1,162,810,517 1,380.384,257 1.562,684,024
m
oo to m to m ©
j
O CO if* I
to to -t
00 © I
tOOOi>-H|(.0
cn^'l
00 O 00 I
CO to CO I
©©Cn
©o©
317,931,000
192,119,000
216,935,565
367,462,942
131.641,764
111,304,127
it*'
to
13.862,502
35,380.962
To credit dlsb. officers.
Deposits In foreign depts.
12,315,231
32,829,146
1,581,406
1,884.406
2,933,043
if*
© it*
[
jM-'OtOO
"it*i likMbb
I—"CO
Vco
!
! PP!
e&a1
1
1
1
to
0
CO
!
!
<1OH
to
© to 1
if* © 1
00 © 1
1
Ol O
1
1
m
COCOl
© © 1
1
1
c?
©
Cn O Ol IO to Oi Oi
©
m m 1
2,761,559
I
1,723,681.620 2,010,093,677 1.879,918.847 1,915,811,500
162,264,140
178,406.033
184,365,375
'labilities.
185,089,198
I
I
I
; r: PP: r
I
and In banks
i
J* I
© I
<tOi
Cn i
OI
m©l
'
M
I
&*
I
I
I
I
I
I
I
to
I
I
© I
-
I
on
bullion and $4,197,621 minor, Ac., coin
Money."
m
©
rf* to M
ft/
I
I
I
I
I
O Ml
tOOl
CO
i
0
i
00© -JO Ml
00 O m © CO I
I
I
a
§
RATIONS
APRIL
AND
'
to!
if*
lf*tOM
mc
I
cot
© if*© © O if* M
I
CO
oo 00 cn m to 00 if*
I
30, 1937
Oil
l
-J to
to 4* Ol 00 00
and liabilities
as
s
la
agsg
CO
to CO Cn if* Cn O I
COCO©COif*©l
© O © M Cn CO I
If*
©
©
5»
5?
© M to
monthly report of the Treasury Department, showing
The
assets
GOVERNMENTAL CORPO¬
CREDIT
AGENCIES
AS
OF
ON
REPORT
H
>
|
cn
Ol M I
I
9b*
'
j
I
-
O
s
I
o 1
m
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to1
I
II
June 1 $372,061,539 silver
MONTHLY
2
OI
^
II
Includes
11
<
a
I
II
00
MM
o oo
OMi
00 1
i
KS
1.538.592,422 1,825,728,302 1,701.512,814 1,753,547,360
not included in statement "Stock of
C
/M
I
;
Treasury
■3
to
-J l
I
♦
c
o.
B as.
«
1
oil
13,228,804
31,751,502
1,962,484
3,241,348
11,758.836
36,917,475
1,783.121
2,784,457
To credit Treas. U. S_.
Cash In Philippine Islands
Deduct current
o
ja
425.754.000
Dep. In National banks—
In
D
M
OO© I
--I ,f* if* bo M © OO
1
442.391.000
Dep. In Fed. Res. bank...
cash
'
if* o m CO m m
m"©*©VT© © ©
rfa. —I I
Treasury notes and cer¬
tificates of Indebtedness
Net
©
to i
CO © I
Dep. In spec'l depositories
account Treas'y bonds.
"13 to
of April 30, 1937, of governmental
B
if*
.
©
I
corporations and credit agencies, financed wholly or in part
co l
3§§ft
3
to;
lit*
! p!
"©
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I
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if*
o
■OI
j
•s
.
Oil
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to
to I
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ft «
s.a«
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I
to If* M
by the United States, was contained in the Department's
1'Daily Statement" for May 29, 1937.
35th such to be issued by
The report is the
the Treasury; the last previous one,
o
page
appeared in
our
issue of June 5, 1937,
3778.
The
financed wholly from Government funds a
terest of the United
which compares
States
as
i
P
"to
Ml Cn
©Ml
COOOOOOl-JOOoO
nwo ooico co -loo
©
"m
m
cn
"l-1
to
"if*
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"to
ol
tf*"*J00COM,f.|f*©,f*if*
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£5
"co
"co
Ol CO l
M
©
MOO
©
"0 M I
©
-O If* ©
-J
m
m<|
m
m
m
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If* to co If* m ,f* 00
p
®
.
I
M-JCO|t*-~IO©if*if*if*
CntOOOOO©^JtOit*©
proprietary interest in agencies financed
I
■
1
'
'
Cn1
:
'
I.I
I
I
£<*
.
I
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I
001
I
I
©
I
if* I
I
I
I
I
I
compares
case
with $1,203,576,729 as of March 31, 1937.
In the
of these Government agencies, the Government's pro¬
©
I
of
inter-agency
items,
less
the
privately-owned
MO
co to
if*-aco
-t
to©
co Cn CO
"to
j
If*!
I
.
.
-j"to"lf* oo ©"mm
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©i
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-q 00 i-" to "Vt m ©
I
m*0l
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H-
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if* Cn CO
to
© -j co
©©
00 *00 "mm
©if*©Oif*©©
—CI to m to to m Ol
-o"co"if*
I
Ol m if*
CO©if*
If*©©.
mo
to to
M-qi
© Cn i
*)©m-f|
© if* 00 © 1
lOtf*m|f*l
if* 1
to
m
oo
"to
interests:
ft.
to
M»
oo'
prietary interest is the excess of assets over liabilities, ex¬
clusive
a
Ol
s s
^
00
if*
CO I
if* I
I
I
Government funds and partly from private
of April 30 was shown to be $1,216,219,569.
This
partly from
as
4.
m m <t © © 00
© Cn "m "co
"m *© "if* "to "m
ft
1^
if*1
,
■
CO1
co1
i
I.I
funds
a
of that date of $2,652,968,774,
with $2,658,506,699 March 31, 1937.
The Government's
ft"
s
B
p
P
co
of agencies
proprietary in¬
report for AprilJ30 shows in the case
9
m
CO
i—>
P
]|kH m"o
mmmm©mol
-arf*OOOOOCn-4-JO
© 00 00 00 M
if* cn o
I
for March 31, 1937,
to
mlf*
J P.00
I
,
©©w
©*M*M
rf*J
—
-.
©I
"-vt
© M<t I
©lf*00©l
to tf* M if* I
It* 1
©I
CO © to
If*©©
FOOTNOTES FOR ACCOMPANYING TABLE
a
Non-stock
(or Includes non-stock proprietary Interests).
b Excess lnter-agency assets
c
(deduct).
to
M
MMMMlt*.
OOif*©©©©"*!©©
co If* © © © Ol
© 00
Deficit (deduct)
and liabilities (except bond Investments).
e Also Includes real estate and other property held for sale,
f Adjusted for lnter-agency Items and Items in transit,
g Includes legal reserves and undivided profits totaling $4,636,104.
I Includes U. S. Housing Corporation, U. S. Railroad Administration, U. S.
d Exclusive of lnter-agency assets
Spruce Production Corporation, and notes received on account of sale of surplus war
supplies.
j Includes Disaster Loan Corp.; Electric Home and Farm Authority; Farm Credit
Administration (crop-production and other loans); Federal Housing Administration;
Federal Prisons Industries, Inc.; Indian Rehabilitation loans; Inland Waterways
Corporation; Puerto Rico Reconstruction Administration; Resettlement Adminis¬
Rural Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives, Ino.; Tennessee Valley Authority; loans
to railroads and lnter-agency interest held by the United States Treasury.
k Net after deducting estimated amount of uncollectible obligations held by the
"to
M
"rf*
© © "© "if* "it* "©
1
Includes $3,354,807 due to Federal
subscriptions to paid-in surplus.
m Shares of State building and loan associations, $27,499,800: shares of Federal
M M "it*
M
Or* &*
M if*
a
^
Ss
fel
ci
*0 "if* "o "co "© "to
co©oooioioocom©<i
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.
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rf*to|
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ab
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cn
CO
,
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CO
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m
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MM
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©00©COM©-^00CO©w*
00©©Oif*M©0
ll* mm if*Olf*©©©tO
© "Vj© ©©o©© if*M
CO
© to 00 ©© M*f*fQQ if*
§*M"if*"o o to "if* "if* CO
-J © Cn to
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If*
m
Land banks from the U. S, Treasury for
M
0Clf*tOtOlf*MCO00fJ0
©00©COM©^00C0©
© --t © © © O © © if* M
tration;
Farm Credit Administration.
©
"if*
to m m to
m
©►f*o©tocoo^ito
OOOOOOSOO if*
m
*©*M *©"©*© *©"©*©"©
MOOOOOOOOO©
O©C0©©©©O©it*
cote
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■<100 ©
tOMrf*K>©©„
soenMoo"
©"©"M 000000*0
©
*-
S5§
si
© ooo©©©o
ftJMIO 000^1000
savings and loan associations, $133,120,700.
n Less than $1,000.
o
Assets not classified.
Includes only the amount of capital stock held by the
United States,
q
In liquidation.
paid-in surplus, and other proprietary lnter-agency
nterests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
s lnter-agency
items aggregating $115,850,000 transferred to column under
caption "Other" and are classified as lnter-agency interest held by United States
Treasury.
This charge does not affect the total of lnter-agency Interest or the
amount of proprietary interest owned by United States.
r
Represents capital stock,
O
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4282
.
Financial
TREASURY
STATEMENT
SHOWING
The various agencies of the Federal
as
AS
OF
MAY 29,
Government, it is shown in
May 29, appropriated $19,800,020,924 for
461,904 appropriated
of April 30, 1937.
June 26, 1937
APPROPRIATION^ AND EXPENDITURES
RELIEF
of
Chronicle
RECOVERY AND
a
tabulation given in the Treasury's "Daily Statement"
up
and relief
recovery
FOR
1937
to the end of May, which compares with $19,766,-
The figure for May 29 does not include amounts advanced under the Kerr-
Smith Tobacco
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by
Congress in February, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
The Treasury's tabulation for May 29 follows:
FUNDS APPROPRIATED AND ALLOCATED
FOR RECOVERY AND RELIEF.
EXPENDITURES THEREFROM. AND
AS OF MAY 29,
1937
UNEXPENDED BALANCES
'
'
Sources of Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Organizations
National
Reconstruction
Industrial
Agricultural aid:
Agricultural Adjustment Administration
Fiscal Year
Finance
Recovery
Corporation
Emergency
Emergency
Appropriation
Relief '
Act
Act 1936,
Appropriation
Acts a
Approved
Approved
June 16, 1933 June 19,1934
Specific
Total
d
37,495,227
Farm Credit Administration.e
57,635,449
60,000,000
94,311,620
16,900,000
200,000,000
Relief:
Federal Emergency Relief Admin
Federal Surplus Commodities
1
187,461,008
101,517,430
£109,511,157
£17,219,868
233,912,892
390,172,291
200,000,000
235,301,537
172,271,424
£3,847,885
31,964,484
123,912,630
106,961,657
48,571,912
4,935,255
30,073,858
8,318,331 2,937,059,721
3,290,420
124,788,689
284,367
817,126.351
10,170,176
169,000,000
88,950,000
88,950,000
mortgages
8,516,788
359,703,272
545,223,847
200,000,000
125,000,000
169,000,000
on
h604,918.257
152,072,943
h332,481,750
93,101,630
399,548,290
480,590,512
935,005,625
321,069,000
84,060,431
594,969,951
32,830,087
911,040,000 3,083,627,339
Corp.../
Civil Works Administration
Emergency conservation work
317,566,732
Department of Agriculture, relief
Public Works (including Work
Relief):
Boulder Canyon project
Loans & grants to States, munic.,
Loans to railroads _e
11,339,960
Ac.el
88,960,000
44,093,000
597,079,886
3,000,000
126,351,731
321,832,877
438,041,640
254,702,875
2,239
509,536,136
93,708,085
144,943,195
15,594,476
3,330,258,527
820,990,040
1,326,707,313
84,060,431
10,000,000
255,488,217
River and harbor work
Rural Electrification Administration...
Works Progress Administration
All other
72,000,000
Aid to home owners:
784,248,607
75,111,962
472,520,622
Home-loan system:
Home-loan bank stock.
Home Owners' Loan Corporation
9,814,115
198,784,734
1,203,068,233
16,000,000
493,354,156
31,594,476
241,987,024
800,334,539
372,693,870
1,419,475
3,330,258,527 1,752,275,346 1,263,661,490
1,403,881,193
338,373,549
865,973,581
160,746,669
89,909,073
30,751,212
21,950,031
314,321,690
20.664,100
137,930,104
52,121,074
427,101,512
44,822,510
15,847,363
188,494,281
6,403,484
£117
46,250,000
150,000,000
24,307,711
£1,051,221
4,992,568
25,000,000
<13765807,363 3,765,807,363
75,000,000
29,619,621
Resettlement Administration.
Subsistence homesteads
8,224,969
125,000,000
200,000,000
50,000,000
200,000,000
Emergency housing
Federal Housing Administration
19,929,621
108,310,483
1,000,000
d51,121,074
3,389,487
142,371
5,329,246
448,971,946
50,000,000
.
3,579,320
9,266,420
53,289,599
397,507,814
125,000,000
Federal savings and loan associations
7,548,000
63,710,205 1,253,730,688
474,360
83,443,698
68,432,960
1,045,264,495
/
Public highways
Unexpended
297,495,227
f356,703,272
316,376,778
Federal Farm Mortgage Corporation..
Federal Land banks:
Reduction in Int. rates
Prior Years b
125,000,000
3,000,000
Paid-in surplus
1936 and
1937
$
c260,000,000
Commodity Credit Corporation _e
Capital stock
Fiscal Year
403,782,403
6,403,484
~~20", 004
99,342,000
200,000,000
49,930,642
31,755,610
199,534,062
4,993,900
~~49,353
61,351,983
30,468,473
139,669,386
6,142,514
5,805,238
98,937,844
19,619,285
150,000,000
24,240,593
27,681,936
261,087
Miscellaneous:
Export-Import Banks of Washington.e.
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
Reconstruction
Finance
1,250,000
45,000,000
150,000,000
k
19,315",142
Corp.—direct
loans and expenditures .e
Tennessee Valley Authority
1
50,000,000
Total
112,326
Grand total
18,985
63,356,847
63,488,159
63,488,159
2,269,915,265 m3215479400 nl311606,624 p6927011,144 6,076,008,488 19800020,923 2,585,359,702
13119386,142 4,095,275,078
a Emergency
Relief Appropriation Act, 1935,
approved April
Emergency Relief Appropriation Act, 1936, approved June 22, 1936,
J
8,
as
1935,
and
amended by
the First Deficiency Appropriation
Act, fiscal year 1937.
b The emergency expenditures Included In this statement for the
period prior to
the fiscal year 1934 Include only expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal land banks under
authority of the Act of Jan. 23,1932. Expenditures by the several departments and
establishments for public works under the Emergency Relief and Construction Act
1932
were made from general
disbursing accounts, and, therefore, are not sus¬
ceptible to segregation from the general expenditures of such departments and
establishments on the basis of the daily Treasury statements.
Act, and, under the provisions of the Emergency Relief Appropriation Act of 1936
exceed $300,000,000 of the proceeds of the sale of such
securities, in the
discretion of the President, are available for the
making of grants.
The amount
of obligations which the Reconstructiou Finance
Corporation is authorized to have
outstanding at any one time Is increased by the sums necessary for such purchases,
not to
not to exceed
$250,000,000. The purchase of such securities by the Reconstruction
Corporation is reflected as expenditures of the Reconstruction Flnanoe
Corporation and as credits against expenditures of the Federal Emergency Adminis¬
Finance
tration of Public Works.
The amount by which the available funds on account of
transactions has been increased Is, therefore, included in the funds
of the
•'Reconstruction Finance Corporation—direct loans and expenditures."
such
cThe sum of $260,000,000 Includes
appropriations under the Acts of May 12,
1933, May 25,1934, and Aug. 24, 1935.
j Includes $700,000 allocated for savings and loan
Sec. 11 of the Act of April 27,1934.
d There are no statutory limitations on the amounts of funds
which may be mad®
available by the Reconstruction Finance
k Under Sec. 3 of the Act of June
16.1934, the Reconstruction Finance
is authorized to purchase at
par, obligations of the Federal
Corporation for carrying out the purposes
of Sec. 5 of the Agricultural
Adjustment Act, and for the purchase by the Recon¬
struction Finance
Corporation of preferred stock or capital notes of banks and trust
companies under the Act of March 9,1933. The Reconstruction Finance Corporation
is required to make available to the Federal
Housing Administrator such funds as
he may deem necessary for the
purposes of carrying out the provisions of the National
Housing Act. The amounts included in this column for the purposes specified are
based upon checks Issued therefor from time to time by the Reconstruction Finance
Corporation. The authority of the Reconstruction Finance Corporation to Issue its
bonds, notes, and debentures has been increased by such amounts as may be required
provide funds for such purposes.
to
e Expenditures are stated on
and collections, details of which
a net
are
basis, I.e., gross expenditures less repayments
set forth In the supplementary statement below.
Corporation.
£ Excess of credits (deduct).
h The appropriation of $950,000,000 provided in the Act of Feb.
15, 1934, was
allocated by the President as follows:
Federal Emergency Relief Administration,
$605,000,000, of which $81,742.11 has been transferred to the Emergency Relief
Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief appropriation, and $5,218,250 transferred to the Employees' Compensation
Commission.^ 1
appropriation, and Civil
t
i Under the provisions of the Emergency Appropriation Act, fiscal year 1935,
Reconstruction Finance Corporation Is authorized to
purchase marketable
Emergency Administration of Public Works, but
the amount which the Reconstruction Finance Corporation may have invested at
any one time In such securities may not exceed $250,000,000. Moneys paid for such
the
securities acquired by the Federal
securities are available for loans under Title II of the National
Industry Recovery
DETAILS OF REVOLVING FUND3 INCLUDED
Exclusive of the $84,520,600 transfer referred to in note
$816,492.50
905,024.25
20,569,309.23
Loans to railroads
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans & expenditures
Excess of repayments and collections
(deduct).
150,020.00
b713,242.50
23,613,221.04
b Counter entry (deduct).
Corporation.
p.
n Exclusive of the
$39,124,000.00 and $47,536,186.06 transfers referred to in
note p, and $2,550,000 transferred to salaries and
expenses. Farm Credit Adminis¬
tration; and $25,358,189 carried to the surplus fund of the Treasury.
p Includes $4,000,000,000 specific appropriation under the Act of
April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, and transfers of
unexpended bal¬
ances as
follows:
From
the Reconstruction Finance
Corporation, $500,000,000; from
$3,300,000,000 for National Industrial Recovery, $84,520,600;
appropriation of $525,000,000 for relief in stricken agricultural areas
provided in the Emergency Appropriation Act of 1935, approved June
19, 1934,
$39,124,000.00; from the appropriation of $899,675,000 for emergency relief and
public works provided in the Emergency Appropriation Act of
1935, approved
June 19,1934, $47,536,186.06; from the
appropriation of $950,000,000 for emergency
the appropriation of
from
the
relief and
civil works
provided in the Act of Feb.
15,
1934, $7,381,742.11; from
unobligated moneys referred to in Sec. 4 of Act of March 31, 1933, $21,527,113.76;
and moneys transferred pursuant to Sec. 15
(f) of the Agricultural Adjustment Act,
$12,921,502.64
AND
EXPENDITURES
This Month
municipalities, &c..
Corporation
Corporation.
Fiscal Year 1937
Repayments and
Loans and grants to States,
authorized by
1 The appropriation of $500,000,000 for
subscription to capital stock Is Included
in the figures shown in the column for Reconstruction
Finance
IN GOVERNMENT RECEIPTS
Payments
as
Deposit Insurance Cor¬
poration In a face amount of not to exceed $250,000,000, and the amount of
obliga¬
which the Reconstruction Finance
Corporation is authorized to have out¬
standing at any one time Is Increased by $250,000,000. The amount to be included
In this column will represent the
proceeds deposited with the Treasurer of the
United States on account of the sale of such
obligations by the Federal Deposit
Insurance Corporation to the Reconstruction Finance
Organizations
Commodity Credit Corporation
Farm Credit Administration
promotion
tions
m
f Net, after deducting repayments to the Reconstruction Finance
a
"55,558
£341,627,725 2,031,195,725 2,076,239,362
75,000,000
2,269,915,265 3,215,367,073 1,311,587,639 6,863,654,297 6,076,008,488 19736 532,764 2,585,359,702
13119386,142 4,031,786,919
Unallocated funds.
of
"ii",559
Net
Collections
Expenditures
Payments
$9,591,315.46
1,385,284.75
a$8,774,823.96
9,154,519.86
60,040.00
11,414,789.37
89,980.00
a708,889.22
a3,810,072.58
$20,220,010.43
25,828,207.99
281,146,376.59
1,722,068.69
b4,353.28
27,423,293.62
a480,260.60
9,016,831.34
369,169,526.65
Repayments and
Collections
$129,731,168.29
43,048,076.89
79,253,572.93
4,830,137.91
10,068,053.31
710,797,251.74
Net
Expenditures
a$109511157.86
al7,219,868.90
201,892,803.66
a3,108,069.22
al,051,221.97
a341,627,725.09
4283
Chronicle
Financial
144
Volume
July 1 to May 29
1936-37
1935-36
%
9
Month of May
EXPENDITURES
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for May, 1937
and 1936, and the 11 months of the fiscal years 1936-37
GOVERNMENT RECEIPTS AND
%
Increase (+) or
Receipts—
—July 1 to May 29
%
46,532,478
34,954,509
168,851,257
158,176,954
1,971,456.761
904,783
3,671,959
68,695,930
199,479,198
2,908
1,116,365,082
1,846.775,132
1,610,412.463
Internal revenue....
Unjust enrichment tax
Taxes under Social Sec. Act..
324,483
Income tax
Taxes
tion in the
11,254
46,251,691
reduc¬
weight of the gold
2.501
67,314,202
444,641,052
354,690,080
32,032
Govt.-owned sees.
67.449
69,547
..........
24.857,657
22,241,354
23,412,395
1,714,733
46.189,741
36.542,647
Trust accounts
4,055,310
60,386.942
55,029,191
256,116,612
4,426,140,342
3,586,741,462
of governmental agencies (net)
Chargeable agst. inorem.ongold:
Melting losses, Ac
408,279,316
41,499,973
Publlo highways.a
467,868,586
1,617,921
30,189,664
12,878,491
399,399,632
21,751,850
204,622.066
194,667,839
bll,756,687
128,267,030
53,274,772
333,154
568.673
8,602,687
35,681
(Sec. 13b, Fed. Res. Act as
amended)
5,426,077
......
34,083,680
3,668,843
—
Public buildings.a
2,656,753
85.902,951
23,743.435
For retlrem't of Nat. bk. notes
5,391,725
125.991,496
65,954,984
Unemployment trust fund—In¬
916.253
10,867,771
10,753,422
vestments
5,000,000
32,560,412
60,038,862
Other
12.435.982
River and harbor work.a....
855,597
Panama Canal.a...........
Postal deficiency
.....
Railroad Retirement Act....
..........
Retirement funds (U. S.share)
Dlst. of Col. (U. S. share)
167,052
24,450.747
Investments A transfers
46,735,300
40,662,400
5,000,000
328,040,467
•
«
•
•
•
•
42,234,087
449,181,887
blOO.OOO
48,398,530
531,265,642
8,927,885
mmmmmrnrnrnmrn
250,288,320
400,543,000
4,699
344,657,189
1,251,777
6,794,930
41,546,537
10,034.273
Treasury bills
748,568
44,113,159
116,502,468
84,032,383
400,367,000
3,304,224,000
3,155,511,000
Certificates of Indebtedness (ad-
40.146.201
10,933
324,670,316
10,933
Certificates of Indebtedness (un¬
Receipts—
•
Justed service ctf. fund series)
employment trust fund
Treasury notes
288,412.358
8,837.538
Tennessee Valley Authority a
Debt charges—Retirements..
3,530,452
5.290.283
5.207,350
6,907,600
101,744,800
392,636.650
8,220.642
672.805,948
617,869,091
Civil
689.229
14,790.539
13,907,632
3,265.469
29.284,674
27,183.270
364,145
farm prod.
b759,842
6,173,734
10,080,730
series
273,471,396
346,547,323
retirement
Railroad
b8.774,824
Farm Credit Admin.......
Federal Land banks
...
bl09.511,158
149.021,166
3,613.304
bl7.219.869
b32,080,562
11,909,414
60,946,687
57,014,737
Fed.
Sur¬
11,608.753
3,113.983
252,570
495,308,397
23.450
37,981
284,368
17,267,578
63,710,205
87,806
474,361
27,674,689
2,199.100
930,774
9,814,115
11,414.789
31,926,307
201.892.804
89.980
2.654,345
b3,108,069
11,243,170
15,106,856
241.987.025
190,791.005
3,641.256
Loans to railroads
Public highways
River and harbor work....
12.637,326
89.909,074
223.895,115
1.946,449
222.593
8.224,969
1,064,549
Works Progress Admin....
All other
137,900,878
173,220,343
1,752.275.346
1,086.585,302
25,509,194
26,855,314
338,373,549
612,128,789
427,889,058
7,475,503,067
9,809,494,926
211,396.000
Total
187,979,000
3,126,685.000
3,075,553,000
Expenditures (incl. Public Debt
Retirements shown above)—
Treasury bills
137,027.021
Rural Electrlflca'n Admin.
——
Certificates of Indebtedness—-
207,000
48.000
2,388,250
3,842,050
ctf. fund series
2,300,000
2,000,000
142,100,000
262,200,000
Unemployment trust fund ser.
Treasury notes
J
1,873,750
1,428,500
Civil service retlrem't fund ser.
1,800,000
2,100,000
19,000
44,000
Adjusted
362,178,928
...
Foreign
Aid to home-owners:
serv.
service
50,000
1,822,464,600
18,400,000
986,826.000
19,100,000
235,000
229,000
169,000
55,000,000
retirement
fund series
2,978
8,514
20,684,104
36.573,399
6.952.166
1,316,998
44.822.510
24,285,913
Canal Zone retlrem't fund ser
Emergency housing
—
Federal Housing Admin—
1,974,791
1,281,238
15,84'/,363
13.397.408
Admlnlstra'n
22,835,332
26,538,184
188,494,281
120,781.679
Postal Savings System series - Federal
Deposit
Insurance
bll8
428,264
Home loan system
Resettlement
—
bl33
Subsistence homesteads
b213
b708,889
19,583,187
bl,051,222
11,560
5,113,175
b341.627,725
bl66,699,224
Treasury savings securities..—First Liberty bonds......—-
291,224,984
211.673.140
War savings securities
3,035,412,848
2.585,359,702
564,696,380
557,220,463
6,532.693,896
6.803,404,361
Victory notes
2,945,952,434
2,377,264,019
or
+222,578,731
Less public debt retirements..
5,207,350
+308,579.769 +2,377.264,019 +2,945,952,434
6,907,600
101,744,800
392,636,650
+217,371,381
+301,672,169 +2,275,519,219 +2,563,315,784
Less nat. bank note retlre't
8,927,885
6,155,190
250,286,320
180,361,688
7,011,259
308.683,428
14.132,430
2,455.880,907 -
93,653,569
2,803.602,104
385,128,315
14,545,750
99,786,600
12,900
111,100
154.550
23.200
148.000
243,900
4,258,250
18,566,800
1,273,301.150
45.800
2,350
39,100
2,200
1,785,600
1,797,560
2,000
8,900
696,702.650
36,700
74,637,260
920
1,628
4,154
16,152,137
108,035,648
414,761,877
239,950.166
216,886,338
6,041,238,573
6,873,944,434
272,178,623
Fed'l
211,002,720
1,434,264,494
2,935,550,492
»
...
1....
Additional expenditures on
Included under Recovery
these accounts for
the months and the
fiscal years
and Relief Expenditures, the classification of which
of classlfed receipts and expenditures appearing on
p. 7
of the dally Treasury statement
b Excess of credits
for the 15 th of each
+220,144,076
+ 294,550,998 +2.362,227,338 +2,418,473,786
month.
(deduct).
c
Includes administrative expenses.
d
expenditures
( + ) or receipts (—)
58,167
1,220.250
will be shown in the statement
228,299,266
—-
a
are
gold,
(—) or
Trust accts., increment on
expenditures (-f-)
27,772
Excess of expenditures
(+) or
(excluding pub¬
Ac., excess of receipts
10,865
2,751
20
7,364,240
Total
expenditures
llo debt retirements)
""15^019
1*192
"
notes and
Excess of receipts
9,515,197
678.276.700
30°
-
Reserve bank notes
(+)
expenditures
of
bank
1,500
31.772,559
1,608,688
—
Other deb t Items
Summary
receipts (—)
axcess
.......
Panama Canal bonds
National
Total
-
Postal Savings bonds
Consols of 1930
308,579,769
222,578,731
Exoess of expenditures...
(—)
.
Second Liberty bonds.
....
Third Liberty bonds.....—.
Excess of receipts
receipts
.....
Fourth Liberty bonds
Total expenditures
of
4.851,259
6,777,050
960
127
2,293,800
11,250
12,200
1,032,650
9.200
1.360
Adjusted service bonds
3,419
3,145,830
Authority—
Total recovery and relief...
Excess
376,400
27,814,668
—direct loans A expend's..
of
5,000,000
Corporation series
190
Reconstruction Finance Corp.
Excess
70,000,000
Uhlted States savings bonds....
b3,810,073
Admin, for Indus. Recovery..
Tennessee Valley
172,000
-
Treasury bonds
Miscellaneous:
Eiport-Import Bks. of Wash.
20,744,665
....
tional bank notes
123,565,577
bl24,158.093
Loans and grants to States,
Ac......
236,837,611
138,759,900
8,934,929
Public Work (lncl. work rel'f):
Canyon project—
26,350,058
Deposits for retirement of Na¬
2,766,900
644,818
490,552,667
.
454,603.781
85,290
1,630,853,350
1,226,819.800
1,221,413,000
eluding unclassified sales)..._
Adjusted service bonds........
629.377
1,150.720
Conserva'n work..
Dept. of Agricul., relief
municipalities,
1,546,939,100
Postal Savings bonds
plus Com. Corporation)..
Civil Works Administration
30.000,000
series..
...........
United States savings bonds (In♦
Relief
Emer.
(incl.
b30,907,648
b480,261
bl,683,750
Commodity Credit Corp.—
Treasury bonds
Exchanges
40,878,365
8,516,789
42,000
7,000
Postal Savings System
b9,745,262
561,000
'
Alaska
Recovery and relief:
2,463,051
335,000
500,000
•
fund series
Agricultural aid:
Agrloul. Adjust. Admin...
37,000,000
363,000
fund
retirement
series
3,497,281,048
4,218,044,659
43,700,000
....
Zone
726,804,400
225,000,000
45,000,000
Foreign service retlrem't fund
Canal
Total, general..........
—.
fund
service retirement
series
1,456,971
3,811,115
-
—
2,155.101.650
204,425,400
Exchanges...
17,226,441
38,983,510
10.432,000
244,684,000
1,182,000
36,705,000
Old-age reserve acct. series
9,484,921
—
3.135,343
26,190,365
bl,475.590
354,600,00
54,900,000
—
series)
32,251,422
Fed.
180,361,688
Public Debt Accounts
1,065,051
b6,413
Farm Credit Administration a
on
7,011,259
credits
Emergency Conserv. Work. a..
Processing tax
649,685,952
100,000,000
324,406
-
Internal revenue
673,292.114
Excess of expenditures
Soli Conservation A Domestic
Refunds—Customs
25,309,593
527,446.501
56,285,055
7,295
7,065
66,794,943
Excess of receipts or
356,525,772
48,321.959
Adjusted service ctf. fund..
Agricul. Adjust. Admin..a d.
Agrloul. Adjust. Admin. (Act
Aug. 24. 1935)
Agricultural Contraot Adjusts.
Interest
10,432,000
1,000,000
339,898,631
»
41,516,907
Veterans' pensions A benefits:
Veterans' Administration ac
Allotment Act...
244,634.000
(net)
Total
Navy
1,182,000
5,707,500
9
43.918307
29.119.364
........
385,128,315
Benefit payments
National defense: a
Army
93.653,569
Old-age reserve aocount:
4,535,222
382.510,268
» •
V
5,614,454
14,132,430
350,000
93,484
..........
..........
875.000
6,155,190
36,705.000
15,038,782
909,554
54,384,614
Social Security Act
Boulder
492,930,426
Payment to Fed. Res. banks
General—Departmental, a.
Em erg.
18,298,334
Expenditures—
Expenditures—
Admin,
742,608
167,843,337
10,448,938
Transactions In checking aco'ts
334,641,732
—
37,955.380
249,783,023
14,939,319
2,078.279
2,781,237
....
Other miscellaneous........
1,198,938
87,229,736
6,500,413
Panama Canal tolls, Ac
1,614,700
1,528,691
57,867,058
Total
315,548
66,906,444
2,159.541
All other
357,897
1.961,494
.
42,102
3,386,340
37,694,817
dollar
Seigniorage
Unemployment trust fund
»
Principal—for'n obligations
Interest—for'n obligations
Relief:
220,364,749
15,528,603
16,753,869
Trust accounts
30,267,916
!
Processing tax on farm prod'ts
Customs...
Total receipts—
203,577,323
Increment
Gold, &c
on
Receipts—
Miscellaneous receipts:
Seigniorage
31,636,443,116
Increment resulting from
employees
Proceeds of
31,636,443,US 35,212,807,988
35,212,807,988
Accounts,
Trust
carriers A their
upon
33,778,543,494 28,700,892,625
34,940,629,365 31,425,440,396
year
Public debt this date
1936-36
%
1936-37
%
$
Internal Revenue:
Mlscell.
month
Publlo debt at begin, of
—Month of May
1936
1937
+211,002,720+1,434,264,494+2,935,550,491
+272,178,623
publlo debt
the
—927,962,844 +517,076,702
—83,548,278
+52,034,547
(—) In
Increase (+) or decrease
or
9
decrease (—)l n
general fund balance
and 1935-36:
General and Special Fund*—
1936
1937
Payable from processing taxes on
processing taxes.
farm produots or advances
from the Tr3asury
to be deducted from
COMPARATIVE PUBLIC DEBT
STATEMENT
(On the basis of dally Treasury statements)
March 31,
1917
Aug. 31, 1919
Dec.
31, 1930
Pre-War
fund
it r*
f Gross debt less net balance In
Gross debt per
general fund—
capita
Computed rate of Interest per annum on Inter¬
est-bearing debt outstanding (per cent)
Lowest Post-War
Was at its Peak
Debt
$1,282,044,346.28
74,216,460.05
Gross debt—
Net balance In general
When War Debt
Debt
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
May 31, 1936,
A Year Ago
$31,636,443,115.88
2,358.422,241.59
April 30, 1937,
Last Month
May 31,
1937
$34,940,629,364.65
1.701,512,813.45
$35,212,807,987.68
1,753,547,360.03
$1,207,827,886 .23
$25,478,592,113.25
$15,719,283,767.52
$29,278,020,874.29
$33,239,116,551.20
$33,459,260,627.05
250.18
129.66
240.48
270.47
272.41
12.36
3.750
2.650
2.568
2.559
2.395
4.196
i
4284
Financial
PRELIMINARY
Chronicle
UNITED
STATEMENT OF. THE
STATES MAY 31, 1937
SILVER
Assets—
Silver
preliminary statement of the public debt of the United
States May 31, 1937, as made
up on the basis of the daily
Treasury statement, is as follows:
505,783,299.00
outstanding
Total
,
„
$758,955,800.00
1,036.702,900.00
489,080,100.00
454,135,200.00
352,993,950.00
544.870.050.00
Silver bullion (cost val.)
Collections, &c
Fed. Reserve banks-
To
To
To
„
15,1939..
15, 1939—
15,1939—
15,1940..
15, 1940-.
15, 1940—
15,1941—
15, 1941..
series, maturing
1,635,197.16
Service
retirement
1937 to 1941
$1,865,946,152.52.
CHANGES
deposit
■_
IN
NATIONAL
BANK
NOTES
therefor:
Amount Bonds
National Bant Circulation Afloat on-
Deposit to
Secure Circula¬
tion for National
Bank Notes
Legal
Bonds
Tenders
$
$
Total
May 31 1937.
Apr. 30 1937.
30,000,000.00
b600,000
b600.000
a277 484,675
a283 .639,865
Mar. 31 1937.
-
b600.000
a290 ,584.270
Feb. 28 1937.
b600.000
30 1937.
beoo.ooo
Dec.
31
beoo.ooo
a304 831,788
a313 138.265
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
beoo.ooo
a321 212.120
31 1936.
beoo.ooo
a328 059.920
328.659.920
beoo.ooo
a338 .515.395
Aug. 31 1936.
10,420,568.150.00
298,076,385
305.431.788
313.738.265
321.812.120
8ept. 30 1936.
95,000,000.00
$39,600,000.00
beoo.ooo
a347 786.855
beoo.ooo
a357 525,840
339,115.395
348.386.855
358,125,840
371.721,815
384.015,980
303,143.000.00
2.553.475.000.00
—$J4,590,777,582.66
Old debt matured—issued prior to
Apr.l, 1917
$4,715,210.26
334 % ,4% ,and 434 % First Liberty Loan bonds
1936.
June 30 1936.
—
Treasury bills (maturity value)...
Total interest-bearing debt
outstanding
Matured Debt on Which Interest Has Ceased-
31
July
263,543,000.00
1936.
Nov. 30 1936.
Oct.
maturing Jan. 1, 1938
234 % Unemployment Trust Fund series, ma¬
turing June 30, 1937
278.084,675
284,239,865
291,184,270
a297 .476.385
Jan.
Corporation
—
beoo.ooo
a37l
May 31 1936.
beoo.ooo
a383 415.980
121.815
$2,279,181 Federal Reserve bank notes outstanding June 1, 1937, secured
lawful money, against $2,307,460 on June 1, 1936.
a Includes
proceeds of called bonds redeemed by Secretary of the Treasury,
b Secured by $600,000 U. S.
2% Consols,
by
1930, deposited by the U. S. Treasurer.
of 1932-47
28,862,600.00
4% and 4)4 % Second Liberty Loan bonds of
1927-42
The
following shows the amount of National bank notes
afloat and the amount of
legal tender deposits May 1, 1937,
and June 1, 1937, and their increase or decrease
during the
month of May:
1,456,100.00
2,402.350.00
39,646.350.00
454 % Third Liberty Loan bonds of 1928
4)4 % Fourth Liberty Loan bonds of 1933-38..
354 % and 454 % Victory notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of indebtedness, at various interest rates.
Treasury bills
Treasury savings certificates.
696,200.00
19,330,200.00
National Bank Notes—Total Afloat—
6.144,850.00
Amount afloat May 1, 1937
Net decrease during May
6,171,000.00
263,325.00
$346,681,016.00
156.039,430.93
Less gold reserve
Amount of bank notes afloat June 1, 1937
Legal Tender Notes—
Amount deposited to redeem National bank notes
Federal Reserve bant notes
Old demand notes and fractional
currency
Thrift and Treasury savings stamps, unclassi¬
Amount
a
316,404,622.50
2,032,924.15
fied sales, &c
$278,084,675
May 1, 1937
$283,639,865
6,155,190
Net amount of bank notes redeemed in
May
$190,641,585.07
Deposits for retirement of National bank and
$284,239,865
6,155,190
.
109,688,185.26
Debt Bearino No Interest—
United States notes
on
deposit to redeem National bank notes June 1, 1937-- a$277,484,675
Includes proceeds for called bonds redeemed
by Secretary of the Treasury.
3,263,088.04
DIVIDENDS
512,342,219.76
Total gross debt
$35,212,807,987.68
holdings of the Government as the items stood
May 29, 1937, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury of May 29, 1937.
ASSETS
AND
we
are
LIABILITIES
we
show
grouped in two separate tables.
bring' together all the dividends
current week.
The cash
CURRENT
Dividends
first
TREASURY CASH AND CURRENT LIABILITIES
Then
the
have not yet
we
follow With
Assets—
dividends
previously announced,. but which
Further details and record of past
dividend payments in many cases are given under the com¬
in
our
4'General
Corporation and Investment
pany
Liabilities—
11,989,258,268.27
the
second table in which
a
name
News
$
In the
announced
been paid.
Department" in the week when declared:
GOLD
Gold
...1,915,811,500.05
We give below tables which show all the
monthly changes
in National bank notes and in bonds and
legal tenders on
42,000.00
June 30, 1940
2% Federal Deposit Insurance
series, maturing Dec. 1, 1939
*
3,177,000.00
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941
2% Postal Savings System series, maturing
Total
Note 2—The amount to the credit of
disbursing officers and certain agencies today
3,012,000.00
to 1941
500.853.021.61
1,753,547,360.03
1,915,811.500.05
series
4% Canal Zone retirement fund, series 1937
140,903,543.30
353.856.236.52
1,962,484.42
300,000,000.00
fund,
note 1
Working balance
U. S
on
to 1941
,
urer
225,000,000.00
4% Civil Service retirement fund, series 1937
gold (as
To credit of Treas¬
was
204,425,400.00
June 30, 1941
on
Note 1—This item represents
seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the
President's proclama¬
tion dated Aug. 9,1934.
$9,764,337,150.00
,
408,460.09
17,955,008.23
757,934,558.00
above)
above)
Seigniorage (silver) see
other
Total..
676.707.600 00
503,877.500 00
15,1941..
1,126,362.33
of
Philippine Treasury:
$21,313,591,432.66
$817,483,500.00
276,679.600 00
618.056,800 00
455,175,500 00
596,416,100 00
1,293,714.200 00
526,233.000 00
941.613,750 00
1,378,364.200.00
738,428,400 00
737,161,600.00
Balance today:
Inact. gold (as
Increment
U. S
Govt, officers
404,999,850.00
notes(5% fund
162,264,140.02
31,751,501.60
credit of Treas¬
credit
62,461,075.92
Nat.
other
depositaries:
urer
To
774,904,922.66
bank
of
4,712,355.97
13,228,804.11
of
Govt, officers
$188,358,019.25
351,849,499.50
188.311,725 00
46,385,678.91
60,300.000.00
Other deposits-——
Postmasters, clerks of
courts,
disbursing
officers, &c
Deposits for:
lawful money)-....
Uncollected
items,
ex¬
changes, &c_.
U. S
credit
7,424,510.61
Savings
System:
.5% reserve, lawful
192,119,000.00
bank
credit of Treas¬
urer
Foreign
1, 1938-.
15, 1938..
15,1938—
15.1938—
Postal
Redemption
depositaries:
19,935,905,800.00
15, 1937—
111,304,126.53
sales of Govt.secur.
1,786,504,050.00
Treasury Notes—
334 % series A-1937, maturing Sept.
234 % series A-1938, maturing Feb.
234 % series B-1938, maturing June
3%
series C-1938, maturing Mar.
234% seriesD-l938, maturing Sept.
231 % series A-1939, maturing June
134 % series B-1939, maturing Dec.
134 % series C-1939, maturing Mar.
154 % series A-1940, maturing Mar.
134 % series B-1940, maturing June
134 % series C-1940, maturing Dec.
134 % series A-1941, maturing Mar.
134 % series B-1941, maturing June
134 % series C-1941, maturing Dec.
Post Office Dept
Board
of
Trustees,
Special depos. acct. of
981,848.050.00
Total bonds
3,089.175.95
Deposits in:
Adjusted Service Bonds
Foreign
1,200,442.77
other
9,002,729.20
money
value)
and
out-
officers:
370,861,096.43
Unclassified—
Nat.
checkB
standing
Deposits of Government
506,816.50
6.230.798.60
4,197,620.78
Minor coin
2,611.112.650.00
1,214.428,950.00
1,223,496,850.00
1,626,688,150.00
Unclassified sales
4%
bank notes
Treasurer's
Silver bullion (recoinage
491,375.100 00
Series C
.
Fed. Reserve bank notes
National
1,400,534,750.00
1,518,737,650.00
1,035,874,900 00
Series B
account
64,355,787.06
2.704,566.00
15,038,980.00
208,240.00
...
Subsidiary silver coin—
755,476.000.00
834.463,200.00
^
3% Old-Age Reserve
3 ,094,290,499.81
above)
Federal Reserve notes.
818.627.500.00
-
0<w
Silver (as
United States notes
United States Savings bonds:
Series A
1,333,965,050.06
Liabilities—
Gold (as above)
$197,780,860.00
...
Total
Assets—
119,086,360.00
^
3H % bonds of 1946-56
3%% bonds of 1943-47
3%% bonds of 1940-43
3%% bonds of 1941-43
334% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
334% bonds of 1943-45
334% bonds of 1944-46
3% bonds of 1946-48
334 % bonds of 1949-52
2J4% bonds of 1955-60
234% bonds of 1945-47
234% bonds of 1948-51
234% bonds of 1951-54
234% bonds of 1956-59
234% bonds of 1949-53
1,172,572.00
64,355,787.06
GENERAL FUND
28,894,500.00
% Postal Savings bonds (13th to 49th ser.)
^
1,333,965,050.06
$49,800,000.00
Treasury bonds:
434 % bonds of 1947-52
4% bonds of 1944-54
.
,
Silver In general fund...
Bonos—
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
Liabilities—
$
Silver ctfs. outstanding.1,268,436,691.00
Treasury notes of 1890
m
$
828,181,751.06
Silver dollars
The
„
June 26, 1937
DEBT
Gold certificates:
$
The dividends announced this week
are:
Outstanding (outside
of Treasury)
2,904,645,849.00
Gold ctf.
fund—Bd.
of Govs., F. R.Sys
Redemption
Per
Fed. Res. notes-..
Gold
11,340.051.75
reserve
156,039,430.93
1,800,000,000.00
Exch. stablliza'n fund-
10,894,967,768.46
Gold In general fund:
Inactive-.-.
757,934,558.60
Balance of increment
tion
in
weight
$346,681,016
Treasury notes of 1890 outstanding.
silver dollars in the Treasury.
of
working balance.
Total
United
When
Holders
Payable of Record
140,903,543.30
195,452,397.91
-
11,989,258,268.27
States notes
Treasury notes of 1890
and
are
$1,172,572
also secured
of
by
7 He
Amerada
Corp.
—
(quarterly)
(Georgia) (quar.)
1 June 21
July
June 30 June 21
Sept. 25 Sept.
1
(quar.)
American Home Products (monthly)
American Motorists Insurance
(quar.)
American News, N. Y. Corp.
(bi-monthly)
$3
UH
50c
;
American Fork & Hoe preferred (quar.)
American Hair & Felt Co. 6% pref. (quar.)
2nd $5 preferred
July
$1 H
50c
American Cast Iron Pipe Co. 6% pref. (s.-a.)
American Dairies, Inc., 7% pref. (quar.)
Extra..
of
1.094,290.499.81
11,989,258,268.27
Note—Reserve against
Share
Aloe (A. S.) Co. 7% preferred
(quar.)
Allen-Wales Adding Machine Corp. $6 pref
Alpha Portland Cement
'
the gold dollar-...
Total
Company
Acadia Sugar Refining Co. 6% preferred
American Discount Co.
result, from reduc¬
In
Name of
6,022,942,436.78
fund—
25c
UH
SI H
SI H
20c
60c
50c
American Seating Co
25c
American
20c
Security Shares (s.-a.)
July
July
July
July
July
July
July
July
Aug.
July
July
July
1 June
31 July
1 June
19
15*
19
1 June
15
1 June 21
1 June 21
15 July
5
1 June 15
1 June 15
2 July 11*
1 June 15
16 July
6
22 July
2
June 29 June 28
Volume
4285
Financial Chronicle
144
Holders
Arrow-Hart &
Hegeman Electric
75c
(quar.)
July
July
June 19
June 19
June
June
July
July
July
July
Aug.
July
July
July
July
June 30
SIX
.2
75c
•»
75c
(quarterly)
$1
25c
Creek Winifrede Coal $2 pref. (semi-ann.) _
(initial)
25c
(initial)
Birmingham Electric Co. $6 preferred
Birdsboro Steel Foundry & Machine
t$l»
preferred
$7
June 25
50c
preferred
Biltmore Hats, Ltd., new
Ju'y
Aug.
July
June
$1X
SIX
37&
of Pennsylvania (quar.)
Co. (quar.)
preferred
19
25c
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Beaver Fire Insurance Co. (Winnipeg) (s.-a.)__
6%
19
June
10c
Preferred
Big
June
June
10c
5H% preferred (quar.)
Balaban & Katz Corp. 7% preferred (quar.)
Baldwin-Duckworth Chain Corp. (increased)—
Barnsdall Oil Co. (quar.)
Bartges Bros
Bell Telephone
June
$1
20c
S2
SI
$1
50c
Boston Edison Co. (quar.)
Bourbon Stockyards Co
(C.) & Co. (monthly)
Brooklyn-Manhattan Transit
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Brooklyn Union Gas
Brewer
(quar.)
Butler Mfg. Co., 6% pref.
Calhoun Mills (quar.)
10
15
Hecker Products Corp.
June
15
Hershey Chocolate Corp.
15
June 30
June
16
June
16
July
10
June 25
,
July 20
July
1
Apr.
Sept.
Aug.
June
June 28
July
July
July
July
July
July
June 25
68 Xc
$1
Champion Hardware Co
Citizens Wholesale Supply 7% pref.
6% preferred (quar.)
1
1
2
2
16'Aug.
June 30
June 30
June 30
2 June 19
July
July
July
July
$2
87Xc
1 June 21
1 June 21
1 June 21
June 30 June
June
15 June
25
5
July
July
June 30
20c
June
June 20
25c
(quar.)
Aug.
July
July
75c
Corp
Peabody & Co., new (initial)
25c
Cohen (Dan) Co. (quar.)
Colon Development Co. 6%
red. conv. pref
5% red. income stock, series A
Columbia Pictures Corp. com. v. t. c., stk. div
Col Iyer Insulated Wire
m
pref.(qu.)
6H% preferred (quar.)
Aug.
July
June
SIX
SIX
$1.62
June
June 25
July
Aug.
June
15
July
15
Kelley Island Lime & Transport
Kendall Refining Co
Kennedy's Inc., preferred (quar.)
Common (initial)
Knott Corp
Lafayette Fire Ins. Co. (New Orleans,
Lane Bryant, Inc., 7% pref. (quar.)
Lawrence Gas & Electric Co
Commercial Bookbinding
(quar.)
Commercial Discount (L.
Preferred B (quar.)
A.) pref. A (quar.) —
June
June 23
30c
June
June 23
35c
June
June 23
July
July
July
Aug.
July
July
July
July
1
1
1
14
75c
:—
June
June
19
Lawyers Title Ins. (Richmond,
Lee Rubber & Tire Corp
15
Lerner
50c
20c
17Hc
Commonwealth Investment Co
Consolidated Aircraft Corp. pref. (quar.)
July
July
July
July
July
July
July
20c
Aug.
10c
Consolidated Oil Corp
Extra
SIX
Aug.
July
July
July
Aug.
Aug.
Sept.
July
Aug.
Aug.
July
July
July
July
20c
June
June
t50c
2%
July
Aug.
June
17
July
20
$1
t$28
Consolidated Retail Stores 8% preferred
$2
8% preferred (quar.)
5c
Consolidated Royalty Oil Co
15c
Coon
(W. B.) Co
7% preferred (quar.)
7% preferred
Creamery Package Mfg. Co. (quar.)
Crowell Publishing Co. 7% pref. (semi-ann.) —
Crown Drug Co. preferred (quar.)..
Cudahy Packing Co. common
Cunningham Drug Stores (quar.)
.1!
6% preferred A (semi-ann.)
6% preferred B (quar.)
Davey (W. H.) Steel Co. (quar.)__
Dawes Bros. 5% preferred
Dennison Mfg. Co. debenture stock (quar.)
Des Moines Gas Co. 8% pref. (quar.)
7% preferred (quar.) —
Diamond Ginger Ale Co. (Waterbury, Conn.)..
Crane Co.,
30c
$3H
43Xc
62 He
37Hc
$3
15
1
1
30c
10c
$1H
1X%
La.)
Oct.
Medusa Portland Cement
$1
June
June 21
June
June 22
July 22
Economy Grocery Stores (quar.)
Edison Electric Ilium. Co. of Boston
25c
Electric Products Corp
50c
July
July
July
July
July
Aug.
July
Elgin National Watch
Emerson Drug Co. class A & B (quar.)_
8% preferred (quar.)
Equitable Fire Insurance (Charleston, S.C.).
Equitable Fire Ins. Co. (Charleston, S. C.)
Extra
Fairmont Creamery Co. (Del.) (quar.)
50c
Sept.
Sept.
50c
July
June 22
50c
July
July
July
July
July
July
June 22
t75c
S3X
SIX
$2
S2X
S2X
50c
25c
$1,125
4H%_preferred (quar.).
"
janers &
Fenton United Cleaners &
Financial Shares Corp.
Dyers 7 % preferred(semi-ann.)
Corp
„
Firestone Tire & Rubber
First National Corp. (Portland, Ore.) $2 class A
Fisk Rubber Corp., preferred (quar.)..
Food Machinery Corp. 4H% pref. (quar.)
Fiberloid
Foreign Light & Power,
Fresnillo Co
pref. (quar.)
preferred (quar.)—
Co—
Fyr-Fyter class A (quar.)
Class A (extra)
Gardner Electric
—
Light Co
(semi-annual)
Co. of Bergen Co. (s.-a.)
Gemmer Mfg. Co.. cum. partic. pref. A
General Fireproofing Co., common
Preferred (quar.)
General Mills, Inc. (quar.)
General Paint Corp. (resumed).
$2.67 convertible preferred (quar.)
General Telephone Allied Corp., $6 pref
Gas & Electric
June
July
75c July
50c
July
f25c July
SIX July
$1,125 July
SIX July
,
35c
75c
$2
Fuller Manufacturing
5% preferred
*
t$3H
5c
25c
15c
$4
$2H
S2X
t$3
June
July
July
July
July
July
July
SIX
75c
Aug.
25c
July
July
Aug.
66c
t$3H
July
July
July
19
10
1
10
June 28
1
June 29
June 29
June 29
June
19
June
19
June
15
June 30
June 21
July
2
June 25
20;July 10
15 June 30
June 20
50c
15c
SIX
Securities class A & B (qu.)_
Partic. pref. (partic. div.)
—
Mexican Eagle Oil Co., Ltd., ordinary shares..
Participating preference.
Payable in U. S. A. currency at the rate of
exchange on the payment date.
Mickelberry's Food Products $2.40 pref. (qu.)._
Mill Creek & Mine Hill Navigation Ry. (s -a )..
Minnesota Mining & Mfg. (initial)
Minnesota Mining & Mfg. (increased)
Mo. River-Sioux City Bridge Co., 7% pref. (qu.)
Monarch Knitting Co. 7% preferred
Montana Power Co
preferred (quar )
Montreal Light, Heat & Power Consol. (quar.)..
Montreal Telegraph Co. (pay. in 5% pref. stock)
Morrison Bond Co. (quar.)
7% preferred (quar.)
—
Mountain States Telep. & Teleg. Co
Nash (A.) Co., Inc. (irregular)
National Bearing Metal (irregular)
7% preferred (quar.)
—
,
Co
16
21
21
N0W Id69i
10
New Jersey & Hudson River
New Orleans Cold Storage &
19
1 June 21
21
1 June
25
1 June 25
1 July
15
National Pumps
«• — —~
•* •• m
15
14
15
21
14
June 26 June 21
June 26 June 21
2
1
Aug. 31
Sept.15
Aug.
July
July
16
June 24*
Aug. 16
Aug. 27
June 30 June 23
5
June 15 June
July
July
July
2 June 19
20 June 30
20 June 30
June 30 June
18
July 15 June 30
June 30
July
June 30
July
July 15
Aug.
July
6
July
July 10
Aug.
June 24
July
June 24
July
Aug.
2
Aug.
Aug.
2
Aug.
July
July
June 22
68c
July
July
July
July
July
July
Aug
July
July
June 25
60c
SIX
50c
50c
7\
X
$1H
38c
June 23
June 23
June 23
June 30
June 22
July
12
June 30
June 30
25c
June
43 Xc
$2
June
June 25
July
June 30
SIX
June
June 21
Sept.
Aug.
Aug. 17
July 16
Sept. 10
50c
SIX
40c
Oct.
12Hc
July
Aug
June
19
July
15
July
July
July
July
July
July
June 24
June
June 21
June
June 21
July
July
June 30
15c
June
June
$3
July
June 30
SIX
June
June
$2
June
June 30
$4
June
June 24
50c
50c
17Hc
2Hc
13 Xc
National Shirt Shops
Tnc
July
Aug.
Sept.
July
31 July
SIX
12Hc
37 He
Class A & B (extra)
Corp., 5H% pref. (quar.)
of Del., Inc., $6 pref.;
Naumkeag Steam Cotton Co
.
New Britain Machine Co
Preferred (quar.)
New Brunswick Telephone Co. (quar.)
New Haven Clock Co. (quar.)
l'June
11 June
l'June
2 July
lid
lid
June 21
40c
Inc. (quar.)
—
(quarterly)
(Hartford) (quar.)__•_ _
National Funding, class A and B (quar.)
National Brush Co..
June
15; June 30
15c
26c
19
15*
2 July
...
16
15 June 30
Aug
July
75c
$2
$1H
62 He
(quar.)
June
1
Aug.
July
July
July
Aug.
Sept.
Oct.
24c
National Fire Insurance
June 30
50c
20c
National Distillers Products
July
87Hc
17Hc
Merchants & Mfrs.
National Biscuit
June 30
6
25c
(irregular)
21
June
June 30 June
July
July
July
July
30c
June
June 30
1
15
15
SIX
Masror Car Corp.,
6% preferred A
July
June 17
June
$2
30c
50c
62 He
25c
Aug.
June 30
July
July
2c
Sept. 10
Sept. 10
25c
June 30
50c
20c
June 24
Crucible Co
July
July
July
July
June 30 June
25c
Oct.
June 25
June 30 June 24
June 20
July
20c
July
July
15
June 24
15
June 20
July
$1.63
S7Xc
15
June
June
Oct.
Sept. 20
1
July 15 June
July 10 June 30
II July 20
Aug.
1 July 20
~
Aug.
1 June 25
July
June 25
July
SIX
June
June
July
June
1
15 Juiy
$3
75c
June 24
July
25c
July
July
July
75c
-
Va.) (s.-a.)
10c
Dominguez Oil Fields (monthly)
Monthly
Dravo Corp., 6% preferred
Eastern Theatres, Ltd., pref. (s.-a.)
East Penn RR. 6% gtd. (semi-ann.)
Frick Co. 6%
Common
30c
10c
Dixon (Joseph)
25c
40c
SIX
Y.) (quar.)
Divco-Twin Truck Co. (quar.)
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
25c
preferred (quar.)
Mahon (B. C.) Co. (increased)
Maritime Tel. & Tel., Ltd. (increased)
7% preferred (quar.)
Massachusetts Investors Trust (quar.)
Massachusetts Lighting Cos. (quar.)
8% preferred (quar.)
6% preferred (quar.).
Massachusetts Utility Assoc., pref. (quar.)
McCall Corp., common (quar.)
McGraw-Hill Publishing (interim)
McLellan Stores, pref. (quar.)
Extra
Discount Corp. (N.
87l1Cc
Magma Copper Co
87 Xc
18
18
June 30 June 25
31Hc
June 21
18
15
25c
20c
July 24
Aug.
2
July
3
July
5
5
1 June
15 June 30
1 June 15
July 20 June 30
June 30
July
June 30
July
June 15
July
June 15
July
June 22
July
12Hc
7Hc
SIX
SIX
Lone Star Gas Corp
June 30
1 June 15
June 15
1
SIX
six
t$2
(quarterly)
juexingrou union Station Co. 170 pref. va.
Lexington Union outturn wu. 4% ihci. (s.-a.) —
Liberty Loan Corp., class A & B (quar.)
Lincoln Printing Co., pref. (quar.)
10
Dec. 30 Dec. 20
1 June 19
June 30 June
June 30 June
Stores Corp.
10
Sept. 30 Sept. 20
July
32c
July
87Hc July
6Hc July
July
$1
$1.33 H July
50c
Link Belt Co. (quar.) —
Preferred (quar.)—v
15
June 30 June 22
t$2H
SIX
SIX
6H% preferred (quar.)..
Loomis-Sayles Second Fund, Inc. (quar.)
Special
Lord & Taylor, 2d preferred (quar.)
Lux Clock Mfg. Co.
Madison Square Garden Corp
July
Aug.
Aug.
5
10c
July 10 July
June 30 June 15
*1H
20c' July
1 June 19
50c July
2 June 22
Kaynee Co., 7% preferred (quar.)
Kekaha Sugar Co. (monthly)
June 25
5c
--
v
Extra
June 24
10c
(quar.)
(quar.)
7% preferred (quar.)
1
1
9
25c
7% preferred (quar.)
Prior preferred
21
June 25
2il
Columbus Dental
Columbus & South Ohio Eiec. Co. 6%
June 30
July
July
Aug.
(quar.)
pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Monthly
Hickok Oil 7% prior preferred (quar.)...
5% preferred (quar.)
Hollinger Consolidated Gold Mines (mo.)
Holly Sugar Corp
Preferred (quar.)
Holophane Co., Inc
Home Telep. & Teleg. Co. (Ft. Wayne, Ind.)..
Honolulu Gas Co., Ltd
Honolulu Rapid Transit Co. (increased)
Honomu Sugar Co. (monthly)
Hooker Electrochemical Co. 6% pref. (qu.)
Humboldt Malt & Brewing pref. A (quar.)
Huttig Sash & Door Co. (irregular)
7% preferred
7% preferred (quarterly)
7% preferred (quarterly)
Hyde Park Breweries Assoc
:
Industrial Credit of New England (quar.)
7% preferred (quar.).
--Industrial Credit Corp. of N. England (extra)..
Insurance Co. of North America (s.-a.)
International Telegraph of Maine
Investors Mtge. & Gty. Co. (Bridgeport, Conn.)
7% preferred (quar.)
Iowa Electric Light & Power, 7% pref. A.
6X% preferred B
6% preferred O
Iowa Power & Light Co., 7% pref. (quar.)
6% preferred (quarterly)
Johnson Publishing Co. 8% preferred
Johnson Service Co. (quarterly)
Johnson, Stephens & Shinkle Shoe Co —
Joliet Heating Corp., 6% pref. (quar.)
Joslin-Schmidt Corp. 7% pref. (quar.)
7% preferred (quar.)
Julian & Koken Co. (s.-a.)
Kable Bros. Co. (quarterly).
Kalamazoo Stove & Furnace (quar.)
Conv.
June 30
Oct.
Aug.
Aug.
June 30 June 30
2 July 12
2 July 12
7
July
1 June
7
July
1 June
Aug. 12 July 24
1 June 19
July
1 June 25
July
1 June 30
July
1 June 21
July
1 June 22
July
1 June 25
July
1 June 25
Juiy
July 31 July 24
1 July 10
15c
Aug.
75c
Aug. 16 July 24
Aug. 16 July 24
$1
20c July 30 July 20
20c
Aug. 27 Aug. 17
20c
Sept. 24 Sept. 14
1 June 21
July
SIX
1 June 21
31Mc July
5c
July 15 June 30
2 July 15
25c
Aug.
2 July 15
Aug.
SIX
20c June 28 June 25
87 He June 30 June 26
45c
July 20 July 12
June 30 June 23
30c
(quar.)
July
Apr.
5H % cumul. preferred (quar.)
Century Electric Co
Commercial Banking Corp. common
June 25
1
5c
Cluett
18
June 25
1
15c
Cliffs
15
June
June 18
Dec. 31
SIX
California-Oregon Power Co. 7% pref. (quar.)..
Six
6% preferred & 6% preferred ser. of 1927(qu.)
J50c
Canadian Breweries, Ltd., preferred
lid
Canadian Eagle Oil Co., Ltd., ord. shares
23.88c
Participating preference
Payable in U. S. A. currency at rate of ex¬
change on payment date, less Canad'n tax
$2
Canadian Fire Ins. Co. (Winnipeg) (s.-a.)
Extra
June
Oct.
M
Cannon Shoe Co
June 21
July
umco
Bonus
June 21
July
1225C
%
June 21
Oct.
40c
Buffalo Ankerite Gold Mines (quar.)
June 24
Jan.
SIX
SIX
SIX
six
-
(interim)
Transit Co. (8.-a.)50c
Goodman Mfg Co. (quar.)
t$l
Gotham Silk Hosiery Co., Inc., 7% cum. pref.
7% cumulative preferred (quar.)
Gray & Dudley Co. (quar.)
SIX
7% preferred (quar.)
15c
Great Lakes Engineering Works (increased)....
31Mc
Greenwich Gas Co., $1M partic. pref. (quar.).
SIX
Gross (L. N.) Co. 7% pref. (quar.)
t37Hc
Group Corp., 6% preferred
40c
Hartford Steam Boiler Insurance & Inspection._
15c
Hatfield-Campbell Creek Coal 5% pref. (qu.)__
30c
Haverhill Gas Light (quar.)
37Hc
Haverty Furniture Cos., $1H pref. (quar.)
20c
Hawaiian Agricultural Co. (monthly)
Goderich Elevated &
1
6
July
July
July 26 July 10
3
July 20 July
July
2 June 15
SIX
(quar.)
Glen Alden Coal
15c
25c
87%
Belt RR. & Stockyards
Gimble Bros., preferred
June 26
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
Aug.
S3X
$1H conv. cumulative preferred
Baxter Laundries,
June 23
25c
(quar.)
7% pref. (s.-a.)
Atlantic City Sewerage (quar.)
Atlantic Refining Co. preferred (quar.)
Autoline Oil Co., 8% pref. (quar.)
Automobile Banking Corp. class A com. & com__
Class A common and common (extra)—
At hoi Mfg. Co.,
Avon Mills (new, initial)
Baker (J. T.) Chemical Co.
of Record
Payable of Record
Share
of Company
Holders
When
Per
Name
12
.
Ry. & Ferry (s.-a.j
Warehouse Co....
New York Telephone Co
(quar.)...
Niagara Fire Ins. Co. (N. Y.) (quar.)
June 30
June 30
June 25
June 23
June 30
15
10
4286
Financial
Per
Name of Company
When
Share
Norfolk & Western Ry. (quar.)
Preferred (quar.)
North American Finance
July
July
June
June 21
June
June
Aug. 31
July 31
June 21
June 21
June 30
June 30
June 21
July
July
June
June 22
June 24
June
June
.
...
12
12
10
June 21
June
Northwestern States Portland Cement (quar.)
Nu-Enamel Corp. (quar.)
Ohio Leather Co
8% preferred
7% preferred
Ohio Telep. Service Co., pref.
(quar.)
Ohio Wax Paper Co. (extra)
Olaa Sugar Co.
(monthly)
Old Dominion Fire Insurance Co.
(Va.) (quar.).
O'Sullivan Rubber Co., Inc
6% preferred (quarterly)
Pacific American Fisheries, Inc. (quar,)
Pacific Commercial Co., Inc
Pacific Greyhound Lines, Inc., pref. (quar.)
Package Machinery Co., 7% 1st pref. (quar.)..
Packer Advertising Corp.
(quar.)
Pan American Life Insurance Co.
(N. O.) (s.-a.)
Pantex Pressing Machine, Inc., $6 pref
Paterson & Hudson River RR.
(increased)
Parkersburg Rig & Reel $5H Pref. (quar.)
Pepeeko Sugar Co. (monthly)
Pepperell Mfg. Co. (special)
Perfection Petroleum Co.,
$1H pref. (quar.)
Philadelphia Co. (quarterly)
Philadelphia Electric Power, 8% pref. (quar.)..
Pick (Albert) Co.
(interim)
Preferred (semi-ann.)
June 30
June 15
June 22
June
June 23
June
June 23
July
July
June
June 21
July
Aug.
July
July
July
July
June
1
19,
July 20
June 21
June 22
June
15
June 21
June
July
July
June
June 21
10
June 28
July
July
July
1
Sept. 10
Aug.
1
Aug.
1
July
3
Oct.
Sept.
Aug.
July
July
June 24
June
$1H
50c
Common voting and
non-voting (s.-a.)
Aug.
Sept.
July
July
July
Aug.
Aug.
Aug.
July
Aug.
19
23
15
10
10
June 18
20
June 30 June 19
June 30 June 19
July
15 June 30
July
July
July
July
June 19
June 21
50c
$1H
Juiy
25c
June
$1H
Rome & Clinton RR
St. Croix Paper Co.
$2H
(quarterly)
St. Joseph Ry., Light, Heat & Power
Co.—
5% preferred (quar.)
St. Joseph Stockyards Co.
(quarterly)
Schuylkill Valley Nav. & RR. (semi-ann.)
Securities Holding Corp.,
6% preferred
Securty Storage Co. (quarterly)
1 June 21
15 July
6
June 15
June 19
June 28
$1H
July
July
July
July
3
8.558c
30c
June
June
18
30c
June
June
18
50c
60c
Selected American Shares
Shasta Water Co.
(increased)
Extra
Shell Union Oil Corp. common
(interim)
June 22
June
75c
July
July
July
June
June 17
tSlH
July
July
June
$3H
June
June 26
1.2%
Aug.
July
25c
Berkshire Power & Electric Co
Blechery & Print Works, 7% pref
Counties Gas Co. of Calif. 6% pref
$1H
Fire Insurance (Durham, N.
C.)
Indiana Gas & Electric Co.—
4.8% preferred (quarterly)
Southern Weaving Co
South West RR. Co. of
Georgia gtd. (s.-a.)
Southwestern Nat. Gas, $6 pref. series A
(qu.)__
Springfield Fire & Marine Insurance (quar.)
Standard Screw
Preferred (semi-ann.)__
Steel Co. of Canada
(quar.)
50c
$2H
$134
$1.12
$2
$3
43 He
10c
Sterling Brewers, Inc
Stony Brook RR. Corp. (s.-a.)
$3
Extra
Suburban Electric
Security 2d $4 pref
Superior Water, Light & Power, 7% pref.
(qu.)
Supervised Shares, Inc.
(quarterly)
Symington-Gould Corp., common
Taylor-Colquitt Co. (quarterly)
50c
-75c
15c
25c
50c
Special
25c
Telautograph Corp. (quarterly)
15c
Tennessee Corp
Texas Electric Service Co. $6
pref. (quar.)
Texas Gulf Sulphur
25c
_
II.
Co. (quarterly)
Thatcher Mfg. Co., S3.60 pref.
(quar.)
Todd-Johnson Dry Docks, Inc., A & B
pref
Travelers Insurance Co.
(quarterly)
Truax-Traer Coal Co.
(quarterly)
Twin State Gas & Electric,
7% prior lien (quar.)
Union Buffalo Mills Co.,
7% pref
Union Public Service
(Minneapolis)—
7% preferred A & B (quar.)
$6 preferred C & D (quar.)___
Union Stockyards of Omaha
United Dairies, Ltd., 6H% 1st
pref
United Drill & Tool Corp.
(s.-a.)
United Gas Public Service $6
pref. (quar.)
United States Foil, class A&B
$1H
50c
90c
37Hc
$4
20c
$1H
t$2H
$1H
51
t$l
20c
II
$1H
12Hc
$1H
Refining & Mining
$2
87 He
Preferred (quarterly)
United Stockyards Corp
12Hc
17Hc
15c
common
June
7% preferred (quarterly)
July
6
June 24
July
2
19
June 30
15
June 30 June 25
July
July
July
1
1
1
June 30
June 17
June 21
June 22
June 17
1 June 17
July
Aug.
2 July
7
July 15 June 28
July
6 June 30
July
6 June 30
July
1 June 22
July
1 June 15
July 15 June 30
July 30 July 20*
June 30 June 20
June 30 June 20
Aug.
2
July 22
July
1
Sept.15
Aug. 16
July
1
July
1
July 31
July
1
July
1
July
July
15
8
June
15
Sept.
1
July 31
June 25
June 21
July
15
June 15
June 23
July
July
1 June 20
1 June 20
June 30 June 20
July
2 June 24
June 25 June 23
July
July
July
July
July
July
July
June 28 June 21
-
Worcester Suburban Electric Co
Yale & Towne Mfg. Co
Below
wo
Oct.
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Share
Company
Abbott Laboratories, Inc. (quar.)
(quar.)
-
Casualty & Surety (quar.)
Aetna Fire Insurance (quar.)
Extra
Agnew-Surpass Shoe Stores preference
Agricultural Insurance Co. (Watertown, N, Y.)
Ainsworth Manufacturing Co
Air Reduction Co., Inc
(quar.)
—
Extra
Alabama Great Southern RR. ordinary
Preferred
Alabama Power Co.. $7 preferred (quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Albany & Susquehanna RR. Co
Albemarle Paper Mfg. 7% pref. (quar.)
Allegheny & Western Ry.(g.-a.)
Allemania Fire Insurance Co. (quar.)
-
-
-—-
25c
Extra
Alliance Insurance Co. (s.-a.)
Alliance Investment. 6% preferred
(extra)
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 A&B
Preferred (quar.)
M
American Bakeries Corp. 7% pref. (semi-ann.).
American Bank Note
Preferred (quar.).
American
Bern berg Corp., 7% preferred
7% preferred (semi-ann.)
American Beverage Corp. preferred (quar.)
American Box Board
(quarterly)
-
American Can Co., preferred (quar.)—
American Capital Corp. $3 preferred
American Cigarette & Cigar, preferred
Extra
2
II
Weinberger Drug Stores (quar.)
Extra
Western Pipe & Steel Co. of California—
7% preferred (semi-annual)
Western United Gas & Elec. Co.
6H% Pref
6% preferred (quar.)
Westvaco Chlorine Products, pref.
(quar.).
White Villa Grocers, Inc., 6%
pref.
(quar.).
—
.
Convertible A optional dividend series
—
1-32 of one share of class B stock or cash.
Class A stock opt. div. series of 1936 w w
1 -16th of one share of class B stock or cash.
American Coach & Body
15
15
30 June
7% preferred (quarterly)
American Power & Light Co., $6 pref. (quar.)..
$5 preferred (quarterly)
American Radiator & Stand. Sanitary Corp
American Republic Corp. (irregular)
Dec.
31
15
18
16
June
15
Tune
June
15
June
10*
10*
June
$1H
30c
75c
July
1 June
June 30 June
June 28 June
10
Aug.
1 July
10
July
1 June 18
July
July
July
1 June 21
1 June
15
15
June 28 June
18
Sept.
1 Aug. 26
Dec.
1 Nov. 25
June 29 June 22
July
July
July
July
Aug.
1 June
1 June
June 30 June
June 30 June
July
July
July
July
July
July
July
Juiy
June
1
1
1
1
2 Juiy
15
1
1
1
30
1
1
30
1
1
1
15
15
15
15
14*
June
June
June
19
June
June
19
June
16
15
June
June 15
June 26
10
10
15 June 15
2 July
10
15
18
18
Aug. 31 Aug.
6
July 31 July
9
July
1 June 10
July
1 June 10
July
1 June 15
June 30 June
June 30 June
July
American Stove Co. (increased)
American Sugar Refining (quar.)
June
(quar.)..
American Superpower Corp. 1st pref. (quar.)
American Surety Co
Preferred (quarterly)
10
June 15
July
July
June 12
July
Sept.
Sept.
5
Dec. 15 Dec.
6
8
July
1 June
8
July
1 June
June 30 May 28*
Aug.
7% preferred
American Thermos Bottle
Extra
19
11
June
June 26 June
June 26 June
Preferred
July 15 June 30
July
1 June 15
July
1 June 15
Aug.
2 July 10
July
1 June 15
16
June
June 30 June
—
18
1 June 15
1 June ll
2 July
8
July
7% preferred
15
15
15 June
June 30 June
June 30 June
American Smelting & Refining Co. (quar.)
15
June 30 June 21
American Rolling Mill...
3
3
15
June 21
June 21
June 19
June 16
American Safety Razor Corp. (quar.)
American Shipbuilding
Extra
15
Dec.
June
American Stores
$1H
15
31
July
American Optical Co., 7% pref.
(quar.)
American Paper Goods Co., 7% pref. (quar.)..
June 26 June 25
June 26 June 25
$1H
75c
43 He
Preferred (quar.)
19
$1.31H June 30 June 21
I H%
July
1 June 17*
—
American Midland Co. ser. A preference (qu.)_.
American Motor Insur. (Chicago) (stk. div.)
American Motorists Insur. Co. (Chic., 111.)
15
June
1 June
June 30 June
June
.
American Maize Products pref. (quar.)
American Mfg. Co. common
15
15
15 lune 30
July
68Hc
7% preferred (quar.)
American Machine & Metals.
15
10
June
July
July
July
July
25c
July
75c July
t$10H July
$3 H
July
8Hc July
25c
July
$5 preferred (quarterly)
American Hawaiian Steamship (quar.)
American Home Products Corp. (monthly)—.
American Investment of 111. 8% pref. (quar.)
July
July
July
July
Dec
—
American Hair & Felt Co., 6% 1st pref. (qu.)
June
June
June 21
Sept. 30 Sept. 15
—
American General Insurance (Texas) (quar.)
American Hard Rubber 8% pref. (quar.)
Aug.
37 He
7
Aug. 16 July 12
June 12
July
June 12
July
Aug.
July 15
June 15
July
June 26
July
June 19
July
June 30 June 19
June
(quarterly)
American Forging & Socket Co
American Gas & Electric (quar.)
Preferred (quarterly)
50c
35c
June 30
June 30
American Republics Corp.
2
2
15
June 24
Dec
American Cyanamid Co. class A&B com. (qu.).
Afnerican District Telephone of N. J., pf. (qu.).
American Dredging Co
American Envelope Co., 7% pref. A (quar.)—
7% preferred A (quarterly)
American European Securities Co., pref. (s.-a.)_
50c
40c
June 30
June 21
Sept. 30 Sept
75c
(quar.)
Light Corp.. class B stock
American States Insurance Co. (Ind.) (qu.)
American Steel Foundries
$1
June 30
June
June 28*
July
July
July
July
5
June 30 June
................—..
July
1 June 26
July 20 July 10
Aug.
2 Jmy 15
20c
(quar.)
'Ifs
Aluminum
50c
15c
Wailuku Sugar Co.
(monthly)
Warren Pipe & Foundry Co
17
5
June
June 30 June
June
-r—
...
American Express Co. (quar.)
American Felt Co., preferred
15
June
July
July
July
—
—--
Aluminum Goods Mfg. Co.—........—.....
Aluminum Industries (quar.)
Cities Power &
June 26
July
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers Mfg. Co
Aluminum Co. of Amer., pref
Amer
June 26
June 30 June 19
June 28 June 25
June 25
June 26 June 21
—
Allied Laboratories. Inc. (quar.)....
Allied Products, class A (quar.)—
Preferred
15
June 28 June
•
(extra)
19
July
July
July
July
July
July
July
July
July
Aetna Life Insurance (quarterly)
Affiliated Fund (quarterly)
01&S8 A
15
June
June 25 June
June
July
Aetna
6% preferred (quar.)
15
June
July
July
July
July
Aetna Ball Bearing Mfg. (initial)
Kid
15
June 30 June
July
2 June
...
6H% preferred (quar.)
Adams Royalty Co. (quar.)..
Aero Supply Mfg., class A
Allied
Payable of Record
June 30 June
Extra
Acme Glove Work (quar.)----
Class A
Holders
When
Per
Name of
7% preferred (quar.)
American Snuff Co. (quar.)
Preferred (quar.)
60c. preferred A
(quarterly)
Van Camp Milk Co., pref.
1 Sept. 10
June 28*
June 21
17
June 30 June
June 26 June 25
June 30 June 17
June 30 June 17
5c
l
28 June 24
June 28 June 24
.
American Brake Shoe & Foundry (interim)....
65c
Simplicity Pattern Co. (initial)
Spicer Mfg., preferred (quar.)
Wood Preserving Corp. 6% preferred
Woodward Lothrop (quarterly)
.........—..—....
July
$3
$1 H
Riverside & Dan Rivei Cotton Mills—
6% preferred (semi-annual)
Rockwood & Co. 5% pref. (quar.)
June 30
June 30
8c
(semi-ann.)
(quarterly)
Factories, Inc.,
June 19
June 30
$2
Dividend obligation (semi-ann.)
Rickel (H. W.) & Co.
Preferred
June 21
Oct.
$ik
1
June 21
June
Rhode Island Eiectric Protection Co.
(quar.)...
Rich's, Inc. (quarterly)
Richmond Fredericksburg & Potomac—
United Wall Paper
Utah-Idaho Sugar
July
June 21
July
July
July
Sept.
$ 1.31H
Preferred (quarterly)
United States Smelting,
15
June 25
July
July
July
July
5X% preferred
Southern
Southern
Southern
Southern
Southern
June
June
2nd preferred
(quarterly)
Roos Bros., Inc.
(Del.), $6H pref. (quar.)
Revere Copper & Brass, 7%
pref
n
June 23
July
July
Plume & Atwood Mfg.
(quar.)
Pollock Paper & Box Co.,
7% pref. (quar.)
Portland Gas Light Co., $6 pref.
(quar.)
Prospect Mfg. Co. (liquidating)
Prudential Investors
Puget Sounds Power & Light Co., $5 pref
Pyle-National Co
Railroad Employees Corp. A & B
(quar.).
Class A & B (extra)
8% preferred (quar.)
Reading Co., 1st pref. (quar.)
July
1 June 22
July 31 July 20
Aug.
2 July 15
June 24
June
...
Will & Baumer Candle Co., Inc., preferred.
June 24
July
Holders
Payable of Record
Wisconsin Telep. Co., 7% pref. (quar.)
Wood (Alan' Steel, 7% preferred
June 24
July
July
Pierce Governer Co
Pittsburi
When
Name of Company
June 21
July
July
Extra
June 26, 1937
Holders
Payable of Record
Sept.
Aug.
July
July
July
Aug.
Aug.
Corp. class A (quar.)
7% preferred (quar.)
Northern Central Ry. (semi-ann.)
Northern Illinois Finance Corp.
(quar.)
$1H conv. preferred (quar.)
North & Judd Mfg Co.
(quar.)
Chronicle
...
—
July
July
July
July
Aug.
Aug.
July
1
30
2
2
1
1
2
2
1
15
June
15
15
June
10
June
June
June
June
5
5
10
12
July 20
July 20
June 20
Financial
Yolum*
When
Per
Share
Name of Company
American Telephone & Telegraph (quar.)
American Thread Co. 5% pref. (semi-annual) __
American Tobacco Co.. pref.
(quar.)
American Toll Bridge Co. (quar.)
Quarterly
S2X
12 He
'O
C
2c
Per
Holders
Name
Payable of Record
July 15
July
1
July
1
Sept.15
Dec.
4287
Chronicle
June
Buffalo Insurance Co.
15
Sept.
(quar.)
Prior preferred
Bullard Co
1
American Water Works & Elec. Co., Inc.'
July
Aug.
July
June
14
Bulova Watch Co. (quar.)
July
20
$2 H
June
19
Burco. Inc., preferred (quarterly).
Burdines. Inc., $2.80 pref. (quar.)
50c
June
June
7
15c
18
18
July
July
June
June
June 23
SIX
six
June 21
June
July
July
-
Arundel Corp. (quar.)
JEDxtr&
25c
25c
Ashlaud'ofl
10c
June
19
June 21
June 21
June 21
t20c
SIX
SI
$3
75c
SIX
S2H
S2H
SIX
June
June
July
July
July
June
June 26
June
June
15
7% cumu.
preferred (quarterly)
Canada Packers, Ltd. (quar.)-
June
June
15
Canada Permanent
Aug.
July
July
July
June 25
$6 preferred (quar.)
Apponaug Co. (quar.)
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. (Del.), pref. (quar.)
Armour & Co. (111.), $6 prior preferred (quar.).
Old 7% preferred (quar.)
Arrow-Hart & Hejeman Elec. Co., 6H Pf. (qu.)
Art Metal Construction Co
& Refining Co. (quar.)
Associated Breweries of Canada
Preferred
(quar.)
Associated Real Estate Corp. common
(s.-a.)
—
Associates investment Co., common (quar.)
—
6% preferred (semi-annual).
6% preferred (quar.)
Atchison Topeka & Santa Fe preferred (s.-a.)..
Atlanta Birmingham & Coast RR. pref. (s.-a.)-Atlanta Gas Light Co., 6% pref. (quar.)
Atlantic Co. (Atlanta, Ga.) 6% pref. (quar.)
25c
SIX
SIM.
si x
SIX
Si x
51H
60c
20c
-—
53
S3
Attleboro Gas Light Corp. (quar.)
Augusta & Savannah RR
15
15
June 15
June
10
June 10
June 10
June
June
15
15
June 26
(Hartford) (quar.)..
(quar.)
Backstay Welt Co. (quar.)
Extra
-
California Water & Telep. 6%
Canada Bread, preferred
Preferred
A
(quar.)
Canada Life Assurance
-
(quar.)
preferred
June
15
1X%
—
25c
Bangor Hydro-Electric Co (quarterly)
6% preferred (quar.)
7% preferred (quar.).
Bankers Industrial Service, Inc., A (s.-a.)
f!P
15c
15c
Extra
50c
(quar.)
Y. & Trust Co. (quarterly)
S3H
Bank of the Manhattan Co. (quar.)
Barker Bros. 5H% preferred (quar.)—
37 He
-
68Xc
40c
Basiian Blessing Co
Preferred (quarterly)
V,
Bath
Iron WorkaCorp., payable in stock-Payable in stock
aBayuk Cigars, Inc., 1st preferred (quar.)
Beatrice Creamery Co. (quar.)
3%
SIX
—
25c
SIX
(quarterly)
50c
$1
25c
.
SI
SIX
Belding Corticelli (quar.)
Preferred (quar.)
Belding Heminway Co
Bellows & Co
class A (quar.)
Class A (quar.)
Bell Telephone of Canada (quar.;
Bell Telep. of Penna. 6 Mi % pref. (quar.)
25c
25c
25c
XS2
June 19
July
June 19
July
June
5
July
June 19
July
1 June 19
July
1 June 19
July
July 20 Juiy 15
July 12 June 14
l:June 21
July
May 28
July
May 28
July
July 10
Aug.
June 10
July
June 10
July
June 15
July
June 15
July
June 12
July
June 18
July
June 15*
July
June 24
July
June 15
July
Juno 15
July
July
1
July
Dec.
Dec.
15
July
June 30
July
July
July
June
June
14
14
June 15
July
July
July
June
12
June
12
June
15
July
June
15
July
Sept.
June
21
Sept.
1
Dec.
Dec.
1
July
July
June 23
25c
June
19
June
National Bank (quar.)
Bethlehem Steel Corp., 5% preferred (quar.)
Bensonhurst
J30c
nfe
Mortgage (quar.)
i$2
•■--
k
40c
R/- (send-ann.) —--------Canadian Canners, Ltd., 5% 1st pref. (quar.)-.
Convertivle preferred (resumed)-—
Canadian Cottons Ltd.
15
June 15
June
62c
Bangor & Aroostook RR. Co. common.
-—--r----
Canada Southern
19
June
20c
BancOhio Corp
-
Canada Northern Power Corp., Ltd. (quar.)—-
19
June
15
51
30c
pref. (quar.)
Preferred
June
15
19
25c
Bancamerica-Blalr Corp
Beech Creek RR. Co. (quar.)
Beech-Nut Packing Co. (quar.)
Extra
(quar.)
June
June
12Hc
Baldwin Rubber Co
Bankers Trust Co.
Preferred
July
July
June
25c
-
Canadian Celanese, Ltd
Preferred (quar.)-----
June
20c
conv.
Calhoun Mills (quarterly)California Ink (quar.)—California Packing Corp. (quar.)
19
June
25c
Special
Automobile Insurance Co.
July
July
Extra
14
14
July
July
12Mic
Automatic Voting Machine (quar.)
—
—
preferred
June
60c
Preferred
Babcoek & Wilcox Co.
(quarterly)
Calaveras Cement, 7%
Calamba Sugar Estates (quar.)
Preferred (quar.)
June
June
30c
—
Automatic instrument Co. common
Preferred
Preferred
1
June
75c
25c
Extra
Autocar Co., preferred
Bank of N.
1
June
June
—
Atlantic Fire Insurance (quar.)
Atlantic Oil Investment Corp
Cum.
June
June
21
June
4
18
June
six
(quar.)
t>\£
-
SI H
t40c
Canadian Foreign Investment (quar.)
J40c
—
8% preferred (quar.)
..
Canadian General E.ectric (quar.)-Canadian General Investors. (Quar.)
Canadian Industries, Ltd., A & B
Preferred (quarterly)
tl2Hc
S1H
(quar.)
SIX
Canadian Light & Power Co. (semi-ann.)-----Canadian Oil Cos.. Ltd. 8% preferred (quar.) —
J50c
Wallpaper A &
1B--f IS"
Canadian Westinghouse Co., Ltd. (quar.)
Canadian Wirebound Boxes, Ltd., class A------
51
Canadian
Bickford's, Inc. (quar.)
Preferred (quar.)
62 He
July
July
July
July
July
Bird Machine
12Hc
June
25c
25c
June
June
18
June
June
18
25c
June
June
50c
June
7*
June 19
37Hc
June
June
75c
July
July
July
July
June
15
July
July
15
15
June
June
Bird & Son. Inc. (quar.)
Black & Decker Mfg. (quar.)
Blaw-Knox Co
Bliss &
30c
—
-
--
Laughlin, Inc., (quarterly)
Preferred (quarterly)
Bohn Aluminum & Brass
SI
Bon Ami Co. class A (quar.)
Class B (quar.)
62 He
50c
Borg-Warner (quarterly)-17 He
Boston Acceptance Co., Inc., 7% pref. (quar.)._
Boston & Albany RR. Co
S2H
Boston Elevated Ry. (quar.)
SI X
50c
Boston Herald-Traveler Corp. (quar.)—
Boston Insurance Co. (quarterly)
$4
Boston & Providence RR. Corp. (quar.)
52.125
Boston Wharf Co. (semi-annual)
51
87 He
Brandtjen & Kluge, Inc., 7% pref. (quar.)
32 He
Brantford Cordage Co. 1st pref. (quar.)--t50c
Brazilian Traction, Light & Power Co
Preferred (quarterly)
HP
25c
Bridgeport Brass Co. (quarterly)
50c
Bridgeport Gas Light Co. (quar.)
40c
Bridgeport Hydraulic Co. (quar.).
25c
Bridgeport Machine Co., common (quar.)
Preferred (quarterly)
51 X
20c
Brillo Manufacturing Co. (quar.)
Class A (quar.)
50c
British American Oil Co., Ltd (quar.)
J25c
lOd.
British-American Tobacco Co., ord. (interim)..
British Columbia Elec. Ry.. 5% pref. (s.-^a.)
2H%
British Columbia Power Corp. A stock
t45c
British Columbia Telep. Co. 6% 1st pfd. (qu.)_.
:$ih
t$lH
6% preferred (quar.)
30c
Broad Street Investing Co
52 H
Broadway & Newport Bridge Co. (quar.)
SIX
5% preferred (quar.)
51H
Brooklyn Borough Gas Co. (quar.)
75c
6% partic. pref. (quar.)
6Xc
6% partic. preferred (extra)
$2
Brooklyn Trust Co. (semi-annual)
40c
Brooklyn Union Gas Co
Brown-Forman Distillery Co. preferred (quar.).
Bruee E. L. Co., 7% cumul. pref. (quar.)
87 He
3H% cumul. preferred (quarterly)
—
51X
Brunswick-Balke-Collender Co., pref._
25c
Buckeye Steel Casting
51X
6H% preferred (quar.)
SIX
Bucyrus-Erie Co., preferred (quar.)--45c
Bucyrus-Monighan Co. class A (quar.)
20c
Budd Wheel Co
SIX
$7 preferred (quar.)
25c
$7 preferred (participating dividend)
tlx
—
t50c
Canfield Oil Co
SIX
7% preferred (quar.)
Cannon Mills
--—-—
Capital Administration Co.,$3 pref. class A---Carey (Philip) Mfg. Co
6% preferred (quar.)
5% preferred (quar.).--------Cariboo Gold Quartz Mining Co. (quar.)Carnation Co., common.-5% preferred (quarterly)- —------Carolina Power & Light, $7 pref. (quar.)
56 preferred (quarterly)---------Carolina Telep. & Teleg. Co. (quar.)
Carriers & General Corp
Oarreras, Ltd.*, Amer. dep. rec. A & B ord
Less British income tax and depositary expense
June
June 22
June 22
15
19
$1H
SIX
2Mc
50c
June
19
June
June
July
July
July
July
June 23
June
15
11
June
16
July
July
July
July
July
July
July
July
July
July
Aug.
July
June 30
Aug.
Aug.
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
July
June
June
15
June
15
June
15
June
15
June
16
June
4
Chicago Mill & Lumber A
—
Churngold Corp
—
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati & Suburban Telep. (quar.)
Cincinnati Union Stockyards- -------- - - - - - - - Cincinnati Union Terminal Co., 5% pref. (qu.)Preferred (quarterly)--
City Auto Stamping (quar.)
City Ice & Fuel Co. (quar.)...
City InvestingCo. pref. (quar.) _ _ _ ------ - - - - - City of Paris Dry Goods Co. 7% 1st pref. (qu.)7% 1st pref. (quar.)
Claude Neon Electric Products (quar.)Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)--- —
June
30
Cleveland & Pittsburgh RR. Co. gtd. (quar.)-Guaranteed (quar.)-------
16
1
June 21
June
25
Tune 25
June 21
Special guaranteed (quar.)
Special guaranteed fquar.)
Cleveland Union Stockyards (quar.)
Climax Molybdenum.
Clinton Trust Co. (quar.)-- —
Cluett-Peabody & Co. preferred (quar.).
Coca-Cola Bottling (Del.) class A (quar.).- —
Coca-Cola Co. (quar.)Class A (semi-annual)
Coleman Lamp & Stove.
Colgate-Palmolive-Peet Co.. preferred (quar.)-Collateral Loan (Boston, Mass.) (quar.)
Colonial Ice Co., 57 cum. pref. (quar.)
Cum. preferred series B,(quarterly)
16
16
June
June
16
22
June 21
June
15
17
June
19
June
10
June
10
June
10
30
50
July 15
July 15
Aug.
5
June
June
Nov.
5
July
Aug.
July
July
July
July
July
July
June
15
June
8
July 22
June
19
June
19
June
16
June
8
8
June
June
19
10c
June
SIX
51.12
July
July
June
June
15
18
June
June
19
July
Oct.
Sept. 18
Mar. 20
30c
------------
June
15
June
15
June
15
June 24
19
June 18
June 15
June
15c
July
June
15
50c
June
June
15
SIX
SIX
Six
July
Aug.
June 25
Nov.
Nov. 10
25c
July
July
July
June 21
June
June 24
July
July
June
10
June
18
June
June 21
Sept.
Nov. 10
$5
51X
87 He
87 He
50c
Aug.
July
July
10
21
21
Dec.
May 10
Sept.
Nov. 10
50c
Dec.
Mar. 12
12 He
July
June 21
30c
75c
51X
62Hc
50c
51 H
53.90
53
-
Coca-Cola International (quar.)
Class A (semi-annual)
19
15
June
July
July
July
July
July
July
50c
19
June
15
June
June
June
nm
20
June
19
12
June
51
51.125
20
June
19
June
25c
*
June
June
June
June
4
4
-.-------
July
July
June
_,June 18
June
--
Cleveland Graphite Bronze (interim)
June
1 June 21
June
75c
Chicago Pneumatic Tool Co. 53 preferred
Chicago Ry. Equipment, 7% cum. pref....
Christiana Securities Co., 7% pref.
(quar.)^
16
June 24
19
12
1 June 12
June
51H
$1H
16
June
_June
1 June
t43Hc
SIX
Co. (quar.).---------Stockyards (qu.)
6% preferred (quar.)--
15
16
19
10
1 June 19
June
June
June 30
2 June
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
—
July
June
June 30 June
July
July
July
July
July
July
July
June
«1 3A
June
June 30
14
June 19
June 30 June 19
July
37Hc
Cleveland-Cliffs Iron preferred-Cleveland Electric Illuminating (quar.)
Preferred (quar.)--- - - - - -
June 30
18
June
50c
Chicago'Flexible"Shaft
June
June
.
June
-
Chic. & Junction Rys. & Union
June
„
Nov.
& Fibre, preferred (quar.)
Charis Corp. (quar.)Chatham Mfg. Co. 7% pref. (quar.)
6% preferred (quar.)-----------------Chemical Bank &> Trust (N. Y.) (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)..
.—--—
Ohesebrough Manufacturing Co. (quar.)
10
19
2 June 18
July
2 :June 18
July
July 15 June 30
1 May 15
July
1 May 15
July
1 May 15
July
2 June 15
July
July 15 June 30
July 31 June 30
July 15 June 30
July 15 June 26
1 June 19
July
6 June 29
July
1 June 21
July
2 June 15
July
June 30 June 21
June 30 June 21
July
July
(quar.)
Champion'paper
May 29
May 31
2 June 15
2 June 15
2 June 28
2 June 15
2 June 15
June 30 June 15
June 30 June 15
July
July
July
6% preferred
Centrifugal Pipe Corp. (quar.)
June
June
1 |June 15
2 June 30
26 June 30
15 June 30
June 26 May 27
------
-
June 26
16
1
1 June 19
2 June 15
2 June 15
June
cum.
July
July
July
July
June
1 June 21
16 July 31
16 July. 31
July
July
cum.
June
June 21
1 June 15
1 June 25
50c
75c
prior preferred (quar.)---1st partic. preferred (s.-a.)
Central Aguirre Assoc. (quar.)*Central hire Insurance Co. (Balto ) (s -an )
Central Hanover Bank & Trust Co. (quar.) - Central Illinois Light Co., 4H%
Pj'6'* (quar.)-Central Maine Power 6% preferred
56 preferred
7% preferred
—
Central Power Co., 7% cum. preferred
7%
7%
1 June 15
1 June 15
July
July
July
Aug.
Aug.
July
July
July
July
July
July
July
July
July
Aug.
July
July
50c
Carthage Mills, class A (quar.)
Class B (quar.)
Case (J. I.) preferred (quar.)
Celanese Corp. of Amer. common
15
SIX
t$3H
7% preferred (quarterly).
B-G Foods, Inc., preferred.
t$2
4
June
15c
Preferred (quar.).-- -----T
Canadian Fairbanks-Morse, pref. (quar.)
Extra
1 June 16
12 June 30
1 (June 15
July
1 June 20
July
1 June 20
July
Aug. 15 |Aug.
5
2 June 15
July
2 June 10
July
2 June 10
July
June 30 June 15
Burger Brewing 8% pref. (quar.)
Burkhart (F.) Mfg. Co. (quar.)
52.20 preferred (quar.)
Burlington Mills
Burlington Steel, Ltd. (initial)----—
Burt (F. N.) & Co. (quarterly)
July
July
July
July
July
July
July
July
July
July
July
July
July
1
15
June 30 June 15
1 June 24
July
$1H
$1H
10c
15
July
-
Amoskeag Co. preferred (semi-ann.)
Anaconda Copper Mining Co
Anchor Cap Corp. common (quar.)
SIX
19
2 July
1 June
Aug.
(quar.)
1st $6 preferred (quarterly)
American Zinc. Lead & Smelting preferred.
$6H preferred (quar.)
Angostura-Wupperman Corp. (interim)
Apex Electric Mfg. preferred (quar.)-.
Appalachian Electric Power $7 pref. (quar.)
Record
June 30 June
BuffeIo,rN?agara&EastOTD Power" 1st prefJcqu.)
1
Holders
When
Payable of
June 30 June 25
June 30 June 19
Buffalo National Corp.---
May 29
June 10
15 Dec.
Share
of Company
25c
M
SIX
51H
June
June
July
July
July
July
June
July
July
June
July
July
July
July
July
July
June
June
15
17
19
June
25
June
12
12
June
12
12
June 30
June
5
June
8
June 21
June 21
4288
Financial
Per
Name of Company
Share
Colt's Patent Fire Arms Mfg. (quar.)
Colonial Life Insurance of America
When
15
5% preferred series No. 22 (quar.)
Commercial Credit Co. (quar.)
Preferred (quar.).
Commercial Investment Trust Corp. (quar.)
$4M conv. pref. series of 1935 (quar.)
Commercial National Bank & Trust (qu.)
Commercial Solvents Corp., Com. (s.-a.)
Commonwealth & Southern, $6 preferred
June
July
July
July
Aug.
Aug.
Aug.
Columbia Gas & Elec. Corp., 6% ser. A (quar.).
5% preferred series No. 33 (quar.)
June 28
10
20
20
20
du Pont de Nemours (E. I.), deb. stock
June
10
June
July
July
July
June
10
5
June
5
June
June
1
July
June
11
Commonwealth
Telep. Co. (Wise.) 6% pf. (qu.).
Oommonwealth Utilities Corp. 7% prer. (qu.)__
July
July
June
June
15
15
6% preferred B (quar.)
6 >4% preferred O (quar.)
Concord Gas Co. 7% preferred
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
Quarterly
Connecticut Gas & Coke Securities, pref. (qu.)..
Connecticut General Life Assurance
July
Sept.
Aug.
June
15
Aug.
14
July 31
Sept. 25
Dec.
Sept.
24
Dec.
Connecticut Light & Power (quar.)
Conn. & Passumpic Riv. RR. 6% pref. (s.-a.)
Mar. 15
July
July
July
Aug.
Consolidated Aircraft Corp. $3 pref. (quar.)
Consolidated Bakeries of Canada (quar.)
Consol. Chemical Industries class A & B (quar.).
June
15
June
19
June
July
15
1
19
June
Class A and B (extra)
Edison of N. Y., $5 pref. (quar.)
Consol. Gas Elec. Lt. & Pow. (Bait.) (quar.)
Preferred (quar.)...
Consolidated
..
Consolidated Laundries, $7^4 pref. (quar.)
Consolidated Mining & Smelting Co. of CanadaExtra
Consolidated Oil Corp. (quar.)
20c
Extra
10c
Consumers Gas (Toronto, Ont.) (quar.)
$2 X
Consumers Power Co., $5 pref. (quar.)
$1>4
$4 >4 preferred (quarterly)
81.125
Continental Assurance Co. (Chicago), (quar.)..
50c
Continental Baking Corp. 8% preferred (quar.)
Continental Bank & Trust (quarterly)
Continental-Diamond Fibre
Continental Gas & Elec. 7% pref. (quar.)
Continental Gin Co., 6% pref. (quar.)
Continental Insurance Co. (semi-annual)
Continental Oil Co
Special
Continental Steel Corp. (quar.)
Preferred (quar.)
Continental Telephone Co., 7% pref. (quar.)
6H % preferred (quarterly)
Mar. 12
June
—
June
July
Aug.
Aug.
Aug.
July
July
Aug.
July
July
Aug.
Aug.
July
July.
July
June 25
July
July
15
15
June 25
(tquar.).
Duquesne Light, 5% preferred (quar.)
Eagle Picher Lead Co
Preferred (quarterly)
Early & Daniel Co., 7% preferred (quar.)
Eason Oil Co., pref. (quar.)
Eastern Gas & Fuel Assoc., 86 preferred
8434 preferred (quarterly)
Eastern Steamship Lines, pref. (quar )
Eastern Steel Products preferred (quar.)
Eastern Utilities Assoc. (quarterly)
Quarterly
Eastman Kodak Co. (quar.)
Preferred (quar.)
Easy Washing Machine Corp. A and B
Elder Mfg. Co. (quar.)
8% 1st preferred (quar.)
5% class A preferred (quar.)
15
15
15
June
15
June
15
June
15
July
July
June 21*
June
18
June
16
June
15
June
15
June
June
9
June
June
9
July
July
July
July
July
June
15
June
15
June
15
June 30
June
15
June
10
June 21
June
19
15
July
July
July
July
July
June
18
June
15
Aug.
6
June
June
15
Nov.
0
June
5
June
5
June
$234
81.60
(s.-a.).-.
(qur.)
—
—
—
19
June
19
June
17
July
July
June
6
6
19
June
9
June
9
June 23
June 19
July
July
July
July
July
July
July
July
June 30
June 30
June 30
June
18
July
July
3
3
June
June 22
July
July
Sept
June
July
—-----—
June 22
June
18*
15
Sept. 11
Oct.
Sept. 21
Jan.
Dec.
23
July
1
July
July
1
July
1
July
Sept. 10
June
18
June
18
_
—
(guar.)
Mining
19
June
June
Preferred (quar.)
Elizabethtown Consol. Gas
June
June
Electric Auto-Lite
June 24
July
July
July
July
Aug.
Aug.
July
—
Electric Bond & Share Co. 86 pref. (quar.)
85 preferred (quar.)
Electric Controller & Mfg. (quar.)
Electric Storage Battery Co., com
Guaranteed betterment
Eureka Standard Consol.
9
15
15
June 15
June
June
July
July
6% preferred B (quarterly)
El Paso Electric Co. (Texas), 86 pref. (quar.)
El Paso Natural Gas Co. (quar.)
s.
Ely & Walker Dry Goods Co., 1st pref. (s.-a.)
2d preferred (semi-ann.)
Empire Safe Deposit (N. Y.) (quar.)
Empire Trust Co. (quar.)
Emporium Capwell Corp
7% preferred (s.-a.)
434% cumul. preferred A (quarterly)
434% cumul. preferred A (quarterly)
—_
434% cumul. preferred A (quarterly)
Endicott-Johnson Corp. (quar.)
Preferred (quarterly)
Engineers Public Service 85 conv. pref
85 34
preferred
86 preferred
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
June
June
&
—
Elmira & Williamsport RR., 7% pref.
El Paso Electric Co. (Del.) 7% pref. A
July
July
Aug
5
June 15
July
Nov.
15
June 30
May 29
Aug.
15*
15*
June 30
Holders
May 29
June 15
June 16
June
37
June
June
July
July
July
Cooper-Bessemer Corp. $3 pref. stock div
l-20th sh. com. on each sh. $3 pr. pref. stock.
Corroon & Reynolds Corp. class A
Cosmos Imperial Mills. 5% preferred (quar.)
Cottrell (C. B.) & Sons 6% pref. (quar.)
Duplan Silk Corp. (semi-ann.)
Preferred (quarterly)
July
June
—
Extra
June
When
Payable of Record
July
July
July
July
Aug.
July
July
July
July
July
Draper Corp. (quar.)
July
July
July
15
June
—
Per
Share
Name of Company
Duke Power Co., common (quar.)
Preferred (quar.)
June
June
...
June 26, 1937
Holders
Payable of Record
June
—
Columbia Breweries, Inc., A (semi-ann.)
Class B
Chronicle
Dec.
June
15
June 15
June
15
Aug. 31
10 Nov. 30
Sept.
Dec.
—
IjAug. 31
l'Nov. 30
14
June 30 June
—--—
July
July
July
June 25
Evans Products (quarterly)--Ex-Cell-O Corp
June 30
Excelsior Insurance Co.
June 30 June 18
l'June 21
July
June 30 June 15
June 20
Fafnir Bearing Co.
June 30 June 21
Creameries of America (quar.)
June
June
10
Cream of Wheat
Credit Utility Banking Corp. B (quar.)
Crown Cork International Corp. class A
(qu.)
Crown Cork & Seal, Ltd. (quar.)
July
July
July
Aug.
June
19
Crucible Steel, preferred
Crum & Forster (quar.)
June
July
July
June
June
.
Preferred (quar.)
Preferred (quarterly)
June 25
10*
8334 participating preferred (quar.)
16
Extra
19
Sept. 20
June 21
July
June
May 29
Quarterly
June
15
Extra
2
June 25
June 25
June 25
June
19
l'June 15
July
July
lJune
15
15
Federal
15
D.
Aug. 20
Dec.
l'Nov. 20
1 July
1
Oct.
Dec.
Oct.
Dec.
23
1
July
Sept.
July
June
19
Aug. 20
May 15
19
Dec.
20
July
July
Juhe 21
June
June 21
July
July
Sept.
June 21
June
Dec.
Common
June
Jan.
Nov. 15
June
15
June 25
June 25
July
8
21
Aug. 14
Common stk. dir. of 4-50tbs of a sh. of Pan
Amer. Match Corp for each sh. of Dia
mond Match com. stk. held.
Payable in
three installments, the ist of 2-50ths; the
t
Preferred
(semi-ann.)
75c
75c
....
81 54
30c
50c
81 54
25c
81J4
37 +4c
Dixie-Vortex Co. (quarterly)
Class A (quarterly)
62 34c
35c
20c
common
Doctor
Pepper Co. (quarterly)
Quarterly, j
Doehler Die Casting
Dome Mines, Ltd. (quar.)
Extra
Preferred
(quar.)......
Dominion Security Corp. (quar.)
I
5% preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quar.)
Dow Drug Co. (quar.)
Preferred (quar.)
Driver-Harris, pref. (quar.)
-
—
Fidelity & Guaranty Fire Corp
Fidelity Phenix Fire Ins. Co. (semi-ann.)
Ave. Bank (quarterly)
Special
—
June 21
July
50c
Juiy
8134 Juiy
50c
July
81.0634 July
25c
July
8734c July
60c
July
50c
July
80c
July
$6 July
810 July
50c
July
81.1854 July
June 30
Sons, preferred (quar.)
Finance Co. of America (Bait.), cl. A & B (qu.)
Sept.
Aug. 14
Marl' 38 Feb 15'38
1 June 21
July
1 June 21
July
1 June 21
July
July 15 June 19
1 June 15
July
1 June 18
July
1 June 10
July
1 June 10
July
1
July 15 July
1
Sept.
20c
.
Dec.
50c
50c
•
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
82
38c
tsu*
+81 94
50c
6234c
8134
81 54
15c
8154
8154
1
1
26 July
10
20|June 30
20 June 30
2 June 15
2 June 15
June
15
June
18
June 18
2 June 15
15 June 30
16 Aug.
5
1 June 19
1 June
19
23
19
19
June
July
June
19
19
June
June
18
June
June 23
July
July
July
Sept.
July
July
July
July
July
July
June
15
June
10
June
10
10c
June
July
25c
June
June
8
20c
June
June
8134
Aug.
July
July
July
July
July
8
15
82 54
—
8154
8134
50c
-v
1
25c
15c
3734c
15c
(quar.)
25c
(quar.)
$154
$1 54
7% preferred (quar.)--
15
June
15
15
June
21
Juue
15
June
15
June
15
June
July
July
15
15
June 20
June
22
Sept. 22
June 21
75c
June
June 22
75c
June
June
25c
July
July
July
July
July
July
July
Juiy
8134
75c
(quar.)
Garlock Packing Co. common (quar.)
Gar Wood Industries
General American Investors preferred (quar.)
General American Transportation
8134
8134
•
(quar.)
Capital Corp
Less tax; for year ending March 31,
General Electric & Telep. Co. preferred
June
Oct.
Gannett Co., Inc., 86 conv. preferred
Gair (Robert) & Co. preferred
General Electric of G. B., Ltd. (annual)
Extra
Aug. 20
June 15
July
July
July
8234
82
40c
40c
10%
'
734%
June
15
Jnne
15
19
June
16
June
18
June
11
June
19
June 25
June 30
June 24
June 24
1937.
General Machine Corp. 434% pref. (quar.)
General Mills, Inc., pref. (quar.)
General Motors Corp., preferred (quar.)
General Printing Ink Corp. common (quar.)
preferred (quar.)
15
July
June
81.05
cum.
June 30
June
June
Fulton Trust Co. (N. Y.) (quar.)
Gal land Mercantile Laundry (quar.)
86
June 30
June 30
20c
-
Extra
General
15
June 22
June
81
Freeport Sulphur Co.. preferred iquar.)
Froedtert Grain & Malting (quar.)
General Baking Co., pref.
General Electric Co
1
June
June
-
Fuller Brush Co. 7% preferred
21
June
825
6234c
8154
-
(quar.)
(quar.)
Fishman (M. H.) Co., 534% preferred (s.-a.)
7% preferred (quar.)
5% preferred (initial quarterly)
new
July
June 30
June
15c
(Jersey City) (quar.)
Preferred
Fruehauf Trailer
June 30
June 21
50c
First National Bank (N. Y.) (quar.)
First National Stores
June 30
4354c
854c
82 34
7% preferred (quar.)
Class A preferred (quar.)
Finance Co. ot Pennsylvania (quar.)
First Boston Corp
Extra-
Common (quarterly)
Diamond State Telephone preferred
(quar.)
Diamond T Motor Car (quar.)
Di Giorgio Fruit Corp., 83 pref. (s.-a.)
Dominion Coal Co., 6% pref. (quar.)
Dominion Glass Co., Ltd. (quar.)
Fernie Brewing, Ltd
Foresight Foundation, Inc., class A (s.-a.)
Foster & Kleiser 6% pref. (quar.)
Fox (Peter) Brewing Co. (quar.)
Diamond
19
Sept. 20
50c
Federation Bank & Trust Co
Feltman & Curme Shoe Stores, pref. (qu.)
First National Bank
16
June
15
(Washington,
Forest Cleaners & Dyers, Inc
Formica Insulation Co
Preferred (sem-ann.)
;
Diamond Shoe Corp., 6)4% pref. (quar.)
6% preferred (semi-ann.)
Dobeckmun Co.
Corp.
6% preferred (quar.)
(Wm.)
June
June 23
July
Finance
(quar.).--
Florsheim Shoe class A (quar.)
Class B (quar.)
2d & 3d of l-50th each.
Pref. stk. dlv. of l-50th of a sh. of Pan Am.
10
Sept. 10
June
July
—
-
Federated Department Stores
Preferred (quar.)
Filene's
July
July
July
July
July
June
July
15
June
Fifth Ave. Coach Co
Detroit Steel Products
Devoe & Raynolds Co., A & B (quar.)
2nd preferred (quarterly)
Diamond Match Co
j.
of
Service
C.)
Fifth
15
10
10
July
July
——-
Extra
15
1 June 21
15
15
1 June
Oct.
(quar.)
Federal Bake Shop, Inc., 5% pref. (s.-a.)
Federal Insurance (Jersey City) (quar.)
1 June
1 June
12
12
1 June
Oct.
Faultless Rubber Co.
Fedders Mfg. Co
6 June
Sept
July
—
--------—
Quarterly
Federal Mogul Corp
June 30—
12
1 June
Sept. 30 Sept.
Dec. 17 Dec.
1 June
July
Oct.
Sept.
—
-
1 June
June 30 June
July
Extra
July
6
18
3
LJune 12
June 30 June 25
(quar.)
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp. 85 pref. (quar.)—
85 preferred (quar.)
85 preferred (quar.)
Farmers & Traders life Insurance (N. Y.)
July
July
July
July
July
July
July
July
July
July
July
Additional dividend
Detroit Hillsdale & Southwestern RR. (s.-a.)
Semi-ann
Detroit MotorbusCorp. (liquidating).
Detroit River Tunnel Co. (semi-ann.)
Corp. for each sh.
Match preferred ttock held.
Famise Corp.
June
Dairy League Cooperative Corp. 5% pref. (s.-a.)
Darby Petroleum (semi-annual)
Darling Stores Corp
82 partic. preferred (quar.)
82 partic. preferred (extra)...
Davega Stores (semi-ann.)
Davenport Hosiery Mills
7% preferred (quar.)
Davidson-Boutell 6 % pref. (quar.)
Dayton & Michigan RR. Co. 8% pref. (qu.)
De Beers Consol. Mines. Ltd (s.-a.)
Dejay Stores. Inc. (N. Y.) (quar.)
De Long Hook & Eye (quar.)
Dentists Supply Co. of N. Y. (quar.)
Quarterly
7% preferred (quarterly!
7% preferred (quarterly)
7% preferred (quarterly)
Denver Union Stockyards
5)4 % preferred (quar.)
Deposited Bank Shares, N. Y. ser. A (s.-a.)
Payable in stock.
Deposited Bank Shares, series B-l (quar.)
Derby Oil & Refining preferred
Detroit Edison Co. (quar.)
Match
—;—
July
Cuban Tobacco 5% preferred
Curtis Publishing 7 % preferred
July
July
July
July
Extra
31
June
6
3
June 30 June
July
June
—
June 30 June
June
Sept.
Crystalite Products Corp. 7% pref. (resumed)
Cuban-American Sugar preferred
(quar.)
(quar.)
Falconbridge Nickel Mines, Ltd
Falconbridge Nickel Mines (quar.)
Family Loan Society (quarterly)
8134
81.125
8134
$134
30c
$134
June 29 June
July
July
Aug.
July
July
1
1
2
1
1
18
June 20
June
July
10*
6
June
17
June
17
Volume
Financial
144 r
4289
Chronicle
Holders
Share
Company
June
June
18
June
16
Inland Investors
June
16
Insurance Co. of North
June
16
Lnsuranshares
June
(quar.)..
General Ry. Signal Corp
Preferred (quarterly)
General
Indianapolis Power & Light 6H% pref. (qu.)_.
6% preferred (quarterly)
--Indiana Gas & Chemical Corp., $0 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)
Industrial Acceptance Corp. $2 class A*—-—
5% conv. preferred (quar.)
Industrial Rayon Corp
- —
Ingersoll-Rand Co. preferred (semi-annual)
July
July
July
(quar.)—
$5H preferred (quarterly)
General Public Utilities, Inc., $5 pref.
June
18
Interallied Investment Corp. A
Intercolonial Coal (semi-ann.)
15
15
15
21
10
June 30 June
Refractories
Opt. div. pay. in cash or stk. at rate
10
1
of one sh.
for each 25 shs. held.
B (irregular)
General Shoe Corp., A &
pref. (quar.)
(quar.)——
General Time Instruments
Special
6% preferred (quar.)
General Tire &
General Water
Georgia Power
$5 preferred
Georgia RR. &
-
Rubber preferred (quar.)
Gas & Electric, pref. (quar.)
Co., $6 pref. (quar.)
(quarterly)
Banking Co. (quar.)
Preferred
(quar.)
Goebel Brewing Co. (quar.)—
(quar.)
Grant (W. T.) Co. (quar.)
Great Lakes Power Co., pref. A
June
17
June
17
June
18
International
International
International
International
June 18
-—
Greening (B) Wire Co., 7% pref. (quar.) —
Greif Bros. Cooperage Corp.. class A
—
Greyhound Corp. (quar.)
5H % preferred (quar.)
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
._
Guarantee Co. of N. Amer. (quar.)
Gulf Oil Corp
Gulf Power Co., $6 pref. (quarterly)
Hackensack Water Co.. preferred (quarterly) —
Halifax Fire Insurance Co. (M. 8.) (s.-a.)__—
Haloid Co. (quar.)
Hamilton Cotton Co., Ltd., preferred
Hamilton United Theatres, 7% pref
Hammermill Paper Co. 6% pref. (quar.)
Hanna (M. A.) Co., common
Hanover Fire Insurance Co. (quar.)
Harbauer Co. (interim)
Harbison-Walker Refractories Co., pref. (qu.) —
Harding Corp.. Ltd
Harrisburg Gas Co. 7% preferred (quar.)—^—
Harshaw Chemical, preferred (quarterly)
Hart & Cooley Co
Hartford Fire Insurance (quar.)
—
Hartford Gas Co. 8% preferred (quar.)
Haughton Elevator Co. $6 prior pref. (quar.).
Hawaiian Agricultural Co. (monthly)
Hazel-Atlas Glass Co (quarterly)
—
Heath (D. C.) & Co. preferred (quar.)
Heller (Walter E.) Co. (quar.)
10
June
10
June
15
June 30
June 21
June 21
June
June
15
June
15
HP
25c
S1H
43Hc
16
Iowa Public Service, $lst $7 pref.
June
June 30
July
July
1 June 15
1 June 21
June 30 June
2 June
50c
t$lH
$1H
25c
40c
25c
$1H
10c
*IK
nx
$3
July
1 June
June 30 June
1 June
July
19
1 June
15
July
July
July
July
15 June 30
_
June 30 June 25
1 June 21
1 June 15
July
July
50c
June 30 June
20c
$1H
$IX
10c
June 30 June
June 30 June
2c
Extra
25c
(quarterly)
50c
$1H
$1X
lc
Holly Development (quarterly)
Holmes (D. H.) Ltd. (quar.)
Home Telep. & Teleg., 7% pref. (s.-a.)
Hook Drug Inc. (quar.)
$1
SB
12Hc
12Hc
8Mc
Extra
prior partic. pref
6% non-cum. 2nd partic. pref. (quar.)
Horn & Hardart Baking (quar.)
Hoskins Manufacturing Co
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly)
Houdaille-Hershey class A (quar.)
Horn (A. C.) 7% non-cum.
45c
$ih
40c
19
19
June 30 June 19
July
1 June 10
July
1 June 10
1 June 18
June 30 June
lc
16
July
1 June 19
June 30 June 25
July
1 June 17
'June 30 June 28
July
$3H
MX
17
20 July
0
1 June 15
60c
$1H
15
June 30 May 31
July
1 June 15
50c
$5 preferred (quar.)
Holland Furnace $5 pref. (quar.)
1
July
June 30 June 15
25c
Hinde & Dauch Paper Co
16
50c
nx
(quar.)..
17
15
June 30 June 15
July
1 June 22
July
July
July
1 June
1 June
7
7
1 June 19
June 30 June
July
1 June
15
15
July
1 June 18
June 30 June 15
July
July
July
July
1
1
1
1
June
19
June 21
June 20
June 20
June 28 June
15
June 28 June
15
July
1 June 19
June 26 June
11
$2
Aug.
5 July
24
£9
Nov.
5 Oct.
25
(quar.)
July
July
1 June 19
Julv
62Hc
37Hc
.
15 June 30*
15 June 30*
July
<
---
25c
Houston Natural Gas Corp
87 He
(quar.)
1 June
June 30 June
19
18
June 30 June
18
30 June 21
75c
Howey Gold Mines, Ltd. (semi-ann.)
Hudson Bay Mining & Smelting Co
Humble Oil & Refining (quar.)
Humphreys Mfg. Co
0% preferred (quar.)
Hunter Steel,, 6% pref. (quar.)
Hussman-Ligonier (quar.)
June
75c
'
June 30 June 21
2c
J75c
1
37 He
75c
SI H
Aug.
2 June 26
June 28 May 28
1
July
1 June
June
30 June 15
June 30 June
15
25c
1 June 19
Aug.
1 June 20
July 15 June 20
68^c
June 30 June 21
30c
25c
Extra
5H % preferred (quar.)
Hutchinson Sugar Plantation Co. (monthly)..—
Hygrade Sylvania Corp., common
Ideal 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
Illuminating Shares Co., class A (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Imperial Tobacco Co. of Canada ord. (interim).
Independent Pneumatic Tool (quar.)
Indianapolis Water Co., 5% ser. A pref. (qu.) —
.
10c
75c
12Hc
50c
$2
S2
tS3
50c
$3X
S3H
$3H
tlOc
62Hc
S1H
July
Juiy
July
July
July
July
5
1
1
1
1
June
15
June
10
June
15
June
15
June
15
June 30 June
19
July
July
July
July
June
11
Oct.
Sept. 30
Jan.
Dec. 31
June
15
June
18
June 30
June 30 June
July
iJuly
11
$1M
50c
$3
20c
$1
1 June
1 June
1 June
1 Sept. 15
Oct.
June 30 June 14
June 30 June 21
2 June 21
1 June 25
July
July
July
7
1 June
June 30 June 19
July 15 June 30
June 26 June
35c
July
$3
$4
July
July
July
July
July
37 He
37 He
1st $6H preferred (quarterly)
1st |6 preferred (quarterly)
Iowa Southern Utilities Co. 7%
(quar.)
2 June 22
1 June 17
15 June 30
15 June 30
Oct.
30c
July
9 Sept. 22
10 June 22
1 June 15
t50c
July
15 July
July
40c
62 He
June 30 June
July 15 June
$1 X
July 15 July
June 30 June
150c
t$lX
t$lH
t$6
37 He
50c
$2
28c
$2
$3
60c
t25c
lHc
118
$1
preferred.
6H % preferred
6% preferred
...
Iron Fireman Mfg. Co. (quar.).
Quarterly
Irving Air Chute (quar.)
Irving Trust Co. (N. Y.) (quar.)
Island Creek Coal Co.. com. (quar.)..
Preferred (quar.)
Jamaica Public Service (quar.)
Preferred B (quar.)_
7% preferred A (quar.)
Jeannette Glass Co., pref. (quar.)
Jefferson Electric Co. (quar.)
...
Jenkins Bros, non-voting stock
16
15 July 10
2 June 22
$1H
«1H
50c
UX
IlH
30c
30c
25c
15c
50c
$1H
43 Xc
1
18
19
-3
1
2 July
3
Aug.
2 June 15
July
July 15 June 30
1 June 15*
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 18
July
July 15 June 30
July
15 June 30
June 30 June
June 30 June
15
1 June
19
1 June
1 June
19
1 June
1 June
11
1 June
11
July
July
July
July
July
July
Sept,
Dec.
July
July
July
July
July
July
15
19
11
1 Aug. 10
1 Nov. 10
1 June
1 June
15
15
1 June 24
1 June 24
UX
50c
25c
Founders ahares.
2 June
2 June
16
July
July
2 June
16
July
July
July
July
July
July
July
July
'tig
7% preferred (quar.)__
Jersey Central Power & Light 7% pref. (quar.)
6% preferred (quar.)
5H% preferred (quar.)
Johns-Manville Corp., 7% preferred (quar.)..
Joliet & Chicago RR. Co
Jones Laughlin Steel, 7% preferred
Kalamazoo Vegetable Parchment Co
Kahn's (E.) Sons Co. (quar.)
7% preferred (quarterly)
Kansas City Power & Light Co., 1st pref. B
Kansas Elec. Pow. Co., 7% cum. pref. (quar.) —
6% cum. junior preferred (quar.)
Kansas Gas & Elec. Co. 7% preferred
$6 preferred (quar.)
Kansas Power Co. (Chiacgo, 111.) $7 pref. (qu.).
$6 preferred (quar.)
Kansas Utilities Co. 7% pref. (quar.)
Katz Drug Co., 4H% preferred (initial)
Kaufmann Dept. Stores (quar.)
Preferred (quar )
Keith-Albee-Orpheum 7% pref
—
Kellog Switchboard & Supply Co
5% preferred (quar.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Kentucky Utilities, 6% pref. (quar.)
Kennecott Copper
Special
Kerlyn Oil Co., class A common (quar.)
Class B common (quar.)
Kimberly-Clark (quar.)
Preferred (quarterly)
Preferred (quarterly)
Kings Co. Lighting Co., 7% ser. B. pref. (quar.)
6% series C preferred (quar.)..
5% series D preferred (quar.)__
Kirsch Co., A & B new (initial)-..-Preferred new (initial).
Klein (D. Emil) (quar.)
Knapp Monarch, preferred (quar.)
Koppers Co., 6% preferred (quar.)—
Kresge Department Stores 4% pref. (quar.) — Kroehler Mfe- Co., A pref. (quar.).
•—
A, preferred (quarterly)
A, preferred (quarterly)
Kroger Grocery & Baking, 6% preferred (quar.)
7% preferred (quar.)
Lackawanna RR. Co. (N. J.)
Laclede-Christy Clay Products Co
8 June 24
8 June 24
16
1 June 25
June 30 June 15
8 June 24
July
1 June
1 June
10
10
1 June 10
1 June 17
5 June 24
15 June 30
June 30 June 19
1 June 21
July
July
July
July
July
July
July
July
1 June 21
1 June 14
1 June
15
1 June
1 June
1 June
14
15
14
1 June
1 June
19
June 30 June
1 June
July
10
19
July
1 June 21
July
1 June 15
July
July 28 July 10
July
July
31 July
15
12
311 July 12
Sept.
Dec.
July
June 25
June
4
June
June
4
July
July
July
July
July
July
July
July
June
June
June
10
June 10
June
2
June
2
June
2
15
June 15
June 15
June
June
18
June
June
18
July
June 21
July
July
July
July
June 22
Oct.
Sept. 24
June
July
12
1
June 24
Dec.
Dec.
July
Aug.
July
July
June
18
July
20
June
June 22
Lambert Co., common (quar)
July
June
17
Landers Frary & Clark (quarterly)
Landis Machine (quarterly)
June
June
19
Aug.
Aug
Nov.
Nov
Sept.
Sept
Laclede
Steel
Co
Quarterly
% preferred
7%
(quarterly)
June
24
4
June 21
6
5
Dec.
preferred (quarterly)
Lane Co., Inc. (quar.)
Lanston Monotype Machine Co
$1
3c
Lava Cap Gold Mining Corp
60c
Lawyers Trust Co. (quar.)
62Hc
Leath & Co., $2H pref. (quar.)
37Hc
Lehigh Portland Cement Co., com. (quar.)
$1
Deferred (quarterly)
50c
Leslie Salt Co. (quarterly)
25c
Le Tourneau, Inc. (quar.)
25c
Quarterly
%\%
Lexington Telep. Co., 6H% pref. (quar.)
t
60c
Lexington Utilities, pref
Preferred (quar.)
Libby, McNeil & Libby preferred (semi-ann.)._
75c
Life Insurance Co. of Va. (quar.)
$1X
Liggett & Myers Tobacco Co., preferred (quar.)
Dec
July
Aug.
June
June
June
July
July
Aug.
July
June 21
Sept.
Sert.
19
Aug. 21
Jtne
10
15
July
4
July
4
Aug. 31
Aug. 15
Dec.
Nov. 15
July
Aug.
Aug.
July
July
July
June 30
June
31
31
18
July
June 22
10
Lima Cord Sole & Heel Co
25c
Lincoln National Life Insurance Co. (qu.)
30c
July
July
Aug.
June
July
July
1
27
30c
Nov.
Oct.
26
July
June
15
1 June 21
1 June 11*
37 He
50c
(quar.)
14
25c
UX
.-
(quarterly)
6% preferred
6% preferred (quar.)
June
Hershey Creamery (semi-ann.)
7% preferred (semi-ann.)
Heyden Chemical Corp. 7% preferred
Hili Diesel Engine (quarterly)
-
Investment Foundation, Ltd.,
June
Hercules Motor Corp. (quar.)
Preferred
Intertype Corp., 1st preferred (quarterly)
2d preferred (semi-ann.)
Investment Co. of America (quar.)
Investors Royalty Co., Inc.
Preferred (quarterly)
19
_
43**c
7% preferred (quar.)
Helme (Geo. W.) Co., common
Howe Sound Co. (quar.)
Extra
2l
June
1 June 19
July
2 June 19
July
2 June 15
July
June 15
July
July 15
Aug.
July 15
Aug.
June 15
$1X July
June 19*
t80c July
June 21
20c
July
June 21
13Hc July
$50 June 30 June 10
4
July
1 June
3%
July 15 June 30
10c
Extra
Household Finance Corp.
Preferred (quar.)
10
June
June
June
(quarterly)
Machine
Co., $3H cum. pfd.)
Elevating Co
Harvester (quar.)
Milling, pref. (quar.)
Nickel Co. of Canada—
Preferred (quarterly)
—
International Power Co. 7% preferred
International Products Corp. 6% preferred
International Salt Co. (quar.)
International Shoe (quar.)
International Silver 7% preferred
Inter-State Royalty Corp., Ltd., cl. A (quar.)__
Internat. Educational Pub.
July
July
July
July
(quar.)
.
International Button Hole Sewing
June
(quarterly)
B-_.
Quarterly
July
July
Green (H. L.) Co. (quarterly)
Preferred (quarterly)
Class
6% preferred (quar.)
International Business Machine Corp
17
_
6% preferred (quar.)
Great Western Life Assurance (Winnipeg)
Chemical
1
International Bronze Powder (quar.)
15
$1H
50c
Steamship
June
ji8
37 He
37 He
15c
5
5
15
1
1
1 June
1
1 June
1 June 15
1 June
July
July
July
July
July
July
July
10c
(s.-a.).
8% preferred (semi-ann.)
Interlake
June
June
Great Lakes Steamship Co
Great Western Electro Chemical Co.—
Hilton-Davis
9
June
Grand Rapids Varnish Co. (quar.)
Granite City Steel Co. (quar.)
Preferred
July
1
June 20
June
(quar.)
-Goodyear Tire & Rubber Co., $7 2nd preferred.
Goodyear Tire & Rubber of Canada (quar.)
Preferred (quar.)
Gorton Pew Fisheries Co. (quar.)
Preferred
June
July
June 28
June
Preferred
Sugar
15
June
--
(quar.)
Western
15
June
July
July
July
Extra..
■
■
Goldblatt Bros., Inc. (quar., optional)
Great
17
June
(semi-ann.)
America
Certificates
July
July
(quarterly)
A_.—
Godchaux Sugars Inc. class
Preferred
June
(quar.)
July
Extra
Gold & Stock Telegraph
Goodrich (B. F.) Co
15
Aug.
July
July
July
$5 preferred (quar.)
Glidden Co. (quarterly)
►
June
June
(quar.)
Glens Falls Insurance Co. (quar.)—:
Conv. preferred
June 30
July
July
July
July
July
July
Gibson Art Co. (quar.)
Gilbert (A. C.) Co. preferred
Gillette Safety Razor (quar.)
June 30
July
July
July
...
8% preferred (semi-ann.)
General Telephone Corp., $3 conv.
General Theatres Equipment
of Record
Name of Company
Payable of Record
July 26 July
Aug.
2 July
Aug.
2 July
July
1 June
July
1 June
July
1 June
General Outdoor Advertisement preferred
General Public Service Corp., $6 pref.
Holders
When
Per
Name of
Link Belt Co.. preferred
(quarterly)
UX
4290
Financial
Per
Name of Company
Share
Lion Oil Refining (quar.)
Extra
When
June 30 June 21
Sept. 10 Aug. 25
Dec.
10 Nov. 20
Sept. 10 Aug. 25
Dec.
10 Nov. 20
Sept. 30 Sept. 25
June 30 June 19
July 31 July 21
....
Aug. 31 Aug 21
Sept. 30 Sept 20
...
Oct. 30 Oct. 20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
1 June 28
July
Oct.
1 Sept.
Jan.
3 Dec.
June 30 June
June 30 June
Extra
28
31
12
12
19
Loew's (Marcus) Theatres, 7% pref
Lone Star Cement (quar.)
June 30 June
June 30 June
11
Long Island Lighting Co., 7% ser. A, pref.(qu.).
6% series B preferred (quar.)
Long Island Safe Deposit (s.-a.)
Loomis-Sayles Mutual Fund, Inc. (quar.)
Loose-Wiles Biscuit Co., common
5% preferred (quar.)
5% preferred (quar.)
Lord & Taylor (quarterly)
Lorillard (P.) Co. (quar.)
Preferred (quar.)
:
Lunkenheimer Co., preferred (quarterly)
July
July
July
July
Aug.
July
1 June
15
1 June
15
...
1 June 24
1 June
10
1 July
1 June
19*
(quar.)
(quar.)
(initial)
14
June
19
Mahoning Coal RR. Co
Mallory (P. R.) & Co., Inc., stock dividend—
—
National Grocers, preferred
21
National
18
21
17*
July
July
July
July
National Gypsum Co. 5% 2d pref. (quar.)...—
June
18
June
Aug. 13
June 30
June
June
June
7% preferred (quar.)
June
June
2
June
2
18
15 June 30
l'June 15
1 June 12
-—
l'June 12
June 30 June
—
Preferred B (quar.)
National Oil Products
Mapes Consol. Mfg. (quar.)
National Paper & Type
(new)
5% preferred
Aug. 16 Aug.
2
Aug. 16 Aug.
2
2 June 28
Aug.
1 June 15
July
1 June 15
July
—
National Power & Light. $6 pref. (quar.)
National Standard (quar.)
Extra
...
National Steel Corp. (quar.)
June 30 June
1 June
15
National Sugar Refining Co. of N. J
National Supply Co., preferred
July
July
July
July
Extra
Marchant Calculating Machine
7% preferred (semi-annual)
Margay Oil Corp
1
1 June
15
1 June
15
15 June30
15 June 30
10 June 19
Marine Midland Corp. (quar.)
Marlin-Rockwell Corp. (quar.)
Marsh (M.) & Sons (quarterly)
Mar .-Tex Oil Co. (quar.)
June 30 June
18
Extra
Masco Screw Products (quar.)
Massawippi Valley RR. Co. (s.-a.)
Master Electric Co. (quar.)
June 30 June
18
July
Aug.
July
7 June
18
1 June
18
1 June
19
June
19
1
2
July
1
1 June
15
Mathieson Alkali Works (quar.)
Preferred (quar.)
June 30 June
11
June 30 June
11
Maui Agricultural Co
1 June 21
July
Sept. 1 Aug. 10
Aug. 31 Aug 31
May Dept. Stores Co. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
McColl Frontenac Oil, pref. (quar.)
McKay Machine Co. (quar.)
McKee Arthur (G.) & Co., class B (quar.)
Class B (extra)
McKeesport Tin Plate Corp. com. (quar.)
McLennan, McFeeley & Prior, Ltd.—
6H% preferred (quar.)
McQuay-Norris Mfg. (quar.)
Mead Corp. (resumed)
Mead Johnson & Co., common
Nov. 30 Nov
July
June 30 June
July
July
July
1 June 30
1 June 30
1 June
10
24
July
June
July
July
1 June 22
30 June
15
1 June
15
;
8% preferred (quar.)
$2 non-cumulative (quar.)
Midvale Co. (Delaware)
Miller Wholesale Drug Co
Minneapolis Gas Light Co. $5 partic. units
Minnesota Power & Light, 7% preferred
7% preferred (quar.)
$6 preferred
$6 preferred (quar.)
6% preferred
6% preferred (quar.)
(quarterly)
Mississippi Portland Cement (irregular)
Mississippi River Power, 6% pref. (quar.)
Mississippi Valley Public Service 6% pref. (qu.)
Missouri Edison Co., $7 cum. pref.
(quar.)
Missouri Power & Light Co., $6 pre!,
(quar.)
Mock, Judson, Voehringer, Inc., 7% pref. (uar.)
Monongahela West Penn Pub. Service—
7% preferred (quar.)
pref. (quar.)
Montana-Dakota Utilities Co. 6% pref
5% preferred (quarterly)
Montgomery (FT A.) Co. (quar.)
Montgomery Ward & Co. (quar.)
1 June
19
1 June
12
Preferred A & B (quar.)
Moore (Wm. R.) Dr> Goods (quar.)
(quar.)
New
Hampshire Fire Insurance Co. (quar.)
Special
Now Haven Water Co. (s-a.)
New Jersey & Hudson R. Ry. & Ferry Co. (s.-a.)
0% preferred (s.-a.)
'
New Jersey Power «& Light 80 pref. (quar.)
1 June
12
15*
30 June 21
30 June 10
July
July
July
July
June
18
June
18
10
July
20
June
21
July
July
July
July
$IH July
$XH July
t$2H
July
July
mn July
S3
July
50c
July
$2
July
50c
July
$1H
July
12Hc July
$1 H
July
t58c
July
SI H
July
+50c
July
tlH July
t50c
July
SlHi
July
2Hc July
He July
May
May
May
May
May
28
28
28
28
28
50c
June
June
15
1 June
15
I June
15
June
June
30
1§
June 21
June 21
June 21
June
19
June 20
June 20
June
11
June
11
June
11
June
11
June
11
June
ll
June
15
June
15
June 30 June
19
SIX
July
June
15
July
July
July
July
June
19
July
July
July
July
June
15
June
15
June
15
June 21
June
15
June
15,
June
15
June
15
June
11
June
18
July
5
'June
June
20
July
July
July
June
8
June
Preferred (semi-ann.)
New York & Honduras Rosarlo Mining
New York Lackawanna & Western RR
8
Oct.
Jan.
1
Oct.
Jan.
2
1
1 June 21
1 June
16
2 July
2 July
16
10
1 June 21
LJune
1 June
15
1
I June
15
l.June
15
II June 10
l'June 10
10
12
June
15
June
_
New York Telephone Co. 6H% pref. (quar.)—
New York Trust Co. (quar.)
$iH
Niagara Alkali Corp. 7% pref. (quar.)
Niagara Falls Smelting & Refining Corp.
Nineteen Hundred Corp., class A (quar.)
Class A (quarterly)
Noblitt-Sparks Industries (quar.)
$1H
July
July
July
July
July
July
July
25c
June
Noranda Mines, Ltd..
North American Co. common (quar.)_.
Preferred (quar.)
(quarterly)
81H
5%
60c
Aug.
June 30
July 31
May 28
May 28
June
June
15
15
June
10
June
15
June
15
June
11
May 28
June
15
June
15
June
19
June
19*
June 16
June 15
July
31
50c
Nov.
Nov.
50c
June
June 21
81H
June
June
16
June
15
June
15
30c
,
Rayon Corp., 0% prior preferred.
North Central Ry. Co. (s.-a.)
North Central Texas Oil Co., Inc. (interim)
North Ontario Power Co. 6% pref. (quar.)
75c
75c
$2
15c
Quarterly
Northern Oklahoma Gas Co. 0% pref. (qu.)
81 Hi
0% preferred (quar.)
Northern RR. Co. of N. J., 4% pref. (quar.)
—
4% preferred (quarterly)
Northern Securities Co
Northern States Power Co. (Del.) 7% pref. (qu.)
M
81
July
July
July
July
July
July
July
Sept.
1
June 21
June 30
June
10
June 30
June 30
Aug. 17
Dec.
Nov. 10
Sept.
Aug. 21
Dec.
Nov. 20
June 25
July
June 30
July
June 30
6% preferred (quar.)
July
North Star Oil. 7% preferred
IHHc
June 15
July
Northwestern Electric. 1st preferred
June 18
81H July
Northwestern Telegrapn Co. (semi-ann.)
June 15
81X
July
50c
June 24
Novadel-Agene Corp. (quar.)
July
Noxema Chemical Co. (semi-ann.)
30c
June 30
July
Nunn-Bush Shoe Co., 7% pref. (quar.)
81H
July
7 Hi % 2d preferred (quar.)
81 %
July
Oahu Sugar Co. (monthly)
20c
July
July
3
Oceanic Oil Co. (quar.)
2c
July
July
3
Ogilvie Flour Mills (quarterly)
82
June 18
July
Ohio Associated Telephone Co. 0% pref. (qu.)__
tlK
July
May 26
Ohio Edison Co., $5 pref. (quar.)
June 15
81H July
86 preferred (quarterly)
June 15
July
86.60 preferred (quarterly)
June 15
July
87 preferred (quarterly)
June 15
81H
July
87.20 preferred (quarterly)
June 15
81.80 July
Ohio Finance Co. preferred
June 10
S1K
July
Common (increased)
June 10
30c
July
Ohio Loan Co., new (quarterly)
June 30
10c
July
5% preferred (quarterly)
June 30
■_
July
Ohio Public Service Co., 7% pref. (mo.)
June 15
58 1-3 c
July
6% preferred (monthly)
June 15
50c
July
5% preferred (monthly)
June 15
41 2-3c
July
Ohio Service Holding Corp., 85 preferred
June 15
July
Ohio Water Service Co., class A (increased)
June
June 15
Oklahoma Natural Gas 6% pref. (quar.)
June 30 June 15
6% preferred (quar.__)
Sept. 30 Sept. 15
Old Colony Insurance (quar.)
July
ljJune 21
Old Colony Trust Assoc. (quar.)
l'June 15
July
Omnibus Corp., preferred (quar.)
l'June 15
July
Ontario Loan & Debenture (quar.)
2 June 15
July
Ottawa Light, Heat & Power (quar.)
1 June 15
July
1 June 15
5% preferred (quar.)
July
2%
81H
81V*
sV.fli
--
July
19
15
12
87 He
$2H
SI H
__
81 H
SI H
1 June
2 June 30*
June
82 Hi
82 H
81 H
(quar.)
Newport Electric. 0% preferred (quar.)
New York <&r Harlem Rrt. Co. (s.-a.)
North Amer.
10
1 June 15
1 June 12
June
July
July
July
July
Aug.
July
July
July
July
July
July
$5 preferred (quar.)
New London Northern RR. Co.
86 preferred
19
1
1 June
June 30 June
81H
July
July
.July
(quarterly)
Monumental Radio Co.
(Baltimore,Md.)
Moore Corp., Ltd. (quar.)
-—
HP
75c
June
Monroe Chemical Co.
$2 preferred (quar.)
Now England Power Co. (quar.)
Preferred (quar.)
New England Telep. & Teleg
New York Penna. New Jersey Utilities pref
June
6% preferred (quar.)
—
New York Power & Light, 7% pref. (quar.)
June
Metal & Thermit Corp
7% preferred (quar )
Middle States Telep. Co. of 111. 7%
pref
Midland Grocery Co., 6% pref. (s.-a.)
Midland Steel Products
July
Aug.
July
July
Aug.
Aug.
July
July
July
July
July
July
July
Newberry (J. J.) Co. (quar.)
Newberry (J. J.) Realty Co.. 0^% pf. A (qu.)__
0% preferred B (quarterly)
New Brunswick Light, Heat & Power Co. (s.-a.)
New England Eire insurance (quar.)
New England Gas & Electric Assoc. 85 H pref—
New England Power Assn., 0% pref. (quar.)
_
1 June
June 30 June
...
Nehi Corp., 1st preferred
Nevada-Calif. Electric Corp., pref. (quar.)
Newark Consol. Gas Co. (s.-a.)
15
Juno
Preferred (quar.)
Mesta Machine Co
$7 preferred (quar.)
$7 prior preferred (quar.)
_
15
June 30 June
Meyer-BlankeCo., 7% preferred (quar.)
Michigan Assoc. Telep. 6% preferred
Natomas Co. (quar.)
Navarro Oil Co
1 June
July
July
July
pref. (quar.)
Metropolitan Edison $6 pref. (quar.)
Metropolitan Edison Co. $5 pref. (quar.)
$5 prior preferredjquar.)
Nation-Wide Securities Co. (Md.) vot. shares.
June 30 June
preferred (s.-a.)
preferred (quarterly)
pref. (quar.)
Morchants Bank of N. Y. (quar.)
Merchants & Miners Transportation Co. (qu.)__
Merck & Co
M. J. & M. M. Consol. Oil
Extra
18
June 30 June
Extra
Melchers Distilleries, Ltd.,
Memphis Natural Gas Co.,
Memphis Power & Light $7
$6 preferred (quar.)
Mengel Co., Inc., 1st conv.
30
15 June 30
11
2 July 10
June 30 June 18
Aug.
14
15 July
2
July 20
July 20
June 30 June
July
July
July
July
July
July
July
July
July
July
15
14
June 30
June 29 June 24
Manufacturers Finance Co. (Md.) 7% pref.)
Manufacturers Trust Co., com. (quar.)
Preferred (quar.)
15
June 20
June 30 June
15 June 30*
2 June 12
J
19
June
July
Aug.
Aug.
Aug.
July
July
—
15 June 30*
June
New stock
15
June
July
July
Aug.
July
July
July
July
July
July
National Fuel Gas Co
6
June 30
June
June 24
(Detroit)—
$3 preferred (quarterly)
$2 non-cumul. A (quarterly)
National Dairy Products Corp
Preferred A & B (quarterly)
National Enameling & Stamping (quar.)
Nov. 15 Nov.
5
15 June 30
10
June
,.
15
July
July
—
Dec.
May 29
May 29
July
_
1
Aug. 15 Aug.
,
Dec.
(qu.)--
—
June 30 June
6% pref erred (quar.)
6% preferred (quar.)
12
17
Sept. 18
July
July
July
(quar.)
Lead(<juar.)
June
June
Sept.
June
National Bond & Share Corp
National Breweries, Ltd. (quar.)
Preferred
June 24
14
June 21
June
National Battery Co., pref. (quar.)
National Biscuit Co. (quar.)
Preferred
June
June
June
8% cum. preferred (quar.)
Myers (F. E.) & Bros. Co
Nashua Gummed & Coated Paper pref.
National Acme Co
1 June
18
19
14
July
July
Extra
'
Nov. 20
June
Preferred A and B (quar.)
National City Lines (Chicago)
June 30 June
Aug. 27
June
June
Extra
Murphy (G. C.) 5% pref. (quar.)
Murray Ohio Mfg. Co
Muskegon Piston Ring Co., (quarterly)
Mutual Chemical Co. of Amer., 0% pref. (quar.)
0% pref. (quar.)
0% pref. (quar.)
Mutual System, Inc., com. (quar.)
National Casualty Co.
Aug. 31
June 15
June
Motor Products Corp
Mueller Brass Co. (quar.)
15
15 June 30
15
Dec.
17
Mack Trucks, Inc., common
4
15
Sept
—
Quarterly
17*
Ma case a Mines
Macfadden Publications, Inc., preferred
Preferred
;
June
June
June
June
Preferred (quarterly)
Morris Plan Insurance Society
1 June
1
Holders
June
July
(quar.)
1 Sept.
June 22
When
Payable of Record
June
--
Morris Finance Co., class A com.
Class B common (quarterly)
1 June
18*
July
July
July
July
Sept.
July
Morris & Essex RR
Natioual Brush Co. (quar.)
National Candy Co., 1st & 2d pref. (quar.)
National Cash Register
1 Sept. 21
Oct.
Jan.
1 Dec
21
June 29 June 19
Lynch Corp. (special
Lynn Gas & Electric Co (quarterly)
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
MacAndrews & Forbes Co., common (quar.)...
Preferred (quarterly)
Quarterly
Quarterly
Share
July
Preferred (quar.)
Preferred (quar.)
Class A (quar.)
Montreal Tramways
of Company
Oct.
—
Magnin (I ) & Co.
Per
Name
July
July
July
-
Mahon (R. C.) & Co. $2 class A pref. (quar.)
June 26, 1937
Holders
Payable of Record
July 20 June 30
July 20 June 20
1 June 15
July
Liquid Carbonic Corp. (quar.)
Lisk Mfg. Co
Little Miami RR.. special guaranteed (quar.)..
Special guaranteed (quar.)
Original capital
Original capital
Lockhart Power Co., 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
8% preferred (quar.)
-—.......
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quar.)
Chronicle
f
Volume
Financial
144
Per
Name of
Share
Company
Ontario Mfg. Co
Otter Tail Power Co.
Pacific Finance Co. of California (quar.)
5% preferred (quarterly)
Preferred A (quarterly)
Preferred C (quarterly)-—
Pacific Gas & Electric
June
June
June
June
19
15
15
15
June 30 June 15
July
liJune 15
2 July 15
Aug.
2 July 15
Aug
2 July 15
Aug.
July 15 June 30
1 June 15
July
1 June 15
July
July 15 June 30
1 June 15
July
1 June 15
July
1
July
Pacific Can Co
„
Pacific Indemnity (quar.).
Extra
——.
Pacific Lighting Corp preferred (quar.)
Pacific & Southern Investors, Inc., class A—*—
S3 preferred (quarterly)
Pacific & Southwest Realty Co. 5H% prefPacific Telep. & Teleg
1
1
1
5
June 30 June 19
July 15 June 30
Preferred (quar.)
Pacific Truck Service, Inc. (Calif.), 7% pref.—
Packer Corp. (quar.)
Page-Hersey Tube, Ltd
Panhandle Eastern Pipe Line Co—
$6 class A & B preferred (quar.)
■T"
Paraffine Cos. (initial)---Preferred (quarterly)
Paramount Pictures 6% 1st preferred.
6% 2d preferred
Pathe Film Corp. $7 conv. pref. (quar.).
Parke, Davis & Co
Peninsular Telephone (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co., common
Penna Illuminating Corp. class A pref. (quar.).
Penn Central Light & Power, pref. (quar.)
July
July
July
July
—
—
1 June 30
6
15 July
1 June 15
1 June 21
June 25 June
July
July
July
July
15
1
1
1
June 30
July
1
—
July
10
Nov. 15 Nov.
15 Feb.
5
5
June 30 June
16
Feb.
-
June 27
1 June 20
1 June 10
1 June 10
July
July
July
5
Aug. 16 Aug.
Aug.
2 July 21
$5 preferred (quar.)
$2.80 preferred (quar.)
Penmans, Ltd. (quar.)
Preferred (quar.)
Penna. Co for Insurance on Lives & Granting of
Annuities (Phila.). (quarterly)---
July
July
July
July
July
July
July
Sept.
July
Aug.
Penna. Gas & Electric, 7% pref. (reduced).
$7 repferred (quar.)
-
7% preferred (quar.)
Pennsylvania Glass Sand
Preferred (quar.)
Penna. Investment Co. (Phila.), $4 pref. (s.-a.)
Penna. Power Co., $G preferred (quar.).
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania Power & Light Co., $6 pf. (quar.)
$7 preferred (quarterly)$5 preferred (quarterly)
Pennsylvania RR. Co
Pennsylvania Telep. 7% preferred (quar.).
-
Sept.
July
July
July
-
July
June
17
June 21
June
19
June
19
June
June
15
15
June
_
15
1 Aug. 20
1 June 21
2 July 20
1 Aug. 20
1 June 15
1 June 15
1 June
15
22 June 21
Pennsylvania Water & Power Co., com. (qu.)—
Preferred (quar.)-----Penn Valley Crude Oil, A (quar.)
Peoples Collateral Loan Corp. (s.-a.)
1 June 15
July
9
July .26 July
1 June 15
July
1 June 15
July
1 June 15
July
June 30 June 19
1 deferred (semi-ann.)
Peoples Drug Stores (quar.)
June 30 June
1 June
July
Peoples Natural Gas Co., 5% pref. (quar.)
July
July
July
Penn Traffic Co
Perfect Circle (quar.)
Extra
-
—
Perfection Stove Co. (quar.)-.
Peter Paul, Inc. (increased)
1
June
10
JUne
15
June 36
Sept. 30
June 15
June 15
June 15
June 19
June
1
Dec. 31
June
July
July
June
2
Oct.
Sept. 16
July
June 10
Oct.
Sept. 10
July
Oct.
July 10
Sept. 10
July
July
-
June 10
June 24
50c
Ray-O-Vac, 8% preferred (quar.)
Reading Co.
50c
(quar.)
2nd preferred (quarterly)
Reece Button Hole Machine
Extra
50c
1 Aug. 20
Dec.
1 Nov. 20
1 June 15
July
June 30 June 16
June 30 June' 2*
Pocahontas Fuel Co
6% preferred (semi-annual)
2nd preferred (quarterly).
Pratt & Lambert
.........
Mining Co. (quar.)
Prosperity Co., Inc., 5% pref (quar.)
5% preferred (quar.).
Pressed Metals of Amer. (quar.)
......
Procter & Gamble, 8% pref. (quar.)
...
16
June 15
15
June 15
July
July
July
Providence Gas Co. (quar.)
Providence Washington Insurance Co
Providence & Worcester RR. (quar.)
June 25
June
15
June 28 June 10
9
July
3 June
Provincial Paper, Ltd.,
7% pref. (quar.)..
Prudential Investors, $6 pref (quar.)
Publication Corp. (non-voting)
7% original preferred (quar.).
Pub!
lblic Investing Co. (semi-annual).
Put lie Service Corp. of N. J. (quar.)
8% preferred (quarterly)
Quarterly
8% preferred (quar.)
7% preferred (quarterly)
7% preferred (quar.)
$5 preferred (quarterly)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly—......
6% preferred (monthly)
6% preferred (monthly)
Public Service Co. of Oklahoma—
7% prior lien stock (quar.)
$1H
6% prior lien stock (quar.)
$1H
Public Service Co. of Colorado, 7% pref. (mo.). 58 l-3c
60c
6% pref. (monthly)...
......
5% pref. (monthly)..—.
412-3C
Public Service Electric & Gas, $5 pref7% preferred (quarterly)
Pullman. Inc. (quar.)
87 He
^
...
—
,P
July
July
2 June 15
15 June 36
June 29 June 15
July
1 June 19
June 30 June 21
June 30 June
1
June
36 June
Sept. 30 Sept.
Sept. 30 Sept.
1
1
1
19
19
June 21
lc
$1H
$1H
$154
25c
75c
75c
25c
$1 Vi
50c
30c
25c
60c
15c
25c
12Hc
Russell Motor Car
Sabin Robbins Paper Co.. 7%
U
pref. (qu.)
Safety Car Heating & Lighting Co
Safeway Stores, Inc. (quarterly)
7% preferred (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
Saguenay Power. 5H% pref. (quar.)—...
St. Croix Paper Co. 6% preferred (s.-a.)
St. Joseph Lead Co. (quar.)
St. I ouis Bridge, 6% 1st pref. (s.-a.)_
3H 2nd preferred (semi-ann.)
St. Louis National Stockyards (quar.)
St. Louis Rocky Mountain & Pacific Co
(quarterly)
$2H
50c
$1H
S1H
$1H
50c
$3
$1H
$1H
25c
,
$2
pref. (quar.)
$154
7% preferred (quar.)_
(monthly)
20c
75c
75c
San Carlos Mining Co.
(quar.)—
Quarterly.
Quarterly—..
Sangamo Electric Co., new (quar.)
Santa Cruz Portland Cement
Saratoga & Schenectady RR. (s.-a.)—...——Savannah Electric & Power Co.. 8% deb A (qu.)
7 H % debenture B (quarterly)
7% debenture O (quarterly)—
6H% debenture D (quarterly).
Sayere-Scovill Co
6% preferred (quar.).—
—
Schenley Distillers Corp.——...
June 21
July
July
22
22
June
10
June
16
June 10
June 15
June 15
Aug. 20
Nov. 20
Dec.
July
July
July
June 29
1
July
1
July
July 15
1
July
1
July
June 30
June
12
June
12
July
July
July
July
July
July
July
June
19
June
June
19
15
June
19
June
19
June
July
July
June
June 21*
June 15
June
5
5
June
July
1
June
15
June
19
June
15
June
19
June 26
30 June 15
June 21
June 22
30 June 15
June 24
July
June 15
July
June 18
July
June 18
July
June 18
July
June 18
July
Aug.
July 15
June 23
July
Sept. 20 Sept. 9
June 15
July
June 15
July
June 25
July
June 30 June 15*
June 36 June
June 36 June
June 36 June
June 30 June
June 30 June
15*
20
20
26
15
Sept. 30 Sept. 15
75c
Dec. 15 Dec.
July
July
July
July
July
July
July
July
July
July
50c
$3
$2
ill
$154
$1H
-
5
18
June 22
July
July
Aug.
Aug.
July
July
July
July
July
Sept.
25c
25c
.
New (extra)...
1
June 15
June 15
June 21
15 July
1 June
1 June
1 June
1 June
1 June
1
15
15
15
15
21
1 June 21
June 30 June 16
Preferred
(quar.)
Scovill Manufacturing Co
Scranton Electric Co. $6 preferred (quar.)
Scranton Lace..
—
—
Securities Acceptance Corp. 6% pref. (quar.)—
Seaboard Commercial Corp. (quar.)
Preferred (quarterly)
Seaboard Finance, (quarterly)
————
$154
50c
$1H
60c
37 Ho
July
July
July
June 30 June 1
July
11—
June 30' June 15
June 30 June 15
June 36 June 15
June 16
July
June 16
July
—
July
—
July
Oct.
Jan.
July
July
July
July
July
July
July
July
July
July
July
July
July
Ju»y
July
—
(quarterly)
1 June 17
1 June 15
1 June
1
June 36 June 19
June 36jJune 19
Preferred (quarterly)
——
Selected Industries, $5H div. prior stk
Full paid allotment certificates (quarterly)—
Convertible stock
—
6% preferred $100 par (quarterly)
—.....
$5 preferred (quar.).
Shawmut Assoc. (quarterly)
—
Sheaffer (W. A.) Penn Co., 8% pref. (quar.)...
Sheep Creek Gold Mines
Shelter Mfg. Corp. (initial)
Shell Union Oil Corp., 5H% pref. (quar.)
Sherwin-Williams of Canada, pref
Silver King Coalition Mines Co....—.........
Skelly Oil Co. (resumed)—Singer Mfg. Co. (quarterly)
June 16
June 17
Sept. 17
Dec. 20
June 30
June
June
26
26
June 21
June 21
June 15
June 15
June 16
June
36
June 36
June 16
June 15
June 15
June 115
June
1*
June 30 June 10
30 June 16
June
Extra
Skelly Oil Co., pref. (quar.)
Slattory (E. T.) Co., 7% pref. (quar.)
8. M. A. Corp. (quar.).—
Smith (S. Morgan) Co. (quar.).
Aug.
July
July
Aug.
—....
...
Nov.
———
1
1
1
Sonotone Corp. preferred (quar.)..—.....—
July
Aug.
Sept.
1
2
1
Boss Mfg. Co. (quarterly)
South Carolina Power Co. $6
July
July
July
July
June
June
June
June
21
21
15
July
June 30
June 30
Aug. 16
June
Special
pref. (quar.).....
South Penn Oil Co. (quar.)
Extras
.............
.....
South Porto Rico Sugar Co., com. (quar.).....
Preferred (quar.)
Southern Calif. Edison Co., Ltd.—
Original preferred (quarterly)
Preferred series C 5H%
Southern Calif. Gas pref.
(quarterly).
A (quar.)
6% preferred (quar.)
Southern Canada Powi
Power, 6% pref. (quar.)
2 July
6
June
19
June 18
1 Aug.
1 Nov.
1
]
1 June
7
July
1 June
7
July
July 15 June 36
1 June 16
July
1 June 16
July
1 June 15
July
1 June 15
July
1 June 15
July
June 30 June 15
June 36 June 15
July
1 June 16
Smyth Mfg. Co. (quarterly)
1
June
July 24
15
June
July
s\h
Ruberoid Co., new stock
Sept.
15
June
1
June *1
15
June
June
3c
Rubinstein (Helena), class A
Russeks Fifth Ave., Inc. (quar.)—
Sept. 30 Sept.
15
June
June
$4
Sept. 30
June 30
July 31
Aug. 31
Sept.30
1
17
Nov. 15
25c
—
June 30 June
36 June
15
Aug.
Smith (L. O.) A Corona Typewriter.......
Preferred (quar.)
Smith (H.) Paper Mills, pref. (quar.).
June
18
July
June
June
m
Preferred (quar.)
Riverside Silk Mills series A (quar.)
Rochester Telep. Corp.. 6 H % 1st pref. (quar.).
Root Petroleum, conv. pref. (quar.)..—
Roeser & Pendleton. Tnc. (quar.)—
Ross Gear & Tool (quarterly)
...
Quarterly
June
June
25c
Republic Investors Fund, Inc., common
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.)
—
Rice Stix Dry Goods
1st & 2nd pref. (quarterly)—
Rlchman Bros. Co. (quarterly)—
Rich's, Inc., 6H% pref. (quar.)
Ritter Dental Mfg. (quar.)
Sharon Steel Corp
Dec. ' 1
June 21
Dec.
Shamrock Oil & Gas, 6% pref. $10 par (s.-a.)—
June
1
Dec.
July
July
Aug.
Juiy
July
July
Sept.
37 He
-
Reno Gold Mines (quar.)
Rensselaer & Saratoga RR. Co. (s.-a.)
June 30
June 36
June
Sept.
June
$1,125
Remington Rand $434 preferred (quar.)
Class B
15
June 10
40c
10c
Preferred
10
2
June
July
July
Sept.
Aug.
40c
15c
•
Interim
June 10
June 10
June
10c
Regent Knitting Mills, non-cumu.. pref. (qu.)..
Non-cumulative preferred (quarterly)
Re-Insurance Corp. of N. Y
Reliable Stores Corp. (quar )
For the quarter ended June 30. 1937.
5% pref. initial (quar.)
Reliance Mfg. Co.. preferred (quarterly)-.
June 24
June 15
Nov.
—
20c
20c
i—
Servel. Inc., preferred (quarterly) ..—
Preferred (quar.)—
Preferred (quar.)
Shaffer Stores Co., 7% pref. (quar.).
Shaler Co., class A (quar.)
June 19
June 19
July
July
July
July
July
July
July
July
July
Aug.
Pond Creek Pocahontas Co. (quar.).....
Porto Rico Power, 7% pref. (quar.).I
Power Corp. of Canada, 1st pref. (quar.).
20c
(quarterly)
Reed Roller Bit (quarterly)
Extra
Extra..
Sept.
...
1
1 June
June
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.).
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass Co
Pittsburgh Screw & Bolt Corp
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar.)
7% preferred (quar.)Plougn, Inc. (quarterly)—
Plymouth Fund Inc. (extra)
Plymouth Oil Co., common (quar.)
(extra)
June
15
July
July
(monthly)
Ball, Inc.
60c
33 l-3c
Quarterly
San Francisco Remedial Loan Assoc.
l|June 20
Oct.
Jan.
.
Prentice
Rapid Electrotype Co. (quar.)
Rath Packing Co
San Antonio Public Service Co., 8%
July
July
July
July
July
Pickle Crow Gold increased
Pictorial Paper & Package Corp. (quar.)..
Pioneer Gold Mines of British Columbia.
Premier Gold
19
«
1 June 15
1 June 18
1 June 18
June 30 June
-
$1H
87 He
60c
July
Philadelphia Baltimore & Washington
Philadelphia Co., $6 pref. (quar.)
$5 preferred (quarterly)
Philadelphia Electric Power 8% pref. (quar.)
Phillips Packing, 5H % preferred (quar.)
,__$
Phoenix Finance Corp., 8% pref. (quar.).
8% preferred (quarterly)——.—.
8% preferred (quarterly)
Phoenix Insurance Co. (quar.)
Phoenix Securities Corp., conv. pref. A—
Pioneer Mill Co
Cpreferred (quar.)
6% preferred (quarterly)..
———
8% preferred (quarterly)
Quaker Oats, preferred (quar.)
—
Queens Borough Gas & Electric Co.—
6% cumulative preferred (quar.)
Radio Corp. of Am. $3 H cum. conv. 1st pf. (qu.)
June 30 June 19
I June 21
July
II June 10
July
Pet Milk Co., common
Pfaudler Co. (quar.)
July
1
July
1
July
1
Aug. 31
Pure Oil
June
Oct.
1 Sept. 15
5
Aug. 15 Aug.
...
Payable of Record
Name of Company
1
15
June 15
June 22
June 19
June 15
Holders
When
Holders
When
Payable\of Record
July
July
July
July
-
(Minn.), $6 pref
$5H preferred
Paauhau Sugar Plantation (monthly)
4291
Chronicle
July
37 He
34 He
37 He
I June 16
July 15 June 20
July 15 June 26
July 15 June 36
July 15 June 36
July 15 June 19
Financial
4292
Southwestern Bell Telep., pref. (quar.)—
Southwestern Gas & Elee. 7% pref. (quar.)
pref
Line
Spang, Chalfant & Co., Inc., 6% pref—
Sparks Withington, 6% preferred--,
Spartan Mills (semi-ann.)
Spencer Kellogg & Sons (quar.)
July
July
July
July
July
$1H25
50c
$4 >4
t$27
1 June
1 June
1 June
June 26 June
$4
July
Optional div., $50 cash or 2 shs. of com.
each 100 shs. held.
16
23
June 30 June
2
Suarterly _ „ Mfg. Co.
(A. E.)
July
June 30 June
Sept. 30]
July
1 June 20
3)4%
20c
Braiius, Inc. (quar.)
Standard Fuel Co.. Ltd., 6H%
July
July
July
July
$1*4
$1H
pref. (quar.) — _
(quar.)
pref. (quar.i
$1H
30c
July
July
40c
June 30 June
31Hc
$1H
$1)4
.
Starrett (L. S.) Co
Preferred (quarterly)
Aug. 16 July
35c
Co.
$1H
5% preferred (quar.)
81H
Stecher-Traung Lithograph 7H% pref. (quar.)_
31H
7H% preferred (quar.)
%IH
7H% preferred (quar.)
t43 M c
Steel Co. of Canada (quarterly)
J43 H c
Preferred (quarterly)
$1*4
Stein (A.) & Co., pref. (quar.)
—
Stearns (Frederick) &
Stix, Baer & Fuller, 7%
7% preferred (quar.)
7% preferred (quar.)
Strawbridge & Clothier Co. 7%
43 He
;
43Hc
50c
(S.) & Co.. Inc. (quar.)
Sun Life Assurance of Canada
Stroock
$3H
Sunray Oil Corp. preferred (quar.)
(quarterly).
68Hc
75c
Superheater Co. (quar.)
Supertest Petroleum (semi-ann.)
37J4c
Sunshine Mining
50c
June 30 June
30c
July
6% clas* B pref. (semi-ann.)
(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),
mblyi
Tamblyn (G.) Ltd. (quarterly)
Quarterly
5% preferred (quarterly)
Taylor (K.) Distilling Co. (quarterly)
Taylor Milling (quarterly)
Tech-Hughes Gold Mines
Telephone Investment Corp. (monthly)
Telluride Power, 7% pref. (quar.)
Tennessee Electric Power Co., 6% pref. (quar.)_
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Terminals & Transportation, $3 pref. (quar.)___
Texas Corp. (quar.)
Texas Hydro-Electric Corp., $3H cum. pref
Texon Oil & Land (quar.)
—
15
2
15 July
40c
50c
75c
RR.
June 15
June 18
June 15
June
7
June 30 June
25c
Sussex
1
1
1
1
2 June
2 June
2 June
1 June
18
18
18
11
19
1 June
1
June 30 May
5c
22
June 30 June 15
June 30 June 15
50c
50c
Aug.
July
July
July
$1H
15c
68Hc
J20c
20c
62 He
7 He
2.June
18
25c
10c
27 He
$1H
$1 M
18
llJune 18
2 June
l'June 10
2 June
10
June
20
June
15
50c
60c
75c
lJune
July
2 June
15
July
July
July
July
July
July
June
15
June
20
June
30
15
(quar.)
—
$1 M
$1,125
25c
Tilo Roofing Co
Tluikeo- Detroit Axle Co.. preferred (quar.)
Tintic Standard Mining
Co
Tip Top Tailors.
-
Aug. 20
30 June 14
15
21
Ju
16
e
June
16
June
10
June
10
June 30
Extra
Union Investment Co
25c
95c
First preferred (quarterly).
Union Pacific RR
$1 H
15
June
19
June
19
June
1
25c
June 28 June
18
$1H
(quarterly)
Preferred (quarterly)
June 28 June
18
50c
United Aircraft Corp. (Hartford)
United Artists Theatre Circle, Inc., 5% pref
United Biscuit, preferred (quarterly)
United Bond & Share. Ltd. (quar.)
81H
July
15 July
1
June
15 June
1
$IH
Aug.
20c
Preferred
$1H
July
July
July
July
Juiy
July
Preferred
$1H
81K
Jan.
75c
1 July 15
15 June 30
Oct.
July
$1
75c
(quar.)
25c
United Dyewood Corp., common (quar.)
Extra
25c
(quarterly)
(quarterly)
Preferred (quartt rly)
United Fruit Co
25c
Improvement (quarterly)
$1H
(quarterly)
50c
& Rys. Co.. 6% pref. (monthly)
58 1-3 c
7% preferred (monthly)
53c
6.36% preferred (monthly).
United Loan Industrial Bank (quarterly)
$2H
United New Jersey RR. & Canal (quar.)
$2H
United Pacific Insurance Co. (quar.)_.
$1H
50c
United Securities, Ltd. (quar.)___
62 He
United Shoe Machinery (quar.)
Preferred (quarterly)
37Hc
35c
United Specialties Co
United States Bobbin & Shuttle Co., 7% pref
t$3H
United States Electric tight & Power Shades
He
United States & Foreign Securities, 1st pref—_
$1H
Gas
Preferred
_
1 June 15
1 June 10
June
10
June
10
10
June
Sept.10
Dec.
'0
'June 24
June 30;May 28
June 30 May 28
July
July
1
July
1
July
1
July 10
lJune
15
June
15
June
15
June
21
June
21
June 29 June
24
July 15'June 26
61 June 15
July
6; June 15
July
1 June 21
July
l'June
9
July
1 June 15
July
2 July 19
Aug.
9
July
July
1 June 15
I June 15
June 30 June 21
June 30 June 25
15 June 30
July
Juiy
15 June 30
June
30 June
July
15
1 June 30
July 10 June 25
July 15 June 18
July 30 June 30
Oct. 30 Sept. 30
Jan.
July
July
July
July
50c
June 30 June
t$3
—
—
15c
81H
$1
50c
7% 2d preferred (quar.)
Mineral Springs (quar.)r
$1H
preferred (quar.)
81H
35c
White Rock
(quar.)-pref. (s.-a.)
7% pref
$1H
Irregular
25c
Inc. (quar.)
15
June
15
15
June
17
June
15
June
18
lune
19
June
15
Juno
15
15
June
12
June
21
June 21
June 21
June 21
June 21
June
12
July
10
June 30 June 19
June 21
July
July
Aug.
Aug.
June 20
July
July
16
15
81H
Nov.
Oct.
15
50c
25c
Class B
(quar.)
$1H
Hosiery Co. (quarterly)
Extra
Quarterly
June
21
June
24
June
15
June 20
June
20
50c
Extra
Wisconsin Investment Co. (interim)
Wolverine Tube Co.
—
(interim)
(Alan) Steel Co., 7% preferred
Woodley Petroleum (quarterly)
Wright-Hargreaves Mines (quar.)
Wood
Nov.
Oct.
15
10c
July
June
10
20c
June 30 June 23
July
1 June 15
+81
10c
10c
5c
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
—
Monthly
■ Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. 7% pref. (quar.) —
Yosemite Portland Cement Corp., 4% pref. (qu.)
Young (J. S ) Co. (quar.)
(quar.)
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube (quarterly)
♦Transfer
June
June
50c
75c
15c
Wiley-Bickfordu-Sweet Corp.. $3 pref
Willys Overland Motor. $6 pref. (quar.)
Winn & Lovett Grocery, $2 class A
Preferred
15
June 21
75c
6% preferred (quar.)
Preferred
July
July
July
July
July
July
July
July
6
6
Juno
July
July
July
July
July
July
81H
$5 preferred (quar.)
Preferred
July
July
20c
20c
20c
(quarterly)
24
2 June 24
17
15c
81H
Extra
Winstead
1 June 15
1 June 10
Aug.
Aug
July
July
July
July
July
July
July
July
Juiy
July
$1H
$1H
$1H
t37Hc
6% preferred (quarterly)
Weyenberg Shoe Mfg. Co.. common—
Wheeling Steel Corp. $6 preferred
Whitaker Paper Co. (quar.)
Wieboidt Stores,
30 Juno 30
July
50c
Ltd (quar )
Finance Co., common
1st & 2nd
31
30 Dec
June 15
June 30 June
$1
Whitman (Wm.) & Co., Inc
June
19
9
315?
preferrod
Wichita Union Stockyards, 6%
$1H
(Mo.), 7% pref. (qu.)
15
15
June 30 June.
$6 cumul
21
4
19
1 June 18
Tune
30c
__
-
West Texas Utilities. $6
21
12
15
June 30
81H
June 30 June
June
Sept. 18
June
25c
A (quar.)
West Penn Power Co., 7% pref. (quar.)
6% preferred (quarterly)
West Point Mfg. (quar.)
June 30 June
15 June 30
19
Oct.
25c
(quarterly)
15
June 30 June
June
July
July
81 H
Weston (Geo.)
June
July
Juiy
July
July
July
preferred
Wetherill
June
July
United Light
7%
15
July
15
19
June 28
75c
West l'enn Electric Co., class
10
July
July
July
July
July
July
July
15
June
15
25c
Weston Electrical Instrument
June
15
June
June 28 June
Power & Light Co. (s.-a.)
17
t$7
$1
United
West Kootenay
15
15 July
19
June
June
1 Nov.
50c
Juarterly
West Jersey & Seashore RR. Co (s.-a.)
Westlnghouse Air Brake Co., common
Westmoreland, Inc. (quarterly)
West Coast Life Insurance Co. (San Francisco)
15
July
July
19
June
25c
June
June
11
June
1 Aug.
$1H
Western Pipe
June
80c
United Carbon Co. (quar.)
United Corp., $3 cum. pref.
10
Oct.
July
July
July
July
July
July
July
Dec.
50c
(quar.)
June 28 June
Union Carbide & Carbon Corp
Union Twist Drill
(quarterly
Y. & Pa. Ry. Co. (s.-a.)
preferred (quarterly)
West Virginia Pulp & Paper Co. (quar.)
West Virginia Water Service Co., $6 pref
Twin City Rapid Transit, preferred—
Underwood Elliott Fisher Co
Union Electric Lt. & Pow.
Preferred
37 He
—
...
June
Oct.
Sept.
J75c
t$lH
(quar.)
50c
Century-Fox Film Corp., com
Preferred
10
17
10
June 30 June
75c
Electric Co
June
$3
Tunnel RR. of St. Louis (s.-a.)
Twentieth
June
10
July
July
'July
75c
preferred
7
25c
(quarterly)
Extra
Western Dairies, Inc., $3
15
S1H
Preferred
Tide Water Associated Oil $4)4 pref.
June
June 28 June
'July
1 June
12Hc
$1.12 H
Wesson Oil & Snowdrift Co., Inc
& Steel Co. of Calif, (quar.).
Western Union Teleg. Co. (quar.)
Westing house Air Brake (quar.)
21
June 21
July
July
Aug.
July
10c
Extra
15
June 21
June 30 June 21
June 30 June 21
15c
June
June
50c
1
2 June 19
10c
(quarterly)
Western N
15c
Ltd. (quarterly).
$IH
7% preferred (quarterly)
$1 H
Title Insurance of Minn, (s.-a.)
Title & Mtge & Guarantee Co. (N. O.).
$1M
58 l-3c
Toledo Edison Co., 7% pref. (monthly).
50c
6% preferred (monthly)
412-3 c
5% preferred (monthly)
50c
Toledo Shipbuilding Co
Towle Mfg. Co. (quarterly)
$1H
Traders Finance Corp.. Ltd., 7% pref. B (qu, )~
$1H
$1 H
6% pr*ferred A (quarterly).
25c
Tri-Continental Corp.
Preferred (quarterly)
$1H
62 He
Trieo Products Corp. (quarterly)
Tubize-Chatillon Corp., class A
$1 H
31H
7% pref. (quar.)
Tuckett Tobacco Co. preferred (quar.)_
$1H
Co
Thompson Products (quarterly)
10
40c
Bros.-Brower
Quarterly
Wellington Fund. Inc. (quar.)
Western Massachusetts Co.
15
10 Dec.
50c
15
10
Dec.
July
50c
15
24
11 June 20
1 June 11
25c
15
June
%
t$l
$3H
(quar.)
June
June 30 June
S1H
$1H
$IH
81H
1H%
!ig
Wayne Pump Co
Weeden & Co. (quar.)
June
June 30 June
1
16
16
1
!i»
75c
June
50c
July
July
1
31
Sept. 10 Sept.
30c
(S. D.)
Western
11
July
10
75c
preferred
Western Groceries, Ltd.
21 July
June
10
$1H
preferred (quar.)
Waukesha Motor Co.
15
June
14
June 30 June
40c
Wagner Baking Corp
7% preferred (quarterly)
2nd preferred (quarterly)
Waldorf System, Inc., com. (quar.)
Waitham Watch, prior preferred (quar.)
Warren
18
June
25c
15c
Extra.
15
July
July
July
July
July
Sept
Thatcher Mfg.
—
Ward Baking Corp.. 7%
Ware River RR. (s.-a.)
14
June
June 30 June
June 30 June
25c
15c
Co
(quar.)
7% preferred quarterly)
Virginia Public Service Co. 6% preferred (quar.)
Virginian Ry., preferred (quarterly)
—
Vulcan Detinning, preferred (quarterly
Preferred (quarterly).
Wabasso Cotton, Ltd-.
Prior
t$5H
$2H
$1H
15
15c
(quarterly)
pref. (quar.)..
June
25c
Textile Banking Co.
Preferred
July
July
$154
June
July
July
50c
t25c
87Hc
90c
.......
June 30 June
1 June
iig
$1.80
—
Victor-Monaghan,
Weisbaum
Oct.
July
July
July
July
July
July
July
July
July
July
July
July
1 June 17
1 June 15
l'June 15
Aug.
Aug.
July
July
July
July
Aug. 10
$2
7% preferred
Y.) (s.-a.)
Holland Dutch Bakers, (quar.)_.
Vlchek Tool
July
July
July
July
July
Extra
15
Van de Kamps
Extra
4*
16
June 30 June
(semi-ann.)
$6H preferred (quarterly)
Vapor Car Heating Co., inc. 7%
7% preferred (quar.)
Viau. Ltd.. 5% preferred (quar.)
July
July
July
July
t75c
preferred
June
June 30'June
June 30 June 21
Debenture (semi-ann.)
Utica Knitting Co.
N.
Valley RR. Co. (N
_
Sept. 301 Sept. 15
Dec. 31 Dec. 15
43 He
-
7
7
June 30 June 25
June 26 June
Dec. 27 Dec
July
1
June 30 June 21
June 30 June 21
June 30 June 15
75c
preferred (quar.)
July
July
Aug.
2
Aug.
2
July
1
luly 15
25c
Second preferred (quar.)
18
4
16
1 June 19
75c
(quarterly)
Debenture
24
Dec. 31 Dec.
1 lune 16
1 June 16
25c
$2
Upressit Metal Cap Corp. 8% preferred
Utah Power & Light Co. $7 preferred
$6 preferred
Utica Clinton & Binghamton RR
Sept. 30 Sept. 23
$1
preferred (s.-a.)
Bros, first preferred (quar.)
Stetson (John B)
Sterchi
June 30 June
Preferred
19
15 June
July
July
81H
Extra
30
1
8 Nov. 24
50c
Products Co
Universal Leaf Tobacco (quarterly)
11
16
June 26 June 16
June 30 June 26
June 30 June 26
—
preferred (quar.)..
Y.) (quar.)
United Telephone Co. (Kansas) 7% pref. (qu.)
United Verde Extension Mining Co
Universal-Cyclops Steel Corp. (quar.)—
Universal
19
June 29 June
United States Sugar Corp.,
United States Trust Co. (N
15
June 26 June
t$lH
A___
(quar.)__
United States Steel 7% preferred
llJune 15
1 June 21
Standard Wholesale Phosphate & Acid
Standard Steel Construction $3 class
Extra
0
l'June 16
1 June 26'
15 June 30
Stanley Works (quarterly)
5% preferred (quarterly)
July
July
United States Playing
19
1 June
June 26 June
25c
(quarterly)—
Card Co. (quar.)
Common
June 30 June 20
55c
Standard National Corp, 7% pref.
Standard Oil Co. (Ohio), 5% cum.
Standard Products Co
Machine Corp., pref..Securities. 1st pref—
preferred
United States Pipe & Foundry Co., com. (quar.)
1 June 15
35c
7%preferred (s.-a.)
ey
(quar.)
United States Hoffman
United States Leather prior
31H
19
June
Sept. 30 Sept. 18
June 15
July
June 15
July
July 21
Aug.
July 19
Aug.
June 10
July
Sept. 20 Aug. 31*
Dec. 20 Noy. 30*
(quar.)..
United States & Internat'l
55c
Standard
Preferred
15
Aug. 16 Aug.
June
15 Sept.
June 30 June
(quar.)
Quarterly
United States Gypsum Co.
1 June 24
40c
Dec.
_
United States Guarantee Co.
for
pref. A (quar.)—
Springlield Gas & Electric, $7
Square D Co., common B
$2.20 pref. A (quar.)
Ouart,erlv
15*
2%
Stock dividends
7% preferred
United States Graphite Co. (quar.).
15
15
Holders
When
Payable of Record
July
July
8ept
(s.-a.)
United States Gauge Co.
1 June 21
1 June
Share
Name of Company
Payable of Record
31H
Southwestern Light & Power, $6
South West Pennsylvania Pipe
Per
Holders
When
Per
Share
Name of Company
June 26, 1937
Chronicle
(quarterly)
25c
25c
25c
June 30 June
June
July
July
July
Aug.
Sept.
25c
Oct.
15c
July
July
July
July
July
July
July
July
31H
10c
$1H
$1H
75c
75c
$1H
18
8
June
8
June
20
20
20
Sept. 20
July
Aug
June
10
June
16
June 21
June
18
June
18
June
June
18
14
June
14
books not closed for this dividend,
t On accounr of accumulated dividends.
t Payable in Canadian funds, and in toe case oi non-residents of Canada,
of
tax of 5% of the amount of such dividend ®nl he maoe
de 1 net ion
Volume
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
4293
Chronicle
Financial
144
York
New
The
The
following shows the condition of the Federal Reserve
weekly statement *ssued by the New York City
Clearing House is given in full below:
Bank of New York at the close of
STATEMENT
in
OF
ASSOCIATION
MEMBERS
OF
THE
CLEARING
YORK
NEW
THE WEEK ENDED SATURDAY, JUNE
FOR
+
HOUSE
Time
Undivided
Deposits,
.
Average
16, 1937
June
24,1936
Deposits,
Average
Surplus and
Capital
"
June 23,1937 June
Net Demand
Profits
♦
Clearing House
date last year:
1937
19,
business June 23, 1937,
comparison with the previous week and the corresponding
Members
$
$
$
Assets—
Gold certificates
$
Bank of N Y & Trust Co
6,000,000
20,000,000
Bank of Manhattan Co.
National City Bank
Cbem Bank & Trust Co.
13,010,800
90,000,000
Guaranty Trust Co
Manufacturers Trust Co
12,368,000
Other cash
702 501,000
67.456.800
3,375,522,000 3,269,758,000 2,989,080,000
——
1,650,000
85,949,000
f
769,000
1,479,000
89,428,000
74,096,000
26,924,000
Total
68,691,000
21,000.000
hand and due from
United States Treasury.x
Redemption fund—F. R. notes
41,519,000
163,808.000
179,693.200 61,447, 670.000
485 550,000
42,429,000
42.837.000
Cent Hanover BkATr Co
398, 073,000
56,699,400 01.469, 591,000
449, 823,000
54,108.700
20,000,000
137, 893,000
25.666,700
77,600.000
on
95,206.000
60.808,000
3,463,121,000 3,359,955,000 3,064,655,000
reserves
Bills discounted:
'
Corn Exch Bank Tr Co.
15,000.000
17,452,000
248 968,000
10,000.000
104,479,100
529 ,454.000
1,359.000
Irving Trust Co..
Continental Bk & Tr Co
50.000.000
60.860.400
481 ,587,000
350,000
4.000.000
4,014,700
58 ,445,000
100.270,000
125,302.300 cl,841 ,712,000
50 ,902,000
3,610.600
84,919,000
<1766 ,240,000
68,T7V.6CO
by
U. 8. Govt, obligations.
fully guaranteed
2.427.000
Chase National Bank...
Secured
23.553,000
First National Bank
Flftb Avenue Bank
500.000
Bankers Trust Co
25,000.000
74.400,100
Title Guar A Trust Co..
10.000.000
2,727.000
15 779,000
5,000.000
8,831,400
84 ,705.000
27,781.300
7,932,200
275 ,511,000
76 ,156,000
80 ,564,000
bills discounted
Total
5,033.000
1,570,000
2,121,000
1,482,000
5,931,000
6,603,000
3,603,000
1,552,000
Industrial advances
29,257.000
1,754.000
8,324,400
4,063,000
1,868,000
5,908,000
1,758,000
5,922,000
1,095,000
7,360,000
210,233,000
335,283,000
179,513,000
210,233.000
334,709,000
82,132,000
466,186,000
180,087,000
181,065,000
725,029,000
725,029,000
729,383,000
738,420,000
739,312,000
741,441,000
78,000
5,924,000
78.000
91,000
2,872,000
134,258.000
3,223.000
12.500,000
7,000.000
7,000,000
or
Bills bought in open market
564,000
Marine Midland Tr Co..
direct
Other bills discounted
49,384,000
New York Trust Co
Coram'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
United States Government securities:
Bonds
Treasury notes
Treasury bills
Totals
*
523.607.COO
884,780,100
734,285,000
9.601,124,000
Total U. S. Government securities.-
As per official reports: National, March 31, 1937; State, March 31, 1937; trust
companies, March 31, 1937.
c
includes deposits in foreign branches
$126,211,000; d $41,673,000.
follows: a $263,227,000; C$95,385,000;
as
Total bills and securities
Due from foreign banks
The New York "Times"
publishes regularly each week
trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended June 18:
of
returns
a
Federal Reserve notes of other banks—.
157,315,000
5.729,000
205,574,000
Bank premises
10,069,000
10.069.000
All other assets
number of banks and
11,673,000
11.495,000
Uncollected Items
Total assets
INSTITUTIONS
BUSINESS
NOT
FOR
NATIONAL
IN
CLEARING
THE
AND
WEEK
STATE
HOUSE
ENDED
WITH
THE
CLOSING
FRIDAY, JUNE 18.
BANKS—AVERAGE
4,386,601,000 4,332,212,000 3,981,674,000
OF
1937
Liabilities—
FIGURES
F. R. notes in actual circulation
Loans,
Res. Dep.,
Dep. Other
Y. and
Bants and
Gross
Trust Cos.
Deposits
Disc, and
Including
Bant Nous
Elsewhere
$
$
$
Manhattan—
N.
U. S. Treasurer—General account
$
22,852,000
21,129,000
97.500
6,871,200
2,564,000
562,000
9,050.000
5,443,187
259,191
1,995,885
1,531,000
115,523
Brooklyn—
People's National
4,991,000
102,000
758,000
92,000
TRUST COMPANIES—AVERAGE
Loans
Cash
Total
28,469,300
28,676,000
5,245,000
157,496,000
51,196,000
51,474,000
7,744,000
9,142,000
2,422,000
Total liabilities
Bants and
$
Federation
$
56,926,400
*9,441,900
9.413.953
Fiduciary
10.389,775
Ratio
Deposits
8,368,900
2,165,921
211.122
*
of
total
deposit
United States
Brootlgn—
Brooklyn
83,235,000
Kings County
31,186,709
3,145,000
2,331,641
liability on bills
for foreign correspondents
67,699,700
2,178,943
52,113,000
156,807,000
187,774,000
51,257,000
130,401,000
50,920,000
51.474,000
50,825,000
7,744,000
7,744,000
9,142,000
8,849,000
6,360,000
1,962,000
and
84.3%
83.5 %
1,652,000
1,487,000
82.2%
purchased
11.922.777
374,200
722,200
16,221,345
85,083,774
39,652.000
7.617,199
Commitments
9,440,046
23,207.300
37,812.000
56,000 118,003,000
390,500
53.800.000
4,386,601,000 4,332,212,000 3,981,674,000
to
reserve
Contingent
$
3,453,400
751,877
20,177,500
Lawyers
$
$
825,119
*6,922,100
28,451,300 *10.832,500
75.570,216 23,511,094
Fulton
813,658,000
499,278,000
21,254,000
Gross'
Trust Cos.
F. R. note liabilities combined
Manhattan—
Empire
32,037,000
3,204,879,000 3,112,987,000 2,912,917,000
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
6,313,074
Dep. Other
Elsewhere
deposits
All other liabilities
Y. and
N.
Investments
Other deposits-
FIGURES
Res. Dep.,
Disc, and
909,872,000
26,470,000
62,779,000
92,477,000
Foreign bank
$
Trade Bank of N. Y.
Sterling National
902,248,000
Deposits—Member bank reserve acc't-- 3,023,153,000 2,975.037,000 2,235,578,000
Other Cash,
Investments
Grace National
10,851,000
27,506,000
make
to
industrial
ad-
bances
5.898,000
5,883,000
t "Other cash" does not Include Federal Reserve notes
or
a
9,813,000
bank's own Federa
Reserve bant notes.
x
These
over
35,340,611
are
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934. devalued from
100 cents
to
59.06
cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
*
Includes amount with Federal Reserve as follows: Empire, $7,844,500; Fidu¬
ciary. $448,267; Fulton, $6,609,700; Lawyers, $10,092,000.
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 Wjeek behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes
announcement of the
The
Federal
Reserve Bank of New York
of
April 20,
were
1937,
made In the breakdown of loans as reported In this statement, which were described In
follows:
-
an
as
In the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the amounts to
(1) commercial, Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the
purpose of purchasing or carrying securities.
The revised form
also eliminates the distinction between loaus to brokers and dealors 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
"open market paper," Instead of In "all other loans" as at present.
changes
Subsequent to the above announcement It was made known that the new Items "commercial, Industrial,
segregated as "on securities" and "otherwise seoured and unsecured."
A
more
detailed explanation of the revisions was published in the May 29,
and agricultural loans"
and
"other loans" would each be
1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
CITIES, BY DISTRICTS, ON JUNE 16,1937(In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
New York
Phila,
ASSETS
$
$
S
$
Loans and Investments—total
Loans—total
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
5
.
$
$
Minneap. Kan. City
$
San Fran.
$
'
22,573
1,336
9,511
1,182
1,901
9,741
704
4,449
458
702
643
559
3,061
641
391
,693
487
2,168
239
271
976
284
168
i'252
214
1,024
•
...
Dallas
$
5
Commercial, Indus, and agrlcul. loans:
On securities
565
Loans to banks
42
14
12
50
43
10
17
16
40
157
228
89
129
533
121
76
136
115
312
181
26
16
12
6
50
11
7
19
2
34
1,371
42
1,180
27
19
4
7
53
6
2
5
3
23
716
37
359
39
38
20
17
96
13
9
14
15
59
83
240
60
181
28
27
81
45
6
19
21
375
6
126
2
4
2
5
7
8
1
1
1
4
729
Real estate loans
44
1,600
110
167
Other loans for purchasing or carrying
securities
239
263
1,166
Loans to brokers and dealers
38
3,759
474
Otherwise secured and unsecured..
Open market paper
63
287
47
123
28
22
46
12
9
14
9
69
•
Other loans:
On securities
Otherwise secured and unsecured..
794
62
237
56
51
42
46
60
25
48
27
32
108
United States Government obligations
8,556
462
3,388
347
872
296
179
1,478
205
167
260
194
708
Obligations fully
by U. S. Govt.
1,165
23
480
94
59
38
31
173
49
12
47
28
Other securities
3,111
147
1,194
283
268
70
78
434
103
44
134
51
305
Reserve with Federal Reserve Bank..
5,280
239
2,615
237
333
133
106
808
143
78
163
113
312
guar,
Cash In vault
<'
131
299
39
64
16
38
17
10
61
11
5
11
9
Balances with domestic banks
1,774
87
158
125
165
112
101
309
91
72
208
156
190
Other assets—net
1,306
91
540
89
106
43
40
91
23
16
23
27
217
15,242
971
6,852
806
1,100
424
338
2,272
266
499
397
925
5,233
279
1,128
281
719
199
180
T
121
146
122
1,014
547
46
298
23
19
13
14
2
8
12
47
112
351
175
249
18
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
392
861
183
56
.
5,041
592
212
9
1,970
554
282
337
191
186
748
.
9
228
...
4
1
58
2
54
915
37
419
25
21
•28
7
28
9
5
3
6
327
3,604
236
1,613
228
346
93
89
357
87
55
91
80
329
1
8
1
14
1
1
Financial
4294
Chronicle
June 26, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board
Governors of the Federal Reserve System on Thursday afternoon, June 24,
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
The following was
COMBINED
Gold ctfs.
1937
1937
1937
1937
$
$
$
$
3
9,
June
2,
May 26,
May
19,
28,
Apr
1937
1936
$
$
J
June 24,
8,839,408
8.842.902
8,843,402
11,713
10,079
9.595
7,958,042
12,364
11,341
272,695
8,838,414
11,341
296,310
8,838,913
11,583
289,155
288,280
279,497
289,136
272,844
f9,154,114
9,122,437
9,146,065
9,139,651
9,139.401
9.132,478
9,142,133
8,243,250
11,521
11,006
12,524
4,961
11,624
3,658
12,949
2,705
9,366
3,289
12,326
3,372
13,917
2,807
2,918
1,633
3,985
2,204
13,303
14,328
14,295
17,485
15,698
15,282
15,654
16,835
10,999
6,189
4,273
22,012
5,094
5,818
6,261
4,475
4,534
3.739
22,049
22,196
22,232
6,260
22,407
22.523
22,779
22,854
3,743
23.180
29,936
732,608
1,166.213
627,469
732,608
1,152,213
732,608
732,608
1.152,213
1,152,213
732,608
1,152,213
732,428
1,152,393
732,428
1.152.393
625,469
641,469
641,469
641,469
641,469
641,469
641,469
1,156,393
635,119
315,678
1,494,199
620,357
2,526,240
Other cash *
reserves
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
2,526,290
2,526,240
2,430,234
8,836,904
10,241
322,491
9,161,358
9,844
t8,838,405
8,837,903
3,459
Redemption fund (Federal Reserve notes)
Total
1937
June
16,
9,169,636
hand and due from U. S. Treas-x
on
May 5,
1937
June
$
ASSETS
May 12,
1937
$
June 23,
1937
Three ciphers (000) omitted
BUSINESS JUNE 23, 1937
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
RESOURCES AND LIABILITIES
8,838,401
9,971 V
305,738
9,860
313,595
Bills discounted:
Secured
by
direct
or
S.
U.
Government obligations,
fully guaranteed
—
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds-.
732,558
1,168,213
Treasury notes
Treasury bills
Total U. S. Government securities
734.728
3,077
j
181
Other securities
Foreign loans
gold
on
—
Total bills and securities
2,565,828
.
—
2,568,599
2,567,761
Gold held abroad
Bank premises
All other assets
12,475,849
2,569,257
2,569,718
2,564,162
2,469,617
""230
"""230
"""237
18,847
21,615
21.402
21,542
21,036
666,762
45,787
21,033
626.231
45,685
701,718
45.788
616,874
45.700
604,558
45,776
49,199
47,853
47,202
46,461
45,956
45,785
45,122
45.861
40,243
45 495
15,392
551,560
48,052
38,813
12,702,930 tl2.435.116
12,453,372
12,436,099
12,523.821
12.488,935
12,431,243
12,445,145
11,366,921
"""226
22.025 |
21,277
866,372
"~226
""228
""230
""228
'
40,758
Total assets--.*
2,568.570
646.056
23,108
630.603
45.697
Uncollected Items
2,570,655
595,266
45.687
"""219
""219
Due from foreign banks
Federal Reserve notes oi other banks
2,572,268
LIABILITIES
Federal Reserve notes in actual circulation
4,162,832
4,177,805
t4,200,965
4.235,114
4,184,042
4,184,425
4,193,868
4,207,722
4,176,990
3,980,018
Deposits—Member banks'
6,854,411
150,928
6,807,978
250,212
147,450
6,853,710
115,099
121.749
133,705
6,943,597
80,486
6,918,227
6,942,727
116,777
6,933,816
94,747
124,041
126,110
6.882.362
97,263
103,914
181,699
156,553
119,479
136,725
123.933
106,177
104,979
131,566
173,966
5,307,954
929,072
56,258
195,677
7,325,119
7,292,760
7,224,263
7,284,849
7,285,047
7,285,449
7.265,238
7,298.546
6,488,961
634,198
132,205
145,854
27,490
35,931
8,484
United States Treasurer—General account
6,928,977
84,642
139,671
139,470
7,328,855
reserve account
851,089
132,240
145.854
591,267
618,046
705,826
132,196
145,85*
27,490
645,317
132.198
145,854
27,490
132,202
145,854
132.199
549,671
130,879
145,854
27.490
145,501
35,940
35.940
35.939
7,196
7.677
7,410
36.142
7,965
34,116
8,644
609,920
132,193
145,854
27,490
35,993
6,833
619,975
132,183
145,854
27,490
35.939
7,041
660,697
132,193
145,854
27,490
12,702,930 tl2,435,116
12,453,372
12,436,099
12,523.821
12,488.935
12.431,243
12,445,145
11,366,921
78.7%
166.963
Foreign banks
Other deposits
Total deposits
.
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
12,475,849
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined-
Contingent liability on
foreign correspondents
27,490
35,931
7,402
•
27,490
35,974
96 017
26,513
11,262
79.6%
79.6%
79.6%
79.7%
79.7%
79.6%
79.6%
79.7%
4,044
purchased
79.8%
3,745
2,532
1,532
1,532
1,532
1,532
1,034
784
16,733
16,801
16,956
17,018
17,188
17,311
17,183
17,454
17.528
24,452
11,451
bills
12,663
14,276
14,044
14,580
4.411
for
-
Commitments to make Industrial advances
'
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
-
1-16 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought in open market
15,911
10,226
586
269
165
108
133
95
59
437
416
574
722
586
465
119
84
591
397
406
367
236
132
218
511
487
638
461
Total bills discounted
15.947
474
400
61-90 days bills discounted
Over 90 days bills discounted
12,525
616
375
.
.
357
362
828
299
412
258
199
143
425
16,835
10,999
6,189
13,303
14,328
14,295
17,485
15,698
15,282
15,654
1,956
3,098
3,223
770
364
874
206
30
170
470
233
880
1,437
3,002
1,663
457
136
243
310
270
1,421
647
528
635
886
581
666
541
614
599
426
1,116
1,187
1,187
2,915
3,073
2,858
2,749
2,789
2,038
26
Over 90 days bills bought in open market
4,273
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances..-.-.
31-60 days Industrial advances
61-90 days industrial advances
5,094
5,818
6,261
6.260
4,475
4,534
3,739
3,743
3,077
871
903
791
812
794
817
795
837
942
1,631
272
....
Total Industrial advances
1-15 days U. S. Government securities......
16-30 days U. S. Government securities...
31-60 days U. S. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
140
135
297
324
178
188
206
245
221
910
920
996
521
566
552
577
586
413
748
687
465
735
19,647
19,840
1,101
20,100
1,108
20,078
599
19,404
1,024
19,942
661
19,343
1,027
19,842
20,943
26,771
22,012
Over 90 days industrial advances
1-15 days other securities.
124
22,049
22,196
22,232
22,407
22,523
22,779
22,854
23.180
29,936
34,710
44,151
24,767
33,461
70,223
78,920
26,107
28,520
2,318,919
76,689
2,326.676
27,870
24,667
68,121
73,108
2,332,524
27,420
26,007
2,245.281
32,247
76,689
58.493
2.314,710
22,120
42,051
67,808
63,075
2,331,236
65,208
2,344,434
23,790
27,770
59,278
67,123
2,348,279
41,541
35,063
78,920
132,266
33,561
34,660
70,608
70,121
2,317,340
36,241
53,559
114,972
2,193,821
2,526,240
2,526,290
2,526.290
2,526,290
2,526.290
2,526,290
2,526,290
2.526,290
2,526.240
2,430,234
68,298
6&221
663
_
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
181
181
Total other securities
Federal Reserve Notes—
In actual circulation
4,501,262
338,430
4,505,873
328,068
4,517,118
315,069
4,505,125
270,011
4,496,626
312,584
4.498.606
314,181
4,501,461
307,593
4,496,178
288,456
4,494.218
317,228
4,243,935
263,917
4,162,832
4,177,805
4,202,049
4,235.114
4,184,042
4,184,425
4,193,868
4,207,722
4,176,990
3,980,018
4,542,632
4,544,632
4,537,132
4,535,632
18,037
20,000
15,891
35,000
16,759
52,000
4,518,132
10.848
52,000
4,260,523
19,943
20,000
4,536.632
16,344
45,000
4,521,132
15,634
20,000
4,550,132
16,324
20,000
4,538,132
13,801
20.000
4,576.433
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
4.580,266
4,586.456
4.578.075
4.575,169
4.586.523
4,597,976
4.689,891
4.580.980
4,307,403
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total collateral
•
*
"Other cash" does not Include Federal Reserve notes,
These
are
t Revised figure.
certificates given by the United States Treasury for the
cents on Jan. 31,
4,880
42,000
1
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
the provisions of the Gold Reserve Act of 1934
under
Volume
144
Financial
Chronicle
4295
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
'
•
1
•
'
'
■
■
'■
'
V,
.
'
'I
.
,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
12 FEDERAL RESERVE BANKS AT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
RESOURCES
$
%
$
$
Gold
certificates
hand
on
and
$
Atlanta
Chicago
$
$
$
8,836.904
10,241
322,491
434,425 3,375,522
9,169,636
*
Total reserves
502,238
691,197
280,837
600
1,650
394
666
464
46,610
85,949
24,574
17,928
21,629
481,635 3,463,121
527,206
709,791
302,930
880
Bills discounted:
Secured by U. S. Govt, obligations.
direct and(or) fully guaranteed..
9,844
1,490
4,063
1,138
764
Other bills discounted
3,459
136
1,868
11
■■
Minneap. Kan. City
$
13,303
1,626
5,931
1,149
848
4,273
22,012
732,558
1,168,213
625,469
223
3,134
53,385
85,140
1,552
5,908
210,233
45,584
2,526,240
2,565,828
237,068 1,718,325
324
1,523
Total bills discounted
Bills bought In open market
Industrial advances
Government securities—Bonds
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
385
$
283,373
Dallas
%
197,138
San Fran.
I
$
270,025
1937
1,206
697
387
470
39,541
17,179
5,292
17,235
7,916
252,032 1,758,190
301,758
203,127
287.647
194,444
687,755
86
34
75
164
510
78
33
131
256
102
164
67
206
420
'612
13,441
549
85
760
886
359
,'v
660,698
1,860
25,197
84
U .S
Louis
St.
' 1
due
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash
Cleveland Richmond
■■'■
■
CLOSE OF BUSINESS JUNE 23,
1,309
149
85
107
384
86
60
186,058
98
772
98
3,979
922
2,029
211
913
325
784
629
1,258
1,920
71,309
80,726
32,298
23,828
35,992
28,601
63,516
113,724
38,575
61,521
32,234
335,283
61,861
98,654
51,509
38,002
57,402
45,612
52,821
60,889
32,938
51,326
27,481
128,742
179,513
68,930
27,578
20,346
30,733
24,421
101,298
54,235
184,109
725,029
213,336
245,922
133,034
111,041
278,398
111,385
82,176
124,127
98,634
219,049
189,092
738,420
218,849
248,051
136,098
112,668
279,780
111,960
83,087
125,060
100,410
222,353
219
17
78
23
21
10
8
27
4
3
6
6
16
23,108
630,603
45,697
40,758
354
5,924
1,726
60,463
2,008
52,821
6,307
1,754
26,215
2,369
5,077
4,395
2,764
2,570
2,427
87,578
4,661
1,583
3,716
1,524
1,533
16,521
1,497
1,439
32,541
4,899
1,522
21,352
2,216
415
157,316
10,069
1,005
52,109
1,610
64,239
3,033
2,440
1,793
24,557
1,259
1,566
2,830
34,891
3,406
2,982
740.810 4,386,601
809,168 1,030,754
499,201
391,381 2,136,379
445,584
307,207
451,874
322,057
954,233
4,162,832
285,279
902,248
310,630
431,646
192,129
172,920
967,598
177,170
137,901
161,070
92,213
32,128
6,854.411
336.340 3,023,153
16,444
26,470
378,241
454,279
168,597
214,648
5,707
18,913
3,906
1,766
5,890
134,529
2,433
3,750
2,683
237,207
7,033
981,771
33,984
140
174,636
9,128
4,728
3,401
531.945
6,674
11,576
10,921
185,243 1,036,434
230,211
143,395
249,092
191,893
561,116
87,525
12,637
21,504
27,660
31,688
27,427
3,865
30,607
10,113
9,645
1,996
2,037
Uncollected Items
Bank premises
All other resources
Total resources
12,475,849
11,673
.
3,217
LIABILITIES
F. R. notes In actual circulation.....
Deposits:
Member bank reserve account
U. 8. Treasurer—General account.
Total deposits
availability Items
634,198
132,205
145,854
27,490
35,931
8,484
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
12,475,849
Contingent liability
on
15,000
9,180
20,884
413,232
506,256
240,163
60,916
51,859
20,480
12,875
14,323
4,856
4,336
4,869
5,616
1,007
754
1,416
545
1,690
1,199
342
7,832
1,433
16,517
2,894
3,116
1,003
2,055
329
326
326
299
591
391,381 2,136,379
445,584
307,207
451,874
322,657
954,233
9,833
64,441
9,373
157,496
51,196
51,582
12,243
9,826
51,474
7,744
9,142
2,422
"Other cash" does not include
13,362
2,874
1,570
506
4,325
3,000
794
710
406
809,168 1,030.754
740,810 4,380,601
3,121
3,422
1,497
499,201
4,044
273
16,733
2,175
1,652
5,883
3,851
1,142
1,262
941
1,847
344
161
131
434
112
86
109
109
266
155
1,315
2,002
339
10
1,139
65
128
302
3,220
RESERVE NOTE
Total
Boston
New York
Phila.
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
$
S
$
STATEMENT
Cleveland Richmond
$
Atlanta
Chicago
$
$
$
$
Dallas
$
San Fran.
$
$
327,837
17,207
457,915
26,369
203,678
191,120
142,992
380,481
9,872
5,091
172,279
11,209
100,211
18,200
995,202
27,604
187,042
11,549
7,998
48,353
4,162,832
285,279
902,248
310,630
431,546
192,129
172,920
967,598
177,170
137,901
161,070
92,213
332,128
4,542,632
In actual circulation
on
$
329,452 1,013,053
44,173
110,805
336,000 1,020,000
1,626
5,751
335,000
1,205
459,500
205,000
178,000 1,010,000
915
916
by Agent as security
for notes Issued to banks:
certificates
Louis Minneap. Kan. City
St.
4,501,262
338,430
Collateral held
hand
and
due
from United States Treasury
13,801
paper.
U. S. Government securities
4,576,433
States
189,632
144,000
174,000
102,500
389,000
85
114
67
217
430
1,166
199,309 1,010,085
189,746
144,067
174,217
102,930
390,166
1,309
20,000
Total collateral.^
United
4,002
3,613
(000) Omitted
Federal Reserve Bank of—
Eligible
3,815
4,655
7,017
4,728
Federal Reserve notes.
Federal Reserve notes:
Gold
4,782
4,891
■
367
FEDERAL
Three Ciphers
16,093
bills purchased
for foreign correspondents
Commitments to make Indus .advances
•
15,978
92,477
366,941 3,204,879
7,328.855
62,779
2,255
166,963
156,553
Other deposits
Deferred
11,902
150,928
Foreign bank
219,065
11,037
7,011
3,050
Government
York Stock Exchange—See
20,000
337,626 1,025,751
Securities
following
336,205
the
on
460,415
205,916
New
Transactions
page.
the New York Stock
at
Exchange,
Daily, Weekly and Yearly
Slocks,
United States
Rates
quoted
Treasury Bills—Friday, June 25
for discount at purchase.
are
Week Ended
June 25 1937
Railroad &
Miscell.
State,
Municipal &
United
Number of
Shares
States
Bond
Bonds
For'n Bends
Bonds
States
Saturday
Total
Bid
Asked
0.38%
0.38%
Nov. 24 1937
14 1937.
0.38%
Dec.
July
21 1937.
July
28 1937.
0.38%
0.38%
0.38%
0.38%
July
July
Aug.
.
7
'
1
4 1937.
Nov. 17 1937
Asked
Dec.
8 1937
0.42%
0.42%
0.45%
0.45%
Dec.
15 1937
838,000
534,060
4,583,000
849,000
Wednesday
Thursday
551,270
5,312,000
839,000
553,390
Friday
Bid
•
■
4,387,000
Tuesday
June 30 1937.
220,950
423,760
$2,453,000
Monday
574,620
5,217,000
5,546,000
924,000
307,000
$3,020,000
5,415,000
6,727,000
6,606,000
6,259,000
6,777,000
2,858,050
$27,498,000
$4,634,000
$1,672,000
$33,804,000
$454,000
$113,000
190,000
295,000
455,000
312,000
730,000
0.50%
1 1937
Dec. 22 1937
Total
0.50%
Sales at
Dec. 29 1937
0 50%
0.38%
New York Stock
Jan.
5 1938
0.55%
Aug. 25
0.38%
Jan.
12 1938
0.55%
Sept. 1 1937.
Sept. 8 1937.
Sept. 15 1937.
Sept. 22 1937.
Sept. 29 1937.
0.40%
0.40%
0.40%
0.40%
0.40%
Aug. 11 1937.
■
Aug. 18 1937.
•:
Oct.
0 1937.
3 1937.
19 1938
0.55%
26 1938
0.55%
Feb.
2 1938
9 1938
16 1938
Jan. 1 to June 25
1936
1937
1936
2,858,050
6,742,050
$1,672,000
4,634,000
27,498,000
$4,096,000
6,454,000
$265,554,000
187,168,000
$145,056,000
39,886,000
1,222,433,000
1,454,125,000
$33,804,000
$50,436,000
$1,675,155,000
$1,770,061,000
226,607,247
258,795,685
Bonds
0.58%
Feb.
1937
Stocks—No. of shares.
0.58%
Feb.
0.40%
0.40%
0.40%
0.40%
0.42%
Nov. 10 1937.
Jan.
Jan.
Week Ended June 25
Exchange
0.58%
Government
State and foreign
Railroad and industrial
170,880,000
0.42%
.
Oct.
13 1937.
Oct.
20 1937.
Oct.
27 1937.
■
Nov.
Feb.
23 1938
0.58%
Mar.
2 1938
Mar.
9 1938
Mar. 16 1938
0.59%
0.59%
0.59%
Mar. 23 1938_
0.50%
Total
Stock
Below
are
the
Quotations for United States Treasury Certificates of
as
Figures after decimal point represent
one
or
more
32ds of
Bond
daily closing
stocks and bonds listed
Indebtedness, &c.—Friday, June 25
a
and
on
Averages
averages
Exchange
compiled by Dow, Jones & Co.:
point.
Bonds
Int.
of representative
the New York Stock
Bonds
10
Int.
Dec.
15 1941
,
—
Sept. 15 1939...
Dec.
15 1939...
June
15 1941...
Mar. 15 1939...
Mar. 15 1941...
June
14 1940—
Dec.
15 1940.
..
Rate
m%
1H%
1H%
1H%
\Yx%
m%
1H%
1H%
Bid
98.24
Asked
98.26
Maturity
100.8
Mar. 15 1940...
Mar. 15 1942...
100.8
June
Rate
99.10
99.12
Sept. 15 1938...
m%
IH%
2X%
2H%
100.20
100.22
Feb.
1 1938...
2*1%
99.30
June
15 1938...
100.6
100.6
99.28
100.6
99.31
15 1939...
Bid
Asked
100.19
10
100.21
100.6
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
Date
30
Indus¬
Maturity
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
100.8
101.25
101.27
June 25.
169.59
52.37
26.29
59.06
106.25
108.69
84.71
101.09
100.34
102.8
102.10
June 24.
170.08
53.15
26.18
59.35
106.54
109.09
85.35
101.76
100.69
101.10
101.12
June 23.
169.01
53.05
26.26
59.11
106.60
109.05
85.24
101.91
100.70
June 22.
168.20
52 86
26.37
58.92
106.59
109.11
85.40
102.11
100.80
June 21.
167.98
62.75
26.21
58.79
106.60
109.14
86.86
102.03
1U0.91
June 19.
168.60
53.38
26.51
58.19
106.78
109.15
86.18
101.94
101.01
2V*%
102.8
102.10
100.8
Mar. 15 1938...
3%
101.28
101.30
100.1
Sept.15 1937...
3 M%
100.23
100.25
June 26, 1937
4296
Stock and Bond Sales—New York Stock Exchange
DALLY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
the onlt Transactions of the day.
NOTICE—Oasbrand deferred delivery sales are disregarded in the day's range, unless they are
such sales in computing the range for the year.
No
account is taken of
f.yFPJMI United States Government Securities
Below
we
furnish
the New York Stock Exchange
on
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
115.30
115.30
115.30
115.25
Low_
115.30
115.30
115.27
115.25
115.30
115.30
115.30
115.25
7
106.11
106.11
1
106.8
106.6
100.12
100.14
100.12
100.10
100.14
100.12
100.14
100.15
100.12
100.10
100.14
100.12
100.14
Total sales in $1,000 units...
21
2
2
8
21
1
High
99.23
99.21
99.19
99.21
99.22
99.20
Low.
99.23
99.19
99.17
99.18
99.19
99.20
Close
99.23
99.20
99.19
99.19
99.19
99.20
$1,000 units...
2
21
10
57
7
25
High
99.15
99.17
99.12
99.10
99.12
99.10
99.15
99.9
99.8
99.15
99.9
106.4
106.11
106.9
106.3
106.5
106.6
106.4
Close
106.11
106.9
106.8
106.5
106.6
106.4
8
1
Total sales in $1,000 units...
111.8
2 Ms, 1951-54....
Total sales in
18
111.7
111.8
111.9
111.6
111.9
Low.
111.8
111.7
111.8
117.7
111.6
111.9
Close
111.8
111.7
111.8
111.9
111.6
111.9
[High
4s, 1944-54
100.12
100.14
2Mb. 1948-51
1
106.6
Low_
High
3Ms, 1943-45
100.15
[Close
115.23
Total sales in $1,000 unite
100.14
100.14
99.10
99.8
99 9
99.11
99.10
99.10
99.9
22
17
15
1
14
19
High
97.23
97.20
97.19
97.22
97.20
97.22
Low
2Kb. 1956-59
Close
/.
Total sales in $1,000 units...
15
Total sales in $1,000 units.
.
June 19
115.23
Close
'
June 21 June 22 June 23 June 24 June 25
[High
{Low.
Treasury
115.23
High
4Ms, 1947-52.
'
Daily Record of U. S. Bond Prices
June 19 June 21 June 22 June 23 June 24 June 25
Daily"Record of TJ$S,rBond Prlcet
Treasury
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
a
109.18
109.18
109.20
Low
109.18
109.18
109.20
Low
97.23
97.20
97.19
97.18
97 18
97.19
Close
109.18
109.18
109.20
Close
97.23
97.20
97.19
97.21
97.18
97.22
Total sales in $1,000 units...
1
1
3
Total sales in $1,000 units...
It
5
40
76
31
14
102.14
102.10
(High
3^8. 1946-56
•
106 17
106.19
High
2 Ms, 1949-53...
■
Low.
106.19
106.17
106.20
Close
106.19
106.17
106.20
1
1
10
102.16
102.16
102.15
102.15
102.15
102.15
102.16
102.14
102.11
102.13
102.13
102.13
—•
fHigh
3s, 1951-55
•
Low
102.28
102.30
Close
3 Ms, 1944-64
Low
Total sales in $1,000 units...
3HB, 1943-47.
102.30
High
Federal Farm Mortgage
106.20
102.30
102.28
..
102.28
6
2
Total sales in $1,000 units..
102.7
102.10
102.10
High
3s, 1944-49
102.12
Low
Federal Farm Mortgage
102.12
102.5
102.7
102.10
102.9
102.10
102.12
102.10
102.7
102.10
102.14
102.10
1
13
5
20
[Close
102.16
102.14
102.15
102.15
102.13
102.15
Close
Total sales in $1,000 units...
10
32
21
12
10
2
Total sales in $1,000 units...
Federal Farm Mortgage
2
102.31
High
[High
-(Low.
104
104
104.6
104
103.31
103.30
Low
102.31
[Close
3s, 1946-48
104.6
104.6
104
103.31
103.30
Close
102.31
26
1
Total sales in $1,000 units...
Total sales in $1,000 units...
103.30
[High
105.12
Low.
105.12
105.14
105.13
105.15
105.12
105.14
105.13
105.15
24
1
301.8
Low.
101.8
105.12
*2
2
High
Federal Farm Mortgage
105.12
Close
Total sales in $1,000 units...
3 Ms, 1940-43
105.13
3s, 1942-47
105.14
105.15
105.12
[High
101.8
106.8
104.20
104.15
104.18
104.18
104.15
104.18
104.15
104.20
104.18
Close
104.20
104.18
2
8
2
23
74
104.16
104.16
104.14
[High
104.18
Low.
104.11
104.16
104.16
104.16
101.25
101.27
101.28
101.27
102
101.26
101.30
101.28
101.28
2
12
65
6
36
106.2
105.31
106.2
106.2
100.4
100.4
100.5
100.4
100.5
100.5
100.5
100.5
100.8
100 7
12
48
33
15
99.30
99.27
99.29
99.30
99.29
low.
99.30
99.26
99.29
99.30
99 28
Close
99.30
99.27
99.29
99.30
99 28
4
13
1
1
15
2
Total sales in $1,000 units
*
bonds.
106.4
106.3
1
5 Treas
106.7
106.4
106.2
106
106.1
106.2
106.4
106.2
106
106.2
table
above
includes only sales of
registered bonds were:
21
100.14
100.10
100.12
100.12
100.12
{Low.
100.12
100 9
100.7
100.10
100.7
100.10
[Close
100.12
100.9
100 9
100.11
100.12
100.10
coupon
10
100.15
Transactions in
106.3
[High
18
Deferred delivery sale.
Note—The
106
100.7
100.7
3
10
8
100.8
100.7*
100.7,-
High
2Ms. 1942-44
106.1
Total sales in $1,000 units...
100.5
Low
Home Owners' Loan
106.1
IClose
100.8
Close
106.1
106.2
106.2
2
100.8'
High
Total sales In $1,000 units..
25
[High
{Low.
106.4
[High
■jLow-
Total sates in $1,000 units...
18
Total sales in $1,000 units...
10
25
54
41
88
102.20
102.23
102.19
102.20
102.18
102.18
102.16
102.19
102.17
102.20
102.19
102.18
102.20
102.17
102.20
3
3
40
7
6
Bills—See previous page.
Treasury Certificates of Indebtedness,
&c.—See previous page.
102.19
Total sales in $1,000 units...
3Ms. 1946-56-109.14 to 109.1411 Treas. 2Ms, 1945-47-102.16 to 102.19
3%b, 1941-43—106.5 to 106.5
United States
102.20
102.20
Treas.
United States Treasury
4
[High
{Low.
[Close
55
2 Ha, 1945-47
101.30
101.30
104.14
2
Total sales in $1,000 units..
2Ks, 1955-60
101.30
2Ms, series B. 1939-49
104.14
Close
3Ms, 1944-46..
101.29
Low
104.17
Low.
Total gales in $1,000 units...
3 Ms, 1941
101.30
Home Owners' Loan
104.16
104.18
104.18
104.18
3^8, 1949-52
101.26
Close
16
104.20
3Ms, 1946-49
102
106.7
High
101.29
101.30
3s, series A, 1944-52
106.7
106.8
High
Home Owners' Loan
106.7
[Close
Total sales in $1,000 units...
47
Total sales in $1,000 units...
Total sales in $1,000 units...
106.8
-{Low.
3 Ms, 1941-43
2Ms, 1942-47
Transactions
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly—See previous page*
li.Stock and Bond Averages—See previous page.
New York Stock Record
LOW
AND
SALE PRICES—PER
HIGH
Sales
NOT PER CENT
SHARE,
STOCKS
Monday
Tuesday
Wednesday
Thursday
June 24
June 19
June 21
June 22
June 23
$ per share
$ per share
$ per share
$ per share
$
per
share
the
Friday
June 25
Shares
*45
46
*45
46
*45
46
*45
46
*45
46
*45
60
*64i4
60
*54M
60
*5414
60
*54U
6978
70
70
*68
71
71
71
71
I6I4
I6I4
1584
1578
I6I4
16
16,
*23
24
*2218
2378
*23
24
*23
24
*29
303s
*29
30
♦29
30
*29
297g
1578
*2
2I4
66
66
214
2l8
*2
6584
2lg
2is
67U
28s
*95
*95
Ills
284
lli8
258
*40
42
*39
*35
4318
42l2
37i2
*3184
3384
*39
III4
258
*38i2
37«4
*37l2
2i8
6684
2i8
2i8
6712
2l4
♦95
1U4
284
40l2
37«4
•lHg
25s
3934
*3712
1578
2i8
6712
214
16i2
16
*23
29S4
*2
2ig
6734
67M
214
2i4
*95
IH4
284
3984
3812
1118
25s
3938
*37
24
29»4
2l4
68
214
11
III4
295s
214
200
Advance Rumely
5,100
Air Reduction Inc
No par
1,700
Air
23g
*214
Mar 11
Allegheny Corp
3714
284
8,200
39
3934
3 884
1,600
39i2
*37
39l2
100
*37
40
284
40
*35
40
37i2
36U
36l2
*32
33i2
*32
*3614
33l2
335g
33
33A
*22
2214
*31
173s
*8
175g
2134
331
1678
2I84
J8
17l8
60
74
74
74
60l2
*7334
68l2
2458
484
59i2
26
*25
45s
434
245g
434
*38
39i2
•38
39i2
*87
88
*84
87
*8512
88
*8614
•2112
6978
22
22
22
60
60
60
*
87l2
60
60
*1678
18
218
2158
332
167g
*7384
6884
2484
47g
39l2
*86
Jan
9
43a Jan 26
8OI4 Jan
7
*17
19
21784 218
18
*167g
218
218i2
100
Jan
July
21i8
21l2
2H4
2H2
2,700
332
17ig
7478
116
1714
*7378
332
173g
f'l6
1714
332
47,800
17i2
40
June 17
58i2 Feb 17
35
May 27
52i8 Feb 18
45 38 Mar 15
103
Apr 26
1
18
June 12
Dye.No par
215
June 17
Inc.—
Allied Chemical &
5,500
Allied Mills Co Inc....No par
21iftJune 14
Rights
Allied Stores
Corp
heJune 22
May 14
15
Jan
52i4 Mar 15
11478Mar 11
31*4 Nov
75
Jan
IOH2 Jan 22
413s jan 16
49
July
38
Dec
4
65
Jan
conv preferred
Amerada Corp
87
88
87
87
87i4
600
Am
218s
218g
21
21U
21
213s
900
American Bank Note
60
60
60
60
5934
5934
110
t In receivership,
a Def.
delivery
43gMay 18
3414 Jan 6
85i2June 24
50
No par
Agric Chem (Del)—No par
6%
,
n
New stock,
83
r
10
21
50
6% Preferred
Nov
Jan
Amalgam Leath Cos Ino new.l
500
34
Jan
19»4 May
1,400
200
Aug
684
69
434
86
23
3538
45s
38
Aug
8312 Jan 22
*45g
38
245
3984 Jan 28
878Mar 13
6ig
39l2
867g
*84ig
87i4
Dec
Jan
1
59
Cash sale.
x
Jan
5
June 24
Apr
Ex-div,
8
y
Mar
75i8 Feb
Ex-rights.
9
5412 Nov
4038 Oot
157
June 17
85
60 M Nov
60
Nov
llli2
June
Alpha Portland Cem
Apr
Nov
17i2 Sept
512 Nov
6H2 Nov
Feb
June 21
5% preferred
Allis-Chalmers Mfg
1,000
6i8
103
Feb
98
23
300
5,800
24
87
2378 Apr 12
258i2 Mar 9
3318 Jan 16
932May 27
2178 Mar 6
2678 July
57
7484
5914
*23i2
6O84
2484
40
Jan 26
Apr
Jan
Jan
1212 Jan
27
Apr
212
1238
12U
74
7434
5978
24
8512
110
.Feb 11
No par
7484
59U
247g
*38
59
—No par
100
No par
60
5
Apr
Mar
5934 Feb 11
Allen Industries
1,000
37M Oct
2H2 Jan
88I2 Nov
68
2
2i2June 17
3012 June 17
22i8 Jan
xlig Jan
13
37i4June25
3734June 21
Feb
3534
91
No par
Nov
IS'4 Nov
1778 June
514 Jan 25
5M%Pref A without warlOO
$2.50 prior conv pref-No par
Allegheny Steel Co
No par
1,400
958 Apr
10012 Jan 22
1584 Feb 25
5s8 Feb 18
5M %Pref A with $30 war 100
5M %Pret A with $40 warlOO
200
2134
Bid and asked prices; no sales on this day.
36
Aileg & West Ry 6% gtd—100
284
37l2
33l2
217
2i8June 17
June 16
*3584
19
June 16
11
*37
*17
2
97
37l2
3312
21712 21712
2184 2184
ha
17
17i2
7484
7484
5878
603s
24i4 25
434
434
*38
39l2
*84
8678
*8612 87i4
2U2 2H2
74«4
Co—100
.40
18
70
Apr
Alaska Juneau. Gold Mln—10
*35
219
Mar
59
2,000
*37
18
42
III4
mmmm.
4114
37i2
218
6
4
Jan
6412 June 17
Way El Appliance.-No par
Ala & Vlcksburg RR
8
Mar
8412 Apr 20
223fiMar 11
283g Feb 3
IU4
25g
*
19
*167g
*21812 21984
Corp
Mar
69
6
22i2June 7
29liJune 16
10
No' par
69l2
*33
*3212
Address Multlgr
200
*2
55
Feb 10
16
No par
68
Highest
$ per share $ per share
share
June 16
6334 Jan
No par
Express
per
58
25
Adams-Millls
*35
397g
39
Adams
2,100
$
45
No par
Acme SteeJ Co...
24
*2314
2958
*95
*95
IH4
234
Abraham & Straus
400
'■!
Range for Previous
Year 1936
Lowest
Highest
$ per share
Abbott Laboratories..-No par
60
*6712
1578
*5414
*6814
60
6978
Lowest
Par
I
46
*5414
*6712
Lots
EXCHANGE
Weel
$ per share
Range Since Jan. 1
On Basis of 100-Share
STOCK
NEW YORK
Saturday
4
Oct
2018 Nov
90
Nov
81
Deo
341» Nov
584
Dec
3914 Deo
12512 Mar
89
Nov
6512 Apr
73
Nov
K Called for redemption.
Volume
New York Stock Record—Continued—Page 2
144
Monday
June 21
June 22
June 23
1 per share
$ per share
$ per share
$ per share
64
*6084
*60»4
*130% 134% *131
62
64
134% *131
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Tuesday
June 19
Sales
for
LOW!AND HIGH SALE PRICES—PER SHARE,
Saturday
EXCHANGE
Friday
62%
63i2
134% *131
June 24
June 25
6 per share
I per share
Range Since Jan. 1
On Basis of 100-Share
Weeh
Shares
63
63%
134l2 *131
63
63
132
Am Brake Shoe & Fdy.lVc par
30
%
conv prel
93
94%
*154% 157
93
*156% 157
93%
94%
*156% 157
51
51
50%
53
62
62
*80%
30%
82
80
80
80
93% 95
15584 167
62
52%
80
29%
3084
30
*120
140
104%
103
103
3534
*25
*135
137
•102
*24
147g
1478
147g
21
21%
♦20%
25%
*25%
26
*89
89%
7«4
89
784
734
*11
♦11
14%
3534
1478
22
25%
89
734
11%
*174% 300
7
7%
7%
♦48
50
60%
*174% 300
7
50
*20%
21%
*39
41%
16%
*16
67g
20%
57% Apr 28
67g
*3
*20%
127g
♦43%
3784
42%
*37%
42%
3
3
22%
*20%
♦21
1278
4234
127g
44
102
*100% 106%
19
20%
4034
*16
27g
19
6%
13
1234
43%
42%
102
8%
19%
8%
44%
44%
*44%
♦102
19%
*8%
46%
*108
119% ♦110
62
62
8
8%
54%
54%
45%
8%
64%
45%
45%
1978
197g
*154
♦61
160
19
♦154
33
33%
34%
28
28
*27%
24
24
24
4834
*45%
84%
*144
♦45%
85
84
146% •143
21
21
2178
40%
*39
43
41l2
217g
42l2
1634
6%
39%
16
16
16
16
20%
65s
67g
3%
*20l2
38U
65
*61
8%
54%
8%
53%
4484
4684
19%
1878
♦154
102
8l2
65
*61
8%
8%
62i4
4514
19%
53%
4434
19%
158
*167
65
*61
8;
8i8
5H2
53
678
67g
41
41
102
65
83g
6234
4784
115
115
*61
3514
28
24
24
24
24
477g
46
46
4634
86%
8134
147
145
8434
24l2
46S4
83
84l2
144% 145
145
24i4
*4612
190
*100
49%
49%
50'4
50%
7934
*70
190
83i2
*50"
165g
*8l4
*58
IOI4
*100
49%
51%
7984
734
7%
40ifi
84
85l2
13,300
146
6284
165g
*55
41
83S
59
Ills
190
163
714
*101
110
60%
61
61
11%
11%
9%
11%
9%
9%
100
*98
17
16%
♦101
6114
1138
105
8iS
58
22l2
23
*105
20
*7
16%
165s
*101
978
100
16.50
A P W
100
200
11,000
17
17
*81
*100
112
*100
112
*100
112
*100
112
*100
112
*100
52
51
81%
98%
51%
99%
97%
50%
81%
98%
51
*16
20
*16%
52
79%
81
98
97
51
50%
9734
51%
81%
20
*16
20
23% 23%
♦22% 24
*22% 24
28
28
28%
28%
2734 2734
♦1077S 112
*108% 110
*108% 110
15%
15%
15%
15%
15%
15%
60%
50%
50%
50%
50% 60%
73
*71
73
♦69% 73
*7084
117
117
*116% 119
♦116% 119
12
*1084
*1084
117g *10%
H7g
16
16%
15%
15%
15%
1578
*684
6%
*534
6%
*534
6%
31
31
*31% 35
*31% 32%
6
6
6
6%
6%
6%
5
6%
6%
5%
47g
5%
4%
4%
484
4%
4%
4%
82
82
83% 83%
82% 82%
*82
26%
2684
26
30
*40
*36
24%
•14%
25
1484
11#
alll
23
103
♦21
•100
♦40
42%
*10714110% *108
12
11%
*86%
1834
a--
1484
111
23%
♦98
103
42%
*
1178
mtmmm,
IIS4
*86%
19%
20%
19%
20%
20%
20%
48
48
48
48
48
82
80%
*1784
80
8O84
18
17
19%
•
8I84
18%
18%
111
111
62
52
26%
26%
2384
*23%
♦78i4
86
*78i4
2684
31
41%
*40
5
*40
4114
102%
42%
1134
♦26
23%
102
42%
53
26s4
•5I84
26%
23»4
237s
IH4
41i4
*40
102
*
IH4
1158
19
193s
20l2
*48i2
8178
205s
*865s
19%
2012
*8684
19%
20%
48%
82%
17%
110% 110% ♦110% 111
53
*98
*
1712
111
45g
484
80
80
10
3~700
30
26%
30%
27%
31%
41%
1,900
102
102
1984
82l2
85
83
85%
17
1712
17%
1784
5U2
11312 114
52i2
52l2
26%
24%
26%
26U
*26
24
24i8
23
114% 114%
53
53
28
27
27
23l2
23%
23%
t In receivership,
a
700
3.900
Feb
1
143g Jan 18
26%
Jan
190% Nov
102% Feb
104
Feb
Jan
160
Mar
878 June
18
Deo
88% Mar
136
19% Apr
9284
2734
Oct
7% Sept
5234 Sept
10984 Sept
11% Feb
7084 Feb
3% July
!784' Mar
Jan
Jan 12
Jan 13
185
Feb 23
44
) Jan
793g Feb 23
69% Mar 10
24
May
28
Jan
5538 Nov
97
35
Jan
89% Dec
2684 Mar
Dec
111
43
Nov
July
7
Nov
...
Jan
7
June 18
2
Mar
153g Apr 28
92
June 17
par
No par
14
17
26
14
16
55gJune 15
30
June 15
55gMay 18
47gjune 17
104
Jan
84
Jan
Aug
128
Dec
7%
8%
Jan
Jan
98
95
June 11
2484 Mar
6
Jan 28
Mar
9
Jan
12% Apr
62% Mari
18% Nov
22%
108
2778
Fel
Maj
Nov1
95
Dec
112
Oct
98
Feb
124
Oct
59
Jan
57% Feb 18
106
Feb 18
0484May
104
Feb
7
9
55i2Mar 17
29
Mar 13
44 *■
Jan 18
37^ Mar
11
116% Feb
6
9084 Jan
21% Apr
11
Apr
13% Apr
26% June
109
Sept
88% Aug
107
Oct
49
Dec
31% Oct
5484 Nov
35% Apr
118% Dec
18% Mar 6
52ig Mar 10
94^. Mar 11
133 *
Jan 13
18ig Jan
3684 Feb
9i2
52i2
9%
11%
9
2
Feb 1
Mar 25
Jan 12
Jan 29
48
Jan
84
Nov
£112
Jan
131
Nov
14
June
26%'June
5%,June
29% June
3
Apr
2% July
30% Feb
54% Mar
10% Jan
46% Jan
784 Mar
II84 Dec
4i2June 19
June 17
....
97g
Dec
120
Feb
5
29% Apr
9478
Dec
June 17
120
Feb
6
3384 July
947g
Dec
40% Mar 17
4784 Mar 17
1578 Apr
21
Apr
27% Nov
41% Oct
45
39 F
491?
80
83
2058 Jan
...100
4
2984June 17
......100
3ji%May 13
lOOSgMay 11
9% Jan 30
Feb 11
110i2 Feb
4338Mar
8
9
22
5
June 24
23
June 22
32
Jan 21
35
June 25
42
24i4May 14
par
14
June 17
111
June 17
2184june 14
25
35% Feb 1
20*4 Jan 16
114
Feb
Jan
Aug
5
112
84
Jan 16
18%June 17
208g Apr 29
47%June 14
...
73
Jan
4
17
June 22
108
June 17
*51%May 14
24
x
June 14
22
Apr 28
Ex-div.
y
Mar 30
1584 Feb
87
Jan
18
2884 Feb 9
IO584 Mar 8
43% Feb 19
Feb
14%
1684 June
May
100
6
6
11% June 23
248g Nov
13% Jan
110
106
Belgian Nat Rys part prel
Bendix Aviation
6
Beneficial Indus Loan..No par
Best & Co
..No par
Bethlehem Steel (Del)-No par
Dec
2
IOI84 Jan
40% Jan
par
2% July
Feb
Jan 21
100
Cash sale,
66%
Feb
,
June 18
50%May
68% June
H384 Apr
113gJune
13%June
100
r
Jan 26
273gJune 17
May 21
No par
New stock,
June 18
6
4% June
47%
101
107
15
Jan
1
Jan
70% Mar 13
16% Feb 27
1738 Jan 21
125
17i2June 11
22
126
1
June
495s Mar 24
No par
BIgelow-Sanf Carp Inc. No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Jan
Jan
3
89% June
112
1
5% preferred...........20
7% preferred
100
Jan
110%
7%
4
8S4June 17
100
Creamery
Jan
122
99i2 Mar
11
...
50
May
105%
2
95
....1
Automobile
Apr
118
6
1384 Feb 27
No par
100
..No
37
8
4
Feb
Jan
Mar
111
Jan
57i2May 11
50
Corp
Feb 18
46
15%
12114 Feb
96
par
...
24% Jan 16
111
8134 Jan
6
5
........
4
Feb 23
78**. Dec
50
3
Beldlng-Hemlnway....No
n
29% Jan 13
Mar
Feb 23
Si2 Jan
par
$5 preferred w w
No par
Beech Creek RR Co
50
Beech-Nut Packing Co
20
Def. delivery,
4
87
Sept
10% Peb 10
1st preferred
900
600
997g Feb
20% Mar
149% Apr
Jan
63% Aug
145
8
40
Apr 26
11684May 4
10734 Jan 2
Bayuk Cigars Inc.....No
900
8
Jan
Jan
May
Barnsdall Oil Co
1,000
*49%
Jan
Jan 28
129
Deo
June
5M% preferred.........50
18,700
17i2
14384 Jan 13
2578 Jan 25
64
36
9
6% preierred
.-100
Barber Co Inc.......
..10
Barker Brothers.......No par
1,800
51
145% Nov
24% Dec
48% Apr
97
Conv
"moo
20%
19%
20%
20% Apr
10784 Jan
73% Jan 21
Feb 13
Bangor A Arno«atook.......6Q
1,000
Jan 20
26% Jan 20
5678 Jan 11
115
57% Mar
13338
37i2 Jan 12
4% preferred
200
108% May
73% Jan
145% Dec
5
June 22
20
n
Beatrice
Jan
Feb
May 21
Preferred assented
Baltimore & Ohio
12~4o6
Jan
7
68% Jan 29
148
18
...
83
104
107isApr
18
Preferred
600
Deo
Nov
79
44i2 Jan
Corp of Del (The)——^
JBaldwln Loco Works.No par
Assented...
6,900
45%
105
55 prior A
Avia
Opt
26% XNUV
20
4784May 13
79
Apr 10
Austin Nichols........No par
100
5,600
10.200
Jan
2
638 Jan
conv preferred.._ ..100
Auburn
18"""Xpr
253s
Nov
No par
Corp
5%
165% Aug
57i2June 14
conv pref series A—.100
Atlas Tack
Jan
Dec
preferred .No par
Copper Mining
Paper Co
No
Atlas Powder
100
Feb
1884 Apr
157
Nov
15234 Mar
107
June 17
8
No par
6% preferred
~
36%
14% July
87% Sept
74% Sept
273g Jan
103
15i4June 17
June 25
5% preferred
..—100
Atlantic Refining..........25
1,400
69
Feb
Jan
150% Jan 26
20% Feb 3
88
Atl G & W I SS Lines..Aro par
Atlas
Jan
Feb
43
Feb
Jan
l2%June 17
948gJune 26
""B'SOO
£35%
7%
15
5478 Nov
July
5684
Jan 28
99
69i2 Jan} 4
4%
134
136%
154
187
44i8
2,800
10534 Mar 11
7384June 12
100
83l2
61l2
21i8June 14
Mar 19
58
160ig Apr 28
100
49
54
3
5% preferred
Atlantic Coast Line RR
49
112
7
157fiJune 18
37
June 17
Atch Topeka & Santa Fe—100
*86%
20i2
109i2 Apr
1,400
4214
42%
11012 *109% 110%
II84
1134
II84
~19%
485gMay 14
par
9.100
49
Bid and asked prices, no sales on this day.
102
May 19
5% pref with warrants.-100
5%
♦76%
31
2714
31
47g
84
84
275s
3H2
110% *108% 110% *10918 11012 *I09"
20%
19%
45s
8384
Jan 15
52*4 June 23
132
140
"""loo
Dec
20*
200
9,500
3
Jan 21
Apr
Apr
118
29|" Feb
Jan 23
94
*102l2 104
104
*10212 104
104
70
*29U
29%
29U
293g
29%
30%
1,900
22
*22l2 23
225g
22%
22S4
1,000
*36
37
*35U 3612
35l2
35
3514
35%
80
247S
2478
2414 25
2412 2478
25
2484
i 5,600
*14
14%
14%
1434
*14
1478
*14%
14%
200
111
111
HHs llHj *111
114
*111
114
40
*21
23% *21
22l2
22
2212
22
22%
500
37
25%
•
♦40
478
*79
51s
Feb
May
10
3984
105
25
Associated Dry Goods
6% 1st preferred..
102% 102% 102% 102%
29
29
28% 28%
*23
23
23
24%
*
*86%
41
37
*11%
4i2
5
170
Jan 13
Jan
27
37
61%
93
98
6i8
Jan 18
Jan 12
Jan
21
31
795sMay 13
7%
80%
*7884
2612
31
29%
23%
*20
5
27
30%
103
25%
•100
26
30
93
Feb 15
16*2
87%
72i2
29i2
Jan
15% Nov
4838 Dec
122% Nov
2978 Jan
2384 July
2d preferred
100
Assoc Investment Co.-No par
79
80l2
76*2
79%
*93l2
95l2
9438
94%
51
52
51
523s
5284
*16
*16
19
19l2
*16
19
*22l2 24
*22l2
24
24
*22l2
28
28%
2778
2814
28ig
28%
*108i4 10978 *108l2 109i2 *107
109
15i8
16is
15i8
15U
15*8
15%
5058
5O84
*50i2 50%
50%
5058
7234
*70
7234
72l2 *70%
72%
*
*11614 119
116I4 119
*116% 119
*1014
H78
*1014
1178
*1034
1178
16
155s
16
1658
*16
I684
6
*584
6l2
*578
578
578
32i2 32i2
33
33
35
*32%
6is
6I4
6ig
6i8
6%
6I4
86
41
♦36
*14%
*80
27%
29%
23%
•111
86
31
3084
*40
103
♦81
90
7914
97%
5112
*5H2
75
24
3
41
100
Preferred
"~3~B66
1
23% Apr
66
Apr
5%
45% Mar 11
13812 Apr 14
Arnold Constable Corp
112
94
129i2 Feb
46
5178 Nov
36* Feb
100 £l247gjune
conv
6
Oct
2% Sept
16% Sept
9% Apr
22% Apr 27
100
Artloom Corp.
88
*48
Feb
293gMar 8
1358 Jan 20
6884 Mar 10
Oct
Jan
2684June 14
100
Armstrong Cork Co ...No
700
17
*93
125
4%
31%
37
315gMay 13
56 cpnv pref........No par
7% preferred
100
1,000
10
88
94
Apr 16
par
Armour & Co of Illinois
1,400
12
*81
52
153
Archer Daniels Mldl'd.No par
7% preferred
100
100
88
♦49%
1858 June 17
par
Armour&Co(Del)pf 7% gtdlOO
10
*81
*89%
June 16
4014June 17
par
100
30
*98
88
52%
60%June 15
7
June 17
50
par
100
"2",100
*81
92%
par
par
Andes
62
88
*48%
92%
1
June
"""Boo
105
12
1634
112
"2" 900
300
714
*6112
*934
100
43% June 15
par
Anaconda W & Cable
Anchor Cap Corp
6,900
107
20
1134
*98
June 14
49.800
300
1138
21
6212
10
June 17
100'
100
700
190
107
1112
17
June 24
§6 preferred
25
$5 prior conv pref
25
Anaconda Copper Mining—50
7,300
7934
6158
100
40
2758 Feb 15
1734 Mar 11
587S Feb 4
74isMay 18
128l4May 13
400
3,400
58
107S
1H2
10
17is Jan 7
12i2June 16
Common class B
..25
6% preferred
100
Am Type Founcers Inc..—10
Am Water Wks & Elec.No par
$6 1st preferred..
No par
American Woolen
No par
Preferred
..100
Amer Zinc Lead & Smelt
1
3,000
5
434 Mar 16
Am Sumatra Tobacco.-No par
Amer Telep & Teleg Co.—ICO
American Tobacco
25
200
53%
105
Feb
5
June 16
Preferred
100
8I4
*100
62i4
*98
100
500
51
*101
60% Dec
21% July
8% Mar
8
1 Preferred
1.900
5068
784
Jan
2*2 Jan
American Stores
No par
American Sugar Refining.. 100
6,300
52
*7
24,1%
Apr
19
Amer Steel Foundries.-No
40
77
*70
2314
Apr
13
102
American Snuff
1,200
164%
77
7984
*193g
12
25
21
par
Preferred
4,400
41
*81
93%
JLseC
38% Jan 22
687g Jan 22
par
6% preferred
*12378 126
2284 *2H2
2234
88
52%
Oct
May 20
100
Amer Smelting & Refg.No
300
5514
♦80
*48
Feb
934 Mar
June 16
11% Mar 13
American Seating Co—No par
Amer Ship Building Co.No par
600
"5284 "5284
4078
40is
4078
*40
4Q7g
4078
•119
122
*119
*119
120
11984 *119
11984
11984 11984
119U 119%
108
108
♦106% 108% *106% 108% ♦106% 108
*10614 10734 *106i4 107
11
11
11
IOS4
11%
11%
IO84
1034
1084
107S
1034
1078
92
*90% 9234
9034
9184
92
93
92%
9212
92%
92l2
92l2
•92
Dec
Deo
5584 Mar 13
5238Mar 3
112d preferred 6% cum...100
5314
23
*7%
*40%
85l2
52
*106
784
407g
110
*70
23
2234
2,100
*5018
5U2
20
22%
24i2
46i2
77
78
7712
7884
*1327S 136
*13378 136
1284
1284
125g
1284
16&8
167g
165s
1678
*86i2
91
88
88
107
22%
24l2
164U 165
76i4
76i2
*19
16%
175
60%
57gJune 17
American Rolling Mill
25
American Safety Razor..18.50
700
46l2
41
♦105
*9%
Oct
Aug
Sept
8%
14%
6878 Jan 18
par
Preferred
14,500
126
18
*98
175
32
101
6% Apr
2934 Jan
37% Jan 6
4084June 17
100
Am Rad & Stand San'y.No
20
47
*40
108
9%
4
par
pref
No
Amer Power & Light—No
$6 preferred
..No
$5 preferred
No
2412
*122
*2112
non-cum
15,500
*125l2 132
*12512 132
54i8
5458
6412
5518
*109'%6llO% *109i316110l8
18
17
Mar
'
14584 14584 *145
•105
100
10
28
23
167g
225
Apr
3% Apr
984 Jan
15
No par
10,800
2,400
1,600
83g
53i2
3414
108
•98
Nov
37
6% conv preferred
Amer News N Y Corp
200
65
8%
53
35lg
*18
11%
4
Mar
Amer Mach & Fdy Co.-No
Amer Mach & Metals.-No
Amer Metal Co Ltd..-No
3,400
28
♦105
5934
18%Mayl8
Preferred
700
28
25
11%
45g May 19
6%
1,000
3414
110
60
Jan 18
..No par
Amer Internet Corp...No
American Locomotive--No
8l2
28
49%
60
17
1384 Jan 22
3,100
4,900
45
46
47
4514
20
19l2
20
1984
*157
158
15734 158
45%
1984
158
*20
♦11%
*9%
2
13% Jan 28
6*2 June 16
American Hide & Leather... 1
6% preferred
50
American Home Products
1
1,600
83g
4714
34l2
110
87% May
27
89
1084May 18
Dec
12084 Dec
113% Oct
3584 Dec
16% Dec
3588 Nov
99% Mar
225
Dec
60% Dec
Nov
335g Jan 21
June 24
7
174
111
June 17
88% June 14
Dec
137% July
100
7% July
20% July
16% Jan
25
Dec
Apr
3
3084 Mar 31
par
American Ice
20
1984
28
♦70%
22%
*102
23% Mar
100
1,000
*10H4 106
335s
7934
110
Jan 25
7
May
20%June 17
$7 2d preferred A ...No par
$6 preferred
..No par
Amer Hawaiian SS Co
10
2,600
1314
314
28
497S
*100
May 28
29
June 15
Dec
70*4
141
57
Apr 26 £106
13% Jan
110
30% Apr
104i2 Feb
3 234 June
Apr 20
25
?!
800
33%
487g
*40%
9
148
98
17 preferred
300
16
27%
*70%
2134
4078
1,600
45
13
20
1984
8l2
*8%
4512
4714
*11268 116
*105
*40%
Jan 25
No par
1,000
2112
153s
3234
*47
*7
June 14
Jan
Amer & For'n Power...No
3,400
*20l8
4212
20
2188
*41%
3378
27%
50
8
28
115
Apr
May
1% Mar 31
American Express Co
200
1314
44% 45
11434 11434 ♦1125s 115
*44
♦684
120
500
22ig
45%
51
23%
600
1,800
1,000
41
*13
102
102
838
♦100
51%
7934
Feb
June 17
American Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling—1
Amer European Sees...No par
600
4278
314
2112
*2012
40
1984
190
50
Jan
71
78
Am Coal of N J (Alleg Co)—25
*42
3
43
8%
*100
*70%
22%
American Chicle
800
800
*38
3
4214
104
6I2
3%
2ll2
13%
19%
190
*45%
5% preferred
38i4
*42
*52" 54% "52% *52% *52% 54 ~ ~52% 62U
•125% 132
*125% 132
*125% 132
*12512 132
63
53%
54%
53%
5334
5434
54%
64l2
*109,Ji# 110% *109",6110% 109",6l09»%6 109»i6109»i6
16
16
*1678
16%
16%
16% *1684 173s
*40
43
40
41
*40
43
•39% 40
126
*126% 128
*126% 128
126% 126% *125
22
22
22
22
♦*21%
2278
*21% 2284
164
164% 164%
163% 16434
163% 164%
165l2
75
76
76
76
76
75%
76%
76%
77
78
77
77
77
77
7778
77%
133 7s 1337g
13234 13284 *132% 135
13378 13378
13
13
1284
127g
13%
1234
125s
1234
16%
157g
16%
16%
16%
1634
165s
17%
92
92
♦86% 92
*86%
*86%
*86% 91
884
884
8%
*8%
8%
8%
8%
8%
♦59
59
*56
69
60
*58
59
60%
10
934
984
97g
10
97g
10%
10%
♦100
174
4984 June 17
par
100
Am Chain & Cable Inc-lVo
2,300
152i2 Apr 12
par
100
Preferred
40
124
162
Feb 18
121
Highest
$ per share $ per share
8O84 Feb 18
160
84 Apr 7
90%June 16
100
.
American Car & Fdy...No
400
427g
4284
13
45
115
6%
*38
*42
42%
3%
21%
127g
4278
19%
8%
8%
160
Preferred
400
2,100
80
Lowest
'
20%
16%
6%
3734
*79
80
30
2984 30
2914
29i2
2984
2934
135
140% *120
135
♦120
135
*120
101% 1027g *101
10678
*101
10178 103
10678
*25
*25
3584
*25
3534
*25
3584
3584
*14%
1478
14i2
1484
1434
*1434
1584
1412
21%
21%
*21
21% 215s *21
2258
216s
25
25%
25% 2514
25U
25U
*24l2 26
90
90
90
90
91
91
*9012
9H2
*7%
784
7
7
7
712
7%
7%
*11
12
*1114 12
1214
1138
1138
*lll4
*174% 300
*17412 300
*174l2 300
*17412 300
7
7
7%
7
7*8
7%
7U
7%
51
51
61
51
5112
52
50U
50U
40%
*41
417g
3%
23%
80
29%
*16
40
*37%
41%
81
Mar 25
25
American Can
3,600
*122
*39
6%
81
9384
9414
9314
93U
15534 15584 *15584 156i4
505g
50l2 52
505s
$ per share
125
100
Year 1936
Highest
5 per share
Par
Rights
94
Range for Previous
Lou
Lowest
400
132
*60»4
13412
4297
8
35
Feb
16% Mar
June
89% May
32% Ort
25% Oct
83
Jan
Jan
6284 Jan
48
4584
16%
72
20
Dec
135%
65%
£34%
2478
Nov
Dec
Dec
Dec
Jan 21
2884 Dec
14% July
Ex-rights.
23
Dec
Jan
107% July
2978 Mar 10
112
Apr
Apr
129% Feb 16
69«4 Feb 10
38
Oct
Feb
21%
8
427s
July
Dec
20
Jan 18
Deo
28% Nov
105
13
Mar 17
20
28% Deo
22% Nov
1151
85
30% Feb 11
2384 Jan 5
105i2 Mar 11
38% Dec
283g Nov
Jan
77%
Nov
Dec
1 Called for redemption.
New York Stock Record—Continued—Page 3
4298
AND
*72%
*72%
2%
*39%
*87%
*42
2338
44%
*978
1%
16%
41%
*44%
*40%
3%
29%
2
*2%
40
39%
*87%
90
43%
23%
44%
10%
1%
16%
41%
48%
42%
3%
*42%
22%
43
978
*1%
16%
20
30%
2%
39%
$
30
2
per
2%
81
40
40
38
89
89%
*42%
22%
42%
43%
23%
43%
978
1%
16%
*9
*1%
*42
43%
$ per share
*22% 29
22
89
90
share
22
*72%
297s
2%
81
*72%
29%
2%
30%
2%
39%
37
*89%
89%
43%
*42
$ per share
*23
29
82
*72%
29%
2%
37%
30
2%
37%
90
22%
23
22
43
43%
10%
1%
1678
41%
43
*1%
*9
*1%
17
44
*41
17%
40%
43%
*40%
42
*40%
3%
*16%
42
*40%
*3%
42
*40%
3%
41
*40%
3%
3%
17%
20%
17%
227s
67
71
3%
16%
*14
3%
16%
21
22
70%
71
*71
*15
21%
40%
3%
*15
22
72
27
*27
29
27
27
*70%
*27%
*44
48
*44
48
*45
48
48
*45
48
*16%
17
17
17
*17
*45%
17%
*16%
16
33%
25
5
*16%
*28
*13%
*28%
5%
1878
*56%
5
18%
*56%
*26%
*3434
19%
68%
27
27
5
1878
68%
5%
27
36
*34%
35%
*497b
51
60%
50%
3%
13%
278
13%
13%
3
13%
*25
26%
*5584
12%
*45
*13%
*48%
*
26%
26%
25%
26
*
*96% 104
30%
*6%
*97%
*28%
30%
7%
*678
*112
117
*88
*
92
12%
12%
47
*45
47
*45
13%
48%
14%
50
*
90
90
37%
7%
7
101%
*
75%
*2%
712
*2%
10%
93
*2%
712
*7%
2%
24i2
10%
934
24i2
2
2
*734
*914
2%
2i4
30
6%
75%
30%
7%
*10
7
115
90
37%
13
62%
13%
63
13%
51%
51
51
109
109
*108
109
58
58
58
60
4934
*15%
17
*05
15%
278
7%
15%
67%
51%
51%
*93%
*2%
*7%
93
70
50%
98%
*93%
*2%
7%
95%
2%
2
2
*10%
10%
9%
24%
1%
3%
3%
*2
2%
1034
10%
7%
24%
17s
3%
3%
278
8%
2%
10%
7%
*7
24%
24%
17b
1%
67%
5278
7%
24
24
23%
40
39%
2%
2%
2%
2%
5
5
5
5
4
4
*4
15%
*14%
17
16%
16%
10%
10%
*51% 63
100% 101%
378
334
3%
3%
1138
10%
5
4%
4i8
15
15
*16i4
17
10
10
*5112
63
100»4 102
18
18
8214
*82
5
4%
1478
23%
40
4%
1478
81
40
*14%
17
17
*16%
*934
10%
63
*51%
99% 101%
18
1778
10%
*51%
10%
63
3%
3%
*10%
25%
*39%
♦2
81
81
80%
81
*63
"734
18
70
70
70
18%
47g
*4
*14%
*16%
10
*53lo
5
4%
15
17%
10%
63
100% 102
*86
5712
1878
5712
19
*10812 109
156
*56%
1884
102
166
*154
102
*30
39
*3234
34
*16
2012
*16
32%
1012
*16%
*16
113
*29
30
29
*39
42l2
11
113s
88
5912
*10012 102
6412 6412
119
♦105
13U
2i8
1312
214
*48
60
*13»4
*3514
14l2
36i4
♦
*39
1034
83%
84
*59%
*100%
13%
2%
*101
158"
58
19%
102%
477b 49
*108% 110
102% 102%
50
49%
*108% 110
*30
39
*30
33
*31%
34
*33%
20%
*15
20
17
17
*15%
17%
*15
21
*15
21
*113% 115
29
113% 114
29
*29%
30
42%
11%
*40
85
*?5
42%
11%
84%
*15%
♦9%
*98% 105
65
17
*15%
114
13
29%
*41%
54
69%
*7
*106
133.
2%
*46
13%
34%
13
119
13%
13%
2%
49%
13%
35%
36
2%
*46
11
*106
13%
2%
46
*13
36%
119
13%
2%
47%
14%
36%
Bid and asked prices; no sales on this day.
11
*75
*100
30
42l2
11%
*41%
85
*75
13%
47
48
2%
11%
2,800
900
500
1,000
*106
260
10
900
600
120
600
......
......
5,700
Preferred
Common
85
Chesapeake Corp
300
91
Jan 11
6
1,800
1378
137b
137b
400
*35
36%
36
36%
1,100
16% Apr
54% June
2
30% Apr
Apr
Jan 14
6
61% Jan
%
Jan
Jan
Jan
100
6% preferred
60
Dec
Aug
Jan
16
Feb
37
Apr
6%June 17
June 17
10
June 17
7%June 22
24%May 13
178June 18
3%June 17
4
June 22
14
June 18
15%May
9%June
46% Jan
97%June
zl7%June
1
17
22
17
14
18%
53
4534
Jan
8
87
Jan *100
106
Jan 18
91
Jan
353sJune 2
9% Apr 20
176% Feb 9
12934 Jan 22
116
Feb
1
4l%May 20
115
634 May
92%
5434
June
143
July
Jan
x91
Nov
2184 May
Dec
48% Mar
8
19
Apr
82% Jan
7
54
May
Dec
9%
Dec
35
14% Mar
115
3
Jan 14
82
Feb 10
6%
Apr
67"
Apr
12
97% May
4784
Jan
8% June
57% Sept
.5
38s4
Dec
Jan
69%
Apr
48
Feb 13
90% Mar
6878Mar
100
6
4
434 Mar 16
Mar
8
18% Mar
6
123sMayl9
32
59
Jan
51
Jan
l%May
3%
Jan
Jan
1%
Apr
8%
2%
Dec
Feb
14%
Dec
4
Jan
6
May
25% May
3% Mar 18
Feb
9
Feb
June 24
Mar 11
1% Apr
3% Apr
3% Apr
19% Jan
17% Sept
7
135% Feb 11
213S Feb 18
Jan
25
Jan
Jan
Jan
Jan
Mar
10% Mar
40%May
1
484
Jan
8
2334
Jan
103% Apr
5
90
Feb
113
7
107%
Jan
July
Jan
4484 Apr 22
33
3
Feb
8
Jan
8
July
Oct
32%
30%
Jan
1434
Dec
51
Dec
138% Nov
23
Nov
89% Nov
60
Nov
13% Nov
46% Mar
98
Oct
111% Deo
47% Oct
Feb
Mar
51
Apr
77%
124
Jan
129
July
Jan
134
Nov
58
Nov
126
Jan
4
122% Jan
6
57
Jan
6
1778June 17
102
June
1
47%June 14
June 10
15%June 17
21% Apr 28
111
May 18
38%May 18
10
June 14
59
June
3
2
9
13
104% Jan 6
62s4 Feb 13
11234Mar 11
45
Apr 12
6178 Feb 10
27% Mar 5
30
29
12584
39%
46%
2078
Jan 14
Jan 25
114
19%
16
Jan
Jan
Jan
8
8
Jan 12
39% Dec
$6 preferred series
Conde NastPub Ino
No par
46
June 23
No par
13% Apr 28
34%June 21
45% Mar 11
19% Feb 11
Ex-rlghts.
30
Oct
48
Dec
36
Mar
136% Aug
«45% Jan
51% Jan
23% July
Jan
103
44
Jan
100% July
Jan
4% Jan 13
75% Jan 13
De,
10834
Jan
21% Jan 21
Oct
Dec
^6% Feb
377b Mar
Jan
97
May 19
Dec
106% Feb
0034 Nov
Jan
55
June 22
21%
14
Jan 25
2
90
90%
80s4
80% Jan 26
13
y
Jan
Dec
May
No par
Ex-dlv.
19
31
Commonw'lth & Sou
x
8%
28% Sept
Jan 20
Jan 20
Jan 14
Jan 14
120
Aug
39% Apr
94
69% Jan
Maris
June
1
Apr
101
63% Apr 28
10378May 19
Congoleum-Nalrn Inc..No par
Jan
100
June 21
8
84
55%
2534 Mar 19
Jan
6634 Apr
100
13278June
170% Apr
108
;—10
84
90
9
83%June
Cash sale,
Feb
478
48
6% preferred series A-..100
5% preferred
100
r
578
12% Oct
247s Dec
48
$2.75 conv preferred-No par
Columbia Gas & Elec. .No par
New stock,
Feb
28%June 22
28% June 17
n
12% Apr
Jan
278
82
t c...No par
Def. delivery,
1%
12
337s Nov
Jan 14
100
100
100
Nov
77% Nov
278
Jan 20
80
100
Mar 11
13% Mar 17
4
22%
50% Feb 26
Apr 23
June 24
4% 1st preferred
4% 2d preferred
preferred
Dec
Aug
24
Jan 18
conv
72% Deo
111
Mar
47% Mar 31
86
June 14
$4.25 conv pf ser *35-No par
Commercial Solvents--No par
Oct
Nov
19
45
Jan
74
19% Mar
101
Feb 23
35
108%
4
Feb
Feb 18
June 17
4M %
Feb
Nov
63% June 10
111
70
16
Comm'l Invest Trust.-No par
Dec
Sept
Jan 26
92
100
Commercial Credit
86
Jan
Dec
37%
Feb 16
Colorado <fr Southern
v
3978
Jan
June 25
684June 21
32% Apr 7
98
May 21
10234june 21
31
t c No par
32%
110
6% Nov
25%
60
Colo Fuel & Iron Corp.No par
v
Feb
186
106
80
26
preferred
9%
Oct
Dec
Jan
9
107%
103%
Feb
Nov
Jan
June
85%
15%
7278
108
conv
68% Nov
1284 May
2434 Jan 11
100
6%
40% Apr
30%
Feb
100
Nov
1078
Apr
102
4134 Jan 15
2
No par
Collins & Aikman
3
16% Nov
Jan
10%
33S Mar 17
100
I684 Nov
33% Nov
6% Mar
29% Dec
88% Dec
33«4 Oct
48'4 Dec
54
10% Feb 19
834Mar 8
27% Jan 14
22% Jan 29
1578 Mar 3
Preferred
31 a4 Nov
5084 Mar 31
41
100
5,100
25,900
14% Apr
13% Dec
29% Dec
2% Jan
June 25
200
3,800
Dec
June 14
Columbia Plot
......
Mar
478June 16
800
10
1,800
Oct
9
33%
2
No par
C C C & St Louis Ry 5% pf 100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7% gtd-50
Special guar 4%
50
Cluett Peabody & Co
No par
Dec
Dec
Jan
35
100
100
6
Mar
Jan
33
30
,
2%
8%
Apr 28
25
Dec
Sept
34%
21
Columbian Carbon
10,300
35%
Chicago Pneumat Tool.No par
$3 conv preferred-..No par
140
......
59%
2084 Apr
25
Apr
634 May
5
-No par
14
Jan
7% Mar 17
6% Mar 4
Chrysler Corp
City Ice & Fuel
6H % preferred
City Investing Co
City Stores
Clark Equipment
Oct
Jan
Dec
115% Sept
Apr
19% Feb 17
10
2134
83s
June 14
No par
22%
115
11%
3%June 14
......
84
85
10
Childs Co
65%
Oct
1578 May
•—100
Preferred
57
Jan
48% Feb
2
June
48%June 19
Apr 29
4
14%June 16
67%June 23
50%June 21
91
Apr 7
238June 25
5% preferred
100
JChicago & North West'n. 100
58% Sept
106
Jan
9%
22
12% Jan 28
35% Jan
25
Jan
2
39% Jan 12
Colonial Beacon Oil.-.No par
......
878
Apr
2's Apr
2% Apr
900
a
6
108
JChic & East 111 Ry Co—100
6% preferred
100
JChicago Great Western. .100
4% preferred
100
IChlc Ind & Louisv 4% pref 100
Chicago Mail Order Co
-5
JChlc Mil St P & Pac—No par
20
*13
J In receivership,
June 17
8% June 16
May 5
Colgate-Palmolive-Peet No par
400
Sept
343s Mar
12%May 14
100
Preferred series A
Coca-Cola Co (The)—No par
Class A
No par
v
17%
51
36% Mar 3
9% Feb 25
3384 Mar 9
June 17
18
-No par
Chesapeake & Ohio Ry.
115%
49
1
6% June 17
9784 June 24
30
5
200
2,700
2%
4
36% Jan 13
73%May 18
No par
4,400
50
13%
Jan
106% Jan
1
Checker Cab
400
13%
2%
June 23
26% Jan
Century Ribbon Mills..No par
50
103
110
8
634June 18
138
1C0
5% preferred
Chile Copper Co
29,000
2,100
57%
1978
42%
11%
Feb
9
18% Mar 11
52% Jan 2
June
113% June 25
Central Aguirre Assoc. .No par
Central Foundry Co—
1
500
108% 108%
30
7
2
Jan 18
Feb 9
Jan 29
6% prior preferred
100
ChampPap & Fib Co 6% pf 100
2,400
158
21
Jan
Feb 15
Mar
23% Feb 10
....
115
13
17% Mar
30
No par
Chlckasha Cotton Oil
115
13%
2%
1
100
—100
Preferred
300
18
98
ll%June 18
2,500
4,100
45
8% May
Certain-Teed Products
40
32%
119
Carriers & General Corp
Case (J I) Co
7
48%June 22
97%June 15
97% June 15
100
5
Stamped
Carpenter Steel Co
May
Dec
40% Jan
9784 Feb
44% May
107% Sept
863s Mar 10
1,600
12% Mar
51% Mar
24% Jan 11
24% Feb 3
May 13
1,300
50% July
Jan
117% Mar 12
1438 Jan 11
1
13%June 22
Carolina Clinch & Ohio Ry.100
200
32%
*15%
17%
*15%
7
44
1
10
Capital Admin class A
$3 preferred A
15
*14%
16%
16%
*10% 11
63
*53%
100% 102
18
18%
34%
Jan
12% Apr 29
No par
Cannon Mills
700
50
50
Jan
4%
33
30
4%
103
5234 Jan 14
Apr
Dec
41
61
tChlc Rock Isl & Pacific. -100
7% preferred
100
6% preferred
100
Chicago Yellow Cab—No par
57%
19%
2
69
47
373s Feb 13
1,800
158
Jan 12
60
100
2
....
53
103
1,000
1,300
11% Jan
5% Nov
187S Feb
6478 Mar
38% Mar 19
5%
2
38% Jan 14
102% Jan
100
700
6
Apr
Us July
1/12% July
43% Apr
55
400
10%
24%
40%
*478
4%
Jan 13
Cerro de Pasco Copper.No par
9,700
3%
3%
3%
8
730
2
3%
53% Feb 13
47
Jan 23
2
4
Nov
323s Aug
24%June 15
24%June 17
1,100
8%
24%
10
Jan 11
Feb 23
Feb 11
7,400
5,800
2%
10%
24%
1%
Mar 23
18% Mar
2% Jan
47
Jan
25%
Campbell W & C Fdy-.No par
Canada Dry Ginger Ale
5
Canada Southern Ry
100
Canadian Pacific Ry
25
......
300
June
6
Celotex Co
50
63% Mar
100% Apr
39
6% Feb 25
20% Jan 12
100
8
*2%
*10%
15«4
4%
23%
5978
45% Feb
Mar 22
40% Dec
80% June
May 27
7
June 16
3738 Dec
Apr 29
800
300
Jan 18
47
39
17% June 17
67%May 27
25%June 17
3 5% June 24
1
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% preferred
100
2,900
28
38% Nov
Oct
120
1678 Apr
12
Callahan Zinc-Lead
400
0978
53%
93%
2%
53
93%
2%
7%
85
85
*75%
*75% 85
*75%
*75% 85
59%
59% 60
69%
59% 59%
59% 59%
103% *101% 103%
101% 101% *101
103% *101
65
65%
65%
647b
64% 65
64% 05%
119
2,600
19,000
46% Apr 13
9
4% Apr 28
50
Jan 22
93
18% May
77% July
Calumet & Hecla Cons Cop.-5
100
597S
16%
84
69%
1,600
2,100
109
*58%
*15%
*39
10%
20
,
......
50
3
278June 10
48% Feb 13
9
4%June
15
7
16
June
June 17
No par
100
56
109
42%
11%
84%
*75
100
32% Jan
94% Jan
4934 Mar
Highest
$ per share $ per share
share
per
65%
45%
353s
1134
5% preferred.
39
21
24
No par
-
-
June 16
7% June 17
50% Apr 9
31
May 13
California Packing
300
13%
*30
17%
58
100
No par
9,000
66
39
18
7% June 17
Central Violeta Sugar Co.-.19
....
57%
Debentures
100
....
20
JBush Terminal.
June 17
Partlc preferred
Byron Jackson Co
73
195
Burroughs Add Mach-_No par
15
13
1,100
3,200
81
*56%
19%
No par
200
80
*155
Bullard Co
10
*63
39
*15
65
*105
*56%
19%
No par
13
73
33
29
6912
102%
*155
Bulova Watch
13
81
*30
21
113
*84
19%
*101
32%
20%
17%
21
8414
58%
19
39
*11512 118
♦8312
158
*56%
57%
187S
—No par
Budd Wheel
400
80%
....
No par
100
21
18
....
.
48
48
477b
48%
108% 108% *108% 110
*30
16i2
—
....
♦9978 10234
50
*48«4
*16
-
l02%June 22
28%June21
......
7%
—
5
100
_
Bucyrus-Erle Co
7% preferred
Budd (E G) Mfg
7% preferred—
*18"
18
*63
Bruns-Balke-Collender No par
45%June 25
1684June 17
24% Jan
16,400
4,700
7%
160
*38
.*49is
*7
No par
Brown Shoe Co
200
32
*156
10378
634
Brooklyn Union Gas—No par
18% June 17
6584June 4
26%June 12
300
43%
76%
*12712
♦IOOI2
714
par
June 16
284June 17
15% June 17
1,100
112
7%
7%
7%
7%
7%
*7%
37
*37
37
37
37% 37%
37%
37% 37%
38%
3858
*100%
*100%
*100%
*100%
*100%
104
104
104% 105
103-r; 10234 102% 103 103% *103% 105
39
*38
40
38
38
39% 40
42
387B
*38% 42
88
*86% 88
88
*85%
*85% 88
*86% 88
*85% 88
*49%
*49%
*49%
*49%
*49%
24
28
24% 26%
26%
27% 28%
28%
*20% 28
132
*130
*130
*130
130
131%
130
131% *130
130
714
*37i4
par
40
Central 111 Lt 4Yt% pret--100
Central RR of New Jersey. 100
40
2%
par
30
24%
41
37%
par
98
3%
3%
10%
*2
18
*
2
24%
102
76%
*30%
7%
2
40
4%
15%
43%
24%
2%
5
112
24%
25%
39%
18
82
*9%
10%
*98% 105
65%
63%
13%
13%
53
52%
*108% 109
60
*58%
16%
*15%
*69%
6978
53
52%
98
*93%
2%
*2%
7%
7%
2
2%
10%
10%
8%
*6%
3%
3%
10%
25%
11
100
*63
*63
3%
3%
10%
24%
*10
36%
Manufacturing-IVo par
No par
5
Bristol-Myers Co
Brooklyn & Queens Tr.No
$6 preferred
No
Bklyn-Manh Transit—No
$6 preferred series A.No
3,600
7
36%
Bridgeport Brass Co—No par
Brlggs & Stratton
5% conv preferred
.30
Butte Copper <fc Zinc..
5
Byers Co (A M)
No par
3,400
163
113% 113%
89»4
89%
*89 "
13%
*9%
10%
*98% 105
7
*155
-100
tBush Term Bldg gu pf ctfs 100
——10
120
115
5
Corp
Borg-Warner
June 24
85% Mar 22
41% Mar 12
21%June25
3878 Apr 28
8% Jan 28
l%June 18
15
Apr 28
39%June 17
43% Mar 30
Butler Bros
20
13%
47%
14%
100
15
Borden Co (The)
Briggs
3
900
700
*11%
61%
61
June
300
31%
164
No par
Class B
......'
98
1378
60%
12%
4,300
1,400
"98"
*11
*9%
10%
*98% 105
700
*30%
14
10l2
100
3,200
1,300
307b
7%
89%
37%
*111
113% *110% 113
*43% 44%
43% 4378
*76
77
77%
*75%
31
31
*30% 3278
7%
7%
7%
7%
♦
98
100
97%
36%
*3912
24%
178
334
*3%
5
163
*
6,500
25%
267b
50
,
10
99
*11
*734
*1014
2U
30%
678
161% 164
24%
178
3%
3%
10%
24%
39%
2%
"99"
99
30%
21
*98l4 105
61
62
6312
12%
13
1278
49
50l8
49%
110
108l2 *108
59
69
60
153s
15%
1978
70
71
72
50%
52
63%
97
*93
*
*18
13%
*6912
52S4
*
18
*11
*13%
50
"l8"
1178
*45
100
18
*11
*15%
*13%
14
18
18
4812
108l2
*5812
45
101
"l8~
11%
45
*100
21
62%
12%
101
*15"
9%
9%
*98% 105
44
30%
7%
13
♦
"89%
113%
7
26%
*55%
*
*
36%
44
61
50
*97%
115
113
12%
47%
13%
25%
26%
27%
100
104
*112
90
2678
*5584
127g
61
♦
*28% 30
678
6%
163% 165
7%
*25%
25%
27%
45%
*
*97"
36%
3678
36%
*110% 113% *110% 112%
44
44%
44%
*43%
76%
75% *74
75%
30%
x30%
*30% 33
*
13%
13%
48%
100
99
36%
7
61
30
119
"89%
25
25
26%
*55%
12%
163% 165
163
163
1,000
2,200
26%
100
1,100
100
26%
*55%
12%
61
*13%
*48%
50
29
*28
13,300
3,700
45%
25
25%
26%
*45
12%
47%
14%
100
3
*55s4
12%
61
100
71
21%
17
17
17
18
17%
17%
15%
15%
157b
15%
15%
1578
1578
157s
*102% 105
*102% 105
102% 102% *10212 105
7%
7%
7%
7%
7%
7%
7%
7%
*56
60
60
*50
77%
697b
7778
*61%
*7%
7%
7%
7%
7%
778
7%
778
53
*53
53%
53%
52% 53%
53%
53%
*32
32
32
32
32
32%
33% *32
24%
24%
24% 25
24% 24%
24%
24%
5
5
5
478
*478
47g
478
5%
19
187s
*17%
1878
*16%
187b *16%
*17%
25
*20
25
29
*28
*28% 28%
28%
13%
13%
13%
13%
13%
13%
13%
13%
29%
28% 28%
*28% 2934 *28%
28% 28%
5
5
5%
5%
5%
5%
5%
5%
19
19
19
19
18%
19%
18%
19%
*50% 68% *50% 6078
*50% 65
*50% 68%
26
26
26%
26%
26%
26% 27
26%
36
36%
*35%
35%
35% 35% *35
35%
51
51
51
*50%
*497s
50% 50%
*497b
3
3
3%
3%
3%
278
27g
278
14
137b
13%
13%
13%
13%
13% 13%
15%
15%
*102% 1057s
7%
778
7%
*58
717s
6478
8
7%
7%
63% 53%
54%
33%
32% 32%
25
24% 25
5
478
5%
*16
19
1878
*28
29
29%
13%
*13%
13%
28%
28%
29%
*102% 106
*61
1,100
16
21%
70%
29
......
3%
3%
16
21%
73
21%
41
27
7%
*53%
6,500
4,200
41
40%
June 23
79
l%June 17
fBotany Cons Mills class A. 50
*40
22
37
Boston & Maine RR
44
16%
40%
$
6
No par
100
*41
share
28% June 17
200
44%
16%
per
Rights
Bohn Aluminum & Brass
Bon Ami class A
50
13,900
$
Lowest
Highest
5
Boeing Airplane Co
1%
*41
40%
Bloomlngdale Brothers. No par
Blumenthal & Co pref
100
6,900
22
41%
28
7%
120
43%
45%
28
*66
12,500
57,900
2,900
44%
10%
40
20%
67%
10
......
1678
2
1678
Shares
1%
43%
9%
*9
Par
Year 1936
100-Share Lots
Lowest
43%
21%
42%
*9%
23
43%
9%
178
16%
40%
30%
2%
38%
On Basis of
Weel
90
90
43%
227s
82
*42
17
*15
*72%
29%
June 25
June 24
Range for Precious
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Thursday
June 23
$ per share
*22
29
82
SHARE, NOT PER CENT
Wednesday
June 22
$ per share
29
*21
82
30%
30
Tuesday
June 21
June 19
$ per share
29
*22
SALE PRICES—PER
HIGH
Monday
Sales
far
LOW
Saturday
1937
26,
June
14% June
2% Apr
69% Apr
7
July
3078 Aug
Oct
Aug
847s Sept
128
Nov
9184 Nov
136
Nov
24%
5%
Feb
Feb
82
Feb
15% Dec
44% Jan
1 Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 4
144
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
AND
STOCKS
Sales
VTTW
ajujsvv
JOT
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19
June 21
June 22
June 23
June 24
June 25
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
flTnOTT
D1 UvJn
v/Jrviv
KJ1«
Week
$ per share
*12
14i2
VHP TT
x
Shares
*12
13%
13%
*12
13%
*12
13%
1234
*12
17
*1184
17
*1184
17
*10
1078
*10
1058
*10%
1034
*10%
10%
*1134
*10%
11
*12
17
*10U
13i2
12
*1234
1078
*
*
80
*
80
*
80
*86~
8734
~86~
86
*85"
8734
*86
89
*86
90
*86
90
21s
234
234
*12
13
*12
3312
34
3234
1558
*105
8734
~86"
*86
1212
33i2
12
12
12
12
II84
11%
32l2
3338
32%
33
32%
33
IO2I4 10238
10
*938
*5
*95s
15U
105
*5
512
a4
2734
%
1914
25s
58
9%
153s
105
2%
*5
5%
%
34
938
918
938
9i8
3712
37l2
37i2
9%
37%
37
39
28
2712
28
2758
78
19U
28
27%
28%
34
78
1858
20
5H2
1958
1878
234
258
25g
5H2
51l4
1934
*1934
212
433s
*26
63%
5914
20
*19i2
4384
4234
3714
212
437s
26
26
64
6314
6312
212
23g
5958
165
*157
505s
5158
37
37
*81
27
*3612
25s
85
*81
85
*81
1516
,5»6
7
7i8
43
43i2
2%
42l2
*25
6318
60 I2
5914
*157
3658
*1934
69
69i2
30i2
*42
47
*40
*3934
40
40
18
18ig
100
18
18ig
98
98
*90
7078
*29l2
2%
42%
43%
26
26
26
64%
63%
63%
*76
*757s
7
423.t
13s
13%
8%
39%
10
10%
77
Continental Diamond Fibre. .5
19
3,300
Continental Insurance
2%
4334
26%
64%
3,800
Continental
9.400
Continental Oil of Del
61%
4,700
52.50
Motors
1
6
Continental Steel
200
400
Com Produots Refining
Preferred
x25
par
26
6%
2,000
Coty Ino
No pat
4,000
Crane Co
...26
200
1,500
70
70
71%
71
2,200
Crown Cork A Seal....No par
69
43%
43
43%
42%
2034
71%
42%
39%
300
$2.25 conv pref w w__No par
200
Pref ex-warrants
40
40
*35
18%
97%
18
18%
18
♦96%
97%
*93
62
62
*62
65
119
*114
*3534
120
*1%
9%
8%
*38
9%
76%
13s
934
8%
114
1%
9
8%
113
18%
62%
9
8%
113
8,600
300
62%
600
*110
1%
11
3,300
60
8%
1,400
39%
*38
39%
10
10%
10%
10
10%
76%
77
77
77
77
5%
17%
5%
12,800
17%
72%
220
*38
538
5is
53s
5%
5%
5%
5%
1678
17%
17%
17%
72%
77
17%
7234
mmmm'm
m
2,900
800
•
No par
Crown Zellerbaoh Corp
6
$5 conv pref
No par
97%June 23
17
Crucible Steel of Amerloa_.100
Preferred.
Cuba Co
No
Cuba RR 6% pref
Cuban-American Sugar
9
100
110
37%May 21
8%June 17
Curtiss-Wright
71
1
*72
77i2
*74
76%
*74
76%
*73
76%
*73
77%
Cutler-Hammer
*12
14U
*12i2
133s
*13%
1384
14
19%
14%
19%
*13%
1914
*13%
19%
14
*13%
19%
19%
*99% 102%
12734 129
*10712 112l2 ♦110% 11212
17i2
*16i2
17l2
*16i2
434
1,700
Delaware A
16
3,800
600
JDenv A Rio Gr West 6% pf 100
*20 I8
25
♦5818
60
*55
597s
*53
59%
*27
28
*27
28
28
28%
*35i2
36
36
*35l2
36
16l2
*1514
16%
81
*35l2
*1514
2158
*78l2
81
*80
81
18l2
*1712
1834
*17%
18%
15i2
215s
2212
22
215s
434
22
20
25%June 24
3184 Mar
5
10
17%June 24
29
5
100
36%June 22
68% Mar 17
Delaware Lack A Western. .50
15%June 17
24% Mar 17
10% Feb 18
Diesel-Wemmer-Gllt ert
40
Det A Maokinao Ry Co... 100
20%
20%
*20%
25
50
5% non-cum preferred.. 100
20
June 17
30
*54
20%
59%
*53
*53
59%
mm
Devoe A Raynolds A—No par
60
May 13
28
28
*27%
59%
28%
*27
28
400
35%
35%
35%
35%
35
35
500
*153s
16%
21%
15%
15%
*15%
16
700
2084
21%
2138
5,200
81
*83
85%
*82%
85%
300
18%
*18
18%
18%
18%
100
mmrnm
3434
*32
35
34
35
37
*35%
37
*35%
37%
36%
36%
200
*40
40'4
39
3934
3814
38%
39%
40
40%
6,300
Detroit Edison
Diamond
39%
9%
9%
100
58%
57%
58%
10,100
4834
*4634
48%
500
26
*2484
26
5734
56
5734
5734
49i8
4834
48%
68%
48%
*48
*2512 26
84
*12
15s
♦1%
514
*4i2
25
25
24%
24%
48%
*24%
26
*24%
15i2
15
170
*16884 170
mmmm
170
170
170
*151
*150%
169% 170
*151
31
131
131
131
114
*11
114
152
*151
..No par
Douglas Air or aft
Dresser(SR)Mfg oonv A No par
Class B
No par
958
958
938
9%
9%
1038
434
45g
4%
434
I684
45g
1712
458
1714
17%
17%
1784
68%
18%
69%
65%
4%
1784
66
68
65l2
68
65
34
65
65
34%
3434
1%
1%
1
1
114
67
66
3478
*61l2
35
65%
*34%
*1
35
1%
4
338
3%
3%
314
314
3%
*3U
22%
22%
22i2 23
*225s 23
*22l2 2314
57
60
56%
55%
*55i2
*5512
55%
*55l2
*107i8 10878 *107i8 109
*107% 108% *107% 109%
*8
*8
8l2
8i2
8%
*714
8%
8%
*54
62
*56
61
*59
60
59l2 60
64
64
*62%
*6212
63% *56
*6212
63%
*63
70
70
*62%
5
70
*60
70
31
12
31
3134
*1134
69
12
69
1,100
100
3,900
27,200
2,400
%June 25
l%June16
No par
$7
preferred....
No par
$0
preferred
No par
23%
2384
*23%
25
800
El Paso Natural
59
*55
57%
100
Endlcott-Johnson
109%
30
834
100
Gas.......3
Corp
50
6% preferred
Engineers Public Sen ice
*53%
62
*55
60
*55
6234
*56
62
$5}4 preferred
*60
70
*60
70
$6
200
$5
conv
preferred
w
preferred..
100
1
No par
w..No par
No par
17%
17%
15%
16
500
52i2
*12478
*47
*47
4834
*1714
♦
17
18
93
*
5234
5234
•
---
46%
4834
17%
1714
93
.
*124%
*
46%
17%
93
23%
51%
*124%
*46
18
*87%
23%
52%
3
3
.*22%
52%
*124%
49%
47%
18
*17%
90
*88%
3
3%
*3
3%
24
23
23
52%
52 s4
53%
50
440
47%
17%
90
*47%
*17%
88%
*120
130
100
100
*98
102
*99
102
*99
102
*99
102
*99
102
684
*30
33
*94
95
*3712
•
38
6l2
658
634
6%
684
*6%
314
32%
314
3%
325s
*30
33
9412
3678
94l2
3712
*94
95
93
9484
37%
3 634
37%
365s
684
7
3%
684
684
*6%
3%
3%
*31%
7
33
Bid and asked prices; no sales on this day.
6%
684
*3%
Feb 11
78% Jan 30
81
Feb 19
48
Jan
89% June
80% Feb 10
55
Jan
97
4%June 17
59
May 19
Oot
16
28% Mar 17
11>4
Jan
29
Oot
80
68
Jan
69
Jan
June 17
x75%May 27
Jan 14
Eureka Vacuum Cleaner
5
7%June17
14% Jan 21
12
Evans Produots Co
5
21%June21
34% Mar 3
0*4 Jan 21
23is July
438 Jan
5% Jan 28
25s June
Exchange Buffet Corp.No par
Fairbanks Co
26
100
8% preferred
3
June 16
3
June 23
20»4 Apr
2
28
49%May 18
71% Jan 15
Mar 31
210% Jan 14
160
45%June14
17
June 14
70
100
Preferred
94% Apr
129
9
Jan 11
29% Jan 18
88%May 25
06% Jan 27
103
100
100
$6 preferred
Jan 28
150
Jan
4
Mar 11
Apr
2
8it Apr
3484 Jan
1221* Jan
315s Feb
1884 Apr
84
Jan
37
Aug
6978 Mar
1,300
Federal Motor Truck..No par
6% June 24
11% Feb 19
78s
6%
400
Federal Screw Works.-No par
5% Jan
11% Feb 25
3
1,100
Federal Water Serv A—No par
3
Federated Dept 8tores.No par
*92
95
*92
95
300
37%
37%
t In receivership,
37%
a Dei,
2,200
delivery,
June
100
3%
200
84>4
Deo
Oot
34ia
514
6%
6%
3234
16's
Apr
Jan
*3%
*32
Feb
July
6 334June 15
June 15
110
4% 2d preferred
100
33
2914 Deo
69
116
72%May 13
8
115% Jan 19
17*4 Jan 16
634
6%
Feb
Deo
53ii July
Aug
7i| Jan
451* Jan
105%June 10
3%
6%
Jan
15s
614
16
Federal Mln A Smelt Co
33
37%
Jan 18
60
Deo
55%
35% Mar 17
10
130
29
Jan
Deo
% Jan
Hi Jan
2284 Nov
21%June 21
400
*128
634
29%
39*8
100
17%
135
33s
3284
8
1st preferred
88%
*120
658
7
Jan
107s
300
135
9414
87%
Jan
87
Apr
Apr
49
*120"
Jan
Deo
Deo
11
6% preferred
100
Fajardo Bug Co of Pr Rico.20
Federal Light A Traction... 15
135
June 14
Feb
257s
9*4 Jan 15
23% Mar 17
Fairbanks Morse A Co.No par
*120"
55
Feb
7*4
Jan
4
4%
110
*124%
21% Apr 28
1738
Deo
63s
92%
44% Jan 10
157a Nov
13%
1,300
135
388
47is Nov
100
Erie A Pitts RR Co.......60
*120"
*658
40is Nov
Jan 18
17
2334
5234
Jan
8
*108
107% 108
*8
884
*7%
Deo
6»4
June 15
21%
Mar
28*1
3
*14%
3%
166
July
30*4
50
6% preferred
16%
3%
162
Deo
Mar 17
700
4
700
Aug
128g
10
3%
*384
1,100
185
45% Feb 11
Jan 19
16
3
37% Feb 11
116
1084 June 17
2
7%
Jan
3434 Apr 28
2
17
3%
29%June 15
Jan 11
June
*16
24
163
2
1
1,100
3%
2234
Apr
t Elk Horn Coal Corp.No par
22
3%
3
400
21%
314
175% Feb
1%
22%
3l2
Apr 29
5
1%
21%
3%
3%
Oot
Deo
6% July
166
Apr
7% Feb 0
205,, Jan 14
*1
7%
Oct
*111% June
4%June 15
22%
312
24
*2234
52i2
5214
*12478
5
14%June 14
62
May 18
58% June 15
33%June 17
Elec A Mus Ind Am shares
22
*3
17
Mar
9%June 17
Electric Power A Light. No par
22
314
11034June 16
10
22%
3
122
Feb 23
22%
314
2284
884
18U
10
2H2
3
% May
Us Jan
47, July
1318 Aug
Elec Storage Battery..No par
21%
Jan
5
9%May 14
400
21%
3
1% Jan
1,100
"7%
Deo
Jan
3% Feb 19
8% Jan 16
17% Jan 19
64
7%
Deo
36I4
I84
3
Boat
2H2
21%
61
5%
Apr
Apr
Apr
23
"7%
8214
Jan
Jan
7
160
*22
*7%
21%
3%
Jan
29
151
Equitable Office Bldg_.No par
2184
3%
Apr
5058
39% Jan
34%
*76
Deo
61% June
128t Deo
41%
7%
1361s Deo
Erie Railroad
"7%
,Jan 10
Nov
Feb
4,200
*7%
12% Mar 8
77% Jan 25
65
Jan
25
407s
129
3,100
21%
Jan 28
Jan
95i| Deo
345s
135% Feb 19
115% Jan 22
5%
77S
61
64
*76
Jan
Aug
Apr 10
13034June 23
14%
213s
23
Oct
6% non-voting deb.....100
Duquesne Light 5% 1st pf_100
Eastern Rolling Mills
5
Eastman Kodak (N J)_No par
14%
2 is4
Deo
18484 Nov
15%
"7%
63
Apr
15%
712
2134
Jan
133
5
*7534
42
180% Jan 18
15
*7534
Jan
70% Feb 19
Feb
148% Apr 28
5
16
2138
120
15
"
June
Feb
5
*7534
*7i2
2H4
13
114
15
*15
May 13
34%
5
153
Feb
1178
69
5%
938
Apr
64%
5
Jan
May
3434
*55%
Jan
4
64%
3434
3%
Apr
43s
128
140% Jan 7
22
May 19
69
*1
1478
331| Nov
6434 Oct
23is Feb
Jan 19
112
14
*7534
2
May 28
14%June
8% preferred
100
Du P de Nemours(EI)A Co_20
1478
4%
47%May 17
45% Apr 29
24%June 22
4%June 18
478
14i8
514
1434
38%May 13
9%June23
1
15
*5
80
100
100
4%
18%
934
*60
Dominion Stores Ltd..No par
4%
958
*458
1678
*1
...No par
17%
37%
35
Dome Mines Ltd
par
4%
37%
*66
90
Apr
43
18%
37%
*63i2
2,000
19%
36>4
40i|
Electric
12
3738
30%
1,300
Deo
323s Nov
Oct
4,700
12
37%
934
*11%
300
mmmmmm
9
Deo
10884
Jan
Oct
10%
123S
37%
9%
4%
30%
6,200
9% Apr
IO8I4
Jan
371*
1,200
30%
1278
37i2
*1158
3714
30%
20
110% June 15
Jan
Deo
30is
37%
3112
*115s
3734
Jan
52
4
36%
9%
313g
12l2
*373s
32
152
Jan
Dec
2
6% cum preferred
100
Eaton Manufacturing Co
4
Eltingon Schlld
.No par
Electric Auto-Lite (The)
5
*115s
*313s
10%
10%
170% 172%
Deo
90
27
Aug
DHplan Silk
11
10%
169% 170
Deo
107
40
400
131
Jan
Apr
1978 Nov
41% Jan 25
15%
15%
*14%
112
112% 112% *111
15234 154
15234 154%
1%
*111
Deo
9U Mar
217g
36% Feb
{Duluth S 8 A AtlantlO
6% preferred
IOS4
114
40% Feb
Dunnlll International
114
441*
24U
4084 Feb 17
100
IO84
Dee
1414 Mar
129
Apr
June 21
300
13034 13034
Dee
75*
June 15
lo
*111
20
Oct
Deo
Jan
35
4%
1058
3*8
Deo
43U
34
%
114
6684
125
27%June 18
CoNo
*1%
4%
*14%
1058
1918
70i|
8884
No par
Class A
Doehler Die Casting
34
*111
Jan
59
Sept
36is May
Oct
1%
*129% 131
Jan
Deo
4%
1018
4
Apr
*%
114
Jan
18U
*1%
4%
131
Jan
19
34
10i8
0%
631*
93
1%
*111
Apr
96% Apr
1U Sept
9
Sept
9
4%
*130
28
9
*%
*1%
10
7U May
Feb
*43S
114
493* Nov
Dec
Mar
1%
10
91% Nov
5814 Nov
44
Mar 17
4%
•111
Deo
Nov
353s Sept
29
*%
*13014 132
7% Mar
601 j
140
40% July
96
412
114i2 114i2 *1121s 114l2 *112% 114% *112% 114%
154
153
154%
154%
15234 1533s 152l2 154
Deo
3778 Nov
Jan
25
*112
15
Oct
82i j June
170
Mar
June 16
a4
15
69ij
155s Mar
18%June 17
1%
15
Mar
4358
No par
Co
434
*1412
4
34%May 21
<rl484June 14
20% Apr 28
Corp-Seagr's Ltd No par
5% pref with warrants.. 100
Dixie-Vortex
*n2
15
Feb
25
Distil
*412
84
46
No par
Match
6% participating pref
200
938
56
49
*15014
*9%
*9%
5734
938
5838
49
*14i8
934
38%
100
Diamond T Motor Car Co..2
240
*34%
*12
June 16
400
*33
*912
4
16
3512
10
Hudson
115
3434
*934
5
16
34
934
90% Mar 10
18% Jan 10
*110
35i2
*914
Feb 27
16
3434
573s
Jan 14
62
114
37l2
*48
86
*14
343I
*35i2
3984
July
101*
2114
*32
4
6
16
34
Apr
Apr
635s Aug
158
Aug
65%
2384 Mar
115
21
Deo
46
Deo
99% Mar
16
*1784
447|
26
0
4
114
20%
Jan
28is June
109% Jan
8% Mar
81
25
1512
*4%
Nov
Nov
87U
243a Mar
167s June
20%
*20 I8
112% 112%
*16
17%
*2018 25
*78i2
*1778
38
15%
484
4
109
17ij June
36if Apr
2is Apr
36ij May
5
37
4%
Deo
1
Preferred
16
*458
6714
63»4
5
37
16
434
Mar
Jan
1538
155s
35% Nov
Jan
Jan
20% Feb 11
Feb
3684
37
1584
478
43
Jan 11
24
1534
434
36l4
434
4
14% Jan 12
137% Apr 21
37
37i2
15i2
4»4
434
17% Jan
127
109
15%
37i2
16*4
I6I4
Jan 11
Jan
37
385s
*37i2
3
MarlO
3
Apr 23
600
18%
81'4 Mar
135
Apr 29
IS
18
25% Apr 13
10834 Apr 15
19
18
18
3
8
47% Jan 28
104%
17%
18
19
Jan 16
2884 Jan 15
100
No par
18%
18
♦17i2
73%May 21
x 12% June 17
37
100% Feb
56% Jan
Conv 5% pref
Dayton Pow A Lt 4^ % pf.100
1,100
27
Jan
1%
2614 Mar
l,3«May 27
Deere A Co..
570
26
27
June 17
16%May 13
72%June 22
48
Apr 28
50% Feb
1,300
*25%
27%
*27iS
5
...25
26%
2713
27
Davega Stores Corp
400
No par
25-4
17%
2714
27
19%
102%
129
Inc
June 15
5
1
Class A
777s
*19%
Jan 30
60
Packing
*74
128
May 14
Curtis Pub Co (The)...No par
Preferred
No par
Cushman's Sons 7% pref..100
$8 preferred
No par
*100
4
734June 15
52
100
6
May 20
l%May 28
*49
100
Jan
51
par
..100
10
Preferred
Cudahy
Jan
115
100
(The)
52
128% 129%
June 15
42%June 25
40
May 11
*49
103% 103%
12S78 129%
10%
35
52
195s
Deo
18%June 15
*49
129
Jan
Deo
%4June 14
29% June 25
52
10418
15s
9U
377s
June
No par
7234
104
h May
2
Crosley Radio Corp...No par
Cream of Wheat ctfs
*49
*19
Deo
May 27
52
128
95s Nov
1714
12% Ju,ne
1534 May
105
80
195s
Jan 15
Feb
Oct
July
12*4 NOV
100%June 17
*49
104
71%
171% Jan 14
10% Mar 16
109
618 Sept
100
*7234
104
Feb 13
Feb
2018
483s
1061s June
Oct
52
12814 128%
77
71s
Jan
Nov
80
*19
Feb
Apr
Mar
Apr
Apr
378
llij
101
41
*48
72%
Jan
Jan
136
*7234
7234
Jan
9
23
23
11
20
8
102
3
17%
*7234
1714
4
Jan
Nov
Nov
Jan 28
3,300
39%
13% Feb 20
17% Apr 5
105% Jan 23
10% Jan 4
1% Feb 27
13% Apr 0
6284 Apr 6
37% Apr 13
1'uJune 2
3734 Jan 14
Nov
95
94
72%
121
270
114
Jan
Jan 12
108
85
Jan
73% Feb
4i8 Sept
16% Apr
27% Apr
41% June 14
113%May 3
200
120
1%
*5%
8%
6
18>4 Jan 9
49% Jan 23
6684 June
100
preferred
5% conv pref
Rights
1J7 %
6JL00
98
*114
1%
2,800
June 14
62% Apr 29
54% May 13
153
Apr 14
100
2
5
684 Jan 20
69%
2584
4234
3%
47%
35%
3934May 14
Corn Exch Bank Trust Co. .20
Corp.No
33i* Jan
19»4 Deo
10984 Feb 17
35%May 13
2
May 13
157
6%
173s
5is
17
500
37%
293S
114
115
June 17
1934
20%
119
61%
119
June 17
43%
42%
1162'32ll634
101% 102%
40.
*38
76
75l2
7
42%
June 18
50
29%
18
8'8
60%
*155
159
x81
20
300
June
5% Jan 151
100
Continental Can Ino
20%
97%
♦9
42
*25%
*63%
8% preferred
2%June 17
30
18%
115
83s
8,000
18%June 17
No par
20%
9734
*9
lli2
lli2
8i4
83g
*8is
119125 *115
119l2
*38
39l2
39i2
*3818
10
*10
,1034
10i8
*9i8
200
51%
4
"i6June 14
*29%
1838
*115
85%
Feb 24
20% Jan
Rights
^
Continental Bak olass A No par
20%
*95i2
*114
85%
51%
*19%
36%
2%
%May 13
8% Jan 26
33
100
Class B
June 24
5
Container Corp of Amerloa.20
3,800
4
10434 Apr
303s
40
61
23^
25«4 Mar
Aug
8
Mar
10238 102%
*3984
*116
6034
2%
JaD
16
Mar
14%May 14
9
Consol Coal Co (Del) v t 0..25
v t o
16
Jan 14
Mar 11
9% Jan
No par
6% preferred
19% Jan 23
18% JanlS
92
101% 102%
*12
13s
60%
*155
6
Consol Oil Corp
Highest
share $ per share
per
22
95
Jan
31%June14
99%June 15
No par
Consol Laundries Corp
June 21
87
116% 116%
45
61
60%
157
2%
preferred
B
$ per share
7
7
*6%
42%
42%
1163s 116%
40
H4
53s
2%
43%
26
*42
118
5%
43%
45
61
17
37%
69
118
77
37%
69
61
1U
*19%
*29%
20%
69%
120
114
20
1934
$5
share
80
No par
No par
640
1,500
37%
$2 partic pref
Consol Edison of N Y
2,900
20%
1934
Year 1936
Lowest
83% Apr 9
87%June 8
2%June 18
11% June 25
l
2,500
20
51%
Consol Film Industries
34
500
234
90
Range for Previa
UV19
Highest
9% June 14
100
9%
1,100
20%
36%
2%
20
61
28%
1934
20
*118
28%
12
6^ % prior pref w w
100
6K % Prior pref ex-war. .100
39%
29%
%
9%
39
XULf-O/WJO
14%May 21
par
-No par
$5 preferred
No par
Consol RR of Cuba 6% pf.100
{Consolidated Textile
No par
5
34
934
39%
37
31
25,100
mm.
234
51
634
6%
42l2 43
11638 116l2
IOH4 10134
30i2
20i2
*29i2
19i2
*69i2
234
*85
60
15%
mm
27,100
78,400
61
*63%
934
1.200
200
13s
85
64%
102% 102%
700
rl
5058
26
9,500
1
85
2%
43%
33%
,516
*19%
1
20
5134
156
10118 1013s
30i2
258
61
4314
101
20
*193g
234
%
9%
39%
27%
85
165
11638 116%
10134
193s
60
7
678
1163a 1163s
%
11%
934
No
$ per
% pref.100
7% preferred
1.000
15%
*104%
Cigar
Conn Ry & Ltg
+m~mm
234
11%
23t
5
5
5
934
,516
*157
165
4234
1
%
9%
*•«....»
Congress
Consolidated Cigar
30
*1
33
2%
10238 10238 £101% I0134
10
*958
984
934
15%
15%
15%
15%
10434 10434 *104%
534
30
90
3
*2%
Par
mm+mm-m
86
90
U]
Lowest
80
*86"
*86
38l2
58
*9U
38
*
80
86
DIMM
EXCHANGE
mmmm--
17
90
*278
1534
1558
15%
10514
10514 *105
534
*5
3
*
80
86~
*86
278
102
102
IOI84 10134
934
*938
*12
4299
4
June 14
32%May 15
100
93
June
Fidel Phen Fire Ins N Y..2.50
30
May 12
4
n
\i% preferred
New stock,
r
Cash sale,
s
Ex-dlv.
v
9
6
Jan 14
43*4 Mar
4
108% Mar 9
45% Jan 18
Ex-rlghta.
Jan
Apr
Deo
I8I4 Sept
Jan
157s Aug
407s
Jan
8% Mar
684 Mar
25
Deo
71»4
Deo
210U Deo
61is Deo
27«4 Deo
lOUs
92
Deo
Mar
1231s Nov
12U Mar
6
Deo
6
Oot
2%
Jan
20is
Jan
4614 NOV
105
Deo
1158s NOV
38
Apr
49>4 NOV
5 Called for redemption
New York Stock Record—Continued—Page 5
4300
June 26, 1937
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
CENT
Range for Previous
STOCKS
Range Sine* Jan. 1
fsyT
AND
Sales
JOT
LOW
NEW YORK STOCK
On Basis of 100-iSftartf Lou
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19
June 21
June 22
June 23
June 24
June 25
Weel
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
39
*25
*25V
39
*25V 39
♦25V 39
♦25V
32
32
317g
*31V
31V
32V
*102
10278 *102
103
*102V 103
41
*40
40
40
41
4084
28
28
28
28
28V
28V
39
*32
33
32
32
*102
104
102
102
*40
40V
29V
29V
39V
40
28V
29
*25V
32
300
6% preferred series A—100
First National Stores.-No par
40
4034
1,900
28
29i2
3,000
52V
52V
100
54 V
*51
54
*51
5378
*51
54
*33V
37
»33V
37
*3334
37
*34
37
37
*34 V
5
*34U
*478
50
*4934
50V
*48
*107
*48
112
*39V
4088
*95V 10978
8V
8V
*50
50
2538
*105
2538
106
108
*5
5V
108V 108V alio
39V
38
39
*9584 105
8V
8V
102
102
39
*50
25V
25V
50
*45
*26
5
1234
39
*4V
12V
39V1
f
•
*25
25V
*101
102
*in2
117]
11V
11V
*98V 102
*65V
*11V
*135
7V
*22 V
56
*50V
12V
25
25
*101
102
102
102
11V
102
66
64
65
11V
139
11
11V
7V
2234
22
135
135
7V
22V
52
10V
17
♦105V 108V
3V
338
44
*42V
*
104V
3V
*32
33V
58V
*50V
58V
*21
21V
*31V
35
58
*45
*80V
44
35
*65
80V
22V
87V
44
53V
47g
6V
6V
*108
113
39V
39V
81
*75V
38V
38V
*112
116
*778
83g
*89
90
338
22V
*81V
43V
*52
*4V
*6
*108
38V
78
38
115
*778
89
1434
*42
45V
115
*xl5
35
35
36
131V
*
"5234
53V
X52V
37V
37V
37V
IV
IV
87
52
52
♦61V
6284
62V
118V 118V
50V
*45
4V
No par
51
160
115
51
*45
-
14V
*60
82V
22V
82V
*81V
*6
6
*
39V
38V
38
3834
114 V 115 V
8
778
8
114
115V
89
*88
89
3V
3V
3V
8V
27S
8V
278
sv
2V
1834
36V
3684
20
50V
49V
35
35
135
6
6V
115
39V
39V
78
*4V
78
78
8
•
8
88
87V
3V
834
338
8V
234
*
4V
80
38V
115
8V
85
3V
834
"39"
No par
------
700
2,300
9
84
37
3684
37
19V
49V
3634
19V
36
20
1,700
1,900
15,000
1,800
19V
49V
35
*5034
64V
*5034
64*2
28V
28V
28V
28V
*60V
75V
75V
*60V
75V
*60V
14
14V
14
14V
11
11V
11
11
*32
45
*31
35
*34
45
*31
45
*37
*10
12
*10V
11V
*10V
11V
*10
11V
*10
*43
45
45
*42
44 V
44V
*40
287S
3034
*13V
2878
*27
287g
*27
287g
*27
287g
*27
31
*30
31
*30
31
*30
30V
30
14V
28
*13V
*27V
1334
*27V
28
13V
*27V
28
14
105V *104V 105V *104V 105V
99
99
2V
*2V
*40
2V
14
*iov
*2V
45
*31
45
11V
*10
*40
44V
*27
28V
30
*30
31
14V
13V
27V 27V
104V 104V
14
*13V
14
28
28
28
28
105
99
99
14
104V 105
*98
*98
99
43
43
43
40V
4034
4034
*41V
4034
137V *128
137V *128
137V *128
137V *128
11
1034
10V
95V
434
*95
95V
95V
4V
434
4V
101V ♦100V IOIV
11V
1134
11V
11V
11
10V
95
95
93V
93V
434
4V
*4V
4V
100V 100V *ioov ioiv
12
117g
11V
1178
*99
1034
93V
11
1034
93V
4V
4V
10034 102
UV
*92*2
11V
1218
60V
Deo
Mar
4
65
1269s Mar 31
62V Jan 23
152
Jan 13
647g Jan 21
44V Feb 9
3V Jan 18
17
Jan
70V
Jan
12884 Nov
49
Dec
59V June
Jan
152
34V
Apr
55
Deo
33V
Feb
44
Nov
7]
Jan
140
14
Jan
58
July
1
116
Oct
70V Feb 11
122V Feb 2
118
64V Jan 29
65V Jan 18
124
Feb
9
6V Jan 13
05V Feb
4
537g
Jan
Jan 22
Jan 20
7,900
—
— —
—
Jan
110
57
100
Jan
2
Apr
6
32V
June 14
5VJuno 17
110V Apr 29
31
78
Jan
June 21
27V Jan
100
4
Jan
4
4
7VMay 18
June 25
Jan
2
6V Jan
4
2VJune 14
19
Feb
40V Jan
3
4
34
June
1
135
May
8
110
*96
107
*96
106
*101
107
*145
155
*145
155
*145
155
25
8V
Deo
Apr
Jan
5
77
Jan
484 Feb
9
2
June
96
15
Jan 12
5V Jan 22
28V Mar 8
5684May 20
42V Jan 2
145 V Mar
2
IV July
3V
10
Apr
Apr
24V Aug
28V Jan
35V
Feb
Oct
Deo
80V Nov
317]
Apr
1057] Dec
14V Deo
96V July
4V Feb
11V Mar
6V Jan
x25V Nov
44
Dec
32V
Jan
31
Jan
62V Nov
22V Oct
46V Oct
42V Deo
136
Jan
1491] Aug
16
Jan
05
397j Nov
May
Greyhound Corp (The)-No par
1238May 13
16V Feb
8
1484
lOVMay 26
11V Mar 18
5 >4%
preferred
10
par
2
..100
40
Feb 27
10
June 16
44
June 16
Guantanamo Sugar
No
6% preferred
100
26
Water
No par
.100
1
26
Hecker Prod Corp v t o-No par
------
*24
Sept
21V July
xlOO
10V
118
Feb
05
Hat Corp of America cl A
------
155
Jan
Jan
Deo
7V
3
6% preferred
4,400
*96
74
Feb
Nov
55V
Mar
Hazel-Atlas Glass Co
*145
13V
92
56
98
6>£% preferred w W-...100
Hayes Body Corp
2
155
110
Oct
Jan
65 VJune 18
700
110
13lj Jan 18
Dec
52V Sept
37g Jan
0V Nov
19V
90
27V Nov
100
300
*96
Mar 11
Oct
37 V
Deo
Deo
44V Nov
Apr
Harbison-Walk Refrao.No par
*145
8734 Mar 11
47V Mar 11
141
Jan
Deo
89
3134
22
------
106
50 V Mar 11
84
Aug
71
50V Mar
0% preferred
100
Hanna (M A) Co 56 pf.No par
155
8 V Feb 19
Feb 17
115
6V
Feb
Deo
118V Mar
478 Deo
48V Deo
04V Mar 10
39 V Mar 10
Hamilton Watch Co
*96
6V Feb 25
13V June
70
June
6934 Apr 24
27VJune 2
500
*145
9
Jan 28
Apr
July
6V
1
Green (H L) Co Inc
800
60
Mar
5
4V
12V
58V Jan 18
47V Jan
102V
93V
51VMay 14
Feb 23
Mar 9
34VMay 19
7% preferred class A.....26
Hall Printing
10
1,400
1
88V
29V
90V
51V
No par
100
11
20V Feb
4
82 V June 17
3978 Apr 30
Grant (W T)
800
99
Nov
3V Apr
32V Apr
105
Jan
1
8
Hackensack
50
77
59V Deo
15<4 Dee
88
2784 Feb
—'
100
Aug
Jan
20V May
33V Apr
48 V Feb
8% preferred
80
43
2
Gulf Mobile A Northern. .100
—
Oct
Jan
123
Jan
7
June 15
300
300
Feb
584
4
June 12
100
70V
18V
Jan
17
Great Western Sugar.-No par
Preferred
100
71
123V Nov
Feb
x32
Great Northern pref
4V
Deo
Jan
117V
5>4
48V
70V
No par
------
137V
4V
*101
Deo
No par
Greene Cananea Copper
1034
4-*V
28V
800
11V
2V
105
Jan
28
Jan 19
3
Green Bay A West RR Co. 100
------
75V
14V
2V
1184
Jan
110
3VJune 23
41VMay 13
84
Gt Nor Iron Ore Prop-No par
Oct
Oct
534
Granite City Steel
53 conv pref series
190
135V
64V
2V
Nov
7
4
June 21
106
..1
1
2834
11V
Deo
20
155
Mar 20
No par
100
Grand Union Co tr ctfs
28V
♦60V
14V
No par
Preferred..
------
*5034
2V
No par
preferred
1,100
234
64V
14
conv
5
28V
*11V
preferred
Goodyear Tire A Rubb.No par
Granby Consol MSA P
34V
76
Jan
Feb 11
14
32V Mar
19
4
Graham-Paige Motors
3 684
*2
60
Gobel (Adolf)
140
100
2
No par
No par
preferred
conv
1,900
18
2
preferred
4)4%
5,000
*28
101
50
104V Apr
141
20V Jan
GUdden Co (The)
Nov
4
No par
9
48V
Feb
No par
$5 conv preferred
Brothers
Glmbel
3V
135
163
30V July
9
35V
Jan
30
105V Aug
177g Nov
14V NOV
Apr
Apr
43V Feb 11
3V
50V
8V May
34VJune14
14VJune14
80 May 18
9
135
97
17
Gotham Silk Hose
1,100
35
50
5
Deo
3334 Jan 25
So
*33
135
Nov
15V
June
1,700
234
*17V
*3434
11V May
100
1
9
56
500
15,500
18
50V
Jan 16
106V Jan 28
20VJuno14
5%
79V
35
35V
June 12
33
Gen TheatEaulp Corp.No par
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
35
135
13
i39VJune21,
Apr 26
Goodrich Co (B F)_...No par
*17
*3434
53V Feb
7V Aug
June 17
10
600
18
135
78
Jan
June 17
13,100
6
38V
19V
Jan
Apr
384
3
39V
*50V
2V
1,000
4V
35
19V
Deo
47V
31V
55
3V
234
Oct
Feb
Apr
31
100
*32
234
35V
1
Gillette Safety Rasor.-No par
3,800
Feb
Nov xl35
No par
------
82V
84
23V July
108
Gen Time Instru Corp. No par
14V
80V
9
1
48VJune 14
.100 xl04i2June
50 preferred.
800
78*2
8V
9784
General Refractories.-.No par
Gen Steel Cast 50 pref.No par
200
*17
27g
Railway Signal
Gen Realty A Utilities
2,800
38
86
No par
No par
114V 114V
80
38V
116
preferred
Gen
6% preferred
22V
6
♦
39V
July
8
3
1
$6
63
4
9'
112V
6
112 V
"39"
May
Deo
Jan
73
15V Feb
Gen Public Service
35
4V
8
Mar 22
Deo
48V Jan
7V Mar
60V Jan
100
4V
Mar 25
878May 17
20
1,200
4V
32V Jan 13
117
15V Apr 13
1.200
53
4V
9
42VMay21'
No par
2,000
44
135
11
*60
Jan
11334June 17
Common
44
*77V
37V
78
38V
115
51V
40V
81
22V
83
No par
General Printing Ink
*52
39V
35
35
3434
136V
136V *135
*5034
64V
64V *5034
*28
29
28V 28V
68
*60V
75V
*60V
14
14
14V
137g
*11
*11
11V
11V
*99
..
44
35
*128
14V
*31V
14V
117
$5 preferred
52
110V 110V
20
*43
35
100
10
June
45V
183s Jan 12
Gen Outdoor Adv A_._No par
1,700
51
48
General Motors Corp
May 13
lVMay 19
60
6% preferred
58,000
115
36
No par
General Mills
1,000
xl8V 118V
51V
50V
...No par
34V June 21
134 May 17
4938June 14
$6 conv pref series A-No par
40
55
52
*135
1134
Gen'l Gas A Eleo A
43V
36V
*19V
*11
2,600
53
37
43
2
86V
437g
6
6V
39V
50
22V
81
100
No par
*81V
*43V
4V
113
1934
14V
22V
preferred.....
General Foods
General Electric
*52
37
36V
14V
*
39VJune14
5,400
61*2
June 14
112V Apr 28
27,900
eii2
7VJune 17
20
100
No par
53V
*49
June 21
No par
3784
53
*36V
20V
8V
234
*3IV
22V
1434
*31
3V
35
*31V
5
135
7% cum preferred
7%
127
IO84
Class A
mm
120
19V Jan 14
No par
General Cigar Ino
1,400
43
36V
138
52
62V
99VJune 14
Aug
1034June 23
No par
Cable
--
4VJune14
1IVJune 14
June
24V Apr
9584 July
6
Bronse
General
«...
25VJune18
32
100
42V
37V
IV
,115V 11534
52
*45
131V
24 V May 14
105 V June 22
45 June 14
6684 Dee
34V Deo
11>4 Mar
48V Dec
5
3
86V Feb 17
~52V
118V 118V
50V
50V
115V 116
General
43
53
*31
101
*
9
3V Aug
63VJune17
Baking
$8 1st preferred
200
35V
June
Deo
45
25V Mar
40V Sept
36V Dec
10584 Nov
58V Nov
42V Deo
1
3
Jan 14
15V Mar
105V Jan
1,500
1,100
46
55
135
5
5
9
Feb
40
Apr
30V Sept
No par
5
600
11.
7VJune 10
Feb
lOVMay 13
50
*52
4334
36V
*40
35
IV
*49
22V
87V
»32V
*99
45
June 23
Apr
Apr
54 V
19V Feb
900
80
*17
♦128
21V
115
53V
37V
178
35
14V
18
*104
45V
118V
35V
131V
100
58
128
May 13
General
3.700
734
June 21
37VJune17
39lj Mar
9V Feb
June 17
$6 preferred
22
108
46V Feb
58V Feb
95
Gen Am Transportation
""7V
7V
22
39VJune 21
20VJune18
40
Apr 12
33VMay 8
45gJune 17
47V Jan 25
11
3
Gen Amer Investors..-No par
600
22V
*81V
*17
51
*21V
Jan
No par
700
135
Jan
x24V
100V
3
Apr 20
300
10V
*65
*17
20V
51V
~~7V
77g
22
*
20V
4l«>8 Mar 11
107V Feb 9
52 V Mar 1
May
Gar Wood industries Inc
102
17
*32V
3V
83g
25g
18V
838
25g
135
115
52
10U
*16V
17
*32V
14V
23
*50V
*4V
*45
*
39V Feb 19
June 17
31
Highest
\ per thare $ per thare
thare
Gannet Co conv $6 pf_.No par
50
11
per
39V Apr 28
102
June 15
1,200
10V
5
thare
22
11V
10V
1078
per
39
H84
11
52
*49
10V
14V
*22"
11V
*11
10V
*10V
10V
934
lov
934
16V
16V
16V
loV
16V
16V
*106
106
106
10834 *106V 10834 *106V IO884 ♦106V IO8S4
3V
3V
3V
3V
3V
3V
3V
3V
3V
3V
44 V
*44
44
44V
44V
4334
4334
4384
43*2 44
*
*
*
♦
104V *_.
104V
104V
104V
104V
"3"
~*3~
3
"3"
3V
"~3~
3V
3V
3V
3V
32
*31
*31
33
32
32V
32V
*31V 34V
32V
58
59
58
59
59
59
*56
58V
58V
58V
57
58
*52
57
56
*50V
*50V
*60V
*50,V 58
2034
2034
21V
*21V 21V
21V
2034 21V *20V 21V
10V
*16V
81
14V
*
11V
11V
1034
*
1
5
Year 1930
Lowest
Highest
10
$3 preferred
GamewellCo (The)
630
64V
"*7V
7%pfl00
conv
Galr Co Inc (Robert)
220
2434
2584
*100V 102
64
»
♦16V
11V
*11
2584
102
65
7V
— ——
4,400
*64
62
61V
*117
119
*118
118V ♦118V 118V
4978
50V
50V
49V
50V
49V
116
116
115
115
115V 115 V
*10V
25*2
102
11V
135
No par
Sulphur Co
10
preferred—..100
Fuller (Q A) prior pref.No par
$0 2d preferred
No par
Gabriel Co (The) cl A ..No par
6%
200
0
13
65
*
Sugar Co
Free port
40
— —
10
No par
10
3834
65
63
52
f *38V
Francisco
100
'
1134
*40
*45
12V
*99
135
7V
52
*4V
preferred
conv
Fk'n Simon A Co Ino
150
—
102
44
44
44
45V
45V
118V *105V 118V *112
118V
35
35
35V
3478
35V
3478
*
*
131V *_
131V
131V
~521~2 53V "52V 53
"521'] 53
37
37
37
37V
37V
37V
2
IV
IV
17]
IV
17]
62
5
12V
383,
$7
00
3,
29
*99
45V
*49
*26
11
22
400
8-4
5b
26V
26V
105V 105V
*43V 45
29
4)4 % conv preferred
Foster-Wheeler
110
102
*110
64
56
1,000
6434
1078
135
150
39V
♦99
102
6434
48
50
12V
102
1134
300
4£V
>
*11
11V
11V
*99
♦99
*484
39V
25V
102
IIS4
11V
11V
8V
*38V
12V
*38V
♦2434
>
39v'
*26
47g
478
4V
1234
12V
*38V
27
22
48
*51
t Follansbee Bros
No par
Food Machinery Corp
100
100
112
No par
No par
Florshelm Shoe class A .No par
——————
5
Fllntkote Co (The)
Florence Stove Co
....
39V
9
*26
22V
*62V
*8V
46
25
*7V
9V
49V
112
100V
29
25
11V
11V
100
50
40
25V
2534
26V
26V
105V 105V ♦105V 105V
45
-•5
*43V
*43V
4V
12V
x39 V
100
37
5
110
45
31V
434
*4V
12V
♦3JV
5
*26
50
31V
110
3934
*884
25V 25V
105V 105V
*105V 106
*26
39
100
56
*50
110
39V
834
834
56
♦45V
a
50
*49V
50V
108
*4V
49V
5V
Fllene's (Wm) Sons Co No par
10
Firestone Tire A Rubber
1,500
*51
*5
39
32V
54V
5V
Par
IO284 10234
*51
*5
Lowest
June 17
2878June 19
26V Apr 17
484 Jan 11
59
Jan
9
17V Mar
5
591] Mar
6
8
30V
34V Feb
30
Jan
36
7
33
June
Jan
20V Feb 10
13V Jan
Dec
IV July
24
July
9V
6
Oct
Deo
37
Aug
Jan
Feb 10
14
Jan
Feb 18
xl04
Deo
98
May 14
105
Jan 22
100
June
40
June 17
128
Apr 13
lOVJune 22
93VJune 23
4
May 14
100 V June 17
1138 June 17
30V
Jan
Feb 20
120
Jan
1734 Jan 11
12
Jan
104
Nov
107
Feb 20
8
Jan 14
10984 Mar
3
16V Jan 26
Deo
Dec
621]
347]
31
5
484
60
Jan
108
681] Mar
177] Nov
19Ia
June
140
Oct
Jan
Jan
25V Apr
103
95
15V
32
Mar
Dec
Nov
125V Nov
105V Mar
55
Deo
135V Deo
18V Nov
115
Jan
4V
Apr
9
Mar
99V
Dec
133
Mar
12V Aug
21V
Jan
26
Preferred
100
May 17
120
Feb
9
117
May
141
Jan
100
Helme (G W)
140
May
166
Jan
6
160V July
105
Deo
25
25
25
*23
25
400
Hercules
Motors
No par
z24
June 17
39V Feb 11
150
*147
150
*147
150
150
150
154
154
153V 153V
500
Hercules
Powder
No par
84
Jan
150
Deo
128
128
*128
130
*128
130
*128
130
129V 130
160
Aug
135
Apr
*59
61
*59
60
*59
61
135V Feb 2
07»4 Jan 21
120
60
6% cum preferred
100
Hershey Chocolate ...-No par
144V May 17
125 May 22
58
Apr 27
3
♦126V 130
Jan
105
*103
105
111
587] sept
Sept
80
*103
105V *102V 107
*32
*32
35V
35V
102
119
Feb
*2334
*147
25
2478
*59
61
*59
62
*59
*101
105
*101
107
*104
*30
35V
*36
37V
105
105
*30
36
36
104
105
23
23
2934
29V
*23
23V
23
*29
30V
*29V
*11034
*11034
387
389
*32V
193g
*59V
*88V
14V
72V
278
7V
14V
3V
----
36
19V
62
9078
1478
72V
27g
7V
*30
35V
385
♦32V
19V
*59V
*8884
14V
72V
37
*11034
390
37V
19V
60
90V
14V
74
382
*32V
1878
384
37V
14V
14V
14V
*90V
14V
74
73
73V
74V
*7
8
8
45
*6138
63
63
♦15V
17
*61V
*15V
17
*15V
2278
3V
62
62
9078
3
22V
1834
*60
19
143g
33g
*278
*7V
14V
3V
23
23
45
*40
63
61
17
*15V
3
7V
14V
3V
2V
7V
No par
35VMay 13
102i4June25
600
500
Holly Sugar Corp
No par
29V June 22
110V Apr 27
336 May 14
30V
1884
19
--
-
-
49V
37V
1834
preferred.
100
Homestake Mining new. 12.60
7%
------
400
Houdallle-Herehey cl A.No par
------
Class
2,500
61
91V
100
1434
14 V
75V
73
15V
73V
8,700
1,900
14V
3V
23V
44V
61V
*40
338
23%
44V
61
61V
17
*15V
17
14V
3V
22V
Feb
5
397] June
17V Jan 22
90V Mar 10
5V Jan 21
C--25
6
Illinois Central
100
100
No par
1
.....100
0% pref series A
100
Leased lines 4%
RR Sec ctfs series A
50
544
Jan
12
Apr
62V Jan
v t
Manhattan
Hupp Motor Car Corp
15V
Deo
Mar 29
22V July
6,400
40
407
41
543] June
2,600
63
Oot
431
Jan 11
Hudson Motor Car
*58V
15V
115
Jan
124
33V
427]
44V
Bid and asked prices; no sales on this day
t In receivership,
a
Deferred delivery,
n
100
New stock
r
Oot
Dec
Feb
1000
8
4
6V
Jan
137] Dec
Jan
65
57b
Jan
8V Apr
13V May
17V
Feb
071] Mar 11
30
June
Jan 20
58
Jan
14«4 Jan
25V Mar 11
11
May
4
23V Feb 17
4
Apr 24
38
Mar 17
Cash sale
x
Ex-dlv,
y
Ex-rlghts.
Dec
3 V June
72
Jan 21
Mar
48V
234June 15
7VJune11
13VJune17
3
May 11
2l34jUne 17
44 V June 11
61
May 22
15V
33
x78V Nov
18V
Apr
22V Nov
29V
oot
54V Sept
73V Oot
20
1
*
Dee
Mar 20
5% preferred
------
Dee
Feb
19V
73
3,900
3V
4934
108
Jan
27V Feb 11
14V
23V
Jan
June
9
94
200
44
30V
108
88VJune 11
600
*40
Oot
120V Jan' 4
30V Mar 9
43ij Jan 7
11434 Mar 3
57V Mar 25
784
*7
6V
9
5
41
4
62«4 Feb
Apr
il838Junel7
Howe Sound Co..
A
June
Jan 19
June
25V
100
Houston Oil of Texas
Hudson
35
Jan 27
37
Feb
No par
com
6% preferred
3
3
3
21
185
stk No par
B
Household Fin
200
91V
*60
102 V Mar 12
36 June 3
5% conv preferred..No par
Hollander A Sons (A)..
6
Holland Furnace
1,100
23V
48V
*32V
91V
14 V
23
$4 conv preferred—No par
Hinde A Dauche Paper Co. 10
------
110
23V
30V
*11034
37V
19
38V
——————
35V
38V
102V 102V
48"
*89V
*278
38
103V 103V
*23V
24V
2934
2934
*34
*60
73
*32
35V
37V
382
*32V
19V
3
14V
378
38
24V
*11034
n47V
*11034
59V
*40
3V
---
9078
45
23V
37V
59V
*41
23V
-
*278
14V
3V
37
*103V 104
23
24
*23V
29V
*29V 2934
*8884
14V
*7V
14V
3V
2234
*40 V
*6IV
14V
37
♦103V 104
24V
H Called for redemption.
Oot
Volume
New York Stock Record—Continued—Page 6
144
HIGH SALE PRICES—PER
LOW AND
■
SHARE, NOT PER CENT
Sales
v
STOCKS
•f/Yt
NEW
Monday
Tuesday
Wednesday
Thursday
Friday
for
the
June 21
June 22
June 23
June 24
June 25
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
14
*11
36%
36%
*128% 131
*133%
104
104
*12
14
*11
13
*12
13%
*1184
13%
13%
*11%
730
36% 36%
36% 30%
36*4
36%
36%
36%
36%
♦128% 131
126
126
*128% 131
127% 127%
125% 125%
148
*135
148
*133% 13934 *133% 141
*133% 146% *135
103% 104% 10484 105
107% 108% 107% 108% 100% 108%
mm
m
m
458
684
*54
22
21%
*458
2I84
21%
22%
4%
434
4%
684
0%
684
*6%
4%
05g
56
65%
*5434
56
*110
*110
*584
18%
6%
6
I884
18
5%
538
50
*44
*5%
*44
*5434
*110
6
2234
*4%
6
5484
18%
584
1834
5%
53s
538
50
*43
6
5484
*110
584
18%
48
*5%
18%
5%
*44
11
11
11
11
68
6884
5784
56%
56%
•129% 13534 *129% 13534 *129%
1734
17%
1734
♦1738
17%
12%
12%
*12%
12%
12%
684
638
6%
6%
638
♦102
103
101% 10234 101%
*0
684
6%
*5%
*5%
6%
6%
*55S
»5.%
*5%
*44
*46%
46*4
*45% 47
*24
24
*24
25%
25%
42%
*41%
*40% 42% *41
*34
*36
39
37% *36%
*85
91
*85
10%
23%
11
102
♦101
10%
2384
23%
*101
90
♦85
11%
10%
2384
24
102
*4%
*5%
*55
23%
434
6%
6884
*110
0
5%
18%
5%
19
5%
48
154
*149
149% 149% *150
*149% 154
150%
107
108
106% 107%
107% 107% 10634 107
147
*140
147% *146
147
*145% 147% *146
IO84
11
IO84
10%
11
10%
-10% 10%
9
9
9%
9%
9%
834
9%
884
11
23
23%
4%
*44
2284
*4%
Lowest
mm
2.500
300
Par
Indian Refining....
Industrial Rayon..
$
10
_
94
No var
*0
*55
6%
18%
5%
1834
5%
50
638
1834
5'%
*44
50
150% 151%
100% 107
150% 151*4
106
107*8
147
147
147
Insuransharee Ctfs Ino
800
t Interboro Rap Tr
100
80
1,100
11,700
1,700
mm
mm
m
"""900
10,500
147
300
*17
17%
6% preferred.
28
28
♦122% 126
*70
74
124
124
Iron
Interlake
No par
Internat
Agricultural..No par
Prior preferred
100
Int Business Machines.No par
Internat Harvester
No par
Preferred
100
Int Hydro-El Sys cl A
1,700
Int Mercantile Marine. No par
2,900
Internat Mining Corp..
*85
90
91
10%
24%
*85
11
23%
10%
24%
102
102
17
17
17
102
10%
1038
10%
8%
8%
*85
90
23%
40
*35
60%
5%
50%
21
21%
21
*8%
10
*8%
115
115
*5%
*50%
*110
*31
40
*35
51
51
21%
10%
20%
*8%
10
*5%
33%
19%
20
*15%
18%
*15%
20
17
*22
28
*22
28
*22%
*1884
*12%
19
19
14
*12%
19
*1884
*12%
*233s
2384
2334
2334
*33%
35
33
33
180
~14%
1%
*
15
14
180
23%
32%
*
14%
1%
10
10
*10
39%
♦15
10
39
39
*15
16
*15
*4034
43
*40%
02%
1%
39%
15%
62%
11*4
*2584
*95%
9634
62%
IIS4
26%
12
*2584
3 884
44
41%
62%
12
12
*26
27*4
Class B
No par
Class C__
No par
Preferred
Voting trust certifs—No par
70
100
«n»
m
m
m
m
100
3,000
5% preferred
100
158
*155
162
*20
21
*20
21
63
63%
62%
53%
47%
53%
47%
62%
*51%
62%
*51%
75%
76
*52%
*46%
753s
*20
75%
108
108
20%
20%
136
~20~;
*85
88
*88
*
20
88
31%
31%
31
31
*127
131
41
41%
*46
47
*1184
12%
45%
4%
45%
*4
*3%
14%
1%
10%
434
30%
*30%
*127
*85
30%
3034
*
180
"15"
1%
*10
*32%
*
41% June 17
31*4 Jan 2
100
88
*15
4134
623s
128s
2734
*40%
62%
43
*40%
63
62%
*96
21
12%
*26%
96%
2734
96%
96%
9634
9634
97
*156
161
*20
21
62
*20%
61%
53
46%
46%
108
2034
20%
87%
3038
52%
*46%
87%
30%
*31
131
*3%
15
15
16
*7%
*18%
*3%
20
10
10
42
*39
*40
*11
23%
3%
234
42
*40
21
*8%
*51
34
24%
2334
24%
23%
21%
9%
20%
20%
9%
*9
53
*2434
50
34%
*142% 145
*55
56
9
9
9%
1934
*50
51
42
24%
20
9%
53
*55
*884
56
1%
35%
*34
*35%
37%
*35%
37%
104
104
*
105
Llbby McNeill A Libby No par
200
Life Savers
800
Liggett A Myers Tobacoo—.25
1,900
100
mmmmmm
Corp
...5
—26
Series B
100
Preferred
Lily Tulip Cup Corp...No par
*31
40,100
2,800
1,000
500
90
2,400
131
*18
3%
3%
9%
10
134
1%
Loew's
Inc
No par
$6.50 preferred
No par
No par
Loft Ino
Lone Star Cement
Corp No par
Long Bell Lumber A.—No par
25
Loose-Wiles Biscuit
6%
preferred
(P) Co
100
preferred.
....100
Lorlllard
10
http://fraser.stlouisfed.org/
</r
Federal Reserve Bank of St. Louis
Jan
105%June
4
1
June 22
1
50% May 14
534June 17
28%June 17
Mar 31
106
2038June 24
4H2 Jan 14
Mar
6
17*4 Mar
1
2778 Mar 11
51*8 Feb
203
Feb
1
1
245s Mar 17
384 Jan 18
18% Jan 18
43i2June 10
21*8 Feb 11
6858 Jan 9
79
Jan 16
135
Deo
61
Nov
28
Jan
33?g
Jan
20if Apr
32
June
157g July
7ig Jan
12
July
15if Apr
94% Apr
8ig Jan
Oot
Oot
89
May
123*4 Nov
12
Jan
21*4 Nov
05
47U
8OI4 Nov
Jan
Mar
83% Feb 15
61
Jan 14
537s Mar
3
84i2 Apr 19
110
Jan 23
37s Feb 2
75U Mar 11
IO84 Jan 26
4314 Jan 8
110
May 12
285s Feb
8
Jan
Oot
170 U
Deo
19
Apr
23 U
Feb
Jan
63if Nov
2578
36
July
32ig June
43
Apr
104%
Feb1
2
Apr
35%
Jan
Jan
3*8
Z3834
107
Oot
45
Jan
113
Sept
155,
1,100
Magma Copper
t Manati Sugar
9%
8%
20%
50%
50%
50%
56
56
5534
9
884
34
*34%
*35%
'
9%
*34%
*35%
37%
7
15
June 15
30
Jan 11
100
14
June 24
*
t In receivership,
4%May 14
7U
Jan
1334 Apr 28
21i2 Apr 6
107$ Jan 11
7
June
t Manhattan Ry 7% guar.100
15%June 14
39
Jan 14
32
Dec
57%
Jan
Deo
23%
24*4
Feb
Dec
Bros
67sJune 15
10ii Jan 20
127g
29*8 Jan 30
17% May
800
Maraealbo OH Exploration..1
0«4 Feb 17
14U Feb 13
214 Jan
8ig Apr
lis Jan
0% July
18*4 Jan
2% July
320
30
300
110
mmrnmmm
1*
Midland Corp
Market Street
5
100
Ry
6% Preferred
100
100
.100
6% Prior preferred
6% 2d preferred
Marlin-Rockwell Corp
a
10% May 14
20
39
2S4 June 22
41
Apr 28
Jan
Marshall Field A Co...No par
18%
Martin
No par
.No par
19%June 16
7
May 14
49%June 15
327sMay 27
(Glenn L) Co
700
Martin-Parry Corp
800
Masonite Corp...
700
Mathieson Alkali Wks.Ne par
10
1,500
100
7% preferred
May
Department
MavtagCo.
Stores
10
3i2 Mar 29
20%June 25
7 500
1,500
4
142
May 17
51%June 2
078
6184
3078
29U
137i
74
Jan 21
Jan 20
Mar 27
Mar 4
Mar 10
41
11%
May
Jan
Jan 10
Feb
10
8
165
Jan 25
00i4 Mar 11
No par
8
June 12
15ii Jan 11
27% Apr
1537g Jan
43% May
No par
34
June 23
44
Jan 13
35
June
3
45
Jan 13
44
Nov
No par
104
June 21
111
Jan 22
103
Jan
$6 1st cum pref
Def delivery
n New stock,
r Cash sale,
attonal
x Ex-dlv,
0*4 Mar
12*4 Aug
3% Mar
23
Nov
45
Nov
7% Dec
50% Nov
25 % Nov
12
Mar
13%
42% Nov
163
Deo
70
Nov
21%
56
50%
110%
Print! ng Ink. Corp.
y
Nov
6
41*4 Jan
0% Apr
Apr
43% Deo
$3 preferred w w
18
Apr 30
$3 preferred ex-warr. No par
100
37%
105
Marine
2,400
9%
36
Deo
35% Dec
No par
Pref ctfs of deposit
18%June 22
3% June17
978June 14
158June 24
2,700
Dec
Nov
Mar 30
100
Man del
55%
55%
36
100
Preferred
26
33%
33%
9%
9
100
*142% 145
56
105
9%
50%
33%
*142% 145
57
Jan
Modified 5% guar
20%
20%
Jan
15g
Manhattan Shirt...
134
Oot
05% Nov
34if
200
10
134
49 %
MarlO
Certificates ol deposit
20
134% Nov
77g Jan 12
63
600
3%
3%
24
10
100
8
11
*
Jan
1934
*7%
22
3%
42
24
21
9%
50%
37%
Apr
8*8
10
3%
*40%
23%
*33
4018
19%
11
34
8
163s Jan 20
13%
18%
*19
Jan
68% Mar
June 17
Oot
Oot
42
44
10%June 14
42
May 23
334May 17
Jan
Feb
No par
15%
*8%
Oot
Jan
35
Macy (R H) Co Inc
*12%
*15%
9%
33
30U
102*8
Madison Square Gard.-No par
43
20%
24%
22% July
151
1,100
280
9%
50%
33%
Jan
20%
1,600
4%
16
42
Feb 11
132i2 Feb
Feb
Deo
8*s Mar
Jan
Jan
1134
3%
42
36
35g
617S
27*8
46
134
4
Mar 31
Deo
Deo
1087g July
127 if
*3%
3%
30%May
Deo
May
21% Apr
57%
55
40if
07 ig
9
No par
130
4134 Mar 11
Jan
100
8
4%
10
..10
MacAndrews A Forbes
4
Jan
U0ig
Mar
200
734
2914 Jan
Mar 17
Nov
97% Mar
62 U
4%
20
June 14
31%
115
40*8 June 22
43
18%
Ludlum Steel
130
13
No par
11%
*
100
6% preferred
2,600
46
13%
7%
Nov
38% May
May
5
Nov
Feb
97
23%May
180
19
25
Jan 13
I8if Nov
1834 Deo
Nov
45 if
95g Apr
4
176
50U July
Feb
20*4
4
283s Jan 18
Jan 28
18if Nov
22
May
114
Nov
323g Nov
July
2
7
11314 Feb
Oot
747g Feb
35*4 Aug
19ig June
2
153s Mar
7*8
Mack Trucks Inc
42%
11
3%
200
....
4134
*384
14
734
60
32
*127
15%
784
20
Bid and asked prices; no sales on this day
94%June 14
151
May 20
zl834May 28
51%May 14
433s Jan 4
04% Jan 4
No par
...No par
d Change of name from Intern
•
01%June 14
9®4 Jan 2
255s Feb 25
93
May 20
59
1,400
4
14
18%
105
par
Lima Locomot Works..No par
22%
*95
Llbbey Ownes Ford Ql_ No
Link Belt Co
11
34
*34
37%
50
preferred
Liquid Carbonlo
22%
3*8
*40%
23%
20%
8%
conv
500
11
*35%
35%
600
3,100
1,800
6%
934June 17
500
23
*8%
*35%
700
52%
62
2234
234
*40%
23%
20%
6
48
*1034
56
*34
105
3%
10
56
9
21
7684
31%
131
15
*12%
*15%
34%
*33%
*33%
34%
142% 142% *142% 145
*142% 145
9
35%
*-...
7%
*18
Jan
June 17
ISsJune 23
Jan 13
45g
3,000
4%
*14
14
Jan
03*8 Nov
ei
20 if
31%
*3%
15%
160
50
No par
Jan
247g
107
Apr
Apr
Apr
30
31%
458
*14
100
preferred
Lehigh Valley Coal
Feb 30
30%
*3%
13%
conv
32%June 22
Feb
Nov
283f
Oot
99
438
15
4%
Lehigh Valley RR
4
3314
Deo
Jan
84
*3%
1034
96%
96%
52%
43%
*12%
*15%
25
Lehigh Portland Cement
Jan
30U Nov
110
46 if
Louisville A Nashville—
4
25%
900
17
Apr
26
Apr
48if Aug
18ig Jan
37g May
Mar 30
600
4%
3
12*8
2734
*47
76%
43
43
*14
3%
m«mmmm
No par
Lee Rubber A Tire
Deo
121
245g
471| Jan 23
24U Jan 14
277g Jan 14
24
Deo
50U
17*4 June
88%
*4
8
18%
3%
10
2%
11%
23%
234
Lane Bryant
23%June 3
18%June 4
1234June 14
Deo
133
Mar 8
Apr 14
88
42
13%
16
preferred
100
(The)....No par
15%June 15
147
Deo
126 if
Jan
8734
4
15
6%
Lambert Co
May 11
4
Sept
93*8 Nov
152
28%
Dec
45
15%
June 14
313s Nov
126
Mar 10
May
4
*12%
June
18
Oct
22*4 Apr
Feb
20
45
*14
33
107
87
4
71
105
Feb
377g Nov
Jan 14
295s Jan 2
157, Jan 16
100
19U
Oot
Feb
Feb
47% Jan 12
No par
Laclede Gas Lt Co St Louis 100
Kroger Groo A Bak
63if
19U Dec
17 if Dec
207sJune 14
8%Mhy 18
-No par
8% preferred
Kress (S H) A Co
Jan
140
4%
*15%
13
30
200
June 14
80
28*4 Jan 13
46%
15
25%
Kresge Dept. Stores...No par
5
19i2
109i2
693s
2012
4684
93s
Jan
Deo
147*4 Jan 20
*4
13%
No par
10
Kresge (8 S) Co
14%June 14
38i2 Apr 8
233s Feb 11
Jan
17
June 25
*45
16
1
Apr 29
June 17
61%
61%
*11%
*12%
No par
Kinney (GR) Co
$8 preferred
51
41
*20
52%
11%
*14
*338
40
4,200
*156% 161
47
46%
*15
25%
Kimberly-Clark
500
9i2June 22
May 25
101
Jan 14
191
237g
19% June 17
46
11%
14
Keystone Steel A W Co No par
1252 June 17
June 23
96%
96%
4134
4634
11%
15
No par
110
5
Louisville Gas A El A..No par
45%
11%
46
Kennecott Copper
961 June 16
Mar
27U Jan 18
600
12-%
45%
*134
500
B
35
75ig May
39ig July
20
*12
1%
28,000
Class
Kendall Co $6 pt pf A .No par
447* Jan 16
2
20%June 15
2634June
June 17
12%
2734.
21
*40%
4634
15
2%
10
203sJune 17
Feb1
20
*127
4]34
15
♦is4
*1084
1,800
6
May
20
41%
46%
11%
9%
600
Keith-Albee-Orpheum pf_.10G
Kelsey Hayes Wheel conv cl A1
5
Jan
jan
8734
30%
31%
32
*127
41%
3%
Kayser (J) A Co
16
8718 Jan
20
20%
87%
30%
32
100
Stores.$12.50
Kaufmann Dept
Feb 15
40
15
31
31
30%
30%
30%
30%
10734 IO784 *10634 10784 *10634 10784
20% 20%
20%
20*4
203s 20%
*
130
134
*130
13434 130
*20"
4% preferred
100
*105% 106
105% 10538 *105% 106
1%
I84
1%
1%
1%
1%
53%
54%
5434
54
5434
53%
6
5%
6
5%
*584
534
763s
76%
City Southern.... 100
200
300
75%
131
10
Jan
5,700
*12%
3%
13
77%
*31
40%
12%
*156% 161
62
52%
*127
*7%
18%
33s
Mar 17
200
41%
96%
32
7%
29
Kansas
136
36
63
12
131
20
June 18
900
June 14
28%June 15
116% ADT 8
Lehn A Fink Prod Corp
Lerner Stores Corp....No par
41%
*27%
63%
47
76
41%
7%
*18%
3%
9%
1%
1034
25%
Nov
121*4
Lehman Corp (The).—No par
63
12%
*14
7%
110
24*g Aug
Apr
113
2
300
42%
27%
63
41%
15%
Mar 17
Kan City P A L pf ser B No par
126% Mar 29
Jan
3,300
63
Jan
120
15
9%
16
30
.
2012 Jan 30
30
Apr 15
88
38%
16
15
June
Jan
8
15
39
39
15
2
82
Jan
38
38%
10%
38%
15%
Nov
681 j
3,100
10
93
5
1434
2
9%
10
June
11% "Sept
10*8 Apr
121
600
*1*4
50
118
32%
14*4
Feb 19
Kalamazoo Stove A Furn
20
Nov
23*8 Deo
14% Deo
8ig Deo
98% Deo
llig Oot
105g Oot
61 if Nov
110
Jones A Laugh Steel pref..l00
10
136
Notf
700
Preferred
25% Jan 26
Feb
35
310
1
Deo
Oct
Apr
Mar 18
*31
180
May 18
June 18
Jan
Jan
8
Apr
1578 Feb 19
1
3
19%
1012
I8I4 Deo
06*8 Nov
15
30*8 Jan 18
107% Apr 6
17
Deo
105% Deo
Apr
47
934May 14
No par
194
Mar 11
20%May 27
June 18
57a Deo
18U Deo
57« Mar
7% Deo
52
No par
100
Dee
77g Jan
187g Jan
48*4 Nov
112
Sept
23
Interstate Dept Stores.No par
100
24%
2884 Jan 25
493s Jan 4
120
34
1%
8*4 Jan 30
57% Feb 10
I5g Jan
2012 Apr
3*4 Jan
100
10
1,700
1434
Feb 10
155
14
25%
*
June 17
10
June 17
*12%
24%
180
1%
8
June 15
Apr
120
24%
14%
1%
15
40
135
20%
33
June
43i2May 26
18
No par
1,300
33
43% May
125% Feb
3*4 Apr
2% Jan
Johns-Manvllle
1,400
19%
14
73®g Mar 10
13534 Jan
Jan 16
10
24%
I3is Deo
Apr 29
19
*12%
Jan
Feb
Jan 160
71
23%
14
Apr
4%
1078 Jan 29
Jan
121
19
193s
505g
148%
2*4
1
23%
2334
5
No par
25
23%
4
Jan 18
9
100
$8 preferred
*22%
18%
♦12%
Jan
102
Jewel Tea Inc..
28
19
May
Apr
2if Jan
9*8 July
27g July
22*4 July
100
Apr
Island Creek Coal
*22%
105% 105% ♦1053s 106
2
1
1%
1%
55
54%
54%
55
6
5%
5%
5%
*29
30
*29% 31
*
10
37
107
100
28
19
14
23%
33
♦156% 161
47
20
21%
*8%
Oct
Deo
7
No par
—....
Jan
5
15U Apr
International ^Shoe
International Silver
Preferred
6%
107g
1834 Jan
24
preferred
Deo
Nov
May 18
No par
Inter Telep A Tel eg
140
122
400
5%
52%
21
10
6
Aug
88*8 July
Intertype Corp
20
97
20
*50
21%
10
147
11234June
189
16ig Nov
413s Nov
May
400
4,000
96%
20%
54%
21
.*8%
4
International Salt
7%
1~8~2O6
17
97
108
*52
Jan
20
20
6
16
11
14
14
914 Apr
12134 Apr
*35%
584
42
140%June 14
99% Apr 7
14478 Apr 30
87s Jan 4
0% Jan 4
5% June 17
20
20
96%
30
39%
5%
*51
57%
20%
21%
*8%
10
110% 110%
*31%
33%
39%
2
Jan 18
534 Jan 12
90% Jan 6
5,600
19%
96%
*20»4 21
135% 135%
*5%
Jan
6
13*4 Jan
64*4 Apr
111% Jan
lli2Mar
28% Mar
9% Apr
63i2 Apr
100
5,200
17
96%
♦10784 108
534
5
33% Feb 23
Internat Rys of Cent Am..100
1,400
20
97
♦105% 106
2%
2%
55
54%
6%
*5%
*35
39%
16%May 13
125
2434 Apr
*17
97
75
*101% 103
103
*101% 103
57
58*8
58%
56%
5634
15%
15%
15%
15%
15%
6
Jan 21
131% Mar 6
<516May 13
16% Feb 23
105s Feb 24
19%
97
47
534
123% *122% 123% *122% 123%
120
120
118
119
119%
29%
30%
30%
30%
30%
*116% 119
119
*116% 119
16%
16%
16%
16*4
16%
*25
27% *25%
27%
27%
*25
27
2634
2634
26*4
20%
23
*20%
21%
20%
99%
99% *93
99% *93
14
14
13%
13%
*13%
10
10
10
9%
10%
Jan 21
4«4 Feb
137
55% Apr 29
12778May 27
19
*17
41
107% Apr 24
106
Inter Pap A Pow cl A..-No par
*17
99
158
*29
19
1
5%June 17
6
Int Nickel of Canada.-No par
Preferred
100
17
180
*14
14%
1%
1%
10
62
*17
3l6June
17% May 18
4%June 4
Jan
4is
25*8 May
Feb
1,800
34,400
50
115
125
*110
112% 112% *110
*31
*31
33%
33%
*31%
33%
20
20%
19%
20%
20%
20%
120
33%
20
*35
40
534
52%
21%
584
33%
19%
*
17%
2834
25
•
22% Jan 20
47% Apr 20
144
mutmmrnm'
90
1034
24*8
10%
10%
24
23%
*102% 104
28
28
*28
*28
2734
28%
2834
*27%
2834
126
*123
*123
*122% 126
*122% 126
132% *122% 132%
73
71%
71%
*70%
*71%
73
*70%
73
72%
*70%
126
126
126
1233s 125
124% 125% 125% 125% 120
123% 123% *122% 123% *122%
119
119% *118% 120
118'4
119% 119%
31% *29%
*29%
31% *29% 30%
30%
*116% 118% *116% 118%
116% 116% *116%
*16
163s
178g
10%
1638
1634
I684
28
*25
*26% 278s *26
27%
27%
27
*2634
*2634
*26s4
27
*26*4 27
23% *20% 20% *20%
*20% 20% *20%
*94
99% *92% 99% *92% 99% *92%
1384
13%
12%
*13%
*13%
13%
13%
10
10
9%
9%
9%
9%
958
102
*101
*102
103
102
103
*101%
55%
54%
55%
553s
55%
54%
55%
*15
15
15%
14%
*14%
H84
1434
*5
No par
5,300
*121% 123%
*30
100
Rubber
1034
83g
*101
17%
t c—100
d Intercnemical Corp. .No par
Intercont'l
Rights
*17
v
1
11% .11%
1134
11%
12%
11%
11%
57%
56%
57%
59%
58%
59*8
57%
13534 *129% 13534 *129% 13534 *129% 13534
17
17%
17%
183s
1734
*17%
18%
12
13
12%
12%
12%
1234
12%
684
634
6%
6%
634
6%
6%
103
104
99% 103
102% 102
104%
*6
584
534
634
*5%
634
684
*5-%
6%
*5%
6»2
*5%
6%
6%
44
44
44%
44% *43% 47
46%
24
25
25
*23%
2434
*23%
*23%
42%
*41%
42% *41% 42
*41%
42%
*35
39
*37
37
37
39
38
10%
8%
"
_
Inspiration Cons Copper...20
400
110
110
5%
9,800
June
Highest
$ per share $ per share
$ per share
125
100
Inland Steel—......
share
per
Lowest
Highest
1234 Jan
3534 June 17
Apr 28
133% Mar 27
No var
Ingersoll Rand. ..v—..No var
6% preferred
3~400
23%
434
6%
58*4
Year 1936
EXCHANGE
Rights
2184
Range for Previous
Range Since Jan. 1
On Basis of 100-Share Lots
YORK STOCK
Weelc
^Saturday
4301
Ex-rights.
^ Called for redemption
Feb
Feb
Apr
Oot
New York Stock Record—Continued—Page 7
4302
LOW
AND
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 19
June 21
June 22
June 23
June 24
Juhe25
$ pel shzre
$ per share
$ per share
$ per share
$ per share
*25
26
$ per share
Shares
Range Since Jan. 1
On Basis of 100-Share Lois
Weet
2734
*2618
*10i4
26*4
1634
26
26i2
16is
26
25
26
25%
June 26, 1937
Lowest
Par
800
25%
McCall Corp
No
$
share
per
25
par
Highest
June 23
16
16
1534
16
1534
16
16
*80is
89
*80
90
*82
85
84
84
*80
85
84
84%
300
*48
50
48
48
48
48
*47
50
*46
49
•*45
49
200
MoGraw
6
40% Jan 12
*17
17%
34i4
3378
14
4334
16*2
16i2
*17
19
400
34
3414
*34
1,800
McGraw-Hill Pub Co .-No par
Molntyre Porcupine Mines..5
33
33*2
33
1,400
McKeesport Tin Plate..... 10
16%June 21
3284 May 10
31%May 11
1378
14
14
3488
3358
14i8
43%
18%
34%
33%
14%
43%
12%
4,900
MoKesson & Robbing..
12%
34%
*33
1378
*42i4
*1212
4278
*1212
1278
*85
1558
98
♦2614
2784
43
43%
*34
33%
14
*43
1278
*12
1234
*12%
*90
99%
27
*90
17%
34%
17
17
34
34%
3384
3338
14%
43%
13%
99%
14
33%
14%
*95
26%
17%
95
95
15%
*27
*26*2
27*2
96
*95
96
*95
96
*64
69
*64
69*2
*64
69%
i*10
*36l4
6984
10i2
10
10
38
*36*2
3 734
*25
34
*59l2
43%
12%
*
*
96
1 *65
k
26%
10*8
3678
26%
95
10*8
1038
*10%
367g
36
36%
36
*25
33
*25
33
*25
33
61
61
61
61
61%
*61
16*4
1634
1638
1634
16%
17*8
2678
27i4
26%
2714
2?67S
2678
27
36
*3512
*34l4
35
34*4
35*4
*108
115
*109
115
111
*94
96
94
94
*93
96
*97
100
*114
115
*9778 100
*114
*12%
12%
*95l4
*1!4
*238
96i8
1238
*95
100
115
12*2
98
*95
*
35
33
*25
62
17
1734
27%
27%
2734
100
*97
100
114%
1234
114% 114%
12*4
1234
114
114
*95
*95
98
12%
97
100
97
1%
234
*1*4
*23g
1%
3*4
*1*4
*2%
1%
*2%
234
4%
*3*8
4%
*3%
4%
25%
6*8
22%
3%
25%
*2%
*3%
*25%
6%
284
*3%
4%
2534
23
23%
26
*25
26
1*2
25*2
25*2
6%
21 *2
6*8
*6*8
6*4
22U
6l8
22i2
22*4
21*2
22%
*312
378
338
3*2
3*2
3%
7i8
*30i2
7*8
634
7
31
30
86
8534
30*2
8534
54
547g
53%
54*4
*38
41i8
*37*2
*58
60%
58
58%
*30*8
85%
53%
*37*2
57*2
1*8
31
86
2834
2834
6i8
38
1*4
1*8
28%
1*8
2938
21%
72%
107
72%
*103
11
11%
*62
65
57
57
20
5634
1%
28%
*19%
20
1934
38
*37
39%
38%
*62
23
*23
2334
90
*81
90
25%
*24
25
72%
*72
72%
72%
105% *103
11
*62
65
*63
17%
*33%
*18%
12%
17
17%
32
32
18%
12%
*17%
18%
13
13%
23%
23%
153
*152
26
26
*93%
95%
26
*24%
*9334
95%
1078
63%
17%
64
1738
17%
33%
36
33%
18%
18%
*18
13%
*13
23%
2338 24
153
1527, *151
33%
21%
*9384
17%
>
11%
23%
153
26%
*25
95%
327g
*9384
32%
22
33%
33%
32%
21
21%
22%
21%
20%
*109% 112% *109% 112% *109% 112% *109
*108% 109
*108% 109
*108% 109
*108%
16
16%
'*15%
15%
15%
15%
15%
7%
7%
73S
*7%
7%
7%
*6%
29%
29
29%
29%
28%
28% 29
31%
*26%
31
*26%
34
13
13%
13
13
13
13%
13
297g
13%
32%
32%
32
33
33%
34
34
3478
160
*157
*157
160
*.
134% *.
*44"
*157
9%
9%
*1
9%
*1
1%
lo
%
77%
*157
49%
77
77%
77%
95
n32
126
*123
7%
*9%
7%
%
%
77%
3184
77%
3238
125
7%
28%
23
23%
*26%
13%
3334
123
73g
78
7734
32
32%
*122
123
Nov
120
Deo
Minn st Paul ASS Marle.100
7%
4
700
*73s
97g
105
38%
53%
55%
63
53
51
5278
50%
89%
85
85
85
85
84
*23%
22%
21%
23%
23%
23%
23%
23%
7%
*7%
15%
14%
23%
8
*7%
7%
14
*14
125
125
13%
*121
*124%
•
-
7g
*
%
92
"_3%
7%
*7%
7%
*121% 126
*124% 140
%
125
125
*124% 140
92
4
"3%
4
~"378
4
13%
2%
13%
13%
11
13%
*3 4
*iu%
13%
11
13%
2%
*10%
11
238
7%
7g
*78
*
1
92
""•4*
13%
2%
1038
Jan 18
May
103
Mar
3584
Jan
08
Nov
40
Feb 17
41%
Dec
69%
Feb
Morris A Essex.
71
Feb
60
6634June 24
60% Jan 18
60%
%
Jan
28
3% Feb 26
38% Jan 15
28%
Apr
Motor
6
17%June14
20
Feb 13
16%
Jan
Mueller Brass Co
1
3784June 23
61
Mar 15
-
M»
-
—
300
8,100
1,000
700
8,400
100
100
2,700
30,300
79
87%
2%
*240
........
-
-
5,000
2,500
4,800
12,500
400
*56
80
*70
*56
81%
80
89
90
90
90%
90%
91
2%
*2%
7%
15%
*125
*2
243%
103% 104%
23
23%
*49%
63%
11
11%
61
11%
98
98
*99% 100
297g
*
47%
28%
*48
4
*3%
*27
29%
18%
98
2978
287g
50
*48
4
*37g
33
1838
18%
*27%
1838
68%
59
27S
60%
98
*99% 100
V5778
19
60%
98
33s
29%
51
4
3278
14
9978
*96
9978
14
1378
39%
39%
*13%
39%
14
39%
14
7934
8934
98
98
122
*73
~
817g
*23%
24%
*60
55
*115
*
122
*73"
23%
*50
77
.
23%
60
*115
90
90%
*17%
18
7
7
122
*73%
23%
55
117
81
327g
187g
61
378
1334
13%
2%
10%
*56
79%
9734
*27
18%
597g
3%
13%
90
89
90
90
18
17%
17%
1738
734
7
25
*23%
*13
14
13%
7
25
13%
6%
7
23%
24
*13
13%
25
13%
...
90%
17%
734
25
1334
Bid and asked prices; no sales on this day
*115
78
78
*76
23%
23%
55
90
*17%
8%
26
14%
90%
17%
27% Feb
5
35
Mar 17
par
29
June 14
38
Mar
12
June 17
Lead
107%
Oct
28% July
112% Mar
107
Dec
112
10
Apr
24% Nov
26% June
33% Mar
28
377,
3
10
preferred B
I
30%June 17
44
100
preferred A
15434 Apr 26
133
Apr 29
171
Jan 22
166
160
Jan 29
137%
100
44
National Power A Lt...No par
Nat Rysof Mex l.t4% pf 100
2a preferred
June
18% Apr 22
Co
Nat Mall A St Cast's Co No par
5%
112
1
Stamping.No
Apr
107s Jan 28
15
No par
Nat DlstlJlers Prod
Deo
32% Nov
Apr
21
June 17
8%June 17
78June 16
100
617S Jan 22
1484 Jan 14
2% Jan 18
%June25
National Steel Corp
26
National Supply of Del new 10
Preferred
100
70
Jan
Mar 11
1
26% June
6
36% June 25
171
Deo
Jan
147
Nov
Deo
61%
147,
3
%
Apr
Feb
Jan
57%
Feb
1%
9% May
7, Jan
Deo
78
12%
197,
Jan
Apr 19
130
Apr
36% Nov
Oct
64
Jan 18
94% Mar
3134june23
121% heb 26
6%June 12
Oct
74%
Jan
133
Jan 16
Feb
Deo
75% Nov
Deo
1
42
May 18
13% Feb 25
57% Feb 13
77, July
10% June
32>4 Apr
60
Newberry Co (J J)....No par
b% pref series A...
.100
50
June 17
04»4 Mar 10
41
04% Nov
100
984 June 16
109
Jan 11
37
Mar 17
12% Nov
13%
Apr
104% Apr
Jan
Nov
Nov
17
Apr 7
June 24
110
100
10%
Feb
43
Apr
l
X New Orl Tex A Mex
28
Apr 28
4184 Jan 18
9
Apr
40
Dec
73% Apr 30
98% Feb 10
55% Mar 17
32%
27%
Jan
Jan
83
Deo
49%
Oot
Newport Industries
No par
New York Central
15
Nov
30
2%
4,600
1,300
1,100
10%
800
2378
52%
11%
9734
N Y
IN Y
121
May 17
125 May 19
34June 25
50
Investors Inc..
June 17
12%June 17
...60
No par
1NYNHA Hartford
90
June
5
7%
preferred
100
56
par
63%June14
May 20
No par
73
June
9
t Norfolk Southern
100
2
Jan
4
No
Norfolk A Wet tern
«.
600
14,400
30
10,100
2,500
1,200
300
8
19% Feb 11
76% Jan 22
10284 May
112%May
434 Mar
3
Jan
138
Sept
Jan
Jan
Api
Apr
6%
Deo
7%
18%
Deo
4
July
7%
9% Apr
57
May
6% preferred
Jan 14
210
Jan
105
May
48%June18
67% Feb 3
17% Jan 21
23%
62%
6%
Apr
Feb
...1
9%May 18
97 34June 25
104% Jan
98
93
105
97% Apr
Northern Pacific
Northwestern
100
5
Mar 23
27% Jan
36% Mar 11
47%June 19
Telegraph...60
Norwalk Tire A Rubb_.No par
63% Jan 22
07aMar 3
3%
60
Jan
26%May 18
Ohio Oil Co..;
No par
17% Jan
4
Oliver Farm Equip
No par
53%
4
Rights
6,800
Otis Elevator
5,700
Otis
..No par
6% preferred
30
Jan
278june 21
OmnibusCorp(The)v 10No par
8% preferred A
100
Oppenheim Coll A Co..No par
100
8teel
No par
7% prior preferred
100
8
Jan 28
13%June 17
99%June 2
12% May 14
3 384 May 14
127% Mar 18
14%May 18
112% Jan 23
40
Jan 18
227, Apr 5
Apr 20
I 378June 23
73
20% Feb 10
Nov
109% Aug
27, Jan
Jan
.
Sept
104
114
....50
North Amer Aviation
99
Apr
272
8
Feb
15% Mar
Mar
1% Aug
21
3478 Jan 14
,
83
102
8
99% Sept
93%
23634 Apr 29
Apr
Feb
3
100
June 17
2%
90
No Amer Edison $6 pf. No par
Northern Central Ry Co...60
16,700
13%
Feb 10
9»4 Mar
Oct
125
1
Jan
160
100
Preferred
1878
97
29% Nov
Jan
No par
Adjust 4% pref
North American Co
«.«• m
6,500
Mar 12
2
07$ Feb 11
100
—-
137
2%June21
8% May 18
530
•
119
26% Feb 25
300
16,200
Jan 20
384 June 15
Shlpbldg Corp partstk..l
3% July
10% May
135
12%June 17
N Y Steam $6 pref
S7 1st preferred
*
21% Mar 20
127a Jan 22
26% Jan 22
100
N Y
Or.
317* Mar 19
preferred...
100
tN Y Ontario A Western.. 100
Conv
90
500
60%
334
122
7
.No par
Harlem
A
1634 Apr 29
No par
5% preferred
June 25
21 s4 June 22
N Y Lack A West Ry Co.. 100
4
13%
57%
79%
87%
2%
241%
10434
New York Dock
10% preferred
1,600
Jan
Jan
237, July
60
Aug
2
Jan
19
Aug
12% Aug
24% Jan
*17 "
310%
Oot
115
Oot
35% July
69
14%
June
Deo
106% July
103
30%
67
Nov
Feb
Mar
4% Mar
32
Nov
18
Deo
59% Dec
July
25% Mar
Feb 13
107
Jan
19% Mar 1
45% Jan 21
8
Jan
115% Feb
19% Nov
24%
Apr
114
140
Feb
3
24% Mar
8
123
Jan
39% Nov
136
June
20% Mar
134
Mar
0
12% July
70
July
Mar
8
79
Dec
83%
47
Jan
70
Nov
114
July
80%
100
$6.60 conv lBt pref..No par
75
Jan 26
97
24
24
900
Apr 29
28
110
55
June 22
75
Jan 12
91
120% Nov
Jan 26
55
Outboard Marine A Mfg
6
Outlet Co
No par
Preferred.;
100
22
*50%
*115
*115
6%June17
No par
10
6% preferred..
Nat Enam A
June 14
112% Mar 11
May 20
24% Mar 9
107%
21
Deo
160
39
*50%
100 a:10784june
1
107
Mar 11
100
Jan
Deo
Dec
100
38*4
164%
37*4
160
14
55
90
7% pref olass A
Nat Depart Stores
103% Feb 3
3878 Feb 25
26% Feb 8
307,
Oct
JaD
Dec
163
8
9978
23%
*115
Nat Dairy Products...No par
2
Jan 18
3384 Jan 13
16%
*95
80%
100
w w
Nat Cash Register.....No par
33% Mar
167
8eP|
*13
55
May 18
2578 Apr 29
93% Apr 9
29% Jan 5
18%June25
NYC Omnibus Corp..No par
Purchase warrants.
137g
23
145
2,000
9978
*73
10
Apr
Apr
95
*99% 101
122
9%
28%
Mar
63%
*1278
*115
12%
18% Jan 21
Jan
*95
117
9
ll%May 18
2234June 14
Biscuit
A
47% Oct
19% Deo
15% Mar
17%June 14
24
No par
Corp
ser
20% May
224% Jan 28
1
7% cum pref
100
Nat Bond A Invest Co. No par
5% pref
02% Nov
47% Mar 11
1
Jan
13%
40%
55
*115
National
June 17
Jan
Mar
17%
9978
23%
*17%
*23%
*
*
Nat Aviation
32
43
71
36%
1,800
1334
Acme
22% Mar
Jan 22
40
40
39%
40%
*123% 131% *123% 131% *123% 131% *123% 131% *123% 131% *123% 131%
17
17
16%
17
16%
17%
1734
16%
17%
17%
17%
17%
*
National
Deo
Apr
Mar 17
30
18%
5978
3%
13%
5
Nashv Chat A St Louis...100
79% Aug
108
14
72
47%
378
3278
13%
39%
Nash-Kelvlnator Corp
68% Jan 23
16%June17
447, May
102% July
100
28%
*27
No par
Mar 13
4
47%
37g
*95
Myers F A E Bros
90
108% Jan 26
2034 Feb 11
Jan 14
4
3%
*13%
39%
Jan 27
Apr 8
10%June17
Jan
50
3%
13%
*95
70
102
41
2978
378
3278
18%
13%
No par
6% preferred
100
Murray Corp of America... 10
83
4
50
60%
997g
101% Nov
36% Deo
6% preferred series A ■•"100
29%
*47%
2934
18%
♦133s
Jan
700
29%
*47%
37g
60%
3%
39% Nov
May
21
1,000
*99% 101
*27
Apr
70
37
*99% 100
18%
*95
14
98%
60
3%
*13%
----
*97l<>
11
99% Mar 19
30% Feb 11
No par
N Y Cblo A St Louis Co.
100
92
"3%
77%
8934
*2%
2%
2%
*236
243
*239
242% *23978 243
*237%
103% 103% 103% 103% *103% 10434 *103%
23
22% 23%
23%
23%
23%
23%
51
*51
52
52
*4978
*5134
*49%
11
11%
11%
11%
11%
11%
11%
*2%
*99% 100
30%
47%
2%
*236
2%
45,200
145
2
1138
14
92
57%
57%
80
98
*27%
*
10%
*56
2%
39% Mar 20
June 15
N Y Air Brake
*124% 140
*124% 140
%
%
%
%
4
80%
23%
3%
134
13%
2%
107g
57%
56
258
June 17
24
*23
734
"3%
80
*10334 104%
*49%
20
*13%
*2%
*1038
57%
89%
30
Oct
Nov
June 17
1
pref erred... No par
6%
-
27
80
200
6,400
20
43%
24
conv
7% pref oiass B
•
June 22
2% Nov
No par
$7
Munsingwear Inc
Murphy Co (G C)
10
800
8,300
4
2%
11%
56%
244
23
*125
Wheel
MullinB Mfg Co olaes B
100
mm
33% Deo
Jan
34May 12
17
15
197g Aug
79
Mother Lode Coalition. No pat
Motor Products Corp..No par
34
13%
80
*56%
38%
39%
*15
15%
*
92
38%
38%
*14
15%
125
*124% 140
%
%
*_
37%
Oct
Mar 10
100
22
*85* '88%
38%
Feb
89
7%
*53
53%
37%
*77
80
7%
101
100
*85%
3938
797g
*77
*77
Feb
Apr 29
4,600
*102% 106
18%
*15%
32
33%
80
*78% 7978
37
387g
39%
51
51
*49%
84
83% 83%
17
Feb
4
Sept
37a Jan
May 14
300
-
102% 106
33%
9%
33%
2
May 13
37%June 23
Nelsner Bros Inc
105
18
12% Mar 17
407S Jan 23
Jan
Feb
48
53
333s
6%June 15
National Tea Co......No par
Natomas Co
No par
*50
18
IOC
100
53
32
Jan
Jan
900
*50
*102% 106
6%
14%
0% Mar 17
400
53
19%
9*4 Mar 17
34% Mar 17
2
978
*50
31%
5%June17
3
784
53
Feb
Deo
85
'
42
*50
Feb
0%
297,
28
1,600
80%
36%
53
5%
400
125
*50
6
2%
600
%
53
Apr
34
Deo
1% July
2% Aug
2>4 Jan
16% June
10
1,400
1
*50
8
94
570
9%
*7%
97g
Jan
Jan
700
49%
*41
31
6%
June 17
67%
20
National
42
*18
3
12% Mar
2l%June 17
Carpet Mills
3,800
7%
97g
2% Jan 23
5% Mar 4
Jen
Mont Ward A Co Inc_.No par
Morrel (J) A Co
...No par
34%
978
l%.June 24
2%June18
100
Monsanto Chemloa] Co
34%
42
80
Mohawk
7
01*
2378June 14
preferred
conv
88% Jan
16% Mar 11
101
MarlO
par
Pacific
34%
42
*77
5%
4
No par
100
Preferred series A
t Missouri
Nat Gypsum
*41
978
...No
Mo-Kan-Texas RR
3,400
7%
7%
Corp
Jan
100
% leased line ctfs
Mission
11
100
preferred
137g
42
48% Sept
131% Mar
Sept
112
100
34
*41
307, Nov
Jan
Dec
13%
79
21%
Apr
1334
33
Apr
6
119
29%
123
*17%
48% Mar
*05
*26%
79%
358s Mar 10
Deo
MarlO
29%
32%
Nov
10%
Mar 17
72
123
Oct
05
Jan
124
72
%
45
Jan
684
120
38%
23%
1
Jan
40%
ar
May 14
May 4
500
105% *103
105%
11
11%
11%
64
64
63%
17%
17%
17%
%
34%May 18
31%
6
20% Feb 23
72% M
96
5,500
1%
10
No par
8% cum 1st pref
8
Jan 16
108
400
9%
Apr 28
M84 Apr 29
25%June 17
6
Minn Mollne Pow Impl No par
$6.50 conv preferred .No par
100
%
Deo
Nov
Mlnn-Honeyweil Reg u. No par
4% conv pref ser B
100
2,000
42
80
Miami Copper
140
9%
Oct
12
109
85
*1
%
91
Mar
26,400
*41
*77
41
122
Jan
67t May
9
88
50
31
10
*102% 106
*102% 105
*18
*18
19%
195g
31
31
30%
31%
May 25
Jan
Dec
65%
Jan 22
55%
41%
58%
42
97g
34
68
12>4
108%
106
8634
10
97g
Merch & Mln Trans Co .No par
5
Mesta Machine Co
132%
1%
*96
Jan 13
49% NOV
21% Nov
Dec
28% Deo
Dec
47*4 Mar
160
938
Feb 16
80
June 25
2,000
*45%
9%
101
35
4,400
*157
Apr
June 21
23
37g
*
Jan
11%
94
26
48
37«4
14% Nov
Milw El Ry & Lt 6% pf._.100
400
160
Apr
Feb
1,500
133
*45%
Jan
8%
110
6%
*157
Deo
49%
*95
100
Nov
24%
Oct
112% Jan 14
34% Apr 19
1688 Feb
40
June
38%
2
4%
2534
*41
10
5% conv 1st pref
8
Jan
16
400
1%
*
49%
9%June 17
19
23% Nov
101% Dec
June
40% Nov
Jan
85
34
1
42% Mar 24
16% Mar 17
47% Jan 12
2% May
92
122
*25
34
June 17
93%May 11
6834June 15
2
Mar 12
Jan 19
Jan 14
Mar
June 16
26
7334
25
Me rig el Co (The)
234
160
*1
*%
95
7%
9%
*45%
9%
1%
9%
6s
*123
126
48
*1
1%
1%
28
No par
No par
2
Jan
24% Feb 11
106%
64%
28%
42%
Highest
$ per share $ per share
29
Feb
37
Dec
108
1%
2834
20
58
1%
June 21
36
share
100
3,600
95
13484
134%
*45%
9%
*%
78%
*97% 100
7%
160
13484 *_
*45"
49%
*26%
43%
5784
95
per
Year 1936
Lowest
20
18%
1838
18%
18%
13
13%
*12%
13%
*12%
23 78
24
23% 2334
2338
153
*15178 154% *15178 154%
*24
*24
26
26
26%
9334
9334
*9334
95%
95%
33
33%
33%
33%
33%
21
1934
20%
19%
18%
109
112% *109% 112%
109%
109
*108% 109
*108% 109
15%
*15%
16%
15%
15%
7
7
7
*634
7%
29
29%
2878
287g
29%
*26%
31
*2984
86%
54%
*37%
6
No par
Midland Steel Prod
86
*72
74
11
65
23%
86
*24%
105% *103
105% *103
11
11%
17%
*24
2978
*81
33%
*152
37%
1*4
*24
17%
33
1*8
*28%
*19%
80
18
23%
58*2
1*4
28*4
28%
22%
*32%
12%
*37
22
80
*2378
11%
37%
19%
24
*70
37%
38
90
30
86%
55%
38
1834
21
30
86%
54%
55%
Jan
4278June 21
12%June 1
1
Mid-Continent Petrol
7%
29%
86%
June 23
100
$6 pref series A
60
12%
7
5478
38
24
3%
7%
*7
29%
86%
19
21
*3%
3%
7%
55
39
*79
6%
86*2
19
39%
22%
7
*36
*1878 119
*39
28
638
*3%
2534
6%
22%
3%
6
No par
1,300
100
12%
93%
*1%
*2%
$3 oonv preferred
Stores
6% oonv preferred
Mead Corp
5,700
2,500
*112% 114
12%
*1*4
138
""560
3578
3578
112% 112%
*93%
96
96
Co
MoLellan
100
33
62
17%
*93%
100
"""966
84
100
Melville Shoe
35
63
Eleo
14%May 20
l
6% oonv preferred
10
10%
3*4
434
26
*123
10%
1*2
*3i8
*103
10%
27%
96
900
69%
36
3534
114% 114%
36
112
10
96
100
*114
12*2
112
26%
*95
*64
MoCrory Stores Corp
500
400
99%
27
1634
2738
34%
111
43%
12%
*95
36
*25
61
1714
43%
12%
99%
27%
69%
10%
61
14
95
*65
1634
*17%
3414
33%
2,300
$
Range for Pretious
....
9
9
2634
26%
15%
15
t In receivership
2,600
Owens-IIllnols Glass Co. 12.60
17%
800
Paolftc Amer Fisheries Ino...6
9
90%
*17%
340
Pacific Coast
27
540
15%
a
1st
2d
1,110
Def, delivery
n
preferred
preferred
New stock
114
4
115
x82% Apr 28
17%June 1
23
Mar
June
9
July
114
22
Deo
15
Deo
32i,
Deo
297,
Deo
96%May 10
Jan
7
13
10
8%Jun* 17
15% Feb
1
No par
23%June 22
40
Mar
3
July
3% Jan
8% July
13
27% Feb
2
414
No par
r Cash sale
*
Ex-dlv
June 14
y
Deo
Ex-rtghta
Jan
^ Called for redemption
4%
Volume
LOW
AND
New York Stock Record—Continued—Page 8
144
HIGH SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
Range Since Jan 1
of 100-Share Lots
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19
June 21
June 22
June 23
June 24
June 25
Week
$ per share
22
*20
$ per share
*20*2 21
28% 28%
$ per share
f per share
$ per share
s per share
Shares
28%
28%
41
41
27
27
40%
26%
*135% 138
*136
*136
*136*s
*21%
18
18%
140
*17
*123
16%
17%
*27
21%
8%
*9
100
♦93
*2678
136
28
*27
134
*120
2678
138
*137
21%
8%
11%
2%
4%
4*4
4%
37*4
23%
37%
23%
3%
3%
3%
3%
*3%
6%
6%
6%
6%
14*4
*6%
14%
*6%
14%
*6%
6%
40*2
87*2
*39%
87*2
3%
4
♦37
23%
15
40
*14%
6%
40
88
87
6%
*3
3%
27
26%
138
—
— — —
*96
18
*124
*16%
28
8%
*9
*2%
63%
*96
99%
18%
18%
135
17%
17%
30
30
4%
3%
3%
6%
6%
7
6%
15%
6%
15%
6%
40
♦40%
41
87
87
87
3%
6
6
52
*40
50
*40%
50
25
25
*24
*3%
25
6%
6%
*41%
*2378
50
40%
86%
*3%
6%
*41%
25
*24
3%
6%
50
------
32
♦74*2
*27%
77%
*74*2
31
*29
77
75%
*76
81
76
76
*76
♦17%
20
*17*2
17%
20
17%
*17%
17%
8%
4378
43%
17%
17%
8%
44*s
8%
44%
"32
5i«
39*2
*_.—
*4*4
8%
1%
8%
43
932
40
84
8%
9*
s16
31
"»4%
*74%
77
*76
80%
*76
20
*17%
*17%
8*4
8%
17
17%
8%
44%
8%
44%
V
39
*70
si6
80
8%
38%
*72
82%
*1134
85
13%
*72
84
*11%
1%
80%
13%
81%
♦11%
*72
84
*72
84
*72
84
*5%
54%
53%
54%
7
*5%
7
53ls
*5%
*72
8%
13*2
53%
39
80
8%
1%
80
1%
"32
5%
*11*4
1%
8%
45
39
6%
*79%
79
17%
8%
45%
'*32
5%
8%
1%
82%
13%
1*8
74%
f Panhandle Prod A RetNo par
150
600
100
17%
30
1,200
30
*16%
54
53%
*5%
7
6% 1st preferred
6% 2d preferred
500
Parke Davis A Co
700
Parker Rust Proof Co
3%
3%
6%
15%
6%
40%
87%
4%
23%
3%
6%
15%
6%
40%
1,200
6%
15
6
40%
86%
3%
3%
6%
3,200
2,300
800
2,200
87%
3%
6%
6%
*41%
24%
36%
50
900
300
1,200
50
------
200
*25
74%
80%
*73
—
-
—
-
—
20
500
------
80%
*17%
—
74
*76
20
7,000
31
20
——————
200
200
------
17%
8%
8%
45%
«%2
17%
44
17%
45%
7,000
,332 319,700
1,100
1,900
8%
r" 32
40
40
*72
80
5%
*5%
8%
1%
1%
86%
13%
*11%
*72
84
*72
800
—
110
5%
8%
1%
86%
13%
84
9%
85%
54%
53%
*5%
1,700
10,800
------
------
12.000
54%
7
160
7
------
Park Utah O M.
xl5%June 14
27
June 17
..1
4
37
June
23
June 16
May 14
7
3
2%June 17
6%May 18
14ig Feb 5
3% Jan 2
No par
38% May 13
Patlno Mines A EnterprNo Par
85
Penney (J C)
No par
Penn Coal A Coke Com
10
June 16
3% June 25
5i4June 16
Cement...No par
No par
45
Corp v to No par
Pennsylvania RR
60
Peoples Drug Stores...No par
June 16
22
$7 oonv pref ser A
Penn Gl Sand
Jan 13
36I4 June 25
48i4 June 15
112i2 Apr 12
Jan
Jan
66
Jan
90
Deo
Jan 11
16
Jan
31
Nov
Corp of Am
Pfeiffer Brewing Co...No
Phelps-Dodge Corp
Rights
16%June 17
7%May 17
6
Petroleum
par
40
26
38i2June23
«87%May 28
4>4May 20
Philadelphia Co 6% pref—60
*6 preferred
No par
t Phila Rapid Tran Co
60
preferred...
Phlla A Read O AI
8
....60
7%
June 14
i4June 14
June 17
June 11
No par
1
Phillip Morris A Co Ltd
10
Phillips Jones Corp
No par
7% preferred
-.100
Phillip# Petroleum
No par
Phoenix Hosiery
6
70
100
44
Apr
7
Jan
Apr
56
Feb 17
49i| Jan 4
6%May 13
3
29%
*28%
29%
*28%
29%
29
29
400
Plllshury Flour Mills
26
28%June 17
49is June 10
100
Pittsburgh Coal of Pa
♦
*
48
m
m
48
*
48
12
*10%
12
"l6%
12
*To"%
11
*52
56
*52
56
*52
56
*166
175
*166
175
*166
175
*166
175
*166
175
*166
175
13%
13%
13%
14
26
25
25
85*2
*2%
*13*4
*4
85
85*2
2%
2%
20
*13%
4
4%
*
109
*
13%
*24
85
*1
26%
378
*
*1
26
1%
26%
25%
*16
1%
*1%
7%
19%
117%
37*2
100%
*113%
*
1
1%
26
2534
18
1%
♦1%
4%
*
8
7
1978
19%
1%
1%
25%
*16%
*23%
1%
7
19%
19%
*
125
♦138"
*
125
150
*138"
150
111
*
*_
"
*108"
55
7%
20
109
17
17%
109% 109%
*99
100
*99
17%
3,100
1,500
20
8*8
145
*138
17
17%
109% *10878 109%
100
16
16
16
17%
17
17
16%
16%
16%
16%
8%
8
63%
8
64
33
33
33
33
3494
34%
32
32
32
36%
35%
35%
♦337fi
*42
45
*42
45
*42
*38
39%
*38
39
*38
8
*7%
70
2
*61
23
2%
8
*7%
*61
70
2%
*2%
32%
600
45
42
42
*32
42
100
39
38
38
38
100
-8
*34%
7%
8
70
65
65
7%
*61
70
2%
*2%
7%
70
2%
*7%
*61
*2%
24
*18
18
*17%
17%
*17%
*20
25
2278
22%
*81%
84
102
5%
5%
33%
34%
110
97%
*33%
78
*60
24
*18
23%
*82%
23%
84
100
*99
23%
84
102
23
23%
*81%
2%
24
647b
♦64%
8%
7%
2%
*2%
24
*18
90
*24%
25%
*
"24%
98
36
78
107% *103
*103
18%
49%
*60%
18%
50
62
*17%
49%
60%
*1178
24%
106%
*17%
18%
100
*21
24
100
23%
84
*99
102
5%
5%
237S
23%
*65
5%
5%
78
*62%
32%
*3%
*59%
64
33
33
*378
4%
55%
*11%
17
♦20
26
*
2%
5%
*11%
*20%
106
*19%
34
55
"24%
*60%
64
4%
55*2
2%
6%
90
19
♦56
4%
55*2
2*2
*584
*
60%
12%
*31
19
*1178
55
2%
2%
5%
5%
*11%
*20%
17
26
2,800
82
82
300
*99
102
10
4,000
*17%
49%
21%
——----
18%
55,200
18%
49%
*12
♦19
10
5%
5%
114
90
200
300
23
*65
5%
80
*60
80
5%
80
*65
*126% 134% *126% 134% *126% 134% *126% 134% *126% 134% *126% 134%
*
1,300
8,200
1,000
35
35
36%
33% 34%
34% 35%
36%
11098 110% *110% 113
*110% 114
*110% 113%
*92
*98
*98
100
100%
99%
99% 100
35
35
35
35%
*33% 36
*33% 36
5%
33% 34%
*112% 114
*98
99%
*34% 36
100
800
33
25
22%
38,700
8
*17
*82
S%
32%
*20
*100
1,900
32%
18%
83
16%
16%
157s
16%
8%
8
24
22%
520
200
32%
*17
102
69,300
33%
*21
81
3,600
7%
32%
32%
7%
18
*100
8%
101
*99
------
34%
7
24
*18
100
100
64%
18
24
600
64
♦21%
22*2
*18
30
3,900
*38
39
7
-
3.000
*42
45
7
64
64%
7%
*35
8
8%
6378
7%
63%
17%
17%
109
100
16
8%
100
-----
145
16%
64%
7%
*18
*140
110% *108
110% *108
110%
55
56
54%
54% 55
16
63*2
7*8
*31*4
2
145
8
17%
*61
125
16%
16%
1,700
7%
7%
20
*124
17
17%
109%
100% 100%
101
------
100
124
*17
16%
*16%
17%
700
1%
124
109
109
17%
10
400
124
54%
600
5%
1%
*
90
"23%
90
90
24
24%
23%
106
105
*103% 107% *103
18% *18
18%
18%
18%
49%
49% 49%
49% 49%
62
*60% 62
*60% 62
12% *11%
12%
*11% 12%
21%
19%
19% *19% 22
64
65
65
*62% 64
32
32% *31
32%
32%
*4
4%
4%
4%
♦4%
56
54% 55
54% 54%
2%
2%
*2%
2%
2%
5%
5%
5%
6%
5%
17
*11% 17
*11% 17
26
*20% 26
*20% 26
24%
Bid and asked prices; no sales on this day.
*—
"23%
24
104
104
49%
18%
49%
62
62
18%
*1178
*19%"
------
------
------
3,300
200
500
4,000
60
Class B
No par
-No par
...
t Postal Tel A Cable 7% pf-100
Pressed Steel Car Co Ino
6%
oonv 1st
1
6
pref..
6% conv 2d pref
60
Procter A Gamble.....No par
6% pt (ser of Feb 1 '29).100
J.-No par
66 preferred........No par
6% preferred
......100
7% preferred..-.
100
8% preferred
.100
Pub Ser El A Gas pf $6-No par
Pub Serv Corp of N
...No par
Pullman Ino
No par
8% conv preferred—....100
8% preferred
......100
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer...No par
$5 preferred B
No par
63.60 conv 1st pref. .No par
t Radlo-Kelth-Orph ...No par
Raybeetos Manhattan.No par
Reading
80
4% 1st preferred
60
4% 2d preferred
60
Real Silk Hosiery—
6
Pure Oil (The)
100
300
*4%
54%
*2%
5%
*11%
*20%
4%
55%
300
3,300
1,100
1,400
......
26
Def. delivery,
10
13%
Deo
29
Deo
110
Deo
June 17
122
MarlO
2UJune 21
18isJune 14
4
Jan 12
28
Jan 12
85
3i% Jan 2
9714 Apr 29
29
June 17
167
Feb 16
1
June 22
24U Mar 22
17 May
21% June
4i4June
1% Apr
7
15
26
June 23
17%June
19%June
61%May
55i| Jan
1141] Mar
36%June
100
21
17
17
24
22
4
25
17
June 16
113% June 18
124
June 24
147%May 11
110
June 17
62%June 17
8% Feb 1
137% Jan 30
112% Nov
41% Apr
Feb 16
167
167
July
3
Jan 12
29%
21%
83%
11%
3%
15%
31%
Apr 22
Apr 14
1% Apr
11% Jan
20
May
Feb
12
4
Jan 22
Jan 22
Jan 20
Feb 11
31.
Feb 10
86
Feb 11
65% Jan 15
118% Jan 4
52% Jan 21
112% Feb 8
128% Jan 21
140% Jan 20
162% Jan 25
113% Jan 25
72% Feb 4
6
24% Feb 3
112% Feb 27
Jan
7
107
16
Apr
8
7%June 17
63
Feb 15
23% Feb 25
18% Jan 21
12% Mar
7
103
June 17
80
Jan
Jan
6
7
Jan 15
6%June 17
May 18
32% June 25
10% Apr 19
36% Jan 11
42
June 17
49
38
Apr 26
29
7%June 17
Apr 28
16l2June 15
22
June 17
21
Apr 28
May 19
May 14
80
97
6
47
Mar
8
71
89
Jan 21
June 10
22%May
102%May
716%June
49 May
60
Apr
18
15
14
17
7
2%June 19
Cash sale,
x
3%June 17
5%June 21
11
Jan 27
26
May 27
Ex-dlv.
u
Aug
May
May
May
Oot
May
Jan
91%
9%
16%
9%
83*t
68%
Apr
5
Jan
28%
85%
Jan
Jan
114
Apr
69% Deo
24%
133%
117%
20%
19%
14%
Mar
Apr
Mar
Nov
Oot
Jan
108% June
80
July
10% Nov
38% Nov
50%
Oot
Deo
9% Jan
65% Oot
1% Apr
100
83
Jan 20
4% Mar
30
Mar
5
5
22% Feb 8
35% Mar 31
29% Mar
9
94% Jan 30
110
Feb 18
124
Apr 23
110% Mar 10
49% Apr 14
98
Apr 14
139
Apr 17
95% Jan 26
30% Jan 14
112
Jan
8
34% Jan 22
68
Jan
8
Apr 27
43*« Jan 29
16
103
July
July
144% July
164
July
Nov
June 24
| St Louis-San Francisco..100
Jan
113
130
50
32
Rutland RR 7% pref
100
St Joseph Lead
.......10
Jan
Deo
47
60
June 21
36%
56
122*1 Feb
60% Nov
Jan
9% Feb 18
126*4June 10
112
Deo
Dee
Deo
Deo
Deo
Jan
47% Mar II
Jan 19
103% Feb
113% Apr
128
Apr
146
Apr
3%
13%
28%
28%
73%
37
2
June 14
Apr
29% Deo
11% Deo
43% Jan 8
13% Jan 16
4
33
39
July
3% Feb
27% Deo
26*i Mar
39
Jan
97%June 21
Jan
4% Jan
1% Jan
6% May
17% Oct
17% Oot
67% Oct
40% May
116% Deo
167
Jan 11
27% Jan
109
9% Aor
Oot
Jan
Jan
Jan
103
30% D 0
21
99
15*4 Apr 28
4% Deo
June
2%
68%
108
16%June 14
Jan
1% May
14
Oot
5
47% Mar
Roan Antelope Copper Mines
Ruberold Co (The)
No Par
r
Feb
Deo
Jan 26
n New stock,
Deo
18% Deo
37% Jan
62% Aug
18% Deo
May
Feb 23
100
Deo
84
77
14
.100
Mar
11%
160
31% Feb 4
86% Mar 10
6% preferred
Nov
187
67
6% preferred
16
88
62%
Feb
U*4May28
t St Louis Southwestern... 100
Mar
Mar
19
Westphalia El A Pow..
Oot
12
16% Mar
3% Jan
101% July
155
No par
Common
Rltter Dental Mfg
64% Aug
102%
176
June 14
10
56% Deo
7
20
7% preferred
100
5%% preferred........ 100
Reynolds Metals Co...No par
6H% oonv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
18% Deo
19% Mar
Jan
June 14
Class A
Nov
Jan 18
2
6
112
190
62
Republic Steel Corp...No par
Oot
7% Feb
46% Aug
175
100
Reo Motor Car.....
68
Apr 12
1741& Apr 23
165
No par
1st preferred
100
Reliable Stores Corp...No par
Rellanoe Mfg Co—.......10
Remington-Rand........—.l
Preferred with warrants..26
Rensselaer A Bar RR Co—100
Preferred
Relfl (Robt) A Co
Rhine
1,300
65
a
Pond Creek Pocahon..No par
Poor A Co class B
Porto Ric-Am Tob cl A.No par
6% oonv preferred......100
32%
t In receivership,
25
Conv pref unstamped...100
Pittsburgh A West Va
100
Pitts Young A Ash 7% pf.100
Plttston Co (The) .....No par
Plymouth Oil Co...
5
6% oonv prior pref ser A.100
Revere Copper A Brass.....6
*31%
17
Pittsburgh United
800
*64%
2%
6%
100
600
300
12%
22
49% Deo
7% June
36% Apr
49
6% preferred
2,900
*1%
Deo
7% Apr
23% Deo
178
26%
18
27%
Mar
*1%
257g
*16%
24
Jan
Mar
1%
*5
18% Jan 2
76% Jan 22
8
43
190
23
Jan 20
Jan 13
Apr
Jan 18
20
31%
5%
Mar
7% Apr
May
38% Jan
5% July
70
July
68
June 14
"31%
18
66
12
120
108
8
Jan
Jan
Jan
Jan
1% July
81%
3%
8%
24*4 Jan 27
200
4%
4%
June 17
45%
Plttsb Screw A Bolt...No par
2%
*
23%
100
June
10% June
25% Jan
Pittsburgh Steel Co
No par
7% cum pref...
100
Pitts Term Coal Corp...
1
31%
26
10
52
12% June
400
20
58
*16%
*65
4%
Pitts FtWA Chicago
June
Jan
Two
85%
85%
*55
100
5%
13-4
26
*2%
*13%
5%
7%
19%
86
108
*31%
5
109%
*7%
18
23%
110% *108
110% ♦108
53
53
62%
53%
8
*16
1%
26
5
150
17%
32
23%
♦138"
*99
4%
108
5%
*107
*109
4%
108
*30
22%
*7%
1978
*19%
7%
*19%
125
53
378
31%
13%
*23%
2%
20
PirelRCo of Italy "Am shares"
100
6% preferred
100
7% gtd conv preferred-.100
21
21
*19% 21
19% *18%
19%
59
58
56
*55
*54
*50
58
58% *53
59
59
577b
58%
57% 58%
58%
57% 58
117
117
117*2 ♦116% U7% *116% 117% 117% 117% *116% 117%
38
38% 38%
38% 38%
38% 38%
37%
38%
38% 38%
101
101
*100
100% 100% 100% 100% 100% 100%
100% *100
115
115
*113% 115
*113% 114
115
*113% 115
*113% 114
21
58
58
*13%
*4%
*1%
19%
59
*65
*84%
2%
22%
1%
7%
19%
*16
22%
4%
5
*1%
7*4
19%
*19*2
1
18
4%
22%
22*2
2
*2
109
26%
5
85
20
85%
"31%
22%
13%
26
*13%
32%
18
*16
13%
26
85%
4
109
13%
27
2%
20
31%
31%
*13%
*26
*2
*13%
1*8
♦31%
137S
27
*84%
2%
20
------
*174
*174
26
------
3% Feb
86% June 25
Jan 16
*28%
56
64% Jan 14
100% Jan
7% Feb
14
Jan 12
87%
59%
9%
74%
20%
33%
6
30
49
21% Mar 11
13% Feb 19
6972 Mar 10
7t6June
20
Mar
*28%
*52
Mar
75
1434June 16
Preferred
17
48% Mar
II84 June 17
Pierce Oil 8% conv pref—100
*10%
Apr
Oct
59% Nov
116% June
25
300
•
38
4
Dec
27%, July
45
91
16
56
Feb
Mar
74
87
15%
10%
30
110
Feb
2
15%
49
9
116*4 Jan 27
65% Feb
73
112% Nov
67s Jan
10% Mar
Apr 29
15%
"10%
June
17% Nov
3% Deo
June
16%
*52
17
28% Apr
Apr
117i Apr
June 21
*15%
*-.-
Mar
3% June
4% Jan
28% Jan
10
19
16
11
69
Dee
Dec
37% Deo
6% Jan
47% Mar
32% Nov
73
*15%
56
Mar
Apr
4% Jan
6% June
10% May
1% Jan
60
Aug
Deo
22%
76
16%
28%
49
63
23
25
174
No par
6% Prior preferred
5% Preferred
Pet Milk.—
JaD 6
June 18
*15%
28%
*52
9
8% Aug
17% Jan
2% July
40% May
25% Apr
64% Jan
4%
16
*10%
Jan
June
31
43%June 25
♦15%
*
64
103% Mar 8
6% Jan23
12% Feb 2
76% Feb 1
29% Feb 10
60% Mar 17
July
7% Aug
59
100
100
100
49
—
10% Jan 5
23% Mar 11
7% Feb 18
Jan
Jan
Apr
100
*45
-
7% Jan 14
1%
18%
Deo
July
23% Deo
13% Oct
20% Jan
4% Apr
74*i Apr
97% Feb
109% Deo
Pere Marquette
49
m
152
Peoria A Eastern
*45
'
153
Jan
11% Apr
67b Jan
100
100
49
49
Jan
140
6% conv preferred
People's GLAO (Chlo)
*45
*45
118
2
103
49
49
4
Jan
29% Apr 6
12% Feb 18
109% Mar 18
28% Jan 28
200% Jan 28
26% Jan 28
34% Jan 6
8% Feb 25
44*4 Feb 3
29% Feb 3
4
*45
*45
Jan
149
67
June
39% Nov
July
68% July
47% Deo
41
152
MarlO
16%June 14
May 13
Parmelee Transporta'n.No par
Pathe Film Corp
No par
Penn-Dlxle
Deo
90
No par
2.60
Peerless Corp
Penlck A Ford
80% Jan
44% Deo
14% May
Jan 12
63% Jan 14
44% Jan 9
12% Aug
126
1
37%
30
88
17% Jan 20
4% Jan26
May 13
99
1
.100
10
Park-Tllford ino
32% Jan 14
121
Jan
Highest
S per share f per share
6312 June 24
100
Paramount Pictures Ino.
$ per share
6
2% June 25
60
100
No par
4%
1%
7
Parafflne Co Ino
37%
23%
24
80
53%
*5%
8% oonv preferred
1,100
3,700
*11%
54
Corp.
4% oonv preferred
21,600
130
130
39%
83%
133
Packard Motor Car
No par
Pan-Amer Petrol A Transp. .6
Pao Western Oil
June 25
134t2June 2
Apr 28
20*4 May 14
77sJune 17
11
May 3
100
..100
.10
preferred
400
*5%
♦8%
1%
6%
26
...No par
Paolflo Telep A Teleg
16,000
2%
31
*17%
*38%
*5
*25
20
39%
5%
8%
31
25
..No par
87S
10%
2%
99
101%
*50
63%
*96
99%
18%
18%
*9
24%
75%
80%
82
*38%
*
5%
*26
Pacific Gas <fc Electric.
Lowest
Highest
6 per share
20%June 16
28%June 17
4012June 21
Paolflo Finance Coro (Cat).10
Paolflo Ltg Corp
Paolflo Mills
200
24%
36*2 37
37*2 37%
36% 37
367b 37%
3678
37% 37%
*47
*47
*47
50
48
*47
*47
47% *47
47%
47%
47%
115
*114
115
115
*112% 116
*112% 116
*112% 116
*112% 116
*44
*44
45
46
45
45
45
*43*2 46
45%
43% 433<
*8
*8
*8
*8
*8
*8
10*2
10%
9%
10%
10%
10%
*29
Par
*21%
21%
8%
30%
4%
37%
3%
*6%
15
64%
99%
18%
17%
3%
6%
14%
4%
23%
8%
11%
2%
140
*130
4%
37%
23%
,
27
138
*137
102
100
65
26
138
Lowest
200
42
Year 1936
EXCHANGE
3,300
1,200
1,000
29%
42
138
*21%
23
*21%
29%
42
27%
138
22%
8%
*9% 11%
*2%
2%
101
102%
65
23
29%
*137
37%
23%
26
6%
28%
*41%
37%
*23%
*25
6%
*21%
41%
37%
23%
*40
6
23
29%
*21%
8%
27%
4%
37
4*4
140
27%
23%
87*2
*3%
27%
17
37
♦39
41
136
1678
1678
27%
23%
4%
*21%
28%
8%
8%
*9
12%
*2*2
2%
2%
103
*101
101% 102
65
65
*63% 65
*96
99% *96
99%
18%
17%
17%
18%
8%
8%
14%
2%
*2*2
100*2 100%
*63% 65
*9
*120
41
*137
23
*21
23*4
26%
29
4078
138
....
21%
21%
28%
41
Range for Previous
On Basis
NEW YORK STOCK
Saturday
4303
38
June
17% Aag
81
Deo
99% Sept
4% July
18%
77
Apr
May
78% May
10
Apr
24% June
90
Apr
31
Deo
24% Nov
25
Nov
90% Nov
Apr
114
8% Mat
29% Deo
128
Dee
Oct
39% Deo
79% Dee
104%
138
Oot
Dee
98
Nov
22% May
105
Apr
25
July
50
Apr
68% Sept
8% Nov
19% Feb
32
Jan
84
Feb
117
Jan
92
6% June
July
1*1 Jan
2% Jan
Mar 11
22
4*4 Mar 17
11% Feb 25
20% Mar 5
37% Mar 11
18
Ex-rights
Jan
Deo
4% Deo
36% Nov
60% Nov
65% Feb
13% Jan
36
Mar
75% Deo
4
9% Feb 19
65
12% May
16
Aug
16%
7%
10% Feb
60% Deo
3% Mar
6% Deo
Jan
15
Oot
Jan
37
Oot
% Called for redemption.
New York Stock Record—Continued—Page 9
4304
LOW
AND
H1GHISALE PRICES—PER SHARE,
Thursday
Wednesday
On Basis of 100-Share
STOCK
YORK
June 19
June 21
June 22
June 23
June 24
June 25
$ per share
$ per share
$ per share
$ per share
$ per share
Lowest
Week
$ per share
Shares
34
34
33
*96
100
*95
*100
1078s *100
*102
108
21
*1934
*102
♦I884
3312
♦
106
*100
106
*-
106
*106"
1073s
10778
112
39l2
20i2
3912
94
94
158
*1234
*1*4
14
'*13i8
40
40
41g
4i8
4078
*7U
88I4
1*4
414
40
758
3284
101
10
40
*95
\h
*U2
*13l2
14i2
40
40
114
1278
45
*."_
*105"
106
4c
19l2
*1912
20f2
40
*3934
40
*95
96l2
lh
1312
40
114
8,700
t Seaboard Air Llne__.iVY> par
438
100
4igJune 19
Seaboard OH Co of Del.No par
365sMay 13
43g
*4l4
4O84
4012
4034
287g
87h
2858
1234
3384
1234
2914
1234
28i2
1234
33l2
887S
28i2
1234
3234
125g
1258
3312
34
34
34
100
101
101
400
*101
*714
7&8
8884
100
103
Us
43g
3912
75g
87ig
75g
88
3934
1,000
1,800
75g
100
8734
13,000
29
IOI4
IOI4
1012
10
103g
10
5914
38i2
*58i2
59l2
*58i2
5914
*58l2
5914
38i2
3812
27
273g
10484 10434
1214
1214
4414 45l2
*36i8
2738
*36ig
38i2
*36ig
2712
2738
2% preferred
Shattuck (F G)
*94l2
*28i4
*30
*20l8
1912
*11178
384
*32
*
154
~2358
154
*
235s
4612
~2312
2334
"2314
46i8
4534
46
447g
323s
30U
4634
31U
45
3158
30
3034
305g
2358
4534
31l2
4412
45
42
42
41
44
4318
par
5318
*5U2
5318
*7
8
*7
8
*6112
*94l2
57g
63
*6112
63
98
*94l2
98
*17i8
19
*75
80
31
1678
*51
*7
53ig
_23l"2
*49
8
7
5318
No par
No par
40
3,400
Slmmone Co
66,300
100
98
534
*1884
19
*75
80
*75
80
*75
80
*75
80
*75
80
31
31
*31
3112
*31
31
*3078
3H2
1634
1714
17
1678
17h
167g
29
16l2
*27ig
3H2
1714
31
16i8
28
*27i8
28
*2738
28l2
*45
47
47
47
27i4
46l2
27h
47
47
*45ig
47
2112
21
2112
2114
21b8
8212
82i2
2114
21
82
82
8H2
8n2
82l2
82i2
38l2
39
39
39
3934
39i2
39l2
12
1178
12
117g
12i8
1134
12ig
*38
1178
2114
83
40
*3834
1134
12
100
7
100
800
Square D Co olass B
1
Standard Brands
No par
4
June 17
51
440
100
Jan
41
17,300
200
5,800
83
June
9
June 17
58ij Feb
5
98 May 24
5i4June 14
17% June 14
7U
8
77g
83g
83g
6I4
684
684
678
7
7i2
634
1584
42
1514
15l2
15
1638
16
40
684
15*4
*36i4
35
35
4014
4U2
42
*4012
*234
3
*284
4U4
4158
4212
3412
6612
42l2
*.._.
42
*36
3
4112
4U8
42l4
*284
4034
42l2
*
3414
4214
*31
*6312
175s
66is
655g
*37
3878
*3714
63i2
1758
6458
15
»38l4
"65"
3912
65i2
1734
"65*4
*1434
63l2
17i2
8i8
8l2
83g
7
7
67g
3,000
16l2
3,700
16i2
1634
*35
38
36
36
*35
38
40
*40i2
4112
41
4U2
3
234
234
*40l4
*234
4112
4258
34l4
403g
4212
*
*234
157g
3
4Ug Jf4058
4284
4278
*
34U
37
66"
66i8
"657g
663g
39
*37
39
645s
64
64
6 334
6334
1712
*1484
1758
17i2
*1484
175g
17&8
*37
6684
64U
17U
*1412
19i2
127g
May 22
94
Feb
2
x30i4June 14
36
Jan
2
16
June 14
27i4June 17
45i2June 14
19i8June 14
8D2June22
27't Apr 26
lls4June 17
2234
3212
17i2
2278
8
8
30
30
I8I4
13i2
1058
I8I4
37
200
Starrett Co (The) L S__No par
48
Mar
6 434
900
Sterling Products Ino
3412 Jan
63i2May
177g
2,100
1334
133s
105{j
*10l2
*493s
6018
493s
*6l2
1U2
6784
2,400
Swift A Co.
-.-25
1,100
Swift International Ltd
2134June 14
2978June 16
1,900
Symington-Gould Corp ww..l
135g
1338
13l2
1334
137g
3,800
Without warrants
10l2
*1014
10l2
10i2
400
Talcott Ino (James)
9
15i4May 14
1178May 14
10i2June 22
49
*40
48i2
50
493gJune21
123g
12
123g
587g
58i2
59
6i2
612
658
012
65g
65g
65g
3,100
Texas Gulf Produc'g
3458
34i2
3412
3412
3434
3434
35U
3,700
14
1334
14
14ig
14i8
14U
143g
14
14
10
3312
*33
36
*33
36
*32
36
6212
3312
*62
*62
6218
*62
62 ig
*62
62^8
*9
97g
*9
97g
*9
*85
89i2
*85
89l2
*85
89i2
8
8
8ig
3
33s
10
8912
*85
*8
89l2
89l2
8
3l2
8
8is
8i8
SI4
3
338
3
314
*8l4
23l2
414
914
*784
23l2
914
914
24i2
438
1612
*1810
I6I4
*94
24i4
197g
165g
167g
96
94
94
20l2
5634
2012
201s
56i4
5714
563g
13
13
127«
14l2
*1518
784
9914
231?
12912 130
*9118
92
*25
2684
2614
26
*
414
*19
167g
8
Thatcher Mfg
$3.60
40
8
3
3
*94
*784
II84 May 13
105s Jan 22
1
conv
pref
100
No par
..No par
......No par
2334
414
19
17M
95
*9412
153s June 17
No par
9134May 20
98
June 22
75gJune 17
Mar 22
3i2June 17
1734June 16
03is
Oot
10
Nov
Oot
110
Feb
85
125s Mar
8is May
814
245g
47t
Jan
Jan
Jan
Jan
20
Apr
14<4
Jan
314
9is
Feb
135s Nov
3234 July
81s Mar
3934
2134
Feb
Deo
"277s
Dec
June 10
287g Feb 11
12is
79
50
Jan
Apr
11
Apr
147s
Jan
275g
Apr
103$ May
22ia
Deo
Jan
12
Feb
Jan
110
Oot
8
77g
734 June 17
9318 Jan
13ig Feb
487s Nov
Mar
8*4 June
1784June 14
8
42
*4012
914
45
76
76
*71
19
19
18
*9
42
187g
25g
4
3
127g
13
No par
12i2June 16
175g Feb
1,800
Transcont A West'd Air Inc. 5
13i4May 13
18
200
TranBtie A Williams St'/ No par
16
734
8
3,700
Tri Continental Corp..No pai
S0 preferred
No par
73gJune 1?
223s Jan 11
273g J An 22
ll>aMar 8
102i4June 23
1091s Jan 21
*41
9l8
914
76
Feb
1334
*16i2
12,400
1384
*ion2 105
10214 10214 *10H2 105
1038
10
1038
10i8
103g
1038
*15
*14
1734
1534
*1234
1734
3334
3314
3358
3314
34ig 3414
43
Tranaamerlca Corp
100
2,300
Truax Traer Coal
Truscon Steel
$1.50 preferred
700
*71
76
18
1,200
234
284
258
25g
258
82
82
82
83
82l4 82i4
7534
*72^4
*7412 75
7584
7614
99
99
9814
98l4
98l4
98ig
987g
2358
23U
2312 2312
2338
2314 233g
*127
12814 *125
127i2
130
♦126i4 129
91
917g
917g
92l2
91ig
92i2
91l8
27
27
2634
2634
2638
2658 2634
27
26
26
267g
275g
26l2
26U
82
t In receivership,
a Def.
Twin Coach Co
Ulen A Co
1,000
1
No par
June 14
Mar
3
14
205jMar
8
33
June 17
4078 Mar 13
42
June 24
50
87fiJune16
66
Apr 29
16i2June 14
2i2June 17
Under Elliott Fisher Co No par
73
June 14
63
Feb 17
95
Apr 28
Union Oil California.......25
6,000
3,100
23
June 16
100
UDlnn Pacific
700
600
Union Tank Car
600
n
New stock,
r
94
Jan 20
25
07s Jan 20
lOOig Jan
8
91i8 Mar 27
111
Feb 20
28U Fet>
4
5
u
9»s Nov
28
Deo
Jan
385s Nov
47*4 Nov
17is
Dec
Der
Mar 29
23i8May 18
Ex-dlv.
18is Nov
8*4 May
..6
x
47S
Mar 13
No par
Cash sale,
93
17is Jan 22
148»4 Mar 16
United Aircraft Corp
7is
74is Nov
718 Apr
22is June
313s Apr
126i| Jan 4
90*4May 7
2484June 14
100
4% preferred
9,900
12
Jan 11
June 12
8*1
Union Bag A Pap Corp No par
Union Carbide A Carb. No par
1,600
1,100
delivery
No par
Twin City Rap T rang..No par
Preferred
100
80
18
No par
10
20th Cen Fox Film CorpN# par
1,700
200
9ig
751o
Bid and asked prices; no sales on this day.
59
1
Feb
14<s Mar
July
49
Jan
5534June 24
13
263g
2538
28
337s Apr
1384 Mar
6
10
14ig
17i2
8ig
265g
15U
Tim ken Roner Bearing. No par
14
26
44>s Nov
Jan
914 June
Tlmken Detroit Axle...
127g
91 ig
1538 Jan 28
Jan
3,100
*16i2
12978
Deo
Nov
7is
2,900
14
98
87a
0
33
56j4
17
233s
Mar 30
2012
17
99
Dec
56
1334
98
Deo
5514
2014
127g
914
13
Jan
Jan 13
9
Jan
Apr
Apr 10
95s Mar 16
10
pref
conv
93g
55s
Feb 19
23
$4.50
44
0»4 May
287a
56l4
16
2314
2358
127l2 129
9158
915g
300
Deo
2058
1414
81
95
Deo
15is
64
3
Tide Water Assoc Oil
Jan
20*8
5534
13
75
100
6,000
357s
Nov
12*s Nov
16
48
Feb
9*2 Apr 29
85
Apr 6
Deo
Oot
13is Nov
208s Nov
20U Apr
28is Apr
33i2June 21
Thompson Prods Ino..No par
Thompson-Starrett Co-No par
$3.50 cum pref
No par
3,700
Jan
62
100
25
Thompson (J Rj
Jan
5414 Mar
1
Thermold Co.
05s
20*8
1414
75
43g
19
June 14
83g Jan 12
4
3
8is Jan 13
15U Mar 5
287, Feb 11
lOU Jan 25
40*4 Jan 25
215, Feb 4
Third Avenue Ry..
w
1,900
17
127S
13
24
10
23
4234 Apr 29
100
Preferred
2,400
3,400
914
17
16
8012
255s
*24
914
24l2
43g
1934
17
*7418
*25
*784
1412
13
8
8
778
105
*10214 105
*10214 105
984
958
IOI4
*9i2
95g
*14
18
*14
1784
1734
35
34l2
*3414
3412 3458
44
45
*42l2
*4212 45
*9
9
984
914
91g
75
75
74
74
7584
18
19
18i2
1858
187S
278
*258
27g
284
27g
9914
4l2
414
*1834
438
20
80l2
2378
165S
20
571?
2214
44
par
425g
377s
95s July
15«4 Jan
4312 Apr 16
6i8June 17
3334June 17
Co No
0>4 Mar
57i| Feb
ISSgMar
Texas A Pacific Ry Co
The Fair
17*8 Jan 21
65is Apr 22
'
2014
75
*40
_
6^2 June 16
Texas Pacific Land Trust
97g
10
*S12
96
8O84
200
48
IOI4
56s4
75
36
62i8
*46
96
8
*33
*62
46
96
8
100
10i2
46
22
19
105g
475g
10i2
1034
103g
47
*1812
1618
1412
10&8
1012
*42
1038
285s Mar
337#Mar31
2384 Jan 20
1034 Apr 28
Gulf Sulphur...No par
Texas Paciflo Coal A Oil—10
1,900
1,800
47
*42
414
638
Jan
503g Jan 18
Texas
24io
14l2
*15i8
Corp (The)
1st paid receipts
34
2514
16l2
Texas
658
13
Jan
01»4 Feb
5
Tennessee Corp..
34l2
32
125
.....5
25
Telautograph Corp
9,100
22,900
658
*3Ss
*734
458
2278
*6l2
preferred
5h%
3414
1378
20
*79
65g
12
5758
57
34l2
*4212
912
7512
18l2
278
60
100
6®8
*6i2
20l2
*14
*6i2
65g
48i2
12
67g
57
*9l2
10i2
*40
577g
8
2018 Jan 20
183g
6&s
*6i2
334
914
8
30^8
1134
5714
87i2
June 17
2358
634
10
Dec
Jan
177g
115g
6218
Nov
3
30i8
10l2
Mar
Jan
784 Mar
47i4Mar 11
397g Jan 25
2318
*
91
9is
00
18
101?
30i8 Deo
157( Oot
Dec
145s
125
30*8
50
Jan
70
Jan
2314
10l2
Feb 17
Jan
17U
*48
Oct
27
30^8
1078
Dec
118
17
21
17
25
23
1
Deo
7088
40*4
3
118^2 June
3784 June
4igJune
28&8June
1734
57i2
36
771s Jan 11
31
1114
iou
May 27
23l2
5634
14i4
65
2234
*30l8
1734
13l2
ID4
*62
*10214
100
31
24is Apr
171 j Jan 20
335s Jan
16i2
5734
*32
*20
200
17
48is Deo
Mar
10is Apr
20
33
11
48
8
32i2
*14
Jan
Feb 11
June 14
16i2
50
Deo
21
June 17
16i2
13l2
Deo
78i« Nov
12
33
13i2
Deo
62
72U
Jan
17
*14
57
*40
384
*8l2
2514
414
*18i2
16i2
*9484
*32
143gMay 18
6% preferred
100
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co—...10
Sweets Co of Amer (The)
60
340
1,400
5,200
1,300
678
1U2
678
3458
*85
400
29&g
1
*32
1312
27?s
66
No par
Stokely Bros A Co Ino
Stone A Webeter.
17
1778
Feb
Jan 29
Studebaker Corp (The)
1
Sun OH
No par
100
3914
45g
June 17
17
33
23
9?8
75
5
Stewart-Warner
7,900
8,400
1314
58l2
634
34l2
*1378
10l8
*8l2
15
20iS
10
*14
3058
Feb
13>4 Mar
55ia Jan
2434 May
*32
1734
7
26
17
2234
Jan 12
723# Jan
Mar
32l2
30i4
Nov
43«4 Nov
18is Nov
129
5is Apr
9is Jan
2434 Apr
20»4 Apr
76
30
1734
2134 Apr
14»s Apr
120?s Jan
9is July
33i2June
32
3038
8
123s Jan 22
03i8May 18
*2912
2234
5334 Mar
305gMay 14
Oil of
Standard Oil of Kansas...
31
*32l2
951? Apr 28
483$ Mar 8
16U Jan 20
143s Mar
Standard
9,500
121
32l2
*13
37
Jan
40*2 June 14
120
2934
Jan
28«4 Feb 11
.10
121
29i2
133s
44
24i8 Aug
Indiana...25
120
*29i2
32i2
*14i8
2258
303s
1784
Oct
Jan
92is
3634
Standard OH of New Jersey .25
121
30
934 Mar
Oot
27
735s June
29*4 May
167s Apr
12,400
121
30
11434 Nov
Jan
Jan
67
4i2
28&s
Oot
Feb
67
4l2
Deo
117t Nov
82
Oot
475s
68
43g
Jan 18
64i4
59
Aug
*67
4l2
30i2
50
Oct
20is Deo
3234
67
43g
477a
35
67
43g
32is July
Feb
67
458
2384 Jan 12
34>8 Apr 5
07s
Feb
Mar
Feb 19
66I4
412
7is
351s Aug
160
Jan
60i8 Mar 67/ 19
34
Jan
65ig Jan 20
6>4 July
117g Mar 16
0314 June
775s Mar 17
lOHs Mar
104i2 Jan 7
5»4 Apr
9it Jan 28
50
66I4
458
4l2
Jan
50
13U
38
Mar
37t July
3958June 17
195g
3934
12ig May
110
par'
127g
39
155
5UMay 18
Standard OH of Calif.. .No
9,000
43
19
39l2
9
3>4
195g
39
June
Feb
1318
3914
438
20U Apr 21
115
2
15
39
Jan
30is Deo
17is Nov
114
July
Sept
Jan 11
13
3812
Nov
72
4
1914
*66l2
12212 *121
12212
85
8
284June 12
13
37«4
Mar
Jan
Deo
Apr
684
473a
100
1914
*121
MarlO
120
132
3
127g
39
197
x3ij June
19is Jan
975g Dec
54
Sept
65
18
121
4
32&8 Mar
13
39
4U Apr 21
6058 Apr 22
10214 Feb
Feb 20
75
Jan
Oct
June 17
18l2
121
487#
'16 Apr 28
36i2June 17
67
*65l2
Jan
1934
Deo
$7 cum prior pref...-No par
Stand Investing Corp_.No par
18
1434
14is
600
1284
15
28U
1271s Nov
43
17U
1434
15
Deo
884 July
June 14
1318
13
Marie
102
13
19
*1434
1812
58
128is Feb
f Stand Gat A El Co
$4 preferred
3414
37
2
1778Marll
33
6684
39
8
$6 cum prior pref....No par
~66i~4
*
Feb
34«4 Feb 19
Deo
200
407g
43
44
1053t Feb
Deo
No par
No par
40i2
4234
41l8
Nov
No par 120'*i6 Apr 30
Stand Comm Tobacco.
1
684June 17
6,000
8i2
67g
8i2
714
16i2
45
31
If Preferred
7
Deo
43is Jan
3014 Apr
U84 Apr
Feb
12
300
5,000
215g
Deo
64
19»4 Nov
23is Jan
12»4 Apr
40
200
""
17
1114
4*4
25
1st preferred.
1,400
-.
Jan
1
653s Mar 11
433s Mar 17
Spang Chalfant A Co 6 % pf 100
Sparks Wlthlngton
No par
Spear A Co
1
15.50 preferred
No par
Spencer Kellogg A Sons No par
8perry Corp (The) v t e
1
Splcer Mfg Co
L.
No par
$3 conv preferred A..No par
Spiegel Inc
2
Conv $4.50 pref
No par
57g
104is
89
321? Jan 13
26
Mobile A Ohio etk tr ctfslOO
*94i2
57g
187g
98
327g
July
MarlO
Jan
5% preferred
578
Jan
Jan
Jan
Apr
Spalding (A G) A Bros.No par
30
31*8 Nov
165s
IDs
20>4
160
Mar 29
141
Dec
77s Nov
lODs Nov
4
2
100
5,400
300
874 Deo
44
17»8 Feb 10
42ij Mar 10
26
4314
53lg
187g
Apr
42i2 Jan 12
41l2
*94l2
2
30is Aug
3is July
595g Jan
32i2June 17
43
534
Deo
So Porto Rico Sugar__.No par
42 34
187g
2i8
683 Feb 20
24
98
20«4
Mar 18
22i2May 13
42i| Jan 4
61
Feb
Jan
7s
3i2June 14
100
534
*18l2
*43l2
Jan 15
16U
100
*60
4U
20is
21
110
Feb
13s May
7&8 June
2934 Feb 15
Southern Railway
6H2
IOI84 Mar
South Am Gold A Platinum. 1
2,100
1,100
7
567s Nov
Dec
June 17
Southern Pacific Co
*6i2
Feb
177s Nov
June
93
19i2June21
Southern Calif Edison
*94lo
*27i8
30
14,200
*48
34
114is Mar
40UJune
3,500
16,700
7
2>8 Jan 2
8I2 Jan 2
5418 Apr 5
ll^Mar 1
9583 Mar 10
11
495g Nov
377# July
54i8 Jan 11
40i8 Feb 10
3H4
60
21U
82i2
June 17
June 14
4538
173s
8212
3812
1178
100
600
96
27
29
18l2
47
No par
Corp..
10
Smith A Cor Typewr..No par
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc 15
Solvay Am Inv Tr 5H % Pf 100
44
53i8
23&8 Feb 10
45U Jan 14
5
Jan 27
98i2 Apr 29
85i4 Jan 2
31i8
98
29
$6 preferred
3i: Jan
42
455g
578
18l2
*44
SIosb Sheff steel A Iron—100
Smith (A O)
May 13
23i2
*65g
27i|Mar 2
5134 Mar 17
98U Mar 15
314 Feb 9
'uaMay 10
30i2
31
2078
50
60
700
12i8June 15
4478
62
*2714
25
100
i
8% preferred-
*6112
578
10
Plmms Petroleum..
Skelly Oil Co
154
62
684
18l2
—
6% preferred
Mar 20
102
4534
*48
Nov
Jan 21
"233g
7
114
65
45
243g
Aug
1101s Sept
58I2 June 11
37i« Mar 12
25s8 A pi 28
4512
"235g
108
3
Jan
Feb
Feb
1,000
*
5
Deo
6
113
113
14
1214
154
Jan
99
9U Apr 28
12U
*6U2
*9412
*684
*1814
578
95
4514
4334
*51l2
231?
Apr 28
June 17
125s
*
154
4
12
1258
700
*
Jan
29
conv
1,800
154
81
2
share
Dec
par
Shell Union Oil
*9714
*
718 Jan
26
preferred —100
Sliver King Coalition Mines.6
358
3i2
35g
35s
3i2
3l2
35g
334
*3l2
55
553S
6478
543g
5478
5512
55h
563g
5578
99
*98
9934
9978
*9714
9934
*9714 995g
*9714
165
*140
165
1421? 14212
14212 142l2 14212 14212 *141
98
96
96
97
97
96f2
*94l2
96h
9712
9612 9612
30
29
29
30
30
2812
29i2
*28l4 30
2814
29h
*30
*30
30i4
30i4
30l2
30l2
30l2
30l4
3012 30l2
*29i4
21
20
2U4
19i2
20i2
2018
*1958
*195S 2012
*1958
1934
19
1934
19i8
1938
193s
193g
1934
19l2
197g
1914
1912
*112
113
112
112
113
*11178 113
*1115g 113
*109l2 113
334
334
378
384
334
334
384
334
334
384
384
35
3412
3412
*32l4
34%
34i2
3414
34i8 35
3514
34l2
lliMay 14
per
July
$3.50 conv prel ser A.No par
Sheaffer (W A) Pen Co.No par
20
3l2
Jan 11
Highest
share
96
6
120
Sharps A Don me
800
54*4
June 17
par
Rights
»3i2
35s
55
5412
*9714100
*142l2 165
Us June 24
13
x38
per
27
Jan 13
Mar
May 13
$5 conv pr«f
9,100
104&8 1045g *10412 10434
14ig Jan 4
39!4June 16
9384May 18
par
No
No
No
..A •
Sharon Steel Corp
1,700
28
No par
Seagrave Corp
No par
Sears, Roebuck & Co..No par
Bervel Inc
1
500
1012
*58l2
59i2
4
5,600
IOI4
.6
100
1
100
...
1,900
Us
June 25
Scott Paper Co
paa
46
103
100
300
105
\
$ per share
5
3
97ij Jan
106lgMay
130
1,400
9612
414
7h
U4
31
1,200
m —
600
19i2
40
100
100
100
lh
1378
'
"30
105
40
lh
*1212
..No par
share
May 19
40l4
m.~
Lowest
Highest
$ per
5% preferred
6% pre/erred..
7% preferred
Savage Arras Corp
No
Bchenley Distillers Corp
5H% preferred
JSobulte Retail Stores
8% preferred
19l2
13i2
40
Safeway Stores
2,600
m.
40
*95
lh
1412
40
Par
106
105~
10714
96i2
1*>8
32i4
100
4012
*714
87i2
2812
4i4
401?
101
32
*
U4
4f2
lh
373s
*37i8
2738
27i8
26i4 27l2
104
10434 10484 al04
1258
12i2
12i2
125g
44
4412
4414
44i2
27
45
2814
*5812
373s
105
*1214
88
10
39
*104
758
1212
12l2
323s
3238
*9834 101
69i4
*58i2
*3738
2634
414
40
28
28i2
*28i8
12*4
*1212
*32l4
3234
*9784101
1058
10&8
112
1U
4i8
40i2
*714
87is
28i4
*125g
li4
*714
8758
8878
1
19
95
33
100
*
100
4014
94
40
13s
1*2
40
1*2
*1212
1484
40
*39l2
10712 107i2
19
188g
3212
33l2
100
95
*3984
338g
336s
*95
39l2
39l2
*93
3314
100
Range for Previous
Year 1936
Lots
EXCHANGE
the
Friday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
NEW
Tuesday
Monaay
Saturday
June 26, 1937
99>4 Jan 13
3Hs Feb
35is Mar
Ex-rights.
4
65i4
2?s
745g
38i2
715g
20>4
108is
90is
225g
205s
Jan
109
June
85g
June
May
Jan
1023g
70
Deo
10514 Nov
Aug
Jan
Jan
Jan
Jan
Deo
28is
Fob
149*4 Aug
100
June
Apr
Called for redemption.
315s
323g
Feb
Feb
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
144
HIGH
SALE PRICES—PER
SHARE.
Sales
CENT
NOT PER
STOCKS
ffkT
NEW
jur
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 19
June 21
June 22
June 23
June 24
June 25
$ per share
S per share
8 per share
$ per share
$ per share
Shares
23
15i2
15
155g
1934
15i2
♦18
17
17
23
*23
16
16*8
16*4
1584
16*8
*17
*17
1984
1934
1934
*23
237g
*23*4
*23*4
2334
2358
2358
2378
*11334 115*4 *11384 115*4 *11334 115*4 *11334 115*4
80
81
80
80
80
8O84
8034
*80*2
32
*3078
3038
3034
*30*4
3034
3034
3034
43g
4*2
4*4
4*4
4*4
4l2
4*2
4*4
36
35
353g
3634
3534
36*8
36*2
3534
11*4
1138
1138
11*2
11*4
11*4
11*2
11*4
1538
*17
237g
*11334 115U *11334 115*4
*30
438
35i8
1112
2118
8112
*80
8134
31
8112
*30
3034
414
412
34l2
35*2
*1114
438
35i8
11*2
2238
113g
*2014
*98
100
6
6
534
48
46i4
*4614
*78i2
*98
*78*2
79i2
9
*1534
1534
16l8
*80
95
*1b
O
*81
15
*13*2
♦1778
6
46*4
46*4
79
79*4
12
12*4
1033S 104
80
18l2
9b
15*2
1534
*82
*]
2*4
18*8
14
2:78*8
12
103
97g
*15*2
934
15*2
*105
107
1065s 107*2
*161
162
161
1734
*56
29*®
*17*2
1734
*17*2
*55
64
*55
83s
8%
8*4
29*4
8*4
1514
1514
15*2
15*2
102
102
2814
29i2
*100
15
1734
*17*2
64
29*2
*56
285«
8
*95
29*2
*8*4
15*4
8
110
*162
15*4
110
*95
2112
2078
100
1,100
18,500
12
117g
*10234 103
10
934
1534
1534
1534
12
103
103
700
10
10
2,500
1,000
*84
2*4
*158
2*4
1434
15*4
18
18
1734
17*2
*55
64
9
8
*15*4
*95
110
*95
87
88*2
885g
89
85
85
67*2
6712
9434
96*2
128
95*s
133i« 133l2
133
*121
128
*121
97*4
68
*62
*18
1914
*18
19
*70
705g
70
70
152
*143
152
63
63
63
*15s
v&
5*4
68
178
l&S
52
2534
*33
*
50
26i8
3434
*50i8
25*2
112
*33
*
42
*40*4
95
*mm
128
73s
758
*50
5112
*6
7
22
2434
13278 *128
*21
4*8
*128
85
*75
*71
4*4
*158
68
*14i2
7058
146
*144
146
*144
146
10
63
63
*63
65
63
63
50
134
lb
1*2
1*2
*49l2
25*4
15g
5H2
26*4
51
51
26
26*8
267g
3412
*34
35
34
34
*
5H2
*
112
*40*4
*
♦
95
7*2
7b
*
112
"4l"
41
41
8
*758
50
50
*49*2 50*2
106*4 106*4 *106*4 107
61®
*6*2
7
"
*2112
24
51*2
107
7
8
23*4
23*2
*684
*18
1327g *1273s 1327g *1273g 132
83
*71
*71
26*2
*33
*71
3,600
784
30
51*2
8
23
1
11*2
*7
1318
253s
13*2
25*4
14U
1434
14
4758
4734
47&s
*7*4
13*8
25*4
14*8
4712
11*2
131®
*19
5958
*19
25*4
14*2
47&s
1912
*23
28
*17
28
*558
534
5*8
85
*65
12i2
*54
12*s
*54
b
*84
*714
*7
75s
*18
27
*20
38
38
38
*27
*4334
*4l2
*25
2812
4412
4478
*41®
5
12*4
*ll2
"l"78
*4512
46i2
82i2
*80
*
91
93
93
S6i2
86i2
120
120
*1*2
*614
6i2
50i2
4234
85
*72
125g
61
28
28
447g
45*8
45*8
43g
*26*4
44*4
*80
*
91*2
89
120
120
4112
*19
5 38
85
1284
7*8
30*2
28
28
28
4434
4384
4334
5
*4*2
*72
434
*80
86*4
120
«.
«.
.
«r
900
1,100
6
42
6
45
495g
46*4
48
213s
*20
213g
*20
2138
*20
2184
*21
2138
21
21*4
21
4978
103*2
21%
213g
1478
147g
15
15
4
*143s
334
15
*334
26
*26*8
32
102
*5
87g
87g
79*2
45*4
317g
92*s
*93
9512
81
*74*8
80
*78*2
4478
*3084
*9258
*75*4
*90
98
*92
67
*65
67
50
*487g
227g
*92
100
*66
50
2314
23 58
123
123
123
51
23*2
123
31
»5i8
*
357g
3578
82
79*2
81
99
*9558
99
31
*3578
801a
*9553
3178
3178
5*8
5*8
3638
53s
66*2
50
23
123
47*2
102
384
Waldorf System.......No par
Preferred
12,900
100
6
Warner Bros Picture*
$3 86 conv pref...—No par
2,700
200
t Warner Quintan
No
JWarren Brea.
No
$3 convertible pref..A 0
Warren Fdy A Pipe
No
par
16*2
240
70
112*2 112*2
*13*2
2*2
2
1,200
1,300
63g
5*2
447g
43*2
45*4
42*4
4238
-
Webster Elsenlobr
No par
100
141
*21*8
*3784
2278
*22*2
*3784
-
«,
-
20*4
*29*2
28
3,200
4,800
120
400
30*2
200
67
50
2334
123
79*2
*955s
8034
99
33
5*4
2178
2,100
15*2
300
500
28
*24
283s
*26*8
28
400
434
434
47g
478
878
9
884
9
78
50
4% 2d preferred
195s Feb 11
8
Feb
1
June 15
14212 June 17
4
May 14
197g Jan 8
50*8 Feb 1
1034 Feb26
99i8Mar
2
18
5
Jan
69ia Jan 23
134 Feb 17
12U Jan 25
3514 Jan 16
MarlO
46
38U Feb 19
9*4 Feb
1
214 Jan
6
56
80
Mar 13
84ia Feb
z90
June 16
Apr 10
109
Feb 11
Jan 19
123ia Mar
9
1151a Jan
8
28i4June
11>4 M ar
6
1675s Jan 22
143
170
21
30
2
June 25
May 14
May 17
361* Jan 7
19
June 17
29i2May 27
90
Jan 18
preferred... 100
114
Jan 18
Wheeling Bteel Corp...No par
38
conv
Preferred.
...100
Jan
4
99
$4 Conv preferred
No par
May
6
2714 Feb 23
347g Jan 7
Apr 13
123i4May 6
115
65
Mar 11
June 17
187s Jan 25
20
50
39
1458May 15
White Motor..
White Rk Mln Spr ctf—No par
White Sewing Maeh...No par
Jan 22
303s Jan 22
llOigMar 17
23i2May 15
333a Feb 16
May 20
21i4June 16
.
338June 17
25
June 17
700
Wilcox Oil A Gas
6
4*4 Apr 28
4,200
Wilson A Co Ino
No par
8*2June 16
6»4 Mar 22
46 ig
Jan 4
6I4 Jan 25
78
79
79
4558
46*4
45*2
46*8
8,300
Woolworth (F W) Co
10
44*4May 19
33*2
34
34
34*2
1,000
WorthlngtonPAM (Del. )Nopar
307sjune 18
47
Preferred A 7%
Preferred B 6%
Wright Aeronautical...No
Wrlgley (Wm) Jr (Del).No
100
100
81
par
90
95*2
*93
66*2
24
123
95*2
*94*4
79*2
*7634
100'
66*2
*92
400
96
70
79
100
100
*66*2
67
400
50*2
50
50*4
900
24*4
2398
2438
14,700
123*4 *122*4 125
230
S6 preferred
100
Yale A Towne Mfg Co
Preferred
100
36*2
36
36*4
400
80*2
823g
80*2
*95Ss
817g
8,700
Youngstown 8 A T
Zenith Radio Corp
Zonlte Products Corp
99
99
33*2
33*8
33*4
2,200
53s
5b
5*8
5*8
1,100
t In receivership,
a
Young Spring A Wire.-No par
6H% preferred
33*4
Def. delivery,
25
Yellow Truck A Coach ol B..1
*36*4
*9558
pa>
n New stock,
r
No par
100
.
No par
Casta sale,
1
x
77
77
June 14
Jan
4
June 17
May 18
66*2June 22
48
June 15
20*8 Jan
123
4
Apr 28
Jan 22
Apr
19ia Apr
6i8 June
May
Ex-dlv.
y
19
39U
Nov
Dec
12*8 Dec
49*4 Nov
20
Nov
37*8
Dec
39ia Deo
107
Feb
June
Jan
Deo
Dec
Sept
Jan
110
Apr
87
Feb
102
Sept
Jan
124ia Sept
116»4 Deo
Jan
8i8
Apr
15
Apr
4
6is Aug
978
72ia
3434
94ia
123ia
225g
35ia
19*4
31*4
34
99
May
Jan
Jan
Jan
June
Oot
June
Nov
Jan
21ia July
84
183s
July
Feb
13*4 July
70
Oct
Jan
39
Jan
32
July
3514
91
Oct
Nov
Oot
397s
Deo
109U
Feb
28*8 Nov
175s Nov
6*4 Nov
Nov
514 Mar
Jan
June
87
Jan
44*4 Apr
23ia Apr
71
Nov
36*4
Deo
86*4
8O84
Deo
76
Jan
7
63
Jan 27
Oot
3384
11
Jan
40U Feb 17
914 Jan 16
160
2*4 Jan
65g June
Jan
6
Feb
Deo
43
625a
465s Feb 15
1531a
Apr
Apr
314
16
47
Jan 23
Feb
96i8 Nov
x5078
July *120
56
62ia Jan 27
37*8 Feb 16
12*8 Feb
23U Sept
1?« Nov
6
Ex-rigbts.
2*4
62*8
83*4
96
Mar
142
1114
85
116i|
111*4
MarlO
115
47s June 18
335g June
128
9734June
2
Aug
100
1017s Mar
June 17
1
1121a Mar 25
3578June 21
7434June 17
30
7*4 Mar
_
9
13014 Apr 12
5% conv preferred
21
Jan
50
Westvaco Chlor Prod—No par
Apr
91*4
50
We8tlngbouse El A Mfg
1st preferred
177g
Feb
10?« Jan 3L52
Nov
2*s Apr i 75s Nov
105
Nov
47«s Jan
18*8 Dec
914 Apr
44
69
Deo
Apr
la June
27g Feb
45a Jan
12»4 Deo
157S Jan
38*8 Dec
9
Jan
9
1378June 17
86
137ia June
4is Feb
10*8 Mar
Jan
Feb
5i2June 25
43i2June 24
40i2June 17
Weetlngh'se Air Brake.No par
6
4ig June
9ig Jan
30
Apr
5ia Jan
26*a Apr
78
June 21
73sJunel7
4 Ha Dec
131ia Aug
Jan
Aug
120
Aug
2U Aug
70
4
102
June 14 *100*2
110*2 Apr
24
Mar 17
23ia Mar 6
434 Mar 17
HI4 Mar 17
83ia Jan 22
5784 Mar 6
100
100
*114*2
83
lis Jan 4
43l2May 14
90i2June 17
114ia May
13*4 Dec
483s June 10
78
50*8
538
..100
.
Mar 17
16
1214 Feb 2 7
9134 Mar 2
653s Jan 20
*77
23*4
2378
123l2 123*2
36*4
36*4
80
81*4
*955s 99
33*4
3334
5*4
21*2
4
79*4
455s
33l2
9512
6*8 Feb
WhiteDentalMfgCo (TheSS)20
_
2I84
*384
*92*4 100
66*2
66*2
50
21*8
21*4
15*2
785g
45*4
33*2
*9414
78
*20
2,800
2,400
4
79*2
98
51
51*2
105*2 106
15*4
8?8
95*2
21*8
6% preferred
Western Auto Supply Co—10
Western Maryland
100
6 H %
3
87S
80
*20
50*8
106
SgMay 18
83
Wheeling A L Erie Ry Co.. 100
*145g
9
45*2
3312
49l2
104
lli8May 13
Apr 27
118
.
.
6% preferred
100
Western Union Telegraph.IOC
20
*19
100
.
4
Mar 12
4914 Mar 16
.100
preferred
1,500
38
*19
7% preferred
6%
Mar
98
42i« Apr 28
69
8ia
68t|
May
135
Aug
48U July
Apr
14
18*4 Mar 11
5
116
Mar
4
5
4
518 June 21
75 May
3
109
7
Jan
49
West Penn Power 7% pref. 100
Western Pacific
23
38
-
29,900
14234
148*2
145
1
1,000
43
140*2 141*4
148
148
Deo
305s Deo
49*8 Nov
4i8 Jan
28*4 Aug
37
183s Mar 16
33*4 Apr 28
2784June 17
1
6
Feb 15
Weston Elee Instrum't.No par
Class A
No par
.
6
6*8
43*2
41*2
67
Feb
12*4 Jan
Jan
7*4 Jan
13
Apr
22
5
74% Apr
115
9
par
Waukesha Motor Co
6
122ia Jan 11
lOisMar 16
par
Wayne Pump Co
12»4 Apr
Jan
par
Wells Fargo A Co
4
5
36*4
5*4
*334
*47g
5*4
36*4
32
102
Bid and asked prices; no sales on this day,
100
5
Mar
3i8
117*4 Feb
100
—100
May
122
9218
*76i8
100
.
Feb 17
June 17
*112*2 114
2434
2434
*113
3178
.
J Wabasn Railway.,
5 % preferred A
70
19
112
122
31*2
Preferred.
100
June 15
6*4 Apr 28
24
112
*113
*31
20*sJune 17
124
Apr 26
48*2June 17
..No par
70
122
45
b% preferred..
100
Virginia Ry Co 6% pref...100
Preferred
80
*113
*78
106
Ward Baking class A ...No par
ClasB B
No par
86
122
82
6% preferred
100
Va El A Pow $6 pref...No par
Virginia Iron Coal A Coke. 100
100
1,600
92*2
*113
46
June 17
Walk(H)Good A W Ltd No par
121
122
4584
Mar 18
7
1,600
121
*113
*78
86
11U Jan
*81
122
878
100
No par
86
41
434
Jan
Walworth Co
121
*113
434
878
28*4
*11014
4,900
114
5
445g Jan 20
June 17
No par
*81
*102
9
Apr
34
Walgreen Co
*120
30
5
July
1,600
"l"266
121
*2*4
6ia Mar
2*8 Got
Jan
June
6
8
247s June 24
*120
*13*2
Aug
Apr
3is
1
50
23g
115
16U
90
*14
165
Jan
30
4
Jan
No par
Preferred
25*8
778
16*2
2*4
Mar
50
58is Jan 20
393gMar 11
li2May 13
5% non-cum prel
Va-Carolina f hem
5 % prefdrred B
45*2
734
Nov
153
48
80
Vulcan Detlnning
100
25
Nov
92
Aug
lb
8
47S Jan 13
2^8 Jan 20
102
Apr
57*8
24is June 14
90
734
158June 17
884 Nov
67*4 May
par
90
24*4
7b
16*2
23g
6*4
Apr
Sept
Dec
Dec
434
114
26
Corp of Am.No
*89
7*2
63
No par
Preferred
Vanadium
91
24i8
July
5
100
Vadsco Sale*
91
►
July
168
84
*4*4
92
144
Oct
Jan 18
84 conv preferred....No par
West Penn El class A.. No par
9278
Apr
160
9
5
84i2 Jan 11
Jan 19
Wesson Oil A Snowdrift No par
*91*2
131
6
108
100
86*4
9
164
100
Jan
Jan
June 18
preferred
Apr
7978 Dee
154*4 Nov
75i8
Mar
9U Feb
8is Feb
142l4May 17
8%
1151a
Nov
103*4 Nov
72U July
68ia Jan
46*8 Jan
169
May 17
Jan 21
Universal Plctureo 1st pref. 100
^Utilities Pow A Light A
1
101
Deo
136
86
"l"306
9238
1261a Mar 11
Jan 22
150
21
81
86
Jan 18
May 13
*80
92*8
Jan
753s
19?8May 24
81
86*4
47
Mar 11
105
68
No par
*80
120
1914 Deo
493s Nov
Universal Leal Tob
80
93
June 11
Jan
Sept
"
45*8
65
6378
Apr
84
1,400
30
26U
No par
4
Jan
758
16»8
72*4 Mar
Feb 26
«...
28
*102
378
1
Jan
21ia
193s Jan 12
7238 Mar 31
118
Feb 18
88
45*4
J14
15
100
76
126i2June 14
120
May 15
147
Apr 29
534June 17
378May 17
9
Jan
Jan
Sept
104
80
*26*4
44*2
*102
*1414
378
26i4
No par
Preferred
June 17
66^8 June 21
978
183s
Jan
Apr
4.800
114
21i2
U 8 Tobacco
8H2June 17
78
71
112
Oct
May
678
30*2
4134
*102
*20
100
45
5058
46
100
80
6
101
Corp
Preferred
45
49*4
46
.60
82
"6*4
50*4
101
U 8 Steel
..100
50
Mar 30
59
Aug
4ia
72
6*2
114
4634
8% 1st preferred
U 8 Smelting Ref A Mln
Preferred
10
40
800
*102
102
10
May 13
4414 Jan 4
15'8 Mar 13
223s Mar 17
Mar 27
»4
114
4634
44i2June 14
Jan
Aug
May 12
30
12&8
*102
*99
20
No par
No par
4534
45
4
87S
80
170
53g
*1*2
Jan
9
47
*80
"ib
89
U 8 Rubber
*ll2
*1*2
44&s
4
U 8 Pipe & Foundry..
U 8 Realty A Impt
"l'b
"lb
Jan
115
84
41
24U June
80U May
May
160
Mar 27
170
61
*19
3
40*4 June 17
85
12*4
34
40
*80
5*4
*54
61
39*2
42
4n2
4n2
138
137*2 141
13834 13934
138l2 13812 138
*146
148
*146
1467S *146
14784 *146
14758
*2 U8
*22
23
*21
237*
*21*8 227g
2278
38
38
38
*3734
*3734
*3784
*3734 38
20
20
20
20
*18*2
*18*2
*18*2 20*4
*29
*29
30
30
29*2 29*2 *2912 30
4212
h
678
No par
Partic & conv class A.No par
Prior preferred
..100
90
*1*2
4378
91*2
*86
123g
*54
Feb 10
Jan
Nov
Jan
Nov
Feb
Nov
Nov
Apr
111*4 Mar 27
1938
5*4
2334
393s
125U
I6914
20«b
62*4
6
400
28
28
91
6*4
*187g
*2184
*7*8
46*4
463g
193s
39
*4i2
14
28
*20l2
43g
25
*1878
7*2
*80
*13
1434
46s4
Apr
100
1,700
113g
13*4
25*4
1458
4684
*23
5*2
30*2
39*2
434
*46
*53g
25*8
10
7% 1st pref.....
9*4
,
llSg
13*4
Nov
5
Feb
Vicks Bhr A Pac Ry Co comlOO
83
*71
193g
7
"Vs
91«
*5*8
13*8
2478
14*4
Feb
100
Vlck Chemical Co
23*2
*12788 130
27
39
82
50
*34
14i2
4634
*21
1115S 1115s *11158 11234 *11158 112
24
25
25
24
24l2
24is
758
7b
*7*2
7*2
7b
712
*13
*13
16i2
1612
16*2
*13i8
234
2*2
2*2
238
23S
*2i2
60
123g
*54
?8
s4
7*2
30*2
3978
*45*2
9112
*70
1238
113g
13*4
25*4
b
7*2
30*2
3912
*80
*
5*2
61
*54
34
27
53g
85
*70
123g
*80
*80
19i2
28
5*8
61
34
*187g
*19
85
*70
12l2
61
13*4
25*«
UI4
4534
*18
558
*7*2
11*2
13*8
25*4
1438
473J
20
Jan
Jan
5
95
*118*2 125
*118*2 125
♦118*2 125
♦118*2 125
*118*2 125
*118*2 125
5
5
*5
514
*47g
5*2
5*4
5*4
*5
5*4
5*8
5*8
*9
934
93g
934
9*2
934
9*8
9*2
9*8
93g
*712
1318
253s
Apr
2
Van Raalte Co Ine
*18
83
13
137
June 18
Jan
11314 July
600
407s
73g
758
50*2
5H2
106l2 106*2
8
*65g
107
193s
Jan
91
172
May 10
Deo
Nov
9
156
100
87
3
20ia Jan 19
3478 Jan 13
7% preferred
109
June
200
112
4078
*
♦1273s 129
83
5112
27*4
34
*
42
95
768
1*2
2,600
1,000
lb
1*2
*50
112
*40*2
*
95
U S Freight
U S Gypsum
$6 conv pref A
'"906
146
178
lOOij Feb
8U
503g Nov
8
Universal-Cyclops Steel Corp 1
19
7212
75
34i2
83
100
128*8
*62
25*2
42
67,500
2,800
148
178
1*2
10i8 Feb
2434 Mar
U2 Apr 29
United Stores class A ..No par
7058
June 11
100
1,300
19
92
Jan 14
17
11378 Jan 14
115gMay 17
No par
lS^June 5
20 Fl03*2June 14
Conv preferred
4*4
68
6I2 Jan 4
15i4May 18
3^8 Jan 28
*4
68
*4912
100
No par
43g
*66
15S
U 8 A Foreign Secur..iNo par
United Stockyards Corp
*14i2
lb
June 23
40
19
lb
June 14
..10
1,900
68
178
11
103
.
6
*16
®4
United Gas Improve... No par
$5 preferred
No par
United Paperboard
161
*68
*61*2
86*4 Mar 19
*534
*62
1
400
132
*159
19
*62
May 17
6*8
161
705s
50*8
2578
3438
22
*159
6
68
*143
95
6*2
161
*67"
7*2
7*2
5084
*4912
106*8 106*4
106i2 106i2
128
6
4
2,200
1,800
85*8
6978
98*4 1005g
9734100
*534
1,300
2,000
10,900
85
*62
2
49*4
*66*8
161
13234
128
*
112
*40*4
*
49*4
132i2 13234 132
*121
128*8 *121
132
133*2
161
*15218 15634 *152'8 15684 *157
6
63s
6*8
6*8
6*8
6*8
418
418
4*8
4*8
4*8
4*8
*61*2
178
100
110
11
95i8
0658
133*8 133*8
*143
900
58
83*2
6978
985s
77
105
32is
June
66ia Jan
14ia Nov
6U Jan 2
13i8 Apr 23
107g
S3
2
Jan
U S Leather
56
86*4
Mar
Feb
16ia Feb
29ia Aug
July
No par
United Fruit—
914
487g Aug
Jan
4
1,800
11
*67*2
965S
15
93
8*4
15*4
58
80
26*4 Apr 19
IO6I4 Feb 26
9>2 Mar 11
49
49
85*2
4
5^8 June 17
45i2June 17
5
Apr
Jan 26
18*s Jan
96*4
63
United Eng & Fdy
53s
40U Apr
10«4 Apr
3114 Aug
1058
5634
697g
8
35i8 Nov
43 s8 Feb
48*2
85
5
Mar
16
Jan
9684 Nov
Jan
23*2 Mar 22
70
Mar 22
11
80
10
100
United Electric Coal Cos
June 16
117
Jan
17
5634
86*4
*67*2
8*2 Jan 14
4678 Jan 14
4
11
Oct
68
225s
28
4938
.
June 17
32i4June 15
5
Mar 17
35
share
25ia Sept
37U Not
338s Nov
24U Mar
111
535s Jan 11
1058
791®
No par
No par
Corp
$3 preferred
United Drug Ino
United Dyewood Corp
Preferred
3
Jan
Apr
U S HoffmaD Mach Corp.:..5
56
67
par
Corp No
Feb
91
lflia
5H% oonv pref...
50
U S Industrial Alcohol.No par
10*2
6658
22*4June 17
13
Highest
share % per
200
56*2
84i2
79*2
243s Jan 12
31*4 Feb 10
30U Jan 11
117«4 Feb 6
per
2,000
17*2
15*4
110
30
June 21
$
share
29*2
29*4
8*4
8*4
15l2
1,500
64
*55
287g
1,400
165
17*2
17*2
64
15*2
220
1412 June 15
17
per
1131a Mar 16
6934 Apr 28
29
Apr 30
$6 1st preferred
15*4
17*2
17*2
109*2 10978
*162
United
$
share
per
100
No par
U H Distrlb Corp
2*4
15*4
18
165
2878
28b
95
*1&8
109*2 HO
*162
165
16
15*2
*84
95
103S
S4
-
78
553g
68
..
77*4
1134
4S7g
*48*8
-
77*2
1034
6684
8534
487g
-
5,100
300
49*8
*67
*62
-
47
10*8
5514
*7934
*121
900
w
47
49
85
85
18,500
2,700
1,800
$
No pai
Preferred
47
49i2
57
56iS
United Carbon..
United Carr Fast
5
Nv par
United Biscuit
300
638
1078
49l2
♦lOU
200
800
2134
6*4
United Amer Boscb
«...
100
*98
6*2
Un Air Lines Transport
100
10
1077s 10834
162
64
*17*2
77
15
18
105
162
*45l2
95
18
105
638
Par
Lowest
Highest
Lowest
103
15
*161
2078
*98
6*4
46*4
7S*s
12*4
*84*2
*] 5g
2*4
14
18
18*8
46*4
95
5g
21
100
6*8
*45*2
15
*13
21
*98
100
6
Year 1936
100-Share Lots
EXCHANGE
5,400
15*2
*17
22*8
*98
6
95
*158
214
*
*20*4
100
12
12*8
103*2 103*2
9*2
9i8
12
II84
*1033« 106
9
227S
15*2
20
Ranoe for Previous
Range Since Jan. 1
On Basis of
STOCK
Weel
$ per share
YORK
4305
Apr
Aug
33*8 Apr
8*4
Oot
140*4 Sept
79
Feb
51
Nov
Jan
23U
83ia Jan
4214 July
41*4 Jan
163ia
Deo
56
Apr
105
Jan
Ilia Jan
684 July
87*4
122
Dec
Oct
Aug
42*8 Nov
Called for redemption.
9*8
Jan
June 26, 1937
EXCHANGE
STOCK
NEW YORK
Record,Bond
Friday, Weekly and Yearly
method of Quoting bonds was changed and vrices are now "and interest"—except for income and
On Jan. 1. 1909, the Exchange
defaulted bonds.
transactions of the week, and when selling
No account Is taken of such sales In computing the range for
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only
outside of the regular weekly range are
the year.
shown in a footnote In the week In which they occur.
Friday
Friday
STOCK
Y
Week
Range or
Sale
Friday
Inter st Period
EXCHANGE
Ended June 25
Bid
Price
A
Low
S.
U.
Treasury
Treasury
Treasury
Treasury
Bonds Sold
N.
Since
Jan. 1
High
No.
115.30
EXCHANGE
Ended June 95
sft.
Friday
Price
High
O
15 1948-1945 A
Dec 15 1944-1954 J
O
106.4
106.3
106.11
37
D
111.9
111.6
111.9
36
S
109.20 109.18
109.20
D
106.17
106.20
Sept 15 1951-1955 M S
June 15 1946-1948 J D
102.15 102.11
102.16
87
101
1947 F
A
103.30 103.30
104.6
29
102.10 107.30
Copenhagen (City) 5a
1952 J
D
io6%
105.12 105.12
105.15
29
104.20 107.27
98 %
106.8
17
104.24 108.24
25-year gold 4Kb
♦Cordoba (City) 7a
1953 M N
1957 F
1957 F
3%i-_-Mar 15 1946-1950
Treasury 3%8---June 15 1943-1947
Treasury 3s
Treasury 3s
M
J
3%s
June 15 1940-1943 J D
106.7
3H«—Mar 15 1941-1943 M S 106.1
3%s
June 16 1946-1949 J D 104.17 104.15
3 Ha
Dec 15 1949-1952 J
3%s
3K8.__Apr
2Kb.--Mar
Aug 10 1941 F
D 104.14 104.11
105.31
A
Colombia
<
5
12
104.28 110.18
106.28
104.30
110
102.20108.24
104.16
63
106.2
14
102.24 108.18
108.24
55
104
100.15
222
99
102.20 102.16
102.23
114
1948-1951 M S 100.14 100.10
100.15
55
99.2
104.10
99.17
99.23
122
98.4
103.17
M
2%B._-Sept 15 1945-1947
1951-1954 J
~
-
8
106
-
99.20
D
106.7
99.9
99.8
99.17
88
97.22
1956-1959 M S
D
1949-1963 J
97.18
97.23
176
109.25
104.30
100.18 106.16
98
103.18
96.6
101.22
Federal Farm Mortgage Corp—
3%fl
Mar
15 1944-1964 M
3s
May 15 1944-1949
3s
Jan
2Kb
Mar
J
1 1942-1947 M
102.28
102.30
8
102.10 102.5
102.14
42
102.31 102.31
102.31
2
101.8
105.23
47
99.0
104.10
95
99.24 105.3
128
98.28103.2
S
M N
15 1942-1947 J
..
101.8
8
101.8
101.7
iff
102
100.8
34
99.30
98.10 102.31
25 K
25K
♦Sinking fund 7b of 1927
23
3
23
F
A
23
A
O
23
23K
3
22 K
M N
99
99K
7
97
J
♦7s Nov l, 193fl coupon on--1951
Cuba (Republic) 6e of 1904
1944 M
External 5b of 1914 ier A
F
1949
External loan 4KB
1949 F
Sinking fund 6Ks--.Jan 15 1953 J
♦Public wks 5 KB—-June 80 1945 J
12K
J
1
12K
11K
12
30
100
20 K
20
J
a.
s
s
f 7b let series...
OC11CO
J
12K
7
J
12
12 %
2
11K
20
J
f 7b series D___.
♦External
A
J
12
12 K
4
12
20 K
2
11
17K
------
12
k
A
O
11
11
A
O
11
11
5
11
10K
A
O
Ilk
Ilk
5
nk
10K
98 K
101K
-
«
-
-
-
-
J
D
100K
100 k
O
101*16
101 '32
11
101
A
101K
O
101K
S
100K
M N
101' ^32
A
"J Extl
s
*
via
dciiot
M
a....
f 0s of May 1926
J External
Tl Extl 6s
M
1961
Sf external 4Kb...
S
F
b f 6s (State Ry)„_jwou
Sanitary Works
If Extl 0s pub wks May 1927.
K Public Works extl 6 Ks—-
36
25 K
26 K
45
25%
23K
8
20K
23
2
31
96 K
98
98%
52
93
79 K
79 K
75
80
3
77
76
10
70K
80
96%
96 K
97K
10
95
99
33K
34 %
26
34
100K
6
101H 102%
100K
A
101' ^32
40
101 k
1002*32 100K
101
26
1013,6
100«32lO2K
101"32101''16
16
64
100 %
102;
100' 332
7
100%
102 K
19
101
102%
A
100S16
101'732l012'32
100*,6 100'*32
M N
100K
100 K
101
96
91 k
91K
92
215
90K
J
107K
107 K
108
84
104 K
S
107K
106K
107K
9
102 K
102 M
103K
18
1901 M N
1962 F
Zl97i
F
A
J
M
M N
103
100M
100K
1002732
7
20
27
J
*103 %
F
A
25 k
105
100*16 103
90 K 101K
92
110K
104% lio
99 K
103K
98
-
104
105K
101
102 K
97%
♦103K
A
J
D
59
58%
104
O
*104
Denmark 20-year extl 6s
1952 J
External gold 6 KB
1955 F
External g 4 Kb
Apr 15 1962 A
Deutsche Bk Am part ctf 6s.-.1932
|*8tamped extd to Sept 1 1935...
Dominican Rep Cust Ad 6 KB--1942
1st ser 6Kb of 1920
1940
2d Berlea sink fund 5
Kb
1940
*97 X
97% 100
102 K
"eo"
103 K
105K
103 H
105K
106K
105%
105%
106K
32
104 K
101K
101
100 K
100%
101%
101K
41
100%
20
45
60K
74K
82 K
72
82
3
73
82
5
76K
1
76K
81%
81K
2
75
81
1
19%
20
*50K
M S
S
77
78
89
74
74
1
A
O
79 %
79 K
S
77
77
76 K
75
76 K
75
25K
25K
♦El Salvador 8s ctfs of
dep new.1948 J
Estonia (Republic of) 7b
1967 J
Finland (Republic) ext 6a
1945 M S
107%
5Ks2dserl901
M
106%
102 K
97% 101K
J
A
O
O
78
1909 M S
1969 M S
60
*98
107%
23
♦Frankfort (City of) b f 0 K«- --1953 M N
French Republic 7K»
stamped.1941 J D
7 Kb unstamped
113
*-„.
1941
External 7b stamped
1949 J
7s unstamped
D all9
♦5Kb unstamped
1965 J
D
28
♦German Rep extl 7a
stamped 1949 A
♦7b unstamped
1949
German Prov A Communal Bk>
♦(Cons Agrlc Loan) 6Ks
♦Greek Government
s f ser
1958 J
D
1968 F
A
113
119
all9
27 K
31K
28%
25K
36
25
23 K
30
2
23 K
225
13
18K
25K
36
30
29 K
34 K
28K
1952 A
O
99%
99%
1
O
23 K
23 k
3
J
*20K
20K
I960 A
O
41
27 K
35
96K 100
17
15K
*105
105
♦7Kb unmatured coup on.-.1945 J
23K
25
2
24
26
33
21 K
25K
25%
3
24%
24%
1
21K
21K
59 K
62 K
10
47K
87
45
110K
111
13
109K
109K
110
10
♦Hungary (Kingdom ol) 7 Kb.-1944
D
118K
O
23 K
4
D
23K
23K
5
45
46K
113
""45K
---
O
39K
38K
39K
39 k
39
39K
39
39
101
101
100K
101K
11
IVB
F
A
100K
*102
D
D
29
29
30
102K
102K
A
O
101
100K
A
O
101
100K
101
M
8
M
►
8
J
J
*100
"90
87K
90
7i1
»
'v
*
W
88 K
78 K
79 K
82
141
82
32
O
83K
79
83 k
30
82
85K
27
62 K
60K
62 K
3
j"j
wv/uuo..
(Kingdom
J
M N
27K
27 K
27 K
12
28
28
28 k
2
21K
22
27 K
28 K
104 K 110K
106K
106K
107 K
101
112K
112
112K
23
111
99K
99K
22
97
99K
99K
39
96 K 103 K
98 k
99
11
98%
99
02k
93 k
41
92%
56
56
4
93 K
67
63 K
F
A
99K
J
J
99K
J
J
J
J
J
J
"92 K
-
-
-
S
"53 K
J
36%
A
O
36M
A
O
M
)J
,
|—i,Tir
v
-
vv<
A|lt
AM
♦Chile (Rep)—Extl b f 7s
♦External sinking fund 6s—
♦Extl sinking fund 6b
Feb 1961
♦lty ref extl s f 6b..._.. Jan 1961
♦Extl sinking fund
6fl..8ept 1961
114%
101K
♦Sec extl
♦Sec extl
s f
73 K
49
70 K
82
27 k
20
25
34
26 K
27
6
7
24K
65K
33
71
"71"
103
19K
16K
20 k
60
18%
8
24K
24 %
21%
21%
21%
D
17K
16K
17 K
O
17
16K
17
14
17K
16K
17K
42
15%
15%
15%
15%
16 k
16
17
15
15
22
21%
D
70 K
70 k
6
53K
70K
S
23 K
23 k
2
18K
26K
13
*102 k
24
1958 M N
A
1955
.1953 J
77 K
O
100%
D
105
1963 M N
6
5
71
64
105K
101K 105
104 K 107K
105K 109
101K 105
99 K
103
2
95 K
98K
102 K
102
-
24
101K
103 K
17
24K
85 K
4
75K
77 k
6
100K
100 k
15
71 K
79%
97% 101K
104K
105 K
28
82 k
77 K
*67
'"el""
♦Stamped
Pernambuco
4
98 K
Panama (Rep) extl 5Ka
♦Extl B f 5s ser A
11
103K
98 K
24 K
74
44
103K
98 K
24%
20 k
20 k
24
1963
1953
2 0k
103%
17
Oslo (City) b f 4Kb
19K
60 K
65K
102%
Oriental Devel guar 6b
Extl deb 5 Kb
19K
70
*60K
f 6s... 1970
83
104%
107
70K
76'
85
61
61
1
61
76
23K
24
8
22 K
30%
2
28
(State of)—
♦7s Sept coupon off
1947 M
S
♦Peru (Rep of) external 7b
1959 M S
♦Nat Loan extl B f 6s 1st ser..1960 J
D
♦Nat Loan extl s f 0b 2d ser.. 1981
♦Poland (Rep of) gold 6s
♦Stabilization loan
s
f 7b
♦External sink fund g 8s
72 k
26 k
102 K
25
9
72 K
102 %
25
19K
13
9K
26K
1952
20k
13K
7K
1965
♦Nuremburg (City) extl 0s
20 H
S8
22
25 K
20K
0 k
73 K
106K
29
J
9
9K
104
20K
S
11
5K
106 K
Municipal Bank extl
S
11H
UK
5K
5K
102K
4s s f ext loan.......
M
I*
7
0
106K
48 K
49
6%
5k
2
106K
38
114
13
|
H
106K
26 K
t
5K
7
1966
30 K
20 K
aGk
4K
O
1943
5
20K
a6K
1944
-
4
19K
....
*7 k
Apr 1958
Norway 20-year ext) 6s...
20-year external 6b.
41
19K
3
8k
*72 K
103 K
36 k
19K
4K
5K
1959 M S
1952 J D
♦0s series A
1959 M N
New So Wales (State) extl
5S..1967 F A
External 8 f 5s
36
J
A
J
s 16Kb
♦Montevideo (City) 7b
37%
A
For footnotes see page 4311.
"a6K
4%
*6K
4K
5k
1958 M
0 Kb
26 K
20 K
M
17
8
5K
Milan (City, Italy) extl
8Kb.-1952 A
MInas Geraee (State)—
17
A
1951 J
11
1954
36 k
M
♦Chlneae (Hukuang Ry) 5s
98K
11
....
7
36K
O
M S
25
95
K
7K
1945 Q
14
F
M N
41
19%
11%
53 K
17
29 K
11
53
J
"17
40
27 K
104K
External sink fund 4Kb
External 8 f 4Kb
A
D
89%
*97
50 K
35
18%
18 %
18%
18H
18%
18 %
J
100
79K
D
18K
M N
82 K
93
39 %
41
M N
93K
94
71K
52
*23%
♦JTreas 6s of '13
assent(iarge) '33 J
♦§ Small
J
O
A
116%
31
87 K
A
♦Assenting 4s of 1904
1954
♦Assenting 4a of 19i0 large..
♦Assenting 4s of 1910 amall
M N
6s.
"io
100
O
♦4b of 1904
of)—
J
85%
F
"74"
.1957 A
♦Assenting 6s of 1899
♦AssentlDg 5s large
♦Assenting 5s small
1
88 K
85 K
.
Bulgaria
5 KB
♦Medellln (Colombia) 6 Kb
D
1954 J
♦Mexican Irrlg assenting 4
Ka.. 1943 M N
♦Mexico (US) extl 6s of 1899
£.1945 Q J
20
82
-
A
J
80
80 K
-1947 F
(Province ef)7Ka June 1 1935 coup on... .1950 J
2
"82
-i
alDklng fund
86 %
.1905 M N
8
1952 J
111
*114%
*114K
73 K
98 %
1947 M
♦Leipzig (Germany)
20,
S
S
A
«
30K
27 K
62K
11
A
"
M
...1977.M
30K
30 K
Lower Austria
A
4K8-4HS
Refunding s f4Ks-4 Kb
86 K
.1951
♦7s with all unmat
coup
s f 7s
12
F
F
~
Extlsf
T.
Extl
103 K
102 k
101
62 K
F
21%
Jugoslavia State Mtge Baak-
of)—"
J
M N
A
Japanese Govt 30-yr # f 0%"- -1954
57
8
40K
101 %
U
M N
I960 M N
J
D
f 5s
Italian Public
Utility extl 7b..
27
D
■
Italy (Kingdom of) extl 7s
Italian Cred Consortium B
109
O
J
Budapest (City
Irish Free State extl
-
A
A
20
15
S
A
118K
*100K
23K
118K
M
D
25
107
Hungarian Cons Municipal Loan—
"111"
1941 J
32
33
""9
1946 A
7 Kb '50 J
Haiti (Republic) b f 6s ser A
♦Hamburg (State) 6s
♦Heidelberg (German) extl
Helslngfors (City) ext 6 Kb
20 K
64
29
28K
-----
28 K
130
117K 124
121
*33 K
28K
17%
24%
124K
lUK 119K
23
113
28K
100K
105K 107%
114%
29
29
66%
98
99
26K
33%
O
78.-1904 M N
♦Sink fund secured 6b
27 K
60
60
107 k
*25 K
26K
1965
...
all 9
*117%
1949
German Govt International—
♦6 Kb of 1930
stamped
J
(U 8 of) eternal 8s
68
56 K
4
A
J
H,nK,r)8 rund 6s...1958 J
104%
120
104
M
J
M S
3 6k
102 K
*102
O
♦Hungarian Land M Inst 7 Kb.1961
♦Sinking fund 7K» ser B
1901
1
25 K
90
♦102
♦7b unmatured
coupon on...1946 J
J
101 K
99K
S
A
1951
4
A
1942 A
Cseebofllovakla (Rep of) 8b
Sinking fund 8s ser B_.
20
38
38
31
30K
30%
23 K
23 K
23
♦5K8stamp(Canad'an Holder)'65
"
26%
100 K
23%
A
J
25K
25K
30
J
o
♦External
A
♦7s stamped
Cordoba (Prov) Argentina 7I--1942 J
Costa Rica (Republic of)—
5 Kb 1st series
Agricuitura 1 Mtge Bank (Colombia)
■
1
High
Low
No
High
23
O
J
Jan 1961 J
♦Colombia Mtge Bank 0K«-. 1947 A O
♦Sinking fund 7s of 1920
1946 M N
5 Kb 2nd series
a
Since
of)
♦&» July 1 1935 coup on
Customs Admins
Foreign Govt. & Municipal
I
Range
Jan.
Askea
♦Dresden (City) external 7a.-.1945 M N
....
***»«
A
100 10
100.11105.17
.•Ml
Home Owners' Mtge Corp—
101.25
3s series A
May
1 1944-1952 M N 101
100.4
2KB series B__Aug
1 1939-1949 F A 100.7
99.26
99.28
2Kb series G
1942-1944
(Republlo
♦8s Apr 1 1935 coup on. .Oct 1961
109.20
100.10 100.7
15 1944-1946 A O
15 1955-1960 M S
2H8---Sept 16
Treasury 2%b
Treasury 2%B-_.8ept 15
Treasury 2Ka
Dec 15
Bid
Foreign Govt. A Mun. (Concl.)
15 1947-1952 A
115.23 115.23
4s
w/*
15
Range or
Sou
Low
11
Low
Y. STOCK
Week
Government
4KB—Oct
3%s._ .Oct
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Asked
BONDS
Range
Week's
Last
Week's
Last
BONDS
N
.
...1947
A
1950 J
19%
18%
56
19K
17 K
18%
25
17%
51
51 k
19
47
62
64
64
14
60
80
47 K
48
9
45K
64
19%
A
1940 A
17K
17%
18
51%
20
20
New York Bond Record—Continued—Page 2
Volume 144
Friday
Last
Range or
Sate
Friday
BONDS
N.
EXCHANGE
Y. STOCK
Bid
Price
Week Ended June 25
1061 J
♦7#« July coupon off----—1066 J
Prague (Greater City) 7 Hi
1052
J
M N
No.
3
—1947
F
A
♦Rhlne-Malo-Danube 7a A—1960 M 8
Rio de Janeiro (City of)—
.1046
oft--
A
O
F
♦8s April coupon
A
♦6Hs Aug coupon off.
1953
Rio Grande de Sul (State of)—
♦8a April coupon oil
1946 A
O
♦6a June coupon off——1968 J D
oft.———1066 MN
♦7s May coupon
♦7a June coupon off——1067 J D
A O
Home (City) extl
6He..
—1062
Roumania (Kingdom of) Monopolies
♦7s August coupon oft—-..-1060
♦Saarbruecken (City) 6s———1063
Sao Paulo (City of Brasll)—
♦8s May ceupon off—
—1952
♦Extl 6 H» May coupon off—1957
San Pamo (State of)—
(♦8s July coupon oft—
1986
♦External 8a July coupon off. 1960
♦External 7s Sept coupon oft 1056
*94
23#
23#
23*
-
-
34
111*
8
110#
111
3
31*
-
32
32
J
— —
27#
27#
30#
— ——
25*
-----
20*
25#
20*
26
74*
74#
J
J
104*
47 H
O
D
D
.1959
25
*105
105#
105#
106#
81*
23 H
33
10
26
10
32H
32*
25H
72H
23
83#
25#
21*
30
f 5 Ha.
Taiwan Elec Pow s l 5#s
38
27
6s assented
34#
36#
44
Tokyo City 6s loan ol 1012
♦Uruguay (RepubJo) extl 8S..1946 F A
♦External s 16s
——1080 Ml N
♦External s f 6s.—
—1064 M N
26
29H
43H
10
25
35#
16
24
60
91
5
34H
22
98
19H 24
-----
28
3
25 H
27#
9
24
-----
47
47#
2
40 H
54
30
39#
36
31H
80H
*95
105#
-
1
A
98
—
—
16
106
*70
78
Coll trust 4s of 1007........ 1947 J D
10-year deb 4*s
1946 F A
1962 A O
D
1943 J
1043 J
D
♦Albany Perfor wrap Pap OS¬ 1048 A O
es with warr asserted—
Alb A Susq 1st guar 3Hs
100#
100#
77#
Alleghany Corp coll tr 5s
1044 F
100#
7
69
A
67*
67*
66*
68*
68#
67
*72
.1950 J
Allegb A Weet 1st go 4s....... 1098 A O
1942 M S
Allegh Val gen guar g 4a
Allied Stores Corp deb 4 #«„._. 1050 A O
........
8
8
"78""
1960
A
S
77 H
1943
J
1951
J
-
ser
F
Banger A Aroostook 1st 6s
Con ret 4a
4s stamped
.....1951
Battle Creek A Stur lit gu 3s. -1989 J
Beech Creek ext 1st g 8 Ha— -1951 A
100*
99
99*
100*
100#
100*
207
100
14
-----
82#
82#
1
110*
110#
110#
4
108
-----
60
70
*104*
98
98
91*
2
108
59
*67
-----
91#
*
-----
Belvldere Delaware
60*
70#
70*
83#
98
54
86#
109 H
99
106
99
103#
79
99#
110H 115
105# 110
6
59
------
—
-
—
76#
96
47
95 H 101#
87 *
06H
15
83
93 H
59 H
--
164
69
96
8
93H 102 H
18
107 * 112H
99*
100
9
15
97
91
76
96
106#
105
77#
96
87
106*
105#
49
28
100#
112*
112*
113*
60
111# 114
J
104#
104#
105*
73
A
O
99#
99
99#
154
104* 113
90* 102*
J
D
98*
98*
98*
168
.
128#
130#
20
96 H
107
105*
108
7
105
105
106
56
31
2
31
2
101
g
.....1967
31
J
1906
J
4s...
8
*58
------
101
95
103
46
111
8
Corv deb 4Hs
1095 MN
1966 J D
104
104
------
♦107#
1956 J
D
107#
1960 J
—1948 J
D
104#
D
108*
*105#
Rocky Mtn Div 1st 4s
1005 J
Trans-Con Short L 1st 4s... 1958 J
Cal-Aria 1st A ref 4#s A....1062 M
42 H
74
52
106*
106*
4a
Conv gold 4s of 1909—
Conv 4a of 1905
Conv g 4s Issue ef 1910
J
j
S
...
111#
112*
-----
107*
104#
108#
--
25
10
20
103
70
24*
101
100*
92* 99*
85
112
107
----
90
14
77
85#
24
2
23
20#
9
19#
84#
41*
20
1
20
84*
98*
84#
86 H
59*
89
112
*
90*
-
100
83
98* 115*
47
112
122*
132#
117
92
47
105*
106
90* 106
41
105*
105*
60
-
29
112#
117#
101#
105#
84* 104
———
mm
104
104
97*
160
87
*
98#
38
91*
41*
88*
----
101
*-..
24
*101*
*109#
*100#
83#
84*
109
104
17
104 H
103* 106*
40
6a
64*
{♦Central of Ga 1st
J
A
115H
107
Gen mortgage 6s..
Cent Hud G A E 1st A ref
113#
3HS-1965
Cent Illinois Light 3 Ha
J
M
107*
103*
T«l.ph.n. HAnonr 2-7900
—
-
.
104
74
78
1
103
20#
112
105#
42
119#
109* 116
113
118*
114* 121
114# 121
112* 118#
110* 116#
110* 110
120* 128#
89* 99*
102# 105#
110
115*
106* 110#
99* 105#
72*
103*
>88
103*
5
111#
9
108* 111#
100
100
3
84
----
27
26*
13
16
*
*10
*
96
106
100#
*103*
71
51
5
16
10
23*
19#
32
140*
100*
16
30
*12
51
*46
140*
96
106#
101#
103*
71#
52
49*
100*
93
40
78#
81
26
16
86#
23#
23*
29#
1
16
16
85
27
79#
26
NEW YORK
Private Wiret to Chicago, Indianapolit and St. Lout*
2
20
79#
Now York Curb Exchange
A. T. A T. T.l.typ. NY 1-911
20
100
Vilas A Hickey
—
3
126
114#
Railroad, Public Utility and industrial Bonds
-
22
*80
J
Mombers
.
10
65
108
BOND BROKERS
—
--
104
For footnotes see page 4311.
.
4
*25*
J
J
14
.
103*
110*
S
1987 J
18
78
78
J
1987 J
112*
117*
117#
118#
115*
113#
113*
124#
95*
94*
J
General 4s—...
49 WALL STREET
14
1
103#
114#
107*
103*
A
1951 A O
I960 F A
{♦Cert New Engl 1st gu 4s....1901 J
New York Stock Exchango
27
21
83
58
73#
101* 103*
.
i
105#
104#
114#
124
124H
94*
....1941 M S
Cent 111 Eieo A Gas 1st 5a
32
17
31
113#
112*
♦Mobile Dfv 1st g 6s
J
1940 J
Central Foundry mtge 6s......1941 M S
111
111
F
♦Mao A Nor Dlv 1st g5s ....1946 J
♦Mid Ga de Atl Div pur m 68.1947 J
113
9;
89
*U7#
115*
D
♦Consol gold 6s
—1945 MN
♦Ref A gen 6Hs aeries B
1959 A O
♦Ref de gen 6s series C
1959 A O
♦Chatt Dlv pur money g 4g—1951 J D
105
108
18#
112#
115#
117*
116*
.1970 F
1938 J
A.Deo 15 )952 J
101# 102
108* 110
100* 101")2
82* 93
68
85
21
112*
J
5s
110
—— —
----
U4#
6s
1945
—
20
104*
O
g 5e_.Nov
100*
85#
90*--__
3
60#
15
64*
*101#
104 #
21
.1942
.1957 J
July 1969 J
Oct I960 A
ser
110
—
20
64
Carriers A Gen Corp deb 6a w w 1950 MN
Cart A Ad 1st gu g 4s
.—.1981 J D
♦Cent Branch U P 1st g 4s
1948 J D
109*
104* 108
cons g
—
*16#
..1962
Central N J gen g 6s..
5
81*
82*
*
99
...
112
1
1
--
19#
1955 J
J
Canadian Pao Hjr 4% deb stk perpet I
Coll trust 4Hs
..1940 M S
5s equip trust ctfs..
J
1944 J
Coll trust gold 5s——Deo 1 1954 J
D
112
103H 110
1
Guaranteed gold
Guar gold 4*8
108
102
----
112*
100*
8
111#
6s A
Guaranteed gold
99 H
102
-
-----
cons go
Canadian Nat guar 4Hs
Guaranteed gold 5s
106* 116
31
-
♦Camaguey Sugar 7s ctfs.
Canada Sou
1st A
105
97
110#
-
20
20H
D
96*
103#
25
131
*88#
58#
Caro Clinch A 01st 5s
96*
103*
Sea mped
102#
110H
94 H
109#
105*
25
-
24#
23
112
{♦Bush Term Bldgs 5s gu..
1900 A O
Cal G A E Corp untf A ref 5s... 1987 M N
Cal Pack conv deb 5s—
...1140
104 H 107
74
105*
26
18*
18*
27
78
D
103
98
109#
20
10
1945 M N
1947 M N
J
97#
103#
120
1
25
37
100
1960 J
{♦Car Cent 1st guar g 4a—. 1949 J
97#
Armstrong Cork deb 4a—1—. 1950 J
115* 121*
77
A
Collateral trust 4Hs
60
Atch Top A 8 Fe—Gen g 4s....1005 A
Adjustment gold 4s.....
.1005 NOV
25
20
84*
1950 F
128 H 200
63
101
110*
116*
72* 78#
102* 103*
-
-----
J
June 15 1955 J D
Guaranteed goid 4#s_.
1956 F A
Guaranteed gold 4Hs—Sept 1961 M S
Canadian Northern deb 6 Hs.-. 1946 J
J
97
105H 109
103 * 106
O
S I income deb
103
110
117#
124*
83
1941 J
A
118
111
72#
81#
1941 MN
1950 F
105
1
83*
1952 A
♦Consol 6s
93 H 100 H
75
87 H
18
98#
♦100#
♦Am Type Founders conv deb. 1960 J
Amer Water Worka A Electric—
Deb K 6s aeries A
.....1975 MN
tAnn Arbor 1st
O
7
11
83 *
A
A
65
"81#
O
F
113
95#
98* 101H
MN
Ark A Mem Bridge A Term 5a. 1964 M
Armour A Co (Del) 4s series B.1955 F
1st M s f 4s ser C (Del)
1957 J
A
101* 107*
88
99*
77* 93*
70
82*
77* 93*
15
94#
♦Certificates of deposit
-----
Anaconda Cop Mln sf deb 4Hi I960 A
♦Anglo-Chilean Nitrate—
101#
102
30
31
*107#
1957 MN
{Bush Terminal 1st 4s
J
J
24
25
Brurs A West 1st tu g 4s
1938 J
Buffalo Gen Elec 4Hs ser B... 1981 F
If Buff Roch A Pitts gea g 5s
1937 M S
Consol 4Hs
1957 M N
74
107
109
97#
-
*22#
24*
101H
94H
1950 J
1st lien A ret 5> series B
Brown Shoe a f deb 3*s.....
124*
24H
♦Certificates of deposit.....
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3*s. 1966 MN
Bklyn Man hat Transit 4*s._ 1966 M N
con gtd 5«
1st 5a stamped...
Bklyn Union El 1st K 5s
Bklyn Un Gas 1st eons g 6s...
1st Men A ref 0t series A—
117
25
Betb Steel
26
----
80
*102
({♦Burl C R A Nor 1st A coll 5s 1934 A O
76
64
101
--
72#
*102#
1955
Bklyn Qu Co A Sub
69
111
117 H
124*
3#s_.1943
♦Berlin City Elec Co deb 6 Hi—1951
♦Deb sinking fund 6 Ha
1959
4*§ series JJ
1961
{♦Beaton A N Y Air Line 1st 4s 1955
({♦Botany Cons Mills 6Hi
1934
20
110*
106*
104* 108*
78* 94*
110
116*
89* 103*
105*
100
108*
-----
96
84
----
63*
70
103
113*
lOO#
eons
lat f
71
—- —
—
98#
92#
85
-----
106#
J
35
84
95*
.-----
8
Corp conv 5HS..1949
Am Teiep A Teleg—
20-year sinking fuod 6 Ha
1948
Convertible debenture 4Ha.. 1039
3*s debentures...
...1961
8*s debentures...
...1906
96*
99
95#
*90*
77*
105# 106*
55
82
71#
81#
112#
107#
O
Bell Telep of Pa 5s series B—1948
1st A ref 6s series C
1960
1907
1955 M N
39 H
77#
4
64
74
83*
99* 102
31
85*
105H 107*
...
95#
103#
104#
92#
77#
112#
106#
D
1944
92M
14
42
16
44
111
Boston A Maine 1st 6i A C
1st M 5s series II
78
85*
89*
70
1990
4H»
Big Sandy 1st 4s
63#
14
49
84*
deb 5»....... 1963 J D
Amer I G Chem conv 5H>
1940 MN
s f
Am Internet
J
80*
03#
81
98
46#
47*
1051 FjA
Alplno-Moatan Steel 7a
1055 M
Am A Foreign Pow deb 6s.....2030 M
American Ice
J
73 H
63*
85
*97#
CO*
1050
4Hs debentures
103
78H
09 * 103
7
71
-----
1040 J D
1950 A O
...
103 H
72 H
5
71
1946 AO
1048
♦6s stamped
103
65
....
77
D
♦({AbltlM Pow A Paper 1st 6s. 1053 J D
Adams Express coll tr g 4a
.1048 M 8
Coll d; conv 5s..
♦Coll A conr 5s
90H
103 *
71#
....
*73#
77 *
77*
INDUSTRIAL
4s series B
D
1941 MN
Debenture gold 6s....—..
com
111
O
1995 J
D
♦Berlin Elec El A Undergr 6 Ha 1956
oons M 4*s «er D—1960
Cons mtge 3*1 set E
.1960
90# 95 H
101* 106
COMPANIES
1st
111
±948 A
....
Adriatic Else Co txtf 7s
104*
78#
O
25
26*
Venetian Prov Mtge Bank 78—1052 A O
Vienna (City of)—
6a Nor coupon on
—...1952 MN
Ala Ot Sou Is* cods A 6s
104#
78*
1948 A
1995 J
To! A Cin Dlv 1st ref 4s A—1959
Ref A gen 5« series D
2000
Ref A gen M 6s
27#
1052 M S
6H* guar..—1061 A O
Trondbjem (City) 1st 5 Hi
1967 M N
s 1
AND
*104
1940
Bait A Ohio 1st g 4s
July
Refund A gen 6* series A
1st gold 6s.
—July
Ref A gen 6s series C
P L E A W Va Bys ret 4s.
Southwest Dlv 1st 3#-5s..
-----
1046 F A
1056 F *
1071 J -
RAILROAD
43#
{Baldwin Loco Worka 1st 6s... 1940 MN
25
*32*
3
106#
37
25
6
99*
*105#
4
25
9
3
74*
1939
1941
26#
26*
44
32
45
74
1948
48
110
105*
99*
90
99*
102* 100*
47
60*
88*
34
47
Auburn Au*o conv deb 4*i
Austin AN WJst jug 6s
10
♦23*
-----
99
18
33
38#
33*
28#
26*
95#
95
52
91*
93#
105#
111
40
27#
20*
95#
J
104*
110
102#
22*
11
38
27*
26*
93
93
108
43*
1948 J
♦Debenture 0s
♦Warsaw (City) external 7i_—1958
Yokohama (City) extl 6s
,.1961
91H
118*
1
29
36
26#
A
s
101*
91*
101*
J
35*
31#
•SUeeian Landowners Asm 68—1947 F
Styrta (Province of)—
7s Feb coupon off-—
J
111
99*
26
27
27*
D
External
.1944 J
111
High
110
1937
30*
26#
38
No.
Sine*
Jan. 1
-----
*107
TAtlantic Refining deb 6s
25
75*
High
*114*
34#
29*
26#
12
33
1968 J
Sydney (City)
32
28#
M %
Serbs Croats A Slovenes (Klnsdom)
♦8s Nov 1 1936 coupon on—1062 MN
♦7s Nor 1 1935 coupon Ott— .1062 MN
♦Silesia (Prov ef) extl 7s
21H
5?
J
Atl Coast Line lat cons as July 196U M S
General unified 4 Hi A
1964 J D
L A N coll gold 4s
Oct 1952 MN
10-yr coll tr 5s
May 1194F MN
Atl A Dan 1st g 4s
2d 4s
118
109
27#
28#
27#
J
1046 J
0#s
100
17H 24#
16H 24#
109H 113H
Rang*
Friday
Atked
A
D
Conv
MN
♦External 6a July coupon off-1968
Secured a f 7a
—1040 A
♦8axon State Mtge Inrt 7S—1046 J
g
31
02
1946 J
1944 J
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
Atl Gulf A W188 coll tr 6s
27#
25*
J
♦Sinking fund
26
4
23*?
-
37*
*22#
MN
10
7
33*
Bid
LOW
High
27*
----
23*
23*
111
111
-
96*
Low
Price
2
Range or
Sale
Y. STOCK EXCHANGE
Week Ended June 25
Jan. 1
High
-----
N
Sine*
Asked
Last
BONDS
Rang*
23
-27* -27*
26*
26*
26*
D
♦Prussia (Free State) extl 6 Ha 1061 M S
♦External s f 6s.
1962 A O
Queensland (State) extl 1178—1041 A O
25-year external 6a.—
A
Low
Foreign Govt. &Munlc. (Oonu.)
Porto Aiegre (City of)—
♦8a June coupon off..
4307
Week's
Friday
Week'*
40
16
31
----
24
----
19*
23#
30
34
--
1
2
8
72
140* 244
96
125*
102
109
99# 104*
100# 108#
8
63
6
51
50
75#
88#
78#
June 26, 1937
New York Bond Record-Continued- Page 3
4308
Week's
Friday
c"Bennett 'Bros. &
Members
{
Y.
STOCK
Week
Johnson
Columbia G A E deb 5s...May 1952 IVI N
A O
Debenture 5s
£"ha'"se r
Tmrk Curb Exchange
Apr
J
A
*4a—1951
No.
84
99
101
99*4
101
4
98*4
98
99
45
*112*4
105*4
96*4
1
Low
High
98*4 105*4
99*4 105
97*4
109
*111
111H 115
J
102
108*4
30
94
100*4
10194
26
107
14
104
100*4
25
9694
106
96 H
1943 A
104*4
4
103*4
102*4
104*4
41
103*4
100
100*4
*103*4
106
106
f 354 s A
103*4
103
99*4 105*4
104*4 106
105*4 112*4
*106*4
...1951 J
1961 F
Consol Edison <N Y) deb 3*4s.l946 A
3 *4 s debentures
1956 A
s
High
99
A
Stamped guar 4 Ha
Conn River Pow
Since
Jan
99*4
O
1955 F
Conn Ry A L 1st A ref 4
Randolph 7711
'Bell System Teletype •>- Cgo. 543
Connections
T. 1-761 -4'
1961 J
1948
Conn A Passum Rlv 1st 4s
135 So. La Salle St.
Trivate Wire
TTlgby 4-5200
16
Columbus Ry Pow A Lt^4s
1965 M N
Commercial Credit deb 3*4s._.1961 A O
Commercial Invest Tr deb 3*4s 1951 J
Chicago, ///.
One Wall Street
15 1952
Jan
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
%AILROAD 'BONDS
Y.
Bid
Low
Debenture 5s.
^ew York,
Price
June 25
Range
Friday
A
Asked
Sale
EXCHANGE
Ended
Range or
Last
BONDS
N.
104*4 107*4
100*4 108*4
102*4 106*4
101
107*4
♦Consolidated Hydro-Elec Works
Friday [
Imsi
BONDS
N.
EXCHANGE
STOCK
Y.
Week
Ended
25
June
&
Range or
Sale
Through Short L 1st gu 4s. _
Guaranteed g 5s
I^Cent RR A Bkg of Ga coll 5al937
Central Steel 1st g b f 8s
1941
A
1992
D1996
E—1996
May 1940
107*4
*104*4
A
"97H
97*4
90
M N
S
Champion Pap A Fibre deb 4 *4 si 950 M S
Chea A Ohio 1st con g 5s
1939 M N
General gold 4 *4s
107 H
M N
1948 M
Certaln-teed Prod 5*4b A
A
O
IVI
S
Ref A lmpt mtge 3*4s ser
M N
Ref A lmpt M 3m ser
F
Upper Wuertemberg 7s—1956
Consol Gas (N Y) deb 4*4s
1951
Consol Oil conv deb 3 *4s
1951
{♦Consol Ry non-conv deb 4a. .1954
Range
Friday
Bid
Price
Low
1949 F
1954 A
1960 F
Cent Pao 1st ref gu g 4e
of
Week's
High
90
79
121
965*
105*4
106*4
108
109
121
128*4
96*4
97*4
102 54
96*4
A
97*4
102*4
J
*106
Potts Creek Branch 1st 4s._.1946
J
*103*4
in"
111*4
R A A Dlv 1st con g
J
*110*4
*109*4
*107*4
117*4
120*4
112
115
Craig Valley 1st 5s
4s
1989
2d consol gold 4a
1989
1941
Warm Spring V 1st g 5s
Chic A Alton RR ref g 3s
J
J
M
S
O
1949
Chic Burl A Q—111 D!t 3*4s...1949
Illinois Division 4a
1949 J
General 4s
1958 M
1st A ref 4*4s ser B
1st A lef 5s ser A
1977
J
S
110*4
211
117*4
101*4
34*4
101*4
101*4
32*4
33
32
32
"39""
39
Chic L S A East 1st 4*4s
31
1947
C
*10
J
*25
IVI N
1966
1966
1956 J
1969 J
*12*4
15
|
103*41
4
111*4
111*4,
2
52*4
4
51*4
mmmm
50
J
B__May 1 1989
♦Gen 4*4s series C__May 1 1989
♦Gen 4*4s series E__May 1 1989
♦Gen 4*48 series F
May 1 1989
{♦Chic MUw 8t P A Pac 6s A.. 1975
3Hb ser
54
55
55
56
Container Corp 1st 6s
16-year deb 5s with
1966
1946 M N
1943 J
warr
D
J
Seal's
F
A
f 4s..—.1950
...1952 J
Cuba RR 1st 5s g
J
24
7%
7*4
{♦Chic A No West gen g 3*4s_.1987 M N
62*4
24*4
7*4
33*4
"332
311
23*4
7
1
33*4
34*4
3654
12*4
D
J
O
s
J
1969 J
IVI N
f 5s— 1951
1951
as to Penna tax
J
1965 J
J
45*4
54*4
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1995 J
1952 F
A
I ♦Secured g 6*4s
1936
IVI N
40
"46"" "*6
Electrlo Auto Lite
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4*4s ser A
40
61
D
21*4
21*4
22
11
21*4
38
D
21*4
20*4
22
21
20*4
D
22
23
2054
15
20*4"
14*4
22*4
1949 M N
15*4
178
36*4
36*4
24*4
66
66
♦Conv 4*48 series A
I {♦Chicago Railways 1st 5s stpd
F
1937 25% part pd
{♦Chic R I A P Ry
A
1988 J
J
32*4
1934 A
4a
gen
O
"17k
32*4
*
♦Certificates of deposit
|*Refundlng gold 4s
♦Certificates of deposit
|*Secured 4*4s series A
1952
♦Certificates of deposit
♦Conv g 4^s
Ch St L A New Orleans 5s
Gold
1960
M
ivi
S
n
|
10
16
1454
17
16*4
16*4
17*4
16*4
28-
17
10
i
10*4
57,
109
*86*4
94*4
D
*91*4
94*4
D
1960 J
Deo 11960 IVI S
33*4
17
D
6a
32*4
26
D
Chic T H A So East 1st 5s
14*4
66
17*4
1951 J
g 4s
40
34*4
47
"17"
14*4
1951 J
June 15 1951 J
3 Ha
Memphis Dlv 1st
lnc gu
17
4
90
109
90
90*4
76*4
2
1
9i
-.--1
19
76*4
1654
954
Conv deb
83*4
43*4
42*4
18
25*4
22*4
16
108*4 113*4
91
981
90
995
91
76*4
1944
1963
J
109*4
106*4
109*4
10654
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110
31
10654
104*4 113
1st mtge
1963 J
J
107
107
43
103
S
10454
10454
107*4
105*4
31
101*4 108*4
J
104*4
104
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10054 108*4
102*4
10154
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8354
51
con
1951 M
4s...1952 J
1962 M S
1943 A O
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Chllds Co deb 6s
cons 5s... 1952 IVI
{♦Choc Okla A Gulf
82*4
N
Cincinnati Gas A Elec 3 *4 a
1966 F A
Cln Leb A Nor 1st con gu 4a... 1942 M N
*30
99*4
99*4
*104
Cln Un Term 1st gu 5s ser C..1957 IVI N
D
10054
ser
ser
D
..1963
J
1977
J
1939
108
107*4
11
30
101*4
11
118
J
J
Ref A lmpt 4 Ha ser E
Cairo Div 1st gold 4s
100*4
106
10054
I
105
9254
♦103*4
J
"95"
St L Dlv 1st coll tr g 4s
1990 M N
98*4
Spr A Col Div 1st
1940 M S
103
93*4
10454
11154
10554
80*4
94
40*4
Cln Wabash A M Dlv 1st 4s. 1991 J
g 4s
W W Val Dlv 1st g 4s
1940 J
M N
Cleve-CIiffs Iror
1st mtge 4 54 s. 1950
Cleve Elec Ilium 1st M 3548...1965 J
Cleve A Pgh gen gu 4 Ha ser B.1942 A
Series B 3 Ha guar
1942 A
Series A 4 Ha guar
1942 J
95
98*4
*10
91
95
"2
9854
4
Io3~"
""I
97*4 104 54
104*4 108*4
105*4 109*4
101
110*4
104*4 104*4
97
10754
118
103',« 10554
101*4 10554
91*4 9854
10354 10654
J
93
103
"20
95
10454
161"
163"
108
10754
♦109*4
109*4
107
*104
J
110*4
*107
O
M N
108*4
110*4
*109*4
O
•
107
*107*4
10854
105
Series C3^h guar
1948
Series D 3 He guar
1950 A
Gen 4 Ha ser A
1977
Gen A ref mtge 4^8 ser B...1981
Cleve Short Line 1st gu 4 His... 1961
1st s f 4 Ha series C
107
106 54
10754
101*4
D
A
♦6 income mtge..
1970 A O
Colo A South 4*4si er A......1980 IVI N
For footnotes see page 4311
111*4
10954
11154
110
1977
Coal River Ry 1st gu 4s
1945 J
Colo Fuel A Ir Co gen s f 5s... 1943 F
4s prior
Hen g 4s
cons g
1st consol gen
Conv 4s series A
Series B
Gen
conv
Ref A lmpt 6s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
101*4
111
105*4
6
6
23
10254
96l
""II
88*4
106
101*4
104
10794
106*4
108*4
106*4 108*4
26*4 36*4
104*4 106*4
108*4
29
29
16*4
16*4
21*4
27*4
12
39
72
23
15
22*4
20*4
32*4
6*4
7*4
107
105*4 111
109*4
109*4
101
103*4
60
85
65
45
59
55
41*4
118*4
101*4 102*4
111
114*4
101*4
49
50
105
102
110
108
111
112
116*4
105
113*4
104*4
*131
108*4
108*4
*110*4
113*4
104*4
10
3
109*4
"56
112
"I
103*4
109"
106*4
112
105
105
106
103
106
140
99*4
122
78*4
80*4
24
"82*4
*
1953
O
1955 J
J
71*4
71*4
118
71*4
118
118
97*4
78*4
7U
81*4
8294
88*4
82*4
94 *4
82
91
94*4
93*4
74
71*4
71*4
89
74
112*4 114*4
*102
71*4
101*4
71*4
4
101*4
102*4
20
101
105
102
102
102
1
102
103*4
64*4
8
1942 IVI
8
101*4
101*4
101*4 102*4
101*4 103*4
1942 IVI
8
102*4
103
101
1946
J
{♦Fla Cent A Penin 5s
1943
J
1954 J
D
*57
'.....
82
*78" "
♦Certificates of deposit
~64~~
10*4
*7*4
10*4
63*4
9*4
9*4
East Coast 1st 4*4s..l959 J D
♦1st A ref 6s series A
1974 M S
1794
11
4
SB
9*4
20*4
12
9*4
20
1952
I {♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
|{*Proof of claim Hied by owner M N
♦Certificates of deposit
Fort StUDCo 1st g 4*4s
J
1941 J
Framerican Ind Dev 20-yr 7*4s 1942 J
J
Francisco Sugar coll trust 6s
1956 IVI N
*4
*394
9
67
67
5
107*4 107*4
107*4 108*4
67
87*4
*104*4
*108*4
6*4
3*4
5
9*4
3*4
4*4
116*4
67
Galv Hous A Hend 1st 6 *4s A. .1938
Gas A El of Berg Co cons g 5s
.1949
Gen Ajner Investors deb 5s A..1952
101
101
ioi""
25
Gen Cable 1st
104*4
104*4
19
32*4
5
30
40
32*4
1
30
40
32*4
1
102
s
f 5*4s A
*90
1947
1951
100*4
104*4
32*4
32*4
32*4
101*4
100*4
1939
102
102
♦Gen Elec (Germany) 7s Jan 15 1945
♦Sinking fund deb 0*4s
1940
♦20-year
1948 IVI N
s f
deb 6s
92
93
*117
A
102
10
101
39
1949
84
1946
*28
|{*Ga Caro A Nor 1st ext 6s..1934
37
37
1
37
85*4
9
40
29*4
98*4 105
98*4 105*4
101*4 103*4
81*4
32*4
97*4
""I
37
52
23
33
10854 116*4
109*4 113
1st mtge 4*4s
1956
Goodyear Tire A Rub 1st 5s... 1957 M N
9994
104
100*4
88
97*4
103*4
104*4
60
103 H
104*4 111*4
99*4 105*4
110*4 112*4
Gotham 811k Hosiery deb 5s w wl946 IVI 8
Gouv A Oswegatchle 1st 6s
1942 J D
Gr R AI ext 1st gu g 4 *4s
J
1941 J
11
67
77*4
98
100*4
121*4 122*4
100*4 102*4
103*4 106*4
104 44
58*4
87
181
104*4
96
104*4
96*4 105
96*4
81*4
99
90
104*4
77
80*4
1942 IVI
4
10
89
114*4 119
116*4 118*4
118*4
118*4
*108*4
8
8
"71*4
172*4
103*4 107
99
*
1975 A
139*4
107*4 111
108*4 113*4
100*4 105
103*4
*104
1967 M N
103*4 107*4
133
135
72*4
*107*4
1953
1938 IVI
55
45
28*4
10
60
70
60
28*4
78
12
57 H
50*4
111*4 116*4
106*4 110*4
5694
11494
28*4
108
38
15*|
♦Good Hope Steel A Ir sec 7s. .1945
Goodrich (B F) conv deb 6s
1945
104
95*4
104 *4
104
104*4
104*4
1996
15-year 3*4s deb
Gen Pub Serv deb 5*4s
Gen Steel Cast 6*4s with warr.
{♦Ga A Ala Ry 1st cons 6s
109
111
101*4 108
107
*105*4
1st lien 6s stamped
30-year deb 6s series B
Flat deb s f g 7s
Fonda Johns A Glov 4 *4s
91*4
"31
101*4
♦45*4
99
1996
Gen Motors Accept Corp deb 3sl946 F
111*4
106*4 106*4
105*4
*108
stamped
104
114*4
A
f 5s
60
105
D
s
56*4
*48
O
1954
5s International series
5
54
*58
J
Genessee River 1st s f 6s
1957 J
N Y A Erie RR ext 1st 4s_—1947 IVI N
1st lies
64*4
56*4
108*4
102*4
1953
4s series D
47*4
108*4
1965
10554 111*4
*109..
F
1972
1973
A
110*4 110*4
110*4 113
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Cleve Union Term gu 5*4s
1st s f 5s series B guar
Erie RR 1st
65
1
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{♦Florida
*103
J
105*4
99*4
118
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9254
104
35
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D
1941
C
6
35
105*4
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tRef A lmpt 6s
IIRef A lmpt 6s
4
105*4
1st mtge guar 3 Ha series D..1971 Wl N
J
Clearfield A Mab 1st gu 4s
1943 J
Cleve Cln Chi A St L gen 4s...1993
General 6s ser B
1993
1965
46
48
114*4
106*4
Erie A Pitts g gu 3*4s ser B...1940
Series C 3*4s
1940
Ernesto Breda 7s
Guaranteed 4s
3Ha guaranteed
454s
El Paso A S W 1st 5s
5b stamped
23
47 *4
*4b
1941 IVI N
1951 J D
..1946 J D
Fairbanks Morse deb 4s.......1956
Federal Light A Tr 1st 5s
.1942
J
Chic A West Indiana
4b
3d mtge 4 *4s
Chicago Union Station—
3548 series E
conv
106
114*4
J
56
107
20*4
J
mwnmm
62
104
103*4
15
O
40
39
103
1
4
10094
28
East Ry Minn Nor Dlv 1st 4s. .1948 A O
East T Va A Ga Dlv 1st 5s
1956 M N
Ed El 111 Bklyn 1st cons 4s.:._.1939 J
J
46
97
t0594
10494
28*4
15*4
M N
1937 A
1937 J
49*4
52*4
52*4
4
3b
99*4 102
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38
39*4
103*4
2
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11
39
101
107*4
108*4
D
mmmm
♦1st ref g 6s
May 1 2037 J
♦1st A ref 4 Ha stpd.May 1 2037 J
♦1st A ref 4 *4s ser C.May 1 2037 J
Feb 1
107*4
O
41
1987 M N
60
102
*105*4
*102*4
*105*4
J
36
*4 Ha stamped
105
10194
90*4
00*4
15*4
15*4
M N
♦Gen 4 J*s stpd Fed lnc tax.. 1987
♦Gen 58 stpd Fed lno tax
1987 M N
102
163""
34
29
1987 M N
non-p
'103
1995
1981
96*4 103*4
56*4
1995
Detroit Term A Tunnel 4*4s..
TDul A Iron Range 1st 5s
{|4Dul Sou Shore A Atl g 6s..
Duquesne Light 1st M .3*48
11
21
*
s
1995 J
...
98*4 108*4
100
46*4
56*4
J
A
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82
48
J
A
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102*4
102*4
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100*4
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A
F
71*4
104*4
IVI N
IVI
6
40*4
63*4
105*4
D
Fed lnc tax 1987 M N
♦General 4s
♦Stpd 4s
"166*4
J
J
40
40
34
102
J
D
100*4 107*4
41*4
34*4
34
41*4
104*4
101*4
M N
1951 J
1942 J
Crown Willamette T>aper 6s
Cuba Nor Ry 1st 6*4s
101*4
D
Copenhagen Telep 5s.Feb 15 1954
Crane Co s f deb 3 *4s
1951
♦1st 4s assented
2
A
9954
104*4
10154
♦Second gold 4s
♦2d 4s assented
5
J
O
M N
100*4
9994
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge 3*4s ser G-. 1966 M S
♦Detroit A Mac 1st lien g 4s._. 1995 J D
7
J
Jan 1 2000 A
104*4
...
14
103*4
14*4
21
104*4
Detroit Edison Co 4 *4s ser D_. 1961
Gen A ref 5s ser E
1952
J
"~3
64*4
105*4
'16654
....
{♦Des M A Ft Dodge 4a ctfs... 1935
{♦Des Plains Val 1st gu 4*4s.. 1947
!
D
J
♦Chic M A St P gen 4s ser A..1989
6s
J
1
29*4
"35""
64
♦Assented (subj to plan)..
♦Ref A lmpt 6s ser B...Apr 1978 AO
29*4
16*4
29*4
35
1970 IVI N
1st mtge 3*4a
1st mtge 3*4s
23
18*4
10544 108
35*4
*31*4
1960 J
1936 J
cons g 4s
1936 J
I^Consol gold 4*4s
{♦Den A R Q West gen 5s. Aug 1955 F
12
~40 *4'103
J
4
3
i*Den A R G 1st
51
*118*4
J
35
35
Consumers Power 354s-May 1 1965 J
1st mtge 3*4s._.
May 1 1965 IVI N
Stamped
1
62
180
35
—1956 A
f 5s
a
1st mortgage 4 *4s
Den Gas A El 1st A ref
3
16
33
1947
g 5s ser B
♦1st A gen 5s series A
♦1st A gen 6s series B.May
Chic Ind A Sou 50-year 4s
♦Conv adj
17
1947
{•Chic Ind A Loulsv ref 6s
♦Gen g
112
117
Chicago A Erie 1st gold 5s
1982 IVI N
J
HCh G L A Coke 1st gu g 5S...1937
{♦Chicago Great West 1st 4a._1959 M S
ser
11154
♦Debenture 4s
♦Debenture 4s
♦Consolidation Coal
Crown Cork A
10794
10094
35
Del A Hudson 1st A ref 4s
1943 IVI N
J
Del Power A Light 1st 4*48—. 1971 J
J
1st A ref 4*4a
1969 J
7
100*4
100*4
25
J
Dayton Pow A Lt 1st A ref 3 *4s 1960 A
21
A
O
I {♦Chicago A East 111 1st 6S..1934
{♦C A E 111 Ry (new Co) gen 58.1951 IVI N
♦Certificates of deposit
♦Refunding 4s
108*4
112*4
107
107
J
7 Ha extended to 1946..
21
54
112
107*4
112*4
11154
J
6s extended to 1946
108
A
1971
A
♦Refunding
63*4
J
111
*23*4
1955 J
1955 J
♦Debenture 4s
High
123
105*4
106*4
119*4
1
112*4
108*4
104*4
95*4
125*4
96*4
~98~~
76
'106*4
Jan.
108
123
"79"
Since
Asked
J
44*4
30*4
104*4 107
101 *4
106
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104*4
95*4 107*4
103*4 103*4
♦108*4
109
108*4
97
98
111
Volume
New York Bond Record—Continued—Page 4
144
Friday
BONDS
N
Y.
Latt
EXCHANGE
STOCK
Week Ended June 25
Range or
Sale
J
A
Low
F
A
[
J
r
J
113%
J
117%
1973
l
J
1976 I
1977 r
1946 r
J
lolli
j
j
110
General 4%s series D...
General 4%s series E_.
General mtge 4s series G
Gen mtge 4s series H
1946
r
j
Gen mtge 3%b ser I
1967
i
j
Low
"90"
"97%
112%
4
105%
105%
35
103%
10 3 H
104%
122 %
122 %
109 %
128
261
110%
95 %
148
94%
94%
*60
11
...
v.
94
84%
7
113%
110
51
118
114% 119%
108
115%
100% 109%
100% 108%
118% 141%
106
111%
92% 95%
35
74
"10"
11
106
103"
10
99 %
96
96%
4Hb.--.1961
101%
103%
102
23
104
17
1952
106 %
106 %
106%
118%
89%
Houston A Texas Cent 5s gu..1937 J
s t 5s ser
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5a
43
1949 MN
A.1957 F A
120
♦Adjustment Income 5s. Feb 1957
Illinois Bell Telep 3 %s ser B__
Illinois Central 1st gold 4s
A
"4
118%
89%
74%
5
99,5t«
*991532
102
101%
44%
42%
101%
D
A...1962 J
ser
99'"5j6
J
^Houston Belt & Term 1st 5s__1937 J
J
Houston Oil sink fund 6%a A..1940 WIN
Hudson Coal 1st
*
1937 MN
cons g 5s
5
*24
♦Harpen Mining 6s
1949
Hooking Val 1st cons g 4 %s
1999
♦Hoe (R) A Co 1st mtge.—..1944
(♦Housatonio Ry
96%
Io3%
1966
Hackensack Water 1st 4s
Member» New York Stock Exchange
63 Wall
120
7
65
3
120
1970 A
1951 J
64%
64%
66%
72
24%
24%
25%
65
104%
O
104%
......
*110%
1951 J
Friday
1952 A
1955 MN
EXCHANGE
Week Ended June 25
Leh Val N Y 1st gu g 4%s
114% 126%
84
97%
79%
86%
General
Purchased lines 3 Hs
1952 J
Collateral trust gold 4s
Refunding 6s
40-year 4%s
Aug
99"|6102%
100
101%
101
103%
42% 57%
116 % 124
64%
85%
24% 36%
84
♦
Lombard Elec 7s
1966 F
1
Cairo Bridge gold 4s
70
A
68
Litchfield Dlv 1st gold 3s.. .1951 J
Loulsv Dlv A Term g 3%s__ .1953 J
—
80%j
46
98%
22
"
*
32
"95%
Springfield Dlv 1st g 3%s._ .1951 J
*__.
78
78
83
28
107
"l07"
75%
107%;
Ind Bloom A West 1st ext 4a. .1940 A
73
22'
*101
Ind
*103%
111 A Iowa 1st g 4s
(♦Ind A Louisville lBt
find Union Ry
.1950 J
gu
*
4s_.. .1956 J
*102%
*99%
104%
104%
55%
65%
54%
54%
.1965 J
6s series B
Ref A Imp mtge 3 Ha ser B_ .1986 M
Inland Steel 3%s series D
.1961 F
(Interboro Rap Tran 1st 5s.. .1966 J
♦Certificates of deposit-_
i ♦10-year 6s
i932 A O
♦Certificates of deposit...
(♦10-year co&v 7% notes
.1932 MS
♦Certificates of deposit
Interlake Iron
Int Agrlc
conv
1947 A
deb 4s
Corp 6s stamped 1942
(♦Int-Grt Nor 1st 6s
♦Adjustment 6s
ser
♦1st 6s series B
ser
A—July 1952 A
1956 J
♦1st g 6s series C
1956 J
Internet Hydro El deb 6s
Int Merc Marine s f 6s
O
20
18
18
,19411a
Internet Paper 5s ser A A B—1947 J
Ref s f 6s series A
1955 IVI
J
S
Int Rye Cent Amer 1st 6s B—.1972 M N
1st Hen A ref 6%s
1947 F A
Int Telep A Teleg deb g 4%a..1952 J
J
1939 J
J
1955 P
A
(♦Iowa Central Ry 1st A ref 48.1951 M
S
James Frank A Clear 1st 4s... 1959 J
S
fine C Ft 8 A M Ry ref g 4s.
♦Certificates of deposit
Kan City Sou 1st gold 3s
Ref A lmpt 5b
Apr
Kansas City Term 1st 4s
Kansas Gas A Electric 4%s...
♦Karstadt (Rudolph) 1st 6s...
♦Ctfs w w stmp (par $645)..
♦Ctfs w w stmp (par $925)..
♦Ctfs with warr (par $925)..
Keith (B F) Corp 1st 6s—
Kentucky Central gold 4s
Kentucky A Ind Term 4%s...
Stamped
...
Plain
101
55%
20%
18%
20
61%
61
98
94
98
101
101
30%
10%
29%
74%
76%
72%
100%
10%
85
95
96%
67
67
70%,
88%
72%
88
89%! 270
72%
73%
94
6%
86
6
102%
95%
102%
95%
103%
*101%
""49"
49
"49"
42%
108
44%
85%
85%
108%
1980
102%
103
1943 MN
*40
1936
44%
1950
84
84
1950
81%
81%
108
1960
1943
11%
*21
1943
1943
1946 IVI
S
1987 J
J
*27%
98%
98%
♦108%
1961
*__.«
,
40%
"151%
......
Kresge Foundation ooll tr 4a_. 1945
3%s collateral trust notes... 1947
151%
99%
109%
*112%
*101%
109%
103
102%
98
114
Uniform otfs of deposit
A
1960 F
A
1942 F
58%
58%
Coll tr 6s series B
1942 F
93%
59%
59% |
90
49%
A
58%
50%
101
56%
70%
68%
55
I
62
70%
56
50
70
Lake Erie A Western RR—
5s 1937 extended at 3% to.. 1947
1941
2d gold 5s
1997
♦1st mtge Income reg
Lehigh C A Nav
a
1
99%
*100%
101%
101%
1975
1954
f 4%s A
31%
95
Cons sink fund 4%s ser O... 1954
Lehigh A New Eng RR 4s A... 1965 A
1945 M
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s. 1944;F
s
s
f 6s
96
...
,1974 F
15
103%
88%
104
104%
106%
102%
106
102
*9
*2%
—
*2%
—
*23
*104%
100
33%
92%
34
1
7
30
42
6
4%
~2§"
82%
90
75
78%
32
12
41
97% 103%
87% 100
99
103
103% 107%
106
109%
100% 104%
11
16%
3
5%
24%
104%
26%
103% 105%
*92
M S
108
105
IVI N
J
O
D
*42%
100%
100%
100%
D
108
1
105
3
60
101
101%
*23
10
3
104%
101
100% 105
85
95
90
82
81
63
15
4%
3
21
J
18
J
21*
»
J
90%
105
100
85
I
l!5%
108
42
*83
85
85
99%
,
32%
91%
46%
67
16
5%
31
4%
6
22%
26
19
3
24
16
18
57
11%
21%
4%
3
10
8%
21
37%
18
32
21%
41%
17
30
IVI
s
"15"
16
15
28%
J
J
*82%
82%
95%
J
J
J
D
87%
85%
98%
57%
88%
85
J
J
74
76
J
J
65
J
J
64%
69%
A
O
F
A
"55%
88
74%
M~S
S
...1978 MN
♦Certificates of deposit...
♦Conv gold 5%s_._........1949
♦1st A ref g 68 series H
..1980
♦Certificates of deposit-.
...1981
♦Certificates of deposit
Mo Pac 3d 7s ext at 4% July.1938
"I
5
90
104%
100% 105%
86
94%
96
100%
78
61%
61%
56
1
56
77
57
57
1
56
75
1938 J
*95
97
95
100%
1954 F
101
101
98
107
64
80
4
35
40
33
33
"34%
34
34%
34%
16%
36%
35%
"l2% "l3
35
"34%
33
*-
35%
4
128
121
1
32
107
3
"35% "73
33%
95%
20
2
1
6
9
29%
1938
30
29%
30%
Mohawk A Malone 1st gu g 4s. 1991
87
88
79%
48%
33
<5%
15%
24
34%
49
34
47
34%
48%
36%
35
45%
18%
48%
36%
46%
12%
34%
49%
33
47
100
93
44
1977
34%
99
83%
"44"
♦Ref A lmpt 4%s
1st mtge 4%a...
6s debentures...
76
65
(♦Mobile A Ohio gen gold 4s...1938
♦Montgomery Dlv 1st g 6S..1947
97
43%
64
28%
29%
39
39
87
98%
107%
107%
33
105
111%
102%
101%
1960
.......1965
fMont Cent 1st guar 6s......1937
list guar gold 5s..........1937
88%
64%
69%
35%
Monongahela Ry 1st M 4s ser A '60
Monongabela West Penn Pub Serv
'15
96%
74
57
34%
15%
34%
61%
82
64
16
95
48
84%
33
1977 M
106%
"
69%
95
13
35%
34
...1975
♦1st A ref 6s series I
1.
MN
♦Secured 6% notes...
Secured 6% gold notes..
103%
88%
99%
14
92
'96
*"
37
*50
29
102
75
J
34%
Leb Val Harbor Term gu 5s
For footnotes net page 4311
37
3
J
30
56
57
*65%
90
32%
40
86
96
53
19
92%
"§2%
31%
98% 99%
100% 106%
98
109%
61%
1964 F
f 5s
1st A ref
101%
♦
2
102% 104%
100
105%
78
86%
27%
S
*12
95
18
9
IVI
99%
104%
102%
95
'
1954 F
Is A ref s f 6s.......
1st A ref
30%
94%
58
31
19
106
J
♦Certificates of deposit
43%
*
106
32
J
♦1st A ref 6s series F__
98%
50
58%
A
99
102
90
1938 J
103
93
_
Coll A ref 5 %s series D
Coll tr 6s series A
93
5
90%
57%
1949 M S
A....1962 Q F
♦General 4s.
49
49%
O
1
54
gu.1938 J
♦1st A ref 58 series G
1959
Lake Sb A Mlcb So g 3%s
Lautaro Nitrate Co Ltd—
A St Louis 5s ctfs
♦1st A refunding gold 4s
115
94% 100%
109% 115
55
1934 MN
(♦Minn
1
33
D.
J
99
103%
103%
103%
78%
5
4
A
J
110%
97
112%
16
O
J
18
88%
105% 109%
106% 111
99% 108%
96
103%
98
90%
105% 111%
85% 96%
38
90
______
1977 M S
J
19
60
......
N| 104
A
91
29%
103%
J
33
104%
98%
92%
*16%
*92%
J
J
18
108
60
30
O
I
112
35
______
D
1977 M S
127% 135
116% 124%
87
100%
106
112%
59
A
S
108
106%
104%
100
59
35
Q
102%
(♦Kreuger A Toll secured 5s
Laclede Gas Light ref A ext 5s. 1939 A
Coll A ref 6%s series C
1953 F
78
102#
100
♦Cum adjust 5s ser A....Jan 1967
(♦Mo Pac 1st A ref 5s ser A....1965
♦Certificates of deposit...
107%
161%
103%
J
IVI
I
31
128
107%
'!$
101% 106%
101% 103%
Mo Kan A Tex 1st gold 4s.... 1990
Mo-K-T RR pr lien 5s ser A
1962
40-year 4s series B
.....1962
Prior lien 4%s series D
1978
96%
109%
*102
103
______
M
97%
69%
4
26-year 6%s
.......1949
1st ref 5 %s series B
1978
1st Chicago Term s f 4s ....1941
(♦Mo-Ill RR 1st 5s series A.
1959
110
.1961
4%a unguaranteed
1937
Kings County El L A P 5s
Purchase money 6s
1997
Kings County Elev 1st g 4s... .1949
.1954
Kings Co Lighting 1st 5a
First and ref 6%s
1954
1941
Kinney (G R) 6 He ext to
103
103%
1st cons 5s gu as to int.....1938 J
1st A ref 6s series A
1946 J
"99"
*104
103%
J
M St P A S3 M con g 4s Int
1st cons 5s.
11%
40
1961
99
103%
J
♦Ref A ext 50-yr 6s ser
*97"
1961
S
73%
*110
97
108
108
"99% "63
12
112%
129%
129% 136
117
126%
12
41
D
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Une 4s
1940
Jack Lans A Bug 3%s
1951
1st gold 3%s
1952
Ref A lmpt 4%s series C
1979
(♦Mid of N J 1st ext 5s
1940
Mllw El Ry A Lt 1st 5s B
1961
1st Mtge 6s
...1971
(♦Mllw A No 1st ext 4%s(1880)1934
1st ext 4%s
1939
Con ext 4%s
1939
(♦Mil Spar A N W 1st gu 4s...1947
(♦Mllw A State Line 1st 3%s..l941
96%
6
J*
f 5s...1953 IVI
2013
s
♦Mex Internet 1st 4s asstd
♦4s (Sept 1914 coupon)
74
85
D
Metrop Wat Sew A D 5%s....1950 A
((♦Met West Side El (Chlo) 4s. 1938 F
101
95%
IVI N
A...1945 J
3
86
109
116
"II
90
97
76%
66
105
119
87
*106%
A I Namm A Son 1st 6s
1943
Marlon Steam Shovel 8 f 6s
1947
Market St Ry 7s ser A
April 1940
Mead Corp 1st 6s with warr.. 1945
Metrop Ed 1st 4%s ser D.....1968
30
28%
74%
72%
100%
96%
ser
56
9
*126%
118%
87
(♦Man GB4NW 1st 3%s...l94i
Mfrs Tr Co otfs of partlo In
32
30
29
119
A
Manila RR (South Lines) 4s...1939 IVI N
1st ext 4s
1959 IVI N
18
66
64%
ser
♦Second 4s.
Manila Elec RR A Lt
54%
65
D
Jones A Laughlln Steel4%sA.. 1961 M
Kan A M 1st gu g 4s
1990
110
57
4%s
32
101%
102%
106%
102%
103%
106%
107%
104%
104%
98%
97%
91%
91%
*106%
87%
IVI N
58%
66%
108
101%
102%
106%
101%
*101%
106%
1960 J D
((♦Manatl Sugar 1st 8 f 7 %s...l942 AO
♦Certificates of deposit
(♦Manhat Ry (N Y) cons g 4s.1990 A O
♦Certificates of deposit.
35
63%
J
O
Gen mtge
98%
105"! "22
60%'
Maine Central RR 4s
103%
|
102
S
1945 M S
J
1952 J
McCrory Stores Corp 8 f deb 5a 1951
McKesson A Bobbins deb 5%s.l950
106%
104%
100%
65
O
J
103%
I
63%
J
1944, A O
Conv deb 4 %s
Debenture 5s
20
M N
1952 J
A
35
101%
High
too
103%
52% 72
*108
s
1980 M
Low
21
43
124
73
1946 F
Since
Jan. 1
55
123
99
2003 A
High
101%
119%
130%
73
s
Range
130%
123"
Atl Knoxv A Cln Dlv 4s
1955 IVI N
Lower Austria Hydro El 6 %s..l944 F A
78
6
73
119
"99"
2003 A
2003 A
South Ry Joint Monon 4s
"98%
U9"
O
1944
1st A ref 3%s series E
*97
Western Lines 1st g 4s
.1951 F
111 Cent and Chic St L A N <_
Joint 1st ref 6s series A
.1963 J
1st A ret 4%s series C
.1963 J
Illinois Steel deb 4Kb
.1940 A
1949 ni
......1949 IVI
...1949 M
Paducab A Mem Dlv 4s
....
66
*106%
A
1950 A O
1938 J D
St Louis Dlv 2d gold 3s
Mob A Montg lstg 4%s
83%'
56
66
D
1946 F
..1952 J
A
52%
56
O
1951 F A
1962 MN
1st A ref 4%s series C
1st A ref 4s series D
91%
95%
O
Louisville A Nashville RR—
Unified gold 4s
..1940
1st A ref 6s series B
2003
97
*
1965 A
1944 A
5s
A
1951
Louisiana A Ark 1st 6s ser A...1969 J
J
Louis A Jeff Bdge Cogu 4s
1945 M S
*95%
Omaha Dlv 1st gold 3s
.1951 F
St Louis Dlv A Term g 3s.. .1951 J
Gold 3 H>s
.1951 J
1941 A O
Long Dock Co 3%s ext to
Long Island gen gold 4s
106%;
*105
2003 M N
Lorillard (P) Co deb 7s
70
97%
1950 J
ser
Unified gold 4s
Guar ref gold 4s
82%
"76%
76%
101
52%
Little Miami gen 4s series A
Loews Inc a f deb 3%s
85%
J
101%
6s...
84%
83%
No.
J
1940 J
Liggett A Myers Tobacco 7s
93
84
«n<
Price
cons g
General cons 5s
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
111
83%
1953 MN
1955 MN
....
cons
Friday
Bid
A Atked
4s
2003 IVI N
4%s..........2003 IVI N
Lehigh Val (Pa)
4s stamped..
*89
1951 M
STOCK
Range or
Sole
Low
N. Y.
*101
Collateral trust gold 4s
Refunding 4s
1-1598
fVeek'e
Last
BONDS
92%
93% 99%
99% 105%
102% 105%
105% 108
25
27%
*101
1951 A
Tele. N. Y
A T
A. T
106%
105%
1st gold 3 Ha
Extended 1st gold 3 Kb
1st gold 3s sterling...
NEW YORK
St.
Telephone Whitehall 4-2900
is"
~90"
15
1946
C
ser
10-year deb 4 He..
D* H. SlLBERBERG & Co.
100% 106
96
103!
8
*91%
Gulf States Utll 4s
FOR BANKS AND DEALERS
98%
95%
116%
*91 %
Stamped
Gulf States Steel s f
BROKERS IN BONDS
High
68%
*105%
102%
Gulf A 8 11st ref A ter 5s Feb 1952
•
No.
97%
*87%
113%
117%
111%
Feb
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob * Nor 1st 5Ha B...1950 A O
1st mtge 5s series C
1950
Jan. 1
High
Feb
♦Green Bay A West deb otfs A
♦Debentures crtfs B
Since
Atlted
*95
D
..1962 l
General 5%s series B
General 5s series C
Range
Friday
Bid
Price
f
Grays Point Term let gu 58—1947
Gt Cone El Pow (Japan) 7a—.1944
1st A gen s f 6%s__
1950
Great Northern 4%s series A..1961
4309
WetVt
102%
101%
100%
27
100
108%
*100
*
102
3
101% 110%
I00"nl02%
100*32 102%
New York Bond Record—Continued—Page 5
4310
S
BONDS
WMk Ended June
Last
S
N. Y. STOCK EXCHANGE
A
Low
♦92 H
99H
92 H
Montana Power let & ref 3%s_1966
1941
Gen A ref s I 6s series A
1955
High
93H
Gen A ref
s
Gen A ref
s
Gen A ref
s
f 6s series B
<$5
cq
Low
39
86H
79H
86 H
f 4%s series C...1955
82 H
80
1955
2000
Constr M 6s series A
84
1978 F
A
ser
Nash Flo A S 1st gu g 5s
Nassau Eloc gu g 4s stpd
Nat Ry of Mex pr lien 4 Ha
♦4 Ha Jan 1914 coup on
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 A sub coupons. 1945
*85
*72 H
♦Oct 1935 and sub coupons.. 1945
as to sale of April 1 V
103
133
104%
105H
142
J
J
*2%
*2%
3%
*2%
*2%
'67
1977 AO
O
5%
3%
3%
105%
105%
105%
O
D
*70
1954 IVI N
119H
D
57
J
J
J
D
*55
J
J
IVI N
N J Junction RR guar 1st 4s
1986 F
N J Pow A Light 1st 4
Ha
1960
New Orl Great Nor 6s A
1983
N O A N E 1st ref A
Imp 4 Ha A1952
New Orl Pub Serv 1st 6a ser A
1952
First A ref 5a series B
1955
123H
124H
119%
119%
106%
106H
*
50
10
51%
5
1944 MN
101%
96
96
F
A
A
O, 101H
A
O'
A
O
J01H
96%
142
94
246
104
96%
137
94
105
105
104 %
87 H
90 H
1998
89H
89H
100H
1937
"96"
83 H
100H
96
83 H
100
1946
103 H
1953
108%
*108%
55 H
56 H
56 H
*55 H
loo"
99%
99H
O
106%
J
D
J
55H
6
55
100H
"45
97
100H
14
56 H
60
55 H
72H
97 H 105 H
11
116H 125H
8
109 H 117H
97 %
101%
12
94%
102
102
106%
105H 106 H
106
108 H
"42
98
98
39
47
39%
35H
35H
46H
2
35%
44 H
35
2
35
47 H
38
3
35
35H
35
45
91
40
60
10
60
71
20
13
19
37H
42
45
40
55
93%
94
13
90 H
99%
20
14
♦100H
84 %
1966 J
D
1938 F
A
14
90
98
J
M
55
1
98 %
«
loo
loo
O
1966 A
50
27
98
*
..1938 J
4
100%
6
101
100%
1966 J
D
1
*104
D
*36
47
*36
42
s
Broadway
1955 F
—
____
*
100H
18
87
88 H
31
R
94
94
1
45
45
2
O
60
60
2
J
1947 M
R
1968 M
f 7s
77
66 H
65H
99%
65H
A
1955 J
s
-
«•
Corp—
f g 3s loan ctfs
1953 J
1944 A
1949 M
.1942 M
__
88 H
117%
117%
R
3Ha coll tr A
S
Guar 3Ha coll trust aer B...1941 F A
Guar 3 Ha trust ctfs C
D
1942 J
Guar 3 H a trust ctfs D
D
1944 J
Guar 4s ser E trust ctfs
1952 M N
1
2
H7H
90
R
2
90
*100H
1937 M
....
104
105
M.
1
105
*
M
1
104
105H
«. «• M. ••
107
107
2
A
103
102H
103
43
Penn-Dlxle Cement 1st 6s A...1941 M S
Penn-Glass Sand 1st M
4Ha... 1960 J D
Pa Ohio A Det 1st A ref 4
Ha A. 1977 A O
100
100
100H
22
104H
104H
10
107
107
12
28-year 4s—
.1963 F
4 Ha aeries B
J
1981
-
-
-
107
J
Pennsylvania PAL 1st 4 Ha...1981 A O
cons g 4s
1943 M N
Consol gold 4s
1948 M N
loOH
166%
Ha
Gen mtge
Conv deb
.
_
106H
O
♦Income 4s
113
General g 4H8 aeries C
General 4 Ha series D
Phlla Co sec 5s series A
107
113H
2
91H
8
....
15H
110H
A
1956 J
J
102
J
92
1956 J
67
42
317
118H
1974 F
1st g 4H8 series C
1980 M R
Phelps Dodge conv 3Hs deb... 1952 J D
Phlla Bait A Wash 1st
g 4s
General 5s series B
134
*13H
Apr
April 1990
Peoria A Pekln Un 1st 5
Ha
Pere Marquette 1st ser A 6s
1st 4s series B
102H
107H
107H
*
1943 A O
1947 M S
4s... 1940 A O
6s
cons
93
91
_
84
118H
106H
107
J
19
111H
101H
106H
106H
100H
A
141
119H
112
O
O
1952
99 H
98%
118H
A
1984 J
4
110H
D
1981
5
14
112H
119
110H
.1970 A
4Ha series E
3%s
cons
_
98%
D
1968 J
Debenture g 4 Ha
General 4Ha series D
1960
.1965 J
^
112H
112H
*
109
112H
48 sterl stpd dollar
May 1 1948 M N
Gen mtge 3Hs ser C
.1970 A O
Consol sinking fund 4
F A
General 4 Ha aeries A
General 5s series B
229
IOIH
108
Pennsylvania RR
-
2
93%
109% 1371
lion
-
7
92
93
«.
-
16
102%
107 H
109 H
1943 M N
4
110%
A
*121
1
J
114
114
1981 J
D
112H
113
10
97
109
F
1974
1977
1967 J
Phlla Electric 1st A ref
3Ha... 1967 M
{♦Phlla A Reading C A I ref 6s_1973 J
♦Conv deb 6s
1949 M
114
94
94 H
D
123%
102
1
101
R
102
J
23
22 H
25
115
R
10H
10H
10%
101
Phllllpplne Ry 1st s f 4s__
J
1937 J
Plllsbury Flour Mills 20-yr 6s__1943 A O
Pirelli Co (Italy) conv 7s
1952 MN
20%
21%
21
107%
1
Pitts CC A St L 4 Ha A
Series B 4 Ha guar
102%
20
107H
*95
5
110H
*110H
Series E 3 Ha guar gold
Series F 4s guar gold
1949 F
A
1963 F
A
*116%
Series J
1964 M N
1970 J ,D
*117H
42%
106
108H
"41
102 H
26
100 H
30
102H
31
15
15
102 H 108%
98 H 107%
98
107 H
30
91
29
69 %
100H 106 H
90
98
106%
107%
84%
1
83
94H
90
5
89 H
98
13
23
12%
22%
S
101H
101H
N
101%
*107H
101H
O
98 %
27
26H
25
23
25
81
79
81
102 %
21
107H
102
100H
27H
"25
106H 109 H
69
% 109%
32 H
31
116
117
7
112
82 H
122
103%
104
33
103
106%
13
101
105 %
101% 106 H
103H
36
33
S
121
121
S
*120
1st M 4 Ha series C
2
117H
117%
116%
116%
2
107
107H
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4H8 ser A____1958 J
D
1st M 4 Ha series B
1958 A O
Pitts Y A Ash 1st 4s
1st gen 5s series B
107%
18
*103
«.
.
-
-
•
-
2
88
88
*
87
i960 A
O
85H
D
*108 H
111
A
*120
1974 J
D
*119
1977 J
D
6
86
1948 J
1962 F
ser
A
1st gen 5s series C
1st 4Ha series D
Port Gen Elec 1st 4 Ha ser C...1960 M S
lat 5s 1935 extended to 1950
J
J
Porto Rlcan Am Tob conv 68..1942 J
J
J
23 H
22
104
J
J
12
102 %
-.1977 J
O
Pressed Steel Car deb 5a
29
103
1975 A
106 H 107 H
34
103H
101H
4Ha
100 H 104
109 H
98
103%
guar
{♦Postal Teleg A Cable coll 5s 1953 J
Potomao Elec Pow 1st M 3Ha 1966 J
100
24
104
cons
..1953 J
85%
92 H
79H
24%
1
110%
111
1945 M N
General M 6s series A
General mtge 5s series B
General 4 Ha series C
14
I64"
"2
97
*109
1940 A O
1942 A O
1942 M N
Series C 4 Ha guar
Series D 4s guar..
99% 107
120% 125%
120
120
{♦Providence Sec
guar
1951 J
J
*110
-
-
108
-
75
20%
101H
95
66
59
106
75
77
20
24%
101 H
1
8
102%
95
292
10
68
96
16%
*13H
110H
-
57
106
59
•
deb 4s.. 1957 M N
....
{♦Providence Term 1st 4s
1956 M
S
Pure Oil Co
I960 J
J
112H
110H
112%
656
85 H
90
109 H 131H
drawn bonds...1950 J
J
109%
108 H
110%
342
108
105
1[4%s
s
f 4Ha w w
w w
4Ha without warrants
IJx w drawn bonds
*75
1950 J
J
105
1950 J
J
*105
5s......1948
J
J
{♦Radlo-Kelth-Orpb pt pd ctfs
for deb 6s A com stk
(65% pd)...
J
1941 J
D
«.
»
^
4
D
Purity Bakeries
s f deb
{♦Debenture gold 6a
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4 Ha series A
Gen A ref 4 Hs series B
For footnotes see page 4311.
97H
97 H
102H
98 %
*107
105 %
12 H
101H
107H
100H
*110
105
12 %
116
»
105H
100H
*110
105H
105%
105%
J
A
68
105H
D
D
84%
89H
O
*64
D
A
46 %
12
"86"
*22
107
7
21
92 H
91H
i960 F
20
30
*
31
-
100
21H
104
103 H
105
104"
-
-
1957 M N
102
103 H
105
D
A
D
-
Series G 4s guar
Series H cons guar 4s.
Series I cons 4H8
101H
95
83H
101H 109 H
*
S
3
42
64 %
*
Nov 15 1969 M N
J
1
47
40
A
A
1962 J
Peop Gas L A C 1st
94
N
♦Certificates of deposit
{{♦Norfolk A South 1st g 6s... 1941 M N
N A W Ry 1st cons g 4s
1996 O A
2
71
101
Refunding gold 5s
Peoria A Eastern 1st
40H
A
N
119
107
101
'
1956 M N
J
119
105H
56 H
99 H 107
"97%
1
5
....
-
101
72
105H
63 H
19
"19 %
1951 M N
1947 M N
North Cent gen A ref 5s....._.1974 M
Gen A ref 4 Hs series A
1974 M
"56 H "l5
109 H
109
105 H
109 %
35 H
14
1967 M
106
40
41
1951 M N
A
3
35
1955 J
Aug 15 1963 F
22
35 %
20%
{♦N Y Provide ice A Boston 4s 1942 A O
N Y A Putnam 1st con gu 4s... 1993 A O
N Y Queens EI Lt A Pow 3H8..1965MN
ser
98 H 100H
100
105H
35
1992 M S
F
95%
103
*35
♦1st A ref 4Ha ser of 1927.-.1967 J
D
♦Harlem R A Pt Ches 1st 4s. 1954 M N
1961
29
105
103%
101%
'
*100%
*105H
35M
1957 M N
North Amer Co deb 6s
96
83H
106%
t
J
{♦N Y Westch A Bost let 4 Hs. 1946 J
Niagara Falls Power 3 Ha
1966 M
Nlag Lock A O Pow 1st 6s A...1955 A
Niagara Share (Mo) deb 5Ha.. 1950 M
Nord Ry ext sink fund 6 Hs
1950 A
{{♦Norfolk South 1st A ref 5s__1961 F
100H 102H
*99H
O
♦General gold 6s
1940 F
♦Terminal 1st gold 5s
1943 M
N Y Telep 1st A gen s f 4
Ha...1939 M
N Y Trap Rock 1st 6s.,
1946 J
6s stamped
1946
97 H
*99 h
*35
1956 J
1937 F
98%
101
97%
A
1948 J
1940 A
{♦2d gold 4Ha_
19
108%
96%
88 H
88
109
121H
97
105
111
109
113
M
{♦{N Y Susq A West 1st ref 6S.1937 J
97H
85%
100H
103%
112H
♦Conv debenture 6s
1st mortgage 6s
1st mortgage 5s
102
96H
103
109 %
104 H
86 H
36
121H
1956 M N
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
91
113
1973 M N
1973 M N
{N Y Rys prior lien 6s stamp.. 1958 J
12
71
121 H
♦Non-conv debenture 4s
♦Conv debenture 3 Ha
4s
86H
123
91H
D
♦Non-conv debenture 3H8..1947 M
♦Non-conv debenture 3H8..1954 A
♦Non-conv debenture 4s
1955 J
g
136
88%
A
N Y L E A W Coal A RR
5H8-1942 M N
N Y L E A W Dock A
J
lmpt 58.1943 J
N Y A Long Branch gen 4s
1941 M
♦General 4s
106H
99H 103%
107 H
Oct 11938
{♦N Y Ont A West ref
95
72
106%
96H
.1974
♦Collateral trust 6s
♦Debenture 4s
77
106%
90H
O
113H
101% 135H
88 %
87H
^..1938
4
86 H
1998
..1951
97
102
2
106H
Penn Co gu
110
102
*117H
4
J
♦Paullsta Ry 1st ref
86 H
2013
..1953
"'I
*110
J
1945 J
—
w
S
{♦Park-Lexington 6 Ha ctfs
Parmelee Tranfl deb 6a
Pat A Passaic G A E cons 5s.
3
50 H
•
7
109H
110H
109H
109H
112
111%
al08% ai08%
112H
112H
1963 M
3Hs conv debentures.
Paris-Orleans RR ext 5 Ha
'""2
52 H
A
Paramount Pictures deb 6s
48
48
36
*102%
-
1961 J
1st M
8
52 H
49
100
98
-
-
109H
109H
O
1946 J
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A
Paramount
36
49 H
49 H
-
Paducah All! lstsf g4Ha
1955 J
§ {♦Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit
"~2
48
N Y Greenwood L gu g 5s_.__.1946 M N
N Y A Harlem gold
2000 M N
3H8
Deb 5s series C
6
94
J
«.
.
Pacific Tel A Tel 3Ha ser B_
Ref mtge 3Hs ser C
107" "45
75H
105H
104
98
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s... 1945 M N
Oregon RR A Nav com g 4s.
1946 J D
Ore Short Line 1st cons g 5s.__.1946 J
J
.
18
*108H
104
J
Ohio Indiana A West
6s..Apr 11938 Q
Ohio Public Service 7
Ha A
1946 A
lat A ref 7s series B
1947 F
♦2d extended gold 5s
"6
120
1
13
22 H
22
S
1966 MN
1972
103H
103%
22
1st A ref mtge 3Hs ser I
Pac RR of Mo 1st ext g 4s
64
124H
*48
{♦N Y A N Eng (Boat Term) 4s 1939
{♦N Y N H A H n-c deb 4s
1947
1943 M
3
10
105%
6
1
52 H
1949 F
Connecting Ry 1st 4s
4Hs
3%
119H
57
103 %
J
133
102 H
102
Pacific Coast Co 1st g 5s
1946 1
Pacific Gas A El 4s series G....1964 J
1st A ref mtge 3Haser H
1961 J
7%
163
48
A
..1978
N Y Lack A West 4s ser A
4 Ha aeries B
4
"6%
....
O
Certificates of deposit
N Y Edison 3Hs ser D
1965 A
1st lien A ref 3Ha ser E.....1966 A
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow
g 5s...1948 J
No Am Edison deb 5s
Deb 6 Ha aeries B
86
95H
*49%
Conv secured 3 Ha
1952 MN
N Y Cent A Hud River M 3
Ha. 1997 J "J
Debenture 4s
1942
Purchase money gold 4s
~6H
5
14
A
1998
10-year 3%s sec s f
1940
Ref A lmpt 4 Ha series A
2013
Ref A lmpt fls series C......2013
Serial 6% notes.
3%
27
*
♦Certificates of deposit
1st guar 5s series B
N Y Dock 1st gold 4s._
4
....
96
49
N A C Bdge gen guar
4Hs~IN Y Cent RR conv 6s
Consol 4s series A
4
4
19
1954 A
4s collateral trust
106H
3%
1956 F
1955 F
N Y Connect 1st gu 4
Ha A
Ohio Edison 1st mtge4s
1st mtge 3%s
....
92
95
..1954
3-year 6s
Ohio
22
94 H
94
♦Certificates of deposit
Ref 4 Ha series C
102H 107
HIH
103H
111
111H
MN
J
103
87 H
"75%
New Orleans Term 1st
gu 4s...1953
{{♦N O Tex A Mex n-c lnc 5s._1935
♦1st 6s series C
♦1st 4 Ha series D
♦1st 6Ha series A
Norweg Hydro-El Nit 5 Ha.
100 %
*100
A
__
♦1st 5s series B
5
21
*107 %
.....
5%
*2%
*2%
3%
5M
*61
{♦New England RR guar 5s
1945
♦Consol guar 4s
1945
New England Tel A Tel 5s A...1952
1st g 4 Ha series B
1961
Refunding 5 Ha series A
J
98 H
Guar stpd cons 5s
6a.... 1948 J
Mich Cent coll gold 3
Ha
TN Y Chic A St L 1st g 4s
J
5%
J
1965 J
Ref A lmpt 4Hs ser A
Lake Shore coll gold 3Hs
J
O
111
.
1951 A
4s
cons
J
H
102 H
*104H
4
*3%
*77
O
on
f 4s
Newark Consol Gas
J
4
3%
71
98
1
J
*4
on
97
97
J
95
102 H
3
61
74
J
100% 102H
39
63%
23
104%
1951 A
A rets No 4
g
40 H
100H
102%
1977 A
72 H
J
90
IVI N
J
on
♦4s April 1914 coupon on
♦4s April 1914 coupon off
s
92
M N
1957 J
coup off
{♦Naugatuck RR 1st
*100
1957 J
A rets No 4
73%
F
97
82%
112H 119
100H
~40"
40H
J
D
Nat RR of Mex prior lien 4 Ha—
♦Assert warr A rets No 4 on. 1926 J
Nat'Steel 1st coll
*
A
J
92 H
Q
105H
72 H
104%
72%
104 H
Q
A
♦90H
J
•
c<j
Asked
High No.
106%
1957 J
♦4s April 1914 coupon on
♦4a April 1914 coupon off
♦Assent warr A rets No 5
warr
4
22
93
A
♦Stpd
97 H
102
1957
♦4 Ha July 1914 coup on
warr
84 H
114H
A
1937 F
1951
Nat Aome 4%s extend to
1946
Nat Dairy Prod deb 3%s w w__1951
Nat Distillers Prod deb 4%s
1945
♦4%s July 1914
92 H
82 %
114M
IM
Friday
Bid.
Low
84
85H
50
92 H
nix
1955 M N
Constr M 4 He series B
1955 M N
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at 6%._1941 IVI N
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s
41
87
87H
"5
Range or
Sale
Price
18
80 H
f 5s series D
♦Assent
99%
99 H
83
1955
Morris A Essex 1st gu 3 %s
♦Aasent
Last
it
STOCK EXCHANGE
High
92
2
*
Y.
Week Ended June
Jan. 1
No.
99H
Montreal Tram let <k ref 5s
N.
Since
Asked
Week's
Friday
^.
BONDS
Range
Friday
Bid
Price
Nd,
*
Range or
Sale
18
June 26, 1937
Week's
Friday
98
97 H
105H
02'9321022»u
105%
98
106%
10
5
O
97H
95
97%
7
1997 J
J
106 H
106
106%
44
1997 J
J
106H
106 H
106%
44
A
112 %
102 H 105316
97 H 101
Volume
New York Bond Record—Concluded—Page 6
144
Friday
Week's
BONDS
Lcut
Range or
Range
N. Y. STOCK EXCHANGE
Sale
Friday
Since
Week Ended June 25
Price
„
.
Bid
A
w
Rensselaer A Saratoga 6s gu
♦Rhelnelbe Union
s
1946 J
f 7s
♦Certificates of deposit
.......
116H
116%
96
102
95 %
102
*30%
"24 H
24
25
Asked
0Q6O
25
107
41
95%
117H
96 H
103%
"90
94
22
STOCK
Week Ended
105
115H
112
127
212
94 h 100
130 H
108
95 h
100
28
100 H
106
♦AdJ lnc 5s
Jan 1960 A
Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Hs
f 7s
s
con
♦Ruhr Chemical
s
1st 6s dollar series
1953
Tol A Ohio Cent ref A Imp 3Hs 1960
Tol St L A W 1st 4s
1950 A
D
104 H
104%
99%
O
25
5
19h
26H
Trl-Cont Corp 5s conv deb A.
1953 J
*113
O
24 %
24 %
1
19h
26H
Tyrol Hydro-Elec Pow 7H8—
1955 IVI N
IVI N
*40%
44 %
45
66
IVI N
*40 %
44%
44 h
17
73
26
105
101
6
99%
73%
83
108%
97% 103
*103%
*117%
25
66
"25"
*104
60
103H 104 H
60
60
-
.
72"
35%
53H
60
89 H
74
*
91
91H
35%
*116H
*108%
"l7 %
17H
25H
IVI
25H
20 %
25H
18
20 %
fSt Jos Ry Lt Ht A Pr 1st 5a. .1937 M N
98 %
"99
A
1996 J
1996 A
St Louis Iron Mt A Southern—
100 H
*
J
♦Certificates of deposit
25%
76 H
77
11
J
36
107H 108^
17H
28X
2
20H
1
20H
25H
82H
14
23
34 H
41
99H 104 H
107
78 %
77
36
84
35H 52 H
116H 116H
"14
97
100
101
76 H
77
{♦8L Peor A N W lstgu 5s...1948 J
St L Rocky Mt A P 5s
stpd.._1955 J
69H
99H
O
1933 M N
^
36H
J
112H
101»m
103H
98H 102
9
75
6
76 H
10
89H
88X
Guar
sec s f
ser
7s
1952 F
♦Ctfs of deposit
stamped.
{St L SW 1st 4s bond ctfs
1989 M N
♦2d g 4s Inc bond ctfs...Nov 1989 J
J
.
{♦1st terminal A unifying 5s. 1952 J
23
19H
19%
11
21H
22
14
132
33
18H
30H
N
J
{♦Vera Cru* A P 1st
gu
4Ha.. 1934
J
54
Va Iron Coal A Coke 1st
g 5s. .1949 IVI
Va A Southwest 1st gu 4s
20031J
*20
*25
F
A
T8t Paul Minn A Man 5s
1943 J
tPacific ext gu 4s (large)... 1940 J
St Paul Un Dep 5s
guar..
..1972 J
J
17H
101H
17%
101H
104%
113
93% 101%
92% 101%
105% 109
95%
96%
41
106%
96%
102
96
ser
4
95% 103%
112
111
114%
25
"_2
25
120
120
120
1
120
36%
170%
106%
106%
107%
83
105% 107%
30
1
22
30
1
24%
32%
29%
4
22
32%
98
98%
12
100
101
49%
49%
101
96% 105%
75
98
50
50
49%
69
50
97
49
67%
102
3
*3%
20%
107%
J
D
A.___1955 MN
21
107 H
106%
98% 111
110% 110%
110% 113%
*111
J
J
1942 J
33%
3
23
108%
5%
4
3%
3%
22
4
20%
41%
104% 109%
26
101H 103 H
118H
26
25
1957 M N
Virginia El A Pow 4s
*107
96%
95%
1955 F
65H
J
111% 116%
30
5s. 1941 A
conv
cons g 4s series A
Cons s f 48 series B
49H
J
109%
114%
50
50
D
116%
103
20
114
49 H
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
J
110
63
98
74H
J
114%
102
107%
29%
50
J
108
113%
30
*48 %
J
16%
23
116% 121%
J
f 6Hs series C
1951
♦Sink fund deb 6 Hs ser A...1947
Utah Lt A Trac 1st A ref 5s...1944
58
100
10
21
a
*50 H
80
118
106%
102
22 H
21H
103% 107%
1022732106%
109%
*111%
Vanadium Cprp of Am
22 H
19H
22H
19H
♦Sec
27
106%
Vandalla
6
84
U 8 Pipe A Fdy conv deb
3H8.1946 IVI
U S Rubber 1st A ref 6s ser A. .1947 J
♦Un Steel Works Corp 6Hs A. 1951
97
104
96%
33H
21
19
4s...1934 J
85%
"l8"
96
33 H
37 H
83
1970 A
1971 IVI N
United Biscuit of Am deb 6s..l950 A O
United Drug Co (Del) 5s
1953 IVI s
UNJ RR A Can gen 4s
1944 IVI s
g
96
97%
112%
112%
106%
114%
95%
June 2008 IVI
{{♦United Rys St L 1st
90
109
Union Pac RR 1st A Id gr 4s__1947 J
1st Hen A ref 4s
June 2008 IVI
34-year 3Hs deb
35-year 3Hs debenture
96
117
1952 J
1st lien A ref 6s
90
*14"
103 H
Union Oil of Calif 6s series A.. 1942 F
3H» debentures
123
100
98%
*96%
103%
1945 IVI
Union Elec Lt A Pr (Mo) 5s. .1957 A
\Un E L A P (111) 1st g 5Hs A. 1954 J
{{♦Union Elev Ry (Chic) 6s__1945 A
118
116
115
96
96
19 H
85
22 H
19
A
102% 107%
115
97%
21H
82
35
5
J
33H
36H
5
23 H
21
19%
m's
f 7s
s
*103
S
100%
48
82 %
22%
19%
22%
1942 M
C
Utah Power A Light 1st 5s...1944
{♦Utll Power A Light 5 Ha
1947
♦Debenture 5s
1959
36
82 H
J
{♦St L-San Fran pr lien 4s A.. 1950 J
J
♦Certificates of deposit.....
♦Prior lien 5s series B
I960 Y~i
*Gen A ref g 5s series A
1990
St Paul A Duluth 1st con
g 4s. .1968
{♦8t Paul E Gr Trk 1st 4Ha...1947
{♦8t Paul A K C Sh L gu
82
80%
80
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s
1949 IVI S
St Joe A Grand Island 1st 4s.. 1947 J
♦Certificates of deposit.....
•Con M 4H8 series A
1978
100%
79%
100 H
Tol W V A Ohio 4s
101
♦IRlv A G Dlv 1st g 4s
100%
J
D
25
25
%
25H
100%
*107H
St Lawr A Adlr 1st g 5s
2d gold 68
44
25h
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4 Ha—-1941 J
4Hal966
92%
26H
1962 M
m
89%
J
19h
1948 A
Saguenay Power Ltd 1st
90
16%
46%
89% 101%
97% 100%
19
1977 M
f 6s
46%
183
18
1949 A
{{♦R I Ark A Louis 1st 4 Ha.. 1934
155
O
19
Tokyo Elec Light Co Ltd—
32
24
High
51%
16%
1
1955 F
A coll trust 4s A
J
Low
46%
16 H
4
Be..1939 J
♦Rio Grande West 1st gold 4a_1939 J
♦1st
1952
No.
47 H
14
gu
Roch G A E 4 Ha series D
Gen mtge 5s series E
1937 J
High
Jan. 1
J
25
24
Rlchm Term Ry 1st gen Be....1952 J
♦Rlma Steel 1st
1960 j
Since
Friday
A
Asked
Bid
Low
Third Ave Ry 1st ref 4s
UJIgawa Elec Power
{♦Rio Grande June 1st
Price
Jur<25
Range
Range or
Sale
EXCHANGE
High
Low
69
31
Y.
Jan. 1
112
162"
Last
BONDS
N.
24%
1955 A
{{♦Richfield Oil of Calif 6s..1944
106 %
*109 H
150
156%
95 %
95 %
J
J
♦Rhine-Ruhr Water series 68—1953 J
♦Rhine-Westphalia El Pr 7s...I960 M N
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928.
1953 F A
♦Cons mtge 6s of 1930
106 %
Friday
High NO.
Low
w.1956 M S
1941 M N
Republic Steel Corp 4%s ser A-1950 M S
Gen mtge 4%s series B
1961 F A
Purch money 1st M conv 5 Ha '54 M N
Gen mtge 4 Ha series C
1956 M N
J
Revere Cop A Br 1st mtge 4%s. 1956 J
Remington Rand deb 4Kb
4HS-1941
35H
Ji
35H
35 H
106
J
118H
104%
118H
S A A Ar Pass 1st gu
g 4s
1943 J
San Antonio Pub Serv 1st 6a__1952 J
San Diego Consol G A E
4s.._1965 M N
101%
101%
109H
28 H
I6H
27
1st
37
101H 106H
124
cons
5s
Virginian Ry 3Ha series A
1966 M
S
{♦Wabash RR 1st gold 5s
1939 IVI N
♦2d gold 5s
1939 F
♦110H
108%
Santa Fe Pres A Phen 1st 6a__1942 M
{♦Schulco Co guar 6 Ha
.1946 J
114
s
25H
f 6Ha aeries
b"II11946
A
O
*25
♦Stamped
IIIl989
M N
{{♦Seaboard Air Line 1st g 4s_1950 A
A
{♦Gold 4s stamped
1950
♦Adjustment 5s
...Oct 1949 F
A
{♦Refunding 4s
..1959 A
O
♦Certificates of deposit
♦1st A
♦Certificates of deposit
{♦Alt A Blrm 1st g 4s
1933 M
{♦Seaboard All Fla 6s A cts...l935 A O
1935 F
♦Series B certificates
Sharon Steel conv deb
4Hs
Shell Union Oil deb 3 Ha
1951
1951
Shlnyetsu El Pow 1st 6 Hs
1952
♦{Siemens A Halske s f 7s
♦Debenture s f 6 Ha
♦Silesia Elec Corp 6%s
1935
1951
1946
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
Socony-Vacuum Oil 3Hs
25
25
7H
M N
M 8
J D
J
M
F A
A
..1951 J
J
1950 A °
South A North Ala RR
gu 58..1963 A 0
K8outh Bell Tel A Tel 1st 8 f 5sl941 J
Southern Calif Gas 4Ha
1961 M 8
1st mtge A ref 4s
1965 F A
Southern Colo Power 6s A
1947 J
J
1941
F
96 %
Gold 4Ha
Gold 4Ha
..1968
Gold 4 Hs
1981
10-year secured 3Ha
1946
San Fran Term 1st 4s
1950
1969
So Pac of Cal 1st
gu g 4s
Devel A gen 6s
Devel A gen 6 Ha
Mem Dlv 1st g 5s
1955
1955
1994
1956
1956
1956
1998
St Louis Dlv 1st g 4s
reor Hen g
..1951
5s
Swift A Co 1st M 3%s
U ♦Symington-Gould conv lnc
U Without warrants
27%
39%
30%
30%
30%
44
28%
40
1980 AO
♦Certificates of deposit...
Walker (Hiram) GAW deb
4Ha 1945
98 %
O
1955 A
s
1939 IVI
s
99 H
99 %
104%
Plct deb 6s
1st 40-year guar 4s
Wash Water Power
"65%
"71
s
__
99 %
9
105%
122
122
1
105
105
107
11
West N Y A Pa gen gold 4s... 1943 A
106
26
{♦Western Pac 1st 5s
2
ser
54
69
92H 100H
63
84
98
♦Westphalia Un El Power 68..1953
M N
M N
84 %
83 H
84
86
87
84
97 H
West Shore 1st 4s guar
83
85 H
104
83
97 H
J J
A °
98 H
99 %
108%
131
98%
108
98 %
3
27
97H 101H
91H
99H
96H 102H
106H
109H
25-year gold 5s
30-year 5s...
...1951 J
i960 IVI
1950
J
IVI
f g 4s
gold 5s
1977
Gen A ref 6s series D
1980
Tex Pao Mo Pao Ter 5Ha A..1964
125
92 H
96
96 %
48
98 %
103
42
"4
2
105
100 H
22
103 %
97 H
A °
A O
J D
99%
93% 100%
44%
55%
55
76
77
30
75%
101%
107%
80
101% 102%
104% 110%
110% 112%
107%
104% 108%
m
116
127%
5
117
109
1
106% 109%
105
105%
31
103%
103
103%
100
107
107
108
20
108%
108%
30%
30%
35
123%
102
109%
99%
106%
108 H
73
85H
92 H 105 H
96
110H
95
101^
103
105
18
90
95 H
105%
14
102
109 H
101H
31
99
106H
1
22
22
104%
98
8
30
29%
30%
100%
100%
Wheeling A L E Ry 4s
ser
J
J
99%
183
111%
88% 107%
99%
24%
197
87
109%
19
25%
91%
55
87%
87%
87%
2
*107
99%
99%
7
90% 100%
86
-
109%
100
50
103%
11
96
105
107
106
...
109%
.1949 M S
A
39%
91
91
"91"
F
71
i\w
29%
101% 104%
87
J
D...1966 M S
RR 1st consol 4s
29%
131
88%
89
J
..2361 J
Registered
102
24
D
S
106
7
52
99
91
105% 108%
113%
10
40
101H 106 H
82
95
102
"l3
101
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col A ref
conv
103%
1940 MN
97% 103%
J
7s A. 1935 MN
♦Wllkes-Barre A East gu 6s
1942 J
D
Wtlmar A Sioux Falls 5s
1938 J
Wilson A Co 1st M 4s series A. 1955 J
36%
35
36%
4
36
35
36%
11
31
15
15
16%
13
15
D
Winston-Salem S B 1st 4s
J
102% 105
*103%
look
104
100%
101
32%
J
*19
24
17
17
1960 J
♦Certificates of deposit
{♦Wor A Conn East 1st 4Hs__1943
Youngstown Sheet A Tube—
Conv
deb
3 Ha
...1951 F
A
106% 115
"24" ""3
23
*16%
*10%
i""j
62
104
103%
99
*108
{♦Wis Cent 50-yr 1st gen 4s... 1949 J
J
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36 MN
47
103%
"61
47
22
16%
35%
32%
25%
16%
24
•
24%
"l8
20
25%
132
129
132
37
100%
100%
101
118
123% 162%
159
1st mtge s f 4s ser C
1961 M N
98% 105
*103
'108%
106 H
109%
106%
106 %
38
110
114"
"6
105
120 H
103 H
S
A
J
103
100H 100H
104
112H
101H 105 H
95 H
102 H
90
120 H
10
117
126
103 H
6
103
105
"46
*148
F A
J D
1943-1
J
2000 J D
1979
75 H
95"
102 H 107H
140
195
143
0
Cash sales transacted during the current week and not Included In the yearly
range:
N
"85k
"87 H
*106 %
107H
106
109 M
*115H
85H
A °
F
1953 J
Gen A ref 5s series C
73
*
114"
Texarkana A Ft S gu 5Hs A..1950
Texas Corp deb 3Hs
1951
Texas A Pac 1st gold 5s.<
Gen A ref 5s series B
"46
102 H
90
106%
'56 F
1956 F
1944
70
106 H
105%
96
97%
90
94
101H 103H
—
'165k" "105k
73 H
92 H
D
5
119
2361 J
White Sew Mach deb 6s
ww
Term Assn of St L 1st g 4 Ha—1939
gold 5s
*101%
-
A
D
109%
77%
119
O
Western Union coll trust 5s... 1938 }"~J
Funding A real est g 4Ha... 1950 IVI N
95
105%
107%
105
1946
86
J
*96~"
29%
A...1946 IVI
♦5s assented..
95%
J
J
60
104
109
J
105%
1938
48%
56%
55
*
*118%
O
106 H
105
105%
29
47
55
S
1952 A
105%
105%
95
106
1977 J
1st A ref 5Ha series A..
84
J
96%
43%
4
93%
J
A °
A 0
A °
54
*109
1966 J
105
N
J
88
80
94
47%
105
96%
1951 J
105%
106 H
32
78
"95"
1939 J
1st mtge 4s ser H
1st mtge 3 Ha series 1
Western Maryland 1st 4s
71
104%
78
....1945 F
f 5s
Westchester Ltg 5s stpd gtd.,1950 J
West Penn Power 1st 5s ser E.1963 IVI
2
"30%
O
1939 IVI
88
♦22%
105
1955 A
Warner Bros
108
"29
105
Walworth Co 1st M 4s
6s debentures
94%
Tennessee Corp deb 6s ser C..1944 IVI s
Tenn Elec Pow 1st 6s ser A
1947 J D
con
29
27%
84 H
Tenn Coal Iron A RR gen 5s.. 1951 J
Tenn Cop A Chem deb 6s B...1944 IVI
Tex A N O
41
29
27%
94 H
1946 F
Standard Oil N J deb 3s
1961 J
Staten Island Ry 1st 4 Hs
1943-1
♦Studebaker Corp conv deb 6s. 1945 J
s
32
29
98 H
Staley (A E) Mfg 1st M 4s
Gen refund
30
O
98 H
94
J
M S
Mobile A Ohio coll tr 4s
1938 M s
S'western Bell Tel 3Hs ser B_.1964 J
D
S'western Gas A Elec 4s ser D.1960 M N
{♦Spokane Internat 1st g 58—.1955 J
J
cons
44
A 0
J D
M 8
M 8
5s.. 1937 M
1937 J
So Pao RR 1st ref guar 4s
1st 4s stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A
1st
41%
Wheeling Steel 4Hs series A...1966
con gu g
If So Pac Coast 1st
East Tenn
44%
32
30%
1978 A
♦Certificates of deposit
♦Ref A gen 5s series D
Southern Natural Gas—
1st mtge pipe line 4 Ha
1951
So Pac coll 4s (Cent Pac
coll) .1949
1st 4Ha (Oregon Lines) A... 1977
30%
30%
♦Certificates of deposit
*98%
71
99%
32
{♦Warner-Qulnlan Co deb 6s
71
97%
106%
30%
{♦Warner Bros Co deb 6s
1941 IVI s
Warren RR 1st ref gu g 3H8..2000 F A
Washington Cent 1st gold 4s..l948 Q IVI
Wash Term 1st gu 3 Ha
1945 F A
96 %
81
71%
91%
97
30%
7
88
74%
62%
A
7H
*
72%
62%
"30%
7
107%
107%
90% 103%
80
98%
82% 86
'30%
11H
15H
14%
30%
;
101
36
S
7H
"7 %
A
60
92
97
k
S
12 %
14 H
104%
110
"62%
62%
A
30 %
14 %
101%
79%
k
10 H
15
15
94
1976 F
♦Ref A gen 4 Ha series C
25H
7H
67
103
11
"97~"
12
11H
1945 M S
6s series A
cons
26
k
.
"4
97%
82
*78
A
J
gen 5 Hs A. 1975 M
♦Certificates of deposit
♦Ref A gen 5s series B
"31
31
90%
90%
J
{♦Wabash Ry ref A
*113H
O
O
35
25 H
104
J
♦Toledo A Chic Dlv g 4s....1941 IVI
28
26
Scioto V A N E 1st gu 4s
108%
114
*20 H
♦Stamped
♦Guar
110%
96%
103%
97%
57
59%
105
105
O
1954
♦Det A Chic Ext 1st 5s
1941
♦Des Moines Dlv 1st g 4s._.1939
♦Omaha Dlv 1st g 3Hs
1941
102
*58
S
1958'A
♦1st lien g term 4s
.
4311
Week't
117
115
118H
85H 104
108
108
108 H
4
105H H1H
104 H
104 H
103 H
105%
53
103H 108H
100
105 H
*107H
112H
103 H
121
104
121
99
105
"4
128H
102
102
M S I69"
103
37
101
106H
102
102 H
7
101
108
101%
112H
20
100H
108 H
109
109
1
sales
Cash sale; only transaction during current week,
transaction
during ourrent week,
current,week,
n
a
Deferred delivery sale; only
Under-the-rule sale; only
{ Negotiability Impaired
Interest payable at exchange rate of $4.8484.
x
Ex-interest,
by
transaction
maturity,
during
f Accrued
Bonds called for redemption or nearlng maturity.
110
118
r
{ Companies reported as being in bankruptcy, receivership,
or
reorganised under
Section 77 of the Bankruptcy Act, or securities assumed by suob companies.
•
Friday's bid and asked price
No sales transacted during current week.
♦
Bonds seUlng flat.
z
Deferred delivery sales transacted during the current week
107 H 109 H
In the yearly range:
No sales.
and
not Included
New York Curb Exchange—Weekly and Yearly
4312
NOTICE—Cash and deterred delivery sales are
of the
the week, and when selling outside
No acoount 1b taken of such sales In computing the range for the year.
week In whloh they occur.
register weekly range are shown in a footnote in the
Record
disregarded In the week's range, unless tbey are the only transactions of
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (June 19, 1937) and ending the present Friday (June 25,1937).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bona, in
In the
c,omPlled.e^fejy
week
dealings occurred during the week covered:
which any
Last
Sale
STOCKS
Par
Price
High
ZX
75
46
25%
xll
Tx
"305
May
Jan
66%
24
Apr
Bower Roller Bearing..—6
Bowman-BUtmore oom.. *
Mar
May
2d preferred
100
Braslilan Tr Lt & Pow...*
12X
2X
38
300
27
11
June
22
Feb
4
May
6%
Corp..
zx
ZX
200
X
76%
X
200
% June
76 X
60
Jan
80
June.
68 X
110
67
June
87
Jan
Bright Star Elec clB
*
*
preferred
61%
61X
20
60
May
77
Jan
Brill
*
61%
21%
114%
100
Mfg...*
Aluminum Industries com *
Aluminium Ltd common. *
6% preferred
100
111
100
"750
lbs
'TlX
IX
22 X
19
IX
T, 800
64
64
19X
June
19
June
20X
31%
ZX
1
Amer Cyanamld class A. 10
Class B n-v
10
100
5X
SIX
12,600
50
33
SIX
zx
ZX
100
800
25
118
118
"Tx 'Tx ""306
IX
Amer Fork A Hoe com...*
18
18
*
31X
SOX
9X
108X
9X
*
Corp 10c
32 preferred
...1
32.60 preferred...
1
zox
20
26 X
26 X
Amer Lt A Trac oom....26
17X
17 X
Mar
May
32%
3%
11
1%
42
89%
30
June
31% June
3% May
33%
Jan
26 %
Apr
118
Apr
June
4%
Apr
1% June
17% June
4,600
preferred
26
Amer Mfg Co common 100
300
106
June
36
Feb
35%
Jan
125
Mar
136
Jan
5%
4%
24
48%
112%
12
Jan
Jan
Feb
Jan
Jan
Mar
28%
fan
Mar
82
400
42%
1%
41
IX
American Thread pref...6
*
Tx
Angostura Wupperman..l
Apex Eleo Mfg Co com
Appalachian El Pow pref.*
27X
6,900
1,600
1,200
"Tx 'Tx
""266
6X
200
102X 102X
IX
IX
30
IX
90X
25X
6X
IX
94
1% June
88
Mar
25% June
4% May
36%
Feb
42
Feb
82
Jan
37
Mar
38
Feb
26%
Jan
64%
2%
1
IX
Arkansas Nat Gas com...*
2,200
1,200
"Tx
6X
6X
7
♦
7X
8,800
10
8X
8X
8X
600
......1
"io"
"16"
"ibx "1*766
1
5X
5X
700
£1
11X
11X
1,800
10%
Mar
Jar
Jan
Apr
Jan
3
Jan
99
Jan
59%
Jan
Jan
IS
Feb
June
42%
Feb
102% June
110%
Jan
June
5%
27
102 X
2%
Apr
Mar
4%
3
Jan
1%
6%
6%
8%
76%
June
10
June
June
May
May
Apr
5% June
3
12%
13%
Jan
Feb
Feb
Feb
10%
Jan
96
Jan
16% Feb
8%
Jan
13%
Mar
Associated Elec Industries
Amer deposit rots
Assoc Gas A Elec—
Common
...1
Class A
1
36 preferred
2X
warrantsAssoc Laundries of Amer.*
'32
—
IX
500
2X
June
20X
*32
5%
39%
700
17% June
*16 May
%
Jan
%
Jan
7% June
110
47
Jan
June
88
1% June
4
1,700
12.100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co.. 60
8
51%
Atlantic Gas Light pref. 100
Atlas Corp warrants
1%
8
50%
1%
8%
51%
1*366
2
1%
57%
Cable Elec-Prod
v
t
6% preferred.
_.100
Canadian Indus Alcohol A *
B non-voting
Canadian In dust 7%
Canadian
Marconi
75
79%
12%
1,100
12%
6%
7%
400
46%
23%
Carrier Corp
Carter (J W) Co
*
...
36%
37 dlv preferred.....
1st preferred
Cent Hud G A E oom
Feb
Mar
May
Jan
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent P A L 7% pref...100
Cent A South West UtU.50o
Cent States Elec com
l
warr
%
Cbesebrough Mfg
7
Jan
600
6%
Apr
Mar
43
Jan
156
Jan
(Baldwin Locomotive
2
warr
2
200
1% June
Bardstown Distill Inc
l
Beaunlt Mills Ino com
31.60
pref
Beech Aircraft Corp
conv
Bell Aircraft Corp com
Bellanca Aircraft com
"Io"
5%
7,800
"lox
"800
16%
"*85*" "*85*
in
*85*"
10
75
5%
16
16
100
_.l
1
ZX
12X
21
June
11% June
Mar
11
May
Apr
103
Jan
16
June
xl8
May
May
27
May
3% June
700
11
June
6
June
20
159
Feb
20
113% June
Bell Tel of Canada
100
Bell Tel of Pa 6%% pf-100
Benson A Hedges com....*
168
168
11ZX
113% 113%
168
4
May
*
18
Jan
Berkey A Gay Furniture. 1
2
June
Purchase
common
32.60 conv pref
2%
3,800
»16
1
13% $13%
2 800
2
warrants.....
Bickfords Ino
*
400
com
Bliss A Laughiln com
5
Blue Ridge Corp
com
1
opt conv pref
Blumenthal (S) A Co
*
.*
Tx
Bohaok (H C) Co com...*
6X
Bliss (E W) A Co
S3
7% 1st preferred.—.100
Borne Scrymser Co.....26
(Botany Consol Mills Co.*
Bourjois Inc....
*
For footnotes see page 4377
% June
13%
14%
'Tx
May
Jan
36
..*
*
*14% *16%
1*306
14% May
36% May
2%
1*666
46
46
400
2%
42%
May
Mar
17
17%
6%
30%
13%
%
5%
800
14
June
2%
6%
29
13%
%
5
600
80
100
6% June
29
%
1,100
600
June
13% June
5
Apr
Feb
4% May
18
8%
Mar
Mar
1%
%
100
June
46
2%
24
June
Jan
16%
100
'*50
76%
6
100
1,100
*15%
28%
12%
70
*
36
preferred
28
1%
Feb
Jan
5
%
Jan
Feb
5%
Mar
8
Mar
ii
Apr
1%
Jan
Jan
16
Warrants
46%
8%
5%
6
116
8%
28%
1%
49
9%
1%
Mar
200
500
2,600
200
Feb
Feb
20
Mar
7
Apr
Feb
24
Apr
Apr
31%
45
Mar
73
Mar
83
June
5%
May
Apr
May
1%
Jan
Jan
IX June
8%
7%
161
3%
8%
Jan
7%
26
May
36
Jan
June
97%
30
Jan
?:a
J&D
Apr
Feb
June
88%
Feb
June
400
15%
Jan
Feb
102%
8%
50
Jan
3%
June
117%
42
Jan
Anr
26%
8X June
Jan
2!
Mar
IX June
Jan
Apr
23% May
Mar
108%
39%
Mar
June
10%
Jan
Jan
124
June
8% June
39%
Jan
93%
Jan
16
Mar
57
Mar
105%
Mar
15
June
19
Jan
89%
May
96
Feb
'*"266
13
June
22%
Feb
25
82
600
—
13%
13%
83
13 %
83
2 X
2%
1%
1
11
2%
1%
11
2,000
4.300
25
June
91%
Apr
2%
June
June
10
June
6%
2%
27%
Jan
1
Jan
Jan
23% June
13
"*4% *T
25
62
Jan
13
June
11
13
June
33%
26%
Jan
T^ioo
4% May
200
12% June
15
12%
12%
June
71%
60
60
60
50
Jan
110%
62%
Jan
Jan
14
76
2%
41%
16*206
40%
3%
2%
3%
400
"~2%
Apr
% May
Jan
400
"is
400
2% June
40% June
3% June
Jan
7
Mar
19
May
16%
82%
Mar
123
Feb
Apr
76% May
17% Mar
Feb
2%
92% Apr
Jan
6%
60
6%
Jan
Jan
40
*51*
51
4%
*51*"
June
58
Jan
50
51
June
79%
Feb
25
76
42
June
8%
4%
1,100
8
June
300
4
2%
4
4,300
42
Apr
35% June
'58
Feb
Feb
Feb
5%
1%
5%
4%
"37%
13%
1%
'""166
1,400
T,I6o
5%
4%
300
600
4
200
13
11%
13
1,700
62
69
62
600
63%
6%
63%
64%
4
6%
7
275
3,900
Apr
Mar
37% June
3%
10%
48%
10
Jan
16%
Feb
Apr
Apr
1
May
16
37%
12%
40
4
2%
%
8%
Jan
Jan
9
Mar
Mar
Mar
24%
Feb
56
Feb
74%
Apr
62
June
5%
*18
4%
104%
Jan
June
10%
Jan
June
39
Jan
139
Jan
400
104% June
%
1%
8,100
June
35%
25%
350
32
June
64
350
24
June
34
100
1
June
105
700
1
1
Compo Shoe Mach
15
15
15
200
14%
14%
14%
100
1
»Sf
Feb
May
Feb
*is
1%
104
Jan
Jan
33%
104
Jan
9% May
Jan
3%
Jan
4%
Jan
3%
11% June
29
1
ext to 1946...
6%
32%
Apr
50
24
v t 0
16% June
1,600
24
New
Apr
24
Community P A L 36 prel *
Community Pub Service 25
Community Water Serv—1
o..l
Jan
Jan
May
6%
15
V
v t
%
5%
42
.
Commonw Distribut
1
28
1%
Commonwealth Edison 100
Commonwealth A Southern
Mar
38%
27
Club Alum Utensil Co...*
Cockshutt Plow Co oom..*
Columbia Oil A Gas
1
Columbia Pictures oom..*
Jan
28% May
82
48%
13%
Columbia Gas A Eleo—
Conv 5% preferred—100
Mar
Mm
106%
87%
Cleveland Tractor com...*
CUnchfleld Coal Corp.. 100
Colorado Fuel A Iron warr
Colt's Patent Fire Arms.26
Jan
Apr
30%
5
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
Thompson (J R) com...25
Colon Development
1 sh
6% Income stock A
£1
6% conv pref
.£1
Feb
Apr
Jan
36%
15
100
Preferred
•
Preferred B
._...*
Preferred BB
Cities Serv P & L 37 pref. *
Mar
June
Jan
June
Feb
Feb
9%
22% June
200
2*500
Feb
Jan
June
200
Tx "i%
8
10
%
800
42
200
Apr
18
4
1%
1%
*
200
June
4%
City A Suburban Homes 10
Clark Controller Co
1
Claude Neon Light* Inc.. 1
zx
12X
5
Apr
May
6%
155
City Auto Stamping.....*
5X
ZX
11
5
5%
Feb
27
16
20
11
Mar
Mar
40
Mar
8
80
85
4% May
*25% ~26~"
5
3%
Jan
44
31
26%
7
2% June
8%
"
1
Conv pref...
Mar
11% June
16
4%
Ml Oi
Baumann (L) A Co com..*
100
""400
""2% "*2% "*2%
Barium Stainless Steel
1
Barlow A Seellg Mfg A...6
Bath Iron Works Corp
1
7% 1st pref
June
11
Baldwin Rubber Co com.. 1
4%
Chllds Co preferred
Cities Service common
Mar
39
100
26
200
114% June
12%
Jan
5
Strip Co
5
Charls Corp
.......10
Cherry-Burrell Corp com. *
9
100
Feb
Feb
Feb
28%
preferred
100
Conv pref opt ser '29.100
Centrifugal Pipe
.*
Chamberiln Metal Weather
11
118
Mar
32
5
1%
100
9
118
16%
77
33
300
.100
11
11% Mar
11% June
Feb
Apr
4%
"16
*
9
Tobacco-
""60
*
6
Feb
3%
% June
5
*
3,200
28
50
1,000
""566
25
*36% *36%
4%
common. 1
Casco Products
.._.*
Castle (A M).com new..io
Catalln Corp of Amer
1
Celanese Corp of Amerlea
7% 1st partlo pref—.100
Celluloid Corp common. 15
Jan
May
Apr
Mar
4
1
7
118
46%
23%
23
Carolina P A L 37 pref...*
36 preferred
*
6
*
46%
24%
*
6%
..10
18
Carman A Co class A...—*
Class B...
*
Carnation Co common
Carnegie Metals com
Jau
Jan
21
*30%
94
Conv
Feb
36%
108%
May
May
May
70
1%
Automatic Products
6
Automatic Voting Mach..*
common
400
100
18
Chlca Rivet A Mach new.4
Chief Consol Mining..... 1
Class A
6%
Jan
47% June
25%
1%
Chicago Flexible Shaft Co 6
Babcock A Wilcox Co
200
12%
Capital City Products...*
Carlb
Syndicate—....25c
Mar
11
30%
76%
l
Mar
5
50
pf.100
3%
Axton-Flaher
400
1,300
*
29%
Avery (B F)
47%
""166
Canadian Dredge A Dock*
Canadian Hydro-Elec—
Jan
May
%
3%
8%
Apr
X May
2%
Jan
Mar
Mar
4% June
14%
1% June
35% May
8% May
Amer dep rets pref shs £1
Calamba Sugar Estate .20
Canada Cement Co com..*
Canadian Canners oom
*
Canadian Car A Fdy pfd 25
1% June
19
Mar
31
dep rets A ord sh..£l
Am dep rets B ord shs £1
3,200
100
%
3%
7%
47%
30%
Am
1%
22
22
Apr
16
9%
*
0
1%
22
31
"*400
Jan
Jan
30%
Cables A Wireless Ltd—
1%
*
17
Feb
Jan
8
22%
Corp Am dep rcts-_
Burry Biscuit Corp.. 12%o
6% pref without
7% preferred
Jan
13H
*
1
Atlas Plywood Corp
Austin silver Mines
4% June
28
Burma
Jan
Jan
June
4,500
*
common
Apr
87
*
Option
IX
2%
19%
'is
10%
900
1,100
Warrants
Mar
Jan
5% May
Anchor Post Fence
Ashland Oil A Ref Co
Buckeye Pipe Line
60
Buff Nlag A East Pr pref 25
35 1st preferred
•
Bunker Hill A Sullivan 2.60
Burco Ino common
*
33 convertible pref
53
26X
47%
♦
Jan
Jan
Arkansas P <fc L 37 pref..*
Art Metal Works com
5
Feb
Mar
17% June
32 %
82
200
4%
.._..*
Jan
38
92 X
1
36 preferred
100
75
10%
*
8
Amer Potash A Chemical. *
*
com.
47
69
Amer Seal-Kap com.
2
Am Superpower Corp oom *
1st preferred
*
pref11.1100
Bruce (E L) Co
30% June
37% June
17% June
x20
May
24 %
Jan
"Tx "lX V3~400
41X
6%
Brown Fence & Wire
Class A pref
Feb
400
26 X
18
24
100
_.._..*
Jan
Jan
Apr
May
IX
41%
Brown Co
32%
10%
4%
50
A. *
41%
1
*
British Col Power
Class B
35%
2%
20%
Apr
3% June
18%
Jan
9% May
1,200
Amer dep. rets reg
£1
British Celanese Ltd—
Am dep rets ord reg..10s
Mar
450
45
44
1
Common class A
Preferred
Apr
5% June
Amer Pneumatlo Service.*
Arcturus Radio Tube
Jan
Mar
9% June
100
Preferred
Jan
1,600
6%
Amer Meter Co
Jan
Feb
140
June
28% June
700
Amer Invest (HI) com....*
Preferred
Mar
131
June
3% June
300
IX
1ZX
Z2X
109
9X
SIX
Amer Hard Rubber com.50
Amer Maracalbo Co
Jan
Mar
27%
American General
Mach
17%
14%
34
124
7% conv preferred.-.100
Amer Equities Co com
1
Amer Foreign Pow warr...
Preferred
"1%
24%
'sox "zbx Tix "4",666
Amer Diet Tel N J com..*
Amer Gas A Elec oom
ZX
31
Class A with warrants 26
Class B
24
84
5%
3%
*
Brown Forman Distillery. 1
34
34
Corp class B
7%
26% June
1% June
26%
1%
20%
3%
100
Class A
300
High
Low
108%
Class A..,
*
British Amer OH coupon..*
British Amer TobaccoAm dep rets ord bearer £1
75
June
*
Preferred
*
Jan
Jan
7% June
preferred..
Jan
Machine....
I8
Feb
10c
35.50 prior pref
*
Amer Centrifugal Corp. _. 1
Am Cltlee Power A Lt—
Class A
.26
""4%
1937
Week
Shares
26%
1%
20%
3%
Bridgeport Gas Light Co.*
Bridgeport
2%
1
10c
Common class B
Jan
preferred
100
Brlllo Mfg Co common...*
17%
% June
Brewster Aeronautical... 1
Mar
62
1.200
Jan
Jan
100
65
20
Amer Laundry
16% June
7% June
98%
Jan
5%
34%
1,000
2
100
Amer Box Board Co com.l
Jan
Apr
Apr
120
American Beverage com.. 1
American Capital—
Class A common
120
160
144X
1UX 114#
16 X
16%
ioS"
108
.
American Book Co
2% June
3% June
950
139
140
Aluminum Goods
American Airlines Ino—10
72%
1% May
200
3
3
3
com...*
Alliance Invest common..*
Allied Internet Investment
Common—..—......*
$3 conv pref
*
Aluminium Co common..*
preference
1,300
High
Low
Range Since Jan. 1
for
16%
24
*
2X
Week's Range
of Prices
23
1%
...1
68
Allen & Fisher Ino
V t o
Breeze
X
Ala Power $7 pref—
Price
7% 1st preferred.... 100
Jan
3% May
14% Feb
3%
Alabama Ct Southern..60
S3
42
400
ZX
2% June
Jan
3%
26% June
Warrants
6%
ZX
25 X
or
High
21
Mfg class A.41
—*
Agfa Ansco Corp com
1
Alnsworth Mfg common..5
Air Device* Corp com___l
Air Investors common...*
Conv preferred
Class B
$6
Low
Shares
Aero Supply
Sale
Continued)
Weet
of Prices
Last
STOCKS
Range Since Jan. 1,1937
for
West's Range
Low
44
Aome Wire v t c com...20
_
Sales
Friday
Sales
Friday
June
14% June
14% May
7i«
2%
2%
Jan
Jan
Jan
Jan
Mar
17
Jan
17%
Jan
Volume
144
New York Curb Exchange—Continued—Page 2
Friday
Sales
STOCKS
Last
Weet'e Range
(Continued)
Sale
of Prices
Price
Par
Consolidated Aircraft
1
Consol Biscuit Co
Low
1
2334
534
9
Consol Copper Mines
6
Consol G E L P Bait com •
6% pref class A
Consol
64
2334
534
10
64
June
"2"
1
"1% "2" "l'ooo
94
x7ti'
Consol Mln A Smelt Ltd. .5
Consol Retail Stores
1
preferred
129
294
We
10
100
250
7 34
129
10
Consol Steel Corp com...*
94
77
*76
7
100
Consol Royalty Oil
?!
Jan
33«
500
300
2%
10 K
600
2,100
Mar
Jan
11
1194
64
June
8934
113
Warrants
8%
400
900
Par
High
1934 June
100
Gas Utilities
Low
1,100
14,400
6634
Sale
(Continued)
Shares
Apr
11434
Mar
Jan
Feb
June
Mar
June
134
34
Mar
Apr
7334
634 June
113
Feb
100
Mar
10
Jan
135
Mar
234
Apr
Jan
6
Feb
Mar
Week's Range
Last
STOCKS
Range Since Jan. 1 1987
West
High
2194
>
Friday
|
for
4313
Sales
Range Since Jan. 1 1937
for
Week
of Prices
Low
Price
High
Shares
Low
High
*
4434
3834
4434
200
363* May
dep rets ord reg..£l
634
694
694
500
Ford Motor of Can ol A..*
2234
2134
2294
1,300
65
Mar
694
Apr
2134 June
Florida P A L 37 pref
Ford Motor Co Ltd—
Am
*
2534
Jan
lOOfrcs
294
Jan
May
Class B
Ford Motor of France—
Amer dep rets
9
Fox (Peter) Brewing
5
Franklin Rayon Corp com 1
Froedtert Grain A Malt—
Common
1094
1334
1734
1
Conv preferred
1034
200
1334
1 334
1734
400
89*
Jan
1134 May
534
Jan
1134 June
143*
Feb
85
May
10234
Jan
Continental Oil of Mex__.l
1
Apr
234
Jan
Gamewell Co $6 pref
General Alloys Co
1694
June
2634
Feb
June
16
Feb
June
2134
Jan
Amer dep rets ord reg.£l
Gen F1 reproofing com....*
Mar
6134
Mar
600
Jan
1434
May
19
Jan
Jan
98
Mar
3
Jan
Gen Electric Co Ltd—
834
17
17
75
15
Cont O A E 7% prior pf 100
*1834
Cont Roll & Steel Fdy...*
1834
1834
200
Continental Secur Corp..6
Cook Paint A Varn com..*
preferred.
14
15
—•
Cooper Bessemer com
S3 prior preference
21J4
22
200
•
6134
2134
June
3534
Copper Range Co
Copperweld Steel com...10
Cord Corp
6
Corroon & Reynolds—
10 94
30
234
32
10
May
6234
1834
30
June
34
June
294
2%
6,600
8894
IX
100
Apr
2
8894
86
1
Preferred
194
194
2,900
100
Ltd
Courtaulds
734
Jan
Mar
9434
494
June
3934
Mar
1434
Jan
Mar
Jan
94
ISA
Drug Co com..25c
Preferred
A
Cuban Tobacco
Cuneo
Press
com v tc.
37 94
ISA
X
preferred
Curtis Mfg Co
2X
19X
"iX
1,400
1
8X
12 X
2X
2034
154
12
34
A
1234
'21A
6%
preferred A
Rights
1534
2234
65
1,300
27
*4634
834
*
stock
com
1734
1034
Guardian Investors
Gulf Oil Corp
135
1
25
234
1,400
Hall Lamp Co
*
434
634
200
Haloid Co
400
Hartford
46
4634
200
1734
18
5234
334
74
150
534
534
8
8
8
1834
5
5634
3934
18
1834
5
""200
534
57
4034
6534
3834
1,300
494
June
494
1034
80
Jan
334
834
334
834
1.000
600
2
1
1534
57J4
69
1
"534
56
1494
5694
67*4
534
634
52
794
334
3
234
1634
5734
69
594
594
56
794
334
Mar
900
56 34
June
80
Feb
Illinois fowa Power Co
2.100
6734
June
8734
200
5 34
June
1134
Jan
400
534
June
934
Jan
Illinois Zinc
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
100
Empire Power Part Stk
45
1,000
June
80
Jan
634 June
14
Jan
4534
*4534 "48"
*1434
134
51
61
2734
51
2734
1434
134
25
"~~150
634
4034
Feb
Mar
4
9
1
4
9
2034
1
13
June
14
Feb
Feb
15
400
1434
June
1934
Mar
2
10,400
134
June
294
4734
Jan
June
700
200
34
2134
1834
4
8
1934
Jan
*isk "1734
Feb
Imperial Oil (Can) coup..*
Registered
»
Imperial Tobacco of Can.6
Imperial Tobacco of Great
Britain
and
xlOA
7
100
8
100
%
June
39 34
100
3934 June
250
36
Jan
45
June
100
24
June
35
Apr
1194
1,400
2234
100
31
103
103
25
Apr
31
June
4234
Apr
1534
333*
1134
1934
Jan
Jan
Feb
Jan
Mar
2234
4194
Jan
1023* June
112
Jan
253*
June
42
Feb
72
June
87
Feb
Jan
23
Mar
2
16
May
May
24
2734
2534
7334
10
2834
5,100
7534/
1,700
1634
1634
50
Feb
334
3 34
45
694
400
100
300
400
400
600
7J4 May
334 June
2034
20
2094
5,300
Feb
26
Apr
23
794
594
Jan
June
Ilk
Mar
May
339*
May
June
1334 May
Apr
6234
Feb
2534 June
Jan
834 June
20
June
32
994
243*
2094
Apr
Jan
15
3634
794
20
3794
1,000
Mar
Mar
24
14
3794
Feb
13
5334
June
634
60
400
9
Feb
2734
June
45
Mar
Jan
May
19
22
80
19
June
92
21
92
50
919*
May
Feb
.
4434
Mar
Jan
15
Mar
36
Jan
3934
Jan
Class B
Jan
194
2
1,800
194 June
434
V t 0 common
Jan
1
...
1*16
1334
1
200
"is June
294
2234
Feb
7% preferred
-.100
Insurance Co of No Amer 10
9
June
6634
2334
234
67
700
6434
June
7434
Jan
2334
200
22 34
June
2894
294
1,000
234
Apr
434
Feb
Feb
2694
6634
2894
1,200
2534
34
Apr
1334
25
Pref 33.50 series
1194
Mar
International Petroleum.
Registered
*
Feb
34
June
Feb
International Products
*
6
Feb
Mar
100
100
Jan
1834
Feb
Jan
Jan
Feb
...60
27
A stock purch warr..
6% preferred
Internat Radio
Corp
3434
11434
Mar
Class B
Jan
1834
Mar
Mar
2.200
100
1134
1 2 34
400
34
'16
3,500
New warrants
International Vitamin
194
34
1
June
34
June
8
1534
1634
1
1134
100
1
1634
100
194
134
5,300
Old warrants
92
34
34
Razor B.*
International Utility—
June
3494
1134
Rights w 1..
Internat Safety
1034
3434
34
1
Jan
May
3334 June
13
Internat Metal Indus A..*
109*4
June
Jan
*
24
134
71
434
Jan
June
105
June
Apr
Jan
82 34
150
109* June
1634 May
1
103
Class A
For footnotes see page 4317.
*1094
2234
Feb
1334 June
94 Mar
6594 May
75
Jan
13
8 94
600
71
Jan
Apr
200
1334
June
''16
7034
71
Apr
103*
2834
Feb
Hydro-Eleo—
June
1,700
11
May
Mar
Industrial Finance—
Internet
35
1234
June
2
Feb
900
1134
794
Mar
Mar
38
1134
June
4534
2794
37
100
Feb
694
20
Holding A In v..
Stores—
Flak Rubber Corp
Feb
1734
52
2534
934
45
13
Non-voting class A..
Internat
1734
1534
4734
10
May
1594 June
Mar
31
Ireland..£1
Feb
34
7094
10
3~Ioo
Jan
Jan
12
38
100
9
Mar
12 34
Fldelio Brewery...
Feb
9
77
3134
Metallurgical...♦
Fedders Mfg Co
6
100
Jan
Feb
1834
2534
June
81
500
Aor
33*
June
2494
894
45 34
May
434
934
2034
Jan
Indian Ter Ilium Oil—
June
2,800
194
Jan
4
23
Feb
4934
Fansteel
J6 preferred
1334
9
74
27 34
T.660
Jan
23
Indpls P A L 6 34 % pref 100
Mar
50
134
70
May
15
25
Feb
June
94 June
1
Jan
56
June
23
7234
45
Apr
200
*1834 "l9
Apr
24
194 June
8
International Cigar Mach
19
W
494 June
Apr
1734
934
*
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred
100
June
<
34
7% preferred
...100
Ex-cell-0 Corp
3
Falrcblld Aviation..,
1
Feb
100
50
Preferred
Ctfs of deposit
Jan
European Electric Corp—
Option warrants
Evans Wallower Lead
90
700
7
7
*
60
31
45
45
Jan
Apr
100
3 94
4534
734
25
934
6034 June
100
Jan
92
934
Illuminating Shares cl A..*
Imperial Chem Indust—
45
Jan
June
334
31
Jan
Jan
k
134
2
1
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Jan
234
234
31
1st preferred
Common
Jan
June
234
Apr
Mar
17
2
1334
1
Feb
47
69*
1734
7534
434
2834
200
June
June
24
1
Elgin Nat Watch Co
16
Empire Dlst El 6% pref 100
Empire Gas 4 Fuel Co—
25
Feb
16
May
220
June
Border's Inc
*
Hormel (Geo A) Co com..
Horn A Hardart
June
2,200
27.800
Electrographlo Corp
80
600
128
Jan
716 June
50
46
7% pref stamped.... 100
7% pref unstamped.. 100
Hydro Electric Securities. *
Jan
7%
1634
Jan
Jan
15
National
Jan
894
434
Apr
Jan
Elec Shovel Coal $4 pref..*
First
Jan
8
23
Jan
Feb
(Phlla)
11734
19
June
834 June
Jan
Corp.....
Flat Amer dep rets
Jan
8334 June
12034 May
3734 May
JHuylers of Delaware Ino—
794
Ferro Enamel
494
Hussman-Llgonler Co
983<
2234
1734
Brewing
2294
15
134
194
934
*
Jan
Jan
May
Fire Association
6
M
com
Jan
June
Fanny Farmer Candy
Jan
(Henry) A Co cl A..*
8234
8234
1334
3
Falstaff
700
3,500
25
Humble OH A Ref
68
Emsco Derrick A Equip..6
Equity Corp com
10c
Eureka Pipe Line com
60
100
34
44
5% preferred
100
Hud Bay Mln A Smelt-
100
80
*
v t o
494
3934
Jan
Jan
600
ElectroJ Inc
50
5294
25
Am dep rets ord reg..£l
com.
Jan
450
*
1334 June
.2
w
Jan
300
2,200
10
5
Feb
16
l
pref w
Jan
434
18>4
1534
57
14
2634
634
Shareholding—
conv
434
57
57
1
71
5554 June
3834 June
21
Apr
Stores.*
Option warrants
16
273*
June
84
*
19
""334
Easy Washing Mach "B".»
Common
June
194
4034
10
Holt
May
May
*
June
34 June
12*4
Jan
894 June
3,700
26
Holophane Co
300
June
Electric
June
95
Mar
2
Holllnger Consol G
534
3
Elec P A L 2d pref A
3934
1434
494
7ie
5034
Hires (CE) Co cl A
Hoe (R) A Co class A
400
62
l
June
2134
170
86
Heyden Chemical
3
63
*
25
Heller Co
13434 135
*
com
38
879*
Hearn Dept Store com
1,400
*
Class A
Jan
June
994
Feb
6
$6 preferred series B
$6 preferred
Elec Power Assoc
39
1434
234
72
*
*
894
Preferred w w
Hewitt Rubber com
334
$5 preferred
894
Apr
June
834
534
3334
Gulf States Util 35.60 pref
36 preferred
*
75
17 preferred series A
Edison Bros Stores new
June
72
900
12034 12134
1534
Grocery Sts Prod com..25c
694
6% preferred..
50
Hecla Mining Co_-.__.26c
Helena Rubensteln
Class A
*
100
Elsler Electric Corp
June
150
234
8334
84
Corp of Am cl B oom.l
Hazel tine Corp
Corp
Else Bond A Share com..5
100
2
6
Durham Hosiery cl B com*
Durn-Test Corp com..... 1
Duval Texas Sulphur
»
y
34
26
7% 1st preferred
100
Gt Northern Paper
25
Greenfield Tap A Die...*
100
Eoonomvcirocer
34 June
24
2534
Non-vot
10
34 % prior preferred. 100
20
•
34
Gray Telep Pay Station. 10
Draper Corp
4
9834
34
900
100
6 % preferred
100
Eastern Malleable Iron.25
Eastern States Corp.....*
38
200
12 >4
L) Shoe Co-
East Gas A Fuel Assoc—
Common
100
38
Grand National Films Ino 1
Grand Rapids Varnish
*
6
10
4,500
6
19,500
Domln Tar A Chem com
6 34% preferred
100
Eagle Plcher Lead
10
1034
34
*16
..£1
7% preferred
4034
994
98
*
Hat
Dubllier Condenser
Duke Power Co
200
6
Distilled Liquors
Driver Harris Co
1134
4034
934
150
11
*
75
Gypsum Lime A Alabas
1
*
Jan
Jan
100
32,800
72
*
Diamond Shoe Corp com.*
preferred
40
June
June
18 94
94
Elec Light
Hartman Tobacco Co
Harvard Brewing Co
7%
June
1534
1054
434
2X
Dow Chemical
*16 June
Apr
8994
73
May
35
Gorham Inc class A
750
20
Detroit Gray Iron Fdy__
Det Mich Stove Co com.
Douglas (W
®i6
*
Detroit Gasket & Mfg com 1
Dominion Steel A Coal B 26
34
1
65
75
Distillers Co LM
1,900
25
"""34
63
634
Preferred
*
22
500
16
10234 102 34
lOfi
1034
Corp..
100
June
Jan
134
16
S3 conv pref
General Tire A Rubber...6
Sugars class A.*
'20X ~2\X
27
Dejay Stores
Detroit Paper Prod
Detroit Steel Products
Jan
134
Great Atl A Pao Tea—
.36
ww
'16
Feb
1734 June
48
General Telephone com .20
$7 preferred
Goldfleld Consol Mines..
Am dep rets ord reg.__£l
pref
'16
Class B
De Havlland Aircraft Co—
6%
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref....*
Godchaux
»
Dennlson M fg 7 % pref. 100
Derby Oil & Ref Corp com*
M00
694
1834 May
83
100
100
6
.
"Ik ""Ik
$6 preferred
4,700
*
Darby Petroleum com...5
„.
""134
1
Glen Alden Coal..
100
Davenport Hosiery Mills
Dayton Rubber Mfg com
400
$3 preferred
*
Gorham Mfg Co—
V10 agreement extended
10
Cusl Mexican Mining..50c
Class A
Gen Investment com..
Georgia Power $6 pref
Gilbert (A C) com
200
Inc
0H%
500
1894
Warrants
17.700
"ix "lA "4~l66
1234
~~2~X
25
Crystal Oil Ref com
*
6% preferred
....10
1994
18
56
Preferred
"Ih
Crown Cork luternat A._*
Crown
1994
1894
S3 preferred
34
Crowley. Mliner A Co...
Crown Cent Petroleum..
""800
pf B..*
Gen Water G A Ecom
37
""A
1
Jan
May
134
1234
Crocker Wheeler Eleo
Croft Brewing Co
Feb
23
£1
Cramp (Wm) A Sons Ship
A Eug Bldg Corp... 100
Creole Petroluem
6
Jan
May
534
conv
"3 A "3 X
*
Gen Rayon Co A stock..
494 June
•
ICosden Oil com
Jan
"460
Common
S6 preferred A
Apr
500
'lok "II"
30
35
Gen G A E $6
*
16
4 34
94
800
800
44
Jan
294
183*
3934
Mar
Mar
38
Mar
834
103
Jan
Apr
Mar
1534
May
9i« June
May
194
Feb
June
213*
Feb
194 June
33*
34
94
734
Feb
*16
3*
Jan
Jan
434 June
Jan
Feb
Mar
Sates
Friday
STOCKS
Last
Week's
(Continued)
Sate
of Prices
Low
High
Par
Price
Interstate Hosiery Mills.
Interstate Power $7 pre!.*
Irving Air Chute
Range
36
36
8%
%
8%
X
Investors Royalty
Iron Fireman Mfg v t O..10
21
1
9»6
Jan
6%
June
7t«
Jan
20X
Apr
1\X June
X
Jan
>t6
Jan
13%
Jan
1
200
800
*16
100
14%
15%
1,000
69
69
*
"266
111
111
10
21
Klrby Petroleum
22
14
Jan
Jan
5%
June
June
4% June
Jan
90%
if!2
400
17A
56
Apr
June
5%
10%
9%
KoppersCo6% pref—100
Kress (S H) & Co pref.-.10
Kreuger Brewing
1
Lackawanna RR (N J). 100
Lakey Foundry A Mach..l
15
9%
126%
Jan
Mar
30
Jan
5%
10%
9%
15%
*47% ~49A
4;%
7%
*
8%
Feb
5%
Jan
Feb
8%
1%
21
Feb
13%
17%
Jan
Newmont Mining Corp. 10
New Process common
•
Jan
Feb
1
»
•
Jan
Jan
Feb
9%
Jan
4%
2~300
8%
IX
1,800
4,400
31%
30%
3X
32%
3X
16%
16,800
100
Apr
21 %
78%
59%
9%
3%
23
Jan
Lockheed Aircraft
...1
Feb
Feb
4%
Jan
30%
32% June
22% June
18%
16%
14%
♦
3X
3%
1,700
3% May
76
Apr
80
4
12%
400
3% June
6,000
11% May
95
Apr
Jan
93
65
3X
11%
Feb
""266
1
June
38
Apr
r
6
600
Mapes Consol Mfg Co
Marconi Intl Marine—
Jan
Marlon Steam Shovel
30
12%
3
..
12%
3
17
300
12% June
3
Apr
1,300
Jan
Master Electric Co
21
21
21
100
18%
Jan
1
65
"Tx
"6%
23%
22%
*
112
112
M em phis Nat Gas com... 5
7%
23%
112
4%
Memphis PA LSI pref...*
"""700
700
145
5
200
I
I
TT
42
I'M
1
toi
"""166
25%
6%
25%
6%
600
X
2,100
3X
32%
100
50
1
%
Metal TextUe Corp com..*
Part preferred
Metropolitan Edison pref.*
v
Class B
v
Midland Oil
2
8X
May
39
Jan
10
Jan
33% Mar
22% Mar
Jan
3%
16% Mar
Apr
25%
/5% May
June
5% May
Jan
%
»J7
May
Mar
7
Jan
Apr
63%
Mar
Mar
k
2%
80%
10
June
4X
X
Ohio Brass Co ol B
10
98
May
106%
Jan
June
12%
Mar
June
119%
Mar
5%
Feb
550
6% conv pref...
Oldetyme Distillers
110
6,900
160
"16
11%
11%
11%
2,400
96
96
96%
51
""766
4%
Jan
Feb
94
Feb
78
May
Feb
116
Apr
10% June
Feb
%
2%
5i« May
1%
16
Feb
Feb
Feb
50
95
Apr
98
Apr
1,200
40
May
56
Juno
7
8
8
2%
2%
2%
2%
6
800
200
May
May
3%
Feb
11%
Jan
2% June
7%
Jan
50
150
50
77
Jan
40%
43
600
35%
Jan
50%
Apr
41
41
41
100
35
Jan
50%
Apr
50%
2%
100
X
"16
40
89% 90
103% 103%
10%
10%
18% 20%
1%
2
2
%
300
"32"
"33%
58%
97
97
103
109% 109%
102% 103%
101
101
101
50
50
1,500
June
Jan
49%
2% May
6
Apr
2,200
79
20%
50
79%
%
7%
12%
99
"3%
3%
12%
28%
99%
3%
Jan
16% June
Pacific GA E 6% 1st pf.25
Jan
Jan
May
8
Jan
11.301st preferred.....
Pacific Tin spec stock.
•
4X June
7
Feb
Pan
% June
2
Feb
10
Jan
Pantepec Oil of Venes
1
Paramount Motors Corp. 1
10
10
a
Jan
Jan
Jan
103
Feb
108
Jan
12% May
41
Feb
300
1% June
6%
Jan
26%
30% May
37
Feb
35%
Jan
25
25
Jan
67
90% May
110
43%
100
106%
140
10
1,900
450
50
2,100
May
1.000
Jan
Mar
Jan
111%
Jan
102% June
112
Jan
101
June
111%
Feb
Apr
104%
Feb
12% June
9%
Apr
26
May
14%
Feb
98
.8*
Apr
June
Apr
28
14%
32%
106
Jan
Jan
Feb
6
Jan
10
Apr
10%
Feb
100
50
Feb
Feb
Mar
32%
29%
107%
June
Apr
8%
Jan
21% May
27
104% 104%
May
5
29%
27
104%
103
65
28%
5%% 1st preferred—.26
Pacific Ltg $6 pref
*
Pacific P A L 7 % pref—100
Pacific Public Service...
61
96
""366
7% June
Mar
51% Jpne
4%
Jan
Jan
78% May
87%
Apr
103% June
92%
27
Feb
1,000
100
Feb
1,500
12%
..1
Amer Airways
Feb
2%
28
1%
Feb
Jan
16%
51%
15
18%
1
65
2%
""2%
Oliver United FUters B.
May
Mar
June
9% June
81% June
100
Overseas Securities
Apr
Jan
2X
11% June
4%
24
500
1%
100
Jan
110
100
"16
50
com.
S3 preferred
Feb
"ix
1
115%
100
37
2
100
June
1%
58%
Ohio Power 6% pref—.100
Ohio PS 7% 1st pref... 100
106
2
4%
106
98
com..
6% 1st preferred
Jan
Mar
Mar
30
93
Ohio Edison $6 pref.....*
Ohio OH 6% pref
100
Parker Pen Co
24%
54%
Mar
26%
Mar
39
39
40%
100
38
May
62%
62%
63%
500
59
Apr
8%
63,200
8%
7%
Mar
Feb
24
23
24
100
24%
Apr
89
Jan
Jan
Jan
75%
9%
Jan
6%
Feb
Jan
30
Jan
20
May
24
Mar
Patchogue-PlymouthMUls*
29
Apr
63
Feb
71
Jan
90
Mar
30% June
43
Feb
4%
14%
Jan
Pender (D) Grocery A.
Class B.
Mar
Peninsular Telep com..
2X
10
10
Minnesota Mining A Mfg.
10
3
10 X
300
400
L7% pref..
38 X X39X
200
2X June
9% June
2X June
33% May
May
100
.88
Miss River Pow pref... 100
114
Mock, Jud, Voehrlnger Co
Common
2.60
8%
l
Monarch Machine Tool—*
200
Montreal Lt Ht A Pow..
Moody Investors pref
*
Moore Corp Ltd com....*
9
600
"766
I35'
137%
29X
30
32% 32 X
*280
150
25
100
(Tom) DistlUery.
3%
"3
""3%
200
~9~x "iox
"WOO
Mtge Bk of Col Am shs
City Cop
com
Mountain Producers
5o
'iox
10
5X
6
600
Mountain States Pow com*
Jan
98
Jan
118
Feb
11% June
8% Mar
16%
Feb
11%
25
Apr
May
June
3% May
4%
Feb
Mar
17
Jan
134
June
157
Feb
29
May
31% June
42% Mar
180% Mar
37
*138
Murray Ohio Mfg Co...
Muskogee Co com—.
19 X
138
19X
12 X
27X
"i~X
Nationa Candy Co com..*
National City Lines com.. 1
23 conv pref
......50
National Fuel Gas......*
18%
Feb
June
Feb
Jan
Nat Mfg A Stores com
*
National OH Products....4
...»
65%
12X
"lix "l2X
Common
1
Conv pref ser A
Pierce Governor com
Pines Wlnterfront
10
Meter
19
Jan
Apr
13
Feb
Plough Inc..
Jan
47
June
Feb
Jan
May
Apr
*
Pneumatic Scale Corp.
Potrero Sugar com
Powdrell A Alexander
.
.
Jan
June
4%
95
37
Mar
Feb
161 v
I
Apr
Feb
8% June
20
June
June
34
116%
Jan
Feb
Mar
300
10
June
15%
Feb
7%
7%
1,700
6
Jan
11%
Mar
40
Mar
9%
10
18
92
92
13
33%
3%
6%
Feb
Feb
Jan
124%
1%
15%
98
13%
122% 124%
1%,
1%
15% 15%
June
17
9%
Jan
42%
Apr
June
27%
220
88%
Jan
116%
Mar
300
13%
114%
1%
15%
June
May
May
June
16
June
1,100
13
600
100
200
147%
2%
Feb
Feb
19
Jan
Apr
8
Feb
6
"2"
5
5
7% June
40
8%
8%
"T%
9
""300
700
Power Corp of Can com..*
6% 1st pref
Jan
179
31
10
Feb
2
June
4%
Jan
8% June
12%
33%
Feb
41
Jan
21
May
Feb
...100
*,
Premier Gold Mining
4317,
37
.....
Pratt & Lambert Co
For footnotes see page
7%
•
June
44
Jan
112
26
Pitts Bessemer A L Erie RR
Common
50
June
June
19
10
31
Feb
Postage
15
11%
June
113
111
31
*
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh MetallurgicallO
Pittsburgh Plate Glass..25
Pleasant VaUey Wine Co.l
Mar
16
Jan
l"500
8
400
10% May
14
June
7%
Jan
91%
200
400
73
119% June
31% Mar
7% June
7%
Feb
Mar
3%
Jan
150
Pitney-Bowes
14%
May
250
Jan
44%
64
"400
3% June
Jan
500
8
32%
7%
9%
2,400
June
200
"73%
3%
1% June
Jan
51%
10% May
14% June
7%
33%
32%
7%
Feb
27
59
"73"
119% 123
Mar
Pioneer Gold Mines Ltd.. 1
600
8
41
National P A L 26 pref...*
National Refining Co...25
"73""
Jan
3
~32%
162
35%
Apr
19%
Jan
2% June
14%
200
125
100
Mar
T656
175
300
11
8X
41X
66%
8X
174
2%
4
400
"15%
'15"
175
Mar
Mar
Phoenix Securities—
44
15%
8%
10
Mm
8%
5%
17%
37%
23
50
91
72
2%
Mar
6%
375
93%
91
42%
June
36%
Mar
97%
Apr
June
5%
Apr
3% June
12
May
89
May
82
May
1
20
200
•
♦
5
7%
4,200
92%
100
4% Apr
9%c June
5% June
Jan
3%
2%
Philadelphia Co com.....*
Phlla Elec Co $5 pref..
*
Phila El Power 8% pref.25
Phillips Packing Co———*
May
3%
91
Pharls Tire A Rubber coml
28%
15X
Penn Traffic Co
Pa Water A Power Co
Feb
June
100
16 preferred..........*
Penn Salt Mfg Co......50
Apr
3
2,900
PaPr A Ltf7 pref—._...»
8
155%
15%
•
National Baking Co oom.l
Nat Bellas Hess com
1
Nat Bond A Share Corp..*
3%
*
184
June
12X
28X
iox
IX
55X
Pa Gas A Elec class A
Pepperell Mfg Co
Perfect Circle Co.
13c
Feb
Mar
33
June
3
12%
30%
110
65
l
v t c—. 1
Jan
June
12X
27X
iox
IX
55X
Corp
Mar
18
Apr
97% Mar
16% June
6% preferred—....100
Nacb man-SprlngfUled
*
Natcon Corp
1
Pennroad
Jan
June
109% May
$2.80 preferred.....
$5 preferred
Penn Mex Fuel Co
44
10 *138
100
Jan
7
26
Preferred...
100
Penn Central Lt A Pow Co
44
3
Mountain sts Tel A Tei 100
v t o
43
Feb
12
137%
Class A 7% pref
11X
"~3% ~~3X
Monroe Loan Soo new A.l
Montana Dakota UtU... 10
Montgomery Ward A
UX
8X
Mar
5
22
Molybdenum Corp
Nat Rubber Mach
ol A..100
Ollstocks Ltd com
Oklahoma Nat Gas
Jan
Feb
15%
*
Midwest OH Co..
Nat Auto Fibre A
com
Jan
1,000
*
Mid-West Abrasive com50c
Mountain
Nor Sts Pow
Jan
Feb
Mar
16
34
73% June
10
June
""300
600
•
Northern Pipe Line
32
2X
9X
Mining Corp of Can
Moore
86
Nor Ind Pub Ser 6 % pf. 100
7% preferred.
100
Nor N Y UtU 7% 1st pf 100
Jan
Feb
14
May
28% June
12% June
50
SNor Texas Eleo 6% pf.100
Northwest Engineering..*
73
Apr
_.*
Mid vale Co
Minn PA
84
Novadel-Agene Corp..... *
Midland Steel Products—
22 non-cum dlv shs
84
"43
Feb
121
Jan
$6 preferred
North Amer Rayon cl A
Class B com
Feb
iS
June
25 X
6%
-.*
pref.
Noma Electric
1
Nor Amer Lt A Pow—
Common
.......1
6% June
"1"
*
10
.*
t oconv
"16
3X
32 X
~2~X "2%
*
t o
11%
*
5
95
Bumper Corp..1
Gas A OH
1
Steel Tube..2.50
Class A
Jau
4% June
52
6%% A preferred... 100
Preferred
Middle States Petrol—
101%
June
72
1
1
Participating preferred.
Merrltt Chapman A Scott*
Warrants
Sugar Co
Jan
6% June
22
5
1
Mercantile Stores com..
Michigan
Michigan
Michigan
Michigan
10%
2%
Feb
Mexico-Ohio OU-.
11%
50%
8%
Mesabi Iron Co
.....
4%
29
2%
900
Merchants A Mfg el A
Class A pref
Niles-Bement- Pond
Nlpiaslng Mines.
110
4%
24
50%
12%
Mead Johnson A Co
110
6% prior preferred... 50
100
98
26
No Am Utility Securities,
Nor Cent Texas Oil
...6
Nor European Oil com
1
82
Jan
7%
Jan
12
Dredging
98
25% May
12
MeWUHams
107%
May
Apr
Massey-Harris common..*
May Hosiery MUls pref..*
McCord Rad A Mfg B
*
100
June
Mar
30
v t o__
Jan
Feb
1,200
300
6
20%
Corp.
Utll Assoc
15%
100
June
June
2%
Apr
96% June
13
2%
Jan
42% June
6%
Feb
10%
Jan
2% June
Communication ordreg£l
ass
6% 1st pref new.... 100
5% 2d pref cl A
100
5% 2d preferred
100
5% 2d pref dB
100
Class A opt warr new...
Class B common......6
Jan
18
72
29
Class B opt warr new...
Niagara Share-
Mar
6%
100
100
12%
106
Apr
4% Jan
25% June
75
May
125
May
650
29
13
*
Jan
6%"
700
Mar
June
26
60
»
"T
70
.......
Jan
'
...
"166
Shipbuilding Corp—
Founders shares.
New York Transit Co
6
N Y Water Serv 6% of. 100
Niagara Hudson Power—
Common new
....10
9% June
""260
"97"
TN Y Telep 6%% pref. 100
800
May
16 preferred...
N Y
Jan
10X
1
1%
1,000
10%
_72
.
Apr
Feb
Feb
2%
12
Jan
Warrants
N Y Merchandise...... 10
N Y Pr A Lt 7% pref..100
13%
11%
"m
1%
"72"
3%
20
10%
'~2~X "~2%
June
20%
76%
2%
99
Mar
110
*
"~i
12
20%
74%
2%
96%
Mar
Jan
"ix
800
20%
76%
May
*13%
9X
Lucky Tiger Comb g m..l0
13%
1%
New Mex A Ariz Land—.1
7
5
12
June
6% preferred
100
New England Tel A Tel 100
New Haven Clock CO'
*
New Jersey Zinc
..25
24
Locke Steel Chain
100
100
13
6%
Mar
June
Loudon Packing.
*
Louisiana Land A Explor.l
Louisiana PAL $6pref..*
100
5%
June
22%
1,200
Jan
13
12
..100
New Bradford OH.
New Engl Pow Assoo
Jan
13
Jan
Apr
...»
11%
Mar
June
80
13
6%
Jan
111%
12%
46% June
4% May
97 X
Apr
2% May
13% May
7X
Apr
Jan
»t«
26% Apr
300
1
32
6
Feb
Jan
Jan
102
Apr
June
15
300
June
Jan
May
600
May
N Y A Honduras RosarlolO
17% June
10% June
100
100
Loblaw Groceterias A.—.*
M
1%
N Y Auction Co com.,
N Y City Omnibus—
2,200
*
35 conv preferred...
7% preferred.
June
4%
*
25
Lynch Corp common...
Majestic Radio A Tel
Mangel Stores..
10
Nestle-Le Mur Co cl A... *
Nv-Callf Eleo com
100
Feb
70%
4%
...
""400
1%
*
(Herman) Corp
6
Neptune Meter class A..
Mar
2~300
Lane Bryant 7% pref.. 100
Lefcourt Realty com
1
6% pref class B
"10% "iox
8
10%
*
65%
IX June
54
11%
15
*48%
....
June
June
200
Nelson
Jan
3%
24%
*
June
100
Jan
106
Lake Shores Mines Ltd—1
7 % preferred
Jan
Jan
96%
Jan
800
5
Nebel (Oscar* Co com...
100
X
"166
1%
Nehl Corp common
1st preferred.
High
Low
2,000
49
_
114%
28%
3%
88%
19
20
"4% "5"
Knott Corp common
.....
12,50
Nat Union Radio Corp
Navarro OH Co
"16
Shares
24%
24%
.
"is
54
Klein (D Emll) Co com
Klelnert (I B) Rubber.-.10
Corp
Conv part preferred-
National Steel Car Ltd
*
National Sugar Refining. *
National Tea 6%% pref. 10
National Transit
High
%
4%
Range Since Jan. 1 1937
for
Week
of Prices
Low
Nat Service common.
42 X June
1%
1%
..-.1
Long Island Ltg—
Common
Feb
Feb
Feb
%
18%
89
Klrkld Lake G M Co Ltd. 1
Lone Star Gas
Jan
2%
June
78
10
"5%
4%
Class B
18%
June
85
78
78
KansasGAE7% pre!. 100
Ken-Rad Tube A Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
6% preferred D.
100
Kingston Products...... 1
Lion OllReflnlng...
Lit Brothers com...
Jan
Feb
Price
Nebraska Pow 7% pref. 100
Julian & Kokenge com...*
Preferred
"i6
27%
66
25
Jones A Laughlln Steel. 100
Leonard OH Develop
Line Material Co
Mar
Jan
6
Jersey Central Pow & Lt—
5%% preferred
.100
6% preferred
100
7% preferred,
...100
Jonas A Naumburg-._2.50
Lehigh Coal A Nav
42%
24%
Week's Range
Sate
Par
High
)
34X
1,100
14 H
Jacobs (F L) Co.
Jeannette Glass Co
Low
50
UH
Last
(Continued)
Shares
*16
Sates
Friday
STOCKS
Range Since Jan. 11937
140
9
1
for
Week
100
21
11%
Italian Superpower A
Warrants
Mar gay OH
June 26, 1937
New York Curb Exchange—Continued—Page 3
4314
II
32%
2
32%
2%
100
2,000'
32% June
2
June
4%
Jan
Volume
Week's Range
for
{Continued)
Sale
of Price*
Loto
High
Week
Par
Price
42
Pressed Metals ol Amer..*
28
May
May
*
Producers Corp
Providence Gas
"m
*
$0 preferred
%
%
S16
1,600
2,300
12%
700
8%
10%
9
10%
300
8% June
200
10% June
100
99
%
'
%
*
Prudential Investors
% May
% Mar
12%
1
8 Propper M cCallumHos'y *
Prosperity Co class B
*
102
•
102
7%
99%
10
44%
180
23%
80
1
2%
2%
2%
8,400
Feb
Common class B
*
2%
2%
2%
300
Jan
Preferred
*
00
Jan
Standard Steel Spring com*
Standard Tube clB
1
May
103
Jan
Standard
99% June
105
Feb
Starrett (The, Corp v 10 .1
Steel Co of Canada ord
*
June
39
June
Jan
109
08%
Jan
41
Mar
May
98
Jan
1st
Jan
93
Feb
2d
112
100
100
Pub Utll Seour $7 pt
June
117%
Apr
92
100
100
pf
June
119%
117%
Mar
Apr
103
Feb
Apr
106%
Jan
May
100%
1%
*
4%
Jan
Puget Sound P A L—
»
*
$6 preferred
J0 preferred
Pyle National Co
65
65
150
28% June
90%
60%
Jan
Jan
June
Rath Packing Co
Raymond Concrete Pile—
Common
*
S3
Raytheon Mfg
50c
Red Bank Oil Co
*
Reed Roller Bit Co
Reeves (Daniel) com
Relter-Foster Oil
*
Reybarn Co Inc.....
%
23
1
Reynolds Investing
Rice Stlx Dry Goods
Richmond Rad
Jan
1%
Jan
Swiss Am El or pref
500
13%
33
5%
%
700
100
5%
100
1
1,300
23
23
100
4%
1%
200
1
com
1%
SI.20
6%
Royallte Oil Co Ltd
Jan
Taggart Corp common... •
Tampa Electric Co 00m..*
Tastyeast Inc class A
•
Russeks Fifth Ave
2 %
2%
6%
13
900
Rustless Iron A Steel
.1
S2.50 conv pref
Ryan Consol Petrol
2%
100
7%
4,000
500
13
916
*
Ryerson A Haynes com.. 1
"106%
107%
""150
"ii"~
16% "11%
2*200
"*5%
7i"6% "5%
""366
l'3%
Safety Car Heat A Lt.100
'
4
Jan
10
Jan
33
Jan
x5% May
Mar
*
Feb
Jan
1%
Apr
22% June
32%
5%
Mar
%
4%
June
1% June
2%
Feb
13%
7%
Mar
Feb
104%
Feb
3%
700
26
June
4%
June
5
Jan
13%
Jan
18
JSD
1
Jan
Apr
Apr
90
Jan
12% June
10% June
46% June
4
Mai
65%
110
Mar
June
14%
17%
Apr
Jan
49% May
6%
Jan
June
8
Jan
3%
114
Feb
141
Mar
Apr
St Lawrence Corp Ltd...*
9%
Jan
15%
Apr
27%
7%
Jan
38%
Apr
June
11%
Apr
97
June
117%
Jan
May
Feb
pref A
St Regis Paper
Sanfod Mills
8,900
5%
900
3%
300
21%
21%
100
41
41%
500
46
"41%
50%
30
*
Ino
Segal Lock A H'ware
1%
1
5%
Selberllng Rubber oom_._*
Selby Shoe Co
Selected
Ino—
Common...
1
Conv stock
..6
S6.50 prior stock
Allotment
24
*
Industries
26(
certificates..
69
Apr
5%
2%
"92%
94
2
6%
1,800
2,400
50
24
2%
1,600
"92% "94%
""850
2%
96%
94
200
4%
Jan
21% June
26
May
38% May
65
Mar
46
June
June
54% May
78%
Jan
5%
Jan
Jan
June
60%
4%
5% June
9%
2% June
Securities Corp general...*
Bros
May
3
29
Scrauton Lace Co com...*
Scranton Spring
Brook—
Water Serv SO pref...*
Seeman
May
0
58
6
._*
Manufacturing.26
8%
5%
3%-
5%
*
Savoy Oil Co
Schlff Co common
8covliie
1
com.
com...
300
7%
5
100
12%
12
60
com
7% preferred..
Samson Unlied Corp
44%
1%
22
May
May
2% June
24
June
92% June
94
June
30
4%
28%
101%
104
Feb
Mar
Jan
Amer
Seton Leather
*
com
Seversky Aircraft Corp.-l
Shattuck
Denn
Mining..6
Shawlnlgan Wat A Pow..*
Sherwln-Williams com..25
%
8%
3%
17%
26%
%
400
8%
3%
8%
3%
100
16%
26%
17%
27%
Jan
2%
1%
12%
3%
June
0%
Jan
Apr
28%
Feb
Apr
33%
June
154%
Mar
June
114
Jan
Mar
Feb
Mar
Feb
28%
Apr
1
Jan
Shreveport El Dorado Pipe
% May
Line stamped
26
Simmons-Broadman Pub—
Conv pref.
Simmons Hard're A Paint *
31
3%
3%
900
60
303
300
Singer Mfg Co.,
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
1
Apr
35
7%
370
6%
Apr
Jan
100
4% June
7
98
20%
1%
1%
2,100
1%
Apr
6%
1%
l
6%
300
5%
Apr
0% preferred B
29%
2%
8%
7% preferred
20
26
'25% *25%
'""loo
5%
6%
3
3
100
Southern Union Gas
•
Southland Royalty Co...6
10
10%
600
South
43
43%
300
Spanish A Gen Corp—
Am dep rets ord reg—£1
Am dep rets ord bearer £1
Spencer Chain Stores
Stahl-Meyer Ino
com
Standard Brewing Co
Conv preferred
%
"9% "*9%
"800
166%
June
34%
June
%
June
3%
1,100
June
29%
18,400
3%
18%
4%
June
%
3%
26%
4%
4%
1,300
102%
5%
5%
"~l30
Jan
Feb
Jan
United Chem cals
$3
00m
3
3%
65
.
100%
4%
10%
1%
65%
166%
7%
Mar
Jan
6%
11%
Feb
Corp warrants
United Elastic Corp
._*
United Gas Corp com
1
1st S7
pref non-voting.*
Option
Common class B
Class B
...25
United Specialties com
U S Foil Co oiass B
1
U S Lines pref
*
....
Playing Card
conv
Corp com...
1st pref
73
2%
8%
112
1%
9%
115
2%
*
Universal Corp v t 0.....1
Universal Insurance
8
For footnotes see oags 4317
34%
1,300
100
5%
*38%
38%
5%
2
Jan
Feb
Jan
5%
Feb
10% June
13%
Apr
4%
June
May
3
Jan
9
Mar
Jan
31
Feb
May
Jan
85
June
11
Feb
9% June
May
13
Feb
9
Feb
Feb
60
4%
June
6%
2
June
4%
Jan
May
114%
Feb
18%
Jan
Apr
17% June
6%
%
Apr
Jan
June
85
30%
13%
Jan
Mar
Feb
52% May
June
2
Jan
Mar
%
xl 1
Mar
13%
7% June
108
May
1% June
124
94
"9",900
3%
Feb
Jan
Jan
400
Jan
4%
June
11%
Jan
5
June
33% June
11%
75%
Jan
June
45
Feb
May
76
Apr
"1% ""l%
"400
Universal Products
Jan
"11%
10%
June
"80"" "80""
'""loo
1%
""2%
800
100
25
Jan
"3%
"4%
Apr
20%
Mar
9% June
13%
Apr
Mar
Jan
Jan
Mar
Feb
9
June
10
Mar
300
6
June
14
Mar
900
June
1%
10%
150
June
18%
3%
14%
4%
1
%
300
3%
1,400
4%
5,300
14%
100
4%
100
Jan
3%
3% June
Jan
Jan
Feb
May
4%
6
Feb
4
Jan
Jan
17%
Mar
June
12%
8%
Apr
Jan
May
22%
May
Apr
19
Jan
23%
35%
Feb
56%
June
80%
Jan
15%
9
3%
56%
3%
93%
%
2%
%
2%
12
12
56%
3%
93%
4%
71%
%
2%
%
2%
13
25
400
2%
Feb
4%
Apr
10
93%
June
103%
Feb
4%
June
200
0
89%
Jan
Jan
50
71% June
300
June
2
Jan
June
0%
Feb
1,000
2*.
%
2,300
100
550
2%
12
1%
Jan
May
3%
Mar
June
28%
June
6%
"24% "25"
500
Jan
'"266
6
Apr
10%
Feb
55
6%
Mar
73
Feb
24% June
pref.. 100
"II"
'II"
800
1,500
33
Apr
'""loo
6
Apr
9%
1%
Jan
3%
83%
Vogt Manufacturing
June
11
June
18%
June
10
5%
Waco Aircraft Co
100
Feb
Jan
Jan
Feb
Jan
17%
22%
Feb
June
4%
Jan
Mar
11%
June
2%
Jan
6
Feb
9%
Waltt A Bond class A...*
1
•
1
Apr
2%
*
(The) Co common.
Class B
34$
200
%
3%
7
Walker M ining Co
June
Fob
Mar
%
2
May
3
93%
9%
9
lUtil Pow A Lt common..1
Class B...
1
Waht
18%
6%
6%
Jan
Jan
*14% June
X
1%
Apr
2%
2%
June
June
Jan
6%
9
"I %
4%
Va Pub Serv 7%
80
25%
2%
25
6
Jan
Jan
13%
300
2
May
Jan
47%
June
*
1
4%
96%
Apr
37%
2,400
Feb
Mar
7% May
Mar
84
180
12%
June
May
700
575
39%
14
1%
12
2%
2%
87%
13%
10%
245
Feb
Apr
June
39
5%
8%
5%
86%
39
71%
preferred
Apr
June
5%
2%
*
Conv
300
Jan
June
1%
11
Priority stock
.*
Utility A Ind Corp 00m.. 6
Utility Equities Corp
6%
245
1%
6%
45
1,100
2,000
100
Venezuelan Petrol..
105%
20,500
7%
7%
Venezuela Mex OU Co..10
June
300
1,500
40
Van Norman Mach Tool.5
33
Feb
Mar
*i«
65
"_5% ""5%
Jan
102% June
900
Pictures 00m.. 1
Wagner Baking vts
33%
May
25
"5%
Apr
63%
500
Jan
Feb
3
72%
% June
3,300
100
Mar
21
Jan
18%
115
"266
4%
6%
4
100% June
%
Jan
15%
6%
1%
June
102% 103%
Jan
Jan
66
105
1%
17%
12%
June
May
Jan
800
200
10
Feb
4
51
"360
100
5%
Feb
200
"""16
1,200
May
1
300
1,400
8%
3%
4%
17%
42%
"34"
Apr
89% June
115
50c
Mar
19
3
xll
8%
Oil... 10
Consol
1
22
200
55
900
52% May
*
% June
27
2,300
Mar
Apr
Apr
18%
10%
6%
*
*
7% preferred
100
Valspar Corp v t c com..l
v t c conv pref
5
22
10
Jan
Jan
""% "'S"l6
10
Jan
300
19%
Jan
12%
%
1
Jan
22
19%
9%
Jan
7%
""260
13% June
U 8 and Int'l Securities—*
1st pref with warr
*
42
22%
19%
Feb
Mar
85
25
com
Preferred...
48
Jan
0%
77%
112
112
l
United Shoe Mach
Apr
41% June
Jan
May
3%
*
June
15%
31
Mar
73
4%
24%
5%
2%
2
warrants
United G A E 7% pref. 100
United Lt A Pow con. A.*
42
200
%
Jan
3%
Utlca Gas A Elec 7% pf 100
Jan
200
Jan
41
5%
10%
1%
22
9%
*
Jan
2
20% June
4%
Feb
""loo
"l3%
73
__*
A part pref
cum
Feb
Mar
5
700
4%
May
May
101
8
United
Utah Pow A Lt $7 pref..*
Utah Radio Products....*
Jan
May
Feb
10%
June
300
17%
Universa
Jan
Mar
%
9% June
600
500
35
*"% """%"
Warrants...
Mar
83
200
Oil
115
Union Gas ol Canada
.*
Union Oil of Calif deb rts__
Union Stockyards
100
United Aircraft Transport
Mar
160
%
17%
(Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
Jan
1,100
Apr
95% June
pref..26
6% preferred..
2
Unexcelled Mfg Co
10
Union Elec Light A Pow
7% preferred
100
United Stores v t c
United Verde Exten
United Wall Paper
Apr
May
21
22%
41%
Standard
98
11%
2% June
"65
""5%
U S Stores
June
%
*
preferred
8%
20%
Standard Invest $5% pref*
Standard Oil (Ky)
10
Conv
28
41%
20%
*
10
May
Mar
Feb
400
9%
34%
%
•
Standard Dredging Co—
Common
....*
29%
25
200
%
*
Standard Cap A Seal com.l
June
8%
17
Ulen A Co 7%%
27
26
So West Pa Pipe Line..60
46
Apr
17%
Tung-Sol Lamp Works. .1
80c dlv preferred
.._*
U 8 Radiator com
1
U S Rubber Reclaiming..*
72
700
Apr
♦
Jan
155
100
Engl Tel.. 100
Southern Pipe Line
..10
Oil
May
4% May
New
Penn
30
27
5%% pref series C...26
Southern Colo Pow ol A.26
South
36%
June
11
8
"3%
24%
Universa
36%
16
"62% "63
4%
Feb
Feb
Southern Calif Edison—
6% original preferred. 2 5
Feb
125
*13% ""13*
Tublze Chatlllon Corp—.l
Class A
1
17
...1
Boss Mfg com
Jan
3% June
295
5% June
Sioux City G A E 7% pflOO
Smith (H) Paner Mill—.*
Solar Mfg Co
Sonotone Corp.
Truna Pork Stores
U 8
3%
Mar
43%
10%
1%
United Profit Sharing.___*
Preferred
1C
United Shipyards cl A
1
15%
24
22%
22%
""loo
01
1
warrants..
Feb
1,200
108
Jan
Jan
50
17%
"162"
10
Common
Trt-Continental
June
2,000
118
17% June
Jan
Mar
"14"
113% 115
Am dep rets ord reg
United N J RR A Canal 100
Apr
6% cum pref ser AAA 100
Sherwln Williams of Can
"2400
19%
4%
United Molasses Co—
May
25%
3,800
4
Feb
Feb
28
May
May
3% May
40% June
Trans Lux Pict Screen—
Transwestern Oil Co
Mar
%
700
7% preferred A
100
Tonopah Belmont Devel 1
Tonopah Mining of Net.1
Mar
8%
550
121
118
1%
3%
*17% *18*"
Am dep rets ord reg...£l
Am dep rets def reg—£1
Todd Shipyards Corp
•
Toledo Edison 0% pref. 100
36 1st pref erred
United Milk Products...*
33 preferred
...♦
Jan
Selfrldge Prov Stores—
dep reo
_.£1
Sentry Safety Control...1
2%
Feb
Tobacco Securities Trust
June
11% June
Roofing Inc
1
Tlshman Realty 4 Const-*
Jan
June
2%
Tllo
Tobacco and Allied Stocks*
Tobacco Prod Exports
*
Jan
conv
Apr
5%
2
%
S2
%
4%
1
Thew Shove JCoal Co
Apr
Gold
1,100
29
Texon OU 4 Land Co
%
Anthony
11. *
3%
1
Mar
Mlnee.l
St
Mar
%
Teck-Hughes Mines
100
*
33%
Tenn El Pow 7% 1st pf.100
Texas P4L7% pref—100
8%
916
107%
June
1
Mar
Feb
»
Royal Typewriter
22%
11%
Mar
June
20
100
115
100
49
26
pref...
conv
22%
Mar
44
53%
7%
17%
46%
8%
reg..£l
Root Petroleum Co
1% May
"14*
Jan
May
Rossia International...—*
100
18
16%
Feb
4%
2%
Feb
1%
27%
5%
3%
Jan
98
6
17% June
"17%
24%
100
Roosevelt Field Inc.-
0%
175
1
%
x38%
Ltd—
Am dep rets ord
Jan
5%% conv pref
50
Sunshine Mining Co... 10c
Superior Ptld Cement B..*
2
Rochester Gas A Electric—
0% preferred cl D
Jan
4%
19%
28%
4%
1
0
500
15
18% June
% May
33
*
Reliance Eleo A Englng..5
100
4%
1
Taylor Distilling Co
June
Feb
Mar
6%
$3.30 class A partlclpat. *
Swan Finch Oil Corp...15
5
13%
Feb
*
Jan
13
*
Rolls-Royce
Sullivan Machinery
Sunray Drug Co
Sunray Oil
Jan
4%
Mar
%
41
com.
16%
%
Jan
150
Jan
*
25%
36
Jan
10
22%
150
35
39%
107
8%
5
Technicolor Inc common.*
36
15%
Apr
*
Stlnnes (Hugo) Corp
Stroock (S) A Co
SStutz Motor Car
124%
preferred
conv
May
35
17%
Mar
8%
•
May
Mar
8
50
6%
4%
17%
1%
22%
June
Jan
Feb
"_60O
20%
6%
4%
125%
17%
32
18%
May
8%
Stetson (J B) Co com..
Feb
Feb
""166
8%
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino
...1
109
10
93
100
10
Jan
10
Feb
500
10
%
Mar
June
12%
134
% June
25
4%
1,700
12%
Feb
Class B
Feb
5
20
Apr
Class A
Mar
37
14%
Rainbow Luminous Prod
Jan
8
35%
25
"166
36
June
60
Jan
"l"s% *18%
June
5
107
111% 111%
♦
23
300
18%
*
preferred
Jan
100
5%
23
"8% "9%
100
preferred
"it
16%
Jan
Ry A Utll Invest cl A...
Jan
93
8
Apr
Feb
7i#
4%
375
134
Jan
25
14% June
1,600
20
"266
*
69%
5
30%
28%
7%
7%
June
Wholesale Phosp
com
Jan
Jan
June
%
23
20
100
com
65
200
18
716
Lead—.1
""16% "16%
28 %
Pyrene Manufacturing-. 10
Quaker Oats com
*
0% preferred
Quebec Power Co
Ry A Light Secur
66%
6
com
Sliver
0%% pref
Sterchi Bros Stores
19% June
Pub Service of Okla—
0% prior lien pref
7% prior lien pref
17%
Jan
Standard
2% June
2
36
Feb
Standard PAL
High
Low
Shares
*i«
%
17%
11%
14%
Standard Products Co...l
June
High
35%
76%
90%
Pub Serv of Nor 111 com..*
0% preferred
7% preferred
Low
Stein (A) A Co common..*
40%
21%
*
$0 preferred
Common
Price
46
Publlo Service of Indiana—
.
Week
Feb
Mar
12
106
_.100
$7 prior pref
for
of Prices
A Add Works
99%
100
1st pref
Week's Range
Sale
Par
Pub Service Co of Colo—
0% 1st preferred
Last
High
Low
Shares
..._*
com.
1937
Range Since Jan.
STOCKS
{Continued)
Range Since Jan. 1 1937
Last
Sales
Friday
Sale*
Friday
STOCKS
Prontlce-Hall
4315
New York Curb Exchange—Continued—Page 4
144
2%
2%
1%
2%
200
2,300
1
2%
Jan
Jan
H=
New York Curb Exchange—Continued—Page 5
4316
Friday
STOCKS
Last
(Concluded)
Sales
Week's, Range
Sale
of Prices
High
Low
Price
Wayne Knit Mills
Wellington Oil Co
for
Range Since Jan. 1,1937
100
824
200
Western
1.25
Grocery
Co
High
7
524
5 24
Mar
824
Feb
8
June
1024
Apr
Mar
1324
Apr
500
524 June
724
Mar
Mar
♦624s
Aug 1 1952
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Dixie Gulf Gas 624s.. 1937
Eastern Gas & Fuel 4s 1956
Jan
Feb
100
98
Jan
117
Western Tab & Sta
*
28
Apr
*32
Feb
Westmoreland Coal Co
*
9
June
9
June
Western Maryland Ry—
West N J & Seashore RR 60
62
3%
12*4
1
324
3 24
1,300
12 2*
12 24
200
Williams (R C) & Co
•
Williams OU-O-Mat Ht._*
prelerred..
Wilson-Jones Co
724
54
24
3 24
*
24
3 24
6
700
3
424
13
1824
dep rets
5
6% preferred
£1
Wright Hargreavee Ltd..*
Youngstown Steei Door..*
424
14
824
1
Amer
Yukon Gold Co
Mar
June
Feb
Feb
Jan
Apr
Jan
24
May
1624 May
Mar
6
2
com
Petroleum
Woolworth (F W) Ltd—
Apr
Mar
1824
8 24
1 824
Jan
10
Jan
76
Wise Pr & Lt 7% prel.100
Wolverine Portl Cement. 10
Woodley
Mar
14
June
1324
Mar
A
Feb
June
20
-..1
Winnipeg Electric cl B... *
Wolverine Tube
62
9524
624
24 June
100
*
Wlllson Products
June
324 June
1224 June
600
{Wll-low Caleterlas Ino—1
Conv
Apr
79
West Texas Utl $6 pre!..*
Coal & Coke
♦
West Vi
June
95
Jan
300
424
1,100
13
500
1824
524
63
6
400
224
18*4
Feb
May
1224
Jan
Edison El Ul(Bost)3248 '65
Elec Power & Light 5s -2030
1,000
Empire Dist El 6s
1952
Empire Oil 4 Ref 5 24s. 1942
Ercole Marelll Elec Mfg—
6 24s series A
1953
Federal Water Serv 6248 '54
Finland Residential Mtge
Firestone Tire 4 Rub 5s '42
First Bohemian Glass 7s '57
Florida Power 4 Lt 5s 1954
Jan
Gary Electric
Apr
624
Apr
Apr
824
8024
Jac
424
Jan
Mar
Mar
5s ex-warr stamped. 1944
Gatineau Power 1st 5s. 1956
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Power
1961
1st & ref 6s
1966
1st & ref 6s
100 24 1 00 24
95
9524
1946
1st & ref 6s
1968
1st & ref 424s
s
102
JaD
10424
Apr
9824
May
10824
Jan
91
June
105
Jan
9224
June
83
May
May
10524
9924
Co—
1st & ref 6s
Aiummum Co
105
*9224
84
78 >4
78 24
17",000
10524
106 24 1 07 24
14,000
107
107
52,000
86
28,000
104
10724
8724
10524 10524
10224 10224
10224
*103
10324
106
10624
10624
8724
Amer Radiator 4 24s. 1947
Am Roll Mill deb 6s.. 1948
Amer Seating 6s stp._1946
.
Appalachian El Pr 6s. 1966
*109
Appalachian Power 5s. 1941
<
7624
Ark-Louisiana Gas 4s 1951
Arkansas Pr A Lt 5s.. 1956
95
94 24
5124
4824
Conv deb 5 Ha
1938
Conv deb 4Ha C...1948
Conv deb 424s
1949
1960
1968
75
9624
5124
4524
44 24
4324
47
46
47
4524
4524
46
55
Asaoo TAT deb 5 24s A *55
Atlanta Gas Lt 4 24s. 1955
76
4624
.1977
75
55
55
8024
99
7924
99
1940
Gen Pub Utll 6 24s A 1956
♦General Rayon 6s A. 1948
{♦Gen Vending Corp6s.*37
June
Jan
Jan
10724 June
10524 May
Jan
Mar
Mar
10424
Guardian Investors 5s. 1948
June
10824
107
May
109
June
Hall Print 6s stpd....1947
11924
Jan
47
4,000
45
67,000
33,000
Apr
10224
Jan
Apr
10424
Jan
June
6724
Jan
Apr
8324
May
45
May
6224
Jan
41
June
61
Jan
65 24
Jan
4524 June
0
44 24
May
6524
Jan
53
May
69
JaD
7924 June
9124
Feb
98
Apr
10524
158
Jan
240
Mar
Jan
♦6sstamped
x
*157
153
114
114
11924
w.,1938
11924 11924
82
82
70
*10424 10524
*10324 10324
10224
10224 103
10924
10924 10924
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s... 1956
93
Cedar Rapids M A P 6s '53
Central III Public Service—
1st A ref 4 Ha ser F.1967
10224
9624
6s series G
1968
101
4 24s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
'"9824
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s
1948
92
7824
93
9524
11224 11224
102
4724
4924
5424
Cent States P 4 L 5H« '53
Chic Dist Elec Gen 4 24s'70
48
10524
1961
10224
97
9624
10024 10124
9624
*9524
99
9824
80
7724
9124
9224
4924
ex-warrants.-.1954
Midland Ry 4 24s A 1956
Chic Jet Ry A Union Stock
Yards 5s
1940
5324
4924
4924
5524
10524 10524
10524 10524
9524
6s series B.
Cities Service 5s
10224
ioo"
1966
Registered
10,000
55,000
96
June
10124
Jan
Apr
104*4
102**
Jan
1012*
10124
1042*
9924
Jan
10124
10124 102
14,000
10,000
"9124
10124 10124
10124 10124
9124
9124
103
1,000
22,000
2,000
1950
6824
100
1943
95
99
100
9224
96,000
702*
7,000
*2824
792*
"792*
76
100
50
36"66O
80
76
1,000
11,000
"8724 "2"66o
4824
2,000
4824
47
51
6a
Jan
109*4
Jan
11,000
102
24,000
2524
972*
104
2,000
2524
9724
7,000
104
23,000
10124 102
6,000
Apr
23,000
101
Mar
104
Jan
78,000
108
May
11424
Jan
93
June
105 24
Jan
101
"lTooo
"2Z600
3,000
22,000
952*
86
86
7s series F
"86" "i",66o
6424
63
6424
63 24
622*
6324
67
67
1.000
105
105
36,000
6
6
69
69
105"
6
1955
*73
...1957
69
1952
5,000
13,000
6s series D
4 248 series F
Mar
106**
Apr
6
June
1424
Jan
65
Apr
77
Jan
Apr
8324
Feb
76*4
692*
Jan
15,000
17,000
77?* June
96
Jan
7324
73
742*
94
9524
93
93
10,000
4624
June
Jan
69,000
46
June
72 24
72 24
Mar
Jan
1032*
June
942*
10124
Jan
82 24
June
1958
48,000
3,000
10524 10524
103
10324
48
Jan
78
27
5s series B
1961
Iowa Pow 4 Lt 4 248—1958
Iowa Pub Serv 5s
1957
49
7924
June
49
Iowa-Neb L 4 P 5s...1957
6724
*77
5224
June
36,000
Jan
"5224
Jan
107 J*
111
86,000
Feb
Jan
101
5224
99
110
June
3624
94
Mar
86
Feb
Mar
Superpower 6s. 1963
Jacksonville Gas 5s... 1942
Stamped
Jan
107
67
Jan
Feb
Feb
Mar
Jan
99
May
June
Isarco Hydro Eleo 78.1952
Isotta Fraschlnl 7 s—.1942
10624
81
98
10324
6824
105
109
77
1956
Italian
982* June
8124 June
Mar
89
106
Jan
May
21,000
Jan
Feb
732*
79
100
10624
66
772*
Apr
10024 June
105
Jan
92
Feb
35,000
29,000
•
Jan
10724
Mar
"5",600
10324
Jan
Feb
109
Jan
106
June
7624
May
Apr
Jan
Apr
Feb
332*
8824
8624
1,000
70
512*
June
Feb
Mar
2,000
10724 1072*
1072*
33
75 24
Mar
June
Mar
10624
Jan
Feb
Mar
10324
Mar
109*4
Feb
6124 June
622* June
52
106
105
June
10524
35
107
262*
10424
76
5,000
Interstate Power 6s... 1957
Apr
Mar
2,000
Debenture 6s.
1952
Interstate Public Service—
Mar
98
Mar
May
May
1102* 1102*
Jan
5024 June
95
27
107
Jan
10424
2024
10124
1062* 1062*
Gas 5s A1952
6 24b series C
7s series E
"5",000
*10724
10424
10424
10324
10224
Jan
77
"77"
*79
80
10824 109
1062* 1062*
10024 102
105
3,000
106
Apr
312*
"77"
77
Mar
15,000
Apr
972*
23
*30
1957
10624
40,000
Jan
7524
Mar
June
10324 May
Jan
62
Jan
9,000
ind'polls P L 5s ser A. 1957
{♦Intercontln'ts Pow 6s '48
International Power Sec—
Jan
June
942*
June
84
Jan
10424
107
47
100
10724
"ii'ooo
Jan
Jan
8624
Apr
4824 June
108
84
10524 June
93
105
10324 1032*
99
9924
992*
Indiana 4 Mich Elec 5s *55
Jan
Jan
Feb
Mar
7,000
*99
JaD
Mar
892*
8924
972*
6,000
1953
Jan
Mar
Jan
Jan
2824 June
10924 10924
51
1951
145
98
Apr
June
88
93
1947
B
125
9424
76
Mar
Jan
1052*
Jan
Mar
Apr
36,000
212*
762*
June
Feb
Feb
97
Jan
Jan
23,000
68
26
2524
106 %
1002*
*10624
8724
Apr
91
Indiana Service 5a.... 1950
1st lien 4 ref 5s
1963
7024
100
2,000
10,000
7.000
70
73
June
92
June
93
June
1042*
9924
66
Apr
Mar
882*
1052*
10424
Jan
Jan
Feb
Feb
1062* May
106
May
Jan
79**
Feb
72
Jan
80
Feb
53
36",000
50
June
71
Feb
49
10,000
46
Mar
56**
Jan
103
Mar
1055*
Apr
Apr
105**
Jan
972*
Mar
80
524s
1949
♦Commers APrlvat 524s'37
6524
6424
4624
10124
Feb
4 24s series C
1961
Kansas Eleo Pow 324s. 1966
Kansas Gas 4 Elec 6S.2022
9824
Apr
10524
Jan
Kansas Power 6s
82
Jan
68
June
70
June
6524 June
9924
100
Apr
84
Jan
Jan
70
June
83
Jan
103
Jan
1947
1st mtge 5s ser H...1961
6 24s series D
1948
624s series F
5s series 1
'161"
1957
1st M 4b series F....1981
"10424
3*48 series H
1965
Com'wealth Subsid 5 Ha '48
10324
10224
Community Pr A Lt 5s '57
Community P S 5s
1960
""9724
HKimberly-Clark 5s.. 1943
Lake Sup Dist Pow 3 24s '66
6224 June
80
Jan
Lehigh Pow Secur 6s..2026
4624 June
56
Feb
Lexington Utilities 5s. 1952
11024
11024
JaD
Apr
11324 Apr
11324 May
11124 June
3,000
107 24
Apr
112
May
55,000
102 24
Mar
107
June
41,000
79,000
10024
Mar
106 24
Jan
10224
Mar
10424
June
9024
Jan
75
10024
15,000
72
11,000
9624
126
Jan
June
Apr
101
Jan
May
130
Jan
Lone Star Gas 5s
10524
104
Mansfield Mln 4 Smelt—
♦7s without warr'ts.1941
{♦McCallum Hos'y 6 24s '41
McCord Rad 4 Mfg 6s '43
Memphis P 4 L 5s A.. 1948
Mengel Co conv 424s_. 1947
48,000
9824
Apr
10424
Feb
Middle States Pet 624s '45
Midland Valley 5s
1943
4,000
10724
May
10924
Jan
118
Apr
12524
Jan
M11 w Gas Light 4 24s— 1967
Minn P 4 L 424s
1978
5s
1955
75
May
9324
Mar
81
1940
6,000
7624 -7824
7924
8124 125,000
103
Cuban Telephone 7 24s 1941
Cuban Tobacco 6s
1944
'10024
Delaware El Pow 5 Ha. 1959
10224
4317
7924 June
10324
10024
7324
12,000
102
Feb
23,000
97
Jan
73
Mar
10224 10224
24",000
100
*60
10124 June
9824
Jan
10324
10024
Mar
80
10524
Apr
Jan
Jan
9224
1212*
Jan
100
Mar
10424
Jan
99*4
Jan
107**
Jan
23,000
5~66O
42,000
101
5,000
105
11,000
104J*
1062*
10424
44,000
*27
June
10124 June
"
10424
10324
10524
1032*
*87
103 24
1942
Long Island Ltg 6s...1945
Louisiana Pow 4 Lt 6s '57
♦Manitoba Power 52481951
10024 10124
Consol Gas Utll Co—
6s ser A stamped...1943
Cont'I Gas A El 5s
1958
9924
10424
101*4
11124
93*4 June
June
100
165"
10724 10724
*11824 119
1QQQ
Gen" mtgV VftsIIZ Z Z1964
Jan
80
98
*10124 1012*
9424
9424
10424
10424 10424
93
Mar
10024
May
100
Jan
Jan
Jan
Jan
June
105
Jan
Mar
Feb
106
Feb
10,000
1032*
103*4
10424
71.000
1032*
Feb
10524
107
106**
Apr
May
May
93
92%
Apr
May
105
Jan
68
2224 May
26
Feb
Mar
50
*
8924
106
Metropolitan Ed 4s E.1971
(Balt) 314s ser N...1971
Consol Gas (Bait City)—
10324
102 24
113
12,000
82
Jan
10724
9724
9824
128
*123
922* May
80
Apr
6,000
7324
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
9624 June
1969
79*t
2,000
3,000
111
81*4 June
4,000
1,000
5,000
8224
10424
111
11124 11124
111
11124
10424 10624
10324 10424
10224 10324
8,000
13,000
8124
9624
9224
June
11124 11124
11124
43,000
101
'"9724
Llbby McN 4 Llbby 6s *42
1956
10424
9324
11724
10124
9324
113
1955
6124 June
Commonwealth Edison—
1st M 58 series A... 1953
1st M 5s series B...1954
18,000
103
10424
10424
Kentucky Utilities Co—
8,000
12,000
6624 104,000
26,000
6624
3,000
4624
104
1947
Apr
6224 June
10024
104
5s series B
95
5,000
5,000
6,000
70
70
1,000
6724
6824 126,000
9924 100
98,000
63
912*
69
May
8424 June
84
May
93
♦Indianapolis
1,000
5,000
6424
see page
12,000
Jan
Jan
Mar
Electric Corp—
124
100
2124
87
77
99**
Mar
11324 June
19
20
25
Feb
8224 May
Jan
7024
10624
Jan
5,000
*1624
*1624
8424
101
1042*
Indiana Gen Serv 6s.. 1948
Indiana Hydro Eleo 5s '58
Feb
73
Jan
Jan
Apr
Jan
11124
85
73
Mar
June
Jan
2,000
103
83 24
99
Feb
9824
9124 June
June
113
40,000
'"11%
2,000
10024
97
8824
10724 10724
10224 10224
64
6324
Cities Serv P A L 5 24s. 1952
For footnotes
97
90
10124
5,000
7024
Cities 8ervlce Gas 524s '42
Cities
Service
Gas
Pipe
Crucible Steel 6s
96
94
June
9524
95
1955
fia
Jan
97
Jersey Central Pow 4 Lt—
Chic Pneu Tools 5248.1942
{♦Chic Rys Ssctfs
1927
Cincinnati St Ry 5 Ha A *52
1st 4 24s series C
1st 4 24s series D
10024
30,000
11524
Chicago A Illinois
LJne 6s
Apr
47,000
International Salt 5S..1951
1956
Conv deb 5s
87
30,000
Mar
Jan
Jan
5i~,666
932*
624s series
99
96
892*
9524
Mar
89
Jan
87
99
227
7624 June
6724 May
Jan
94
~88~
.1957
110
91
Mar
1032*
92
Jan
22,000
11,000
7624
69
10324
97
143
11424
100
94
ser
6s series A
130
5,000
32,000
10524
*94
Jan
10224
Feb
1052* Mar
105** June
97
Feb
1,000
*89
70
1956
6s series B
1042* 105
105
Jan
94
Mar
1,000
932*
92
225
121
33
June
1012*
*1012*
105
May
72
C...1956
240
133
ii'ooo
732*
Jan
524s...May 1967
Jan
121
Broad River Pow 6s..1964
Buffalo Gen Elec 5s... 1939
5 24s
Mar
May
1947
.
111 Pow 4 L 1st 6s ser A *53
1st 4 ref 524s ser B. 1954
Jan
133
Birmingham Elee 4 24s 1968
Birmingham Gas 5s... 1959
58 series E
Idaho Power 5s..
111 Northern Utll 5s.
158
40,000
10,000
Jan
Feb
Mar
10824
3,000
33
z72
..1949
5s series C
11424
942* June
96*4
104*4
10324
10324 June
10324 104
*3024
72
warrants.1943
6s series B
Indiana
May
Jan
1977
♦Hungarian Ital Bk7 24s '63
Hygrade Food 6s A... 1949
Sf deb
115
10124
Jan
Feb
♦4 St. Ry. 5 2*s
1938
Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s.. 1943
146
7,000
21,000
Telep of Canada—
6s series C
1960
Bethlehem Steel 6s... 1998
.
175
153 24 1 62 24
153
16024
155
1st M 5s series A... 1955
1st M 5s series B...1957
Gen A ref 5s
6s series A
6 24s with
7824
Apr
10224 May
Jan
732*
♦Hamburg Elec 7s
1935
Hamburg El Underground
9824
9424
95
Jan
95*4
109
Jan
Hackensack Water 5s. 1938
Jan
47
4,000
14,000
102
Mar
63
Grocery Store Prod 6s. 1945
Guantanamo 4 West 6s *58
Mar
53,000
84.000
Jan
7924 June
5,000
Grand Trunk West 4s 1950
Gt Nor Pow 6s stpd..l95C
1st 4 ref 6s
♦6s stamped w w. 1938
♦6s without warrants 1938
Bell
Glen Alden Coal 4s... 1965
Gobel (Adolf) 424s...1941
Mar
26,000
100
10024
722*
1953
109
5,000
Mar
72
May
106 24
June
4 Lt 5a.. 1978
106
175
4*4
Jan
72
107
10824
68
*157
Mar
9324
♦Gesfurel 6s...
{Baldwin Locom Works—
warrants.. 1938
Jan
42*
June
Jan
Mar
10424
13,000
132*
12 24
83
95
June
10,000
8124
9924
June
7,000
58,000
9124
Mar
10324
102 24
22,000
4,000
7
6*4 June
22* June
2
May
78,000
22,000
82
832*
10354 104
69
10524
103
17,000
Mar
8624
Qeorgla Pow
Apr
85
44,666
107 24
Apr
10624 May
Mar
942*
852*
Jan
June
10524
5,000
10924
Feb
103
852*
Jan
102
28,000
Jan
105*4
"Y.ooo
84
1012* 102
87
104
111
*11124 113
10024 10124
10024
2024
Associated Elec 4 24s..l953
Associated Gas A El Co—
♦6s with
82
10324 10324
82 %
♦Certificates of deposit.
Gen Wat Wks 4 El 68.1943
Georgia Power ref 6s.. 1967
105
Am Pow A Lt deb 6s..2016
Debenture 5a
Conv deb 5 24s
94
8424
7 8 24
30,000
98,000
104
Aluminium Ltd deb Co 1948
6s called.1948
Amer G & El deb 6«._2028
Conv deb 6s
10
10624
1967
f deb 5s *52
Debenture 6s
84
15,000
106
High
4 Gas—
.
J103
1942
Low
2,000
10,000
2,000
224
224
10024 10024
84
10324
General Pub Serv 5s.. 1953
BONDS
Alabama
7
Banks 6s-5s stpd._.1961
Firestone Cot Mills 5s. 1948
General Bronze 6s
Abbott's Dairy 6s
1,000
9,000
31,000
7
22*
*224
Erie Lighting 5s
1967
♦Farmers Nat Mtge 7sl963
2324
6124
224
7
624
Elmira Wat Lt 4 RR 5s '56
El Paso Elec 5s A
1950
524 June
7,200
6524
224
1 1937
Range Since Jan
S
10824 10824
10624 1062*
104 2* 105
104 5*
♦Deb 7s
Mar
6
6
Feb
May
June
824
400
High
Detroit Internat Bridge—
1324
10224
2124
Feb
1624
Weyenberg Shoe Mfg
1950
724 June
101
20
7% 1st prelerred
Denver Gas & Elec 5s .1949
Det City Gas 6s ser A. 1947
5s 1st series B
j Sales
Rangel
for
J Week
of Prices
Low
Price
10
Western Air Express
1
West Cartridge 6% pi 100
Week's
Last
Sale
(Continued)
Low
1
Wentworth Mfg
BONDS
Week
Shares
7
6
Welsbaum Bros-Brower._l
June 26, 1937
Friday
90
10524 10724
*102
*85
90
882*
23,000
98
99
10,000
35,000
96
972*
10224
104
Jan
118
Apr
107 24
Jan
10124 May
90 24
Apr
852* May
103
852*
102
104
105
9824
96
60
June
8824 June
31,000
13,000
86
102
Feb
94
952*
8924
36,000
97
95
10024
Mar
June
Apr
Mar
Jan
9924
Jan
9724
10624
102*4
Mar
106
Feb
Jan
Jan
L,.!j;^V-g.^.r*<iiUl.* H It WlMu&rt
u;jh". Paul*
Volume
Week's Range
Last
of Prices
Low
High
Sale
(Continued)
Price
78%
86
78%
87%
for
2,000
77H
June
84 %
May
6,000
69%
1,000
69%
Last
Week's Range
for
Sale
of Prices
Low
High
Week
99
100%
Feb
109%
67H June
84%
107
Price
High
Low
14,000
108% 108%
Jan
Jan
Apr
Feb
♦Convertible 6s
93
93
1
6%
1
5
5
Deb 6a series B
....._
0
Nat Pow A Lt 6s A...
76%
8
44%
1
106%
2
84%
6
8
6%
*103% 104%
84%
86
75
76%
44%
44%
106% 107
*114
116%
101
101
8
93
102
83%
85%
117% 117%
7
67
65%
67
8
66%
66
66%
0
65%
66%
8
66%
91%
90
4
94
92%
91%
94
14,000
93
June
100%
1,000
6
June
14%
Feb
Jan
103 %
May
107
Jan
"l', 000
83 X
June
74
May
107%
97%
Feb
26,000
Jan
H'ooo
31,000
5,000
27,000
16,000
35,000
26,000
31,000
51
Jan
2d stamped 4s
2d stamped 4s
126%
Jan
June
110
Jan
1st 4%s
Syracuse Ltg 5%s
1970
65%
Jan
Tennessee Elec Pow 6s 1956
82
65 H
May
85
Jan
Tenn Public Service 5s 1970
67
65%
June
84%
Jan
Ternl Hydro-El 6 %s.-1953
Texas Elec Service 68.1960
101 %
Jan
Jan
86%
88
22,000
85H June
95%
Jan
73%
73%
75
5,000
73% June
99% May
92
Jan
Feb
*100% 106
0
104%
107% 107%
105% 106%
97
99%
101% 102
*112% 114
*86
88
0
106
97
7
0
4
4
Mar
Jan
Jan
103
105
Apr
97
June
100
Apr
104%
Jan
104% May
110%
Apr
112%
84
Mar
May
2
-
91%
92
6,000
91
Apr
51%
91%
8
52
3,000
47
May
*107% 109
106%
Jan
6s series G
19? 6
100% 101%
33,000
6s series D
19? 9
8,000
4
197 0
100% 101
97%
98%
5
104% 104%
93%
7
93%
108% 108%
5
106
1st A ref 4 %s ser D.19f 6
Ohio Public Service Co—
106
105
106
Ohio Power 1st 6s B._19f 2
105%
16,000
7,000
11,000
2,000
33,000
4,000
108
103%
4
106
1
108
103% 103%
106
97
97%
6
97
98%
8
86
97
1
9,900
8,000
86%
Feb
1,000
31,000
27,000
2,000
100%
69%
108
Jan
Jan
May
100
100%
98% June
106
104% 105%
104%
Jan
6%s
Jan
5%s
105
Jan
106 H
Apr
111%
Jan
104%
Jan
106%
103
Feb
105%
May
1974
1959
6s series A
6s series A
80"
Feb
106%
Apr
Apr
Jan
Jan
Va Pub Serv 6%s A.. 1946
Jan
107
Apr
100%
108%
1952
E
series
5s
Vamma Water Pow
5%s'57
Jan
Jan
Ward Baking 6s
Jan
93%
102%
Jan
Jan
Wash Water Power 6s. 1960
Jan
West Penn Elec 5s
9
98%
98%
1
90
90
Mar
May
Waldorf-Astoria
♦
Jan
103
Jan
West Texas Utll 5s A
10,000
99% June
106
Mar
.19? 8
10,000
Jan
1,000
20%
Mar
26
June
25
1,000
Mar
25
June
72
54,000
69
June
10,000
71
June
i1,000
~3~66o
108
1,000
109
Apr
100%
7,000
108% 108%
108
89% June
105
May
105%
May
106%
Jan
107%
Mar
105
Mar
111%
Jan
108
June
19%
102%
June
Apr
70%
41,000
108
June
"93%
Jan
Feb
Jan
Jan
107
Jan
96%
Jan
Jan
115
Jan
89%
70% June
2,000
Apr
94%
June
2,000
108
79
June
92
103
Apr
Jan
102
Jan
106
Feb
Mar
107
June
Feb
103
Mar
Jan
Jan
13,000
92
June
104%
June
102%
Jan
June
101
Jan
89
2,000
87
84%
21,000
80
30
1957
30
32% June
100
31%
12,000
3,000
"105
105
101%
June
108
Jan
Apr
107
Mar
107
105%
Jan
June
106%
June
106%
Jan
Apr
114%
Jan
91
June
99%
Jan
11,000
49%
May
13,000
103%
105%
105%
Mar
37,000
106
96%
96%
96%
May
May
105
21,000
103
96%
4,000
Wheeling Elec Co 5s.. 1941
107% 107%
*102% 103
-
26
106% 106%
West United G A E 5%s '55
93
107%
0
79%
111
105% 105%
West Penn Traction 5s '60
June
108%
4
Mar
103%
80
30%
6.000
107
"93
93
93%
55
50
55
West Newspaper Un 6s '44
7
Mar
92
105%
2030
100% 101
9
May
Apr
108
66%
13,000
1937
89
93
June
104%
105%
102%
'84%
1954
98% June
Penn Ohio Edison—
0
65
108
60
Jan
Hotel—
5s Income deb
10,000
7,000
June
105% June
104
May
87
1946
105%
105%
91
Jan
Feb
95%
Wash Ry A Elec 4s.-.1951
99%
94%
June
89%
96%
93
Wash Gas Light 6s... 1958
70% June
Apr
60
75
*105% 107%
*106% 109
*103
Utlca Gas A Eleo 5s D 1956
102%
117
1,000
Jan
109
"5,000
t
1944
110%
Mar
119
79,000
Feb
23% June
70
70%
*88
79%
Mar
94
99%
90%
Jan
113
104%
106%
117%
108
1973
4%g
1,000
104
74%
73%
103% 104%
80
81%
1952
Mar
91%
Mar
71
74%
116
91%
5
18%
106%
Feb
25
26,000
7
92% June
Jan
Feb
40%
106
69
71
102% June
3i"666
Apr
26
June
Mar
May
106% May
2,000
52
50
70
102% 103%
8
6s.
47 000
103% 103%
J112% 113%
Un Lt A Rys (Del) 5%s '62
United Lt A Rys (Me)—
Mar
113
30
104%
5,000
77%
76%
1st ref 6s series B...1950
*113% 116
72%
74
72%
102% 102%
93
29
24",606
104
1956
ex-w
105%
94 %
107
41,000
1,000
tl05% 105%
Qg_
5,000
50,000
2,000
30
107% 108%
50
Jan
97
Jan
98%
Jan
47%
Jan
96%
109% Mar
107% June
Feb
77
100
97
Jan
106% Mar
78% May
80
107%
108
2
Penn Electric 4s F
United El Serv 7s
94% May
102%
Feb
Pacific Gas A Elec Co—
I
107
85%
92%
*23%
June
8
6,000
"i~,o66
11,000
107
116% 116%
103%
0
May
Jan
United Lt A Pow 6s... 1975
86
106
82
30
12,000
87
102%
Mar
Jan
June
United Eleo N J 4s.-.1949
Jan
96% May
May
66
1957
Jan
96
Jan
106%
67
1967
4%s
105%
108
49%
Mar
8.000
1954
107
103 X
105
May
102
3 000
Utah Pow A Lt 6s A..2022
3
37
3,000
Jan
68%
Conv 6s 4th stamp. 1950
Mar
93% June
60%
Union Eleo Lt A Power—
June
99%
Apr
69
♦United Industrial 6 %s.'41
♦1st s f 6s
1945
100
37
.1944
6s series A
Northern Indiana p 8—
B
3d stamp
«s
No Amer Lt A Pow—
6
30% June
Ulen Co—
4,000
77,000
31,000
12,000
5s series B
3
25,000
67
Twin City Rap Tr 5%s '62
106%
Jan
Mar
44%
104%
1962
109%
Mar
96
June
68
(Leonard) 7 %s.l946
Toledo Edison 5s
New York Penn A Ohio—
96
102
62
68%
100%
Tide Water Power 6s.. 1979
•Tletz
June
94% June
1,000
81
2022
6s
87%
9
65
5,000
53,000
Mar
6,000
107% 107%
{♦Texas Gas Utll 6a.. 1945
2
4 %s series
107%
1957
Texas Power A Lt 5s.. 1956
New Orleans Pub Serv-
Mar
110
*107
1954
84%
102%
96
45
June
May
June
67%
10,000
105% 106
105% 105%
Jan
June
66%
45
45
Jan
90 H
Mar
23,000
50
99%
89 H
95%
48
121%
6s series B
June
32%
Apr
80% May
113
63%
66%
94%
62%
Super Power of 111 4%s '68
101
7,000
67%
1946
Mar
95
68
68%
68
69%
68
94%
67%
35
1940
May
Mar
June
68%
IStandard Pow A Lt 6sl957
♦Starrett Corp Ino 5s. 1950
Stlnnes (Hugo) Corp—
110
95
67%
68%
65%
66%
Debenture6s.Dec 1 1966
May
65% June
3,000
65%
Standard Investg 5%s 1939
June
44
Mar
7,000
8,000
68
1951
106 H
95
68%
68%
♦Certificates of deposit
116%
14,000
11,000
June
68
68
1935
High
Low
S
b8%
{♦Stand Gas A Elec 6sl935
♦Certificates of deposit
Debenture 6s
5%s
Range Since Jan. 1 1987
BONDS
(Concluded)
Range Since Jan. 1 1937
Week
%
Sales
Friday
Sales
Friday
BONDS
%s series E
4317
New York Curb Exchange—Concluded—Page 6
144
104% 105%
1107
Wlso-Mlnn Lt A Pow 5s *44 '106%
106% 106%
Wise Pow A Lt 4s
1966
93%
94%
93%
Yadkin River Power 5s '41
104% 105
105
York Rys Co 5s
1937
91%
90%
91%
104%
106
35,000
10", 000
Feb
79%
105%
Feb
Feb
108
Feb
107
Apr
Apr
Jan
Jan
102%
26,000
92%
Apr
10,000
104%
June
107%
Jan
65,000
81%
May
100%
Jao
Peoples Gas L A Coke-
2
2
67%
9
16%
Mar
May
100
7,000
8,000
1,00
1,000
108%
Mar
112
107%
103% 103%
*23%
24%
16%
110%
0
109% 110%
89%
89%
67%
67%
~5~66o
91
91
1
91%
16%
17
21,000
8
3
71
106%
9
3
72
~2~66o
107
14,000
75%
7
98%
99
0
0
98%
4
*24%
75%
99
98%
62%
102%
18 %
71
106
106% 106%
1
88
106%
*107
0
88%
5,000
1,00c
4,000
5,000
71
105%
99%
Jan
Jan
Feb
Mar
JaD
Jan
77
Feb
108
Jan
Apr
107
Apr
June
Jan
Apr
Buenos
Jan
81
Mar
June
104
Feb
98% June
102
98%
Mar
133%
133% 134%
20,COO
129
Mar
147
3
103
20,000
22,000
19,000
20,000
110%
)
al04%
103%
103%
103% zl04
103
103%
104
)
104%
100%
19?
100% 101
79
79
81%
77
76
77%
72%
74
72%
3,000
103% 103%
196
102% 102%
26
107%
105
♦6s series A
5s
100% 100%
99%
*98%
195?
Mar
94
June
Jan
83% May
84% Mar
11% June
95
June
21
Feb
19%
27%
Jan
Mar
Apr
Mar
26%
99
Apr
102%
Jan
97
Apr
101%
Feb
50
31,000
Apr
Jan
♦German Con Munlc 7s '47
1947
23%
101
Mar
104%
June
24%
--
103%
June
♦Hanover (City) 7s.-.1939
♦Hanover (Prov) 6 %s.l949
*23%
Apr
*23%
23%
------
105% May
♦Lima (City) Peru 6%s.'68
21
21
26%
1,000
102
Mar
12,000
55,000
99
Mar
73
May
58,000
25,000
70
May
69%
May
103%
Jan
2,000
26
*23%
26%
107% 108%
12
12%
104% 105
105%
98%
Jan
Jan
Mar
Mtge Bk of Denmark 5s '72
23% June
108% May
18% Mar
11,000
19,000
PAL 6s. .21
92%
♦Parana (State) 7s
1958
♦Rio de Janeiro 6 %s..l959
107
2,000
132
1,000
110%
29%
2,000
7,000
6s stamped
-
-
-
-
-
100%
101%
al07%
S'western Lt A Pow 6s 1967
So'west Pow A Lt 6s_.2022
So'west Pub Serv 6s.. 1946
94
....
87
92%
—
—
25%
Jan
25
Mar
—
June
Mar
24% June
--
17%
Apr
23%
Mar
18
Jan
24%
Jan
29%
31%
Mar
Feb
21
Feb
90% June
96%
Apr
22
Apr
27%
21%
24%
Feb
27%
Feb
15%
Jan
21%
Mar
100%
June
14
June
Jan
17%
95%
"Apr
24%
13,000
23%
June
34
24%
12,000
21%
1%
May
35%
1921
25%
*1%
1%
1%
26
1921
1%
25%
♦5%s.
♦5 %s certificates.
..
"1%
------
1%
1%
1%
16,000
1%
1,000
♦Santa Fe 7s stamped. 1945
73
73
47
Mar
♦Santiago 7s...
.1949
16%
16%
1961
*16%
13,000
103%
Jan
107%
Jan
Jan
is
Jan
2
Apr
1%
Apr
Jan
1%
Apr
Jan
Apr
62%
Ian
Mar
15%
May
20%
Mar
Jan
20%
Mar
12,000
16
May
105
2,000
Feb
Jan
6,000
Mar
l6"66o
30,000
22
*99% 100
♦6 %s certificates... 1919
May
11,000
23%
29
102%
♦7s
18
Feb
Feb
103
4,000
104%
103
103%
6,000
4,000
105
Jan
72
Mar
11,000
37,000
101
Jan
the
109%
Jan
range,
67%
92
90%
93%
105% 106
23,000
100% 103%
101% 103%
107% 107%
68,000
*104
------
1931
♦Russian Govt 6 %s... 1919
Jan
*
Sou Calif Edison Ltd—
*
—
~2~o6O
7,000
14
*23%
*23%
16%
*10
♦Issue of Oct 1927
27
~i~2~6O6
—
26,000
24
14
♦Issue of May 1927
104% May
107
1,000
1,000
25%
Mtge Bk of Bogota 7s. 1947
92%
57%
90%
14
Mendoza 4s stamped.. 1951
Jan
26
91 %
1961
195>-
Jan
110
66%
S'western Assoc Tel 6s 1961
*50
24%
♦Medellln 7s series E. 195'
103
103%
If
7s
96
130
102
103
If
1952
6s
Jan
*106% 107%
102% 103%
102
77
Jan
2,000
26%
100%
External 6%s
Feb
Apr
17
17
17
Jan
105%
103%
♦Secured
Feb
20
26%
112
26
6a..
*25
195?
Apr
Mar
29%
Sou Indiana Ry 4s
1952
6%s
Mar
110
26
Wks 6s
Ref M 3%s.May 1
5,000
103%
130
Sauda Falls 6s.
Debenture 3lis
25
♦Mtge Bk of Chile 6s. 1931
102%
Southeast
16,000
101
108%
Queens Boro Gas A Elec—
Inc
13
11%
♦Prov Banks 6s B..1951
Jan
Pub Serv of Oklahoma—
Serve!
3,000
♦Maranhao
110% 110%
105
105%
10,000
3
Pub
95
29%
25
Danxlg Port A Waterway*
3
♦Saxon
92%
11%
25
1947
1948
Cent Bk of German State A
2,000
95
♦7%s stamped
94
Feb
Apr
18%
93
♦Cauca Valley 7s
21% May
25
94
30
22% June
22
25
*23%
(Province)—
1952
1,000
23
*23%
1951
Aires
♦7s stamped
Feb
75% June
23
1947
♦Baden 7s
Jan
Apr
Danish
6% perpetual certificate s
Quebec Power 6s
♦20-year 7s
86
Pub Serv of Nor Illinois—
4s series A
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
23% June
107%
Public Service of N J—
4%s series E.
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Jan
109
104
18
25
June
30%
14,000
15,000
103
99%
99%
104
93%
102% 103
12,000
99%
9,000
8,000
100%
85
87
Apr
June
May
75%
5,000
104% 104%
Jan
Mar
85
108
110%
105
87
♦
Jan
104
e
104%
106 '
Jan
Ma»
y
In
year's range
r
year's range,
Cash sales not
n Under
Included in year's
Ex-Interest.
No sales were
transacted during current week.
Bonds being traded flat.
Cash
saies
transacted during the current
week ano not
Included In weekly or
No sales
Jan
Ma}
Deferred delivery sales not Included in
yearly range:
Jan
June
a
Included
K Called for redemption,
Jan
Jan
not
Ex-dlvldend.
x
{ Reported In receivership.
Jan
May
103%
rule sales
t Friday's bid and asked price.
Jan
108
Jan
~i~66o
75%
107
Mar
102%
105
94
75%
93%
Mar
No par value,
g
Under-the-rule sales transacted during tne current week
weekly
or
yearly
and not Included In
range:
No sales.
z
In
Deferred
delivery sales transacted
during the current week
and not lnoluded
weekly or vearlv ransre-
24 at 71 %.
E 4%s, 1980, June 25 at 104%.
Federal Water Serv. 5%s, 1954, June
Pub. Serv. of Nor. 111. ser.
Abbrevia'ions
Used
Above—"cod,"
certificates
of deposit;
"cons," consolidated
"cum," cumulative; "conv,'-' convertible; "m," mortgage; "n-v," non-voting
"v t c," voting trust certificates: "w 1." when Issued: "w w " with warrants;
without warrants.
stock:
"x-w"
4318
Financial
Other Stock
Chronicle
June 26, 1937
Exchanges
Friday
New York Real Estate Securities
Sales
Last
Closing bid and asked quotations, Friday, June 25
Stocks (Concluded)
Par
Week's Range
for
Sale
Exchange
of Prices
Low
High
Week
Price
Loews Theatres
Unlisted Bonds
Bid
Ask
93%
42%
Drake (The) 6s
1939
11 West 42d St 6%s..l945
Fox Theatre and Office
32%
Park Place
mt
—
—
Ask
1941
m
Maine Central
Harrlman Bldg 6s
58
.1951
78
2124-34Bway Bldgs 6%s 43
—
..
21
23
Nat'l Tunnel A Mines
40
N Y N H A H
13
43%
43%
7%
4%
7%
3%
*
North Butte
15
Old Colony RR
4
Lincoln Bldg Corp vtc...
4%
4%
117
RR(The) 100
117
4%
I
19
Established 1813
164
36%
37%
7%
2%
12%
305
Qulncy
Mining Co
25
*
7
2%
12%
17%
20
*
Utah Metal A Tunnel
Warren Bros Co
Yock, Pa
v
New
York
and
Baltimore
Stock
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Chicago Stock Exchange
York
Curb
2
2
1%
13%
*
6%
9%
Mar
Jan
2%
Mar
June
3%
29%
Apr
1%
June
680
19
55c
Jan
Jan
50
36% June
Mar
Mar
6%
Jan
11%
65
2%
Feb
June
3%
Jan
12%
16%
Feb
439
17% June
1% June
33%
Jan
3%
Feb
50
56
50
50
35%
31%
86%
38%
32
Mar
5
670
36%
Jan
Feb
May
365
35% June
25%
Feb
41%
32
33
Mar
87%
39%
2%
1%
13%
7%
973
84
98
Jan
115
36%
Apr
46%
7,150
1 %
Jan
2%
Jan
55
1%
Apr
Apr
2%
Mar
19%
12%
Feb
95
Jan
138
Mar
13
125
6%
Feb
Jan
Jan
Bonds—
Members
New
1
35%
86%
39%
Venezula Holding Corp..*
Waldorf System Ino
*
NEW YORK
Louisville, Ky.
*
6
Mar
142
185
1%
50
*6
June
3%
310
20
*
com.
pref
United Shoe Mach Corp.26
Preferred
25
39 Broadway
■AIT1MORE, MD.
East Mass St Ry ser B 5s'48
83
83
83
June
Exchange
CHICAGO
Baltimore Stock Exchange
June 19
6,952
Apr
11%
Mar
Apr
117
360
4%
1%
21
50
RR
Union Twist Drill Co
Exchange
6%
100
Machine. 10
Shawmut Assn tr ctfs
*
STEIN BROS. &> BOYCE
Members
359
60c
Torrlngton Co (new)
Baltimore Stock
Feb
66
43% June
1,055
1,605
119
.
Associate
Jan
60c
2d
Hogerstown, Md.
May
3%
25
Suburban Elec Secur
6. S. Calvert St.
24%
May
27
7%
4%
1
20
Stone A Webster
on
Jan
2%
44
3%
*
100
Reece Folding
...
Orders Executed
Jan
10%
Pennsylvania
City A Suburban Homes..
19
100
Old Dominion Co
68
29
High
Low
14% May
1,570
3
__1
New England Tel A Tel 100
62%
5
1943
48
1948
Linotype..*
Inc.
Unlisted Stocks
Majestic Apts 6s
*
"
Internat Commerce Bldg—
Lefcourt Manh Bldg 5h
100
25
14%
20%
Narragansett Racing Ass n
29
10 East 40th St Bldg 5s 53.
1088 Park Ave Apts 6s 1939
250 West 39th Bldg 6s 1937
11
com
Mergenthaler
6
Pennsylvania Bldg ctfs
Prudence Corp 4th ser 6s 38
9%
38
Dodge Corp—
Income bonds vtc
-
_
45
Ctfs of deposit
500 Fifth Ave 6HS--U949
6%s
Bid
Mass Utilities vtc
B'way & 38th St Bldg 7s 45
Bryant Park Bldg 6 %s 45.
Bldg 6 Hs
Unlisted Bonds
14%
20%
Range Since Jan. 1, 1937
Shares
SECURITIES
Listed and Unlisted
June 25, both inclusive, compiled from official sales lists
to
Friday
Par
Arundel Corp
Week's
Sale
Stocks-
of Prices
Low
High
Price
Vml H.Davis
Sales
Last
Range
for
Range Since Jan. 1, 1937
Shares
20%
21%
639
18
Atlantic Coast L (Conn) .50
Bait Transit Co com v t c. *
51%
51
52
302
46
1st pref vto
*
Black A Decker com.....*
"~3%
Consol Gas E L A Pow
♦
5%
preferred
100
Eastern Sugar Assoc com.l
Preferred
1
Finance Co of Am cl A
Mfrs Finance 2d pref
Jan
64
Apr
"64"
113
"36"
IK
May
3
June
9
24
24%
June
422
64
June
132
112
Apr
200
Jan
Jan
Friday
48
Jan
Last
Week's Range
220
119% June
136
Apr
Sale
of Prices
25
39% May
Jan
12%
40
13%
13%
21%
1,676
62
19%
Mar
May
Jan
Jan
Apr
Adams Royalty Co com..*
"l6%
Apr
Feb
Advance Alum Castings. .5
Aetna Ball Bearing com__l
7
1%
1%
3%
10
1%
Apr
2%
400
3%
Mar
3%
3%
820
3
Jan
4%
4%
6
6
4%
Feb
13%
97%
June
Northern Central Ry
50
341
14
7%
18%
Sales
Low
High
Range Since Jan. 1, 1937
for
Week
Shares
Low
High
Abbott Laboratories—
Common (new)
*
Adams (J D) Mfg com
Apr
104
Feb
Ainsworth
8
73
June
95
Feb
Allied Labor Inc
1,232
21
June
29%
Jan
Allied Products
46
34
Apr
37
Jan
55
Price
13%
23%
Apr
3X
13%
99%
Par
Jan
1
14
Stocks—
48%
25
New Amsterdam Casualty5
both inclusive, compiled from official sales lists
50%
June
40
6
June 19 to June 25,
35
123
Mt Ver-Woodb MlllscmlOO
Chicago Stock Exchange
Jan
Jan
22% June
121
20 Hi
38
89%
115
Mar Tex Oil com class A..
Mar Tex Oil-
CHICAGO
Jan
95
13%
21%
Chicago Stock Exchange
Chicago Curb Exchange
Jan
3 K
Exchange
(Associate)
10 So. La Salle St.,
Mar
65
36
*
23%
43
IK
4%
26% 26%
64
67%
113
113%
22% 24
36
100
Jan
New York Curb
IK
10
Houston OH pref..
High
3K
20
Fidelity A Deposit
Fidelity A Guar FLe
New York Stock
Low
20 %
*
Members
Week
Mfg
45
11%
45
45%
200
45
June
5%
11
*
11
180
11
June
17%
10
10%
7%
11%
500
6%
Jan
12%
Jan
250
7
June
12%
Mar
650
11
June
14% May
June
7
11
Feb
U 8 Fidelity A Guar
2
Western National Bank.2o
73
73
22%
21V,
22%
35
35
35
12
12
100
12
*
11
11
100
10% June
17%
Apr
com 10
14%
14%
100
14% June
23%
Feb
21
21
150
21
June
26%
63%
10%
1%
6%
64%
11%
140
61
June
84 %
Jan
3,000
7
Jan
Asbestos Mfg Co com
1
Automatic Products com.5
64%
10%
1%
6J
13%
4%
Feb
Mar
16
16
16
com
Glass A
..25
Amer Pub Serv Co pref. 100
Armour A Co common
5
Bonds—
Bait Transit Co 4s
A
5
com
Corp
Backstay Welt Co
Penna Water A Power com*
(flat) '75
28
28
19,000
28
June
41%
Jan
33
.1975
6s flat
29
34
5,000
33
June
48
Jan
Barlow A
•
com
Established
Bendix Aviation
1887
Boston Stock Exchange
Exchange
New York Curb Exchange (Asso.)
30 State St., Boston
1
6
100
14%
100
16
May
9
Mar
Feb
19%
16%
June
20%
Mar
19
10
10%
12%
35%
12%
34%
50
1,100
1,300
Feb
18% June
10
May
30%
Feb
14%
Feb
9%
Jan
14%
Feb
600
32%
Jan
43%
Mar
6
43
50
950
38%
Apr
50
1
Common
12%
300
11
Apr
15%
250
18
June
30%
Mar
800
13
June
18%
Mar
100
28% June
36%
100
1% June
29% June
5%
Jan
39%
Mar
10
13%
30
28%
1%
12%
18%
13%
28%
1%
32
32
150
1%
13%
53%
1%
13%
60
650
2%
86%
2%
88
2,850
48
48
Central States PAL pref. •
Chain Belt Co common..*
5%
60%
62%
Cherry Burrell Corp com.*
Chicago Corp common
•
76
77
Bruce Co (E L) 00m
N
400
19
10
l
*
Butler Brothers
6% conv preferred
Y. Tel. CAnal 6 154
Portland
6%
1% June
Feb
June
Brown Fence A Wire—
Private Wire System
Bangor
5
Borg Warner Corp—
(New) com
UNLISTED TRADING DEPARTMENT
Boston Tel. LAF 7010
com
16
Bliss A Laughlln Ino cap.6
Members
New York Stock
5
Berghoff Brewing Co
Binks Mfg Co capital
Tyson
and
600
Mar
Seellg Mfg A—
Common
Townsend, Anthony
2
18
Canal Construe
Lewiston
conv
pref
18
*
Castle (A M) common. .10
Feb
Mar
Central Illinois Sec—
Boston Stock
June 19 to June 25, both
Friday
Sales
Last
Par
Week's
Sale
Stocks—
Common
Exchange
inclusive, compiled from official sales lists
of Prices
Low
High
Price
Range
50
1st preferred
50
Amet Tel A Tel.......100
Bigelow-San Carp pref. 100
Boston A Albany
.100
Boston
Elevated
..100
2%
2%
16
163
16
131"
62
Shares
Low
High
91
2% June
25
16
June
1,754
160
Apr
163
165%
110
5
129% 131
61% 62
26% 27
170
6%
30
Jan
Jan
Common
100
Prior preferred
100
40%
Class A 1st pref stpd. 100
Class B 1st pref std.. 100
"13%
cash del 1st
Boston Personal Prop Tr. *
Boston A Providence
100
Preferred
•
115
Feb
Chicago A N W Ry
267
129%
June
147
Jan
61%
June
69%
Mar
25%
Apr
30%
Jan
28
15
8%
5%
40%
194
36
10%
13%
18%
12
140
10%
13%
18%
33
12
10
100
14
10
C lties Service Co com
*
Coleman L'p A 8tore com *
Commonwealth Edison. 100
14%
10%
Mar
Mar
Compressed Ind Gases cap*
56%
Mar
Consolidated Biscuit com.l
20
Mar
Mar
29
Mar
18
Jan
Cord Corp cap stock.... .6
151
Feb
Jan
13% Mar
130 May
137
138
14
13
14
192
11%
25
10%
10%
11
526
10
5
58
Common
6
7% cumul. pref
100
Apr
20%
Jan
Cudahy Packing pref.. 100
Cunningham Drg 8tores2%
May
17%
Jan
Curtis Lighting Inc com..*
East Gas A Fuel Assn—
Dayton Rubber Mfg com.*
4%% prior pref
100
6% cum pref
100
Eastern Mass St Ry—
Common
100
Adjustment
39
100
Eastern Steamship Lines.*
Edison Elec Ilium
100
Employers Group
General Capital Corp
Gilchrist Co..
*
129%
19%
*
Gillette Safety Rasor
2%
*
14%
4% June
35
10%
Jan
56%
May
81
Jan
145
39
June
69
Jan
168
2
June
Cumul class A
100
5%
3%
Mar
6%
Jan
110%
Mar
20
110
47
June
5
June
96
340
4,400
77
Feb
20%
Jan
June
3%
73
Mar
Jan
72
85
Feb
June
6%
Mar
2%
35%
44
950
43%
May
48
Feb
61
"1%
43%
61
100
61
June
77
Mar
3%
%
14%
2%
35%
3%
%
15
2%
35%
250
3%
June
6%
Mar
Jan
20
%
Jan
%
450
14%
June
2,750
2%
June
27%
6%
20
34
Jan
37
400
103
Apr
139
Jan
Jan
May
104
38%
104
38%
5
105
39
5%
%
3%
2%
106
107%
19
19%
6%
7
21% 22
%
3%
2%
350
1,300
2,250
20
6,950
80
500
60
38% June
5
June
%
Apr
3% June
%
Jan
6%
Feb
2
June
6%
Feb
Apr
18% June
110%
Mar
104%
5
26%
Feb
Jan
10%
Feb
Jan
28%
Apr
Apr
150
19%
25
June
32%
10%
June
17%
Jan
Feb
11
11
20
18%
33%
18%
100
18% June
25
34%
300
29%
May
35% June
550
7
June
12%
150
31
June
40% Mar
5% May
Elec Household Util cap .6
Jan
Elgin Natl Watch
Jan
Fuller Mfg Co com
160
Jan
7
7%
Gardner Denver Co—
19
June
26%
Mar
40%
25
40%
June
47
Mar
12
70
10
June
i4%
Jan
14%
71
14% June
20%
Feb
Jan
Dexter Co (The) com.—*
Dixie-Vortex Co com
*
7
20
Feb
11
300
12
19
Jan
48%
27
Apr
40%
11%
14%
120
2% June
86% June
100
25
8% June
127% June
120
Jan
Feb
pref.-.35
Eddy Paper Corp (The)..*
773
Feb
19
*81%
June
New
15
1
*
common
General Finance
Corp
com 1
31
4%
21
5%
31
4%
200
21%
5%
4,500
4%
2,400
150
4%
June
20% June
4%
Mar
Gen
Household Util—
Common
3%
3% June
23
Jan
June
6% May
1
4
June
7
10%
Jan
Jan
Goldblatt Bros Inc com..*
36
36
250
36
1
60c
Int Button Hole Mach_.10
Copper Co. ..26
For footnotes see page 4321
56%
40%
2%
5%
6%
8%
9%
127% 130%
June
1
13
1
June
2
Jan
Great Lakes DAD 00m._*
42%
Mar
18
18
June
35
35
18%
800
38
Apr
% May
50
Jan
Hamilton Mfg cl A pt pf 10
Harnlschfeger Corp com.10
29%
10
10
150
14
14
10
Helleman Brew Co G cap. 1
Heln-Wern Mot Pts com_3
9
9%
9
9
4
*
Preferred
Helvetia Oil Co T C
,
4%
8%
13
53% June
36
Hathaway Bakeries cl A..*
Class B
39
4
6
1% June
100
680
Consumers Co—
24%
June
Jan
25
4%
56%
4%
43%
100
Chicago Yellow Cab Co..*
Jan
Jan
14%
10
com
Jan
40
Copper Range
Common
2%
88
Chic Rys pt ctfs 2
240
Calumet A Heel a
Isle Royal
*
107% May
14
pref stpd. 100
13%
59%
Chicago Flex Shaft com..5
6
6
*
Jan
10
9%
1
Prior lien preferred
187%
Boston A Maine—
//Preferred stamped—100
*
Preferred
Range Since Jan. 1, 1937
110
Boston-Herald-Traveller. *
*
Common
for
Week
Amer Pneumatic Service—
6% non-cum pref
1
:
51% conv pref
Cent 111 Pub Serv pref
Central 8 W—
60c
26
3%
4
60c
26
3%
260
475
5
117
,
22%
2
Apr
Mar
2%
27
6%
Jan
Mar
Jan
...
1,050
150
9% May
14
Jan
8%
May
9
June
Jan
14
Apr
20
Mar
11%
13%
Mar
Jan
Sales
Friday
r
Last
St
Stocks {Concluded.)
Par
Hibbard Spen Bart com.25
Horders Ino com.
Week's Range
for
Sale
of Prices
Low
High
Price
52
12
Low
45
Jan
16..
100
16
May
3A
250
3
May
11%
12
102% 102%
38A
38A
8A
8A
21A 23 A
250
Stocks {Concluded)
High
1
52% May
11% June
Jan
19%
Cln Telephone-
Dow Drug.
Early & Daniel
20
99%
May
110
Jan
50
37% June
49
Mar
Co
1
cap
23
37
50
Common
-.1
KenRad T & Lamp
comA *
Ky Utll Jr cum pref.
60
Kerlyn Oil Co cl A com..5
Kingsbury Brew cap
1
9%
*
Preferred
113%
*
17%
__
365
•
105
7%
25
25
-100
Formica Insulation
86%
7
7%
25
7
37
150
I.awbeck 6% cum pref. 100
OA
io%
3,500
Apr
Jan
Jan
17
Mar
29% June
36
Feb
*
16
16
16
25
*
30
30
30
227
*
7
7
7
85
7
*
1%
1%
1%
20
1%
...12
4%
4%
4%
39
Prior pref
Apr
Feb
Hilton Davis.
June
43%
Jan
Hobart A
*
7%
3%
Mar
Julian & Kokenge...
*
Kahn com
*
3%
Feb
9% June
21
22
950
17%
25
25
190
25
6
6
25A
6%
2
2%
900
6
May
500
1%
June
l7A
1%
2
"IV
40
500
41
1%
Jan
38
60
Jan
Jan
50
Apr
Leath 4c Co—
8A
8A
350
7A
Feb
Jan
13%
June
34%
Mar
Jan
15%
Mar
25
25
26
12
12%
25
40
3C0
9%
Co—
Common
._.*
$3% preferred
Lindsay Light com
8A
McCord Rad&Mig cl A..*
com.
4A
31%
8%
24%
*
.
1
com.
Prior preferred
30 %
15
42
42%
27%
9%
18
40
May
10
27%
27%
9
*
Kroger—
9%
100
June
9
June
10
98
Mar
97
20%
102
June
18%
8
101% May
40
1% June
102
1%
1%
1%
27
167
100
20
20%
102
.2.50
Magnavox
32
40
May
4
Jan
16%
3,550
Jan
32
__1
;
Middle West Corp cap
6
Stock purchase warrants
11
11
11
100
*
58
58
58%
179
*
19
18%
19
140
10
May
Jan
55%
18% June
*
27%
27%
28
135
27%
Jan
45
4%
*
P & O
United Milk A......
Mar
U S Playing Card
June
*
U S Printing
.
3
3
10
.
25%
*
3%
24%
3%
150
2
4%
25
50
24A
5%
26%
6%
2
550
4% June
.30%
114
116%
31
Jan
12
Apr
Jan
101%
24%
Jan
106
Mar
Feb
4%
16%
Feb
Jan
65%
23%
Jan
38
Feb
Jan
3
34%
Feb
6%
12%
Feb
29
21
Jan
100
16
Mar
26
Mar
37
92
Jan
134
•■May
116%
Apr
Feb
June
June
100
Jan
49%
Apr
Feb
14
21
21
100
,
Preferred
Apr
1%
25% June
3% May
295
4
June
Jan
5%
24%
21
14
14
Preferred
Wurlitzer
34
85
25%
2
Mar
7
Jan
4%
25
140
Feb
June
19
5.000
Jan
48%
3A June
24% June
150
26
3
25%
3%
4
'
23%
m
26%
30
National Pumps
Rapid
Jan
31%
Food Prod-
Common
23
100
1st pref..
Jan
12%
8% June
100
40%
4A
2
Marshall Field common..*
Mer & Mfrs Sec cl A
250
40 A
♦
10
Lion Oil Refining Co com. *
Loudon Packing com. ...*
Manhatt-Dearborn
23
4% May
22
Apr
Jan
8%
Apr
Randall A
Cumulative preferred..*
Llbby McN & Llbby...lO
Lincoln Printing
8%
June
42
Little M laml Guar... ...50
Common
16
23
_
Jan
34%
25
Goldsmith.
Feb
Mar
115
Gibson Art
16%
28%
Jan
9
Jan
16%
Feb
Fyr-Fyter a.
Jan
100
June
110
17
51
June
June
24%
10
113% 113%
17
17%
High
10%
May
Feb
10% May
20% June
37
22
La Salle Ext Unlv com...5
g
86
*
Low
6% June
85
May
183
7
29%
8% June
700
37
Katz Drug Co-
Mlckelberry
6%
86%
Week
Hatfield
Indiana Steel Prod com..l
Jefferson Electric Co com.*
i
Shares
6%
Jan
4
for
of Prices
Low
High
Price
Cln Street Ry
Apr
19%
Par
Week's Range
Sale
290
3K
Range Since Jan. 1, 1937
Last
Range Since Jan. 1, 1937
Shares
52%
16
"3 K
52
Sales
Friday
XVafih
*
Hupp Motor com (new)_.l
Illinois Brick Co cap.... 10
111 North Util pref
100
Indep Pneu Tool(v t c)cap*
Jarvls (W B)
4319
Finanbial Chronicle
Volume 144
2%
3
1.500
2% June
8
8
8A
5,500
7%
June
15%
2A
2A
2%
1,100
1%
June
7%
A
1%
12%
Jan
9%
Ohio Listed and Unlisted Securities
Jan
800
Mar
Jan
5
Jan
Members Cleveland Stock Exchange
Midland United Co—
Common...
.*
%
..*
4%
5
450
100
Conv preferred A
3%
4
40
A June
3% June
Jan
Midland Util—
7% prior lien
7% pref A
2
pf.*
conv
Modlne Mfg com..
2
3%
100
Miller & Hart Inc
3Vs
37
_.*
3
June
10
1% June
5
3% June
8%
Jan
46%
GILLIS
Feb
370
Jan
37
36
50
June
Common
*
Preferred
*
49
49
40
Montg W ard & Co cl A.._*
National Battery Co pref.*
National Standard com. 10
138
138
10
Noblltt-Sparks Ind
com.
8
29
.5
North Amer Car com...20
Northwest Bancorp com..*
Northwest Engineer cap..*
5%
10%
24%
28%
30%
5%
10%
24 A
7A
100
8%
*0
Jan
47
Mar
Feb
27%
32
Jon
50
28A May
36%
Feb
39%
Jan
58
Feb
5%
June
Feb
300
100
Mas
850
11
10A June
9%
16%
Cleveland Stock Exchange
24 A
35
24% June
37
25
25
10
25
June
54
Jan
pref.*
Parker Pen Co (The) comlO
Pea body Coal Co B com.. 6
Penn Elec Switch conv A10
27
27
20
27
June
Apr
June
30%
29%
Apr
2%
Jan
18A June
24%
Mar
17%
Jan
35
Jan
Oshkosh B'Gosh
cnv
23
23
23
1%
18 A
IA
18 A
200
Penn G & E A com
12
12
250
12
Perfect Circle Co com..
*
Pictorial Paper Pkgecom.6
33A
5A
33%
20
30
6
400
5%
May
2%
2%
3A
1A
VA
750
2%
June
350
3%
400
1%
Pines Wlnterfront com
Potter Co (The) com
Prima Co
]
1
com
Process Corp com
*
IK
33%
6
2%
3%
IK
IK
3%
IK
IK
50
23
1%
50
May
May
Jan
Mar
June
3%
5%
Feb
June
3%
Jan
1% June
250
7%
4%
Jan
99%
Jan
Feb
Public Service of Nor Ill-
Common..^
*
....
7% preferred
70
*
com
50
70
115
115%
100
114
110
111
170
109%
135
135
10
4A
5
750
4
Jan
7%
Feb
IK
IK
100
1% June
Feb
May
Apr
70
100
Quaker Oars Co
Preferred..
111""
.....100
70
June
122
121
Jan
150
Apr
Jan
125%
Apr
June
Jan
Raytheon Mfg com v t c 50c
6% pref v t c__
5
Reliance Mfg Co com.. 10
22
22
50
22
June
3%
36%
Rollins Hos Mills
24%
25
80
15
Feb
34%
conv
pf.*
36
Serrlck Corp cl B com
Slgnode Steel Strap—
Common
*
Cumulative preferred.30
Slvyer Steel Cstgs com
*
So Bend Lathe W ks cap.
ft
30%
Tm
S'west Gas A Elec 7% pflOO
Southwstn Lt & Pow pref.*
200
87K
10K
30%
30%
22%
21%
31
98
90
l
150
20
98
Sears Roebuck A Co cap.*
37
19A
87%
10%
Sangamo Electric com
*
Schwltzer-Cummlns cap..)
90
34
Jan
May
19% June
May
42
81%
95
Mar
150
10% June
14%
Mar
100
16%
40
Arp
35
Mar
50
50
Jan
28% June
30
30%
22%
22 A
22
100
26
Jan
Mar
27%
Apr
19%
Feb
28%
Mar
30
98
June
107
10
90
June
95
250
4
Jan
Jon
"~4i
4A
10
10
150
10
June
20% May
15% Mar
30%
23 %
300
30
June
33%
"23%
30%
22 A
1,250
June
28%
Sundstrand Mach Tool Co*
20
20
June
28%
Mar
8%
19%
3K
20%
8K
150
Thompson (J R)
100
8
June
15%
Mar
300
20
June
23
Standard Dredge com....*
Convertible preferred.. *
Storkllne Furn
17%
10
com
Swift International..... 16
Swift A Co
25
25
com
Trauc Co (The) com
2
Utah Radio Products com *
Utll A Ind Corp—
Common...
20%
3%
5
7A
Convertible pref
7
Viking Pump Co com....*
Preferred
Wahl Co (The) com
*
*
Walgreen Co common
*
Williams Oil-O-Matlc com*
Wisconsin Banksbs com..*
Wood all indust com
2
Zenith Radio Corn
40
40
25 A
25
id"
io
32
650
20%
3H
Apr
22%
2%
650
5%
Jan
15%
6,050
7A
2%
22%
Mar
Mar
May
4%
Feb
Apr
2
Jan
250
A June
2% June
6%
Last
22% June
24%
Sale
Par
Stocks—
Price
of Prices
High
Low
10
High
June
18
Jan
93
300
105
32
104
June
49
49
52
180
49
June
50
50
52
157
50
June
63%
63%
1,535
32
June
50
Mar
30
30
Jan
54
May
112% May
117
Jan
30
Jan
34
33% 34%
53%
53%
U2% 112%
100
10
86%
Faultless Rubber
25
25
6
25
Feb
Federal Knitting Mills. - - *
Foote-Burt
--*
27
27
110
27
June
15
15
20
14
June
.
57%
66
53
June
60
Jan
46
30
46
June
50
May
2
101
Jan
104
46
46
97%
13%
"13 A
60
*
*
*
60
•97%
13%
~~8H
Jan
18
Feb
73%
37%
24
Jan
23
May
8%
1,070
785
7% June
44
Jan
14
294
13
June
27
41
Apr
58%
40
Jan
60
Feb
100
45
4%
2%
30%
Feb
2%
1%
2%
1%
100
Nineteen Hund Corp cl A. *
Ohio Brass B
29%
29%
70
Jan
1%
1%
Apr
29% May
5
58
50
44
Packer Corp
15
15
55
23
23
Patterson-Sargent ...—..*
'47%
Van Dorn Tron
280
6
250
48%
45
9%
6%
*
24%
Weinberger Drug Inc.—-*
100
West Res Inv 6% pref.. 100
Mar
23
34
June
Jan
3%
Jan
8
June
100
100
June
7%
174
25%
708
Jan
8%
6% June
Feb
17%
100
90
100
Feb
20%
39
8
Feb
14% June
47
10
Jan
Mar
500
45
8
10
Jan
Mar
67
Jan
15
47%
45
Seiberllng R 8 %cum pf. 100
TroxelMfg
Upson Walton
..1
,
23
6%
-.3
....—*
Feb
8% May
9
43
50
Mar
30
110
14%
43
cl A__ *
Apr
Mar
15
Lei and Electric
44
Jan
14
56%
410
31
25
7%
Apr
73%
25
15
31
25
31
Feb
25
60
McKee (A G) class B
*
Medusa Portland Cement *
Peerless Corp
Rich man..
Mar
63
10%
15%
cum
54
71
51
10
Nestle Le Mur
Feb
49%
Feb
22%
% June
111% June
51
*
National Tool
Jan
71
Lima Cord Sole & Heel—
Lamson & Sessions
Feb
Jan
33
"El"
Hanna (MA) $5 cum pref. *
Harbauer
*
.
111% June
Jan
112
46
35
-100
Greif Bros Cooperage A..*
Halle Bros preferred—100
Kelley Isl Lime & Tran.
% June
125
101%
36
35
Towing--.100
Jaeger Machine.....
500
%
%
111% 111%
General Tire & Rub rights.
Goodyr T&R cum 1st pref*
Interiake Steamship
Mar
90
104
Commerical Bookbinding. *
Preferred
June
85
Cleveland Ry
100
Certificates of deposltlOO
Cliffs Corp v t c.
*
Great Lakes
20
105
Cleveland Cliffs Iron pref.*
Cleve Elec 111 $4.50 pref.*
Dow Chemical pref
Low
18
18
Amer Coach & Body
Range Since Jan. 1, 1937
for
Week
Shares
Jan
Feb
7%
57%
Mar
Mar
64
Apr
10%
13%
Apr
Mar
Feb
14
25% June
100
Apr
Feb
40
Week's Range
Feb
10
40
Jan
39
Jan
2%
100
2
June
25A
6A
7%
10K
33 A
1,400
525
June
49%
Feb
50
6
June
12%
Feb
2%
•
com
A
2A
22%
4%
17K
Jan
Sales
Friday
Mar
100
official sales lists
June 19 to June 25, both inclusive, compiled from
Jan
Northwest UttJ—
7% pref....
A. T. 4c T. GLEV. 565 & 566
Telephone GHerry 5050
Jan
51% June
156
135% June
80
29A
28%
40 %
8%
0WOODca
Union Trust Building, Cleveland
Monroe Chemical Co—
10
5
Jan
200
6%
May
12
400
9%
June
15%
Feb
June
40%
Feb
30
600
Mar
Watling, Lerchen & Hayes
Members
New York Stock
Exchange
-
New York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
Buhl Building
DETROIT
Randolph 5530
Telephone
Members Cincinnati Stock Exchange
Active Trading Markets in
Cincinnati and Ohio Listed and
Unlisted Securities
Detroit Stock
June 19
BALLINGER
UNION TRUST BLDG.
to
CO.
&
Tel
Last
Sale
Cln. 291
Baldwin Rubber
Cincinnati Stock Exchange
June 19 to June 25, both inclusive, compiled from official sales lists
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1937
Low
Industries.
Amer Ldry Mach
*
-.20
Burger Brewing
7
26%
3%
7
7
50
26%
55
36%
Feb
3%
3%
75
3%
June
31
Mar
Champ Paper pref
Gin Gas & Elec pref... .100
109
100
108% 109
100
100%
-100
370
370
370
3
100
114
114
114
39
Preferred
For footnotes see page 4321
June
26%
.100
CNO&TP
7
124
108
18%
Consolidated Paper com. 10
Det & Cleve Nav com.. .10
Det Cripple Creek Gold-.l
Det-Mlch Stove
High
1
com
11
com
1
5
Feb
Det Steel Corp com
Eureka Vacuum com
5
Feb
Fed Motor Truck com— *
111
Jan
Frankenmuth Brew com.
13%
36%
Jan
7%
5
.
1
Jan
Gar Wood Ind com
June
412
Jan
General Motors
com
120
Jan
Goebel Brewing com
1
11%
60%
10
110% June
99% June
370
108
Week's Range
o* Prices
Low
1%
12%
40%
5%o
18%
2%
316
112
100
Det Paper Prod com
Aluminum
iK
.1
Briggs Mfg com—
*
Burry, Biscuit com___12%c
Detroit Edison com
Shares
Price
Par
Stocks—
Auto City Brew com
Friday
Sales
Friday
CINCINNATI
Phone Cherry 6711—First Boston Wire—Bell Sys
Exchange
both inclusive, compiled from official sales lists
June 25,
3
-
4%
6%
20%
7%
6%
1%
11%
49%
6
High
1%
12%
Range Since Jan. 1, 1937
for
Week
Shares
580
425
Low
1% May
9%
Jan
40%
5%c
18%
2%
305
40
130
4%c Apr
18% June
2% June
%
1,110
112
4%
6%
20%
7%
6%
1%
11%
50%
6
100
100
30
300
120
June
600
Mar
Feb
3%
%
3% June
6
7%
6%
1%
11%
48%
5%
435
Jan
7%c
22
145%
18%
2,085
Feb
June
100
100
Feb
15%
56%
'is May
110
176
150
High
2%
May
Jan
June
June
June
June
June
June
Mar
Jan
Jan
11
Feb
10
Jan
28
Jan
14
Jan
11%
Feb
2%
19%
Feb
70
Feb
8
Feb
Feb
4320
Financial
Last
Week's Range
Sale
of Prices
Price
Par
Grand Valley Brew com—1
General Finance com
1
536
Hall Lamp com
426
*
Home Dairy class A
—*
Hudson Motor Gar com-.*
.
.....
36
——
Masco Screw Prod com—1
McAleer Mfg com
McClanahan Oil com
526
1,600
526
426
•
Low
Shares
812
245
1
426
4 26
Mar
June
7
Apr
23
Feb
530
1326 June
36 June
426 June
400
26 May
1436
270
36
426
1)6
426
1,425
"16
426
26
426
136
126
36
136
226
100
100
426 June
136 June
126 June
2,535
26 June
126
26
"""226
136
226
McClanahan Refln com.-l
125
160
100
126
Apr
226 June
Motor Products com—_. *
29
29
110
29
June
—10
11
11
330
11
June
8
June
Murray Corp com
Packard Motor Car com.
Parke-Davis
*
.
826
*
com
Parker Wolverine com—*
.........
Peniu Metal Prod com—1
-
436
Prudential Invest com.-.l
Reo Motor
5
com
Rickel (H W) com
2
River Raisin Paper com..*
Standard Tube B com.-.l
Stearns & Co
536
......
......
21
(Fred'k) com*
1
Tivoli Brewing com.
Tom Moore Dist com
Union
......
1
com..*
Investment
......
Wayne Screw Prod com. .4
......
Wolverine Brew
......
com
1
5
1,575
5
526
300
5
3
1036
336
Jan
250
4 36
June
Feb
Feb
PHILADELPHIA
Jan
1513 Walnut Straat
28
Jan
4)6
136
Jan
226
Jan
436
Jan
3636
2026
1236
4426
Jan
2
Philadelphia Stock Exchange
June 19
536
3)6
1036
both inclusive, compiled from official sales lists
Friday
Feb
Last
Week's Range
for
Feb
Sale
of Prices
Low
High
Week
Feb
19
Par
Stocks-
Price
Jan
High
Low
16
1626
466
16
163
16536
38
467
160
115
233
American Stores
Feb
American Tel & Tel---.100
436 May
Feb
Bankers Securities pref.
5
626
Jan
667
5
June
1036
Jan
20
June
27
Feb
Budd Wheel Co
2,505
5
June
10
Feb
June
Range Since Jan. 1, 1937
Shares
536 May
163
3736
113
'"736
726
726
*
595
236 June
8
Feb
100
1036 June
13
Jan
General Motors.:
11
100
Chrysler Corp
5
Electric Storage BatterylOO
300
736
110
8
10136
105
37
June
Apr
18736
June
37)6
112
Feb
2626
May
736 June
736 June
9726 May
Jan
45
Mar
Mar
12736
1426
Jan
13^
Feb
13426 May
Feb
7
May
7
100
636 June
936
Feb
5
1,300
4
June
8)6
Mar
1
1
975
1
June
126
Jan
456
5
650
426 June
916 June
726
Feb
,516
Feb
18 ^
Feb
36
1326
Sales
Feb
.50
Bell Tel Co. of Pa pref-100
Budd (E G) Mfg Co
*
100
7
916
1336
June 25,
to
636
926
526
Jan
YORK
Feb
226
.
NEW
30 Broad Straat
Apr
100
5)6
21
5
835
136
7
*
Wolverine Tube com
526
5)6
1,124
5
340
3736 June
1326 June
Members
New York Stock Exchange
Philadelphia Stock Exchange
8)6
126
4
*
B
Warner Aircraft com
1,359
1,100
7
7
*
Univ Cooler A
836
3736
1426
4)6
426
21
536
336
1036
United Shirt Dist com.—*
8 36
37)6
14)6
4)6
426
5)6
/
Jan
11
10
1436
»16
DeHaven & Townsend
Feb
2)6
536 June
May
June
50
Established 1874
High
10
1)6
*
1
Micromatic Hone com—1
1
426
Range Since Jan. 1, 1937
for
Week
High
10
Hurd Lock & Mfg com
1
Kingston Products com_.l
Kinsel Drug com—
1
Lakey Fdy & Mach com-.l
Low
1
1
June 26, 1937
Sales
Friday
Stocks (Concluded)
Chronicle
200
300
13
Jan
"3426
Hardart(NY) com*
Lehigh Coal & Navigation *
Co.
113
Jan
Apr
726
136 May
13)6
Jan
4)6
Apr
226
947
236 June
Feb
936
336
3726
4,669
5)6
1436
526
Apr
5026
Mar
336
3626
3636
9
175
25
25
175
100
426
8
836
936
826 June
326 June
36 36
June
164 26
Jan
Jan
178)6 June
Jan
2)6
10826 June
326
Feb
131
117)6
Feb
889
3136 June
3536
Apr
32
32
32
50
7% preferred
50
Philadelphia Traction.. .50
165
910
226
226
10826 11126
3136
3236
11036
3126
Phila Insulated Wire ..._*
MEMBERS
Feb
236
2 36
Phila Rapid Transit
Jan
9036
107
"326
Phila Electric of Pa S5 pref*
Phila Elec Pow pref
June
104
4426
409
*
1
Penna Salt Mfg—
10
3336 June
4836 June
836
226
50
50
Penn Traffic com
645
226
25
Natl Power & Light
Penroad Corp v t c
517
5136
726
236
Corp..25
Preferred
3436
104
104
Horn &
Mitten Bank Sec
Pennsylvania RR
Wm. Cavalier
3436
4926
—10
936
70
June
35)6
Apr
436
836
1336
19
436 May
736
Feb
60
736
331
May
1336
Jan
936 June
1636
Feb
Apr
20
Jan
Jan
Jan
4536
Feb
3336
115,6 May
New York Stock
Los
Exchange
Chicago Board of Trade
Angeles Stock Exch, San Francisco Stock Exch.
523 W. 6th St.
Los Angeles
Teletype L.A. 290
Salt Dome Oil Corp
1
14
1526
685
Scott Paper
*
3936
4036
2936
207
June 19
to
June 25, both
inclusive, compiled from official sales lists
Friday
Range Since Jan. 1,1937
Last
Par
Stocks—
Petroleum.
1
37
High
236
436
1,200
95c
95c
200
4 26
10
60c
95c
com..
436
3536
95c May
2.25
4
Apr
726
_l
Feb
14c
Feb
Jan
43c
Feb
1036
1526
926
200
10
June
1236
200
200
1426 May
326
Jan
17
100
16
1756
1726
2426
Jan
Mar
Mar
Feb
5)6
536
5
.5
14
14
100
432
1.35
Foster & Kleiser Co—2.50
100
25
5
1426
1.05
432
500
1.35
19,300
June
526
536
Jan
7
32,000
Gladding-McBean & Co..*
Globe Grain & Milling..25
Golden State Co
*
Hancock Oil Co A com...*
23
23
5026
1936
6
60c
432
1936
Jan
126
June
Enquiries Incited
Mid-Western
Jan
Jan
114)6
1436
Jan
11
Feb
10
May
16 36
Mar
70
100
Jan
.Stock
315 North Fourth
3036
1136
826
600
21
1.15
700
8 5o
Jan
1.50
Mar
8c
Jan
18c
Mar
Mar
Mar
Jan
24
NewjYork Curb (Associate)
Chicago Board of
Trade
Exchange
Chicago Stock Exchange
St., St. Louis, Mo.
Telephone ^Central 3350
Feb
1836
836
736
Seeuritie*
MEMBERS
t. Louis
Mar
Mar
100
all
on
and Southern
f ew York'Stock Exchange
460
June
1,600
Jan
1036 June
10236 June
926
Apr
Feb
926
Established 18)
Business
Feb
736
2336
li
Jan
4626
1736
I. M. SIMON & CO.
50
5036
1936
1026
736
77
936
..
Feb
Jan
June
14
400
10
432
m
50)6
19)6
lOVs
m
10
536
127
Feb
8 36
June
ST. LOUIS MARKETS
Jan
6c
25
447
10236 10436
1136
1226
726
June
4
33 36
Feb
29c
956
9,242
36 June
4)6 June
Jan
69
17
1126
1136
10326
926
Apr
100
926
99
Westmorland Coal
Mar
90c
1,800
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
com
936
4126
Jan
45c
5c
17
Preferred.;
General Motors
June
37
29c
10
3636
1336
Mar
2826
Jan
426
15 %
v t c_
536
5c
Consolidated Oil Corp
Consolidated Steel Corp—
District Bond Co
236 June
436 June
29c
10
488
El & Peoples tr ctfs 4s 1945
5c
Claude Neon Elec Prods—
1,389
436
1236
238
Bonds—
High
29c
100
Farmers & Merch Natl
600
10
37
37
100
55c
Buckeye Union Oil com__l
Creameries of Amer
236
436
Low
Shares
60c
Berkey & Gay warrants
Central Investment
Low
436
436
United Gas Improve com *
Preferred
*
Week
2)6
4)6
Barker Bros Corp com
Barnhart-Morrow Cous__l
Bolsa-Chica Oil A
far
of Prices
Price
Associated Gas & Elec A—1
Bandini
Week's Range
Sale
36
436
Westmorland Inc
Sales
360
1
1
United Corp com
Preferred
Angeles Stock Exchange
70
50
Tonopah Mining
Union Traction
Los
29
Tacony-Palmyra Bridge. .*
Mar
Jan
Apr
St. Louis Stock Exchange
Feb
Holly Development Co—1
1.15
10c
11c
10c
11c
KInner Airpl & Motor
1
Lincoln Petroleum Co.-10c
30c
30c
32c
3,500
6,500
16c June
7236c
Jan
30c
28c
37c
13,300
26c June
60c
Feb
Last
1236
336
700
Jan
926
326 June
1636
626
Feb
Sale
75c
100
75c June
1.45
Mar
700
226
June
426
Jan
Jaae
Oil
Co
1
Lockheed Aircraft
12
1.05
326
1136
326
1
75c
75c
Menasco Mfg Co..
1
Mid-Western Oil Co.—10c
2%
19c
19c
22c
11,000
lc
Jan
Mt Diablo Cil Mng & D..1
Merchants Petroleum
70c
70c
75c
1,800
70c
Jan
9736 c
Apr
32c
32c
Los Ang Indu(tries
Inc.-.2
Mascot Oil Co
Nordon Corp
Occidental Petroleum
.
300
40c
500
32c June
80c
Mar
—5
16c
16c
18c
45c
33c
38c
33c June
80c
Feb
1.25
1.25
1.35
Jan
2.00
Mar
Jan
18c
1.30 June
40c
Mar
Oceanic Oil Co
1
1
27c
27c
29c
1,400
2,300
1
1.30
1.30
1.50
900
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
219<C
29>£
626
2136
2936
636
2126
2936
Olinda Land Co
—
Pacific Distillers Inc
Republic Petroleum com.l
7
Rice Ranch Oil Co
1
38c
38c
38c
Richfield Oil Corp
Warrants
com...*
m
826
9
3
3
336
-
200
100
2,000
70c
2026
June
May
<29
636
June
400
33c
Jan
1,400
826
June
3
June
200
Roberts Public Markets. .2
7
7
7
100
626
Ryan Aeronautical Co
1
Samson Corp 6% pref-.-lO
Security Co units ben int
2
2
2
June
336
236
336
400
3%
100
3
Jan
114
*38
June
38
Sierra Trading Corp.25c
Sontag Drug Stores
*
So Calif Edison Co Ltd. .25
6% pref B
25
5H% pref C
25
So Counties Gas 6% pf 100
Southern Pacific Co
100
Standard Oil of Calif
*
38
40
5c
5c
11)6
1136
2326
24
27
25
25
107
3,000
Je 3c
32
Jan
3726
Jan
1336 Feb
8736 c Mar
1026 Mar
326 May
926
Jan
336 Feb
6 26
Feb
56
Jan
Feb
9c May
•
1136
100
June
1436
24
500
May
3236
2726
2536
27
107.
5c
Apr
136 May
200
27
June
500
25
June
10
106
Apr
2936
2836
10826
6226
4936
107
4426
4036
3%
4426
40
40
4426
4036
336
4036
13
1226
2336
1036
2336
1026
900
400
1036
Mar
4036
326
June
100
4426
300
500
4026 June
326 June
200
40
1226
23
June
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Par
Stocks—
A S Aloe Co"pref
American Inv com
Brown Shoe
Feb
33c
2,000
1,300
16c June
1
Sales
Friday
Feb
23c June
both inclusive, compiled from official sales lists
June 19 to June 25,
Price
.
for
of Prices
mi
Week
Low
High
Shares
High
Low
110
100
i®
Range Since*Jan. 1, 1937
Week's Range
110
8
110
June
205
20
June
114
Apr
Apr
20
21
*
4536
4536
4636
78
4536 June
22)6
4936
1
33
32
33
50
31
Apr
37
3236
32 H
92
40
3136
Feb
3226
^Mar
92
80
Jan
96
Mar
36 26
38
228
76
50
*
com
Burkart Mfg com
Preferred
*
Century Electric Co
100
CocarCola Bottling com__l
Elder Mfg A
100
37
A
*76
Ely&WalkerDr G 1st pflOO
%2nd pref..
100
Emerson Electric pref .100
12126 12126
.10336
103
1
10
3626 June
74
11836
9926
May
Jan
104
8
103
50
100
Jan
May
75
32
Jan
Feb
Jan
40
May
76
June
122)6 June
106
Apr
125
Mar
HI *
Grlesedieck-WestBr
com.*
3436
Hamilton-BrownShoe com*
Hussmann-Ligonier com.. *
Huttig S & D
5
com
International Shoe
com
.-*
"2036
14
4326
Key Co com
Knapp Monarch pref—
Laclede Steel
com
com
i
a
2036
14
4136
1036
34
Laclede-Chr CI Prod com.*
MM
McQuay-Norris
*3436
$ 236
20
36
236
2136
1436
4326
30
315
333
336
12
90
34
108
22
Mar
3236
Mar
50
50
20
50
June
58
5
100
100
107
107
16
*
8
Black Mammoth Cons 10c
30c
30c
33c
6.000
20c
Jan
10c
3c
236c
3c
2,000
lc
Mar
4c
35c
35c May
Jan
8236c
Feb
9c
Feb
Scruggs-V-B Inc pref-—100
Scullin Steel pref
Mar
48c
Jan
Securities Inv
8c May
15c
Jan
9436
9436
50
836
345
536
50
1726
Jan
11236 Jan
2636
116
Mar
Mar
May
June
119
Jan
9436 June
101
Mar
107
Feb
1
Apr
June
208
.1
Jan
Feb
36
24
20
Wellington Oil Co.
Feb
16
6
113
2336
1036
49)6
■1,18
19
25
2026
1636
113
Union Oil of Calif
June
41)6 June
1036 June
Jan
3336
Jan
1426
2436
20
**
Feb
Mar
1636
113
it,2nd pref
Apr
6
23
24
MoPortl'd Cement com.25
1
25
40)6
1636
*
Sunray Oil Corp.
Superior Oil Co—
Transmerica Corp
Jan
24
Nat Bear'g Metals pref 100
Natl Candy 1st pref
2)6 June
16 X
13
Calumet
Gold
Cardinal
Gold...
*
Zenda Gold
3,100
35c
36c
900
3c
3c
336c
_.l
40c
40c
40c
1
9c
9C
9c
4,000
1,000
3,000
Imperial Development-25c
Tom Reed Gold.
13
5
Feb
May
55
Mar
June
1736
2836
1336
Apr
39c June
136c
38c
Jan
Feb
Common
Anaconda Copper
Cities Service Co
50
*
Commonwealth <fc South..*
Curtiss-Wright Corp
Radio Corp of America
1
*
Standard Brands Inc
*
Warner Bros Pictures
5
16426
5026
226
236
536
836
1136
122-6
16426 16536
5026
5026
226
236
2.36
236
536
526
8
1126
1236
200
100
16036
49
Apr
June
300
226 June
236 May
536 June
836
300
8
1126
1226
200
600
100
100
18736
June
1126 June
1136 May
Jan
1326
Mar
8)6
Feb
14
14
25
11
Apr
16
100
76
76
30
76
June
90
Preferred.
5
St Louis Pub Serv com...*
Preferred A
30C
com
Southwest'n Bell Tel pf 100
118
400
126
2836
2326
2836
24
58
2836
*
35c
126
_*
60
118
Wagner Electric
com
11826
826
426 May
15
""4336
106'4
Jan
Jan
Jan
70c
Jan
28
136 May
426
Mar
25
2836 June
2326 June
35
265
110
50
May
60
June
176
118
June
128
Mar
10
25c
29)6
10
10
100
10
40
4336
386
3836 June
1126
1326
4926
10636 106)6
9336
9336
2,000
3,000
7,000
2,000
4,500
10636 June
10736
com
Stix Baer & Fuller com. .10
American Tel & Tel Co. 100
June
St Louis B Bldg Eq com..*
St Louis Car com
10
Sterling Alum
Unlisted—
7
826 June
June
Apr
Mar
Mar
Jan
Feb
Mar
Jan
Bonds—
Jan
Natl Bearing Metals 6sl947
836
Mar
t Scullin Steel 6s. ——1941
1226
Jan
26
26
2536
2536
93
94
16
Jan
t United Railways 4s.1934
t United Ry 4s c-d s
1726
Feb
Scullin 6s assent
102
88
Jan
26
June
3636
2526 June
3436
93
95
June
Apr
May
Jan
Jan
Jun,
For footnotes see page 4321
Jsc
"Til,
Volume
Financial
144
4321
Chronicle
Sales
Friday
Range Since Jan. 1, 1937
Last
Stocks (Concluded)
H. S. EDWARDS & CO.
f Pittsburgh Stock Exchange
MBmhAPi
i
for
of Prices
Week
*
High
18%
19%
Richfield Oil
New York Curb Exchange (Associate)
Low
Price
Par
Rheems Mfg
Week's Range
Sale
2,078
8% June
19)
10?
110
8% June
9
PITTSBURGH, PA.
BLDG.,
Signal Oil & Gas Co A...*
Sounaview Pulp Co......5
42
42
42
Union Oil Co of Calif...25
16%
94%
12%
23%
16%
94%
12%
23%
16%
94%
13%
23%
Union Sugar Co com
25
19
19
19%
Universal Consol Co
Sales
of Prices
Low
High
21
1,060
*
Tide Wat Assoc Oil com..*
inclusive, compiled from official sales lists
Sale
45%
40%
Telephone Inv Corp
for
45%
40%
21%
*
com
Standard Oil Co. of Calif.*
Pittsburgh Stock Exchange
Week's Range
49
Southern Pacific Co... 100
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Last
52
8%
27%
37%
52%
45%
41%
21%
100
Shell Union Oil
A. T. & T. Tel. Pitb-391
Friday
8%
27%
37%
Preferred
BROADWAY, NEW YORK
June 19 to June 25, both
8%
27%
37%
Super Mold Corp of Calif 10
Tel. Oourt-6800
Stocks—
Week
Price
*
Armstrong Cork Co...
*
Blaw-Knox Co
*
Carnegie Metals
1
Columbia Gas & Elec
*
1%
Range Since Jan. 1,1937
20
6
6% June
58% May
21Apr
1.445
1% June
10% June
1% Feb
18%
Jan
295
20
$4% pref
100
Transamerica
Corp
*
Apr
33%
Feb
34% May
48%
Mar
40
Feb
52
Jan
65% Mar
49% Feb
21% June
6,126
210
43%
661
40
June
2,102
15
Jan
42
Jan
315
16
June
21%
10
90
May
98
10
12% June
17%
1,360
23
June
28%
269
18
Apr
18,279
Koppers Gas & Coke pt 100
Mountain Fuel
*
5
Supply
National Flreproollng
Phoenix Oil com..
*
*
T"
*
Pittsburgh Plate Glass. .25
Pittsburgh Steel Foundry.*
Renner
"1%
~6%
10
895
500
6c
6c
10c
275
104
Apr
10
June
58% May
7%
Jan
June
5
5c June
500
4%
122% 122%
4,000
4
50
16
50
30
30
30
Yel Checker Cab Co A..50
44
43
44
10
133
Exchange—San
Jan
25c
50c
15
June
San
Feb
30
Jan
Jan
2%
6%
22
7%
Jan
June
40% June
132% May
56%
163%
15
Jan
3% June
5%
Mar
Co.
&
Members: NewYork Stock Exchange, SanFranctscoStock Exchange, Chicago Board ofTrade
New York Curb Exchange
San Francisco
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Tacoma
Seattle
Stockton
Sacramento
Oakland
New York
Portland
Fresno
Beverly HHI»
Honolulu
Los Angeles
Pasadena
long Beach
Bunkerhill.'.
100
Calif-Ore Pow 1927
both inclusive, compiled from official sales lists
June 19 to June 25,
Sales
Range Since Jan. 1, 1937
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
11
11
200
11
23%
23%
24
765
23%
Atlas Imp Diesel
Eng—.5
5
14%
14%
14%
250
13
*
26%
26%
26%
Calamba Sugar 7% pref.20
Calaveras Cement com— *
21%
21%
21%
Californla-Engels Mining. 1
%
%
_*
47%
47%
48
220
46
California Packing com..*
35%
35%
435
50
50%
103%
35%
50%
Bishop Oil
Byron Jackson
Calif Ink A com
Preferred
7%
Caterpillar Tractor pref...
Chrysler Corp
5
101%
Claude Neon Elec Prods. .*
10%
CstCosG&E6% lstpfd.100
102%
Cons Chem Indus A
41
*
5%
Creameries of Am Inc new*
716
6%
40
292
7% June
34%
Mar
23%
12%
Mar
Jan
1%
Jan
May
53%
Feb
35% June
48%
Feb
%
52
Mar
Apr
50%
120
103%
130
101% May
103% June
101% 101%
100
101% June
125
103
10%
145
102% 102%
20
10%
41
5%
41%
5%
490
325
18%
17%
18%
1,707
96%
97%
230
9%
10%
632
$3 preferred
Eldorado Oil Works
Feb
1,880
97
9%
Jan
10
%
Crown Zeller com new.-.5
*
Feb
50
May
12%
Feb
101% May
106%
Mar
35
Jan
5% June
17% June
96
June
9% June
36c
1,400
2,100
40c
2%
2%
891
2
2%
1,040
95c
95c
100
5%
5%
200
1.00
1.00
300
49
Claude Neon Lights
2%
2%
1
Coen Co's incA
1
-.2
51%
26%
15
18%
Jan
26%
Jan
3.25
35
2.15
Jan
7.00
Mar
1.00
1.05
3.925
80c
Jan
1.60
Mar
Mar
3.90
1.10
Jan
27
Jan
16%
250
16% June
24%
Mar
50
39
June
47%
Mar
120
36
June
42
Feb
60
80
June
96%
10
36
Feb
36%
36%
General Motors com
10
50%
570
15%
391
48% June
14%
Jan
70%
18%
19
19
19
7
7
LeTourneau (R
18%
Jan
31%
Feb
806
6%
Apr
8%
53%
Apr
32%
Mar
29%
Jan
12 %
Apr
10
39
38
40
G) Inc.-.l
31
30%
31
595
12
Leslie Salt Co
Jan
475
70
Mar
Feb
74c
4.60
4.90
51c
Jan
200
2.40
54%
50c
Mar
Apr
Feb
36% June
Jan
4.80
June
2.40 June
63c
Feb
13
2
June
10
51
May
3%
68%
Mar
9% June
17%
Mar
54%
10%
9%
Mar
20c
7,800
3
7%
72c
35
60
45c
3
Mar
10c June
300
25c
40c
10%
Jan
4.35
1,250
2.40
Copper..5c
Nevada Porph
5
40c May
525
Feb
20c
20c
100
20c June
53c
Feb
11%
11%
45
9% May
17%
Jan
34%
1
North Amer Aviation
11
2,233
1,485
32c
41c
Mountain City
Oahu Sugar Co
2
2
Occidental
35
20
33c
Petroleum. .1
8%
35
38c
33c
195
34%
33c June
•4,100
82c
Jan
16%
Jan
37% May
42
Feb
30
June
45%
Feb
Ryan Aero
26% June
Feb
37%
8%
267
7% June
12%
2
100
2
June
100
18
Jan
6
June
22
20
6
Jan
Jan
2% May
27
Mar
10
May
24%
23%
24%
398
22% May
32%
Jan
25
25
25
24%
25
217
24% June
28%
Mar
26%
27
116
26% June
29%
Jan
10
10
10
10
44
12
12
100
11% June
16%
Jan
1.25
1.55
1,600
1.25 June
2.70
Mar
2.20
2.30
145
1.55
Jan
3.75
1.90
1,400
1.25
Jan
Feb
Feb
6%
Jan
9%
Jan
18%
6% pref 100
Standard Brands Inc
2
43
7%
25
6% preferred
S P Gd Gat Fer
Feb
8
June
4%
27%
6
6
Jan
1.80 May
12%
4%
22
22
Sherwood Swan
5%% preferred
1.45
Stearman-Hammond 1.25
1
Texas Consol OH
1.80
1
US Petroleum
2
4
100
Feb
4.15
2
"8%
Sou Callf-Edlson
2
8%
Jan
44
June
26%
4%
Schumacher Wall Board...
2
Mar
7%
940
1.85
15%
1%
2.50
Montgomery Ward & Co.*
Feb
15%
49%
15%
50%
*
280
Jan
9% May
1
Consol
Monolith Portland Cem...
Jan
13%
1.10
20
1
Menasco Mfg Co
Radio Corp of America
22
13%
325
35
-1
255
13%
1.15
10%
35
20
22
*
Jan
1.10
35
Pioneer Mille Co.
Galland Merc Laundry—*
.
7%
25c
10
Mat son Nav. Co
Park Utah Mines
22
20
Apr
17
65c
4.65
1
Packard Motors
82%
36%
.
3.60
3.90
28c
1
1
Kleiber Motors
17%
2,810
10%
Preferred
June
4.10
11
11
20
Kinner Air & Motor
Apr
Mar
40
Jan
51
26%
"l~05
1
Mar
82
Langendorf Utd Bak A.
Apr
54
June
8%
108%
17%
82%
Honolulu Plantation
Mar
60c May
8% June
59
May
8%
1.00
5% May
1.30 June
June
36
Mar
2.20 June
36
283
Mar
6
358
36%
29%
3%
2.50
925
40%
36%
29%
Jan
Jan
70c May
70c
3.25
Italo Petroleum
2
5%
51%
Holly Development
M J&M & M
2% June
26%
Honokaa Sugar Co
2
Feb
1.90
30
Hobbs Battery Co A
2
Mar
Mar
Jan
1,000
35
36%
29%
82c
35c June
1.35
1.45
Fireman's Fund Insur.._25
5
June
35c
1.30
2.50
39%
Pineapple
87
36c
1.30
36
Hawaiian
Feb
10
25%
95%
2.35
16%
*
Jan
June
8%
1.40
36
Gladding McBean & Co--*
13%
18
2.50
39%
Golden State Co Ltd
87
June
20
Pacific Distillers
16%
com
18
24%
1,160
Pac Coast Aggregates-10
36
General Paint
9%
2
39%
cum
24%
2
*
4%%
Fireman's Fund Indem-.IO
Feb
Jan
9%
28% May
Jan
1.30
Apr
pref ww._.50.
Emporium Capwell
62%
May
Apr
25
22
*
May
6
6% May
46
40%
100
50
110
Mar
Jan
10
6
1
Cities Service..
Jan
Feb
Mar
1
Feb
Jan
26% June
21% June
^Preferred
Di Giorgio Fruit com.-.10
Feb
25
June
7%
7
7
1,370
8
7
15%
31%
June
11
Anglo Cal Nat Bk of S F.20
11%
Cardinal Gold
Internatl Tel & Tel
Alaska Juneau Gold Mln 10
June
Central Eureka
Idaho-Maryland Mining. 1
2 internatl Cinema.,
1
High
Low
Shares
6
2
2
Friday
Feb
z
Cypress Abbey
Dominguez OH Fields
Edwards Dental Supp
Exchange
27%
18%
87
California Art Tile A,
June
13
18
8%
.1
19
6% June
14% June
24%
8%
...
Feb
15
50%
Bancamerica-B'air
Jan
97c
20
50%
6
Feb
186%
99
5
3
Curtiss-Wright Corp
Francisco Stock
40
2.50
Apr
700
6%
15
50
2
San
8%
Jan
71c May
160
4,478
776
14%
Aviation Corp
2
133
80c
High
Low
45c
150
21
7%
6%
6%
Atlas Corp com
Private Leased Wires
20
8
5
Week
Shares
165
740
79c
21
Anglo Nat'l Corp
Arkansas Nat'l Gas A
Dean Witter
163
163
100
Preferred
official sales lists
Range Since Jan. 1, 1937
for
1.50
1.10
25
Alaska Treadwell
Argonaut Mining
MUNICIPAL AND CORPORATION BONDS
Low
Price
Feb
American Tel & Tel
3%
of Prices
High
Sale
Par
Stocks—
Feb
Exchange
Week's Range
Last
American Toll Bridge— .1
3%
(Associate)
Sales
Friday
Jan
1.25
Unlisted—
*
Exchange—Chicago
Curb
both inclusive, compiled from
Jan
35
Jan
95c
AC' 1
Pennroad Corp vtc
Exchange—San Francisco Stock
Francisco
Francisco Curb
June 19 to June 25,
Jan
31
Jan
FRANCISCO
Mar
4c
58
Mar
Direct Private Wire
Feb
Jan
100
Jan
64
Jan
8%
147%
8c
2c
400
40%
June
Jan
Apr
3%
Jan
114% May
1%
1,773
June
43
Board of Trade—New York Curb Exchange
Mar
100
95c
30
60
Feb
Mar
75
325
Members i New York Stock
Jan
1,000
7%
June
Jan
Feb
(Since 1880)
Feb
2c
23
18%
Jan
52
Feb
MONTGOMERY STREET
SAN
Mar
1%
6%
11%
24
Feb
June
STRASSBURGER & CO.
Feb
1%
41%
41$*
137% 140%
Westinghouse Air Brake..*
W'house Elec & Mfg
145
1,240
4
95c
1
30
Jan
23
'_*
14%
52
Mar
June
2c
*
Standard Steel Spring
Victor Brewing Co
60
1.25
1
Shamrock Oil & Gas
14%
62
Feb
58%
111%
14%
72%
12%
16
Co
San Toy Mining
26
90c June
10c
1
15
52
Apr
40% June
6c
...
Preferred...
Pittsburgh Brewing
10
Jan
5
45
40%
28
46
June
Feb
20%
800
95c
30
Apr
26
Mar
Mar
1.00
29
1
Co
4
Feb
515
*
Machine
12%
70%
29%
24
29%
22%
Harb-Walker Refrac
Mesta
High
Low
75
3
Fort Pitt Brewing
Lone Star Gas Co
May
150
Walalua Agricultural Co 20
40%
108
108%
10% 10%
60%
60%
7%
8
5
5%
22%
29%
100
__
Shares
6%
60%
23%
1%
11%
3
10
Follansbee Bros pref.
6%
60%
23%
1%
UH
Consolidated Ice pref.-.50
Devonian OH
May
320
Western Pipe & Steel Co. 10
Par
Arkansas Natural Gas
15
Schleslnger & Sons B F—
UNION BANK
120
June
12%
4,225
19%
8%
9
High
Low
Shares
Victor Equipment
8
1
6
Preferred
Warner Brothers.. .u
16%
5
6
Lockheed Aircraft
1
12%
11%
845
9%
Jan
16%
Feb
West Coast Life Ins
Lyons-Magnus Inc A
*
6%
6%
6%
100
6% June
7%
Jan
Western Pacific RR com
2
2
2
646
1% May
5
875
625
15
12%
15%
125
10
11% May
15
Apr
2%
26
2.90
2% June
Apr
Apr
18
Feb
21%
3%
A-r
Jan
Feb
38%
8%
16%
Jan
Jan
28
16%
12%
15%
2%
June
Jan
Magnavox Co Ltd
.2%
Marchant Cal Mach com_5
23%
Market St Ry pr pref. .100
22%
10%
27%
9%
Meier Frank
10
Nat Automotive Fibres..4
23%
22%
10%
27
23%
22%
10%
27%
10
22 %
Jan
345
22% June
10% June
915
27
June
13% May
Feb
44%
13% Feb
109
9% June
100
24
24
24
20
13
300
16%
Mar
Occidental Ins Co
29%.
12%
28%
23%
9%
28%
29%
250
28% June
32
Jan
23%
115
23
June
28
Mar
9%
29%
29%
26%
42%
104%
5%
1,210
Apr
June
Mar
Mar
June
Schwabacher & Co.
Mar
13
23%
Jan
12% May
33
North Amer Oil Cons.-.10
12% May
Natomas Co
No Amer Inv com
*
10
Oliver United Filters A...*
23%
9%
*
B
9%
10
1,193
9%
38
100
137%
137
137%
60
135% June
152%
Jan
100
139
138
139
30
133
Apr
150
Jan
Paraffine Co's com
*
65
65
65
310
65
June
87
Feb
Ry Equip & Rlty com
*
12%
80%
12%
12%
80%
350
12% June
80
525
50
Jan
Jan
18%
80% June
77
72
77
870
46
Jan
78
Feb
7
1,050
13%
Feb
29
5% % pref
Pac Tel & Tel com
6% pref
20
Rainier Pulp & Paper A..*
B
*
6%
Republic Petroleum.. ...1
For footnotes see page
29
26%
41%
104%
5%
20
6%
20
1,984
1,086
474
743
20
28%
28%
25%.
41%
103
June
1,131
5
June
263
20
June
6% June
4321
I
\
Jan
29%
26%
42%
104%
5%
6% 1st pref
107
8%
24
York Stock Exchange
111 Broadway,
Jan
32%
29%
53%
25
..25
25
Pac Light com
*
6% pref..
*
Pac Pub Ser jion-v) com.*
(Non-v)
pref
*
Pacific G & E com
Members New
Private wire to
Santa
Jan
Barbara
Cortlandt
own\fflces
—
DeJ
New York
7-4150
In San Francisco — Los Angeles —
— Hollywood — Beverly
Hills
Monte
Jan
Jan
Jan
Jan
*
No par value,
c Cash
sale,
two-for-one basis on March 9,
a A. M. Castle & Co. split Its common
1937.
stock on
6 Ex-stock dividend.
d, Stock split up on a
0
two-for-one basis.
Stock dividend of 100% paid 8ept. 1, 1936.
sale—Not Included in range for year,
r
Cash
1
Listed,
x
Ex-dlvldend.
t In default
t Company In bankruptoy, receivership or reorganisation.
v
Ex rights
4322
Financial
Chronicle
$2,650,900 Loaned to Flood Sufferers by Disaster Loan
Corporation to May 31—Corporation Submits Data
Senate in Accordance with
to
Provincial and Municipal
Province of Alberta—
Bid
In compliance with Senate Resolution
from
certain
relief of sufferers in floods in
ration
that
June 8
on
submitted
report to the Senate showing
May 31,
1937,
loans
3,437
concerning
1937, the Disaster Loan Corpo¬
a
to
totaling
$2,650,900 to
up
119, requesting in¬
governmental agencies
the
Corporation had
flood
disbursed
sufferers
in
nine
f 60
62
5s.
iOot
/58
60
6s.
.Sept
5s.
.May
1
101
4s.
-June
1
The report showed that
authorized,
cancelled,
of which
leaving
disbursements
1962
July
Oct
12 1949
1 1953
96%
97%
Province of Manitoba—
434 a
Aug
58
June
5s
Deo
$2,650,900,
withdrawn
was
of
$5,013,148.
No.
Arkansas
47
94
4s
Feb
1 1958
108% 10934
105
10634
95
4%8
May
1 1961
10834 10934
Prov of Saskatchewan—
5s
15 1960
108
Apr
15 1961
434b
Sept
15 1952
Mar
1 1960
26
89,475
Ohio
727
115
116
Bonds
Gundy
637,949
345,358
Tennessee.*...
109
1,658
1,005,860
West Virginia
435
104,460
359,615
1
300
14 Wall St.
Resolution
119,
tion,
to
the
floods
as
on
Corporation, Farm
Works
Credit Administra¬
Progress Administration,
Railway Bonds
Home
practicable after receipt of a copy of this resolu¬
as
soon
following facts
of
Senate
Corporation and Federal Housing Administration each report
Senate
the
tion
the
1937,
to
LO., Inc.
Private wires to Toronto and Montreal
Resettlement Administration,
Loan
by
follows:
Resolved, That the Disaster Loan
Owners'
adopted
f*
jp
&
New York
as
90
89
108% 109%
Canadian
825,148
113
Senate
....
Amount
No.
Missouri
321
The
.....
or
Illinois
April 22, read
15 1946
1 1951
The
Indiana
Kentucky
Mississippi
Nov
Oct
91
June 15 1943
534a
4348
10434 10534
110
Wood,
State
$82,735
113
9434
according to the report, were
Amount
118%
106% 107
11434
117%
.Jan
15 1965
434s.
Province of Quebec—
434s
Mar
2 1950
93
Apr
divided among the nine States as follows:
State
A si
110%
116%
92
2 1959
Prov of New Brunswick
434b
434s
115%
16 1943
92 34
1 1941
15 1954
5s
$412,508
amount
net authorization
a
of
$5,425,656 in loans had bben
110
1959
100
5s
4MB
Province of Nova Scotia—
States.
Bid
1 1942
1 1948
Jan
4348
formation
Issues
Province of Ontario—
Ask
Oct
1 1956
Prov of British Columbia—
5a
Resolution
June 26, 1937
with reference to relief of flood sufferers in the
wit:
Bid
Canadian
Bid
Canadian Pacific Ry—
4s perpetual debentures.
6s
Sept
434s
Dec
5s
1. The amount and number, by States, of loans made to flood sufferers.
2. A statement as to the security required and interest charged on loans made.
3. The amount and number, by States, of the claims authorized and allowed
Ask
Pacific Ry—
July
9434
Sept
1 1946
103%|l04%
6s
Dec
1
1954
10734 108
434a
15 1942 /109
109%
15 1944
102% 102%
1 1944
| Ask
434s
95
July
1 1960
10334 104
114% 115
Dominion Government Guaranteed Bonds
upon which disbursement has been made.
4.
The amount and number, by States, of grants made in aid of flood sufferers.
5. The amount of money expended, if any, by each of the above-mentioned
administrations for relief or rehabilitation of and aid to persons and communities
Bid
Ask
Mid
Canadian National Ry—
The amount of funds on hand and available for loans,
grants, or
of flood damage or Injury during the year 1937.
In its report the
six
questions
Question
[This table is
Question
of
1—This
2—Both
have
borrower
the
information
summarized
No.
Applications
Disaster Loan Corporation answered the
been
to
secured
contained
bonds;
cases
of
notes
cases
and
where
in
attached Table
the
loans
unsecured
in accordance
the
with
been
have
borrowers
the
of
rate
third
or
endorsed
are
applicant
first four
interest
disbursements
contained
is
unable
real
estate
crops;
or
accompanied by
to
give
5s
Feb
1 1970
117% 118
113%
is
3%
with
annum,
per
has
have
attached
made,
the amount
and
disbursed,
for
interest
by States,
is
Table I.
is
No.
5—Disaster
Loan
Corporation
is not
authorized
not
to
make
Industrial and Public
Abltlbl P A Pap ctfs 5s '53
Alberta Pao Grain 6s. 1946
Burns A Co
capital
•
stock
Bid
95
Maple
58
58%
114
114%
2% a to '38—6348 to '49
Massey-Harrls Co 5s. .1947
....
80
81
Calgary Power Co 5s__1960
96
96%
Canada Bread 6s
1941
canceled
in
full
less
or
$20,000,000.00
amount of
in
part,
loans
Canadian Inter Pap 6s *49
Canadian Lt A Pow 6s 1949
of
as
the
close
of
90
....
79
97
97%
102% 102%
Minn A Ont Paper 6a. 1945
/65%
104
101% 10134
102
98
66%
113
113%
/88%
/64
634s 1961
1961
92
89%
65%
92%
1939
50
334a
3%s
1966
99%
100
1973
94%
98%
95
Montreal Tramway 6s 1941
Northwestern Pow 6a 1960
Certificates of deposit
Ottawa Traction 5348.1955
.75
75
J103
Ottawa Valley Pow
1956
85
East Kootenay Pow 7s 1942
Eastern Daries 6s
1949
85%
100
104
_
534s '70
Power Corp of Can 434s '59
5a
_
81%
1950
...
par value) 3a
98%
Cedar Rapids M A P 5s '53
1
Ask
87
Montreal Island Pr 534 s '57
Montreal L H A P ($50
108%
FraserCo6s...Jan
withdrawn
5348.1951
Milling—
McColl Frontenac Oil 6s '49
102% 103
4s
Leaf
'
6348.1945
Donnaconna Paper Co—
the Act approved
1937, not to exceed
11,
Amount of loans authorized
or
by
Utility Bonds
96%
/95%
Dom Gas A Elec
authorized
HAnover 2-6363
•
Manitoba Power
5348-3348.1948
534s ex-stock
6—
Montreal and Toronto
Ask
Consol Pap Corp
authorized to make
expenditures.
Feb.
95%
System Tele. NY 1-208
Canada North Pow 6s. 1953
Corporation
of
106%
94%
Corporation
•
New York
•
Bell
Canadian Vlckera Co 6s *47
Amount
1962
Royal Securities Corporation
Beauharnols Pr Corp 5s '73
Bell Tel Co. of Can 6s. 1955
been
Municipal
•
30 Broad Street
In
of loans upon which
Loan
Question No.
105
Grand Trunk Paclflo Ry—
Private wire connection between New Yorle,
good
a
grants.
such
12434
SECURITIES
CANADIAN
Bid
waiver of
a
4—Disaster
Question
124
1 1946
July
some
guaranties.
but
security,
No.
Question
1 1962
117% 118
stocks
In
mortgages.
3—Information regarding the number
the
in
1
Jan
1 1969
113
634s
apparent ability
months.
Question No.
Jan
3s
Oct
made.
reputation for paying his debts, an unsecured note is taken.
The
4s
115% 115%
I.
and secured where the applicant is able to give
second
first,
the
112% 112%
1 1969
Government
and
approved
repay
is
equipment, automobile trucks, live stock, farm machinery and
and
1 1956
1 1957
above.—Ed.]
Such security consists of chattel mortgages on furniture, fixtures,
security.
Feb
July
Sept
follows:
as
No.
aid for relief
July
5a...
restoration, or rehabilitation of property affected by said floods,
6.
1 1951
June 15 1955
5s
and for salvage,
exclusive of grants and loans.
Ask
Canadian Northern Ry—
11234 113
115% 115%
434 a
45^8
434s
434s
Dec
1
1957
50%
99%
...
...
...
104% 105%
98
104%
99%
105%
Provincial Pap Ltd 534s '47
Quebec Power 5s
1968
103
103%
103%
Saguenay Power 4%s.l966
Shawlnlgan WAP 434 s '67
100%
100%
103
103%
...
Gatlneau Power 5s.-.1956
5,013,148.05
exclusive of administra¬
tive expenses, as of the close of
May 31, 1937
$14,986,851.95
Gt Lakes Pap Co 1st 6s *55
6s
1950
/95
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
103% 104
Smith H Pa Mills 434 s '51
Steel of Canada Ltd 6s '40
United Grain Grow 5s. 1948
95
96
.—.1961
101
73
74
82
101%
83%
United Secure Ltd 534s '52
1961
Winnipeg Elec 6s.Oct 2 *64
87
MacLaren-Que Pr 6348 '61
May 31, 1937
Amount of funds available for loans,
101% 101%
99
99%
534a
5s
ociation
^
of Stock
Exchange
Margin Clerks Section
and Federal
Announcement
formation
of
sociation of
a
Firms
to
Form
Senior
Senior
Stock
made
on
Federal
sensus
of
17
Margin Clerks
of
the
Section,
cording to
a
there exists
to
margin rules and regulations.
discuss
individuals.
a
many
margin
men
need
to
provide
common
It is the
con¬
in Wall Street,
ac¬
means
for their getting together
problems with various
qualified
The letter sent to member firms further stated:
change and Federal rules has become
a
Questions arise constantly during the
in
no way
Mu^h
very
complex one.
course
of the day.
proper authorities for ruling.
102% 103%
111
...
t Called at 103,
It is
Canada
Reports General Business Situation
Favorable
—
Views
Outlook
as
En¬
Subject only to the maintenance of
peace
in industry, the
encouraging, according to the June 23 "Business Summary"
of the Bank of Montreal.
The summary states:
Increasing business activity has been reflected in railway car-loadings,
railway earnings and Federal revenues.
Car-loadings this year have been
consistently higher than 1936, and
up to
the middle of June
were
gross
earnings of the railways for the year
higher by $13,419,000,
or
10%.
The rise in
Federal income continued during the month of May, when customs and ex¬
cise receipts
reached $28,621,000,
a
gain of $6,841,000,
1936, and income tax collections
431,000.
In regard to this
were
revenue it is worth
is reflected in this increase.
as
compared with
$15,108,000 higher at
noting that
no
$65,-
higher impost
The increase, therefore, is clearly indicative
of business expansion.
Inquiry must
our
intention
to act as a ruling body, but merely to assist in clarifying the rules.
of the work of organizing the Section has already been done and
by¬
Employment figures
in industrial activity.
and
gave
now appear to
a
total
979,319
held this week, June 24.
maintained.
on
be responding
more
than 32,000.
employment list of 1,011,474
April 1.
more
The month of April witnessed
employment rose by
laws have been prepared for presentation to the Section at its first
meeting
.
business situation in Canada is favorable and the outlook is
May,
With the inception of the SEC and Federal margin regulations, the busi"
of properly and completely complying with all of the new Stock Ex¬
ness
frequently be made of the
—
couraging
the As¬
letter sent to members of the Association, that
their
in
proposed
Exchange Firms, with its pmbipal ob¬
opinion of
9534
-
f Flat price
Bank of Montreal
June
jective to assist in clarifying Security Exchange Commission
and
No par value
.
Assist in Clarifying SEC
to
Margin Rules
was
*
.
an
closely to the gains
industrial expansion
The 10,089 firms reporting
as
of May
1,
compared with
Generally speaking, activity in all lines is being well
members
Telephone
HAnover
SPECIALIZING
ALDRED
new
2-0980
IN
york
CANADIAN
52
BUILDING
Volume
WIRES
AND
STOCKS
STREET
ROYAL
BONDS
BANK
BUILDING
TORONTO
YORK
NEW
PRIVATE
Cable Address Hartwal
INDUSTRIAL
AND
WILLIAM
association
NY 1-395
Teletype
UTILITY
MONTREAL
dealers
security
Bell System
CONNECT
OFFICES
144
4323
Canadian Markets
LISTED AND
For miscellaneous Canadian
this section,
see page
UNLISTED
tables, usually found in
Montreal Stock
4325.
Exchange
Sales
Friday
Last
June 19 to June 25, both
Exchange
inclusive, compiled from official sales list*
Friday
Last
Sale
Stocks—
Par
Stocks (Concluded)
Price
of Prices
High
Low
*
Preferred.
*
Preferred
.100
Breweries
Week
Shares
75
5
10
10
220
22%
*
14k
17 H
3
Preferred
Bell
100
Telephone
100
Brazilian Tr Lt & Power..*
British Col Power
Corp A.*
22 k
14%
17%
14%
3
25
168 k
23 X
35)4
B
Low
High
8 %
106
Jan
Jan
Apr
811k
Mills
*
50
Jan
23
35
10
633
36%
7%
5,454
427
35
6
6
6
110
60
Building Products A
59
60
85
....*
100
Preferred
16
103
Canada Steamship (new).*
Preferred
Canadian Car A Foundry. •
Preferred
Canadian
25
Celaneee
Preferred
Canadian
Can
*
7%
100
Converters.. 100
1,730
23 k
24 k
250
126 k
3
13k
200
26 %
18H
35
13
79
77 k
79
191
77
May
72 k
72 k
140
72 k
June
6k
1,070
6k
June
1,033
Jan
21
May
118
118
10
24
24
Western Grocers Ltdpf. 100
Jan
Winnipeg Electric pref. 100
Winnipeg Electric A
*
3k
3
4k
3k
B
3k
Mar
115k
10
30
Mar
1,035
3
June
4
405
3k June
May
7%
6
Banks—
Apr
Canada
June
56%
15%
67
160
10
150
Jan
160
190
115
180
Jan
211
Jan
June
59
100
190
....100
...
74
160
190
50
...
Canadienne
Jan
59
Jan
227
3
227
June
227
100
233k 235
62
219
Jan
241
Feb
340
Mar
Jan
Jan
Nova Scotia
100
325 k 330
21
314
Jan
Royal
100
203 k 204
199
200
May
May
3% June
"47"
4
203
14
370
14
105
Feb
June
47
47
14
16%
1,625
25 H
24
25
26%
976
13 %
23
24
24
211
24
Apr
120
120
20
121
Mar
May
Apr
27)4
26 %
27%
28
25
85
23
79
613
71
Canadian Government
INCORPORATED
Apr
76
HANSON BROS
Municipal
Apr
25
79
Apr
5%
13
12%
17
226 ><
47% May
3%
15
120
June
227
14
103%
June
100
20
235
14
3)4
60
Dominion
Jan
104
4%
13%
•
50
80
50
4%
25
5
32
40
5)4
Con Mln A Smelt new
50
.
16
13)4
25
Apr
21
*
Canadian Pacific Ry
Cockshutt Plow
6k
Mar
128k
13k
Montreal
103
--.*
Class B
Canadian Locomotive
*
25
32
Jan
Apr
June
Southern Canada Power.. *
Wabasso Cotton
May
23
Steel Co of Canada
Feb
157
Feb
25k
126 k
13
..100
50
25
Foreign Investment.
Can Hydro-Elect pref--100
Canadian Indust Alchol--*
Mar
68
27k
16
100
*
16
140
88
21
Canada Forcings class B.
Cau North Power Corp..*
Canadian Bronse
15%
150
467
140
26 k
Commerce.
Canada Cement
Mar
85
*
3
High
22
140
100
475
i
Low
60
26 k
Vlau Biscuit pref
Jan
Apr
3%
25
88
100
United Steel Corp
June
11
17
25
24
28
235
1,003
165% 168%
7)4
Bruck
18
Range Since Jan. 1,1937
Shares
St Lawrence Paper pref 100
Preferred
Bathurst Pow & Paper A.*
Bawlf (N) Grain
*
25
•
Sherwln Williams of Can.*
Alberta Pacific Grain A—
Associated
Price
Par
Preferred
Range Since Jan. 1, 1937
for
75
10
Week
St Lawrence Flour MlllslOO
Preferred
Agnew-Surpass Shoe
of Prices
Low
High
Shawlnlgan W & Pow
Sales
Week's Range
for
Sale
Montreal Stock
Week's Range
16
10
5%
2,265
4%
1,565
4 %
90
13%
Public Utility and
16SS
255 St. James St., Montreal
Apr
13%
13%
ESTABLISHED
June
Apr
3,255
17
480
5
Apr
12
14%
77%
2,019
72
Apr
20
20
65
18
Jan
Distill
20%
22
765
20%
Apr
540
47
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottaws
Jan
74%
Crown Cork A Seal Co...*
56
77 %
Corp Seagrams
Dominion Bridge
*
48
47
49
100
Dominion Coal pref
Dominion Glass
20
19%
20%
..100
Dominion Glass pref... 100
Dominion Steel A Coal B 25
Dominion
85
Montreal Curb Market
29
Mar
58k
Mar
Friday
Jan
23j|
Mar
Last
Week's Range
Sale
of Prices
Low
High
17k
110
10
110
Jan
118
Mar
140
140
60
110
Jan
145
June
17
18*
*
Preferred
100
Dom Tar A Chemical
13
Preferred
Dry den Paper
Eastern Dairies
Eleclrolux Corp
•
*
15
2)4
4,091
13
Jan
28k
80
79 %
143
143
600
73
Jan
85
9
145
Feb
145
13
13
245
108
Textile
108
10
Apr
117
May
15
15
155
13k
Jan
20
Apr
75
2%
Apr
5
Jan
Apr
4% May
24
Jan
2%
1
17%
2%
18
Enamel A Heating Prod.. *
English Electric A
*
5%
5%
;
English Electric B
*
Foundation Co of Can...*
General Steel Wares._._.*
32
both inclusive, compiled from official sales lists
May
19%
110
140"
June 19 to June 25,
290
55
12k
108
Apr
17%
18k
8k
Stocks—
Par
Price
Apr
Feb
Apr
Mar
Abltlbl Pow & Paper
6k
59k
Co..*
6% cum pref
100
Certificates of dep—100
Asbestos Corp voting tr..*
~~80"
Bathurst Pr A Pap class B *
Beauharnols Power Corp.*
8%
6k
Beld-Corticelli 7%cmpfl00
Brewers A Dlst of Vane..*
32
265
37
Jan
10
10
11
300
Ilk
Apr
16k
Jan
25%
505
23
Apr
31
Apr
B C Packers Ltd
11)4
12%
Canada Bud Brew Ltd
130
-
*
22k
11%
9%
11%
Jan
18
Low
High
60
7%
Jan
12%
1,051
11%
June
15k
18k
Mar
12)4
12%
12%
15
18 k
Apr
Canada Malting Co Ltd..*
Can Nor P 7 % cum pref 100
Jan
Canadian
5k May
41k
Jau
15%
Apr
80
Jan
79k
Apr
Apr
Apr
122 k
12 k
Apr
60
59k
425
41
80
83
776
80
8k
6
8k
6k
130
315
7
Feb
997
6
June
5
130
1
■
9k
Apr
Jan
Jan
130
Jan
Feb
9
Apr
7k
6k
22k
23
869
21k
Apr
26k
Mar
18k
120
16k
Feb
22
Mar
8k
37k
9
Apr
10
Jan
60
34
Jan
39
May
24
109
Jan
112
Feb
7k
6k
5
7k
6
Jan
6
Jan
Mar
9%
12
Hamilton
3,405
1,902
59
130
m m m
Bright A Co Ltd (T G)...*
Gurd, Charles
*
Gypsum Lime A Alabaster*
6k
18
^
*
June
6
58
Brit Amer Oil Co Ltd
23%
30
Range Since Jan. 1. 1937
or
Week
Shares
Mar
23 %
30
Sales
Bridge
Holllnger Gold Mines
*
9)4
5
8%
Jan
12%
10% May
Feb
11
435
14
14
5
14
Jan
14
Jan
Preferred
100
Preferred
65
65
1
56
Jan
74
Apr
Canan Gen
28%
30
446
18%
Jan
Apr
Imperial Oil Ltd
Imperial Tobacco of Can.5
Preferred
103
103
15
99%
Apr
20 %
20 k
22%
4,119
14%
14%
933
20%
13%
June
14%
£1
7%
7%
"36"
36
36
34%
100
40 )4
40
41
*
58%
5
36
34k
Industrial Acceptance
Inter Petroleum Co
Intercolonial Coal
Intl Nickel of Canada
56%
59%
International Power pf.100
89
Jamaica Public Serv Ltd..*
Jamaica P S Ltd pref. .100
37%
33%
Apr
33%
Apr
37%
June
46
54
73k
65
100
Lindsay (C W) pref
Massey-Harrla
130
30
•
'"l2"
*
10
Montreal Cottons pref. 100
Mtl L H A P Consol
*
105
A preferred
Canadian Vlckers Ltd
Jan
Claude Neon Gen Adv
*
Jan
June
Jan
Apr
38
May
130
Apr
Mar
*
43k
Jan
Falrchlld Aircraft Ltd
27
70
Jan
75
Feb
Ford Motor Co of Can A.
Feb
16k
Mar
15
Mar
Fraser Cos Ltd
110
Apr
9%
105
105
1,345
1,094
8%
8%
2,978
105
2,978
29
58
7
87
37
30%
58
65
Feb
80
May
100
Mar
39%
39%
100
49
48%
50
600
39
43
301
40
58%
6,087
241
155
155
k
54 k
35
235
5
36k
Jan
Apr
42k
Feb
Mar
Eastern
Dalrles7%cmpfl00
6
.
*
-
16
17k
60
60
9k
15k
16k
2,256
13k
16k
982
11
10
11
160
8%
21k
8k
21k
9%
22%
1,180
1.25
1.25
220
15k
Jan
Jan
Apr
Apr
73
Apr
12 k
Apr
Apr
125
600
577
59
9% June
19 k
Apr
13k
May
May
19
Apr
10
June
30
8k
Apr
21k June
1.00
Apr
Jan
13
Jan
29k
Feb
2.50
Feb
Feb
50
Apr
Jan
110
Mar
18
18
10
18
Apr
20
Jan
3k
24k
Feb
Intl Paints 5% cum pref. 20
InternatI Utilities Corp B.l
Loblaw Groceterias A
*
Mackenzie Air Service
54
Feb
MacLaren Pow A Paper..*
June
83
Feb
.125
1.30
192
24k
24k
24k
30
1.25
1.25
250
"16"
29k
16k
31k
16k
590
27
Apr
37k
Jan
22
16
June
16 k
June
16
16
16
12
16k June
16k
June
65
62k
89k
66
MaritimeTAT7 %cum pf 10
Apr
300
Mar
150
Apr
1.25
*
43k
67k
50
1.25 June
24
Maj-
Feb
Feb
Apr
Apr
Jan
7%
cum pref—
10
Massey-Harr 6% cu pf.100
60
60
62
40
58
May
20
18%
20%
1,079
18 k
June
17%
17%
10%
240
17
June
160
8
Apr
145
33
Jan
4k
24k
Feb
McColl-F Oil 6% cu pf.100
33
80c
4
30
Feb
63%
33k
25k
10k
Melchers Distill Ltd
*
-•.-•.a...
Apr
Feb
Melchers Distillers Ltd pf.*
Mitchell A Co (Robt) Ltd *
Jan
Page-Hersey Tubes Ltd..*
Jan
Price Bros A Co Ltd.-.100
40
6k % cum pref
100
Corp of Canada—
68
19
Jan
23 k
Feb
5
104
Jan
25
Jan
106 k
33
Mar
25
Apr
6% cum 1st pref
86
99k
8%
Jan
103k
15
Apr
Apr
Quebec Tel A Pow A
Jan
25
Jan
39 k
3,110
1,340
Jan
Apr
Apr
29 k
Apr
12%
6,179
3k
10k
Jan
Apr
Mar
76
June
11%
32%
30o
175
17
410
3k
2.60
22
99
Ilk
420
500
4
4
May
486
23
102 H 103%
30c
1.95
16
70c
2,221
Jan
103 k
30c
1.80
1.55 May
7 k May
Jan
Jan
90
Apr
,
135
535
5
45
May
28
290
8
1.10
June
44
91
23%
1.65
2
43
20
105
259
Jan
Feb
43
150
23
2k
4
21k
iik
89
10
28
Jau
43k
25
105
Jan
89
23
28
Jan
9k
43
89
25
2k
14k
50
*
...
89
10
60
989
Voting trust otfs
Gen Stl Wares 7% cu pf 100
22%
23
100
54%
241
Apr
May
Apr
Mar
39)4
"16"
50
-
Foreign Power Sec Ltd...*
12%
37 k
39
*
...»
30c
*
73
10
7k
2k
20k
9k
15
Stores Ltd
Donnacona Paper A
B
22
Ilk
1.55
15
4
Dom Engineering Works.*
Jan
May
43
*
-
112
Mar
98
15 k
1,225
100
-
Corhmerclal Alcohols Ltd.1
Commercial Alcohol pref.'
Consolidated Paper Ltd..'
80
40
*
--
.90
293
39
58 X
2
1.55
•
380
39
*
2
1
Mar
Apr
130
9k
City Gas A Electric Corp
18k
*
Saguenay Power pref
St Lawrence Corp
Cndn Marconi Co
Mar
31
85
Knitting
Preferred
Mar
Mar
9k
30
58
Power Corp of Canada...*
Rolland Paper pref
Rolland Paper vot tr
10
87
100
Power
130
58
100
Regent
34%
100
Ottawa Traction
Quebec
100
;_40
Ottawa L H A Power
Penmans
Apr
May
29%
new
Preferred
89 k
29)4
National Breweries pref. 25
National Steel Car Corp..*
Ogllvie Flour Mills
21
19
...
Investmfents.
73
100
Noranda Mines Ltd
6,573
2k
*
Breweries
18
Woods
Niagara Wire
24k
15k
7%
38%
39%
Dominion
Land Jonna Co
National Breweries
Feb
34 k
103
140
37%
Montreal Telegraph
Montreal Tramways
7
Jan
15k
2,230
89
McColI-Frontenae Oil
8k
37k
110
112
Cndn Intl Inv Trust Ltd..*
Howard Smith Paper..._*
Preferred
.100
Lake of the
705
.100
Holt Renfrew
11
v
Apr
1.50
l^S May
1.80
Apr
385
52%
Jan
73 k
Mar
89k
61
89 k
June
100H
Mar
1.50
55
1.50
June
9
Feb
172
6k
Apr
8k
20
20k
103k 103k
39
41k
9k
Feb
255
19
Apr
30
Jan
200
99
Jan
110
Mar
3,078
35
Apr
65
68
365
100
101
25
64 k
48k
Apr
79
Mar
107
Apr
Mar
Power
•
No par value.
100
*
4k
4k
4k
85
100
4k
Jan
4k
Feb
Mar
4324
Financial
Chronicle
June 26, 1937
Canadian Markets—Listed and Unlisted
Montreal
Market
Curb
Toronto Stock
Friday
Last
(Concluded)
Par
Week's Range
for
Sale
Stocks
of Prices
Week
Price
Reliance Grain Co Ltd—*
Royailte Oil Co Ltd
*
Southern Can P pret-.lOO
United Securities Ltd.. 100
Low
High
Range Since Jan. 1,1937
43**
41
855
17
34**
30
1.76
1.75
46
5*4
47**
100
18*
m
i8*|
65
750
1.05
l*4c
2**c
17c
3c
3c
28,775
10.400
3,000
3,600
Walker-G A W $1 cum pf_*
May
14}*
69**
Feb
Mar
Jan
108
Feb
15** June
2.00
46**
Mar
104
Stocks (Continued)
High
10
10
17
17
105
15c
Waikervllle Brewery Ltd.*
Walker-Good A Worts (H)*
Low
175
105
25
Jan
Bobjo Mines
Jan
Bralorne Mines
Feb
Copper Corp
*
Alexandria Gold Mines... 1
Anaconda OH Ltd
Arno
*
Mines
Aasbley Gold Mining
8c
8c
Brantford Cord pref
Brazilian
25c
»
"30c
Fob
B A Oil
*
June
4**o
Jan
Brit Col Power A—
4
4
6.70
200
26c
30c
25,700
7c
7c
100
Brownlee Mines (1936) Ltd 1
3c
5c
8c June
Bouscadlllao Gold Mines. 1
12o
23**
Jan
Buffalo Canadian.
Feb
Building Prod
Feb
Bunker Hill
Burt (FN).
Burlington Steel
Brown Oil Corp
650
260 June
1.15
Feb
Apr
150
Jan
7,100
3e June
13o
Jan
550
23** June
2.10 May
6c
23**
24**
3.25
3.15
3.40
900
Can Malartlc Gd M Ltd*
1.10
90c
1.10
20c
15c
20c
7,100
13,900
5,900
1,500
2.20 June
5.15
Ltd 6
Cartler-Malartlo G M Ltd 1
25c
Central Patrlca Gd M
1
33c
2.20
Central Cad
2.70
Calgary A Edm...
Feb
Calmont Oils
Canada Bread
15c June
47**c
Jan
Mar
65
Feb
.....-.1
..*
Canada Cement..
Preferred
500
1.10 June
2.03
Jan
92c June
2.70
Feb
Canada Permanent
55c
Apr
3.60
Feb
June
Can Steamship (new)
Preferred new
75
40
6c
7c
1.00
*
2.35
2.15
2.60
Falconbrldge Nickel M..*
7.45
Eldorado Gold M Ltd
7.00
7.50
Francoeur Gold M Ltd
1
60c
70c
Federal-Klrkland
*
9**c
9**C
9c 13**c
Graham-Bousquet Gold Ml
*
2.30
2.00
Hudson Bay Mln A Smelt *
27 **
22c
25 H
Oil
J-M Consol G M Ltd
1
Klrkland Gold
2.49
3.60
Apr
12**
Feb
Canadlan Bakeries pref 100
Can Bank of Commerce 100
1.58
Feb
Canadian
June
55c
Jan
9c June
60c
1.35
4.10
Apr
Feb
57o
Feb
1.25
800
18,100
12c
500
3c
3c
1,400
1.10
1
Mar
35o
45c
Apr
1.64
97**c Mar
Apr
*
50c
1.95
2.10
3.75
3.10
3.75
87c
70c
87c
5.50
5.85
15**
15**
2.15
2.15
Perron Gold Mines Ltd... 1
1
Placer Development
*
1
Quebec Gold
2.15
1
3.35
160
3**
45c
Mar
3c June
10c
Feb
June
Jan
40c June
13 *4
1.10
Mar
15c June
42c
1.90 June
3.80
Feb
6.50
Feb
2.51
Jan
9.10
Feb
Preferred....
82
June
98
Feb
35
146
Jan
160
May
3?* June
13** June
7
Apr
195
18
Apr
62
65
26
50
June
75
Mar
22
5
19
June
31
Apr
46
57
LJune
73
Jan
54
183
Jan
210
14**
65**
190
25*
1854
723
25*
20**
2** June
775
14**
85*
342
7**
Apr
18** May
115*
16**
1,142
10
650
14
26
225
23**
8**
150
9**
20**
12**
Feb
Apr
21 J*
Feb
32
Jan
47
May
240
Mar
25
Wineries
4**
105
87o
1.10
30,118
*
1~50
Jan
85o June
2.30
Feb
19
20
118
June
115
Apr
Apr
135
12**
13**
749
1.90
75
300
5.50 May
15
June
17
100
2.15 June
4.15
Cariboo Gold
1
Carnation Co pref
Castle Trethewey
12**
1.75 June
1
Central Canada
100
Conlagas Mines
175
Jan
Jan
17**
Mar
4.00
Mar
41c June
85c
Feb
2.80
3.35
4,825
2.80 June
6.85
Feb
Cons Chlbougamau
50c
60c
Apr
1.47
Jan
48c
5.350
24o
Jan
95c
Feb
Feb
22**
Mar
43c
♦
1
20
1.05
2.00
Feb
Cons Smelters-
—..5
77
22c
Feb
Consumers Gas
100
202
1.13
Feb
Cosmos
Sherrltt-Gordon
2.35
2.00
2.50
1
3.50
3.20
3.65
Sladen Mai....
1
1.02
76**c
Stadacona-Rouyn
*
1.18
90c
1.40
Sullivan Cons Mines Ltd.l
1.19
1.00
1.25
9,540
13,535
36,750
30,675
22,670
Crow's Nest
Siscoe Gold Mines Ltd
8$i
2.10 June
9o June
5.25
43o
24**
356
14
2.75
200
2.10 June
3.60
1.00
1.10
8,526
2.14
20**
672
1.00 May
20
Apr
1.08
15,755
92c June
20
92c
74*4
202
24**
17
23
2.68
Feb
Jan
Jan
Jan
Feb
Feb
4,453
72
Apr
100**
Mar
105
201
Feb
211
Mar
12
22
May
100
41
Apr
25,600
2.630
5.320
20
77
202*4
24**
45
100
2.50
Jan
90c June
2.90
Mar
1.00 June
2.25
Jan
Dist Seagrams
Dome Mines.....
Darkwater Mines
—.1
.*
*
2.95
3.10
900
2 95 June
4.70
Feb
Dominion Bank
4.60
4.75
800
4.60 June
6.10
Feb
47c
60c
40,795
47o June
2.15
Jan
Dominion Coal pref
25
Dominion Explorers..... 1
l**c
l**c
1.000
l**c May
7c
Jan
Dom Steel Coal B......25
30c
36c
38,400
30c June
73 >*o
Apr
Dom Stores-
5.95
5.95
200
5.95 June
8.10
Jan
45
27*4
Jan
50
Jan
Jan
76**C June
*
2.10
2.10
T.20
...
38c June
Feb
Jan
June
11,525
50c June
6.65
175
Jan
Feb
47,721
23,800
8**c June
4.00
June
1.66
13c
9,600
Apr
2.75
175
1.75
107
80c
6,900
1.80
23
175
175
May
91o June
9,000
9c
26,400
3.20 June
1.45 June
100
1.00
70c
17*4
200
91c
80c
5
45c
550
Jan
12c
Cockshutt Plow
Jan
1.00
2.70
Central Patricia
Central Porouplne
Chromium Mining
,*
Commonwealth Pets ..._•
May
1.45
1005* 1005*
.100
...
1.45
Jan
4** June
11
1.80
13
Jan
8**
7**
55
12
Jan
Mar
2,040
12
Jan
Jan
40** 43
203** 203**
m
5**
85
3**
21
Jan
Apr
38
May
203** June
4**
Apr
118
100
10c
Wright Hargreavee M Ltd*
85
237
Feb
2.55 May
70c June
43
50c
"34c
Apr
Mar
4
25**
75c
Wood Cad.
Jan
23
110
84
14**
38c
58c
Jan
May
Mar
160
63
8**c
Sylvanlte Gold Mines.—1
Teck-Hughes G M Ltd
J
Thompson Cad
.1
Waysiue Cons Gold
80c
15**
Feb
1.75
3
189
2H
12
Conlaurum Mines
Cons Baker lea..
1.03
101
14
6 55
165
62
50c
75c
Shawkey
300
1551 16**
102** 102**
189
1
1
Red Crest
Reward
40c
22
62
Canadian Oil
45c
..1
Read-Authler Mine
10)*
Apr
5.60
2,500
14,900
1,050
Pato Gold.....
Premier Gold
Apr
Apr
May
7
1.56
14c June
6,850
5,732
2.700
Pickle Crow Gd M Ltd
6**
92o
1.08
3.000
Pend-Orellle
2.00
50
3.40
75c
6**
Canadian Malartlc
Canadian
19
Jan
30,230
43,800
2.95
85c
7
Jan
Jan
40c
Feb
June
7**c
8c
16
23c
4**
2>*c June
Parkhlll Gd M Ltd new.-l
llo June
65
B
3,000
Pandora Cad
Jan
6**0
74** Mar
3.800
June
1.05 June
600
Feb
52
Apr
3c
22,815
Feb
45,150
Jan
3c
•
Jan
1.10
61
300
3c
3c
Jan
39
12.50
52
..25
C P R
14c
2c June
51
40
60
Apr
65
Canadian Ind Alcohol A..»
Jan
7.40
8.25
Mar
Canadian Dredge
*
Canadian Gen Electric..50
Jan
3c
3J*c
13**c
June
20c June
18
Jan
1.19
14c
J36
44**
Jan
59
8.50
5.50
90
5,300
4,270
5,500
Mar
14** June
27**c
4o
45c May
3o
4,280
Apr
39** May
May
June
47
4.25 June
14c
21**
15
8**
Preferred
300
6.40
2o
11
44c
1
36
33c 43 **C
8.50
9.40
19
4.85
*
26**
225*
11
44c
O'Brien Gold Mines Ltd._l
Mar
Mar
19
4.25
Murphy
9*4
100
1st preferred
44c
Montague Gold
30**
Apr
2nd preferred
*
Canad Car A Foundry... ♦
Canadian Canners
4.70
1
Jan
7
20
1
Moffatt-Hall Mines
10
131
♦
....*
Macassa Mines
Gold
Breweries
Preferred
1,500
7,550
Mackenzie Red Lake.
7,164
7
23
140
12c June
415
24
Feb
9**c
41**
49**
5**c
23
135
Can Wire & Cable A.—.*
Canada Wire A Cable B.
Apr
Apr
49 J*
50
*
600 June
366
35c
Mar
82
100
7.00 June
20o June
1.05
Lee Gold
Jan
255* June
12c
5c
Lamaque Contact G M..*
Lebel Oro Mines
.1
Mar
855
1.15
Klrkland Lake Gd Mining 1
1
Lake Shore Mines
Feb
15c
2.03
2.10
10,145
23c
20c
*
50**
Jan
71c June
5**c
12,400
28
20c
39
8,900
14,900
13,175
1,000
8,100
3,000
3,600
26**
15
Canada Packers
14,970
7,775
71c
20** May
40
155*
...
1.10
39
50
40
,...100
1.15
7c
McWatters
Feb
1.08
99c
25**
Feb
6.40
2.28
92c
1
Jan
Feb
3.15
*
90c
Duparquet Mining Co..
East Malartlc
29c
9.00
14c
145*
1.10
*
Dome Mines Ltd.
Jan
May
58
25
1.05
1
Dalhousie Oil Co
May
4
6.40 May
11c
1.00
*
Mines
Consol Chlbougamau
10** June
14
7.00
3**c
.....
30
90c June
25c June
Feb
Feb
8,350
2,293
36
225*
8.90
72c
May
Calgary A Edmonton
Bulolo Gold Dredging
Buf falo-Ankerlte
Jan
72o
16**
6**
25**
33o
Jan
9c
20c June
41c
Brit Dom Oil
1.70
Apr
40c
105
15o
7.00
38o June
67,571
6,350
4
14c
*
25o June
43o
12
7
1.90
3c June
48c
12
25
l**o
3,900
42o
Brazil Gold: Dalmond M.l
Home
...._*
Apr
15o June
38o
High
Low
Low
14**o
*
...
75c
500
30c
41c
1
20C
1
Beaufort Gold
Big Missouri Mines Corp.l
Conlaurum
*
Blue Ribbon
Jan
Range Since Jan. 11937
for
of Prices
High Shares
Week
11
Brew A Distillers
1.05
Sales
Week's Rang
40c
..1
Blltmore Hats......
20
Apr
18** June
Price
45o
49**
42
Par
Bldgood Klrkland
Big Missouri
3**
1.75 June
Mines—
Aldermao
Last
Sale
Shares
12
12
42*4
Exchange
Friday
49c
21
405*
220**
Dorval Siscoe
Easy
4c June
15c
Jan
17**
3,110
12**
Jan
9** June
11** June
28**
12*4
Mar
Duncanson, White & Co.
15
18** June
1
75,050
65c June
*
5
1
English Electric B
Equitable Life
STOCK BROKERS
4**
10
17
7.80
20
5**
4,290
7.80
Jan
Jan
250
Jan
24
Mar
18
1.22
Mar
Apr
Feb
24
Jan
2.05
Jan
Jan
Apr
9**
Jan
3.65
Apr
16**
Jan
Mar
7.05 June
976
51
June
2.10
30
25
*
*
40c
32,701
2.45
*
Falconbrldge
Exchange
Canadian Commodity Exchange, Inc.
130
15,640
Eldorado Mines
Members Toronto Stock
970
1
Washing
Jan
Mar
6,500
...»
.....
Eastern Steel Prod
East Malartlc
2.95
28 J*
45*c
*
..
Apr
20
52
Dom Tar A Chemical Ltd.*
.100
31c June
38** May
220** June
19
May
7
Mar
12.90 May
16 King Street
10c
»
225*
20**
10**c
22*4
Foundation Pete--—.-.*
50c
55o
64,300
3,220
72,700
Francoeur
*
68c
70c
26,325
*
6
22
6
June
11
Jan
100
General Steel Wares
•
Gillies Lake Gold
.....1
103
50
100**
Jan
107
Mar
12
25
8
Jan
Fanny Farmer
Federal Klrkland
(Associate)
...
Ford A
WA. 3401-8
West, Toronto.
1
Frost Steel & Wire
New York Curb
Frost Steel pref
Toronto Stock Exchange
June 19 to June 28,
both inclusive, compiled from official sales lists
i
Last
Sale
Stocks—
Par
*
Abitibi
6% preferred
Acme Gas & Oil
.100
♦
Alton Mines Ltd
...1
AJax Oil & Gas
Price
m
59*4
12**c
3** c
—1
Alberta Pacific Grain.
•rnmmm^rnm
Copper
6
6*4
60*4
2.075
17,200
6,500
Arntfield Gold
1
Ashley Gold
...1
Bank of Montreal
.100
B&nkfleid Cons..
Apr
4*4 June
25
June
Jan
Jan
57
Jan
6**
Jan
43*4
Jan
50c
9,335
95c
Feb
55,994
73c June
1.89
Feb
2c
9,000
2c May
4**c
Jan
5.75
5.00
5.75
5.915
5.00 June
8.75
Feb
43c
38c
45c
15,708
37o June
1.42
FeD
40C
38c
40c
7,200
35c June
1.15
Feb
8c
8*4 c
1,000
Apr
150
Feb
6*4 c
10c
36,606
6*4o June
Feb
9c
9c
9c
600
7c May
250
12o
20c
7,490
20c
228
80c
58
17c
228
64c
250
*
*
30c
18
8**
Beattle Gold
*
1.15
Beatty Bros A
♦
*
....
6*4
80c
260
89
9
27,549
21
25c
30**c
17,050
175*
8**
18*4
525
8**
36
1.21
6.900
1.10
16**
168
59
235
17
30
29c
Apr
10*4c
1.05
*
29
Apr
20o
2c
Bank of Toronto...
Beauharnols.
3c June
15*4
80
73c
58
Bagamac Mines
Bel Tel Co of Canada.
10
5*4 May
41** Mar
11c
Apr
43c
-50c
Bank of Canada.
B.
60
High
1.03
1
Astoria Rouyn
Bathurst Power A—
800
5
Goldale Mines.....
Low
9** c
*
Anglo-Huronlan Ltd..
...1
Argosy Gold Mines
Base Metals Mln
38c
901
25
4**
25
1
*
Aztec Mining
for
Week
Shares
12c 12*4c
3c
4c
59
8c
57
Apr
June
17c June
221
Jan
64c June
250
25o
17
Mar
490
1.85
273
Jan
Apr
Feb
Jan
Mar
Jan
65c
Feb
24**
Apr
7*4
Mar
1.00
Apr
Apr
15
60
245
Apr
Apr
6*4
1,943
6
Jan
165** 168*4
950
154
Apr
6
1
Jan
20 **c June
50o June
1.25
Feb
1.58
Feb
10
May
1.75
Feb
21*4
9**
Jan
176
Jan
Feb
18**
Apr
65o May
37c
41,600
15,200
16.458
7*4o June
SOo
47c
40c June
1.02
Jan
7o
500
7c June
30o
Feb
9c
29c June
30
175
Grandoro Mines
Jan
35c
82
86
63
Goodyear Tire
Preferred
.....50
Graham Bousquet
Granada Mines....—1
Feb
54o
16.800
9.250
13,300
Gold Eagle............
Goodflsh Mining
...
24**
29**
Range Since Jan. 11937
45c
A P Cons Oils
Alexandria Gold
of Prices
High
Low
38c
*
Alberta Pac Grain pref.100
Aidermac
Week's Range
—.*
Apr
7c June
46c
1
God's Lake Mines
Golconda—
Sales
Fridai
Glenora
19
21** June
18
Great Lakes Paper......*
Preferred—..*
Great West pref
100
June
49
Jan
June
68
Apr
Apr
8c June
13,400
7,916
2,500
Jan
22c
May
92 **
Mar
67
Feb
Jan
9c June
63o
Feb
15o June
67o
Feb
6**c
679
30
Apr
18o
Jan
13** Apr
33** Mar
29** June
487
26**
Apr
Apr
51
40c
Mar
Gunnar Gold...
i
16,085
55o June
1.25
Jan
Gypsum Lime A Alab
*
770
11** June
18**
Apr
Halcrow Swayze
1
.1
Hargal Oils
*
98,171
5,000
13,900
13,510
280
4,915
9,100
13,775
2
6,000
Hard Rock
60.s
Harding Carpets
Harker
.....*,
Hlghwood Sarces—...
Hinde A Dauch
*
Holllnger Cons......—5
Homestead Oil
Howey Gold
Hunts A
B
4**
June
Apr
..1
1
......
,
75
1.00 June
17
June
Jan
Jan
Feb
15c
Jan
90c
Mar
19**
10** o
Apr
Apr
22**
15**o
Feb
31o May
33o June
870
Jan
12**
Mar
•
5
65
72
Jan
38
220
June
8,092
No par value.
Jan
38
33o
100
*
Jan
7
3.44
13o June
Imperial Bank...
..100
Imperial Oil
.........a
Imperial Tobacco..
...5
Intl Milling pref
100
Huron A Erie
7
-
12
Mar
20
Apr
60
13**
Jan
96
98
June
Jan
Jan
726
19
Mar
18
Mar
Q4
June
251*4
24**
15**
105
Jan
Mar
Mar
Feb
iiTfitrti'il.tiiiiiii'i'miilih n*W.i»i m minfi>it»rfn^1n.
Volume
Financial
144
Chronicle
4325
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
F. O'HEARN & CO.
STOCKS
BONDS
i(
11 KING ST. W.
Last
Sale
GRAIN
Stocks
(Concluded)
Par
San Antonio
1
Shawkey Gold
MEMBERS
Cobalt
Price
Week's
Range
Low
Range Since Jan. 1 1937
for
Weet
of Prices
High
Shares
Lew
High
TORONTO
WAverley 7881
OFFICES
Toronto
Sales
Friday
1.30
1.40
13,533
1
Sberrltt Gordon
48c
40c
50c
23,050
1
.
2.32
2.05
2.40
30,970
Montreal
Noranda
The Toronto Stock
Sudbury
Exchange
Winnipeg Grain Exchange
Simpsons B
Ottawa
Kirkland Lake
Montreal Curb Market
Simpsons B pref
Siscoe Gold
100
Hamilton
l
3.60
Sarnia
North Bay
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Siaden Malartlc
Slave Lake-.
1
Owen Sound
1
Southwest Petroleum
*
Timmina
1.25
*
12
7%
95
1.25
Apr
40c June
1.90
Apr
7% June
2.40
Jan
1.10
Feb
3.95
Feb
17
Feb
110
Feb
96%
108
3.15
3.60
32,080
3.15 June
6.65
1.02
76c
1.03
55,320
76c June
2.49
Jan
90c
50c
90c
14,200
50o June
2 50
Feb
80c
90c
1,325
53c
2.00
Feb
2.85
Apr
95
June
Apr
Jan
Stadacona
Friday
Sales
Last
Weel's Range
of Prices
14
14
1.42 248,030
20
10
May
15%
*
40
40
10
40
June
49%
Feb
*
77%
79
160
77% May
96
Feb
72
74
71
88
Mar
5
June
Preferred
for
Sals
*
Standard Steel pref
Steel of Canada
Exchange
*
Standard Chemical.*
Toronto Stock
Weet
Range Since Jan. 1 1937
25
Sterling Coal
1.17
73
100
5
3~ 40
Sudbury Basin
90c
90
20
5
3.00
3.40
Par
Price
Low
High
International Nickel
*
58
56%
International Pete
*
34 %
Internatl Utll A
Shares
59%
34 %
15%
14,543
5,706
2,550
8,000
21,827
*
15%
34%
15%
internet Utll B
*
1.30
1.30
1.35
Jack Walte Mines
1
70c
50c
70c
Jacola Mines
1
33c
25c
33c
Jelllcoe Cons
1
93c
70c
98c 103,390
.---1
24c
19c
24c
26
26
27
J M Consolidated
Kelvlnator
*
Preferred
100
106
106
80
9,630
70
Low
High
Apr
64%
33% June
15% June
1.30
Sudbury Contact
73%
39%
21%
Feb
1
18c
15c
18%c
Sullivan Cons
Stocks (Continued)
1
1.15
1.03
1.23
3,155
15,800
42,015
Sylvanlte Gold
1
3.05
2.75
3.10
16,530
16%
16%
53
Feb
Tamblyns
June
3.15
Feb
50o June
1.61
Mar
Tashota
Teck Hughes
Preferred............50
255
53%
25
7c
6c
8c
4.75
4.55
4.90
23,300
11,923
11,800
1
25o June
53«
Mar
70c June
2.15
Feb
Texas Canadian
*
19c June
26
June
59o
Feb
Tip Top Tailors
...»
89
Jan
Tip Top Tailors pref...100
108
Mar
1.65
1.55
1.77
12
12
12
1
"2" 05
1.85
2.25
4,125
Apr
35%
36%
302
Feb
Tor onto Elevators..._.__ *
Preferred
100
36%
2.65
Kirkland Lake
1
1.22
1.03
90c
Feb
1.70
Apr
Toronto General Trust. 100
50
Lamaque Contact
La pa Cadillac
1
5c
1
71c.
Laura
*
Secord
4%0
5%c
71
23,710
24,400
4o
May
28o
Feb
Tread well Yukon
58c
June
1.33
Jan
Uchl Gold
12c
Jan
39c
May
68c
June
1.05
11c
June
300
Lava Cap Gold
1
87c
83c
87c
Lebel Oro—
1
14c
lie
14%c
1,943
33,750
3c
73o
June
Jan
Jan
6.00
49
101
1.00
11,850
1.50
1.85
4.65
Jan
35% June
46
Apr
48%
86%
Apr
52
Mar
110
June
73o June
Jan
Jan
Feb
2.00
Jan
24
75c
58c
70
59%
20
99%
4.55
Jan
3.30
98c
Feb
Apr
Apr
Towagmac Expl
28%c
Jan
110
1 35
Toburn Gold
16%
53%
Jan
June
6c June
15%
53
Mar
2.00 June
46% June
Jan
104
1.90
5,059
Feb
32
108% 108%
2.45
49
4.80
Apr
Apr
1.49
48
Jan
2.70
2.35
2.00
.4854
3.25
14
1.70
1
40 %c
Apr
*2.35
Lake Shore
15o June
1.03 June
Feb
1
June
Feb
6.90
10
1
106
Jan
3.00 June
83
Kirk. Hud Bay
5
May
3%
Jan
Mar
Kerr Addison....
76,730
8,410
1.30 113,525
90c June
40c
70c
40c
58c
40c
500
75c.
14,600
Union Gas
*
Apr
United Oils.—.....
*
34c
300
38c
Jan
United Steel
*
6%
6
7
Lee Gold
1
3%c
8,500
3c
May
7%c
1
60c
45c
60c
June
1.35
Feb
Ventures
4.85
5.35
4.85
June
8.40
*
5.20
24 %
9,750
6,940
45o
*
24%
25
748
23
Apr
25
*
22 %
21%
22%
775
21
Jan
30c
34c
1,500
21
Apr
13
14
1,267
60,125
3,235
50c May
50c June
13
Apr
17c
2.60 Feb
75c June
19
Jan
Apr
70o
Feb
May
6
11%
Mar
Jan
Leltch Gold
Little Long Lac
Loblaw A
13%
B...
Lowery Petroleum
3c
...»
7.00
Walte Amulet
23
Feb
Walkers
90
Feb
.....*
Preferred
»
7.00
5,623
1.80
2.25
10.550
1.00
Apr
2.83
2.10
2.85
10.325
2.10
June
4.65
Feb
46%
Vulcan
6.00
2.17
Jan
Feb
45%
42
May
49%
Mar
19
47%
19%
6%
3,350
19
532
19
May
20
Western Canada Flour..
Macassa Mines
1
5.05
4.15
5.20
38,257
4.15
June
8.60
Jan
MacLeod Cockshutt
1
1.85
1.65
1.65
May
4.85
Jan
Madsen Red Lake
2.05 319,283
67c
18,800
1.20
;
1
65c
60o
June
Manitoba A East
*
2%c
3c
8,700
2c
June
16c
Feb
Malargo Mines
1
13c
11c 13%c
13,775
llo
June
36o
Mar
Maple Leal Milling
Preferred
*
5%
5%
6%
60c
2c
5%
7
367
5
June
245
5
Apr
*
"ii%
11%
12%
1,215
100
Massey Harris
Preferred
64%
62%
66%
335
8%
52%
Preferred
Western Grocers pref
3c
1
4c
23,900
10%c
1,684
90%
130
2%c
*
10
9c
..100
Preferred
89
88%
9.10 May
Mar
2.25
5
June
12%
Jan
10
61
June
90
Jan
Mar
122
Apr
35
117% 117%
117%
Mar
Westons
14%
Preferred
100
14%
100
640
15
5
100
18%
Mar
106%
Jan
10c May
30c
Mar
17c
Feb
Whitewater Mines
1
10c
10c
1,000
Jan
Wiltsey Coghlan
1
4c
4%c
5,500
4c June
Jan
12%
16%
Mar
Winnipeg Eleo A
Jan
74
Mar
*
Apr
Mar
3%
44c
Jan
100
Mar
White Eagle
Wood Cadillac
101
Mar
Wright Hargreaves
June
14%
McDougall Segur
Mclntyre Mines
44c
23,200
18
May
44
5
'"34%
34
34%
May
42%
1.17
11.00
1.20
1.00 June
2.03
1
60o
60c
500
McVlttle Graham
l
'""28c
27c
37c
32,705
17c
Jan
57c
McWatters Gold
*
40%c
35c
45c
13,128
35c June
1.18
Jan
Mercury Oils
*
41c
32c
45c
23,470
26c
Apr
63c
Mar
Merland Oil-
*
10c
Apr
39o
*2%c
2c
962
4
June
10
Jan
4
353
4
June
10
Jan
25
25
June
40
Jan
2c June
Feb
2%c
4,500
5c
Jan
34c
30c
37c
12,150
31c June
77c
Feb
6.00
Feb
5.00
4
25
5.85
6.05
18,100
5.85 June
.8.10
Jan
22c
20c
22 c
5,100
20c June
52c
Feb
Jan
McKlnley Mines
*
3
3%
25
Jan
1
3,210
35,125
32%
McKenzle Red Lake
3%
B
Jan
14%. June
99
Jan
89
Jan
100
61
11
2%c June
8%
61
117%
...
Preferred
May Spiers Gold
McColl Frontenac
5
100
6.00 June
*
340
60c June
12c
15c
5,600
Mining Corp
*
""2"82
2.70
2.90
10,025
2.70 June
Mlnto Gold
*
11c
11c
13c
8,200
llo June
Model Oils
1
Moneta Porcupine
Moore Corp
1
*
60c
~
1~32
43
65c
3,700
95c
1.32
56,580
42%
42
May
95c June
Ymlr Yankee Girl
*
60o June
Toronto Stock
Feb
June 19
to
June 25,
1.98
Feb
Last
Stocks—
Par
43
770
41
June
45
Mar
Blssell pref
Brett Trethewey
177
180
37
177
June
190
June
B
100
250
250
5
250
June
267
Feb
88c
Feb
Canada Bud
5%
June
10c
1
National Grocers
National SewerplpeA
National Trust
24c
24c
27c
13,700
5%
5%
90
24c June
Jan
5
Price
10
Bruck Silk
10
of Prices
*
*"3c
3c
*
201
8,000
640
18%
18
100
4c
9%
9
9
62
201
4
Naybob Gold
1
35c
30c
37c
7,200
New bee Mines.....
New Golden Rose
*
4c
3%0
4c
2,000
60c
..1
Nlplsslng
*
56c
Norgold Mines
*
58
2.50
11,250
2,900
64%
58%
8,327
1
Normetal
50c
2.40
6
Noranda Mines
3c June
8%
Jan
18
June
201
June
8c
1
..."
*
8%
Feb
1
1.60
11
Apr
Canadian
*
23%
21%
Jan
Central Manitoba
Jan
6
8
8%
37%
17%
Wlrebound
8c
7%c
1.50
23
Jan
1,140
8
June
Apr
165
34
Jan
10%
38%
Feb
17
May
21
Feb
55
2,560
22%
May
20,300
5c
June
Churchill Mining
Coast Copper
1
5
3%c
Feb
3.00
3.25
325
12o
Feb
Cobalt Contact
5
lc
1%C
12,000
Consolidated Paper
Consolidated Press
19%
20%
60
12%
92
92
10
89
50c June
2.40
Apr
1.49
Jan
3.60
Feb
83
Feb
6c
4,000
5c
June
16%0
1.40
4,154
1.20
Apr
1.75
Apr
16
7
1,985
Dalbousie Oil
*
*
*
1.02
92c
1.15
17,845
16%
16%
49%
46
48
*
70c
60c
72c
4,867
60c
June
95c
Apr
6.50
5.50
7.60
Dlsher Steel pref
79,050
5.50
June
13.25
Jan
*
2.41
2.20
2.70
26.245
1.05
4.10
Feb
*
33
Olga Oil & Gas
Dominion Bridge
Dom Found A Steel
35
231
*
3%c
46c 55% c
6
6%
4,340
12
Jan
East Crest Oil
*
17
19
Jan
Foothills Oil
*
115
155
13,500
11,875
Jan
Fraser Co voting trust—.*
3%c
55%c
*
*
Pacaita Oils
'""90c
26c
Page Hersey
♦
102
85c
19o
102
1.00
39,420
45o
Apr
70
5%
Mar
6,375
26c 357,000
2.20
Hamilton Bridge
lOo
Apr
43%c
Feb
118
Feb
105
1.90
2.20
24,395
7%
8%
1,850
15o
20o
21,867
15c June
13c
15c
1,400
13c June
16c
May
46o
Jan
49o June
1.38
Jan
2.20
13%c
49c
57c
26c
Perrod Gold........
15c
57c
Paymaster Cons
Payore Gold
22c
28c
9,500
73,665
36,600
98
1.90 June
5%
15c
22o
Apr
June
Mar
Pickle Crow
1
Pioneer Gold
1
Porto Rico pref
4.00
Jan
Honey Dew
9%
Jan
Hudson Bay M A S
40
Feb
Humberstone
41
Apr
Powell Rouyn
1
Power Corp
Premier
*
*
Inter Metals A
*
Preferred
28,700
Jan
Malroblc
8,500
l%c
Apr
3%c
Jan
6.85
6.00
33,655
4.90
June
9.20
Feb
3.65
4.05
Mercury Mills pref
3,105
3.65 June
6.85
Feb
Montreal L H A P
101%
75c
1
2.40
Preston E Dome
1
78c
*
Quebec Gold
1
10
1.96
95c
12,850
20%
19
Prospectors Air—
445
2.40
96
Jan
2 50
102
Mar
2.20
Feb
19
June
33%
Feb
75c June
80c
11,270
41,800
1.95
55c
1.40
1.40
600
1.10
40o
40o
900
June
4.60
Jan
55c June
1.47
Quemont Mining
♦
10c
10c
10c
Read Authler
1
3.35
2.85
3.40
Red Crest Gold
*
70c
70o
70c
_*
36c
29c
36c
1,500
16,717
30,560
44,860
Reeves MacDonald Mines*
72c
72o
75c
1,400
23%
Red Lake G Shore
Remington Rand
1
Reno Gold
1
Roche Long Lac
1
......100
Royallte Oil
Russell Motor pref
St Anthony
St Lawrence Corp....
202
*
1
10
78c
32,050
31%
20
9c
11c
206
1.55
Jan
40o June
85c
Jan
202
41%
112
14o
12o
11%
42
112
15c
12
60c
28
19%
May
Jan
21%
June
Jan
95%
Mar
Apr
3.60
Feb
15%
Jan
47% June
18%
58%
Apr
Apr
29
37% June
12%
13%
97
21c
2c
23c
Jan
28
32%
Feb
1,220
2c
12,500
26c
10,700
49
4c
..*
Pawnee Kirkland
1
Feb
Porcupine Crown
Feb
29c June
1.78
Feb
Ritchie Gold
72o June
1.52
Apr
Robb Montbray...
29%
Mar
6
Jan
72
June
135
Feb
33
48 %0
227
Jan
Mar
575
29
105
40
2,500
3.15
4.00
14,700
2.60
May
6.65
Feb
3%
2%
4%
8,600
3%o
May
11c
Feb
10
2% May
4%o June
3%o May
3%
Jan
16o
Feb
12 %o
Jan
100
25%
Apr
34
650
4% June
33%
Jan
39
United
32%
Apr
98%
Apr
33%
103
June
Mar
*
No par value.
Apr
May
420
Mar
50
7c
5%
118
190
7%
27%
Jan
33
Apr
2c June
6%
110
103
Jan
4%
700
6,000
26%
10
33
Jan
12o
5%
*
103
4%
May
26%
*
.50
May
4o
10
5,500
*
Supertest ordinary
Temlskamlng Mines.
Waterloo Mfg A
3%
3%
4%c
4c
Stand Paving
Fuel pref—
Walkervllle Brew
Apr
Feb
4c
Mar
Jan
Jan
60
49c
3%o
60
Apr
57%
Apr
150
4c
Apr
32o
Apr
l%o June
4%c
May
15
Jan
1
35
Jan
37%
__1
198
12o June
Jan
Apr
2%
4%c
22
Mar
Feb
Apr
2c
1
Rogers Majestic
Shawlnlgan W A P
69c
40
13,000
6
4%c
Apr
2o
Jan
Jan
23c June
20
Jan
Mar
550
3.75
Pend Oreille
Feb
l%o June
85
18%
108
2c
Prairie Cities Oil
9%
May
Jan
48%
3%
48o
705
12
June
May
1%C
l%c
16%c 19 %c
Jan
Feb
20c
30%
*
Apr
4.05
90%
33
5
Apr
90%
100
29%
*
18%
Jan
17,700
1%C
23c
Jan
Apr
23c
33
100
Feb
May
41%
45
96
1.40
45o
3.55
47% June
25% June
28
North Star Oil pref
1.95
22
Jan
Apr
May
1.75
3,665
Oil Selections
6.85
9c June
lOo
90c
42
May
Jan
50c June
28
1
11c May
30%
55o
3%
600
25%
"13
...
750
11,300
55c
Night Hawk
Nordon Corp
70c June
Saguenay Power pref-.100
June
12%
55c
National Steel Car
2.85 June
50,700
"""lOc
100
*
23%
74o
31%
"""78c
Riverside Silk
16
63
Jan
Feb
.
Ontario Silknit-40c
Jan
Feb
10
28,405
*""21c
Mandy
4.90
'""88c
6c
10.00
June
83
2.50
Mar
May
3c
32c May
90c
*
13
80
2.00
....100
1%C
100
12%
28
Kirkland Townslte
70c
4.05
50
"2.25
Shoe
1%C
100
45%
80
100
...
90c
70c June
44%
12%
Preferred
Home Oil
l%c
Peterson Cobalt
135
Jan
Jan
31c
1
Mar
13c
*
Partanen Malartlc—.
Paulore Gold
preferred
1.28
10
103%
1
Park hill
A
85o June
19%c
Pamour Porcupine
Pautepec Oil
Royal Bank
Apr
3% June
50
3%
25
4.25 May
Jan
1.25
16%
Corrugated Box pref—.100
500
1
...1
1.50 June
175
3%c
Peb
12
1.70
6c
June
21c
May
1.05
54% June
High
65
6
O'Brien Gold....
Okalta Oils
Omega Gold
3%o June
June
30c
'
Jan
20
17%
24
5c
5%c
102,00
North Can Mln
Orange Crush pref...
Oro Plata Mining
Low
45
3%c May
5c
"l~40
Go*
Shares
45
69
6
Canada Malting
Canada Vinegars
212
Range Since Jan. 1 1937
for
rr
High
65
Canadian Marconi
1
Low
Apr
100
Morris Kirkland
Weet's Range
Sale
A
Mulrbeads Cafe pref
Murphy Mines
Sales
Friday
33%c May
115
Exchange—Curb Section
both inclusive, compiled from official sales lists
1
4%
36
29c
100
*
*
""1%
4%
36
6
36
24c 31 %c
46
48
1%
2
2%
2%
5,700
2,000
40
36,250
125
200
240
2% June
8%
9%
Jan
Feb
Mar
June
Jan
68c
June
62%
1% June
1% June
3%
Jan
5
Feb
20c
46
Mar
Jan
Financial
4326
Quotations
on
New York
Bid
a3s
97*
100* 101*
a3*sMar
a3*sJan
105
106
a4*s Apr
1954
105
106
1 1964
114* 115 *
Bank of Manhattan Co
1
1966
114 * 115*
Bank of Yorktown..66 2-3
15 1972
115* 116*
115* 116 *
a4*s Mar
a4*s Apr
a4*s June
«3*s Nov I
104* 105*
1960
15 1976
1
103
104*
107*
Par
Ask
Bid
Ask
1 1975
03^8 July
d3*s May
New York Bank Stocks
City Bonds
97 *
1 1977
June 26, 1937
Over-the-Counter Securities—Friday June 25
1 1954
Jan
Chronicle
1
1974
11"
10
National Bronx Bank...50
50
National Safety Bank.12*
Peun Exchange.
10
18
44
12*
14*
186
192
Peoples National
50
60
76
.100
970
1010
Puolic National
25
40
42
First National of N Y..100 1995
2035
Sterling Nat Bank A Tr.25
33
35
Trade Bank
30
37
Fifth Avenue
116* 117*
Flatbush National.. —100
1 1957
109* 111
Nov
1 1958
110
111*
1 1981
a4*s Mar
a4*s May 1 & Nov 1 1957
1 1959
110
111*
a4*s Mar
1
1963
117
a4s
1 1977
112* 113
a4*s June
1
1965-r
20~
117* 118*
a4s
60
125
116* 117*
117 * 117*
May
May
115"
42
15 1978
a4s
100
95
a4*s Nov
a4s
Ask
65
100
48
116* 117*
105
Merchants Bank
Bid
Kingsboro National... 100
72
60
1 1977
1 1975
Par
32*
13.55
15 1976
o3*s July
a4s
May
Ask
30*
66
City (National)
12*
Commercial National.. 100
Bensonhurst National
Chase
a4*s Feb
a4*s Jan
116
Bid
1 1967
—
37
42
12*
118
Oct
1 1980
112* 113*
a4*s July
a4*s Sep
1 1960
113* 114*
a4*s Dec
15 1971
118* 119*
119
120*
a4*s Mar
1 1902
113* 114*
a4*s Dec
1 1979
120* 122*
New York Trust
Bid
Companies
Ask
Ask
Par
Banca Comm Itallana.100
105
115
Fulton
255
270
Bk of New York A Tr_. 100
452
461
Guaranty
317
322
o
-10
Bankers—
Bronx
New York State Bonds
12
122
20
1
62.70 less
-
1
Canal A Highway—
World War Bonus—
4*8 April 1940 to 1949.
62.10
62.85
131*
.■mm.
mmm
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
Barge C T 4s Jan '42 A '46
Barge CT4*s Jan 1 1945..
131*
129
124*
Bid
14*
100 1750
.
44
119
63
65
50
87
97
-.25
16
18
New York
17*
Title Guarantee A Tr. ..20
Colonial Trust..
Manufacturers
47
50*
52*
50
Preferred
52
128* 131*
Continental Bank A Tr.10
16
Corn Exch Bk A Tr
20
63
64
Underwriters
Empire
•
15*
1850
122
Cehmlcal Bank A Trust .10
...
Highway Improvement—
58 Jan A Mar 1964 to '71
Highway Imp 4 *s Sept '63
Canal Imp 4 *8 Jan 1964..
Can A High Imp 4*s 1965
Irving
Kings County
Lawyers
Clinton Trust
Ask
Bid
Ask
62.65 less
38 1974
3s 1981
66*
11
117
Central Hanover
Bid
64*
7
100
County
Brooklyn
Par
10
29*
30*
United States
12
94
13
104
••
124*
—
1760
1810
110*
114
...
Chicago Bank Stocks
Par
Port of New York
Bid
Ask
American National Bank
Authority Bonds
A Trust
265
Ask
A fruat
Ask
Bid
Bayonne Bridge 4s series C
1939-53.
JAJ 3
Gen A ref 4s Mar 11975
107
Gen A ref 2d
3*s '65
103* 104*
Holland Tunnel
Gen A ref 3d ser 3 *8 "76
Gen A ref 4th ser 3s. 1976
101* 102*
1937-1941.
MAS
61.00
1942-1960
MAS
33 1-3
Bid
Ask
100
301
306
Harris Trust A Savings. 100
Northern Trust Co
100
290
Continental Illinois Bank
Bid
Port of New York—
Par
First National
100
426
465
705
745
»
126* 130*
'
111* 112*
ser
George Washington Bridge
4*s ser B 1940-53.M N
98
108
99
4*s
ser
104* 105*
E
Inland Terminal 4*s ser D
1937-1941
MAS
I
2.10
nsurance
Par
61.50
2.60
Aetna Cas A Surety-
—
10
Aetna Fire
Bid
Companies
Ask
Par
89
93
Home
46*
28*
Home
Homestead lire
5
Fire
Security
Bid
33*
Ask
35*
Aetna Ufe
1942 1960
MAS
108
109*
..10
44*
26*
Agricultural
110* 111*
-25
82
85
Importers A Exporters...5
21*
36*
22*
Ins Co of North Amer.
66*
8*
67*
39*
Knickerbocker
6
15
17
15*
16*
Lincoln Fire
5
4
11*
Maryland Casualty
1
Mass Bonding A Ins.-12*
American Alliance
—
10
American Equitable.. ...5
American Home
10
—
United States Insular Bonds
Philippine Government—
4s 1946
Bid
American of Newark.. -2*
American Re-Insurance. 10
Ask
Ask
Bid
100
101*
Honolulu 5s
63.50
1959
106
108
U S Panama 3s June 1 1961
113
4*8 July 1952
5s
April 1955
106
108
Govt of Puerto Rico—
4*s Oct
5s
Feb
100* 102
1952
...
108* 111*
111
5*8 Aug
1941.
Hawaii 4*s Oct 1956
4*s July 1958
5s
d3.75
111
July 1948
U S conversion 3s 1946
114
115* 117*
108
Conversion 3s 1947
3.00
117
109
American Reserve
3.50
111
6*
59
62
Merch Fire Assur com...5
45
48
52*
Merch A Mfra Fire New'k.5
11
13
Automobile.
28*
30*
National Casualty
10
16*
62*
64*
2
8*
10
Baltimore Amer
-2*
Bankers A Shippers... —25
Boston
6*
...10
—
—
21
22*
24*
24*
10
10
34*
.5
26
36*
28*
10
—
Eagle Fire
-2*
Employers Re-Insurance 10
Excess
4*
46
5*
Federal
39
3s 1955 opt 1945
3s 1956 opt 1946
JAJ
4s 1957 opt 1937— ..MAN
101
JAJ
48 1958 opt 1938
MAN
102* 102*
Fire Assn of Phila
38 1956 opt 1946
MAN
4*3 1957 opt Nov 1937...
Fireman'8 Fd of San Fran25
3*8 1955 opt 1945. .MAN
4*8 1958 ept 1938. .MAN
101*,6 101*
103* 104
Fidelity A Dep of Md. —20
Newark.
—
10
121
National Liberty
National Union Fire
New Amsterdam Gas
628
19
—
Firemen's of
7*
99* 102*
618
Continental Casualty.
Ask
5
18*
28*
Connecticut Gen Life.
1015,6
10
6
50*
Carolina
Federal Land Bank Bonds
.
17*
26*
—
Camden Fire
111
.
4
American Surety
City of New York
Bid
...10
National Fire
112*
•
38*
13*
40*
10
■
25*
5*
48
6*
41
124*
68*
72*
82
20
2
121
13*
19
9*
125
14*
New Brunswick Fire
New Hampshire Fire
10
10
31*
48*
New Jersey
New York Fire
20
46*
49*
48*
20
22
2
Northern
12.50
North River
2.50
Northwestern
Natlonal.25
Pacific Fire
25
Phoenix
10
Preferred Accident
94
23*
128
39*
98
25
132
129* 133*
85
89
..5
16*
18*
Providence-Washington. 10
32*
34*
85
—
.5
Franklin Fire
JAJ
General Reinsurance Corp5
10
11*
Reinsurance Corp (N Y).2
7*
8*
29*
31*
Republic (Texas)
10
22*
Revere
4s 1946 opt 1944
10
22*
24*
24*
(Paul) Fire
38*
40*
Roasia
10
25
27
St Paul Fire A Marlne-25
202
Gibraltar Fire A Marine. 10
25
27
Seaboard Fire A Marine..6
10
Glens Falls Fire
42*
44*
Seaboard Surety
10
29
31
19
21
Security New Haven
10
34*
35*
57*
Georgia Homo
Joint Stock Land Bank Bonds
—
Globe A Republic
...5
Globe A Rutgers Fire.
Bdd
Atlanta 5s.
100
Atlantic 5s
Bid
100
Burlington 5s
California 5s
Ask
100
52
Chicago 5s
/5*
Dallas 5s
-
M
94*
First Carollnas 5s
Lincoln 5s
93
Louisville 5s
62
6*
100
Denver 5s
Maryland-Virginia 5s
Mississippi-Tennessee 5a..
First of New Orleans 5s...
Flrst Texas of Houston 5s
Chicago 4*s
96*
—
15
..15
—
Halifax Fire
.5
10
Hartford Fire
99* 100*
99* 100*
Ohio-Pennsylvania 5s
—
10
Hartford Steam Boiler -.10
9*
11
207
12
93
Springfield Fire A Mar—25
Stuyvesant
5
115
91
24*
26*
Sun I.ife Assurance
100
590
640
10
Travelers
100
450
460
53*
9
23*
25*
U S Fidelity A Ouar Co..2
31
Hanover Fire
100
33
U 8 Fire
71*
73*
U S Guarantee
56
58
Westchester Fire
4
10
2.50
7*
21*
51*
118
8*
22*
53*
52
55
34*
36*
99* 100*
100
Oregon-Washington 5s
101
Pacific Coast of Portland 5s
100
100
99* 100*
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
99* 100*
Pac Coast of San Fran 5s.
100
95*
97*
100
103
85
Greenbrier 5s
100
Greensboro 5s
100
84
97
Kentucky of Lexington 5s.
La Fayette 5s
.
Surety Guaranteed Mortgage Bonds and Debentures
100
100
Bid
Phoenix 5s
107* 108*
Potomac 5s
100
/27
San Antonio 5s
100
...
99
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
86
Aasoclated Mtge Cos Ino—
/17
19
Tennessee 5s
100
.
Debenture
-
—
Virginia-Carolina 5s
100
1953
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s '53
78
Series B 2-5a
Potomac
45*
48*
76
42
45"
100
Virginian 5s
3-68
Bond
Empire Properties Corp—
2-3s
1945
46
60
Interstate Deb Corp 2-5s'55
35
3-6s
Inc 2-5s
Bid
50
60
Atlantic
40
46
North Carolina
100
35
40
Dallas
70
75
Pennsylvania
100
22
16
Potomac
100
63
100
58
63
San Antonio
100
12
16
Virginia
42
45
42
45
1953
3-6s
1953
79
ture
Corp 3-6s
(Central
Funding series)
1953
/32 *
35*
Realty
1953
70
Atlantic
Deb Corp 3-6s
ctfs
Realty
Bond
A
42
Mortgage
67
100
45
Corp 3-6s '53
26
14
42
Potomac Maryland Deben¬
Potomac
100
73
1953
38
Nat Bondholders part
Par
75
Potomac Franklin Deb Co
Mortgage Bond Co of Md
Joint Stock Land Bank Stocks
1954
52
Corp
(all
issues )2-5s—
1953
Potomac Cons Deb Corp—
Potomac Deb
101
Ask
55
30
99* 100*
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
81
83
Southwest 5s
Union of Detroit 5s
101
Ask
Allied Mtge Cos Inc—
Southern Minnesota 5s....
100
99
_
66
St Louis 5s
88
100
Iowa of Sioux City 4*s...
62
Pennsylvania 5s
80
4*s.
2d preferred
Great American
Great Amer Indemnity —-1
100
New York 5a
100
101
Illinois of Montlcello
96
North Carolina 5s
Fletcher 3*s
Fremont 5s
Illinois Midwest 5s
Ask
100
98
First of Fort Wayne4*s~
First of Montgomery 5s
First Trust of
—
5
Atlanta
Denver
100
Des Moines
First Carollnas.
__
Ask
Fremont
100
1 *
3
Lincoln
100
6
Par
New York
Bid
100
14
47
5
1
100
50
Ask
18
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
42
deb 3-6s.
45"
1*
55
Par
Bid
120*
121* 124*
167
113
115
85*
61
Franklin Telegraph
42
Gen Telep Allied
FIC 1*8... July
FIG l*s...Aug
15 1937 b .45%
16 1937 b .55%
FIC 1*8...Nov
FIC 1*8...Sept
15 1937 b .60%
15 1937 b .65%
FIC 1*3.—Oct
Ask
Cincln A Sub Bell Telep.50
Cuban Telep 7% pret—100
Emp A Bay State Tel.. 100
Intermediate Credit Bank Debentures
Bid
36
Par
Bid
Ask
New England Tel A Tel. 100
117
119
New York Mutual Tel.100
25
28
Pac A Atl Telegraph
Peninsular Telep com
19
21
26
28
169
Bell Telep of Pa pref..l00
Ask
33
Ask
117
Bell Telep of Canada.. 100
Bid
43
Unified Deben Corp 6s 1955
Telephone and Telegraph Shocks
Am DIst Teleg (N J) com.*
Preferred
100
Federal
1953
52
8
Virginia-Carolina
73
100
40
...
48
Corp—
FICl*s... Dec
15 1937 b .70%
15 1937 b .80%
Int Ocean Telegraph... 100
97
FIC 1*8...Mar
15 1938 b .85%
Mtn States Tel A Te'—lOO
138
$8 preferred
88
*
100
Rochester Telephone—
$6.50 1st pref
100
So A Atl Telegraph
25
108* 111*
111
---
101
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
22
24*
155* 157*
116* 119*
142
Wisconsin Telep 7 % pf.100
114
91* 101
For footnotes see page 4328.
Preferred A
25
*
116
Volume 144
Financial
Quotations
Chronicle
Over-the-Counter Securities—Friday June 25—Continued
on
RAILROAD
Guaranteed Railroad Stocks
BOUGHT
Mmbm hl/v> Tori Siotk Excbaug*
Dealers In
john
Tel* REctoir
41 Broad St.. N. Y.
2-6600
STOCKS
QUOTED
.
Monthly
Bulletin
e. sloan e
Members New York Security Dealers
GUARAMKD
NEW YORK
SOLD
.
Earnings and Special Studies
on Request
3osepb Walkers Sons
120 Broadway
4327
-
HAnover 2-2456
-
co.
Association
Bell Syst. Teletype NY 1-624
Since 1855
Railroad Bonds
Guaranteed Railroad Stocks
Bid
(Guarantor In Parenthesis)
Akron Canton A Youngstown
Par in Dollars
Alabama A Vlcksburg (Illinois Central
Bid
Asked
—100
6.00
95
100
—100
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)....... -100
Beech Creek (New York Central)...
—.50
Boston A Albany (New York Central)
—100
Boston A Providence (New Haven)
10.50
172
177
6.00
98
102
2.00
40
43
8.75
130
8.50
135
Canada Southern (New York Central)
—100
...
Carolina Cllnchfield A Ohio (L A N-A C L) 4%.. —100
Common 5% stamped
...
.......
2.85
55
60
4.00
95
99
Cleve Clnn Chicago A St Louis pref (N Y Central) -100
Cleveland A Pittsburgh (Pennsylvania)
—50
5.00
100
104
3.50
86
89
2.00
49
51
2.00
43
46
... ......
...
Betterman stock
...50
.......
Delaware (Pennsylvania).
.......
Fort Wayne A Jackson pref (N Y Central)..
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J
(Del
5 00
133
97
100
-100
5 50
87
91
—100
10.00
190
195
Lack A Western)... -100
4.00
68
71
50.00
1000
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)..
—50
58
3.875
61
New York Laokawanna A Western (D L A W).. —100
5.00
87
91
Northern Central (Pennsylvania)
Northern RR of N J (Erie)..
4.00
99
101
4.00
60
64
4.60
65
69
...
...
—
1—60
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel).... -.60
1.50
40
43
3.00
80
85
Pittsburgh Fort Wayne A Chicago (Pennsylvania) -100
Preferred......
7.00
165
170
7.00
175
180
Rensselaer A Saratoga (Delaware A Hudson).... —100
—100
St Louis Bridge 1st pref (Terminal RR)....
6.82
99
102
6.00
138
143
Second preferred
Tuone RR St Louis (Terminal RR)
3.00
68
72
Preferred
.....—t
.......
—
i.——.
6.00
138
United New Jersey RR A Canal (Pennsylvania).—100
10.00
240
245
..100
Susquehanna (DLAW)
—100
Valley (Delaware Laokawanna A Western)
Vlcksburg Shreveport A Paclflo (Illinois Central). —100
6.00
88
92
Utlca Chenango A
Preferred......
67
Boston A
Albany 1st 4>*s
April 1, 1943
.1950
104
...1942
Boston A Maine 3s...
82
85
86 V*
92
87 V*
...
4V*8
......-J.
Convertible 5s___
1944
-
——-.1940-45
(———
Buffalo Creek 1st ref 5s
—.1961
68
1942
94
101
88
90
1949
60
65
1965
98
98 H
......1995
93
94
1945
66
68
..1978
103
...1946
Chateaugay Ore A Iron 1st ref 4s
Choctaw & Memphis 1st 6s
Cincinnati Indianapolis A Western 1st 5s
85
...........
......
....
Cleveland Terminal A Valley 1st 4s
Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st 5V*s
Hoboken Ferry 1st 5s.—
Kansas Oklahoma A Gulf 1st 5s...
Long Island refunding mtge 4s
32
102
104
103 V*
65
104 H
70
...1965
...
103 V*
/27
...1939
......1949
...
90
102 V*
1978
Ltttle Rock A Hot Springs Western 1st 4s
Macon Terminal 1st 6s
105
65
.......
Prior lien 48
Prior lien
96 V*
98 V*
Maryland A Pennsylvania 1st 4s
1951
Meridian Terminal 1st 4s...
1955
90
93
50
1949
43
.1956
92
.....1946
1966
1951
65
Minneapolis St Laul & Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
.......
New York A Hoboken Ferry general 5s
Piedmont A Northern Ry 1st mtge 3^s.—......
Portland RR 1st 3>*s
70
94
95
65
68
1945
86
88
Rock Island Frisco Terminal 4V*s.
1957
89
91V*
St Clair Madison A St Louis 1st 4s
...1951
97
Consolidated 5s
....
Shreveport Bridge A Terminal 1st 5s...
91V*
.........1955
1955
.1951
S3
86
5.00
86
90
50
3.50
47
51
3.00
60
63
Toledo Terminal RR 4V*s——
Toronto Hamilton A Buffalo 4V*s
...
112
110
—
Washington County Ry 1st 3V*s
89 V*
87 V*
1957
.....1966
......1954
......
69
66
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s...—
...
95
5.00
—.50
West Jersey A Sea Shore (Pennsylvania)....
68
65
Augusta Union Station 1st 4s....
.................1953
Birmingham Terminal 1st 4s...,..................
.1957
....
6.00
.........
...—
Warren RR of N J (Del Lack A Western).—....
64
..1945
6s
Dividend
Asked
...1945
5V*s_-
96
98
58
61
EQUIPMENT TRUST CERTIFICATES
TEXAS POWER A LIGHT COMPANY
Quotattona-Appraiaal* Upon Roqumst
7% PREFERRED
Bmtell Brothers
Stroud & Company Inc.
Private Wire* to
TEL. DIGBY 4-2800
EST. 1908
Philadelphia, Pa*
New York
MEMBERS
N. Y.
ONE WALL ST., N. Y.
STOCK EXCHANGE
Teletype N.Y. 1-1146
AND N.Y. CURB EXCHANGE
Railroad
Equipment Bonds
Public
Bid
Atlantlo Coast Line
61.90
1.25
62.76
Missouri Pacific 4V*s
2.10
62.50
4V*s.
Baltimore A Ohio 4V* s
Bid
Ast
2.00
5s
63.75
Par
3.00
63.00
2.00
Bid
63.00
2.40
New Orl Tex A Mex
4V*s„
63.80
2.75
Alabama Power 37 pref—*
Arkansas Pr A Lt 7% pref*
6a
62.76
2.00
New York Central 4V*s—
62.80
2.25
Associated Gas A Electric
3V*s Deo 1 1936-1944-
63.00
2.25
62.26
1.50
63.00
2.25
62.60
2.00
63.85
3.00
Atlantlo City El
63.85
3.00
Bangor Hydro-El 7% pf 100
Birmingham Eleo 37 pref.*
6s
Boston A Maine 4>*s
5^8
N
Canadlan National 4V*s—
Y"cb"lo
& St L
i^sll"
5s...
63.00
2.40
63.00
68
Canadian Pacific 4>*s
Cent RR New Jersey 4V*b.
2.40
63.00
2.25
62.76
1.75
Northern Pacific 4V*s
61.90
1.25
61.50
1.00
Pennsylvania RR 4V*s
62.00
1.25
N Y N H A Hartf 4V*s
5s_.
............
Original preferred
36.50 preferred
37 preferred
,*
...*
*
6% pref.*
68V*
76 H
69V*
78 X
68-...
..........
61.50
1.00
31.60 preferred
25
Carolina Pr A Lt 37 pref*
6% preferred
...*
1937-49
2%8 series G non call
62.80
2.00
Dec 1 1937-50
62.70
2.00
1.00
6s
62.60
2.00
4s series E due
1.25
................
Jan A July
37 preferred.
....
10
11V*
17 H
19V*
Mountain States Pr com.
19 V*
113 V*
132
21
70
72
23
23H
Central Maine Power—
61.60
62.00
Mississippi Power 36 pref..
Mississippi P A L 36 pf—*
Miss Rlv Pow 6% pref. 100
Buffalo Niagara Eastern—
Chesapeake A Ohio 5V*S—
6V*s.
4V*S
Par
iik
90
92
82
84
89
92
77 H
80 V*
83
85
.
*
7% preferred.......100
Nassau A Suff Ltg pref. 100
Nebraska Pow 7% pref. 100
Newark Consol Gas
.100
New Eng G A E 5V*% pf.*
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
37 prior lien pref
*
New Orl Pub Serv 37 pref*
New York Power A Light
64.00
97
99
4V*s
98
100
5s.....
Chicago A Nor West 4>*s-
98 V*
100 V*
63.60
2.50
7% preferred....... 100
36 preferred
...100
Cent Pr A Lt 7% pref..100
Columbus Ry Pr & Lt—
1st 6s preferred A...100
6V*% preferred B
100
Consol Eleo A Gas 36 pref.
Consol Traction (N J).100
Consumers Power 35 pref.*
63.00
2.00
Continental Gas A El—
63.00
2.25
113
185
Paclflo Pow A Lt 7% pf 100
Penn Pow A Lt 37 pref
*
31
Philadelphia Co 35 pref..*
Pub Serv of Colo 7% pf 100
3.00
64.00
ChloMUw A
S^Paid Avis¬
3.00
Pere
Marquette 4V*s
63.00
2.25
64.86
4.50
Reading Co 4V*s.——
63.00
2.25
65.25
os
Chicago RIA Pac 4V*s__„
Denver A R Q West
5s...
4.75
4V*S—
.........
5>*s
88
90
88
6s........
90
64.00
2.75
64.00
2.75
64.00
2.75
5s
62.00
St Louis-San Fran 4s.....
St Louis Southwestern 5s—
5V*s———
1.50
Southern Paolflo 4>*s
5s...
62.60
1.50
Southern Ry 4>*s—......
4V*S
62.80
2.25
6s
62.60
61.90
1.25
61.90
1.25
61.75
1.25
1.10
1.75
Erie RR
6s_
.......
62.60
5V*s
......
........
Great Northern 4>*s
6s
Hocking Valley 5s........
6s...
Internat Great Nor
4V*8—
Long Island 4V*8—----6s
2.40
1.25
63.90
2.75
63.00
2.00
62.50
Louisv A Nash
6s
53.00
62.25
4V*s—
1.50
4V*s.„
51.90
1.25
,
61.90
1.25
.......
5V*s
Minn St P A SS M 4s.
63.00
2.25
63.00
2.26
63.75
3.00
For footnotes me page 4328.
2.25
2.00
Essex Hudson
Gas..—100
....
6s
Virginia Ry 4>*s—......
6s
Wabash Ry
5s._
4V*s
......
6s
37 cum preferred—..—.
i.10
1.10
Gas A Elec of Bergen.. 100
Hudson County Gas... 100
61.75
1.00
1.00
102
100
36 preferred
*
7% preferred..——.100
..........
...............
........
102 V*
103
Interstate Natural Gas...*
100
101V*
2.25
62.65
2.00
...
63.75
2.75
........
63.75
2.75
7H% preferred
..50
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref-100
Long Island Ltg 6% pf-100
7% preferred——.100
Memphis Pr A Lt 37 pref. *
7%
cum
preferred—
63
67
70
113 Ml 115V*
4
2H
30
35
29
32
103 V* 106
120
34
m
V*
m
m
35 V*
71
72
52 Ml
54
60
61
97
99
17V*
Ohio Edison 36 pref......*
37 preferred..........*
104
94 V*
95 V*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100
84 H
85 Ml
7% preferred
100
Okla G A E 7% pref—.100
103
102
cum
preferred—.100
106
99
14 V*
46
55V*
96
V*
98
106
102 V* 104 V*
92 Ml
94 X
100
102
104
106 V*
115
58 V*
33
32
36
67
93 H
67
106
70
95
70 V*
108
34
33 V*
120
185
107 V* 109
108 V* nov*
Jamaica Water Supply—
62.75
Interstate Power 37 pref..*
36
55
58
105 V* 107 V*
84 Ml
87 V*
IdahoPower—
36 cum preferred
36.50 cum preferred
101
Western Pacific 6s
5Hb
1.60
100 V*
.......
6H86s
2.25
62.25
61.75
5s...
2.25
61.60
4V*s
63.00
61.60
—
Ask
50
Nor States Pr 37 pref—100
Corp—
63.00
Texas Paclflo 4s
Western Maryland 4>*s—
Maine Central 5s........
2.00
63.00
Federal Water Serv
Union Paclflo 4V*s
Illinois Central
62.50
7% preferred
—.100
Dallas Pr A Lt 7% pref 100
Derby Gas A El 37 pref—*
62.75
....
5s
Bid
2.00
63.00
.......
Utility Stocks
Aik
21V*
8
24
10
Queens Borough G A E—
6% preferred—
100
Republic Natural Gas
1
66 X
4X
5%
Rochester Gas A Elec—
36 preferred C
100
Sioux City G A E 37 pf. 100
95 J*
97V*
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref
53 V*
87
109
100
7% preferred..—...100
91
111V*
91
28
49 H
54
m
51 V*
65H
102
85
93
95
168
173
66 V*
68
79
81
Utlca Gas A El
59
03H
60
89
27
185
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
Utah Pow A Lt 37 pref...*
56
69V*
7% pf—100
Virginia Ry..........100
104
99 X 101
65 V*
89
58
4328
Financial
Chronicle
June 26, 1937
1
Quotations
Public
Utility Bonds
Bid
Amer States P S 5MS.1948
Ask
Bid
Dallas Pow & Lt 3 Ms. 1967
102
Federated Utll 5 Ms
97
98 M
Green Mountain Pow 5s '48
54
Associated Electric 5s.1961
Specialists in —
As*
r
79
76
56
Houston Lt A Pow 3 Ms '66
Iowa Sou Utll 5Ms.-.1950
74 M
76
102 M 103 M
100 M 101M
177
74 M
Amer Utility Service 6s '64
Amer Wat Wks & EI 5s '75
Assoc Gas & Elec
Over-the-Counter Securities—Friday June 25—Continued
on
Corp—
1957
98
102 M
Water Works Securities
Complete Statistical Information—Inquiries Invited
100
Income deb 3 Ms
Income deb 3Ms
1978
32M
33 M
Kan City Pub Serv 38.1951
1978
34 M
Kan Pow & Lt 1st 4 Ms
Inoome deb 4s
1978
33 %
36 H
37M
Keystone Telep 5 Ms..1955
Income deb 4 Ms
Oonv deb 4s-.._
1978
41
1973
64
66
Louisville Gas A El 3 Ms '66
Conv deb 4Mb
Conv deb 5s
100 M 101M
1973
67
69
Metrop Edison 4s ser G '65
1973
73
75
Missouri Pow A Lt 3Ms
Conv deb 5 Ms
1973
83
Mtn States Pow 1st 6s 1938
102 M 103 M
98 M
98 M
92
95
100
Narragansett Elec 3 Ms '66
Newport N A Ham 5s. 1944
Swart.Brent&Co.
42
105 M 106 M
80
8-year 8s with warr.1940
97 M
8s without warrants 1940
Assoc Gas A Elec Co—
97
Cons ret deb 4 Ms. .1958
42
38
42
99
N Y State El A G
41
43
53
39
45 M
Atlantic City Elec 3 Ms '64
96 X
46
'66
—
^
mmm
-
1965
95
95 M
100
100M
-
95 M
99 M
102
102 M
68
69 M
99 H
Parr Shoals Power 5s. .1952
99 M 100M
107 M 108 M
96
98
Peoples LAP 5Ms---1941
182
Public Serv of Colo 6s. 1961
105
74
75 M
77 M
Cent Maine Pr 4s ser G '60
Central Public Utility—
Income 5 Ms with stk '52
102 K 103
106 %
Conn Lt A Power 3 Ms 1956
3 Ms series F
1966
Corp 1st 4s '65
Pub Serv of N H 3 Ms D *601
Pub Utll Cons 5Ms—1948
104 M
...
84 M
106M
102
---
Birmingham Water Wks—
Bid
Monongahela Valley Water
5Ms
1950
Morgantown Water 5s 1965
M uncle Water Works 6s *65
Ask
101
105
101M
'
mmm
104
mmm
mmm
...
58 series C
1957
75
1954
103 H 104M
100 M
—1951
5s series B
86
102 M 103M
5Ms
1951
New York Wat Serv 5s '51
83
1954
90
93
1957
104 M 105 M
Newport Water Co 5s 1953
73
Calif Water Service 4s 1961
100
Ohio Cities Water 5 Ms '53
Ohio Valley Water 53.1954
98 M
69
Chester Wat Serv 4 Ms *58
Citizens Wat Co (Wash)—
102
1951
mmm
75
79
95 X
96 M
102 M 103 M
5 Ms series A
1951
101
5a
5s series B-.
mmm
mmm
103
Ohio Water Service 5s. 1958
99M
Ore-Wash Wat Serv 5s 1957
...
102
89M
91M
Penna State Water—
1st coll trust 4 Ms.-1966
mmm
93 M
94 M
99 M
101M
Peoria Water Works Co—
1941
1st Aref 5s
1950
1st consol 4s
101
97 X
98 M
5s series B
1954
48
50
1st 5s series C
1957
1948
1st consol 5s...
1948
100
Prior lien 5s
1948
104
mmm
100 M
105
Clinton W Wks Co 5s. 1939
100 M
Tel Bond A Share 5s--1958
74
76
Utlca Gas A El Co 5s„ 1957
119
1962
Sou Cities Utll 5s A...1958
78
107M
97 M
City Water (Chattanooga)
Southern Bell Tel A Tel—
Debenture 3 Ms
......
...
City of New Castle Water
Sioux City Gas A El 4s 1966
5M
101
5s
101M 102 M
CInn Gas A El 3 Ms wl.1967
Colorado Power 5s
1953
97
101M
County Wat fis '58
Butler Water Co 6s
95
Penn Telep
72
Ask
New Jersey Water 5s. 1950
New Rochelle Water—
95
105
5 Ms series A
-
96 M
/4M
1956
95 M
Okla Gas A Elec 3 Ms. 1966
Debenture 4s
1946
102 M 104
Central G & E 5 Ms— .1946
1st lien coll trust 6s. 1946
Alabama Wat Serv 5s. 1957
Alton Water Co 5s
Ashtabula Wat Wks 5s '58
102
Old Dom Pr 5s May 15 '51
Pennsylvania Elec 58.1962
Bellows Falls Hy El 5s 1958
Biackstone V G & E 4s 1965
Cent Ark Pub Serv 5s. 1948
Water Bonds
101M 102M
Bid
North'n States Pow 3 Ms'67
mmm
56
NEW YORK
Teletype: New York 1-1073
Atlantic
'
M
INCORPORATED
EXCHANGE PLACE,
T«I. HAnover 2-0010
Corp—
4s
57
Sink fund lnc 4 M-5Ms'86
Sink fund lnc 5-6s—1986
Sink fund lnc 5 M-6 Ms'86
I
99 M
47
Sink fund lnc 4-5S..1986
48
97 M
NY Telep 3MsB
1967
Northern N Y Utll 53.1955
45
Sink fund Income 5s 1983
Sink fund lnc 5MS..1983
45 M
107 M 108 M
40
45
Sink fund Income 4s 1983
Sink fund lnc 4 Ms—1983
'65
mmm
mmm
99M 101
1966
Conn River Pr 3Ms A.1961
Consol E & G 6s A
1962
103
•
m
•.
100 M 101
106"
102 M 103
Western Mass Co 3Ms 1946
Western Pub Serv 5 Ms '60
51
53
1962
50
52
6% secured notes.. 1937
59
61
Wisconsin G A El 3 Ms 1966
Wise Mich Pow 3Ms.. 1961
95M
96 M
102
103
85
86
Phlla Suburb Wat 4s. .1965
105
5 Ms series B
1946
70
73
Pinellas Water Co 6 Ms '59
Pittsburgh Sub Wat 5s '58
101M 103 M
6s series A
3Ms series G
1946
74
77
Plalnfleld Union Wat 5s '61
105
Connellsville Water 5s 1939
Consol Water of Utlca—
Richmond W W Co 5s. 1957
mmm
Community Water Service
100
101
1950
Cumberl'd Co P&L 3 Ms '66
1st mtge 48
1961
99 M 100 M
1958
94
98
Roch A L Ont Wat 5s. 1938
100
101
100
1st mtge 5s
1958
95
97
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
99 M 100 M
105M
Davenport Water Co 5s '61
Roanoke WW 5s
4 Ms
105M
E St L A Inter urb Water—
1942
100
101
1942
102
103
6s series D
Estate Securities
1960
100
Ssseries A
1952
5s series B
1952
5 Ms series B
1977
99 M 101
99M 101
103
-mmm
109
150
2360
6s
BeUN y'S;™'
1954
104 M
1962
103
101
mmm
1st mtge 3 Ms
Bid
Alden
1st 6s
Broadmoor
Jan 1
1941
(The) 1st 6s '41
B'way Barclay let 2s.. 1956
B'way A 41st Street—
1st leasehold 6Ms.. 1944
/40M
/45
12 8
Mortgage Certificates
Ask
44 M
50
31M
Bid
Ask
Metropolitan Corp (Can)—
6s
1947
99
101
Metropol Playhouses Ino—
S f deb 5s
....1945
39 M
42
Munson
Broadway Motors BIdg—
63 M
66 M
72
74
56 M
59M
62M
67
ser
South Pittsburgh Water—
1st mtge 5s
1955
Ssseries A
..I960
5s series B
1960
Terre Haute Water 5e B *56
mmm
6s series A
98 M
99 M
1958
95
Interstate Water 6s A. 1940
102
Joplln W W Co 5s
104 M
1957
Kokomo W W Co 5s.-1958
105
103 M
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
99
mmm
104
mmm
mmm
'
mmm
103"
99
101
98
100
Western N Y Water Co—
1950
1st mtge 5s
1st mtge 5 Ms
..1951
1950
Westmoreland Water 5s '52
95
98
100 M
102
101
103
Wichita Water—
5s series B
mmm
1956
Ssseries C
..I960
6s series A
mm
94 M *95
■
104
102 M
101
m
mmm
98 M
101
101
5s series B
Lexington Wat Co 5 Ms '40
Long Island Wat 5Ms. 1955
mmm
97 M
Union Water Serv 5 Ms '51
W Va Water Serv 4s.. 1961
mmm
"mmm
mmm
105
Texarkana Wat 1st 5s. 1958
98
1966
1949
102
102 M
1949
W'msport Water 5s...1952
101
104
103 M
m mm
-mm
102 M 104
N Y Athletic Club—
4-6s
1948
Chanin Bidg lnc 4s... 1945
65
91
100
Indianapolis W W Secure—
Real Estate Bonds and Title Co.
90
88 M
99
mmm
102 M
Indianapolis Water—
5s.
...
102 M
B 1961
mmm
101M
5s
Broadway, N. Y.
1954
Illinois Water Serv 5s A '52
INCORPORATED
mmm
87
1967
Shenango Val 4s
Sprlngfi. City Wat 4s A '56
5s series B
AMOTT, BAKER A CO.
1961
Water Serv 5s
Huntington Water—
BArclay 7
101
91
South Bay Cons Wat 5s '50
Hackensack Wat Co 5s '77
Public Utilities—Industrials—Railroads
1958
1st Aref 5s A
mmm
Greenwich Water A Gas—
Reports—Markets
105
Scranton-Sprlng Brook
5s series A
6s series B
Real
98
108
88
4 Ms
Wisconsin Pub Serv—
6s series B
95
Chesebrough BJdg 1st 6s
Court A Remsen St Off Big
1st 6s
Apr 28 1940
Dorset
59M
'48
/51M
/31
56 M
34
(The) 1st 6s.-.1941
East Ambassador Hotels—
1st Aref 5 Ms
1947
Equit Off Bldg deb 5s. 1952
8
/6M
70
71
73
'
52 M
54 M
Bway Bldg 1st 3s lnc '46
40 M
44 M
500 Fifth Avenue—
6 Ms unstamped
1949
40 M
44 M
/48
Film Center Bldg 1st 6s '43
/48M
42
Corp 6s
1400
1st 6s
67 M
71M
1st 3 M-6 Ms stampedl948
Fox Theatre A Off
Bldg—
Oct 1 1941
/9
11
1944
1949
/44M
47
Graybar Bldg 5s
1946
66 M
69
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
57 M
61
85 M
60 M
88 M
63
51
53
67
71
64
66 M
28M
28 M
Nov 15 1939
1st 6s
1947
London Terrace Apts 6s '40
/48M
66 M
93 H
/47M
52 M
68
94 X
51
Ludwlg Bauman—
1942
1936
64 M
64 M
Majestic Apts 1st 6s--1948
Metropolitan Chain Prop—
/28M
(BkJyn)
(LI)
1st 6Ms
6s
1948
...
—
31
94
Ask
Par
18 X
1
23
20 M
26
Savannah Sug Ref com... 1
...1
34
37
West Indies Sugar Corp.. 1
Preferred
Haytlan Corp Amer
*
Bid
1
34M
7M
Ask
1M
36
M
8
46
29 M
/10M
16 M
91M
mmm
1951
Income
74
54M
/48
Miscellaneous Bonds
Bid
50
93 H
Ask
Bid
94 M
lMs..
1953
101
2s
104
Federal Farm Mtge Corp—
lMs
Sept 1 1939
IMS
62 M
lMs
1938
85
95
91
93
100 M 100 M
Reynolds Investing 5s. 1948
Triborough Bridge—
/56
59
1st fee A l'hold 6 Ms.1940
/52
54 M
21M
21M
41M
Savoy Plaza Corp—
Realty ext 1st 5Ms. 1945
1945
/19
/19
3s with stock...
1956
39
f
8
revenue
1977. AAO
4s serial revenue 1942-68 b
Roxy Theatre—
*
No par value,
100M 100732
101M 101M
100*32 100M
Journal of Com 6Ms.. 1937
4s
1943
Aug 15 1937
Aug 15 1938
June
1 1939
100*32 100M
Federal Home Loan Banks
60
Ask
Home Owners' Loan Corp
Bear Mountain-Hudson
River Bridge 7s
58 M
102 H 103 H
2.65
3.90
Interchangeable.
6 Basis price,
d Coupon,
e Ex-rlghts
/ Flat price,
to i When Issued,
x Ex-dlvldend.
y Now selling on New York
Curb Exchange,
z Ex-stock dividends.
a
t Now listed
on New
t Quotations
per
York Stock Exchange.
100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Sherneth'Corp—
3-5 H s deb lnc (w s).
1956
(Newark) 6s '37
123
25
47 M
/32M
50 M
NOTICES
35 M
/48
CURRENT
4i9M
616 Madison Av 1st 6 Ms'38
Bldg 1st 5Ms 1950
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
Textile Bldg—
1st 3-5s (w s)
Trinity Bldgs Corp—
1st 5 Ms.
71M
74 M
1958
44 M
meeting, which was addressed by Charles R. Gay, President of the New
York Stock Exchange, and Dr. Birl E. Schulrz, Dean of the Stock
Exchange
Institute.
Albert Burkly, of L. F. Rothschild & Co., was elected Vice-
1939
84
89
60
64
Walbrldge Bldg (Buffalo)—
Oct 19 1938
1st fee A leasehold 4s '48
Over 200 firms were represented at the
46 M
2 Park Ave Bldg 1st 4s 1941
1st 6 Ms
—At the first meeting of the Senior Margin Clerks' Section, Association
of Stock Exchange Firms, held on June 24, Charles J. Grant of C. B. Rich¬
ard & Co., was elected President.
/24M
30 M
70 M
74 M
Westlnghouse Bldg—
91
Bid
Eastern Sugar Assoc..
54
61 Bway
1st 6 Ms
Apr 15 1937
Lincoln Bldg lnc 5 Ms. 1963
Loew's Theatre Rlty Corp
Par
Cuban Atlantic Sugar. -.10
Associates Invest 3s.. 1946
165 Bway Bldg 1st 5Ms '51
Prudence Co—
60 Park PI
(vewis Morris Apt Bldg—
1st 6s
58 M
44 M
128
6s.
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Sugar Stocks
99 M 101M
1 Park Avenue—
5s
Fuller Bldg deb 6s
5 Ms unstamped
26
127
(The)—
5M8 double stpd—1961
Realty Assoc Sec Corp—
38 M
38
(Phlla)
..July 7 1939
Oliver Cromwell
2nd mtge 6s
59 M
1939
6 Ms
5 Ms series F-l
5 Ms series Q
19th A Walnut Sts
/35M
/55M
/41M
/51
m
103 E 57th St 1st 6s— .1941
56 M
Broadway Bldg—
1st
5 Ms series BK
1st 68—Nov 6 1935-1939
1958
Bway 1st 6s
N Y Eve Journal 6Ms. 1937
N Y Title A Mtge Co—
1st 6s
52d A Madison Off
Bldg—
6s
Nov 1947
40 Wall St
1st mtge 2s stmp A reg'55
1st A gen 6s
..1946
5 Ms series C-2
Deb 5s 1952 legended...
50
Bldg 1st 6 Ms. 1939
President; Michael J. Ryan, of Hayden, Stone & Co., Treasurer; Henry
Ranft, of Dyer, Hudson & Co., Secretary, and Thomas Meagher, of
Coggeshall & Hicks, Assistant Secretary.
An executive committee
was also elected, composed of
Guy D. Pepper,
Murphy & Co.; Alfred Miller, Dominick & Dominick; Berkley
Blumenthal, Abbott, Proctor & Paine; Milton R. Hodgetts, E. A. Pierce
& Co.; Max Rosenberg, Ira Haupt & Co.; Carl
Cording, Paine, Webber
G. M.-P.
Chain Store Stocks
Par
Beriand Shoe Stores
Bid
*
11
% preferred
..100
B/G Foods lnc common..*
94
.
Blckfords lnc
$2.50
conv
Bohack (H
•7 %
preferred
Diamond Shoe pref
Kobacker
7%
13M
4
*
12 M
14
*
pref
36
36 H
C) common...*
Flshman (M
3M
Ask
100
100
H) Co lnc
6M
Miller
11
16
103
Reeves
100
(Daniel) pref-..100
34
39
105 M
Roy Corney, Thomson & McKinnon; Everett J. Jewett, Emanuel
Vaughn, Jackson & Curtis, and Edwin F. Steffins, Tahn-
stock & Co.
Milton J. Beaudine, President of the Senior Order Clerk's Section of the
Association of Stock Exchange Firms, acted
—Hornblower & Weeks have prepared
a
...
as
temporary chairman.
study of the current position of
United States Steel Corp., with estimated of net earnings for the second
United Cigar Sts 6% pf.100
10 M
25
New
100
83
87
New
preferred
*
26 M
26 M
1M
common
24 M
24 M
6% pref ctfs.
16
& Co.; William
36
104 M 107 M
9M
& Co.;
li H
Bid
(I) Sons common..*
6M% preferred
100
Murphy (G C) $5 pref. 100
*
*
Stores
preferred
4M
27 M
H) 6% pref
Ask
11H
Par
Kress (S
102
1M
49
52
quarter of this year.
Emanuel
B.
Horwitz
announces
the
formation
of
Manuel
Co.,
with
offices at 40 Exchange Place, this city, to specialize in real estate securities.
<
Volume
4329
Chronicle
Financial
144
Quotations on Over-the-Counter Securities—Friday June 25—Continued
Industrial Stocks and Bonds—Continued
Merck & Co. Inc.
Bid
Par
Publication Corp com
Par
5
Climax
Molybdenum Co.
Amer. Dist. Tel.
Simplicity Pattern
Co., Com. & Pfd.
Bristol & Willett
York
Members Neto
Tubize Chailllon
cum
Tel. BArclay 7-0700
N. Y.
Broadway,
Bell System Teletype
31**
Cont'l Roll A Steel Fdy—
16
17**
41**
Cudahy Pack conv 4s. 1950
101?*
1955
Deep Rock Oil7s
,1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
100** 100?*
40**
*
4**
5**
13?*
15**
Par
1
Bid
*
American
Book
100
44
62?*
65?*
American Hard Rubber—
8% cum preferred—100
102** 106**
25
Hardware
American
34?*
*
Amer Maize Products
36
60
24?*
25**
32**
35**
Corp
Good Humor Corp
Graton & Knight com
10
1
*
18**
84
10**
17?*
Great Northern Paper. .25
50
Art Metal Construction. 10
Beneficial Indus Loan pf.*
51**
53
Hotels
i.100
20
24
34
10
6
Climax
Molybdenum—. *
45**
8
SI
cum
Columbia
preferred.*
Broadcasting—
20
28
27**
2**
_
3**
.
57
60
B com *
53
64**
68**
100
118**
Dictaphone Corp
Preferred
6% preferred
2d 8% preferred
29
31
1st 5s
26?*
28**
2d conv Inc 6s
10
com
1943
1947
99?*
99
52
r47
102** 103**
1962
1962
-»
-
9?*
66**
69**
35
36**
Woodward Iron
Follansbee
94?*
*
42
111
8
Casket
New Britain Machine
Morton Lachenbruch & Co.
9**
27
29
36**
38**
90
*
96
Incorporated
42
New Haven Clock—
Preferred
100
6**%
33
Northwestern
84
Norwich
—30
20
22
Ohio
27**
30**
Ohio Match Co
Cigar Stores
47
•
*
1C0
United
14**
Preferred
preferred
Bros.
....
13**
Nat Paper A Type com—
5%
110** 117
4328.
115
*
100
Preferred
30
Yeast
71
System Teletype NY 1-2070
36?*
19
5
Bell
Telephone DIgby 4-0600
73
34?*
100
Pharmacal
York
New
Broadway
24
7**
Leather common—*
Foundation Co. For
shs.._*
3**
3?*
Pathe Film 7%
shares
*
3J*
4 J*
Petroleum
American
24
104** 105 J*
......
8**
Muskegon ids ton Ring
81
Preferred.—
WJR The Goodwill Sta._ 5
Mock Judson A Voehrlnger
64**
Follansbee Bros pref—100
--
120
1
—
preferred
60
6**
-
no
100
Preferred.,.
Merck A Co Inc com
(Jos) Crucible—100
Douglas Shoe preferred. 100
Draper Corp
Federal Bake Shops
*
Dixon
99**
Woodward Iron—
10?*
For footnotes see page
37
34
240
Macfadden Publlca'n com *
57
*
Devoe & Raynolds
lBt
4
Dentists' Supply Co of N Y
100
100
100
Lord & Taylor com
National
108**
100
10
preferred
Dennlson M fg class A.
48
Wilson A Co conv 3 ?*s
10
preferred
/22**
Wither bee Sherman 6s 1944
5 J*
10
6%
99 H
1**
29
45
New class B
Crowell Publishing com..
$7
29**
29
4**
99?*
Titusvllle
Wells
6 **s
17**
26
1
97 H
109
107
assented-. .1942
Woodward Iron
40**
X
6%
New class A...
Struthers
16?*
.
99**
Standard Textile Products
101
Spencer Steel-
Willys Overland Motors.
1H
10
17
Columbia Baking com...*
31**
29
Wilcox & Glbbs common 50
1
Klldun Mining Corp
7**
46?*
85
97**
Safeway Stores Inc 4sl947
Scovlll Mfg 5 **s
1946
Simmons Co deb 4s
1952
106**
2**
100
72
Lawyers Mortgage Co. .20
Lawrence Portl Cement 100
36
Chilton Co common
Wickwire
58
80
1st 6 **s
45
28
Burdlnee Inc commonf.!.. *
preferred
12**
/53
3?*
104
_*
68
Great Lakes SS Co com..*
16?*
48?*
26**
$3 cum preferred
36"
White Rock Min Sprlng-
43**
38**
100
Preferred
16**
175
1946
Pipe Line 4s...-..-1952
107
100
$7 1st preferred
9
7**
...1939
N Y Shipbuilding Ss-1946
Panhandle Eastern
21
34
95
90
101** 101 J*
L)—
Conv 6s
45**
West Dairies Inc com v t c 1
58
80
pref.100
American Republics com.*
Andlan National Corp—*
1st
Ask
Bid
*
Gen Fire Extinguisher—*
Garlock Packing com
American Mfg 5%
Bo wman-Blltmore
Preferred
89
26 >*
1948
Nat Radiator 5s
preferred
100
West Va Pulp & Pap com.*
Par
Ask
41
12**
19
/87
/24**
,
Kopper Co 4s ser A... 1951
Martin (Glenn
1**
10
7%
Golden Cycle
Arch
..
Conv deb 6s
$3 conv preferred
*
Welch Grape Juice com..5
American
101
97
99
97
1940
1st 3?*s
Warren Northam—
Industrial Stocks and Bonds
2?*s *42
1st conv sf 6s
*
pf. 10
United Piece Dye Works.*
Preferred
100
NY 1-1493
95
92
United Cigar Stores—
See Chain Store stocks—
Security Dealers Association
100**
96
98?*
29?*
*
com
105
Commercial Credit
United Merch A Mfg com *
116
Am Wire Fabrics 7s.. 1942
15"
*
United Artists Theat
1920
<
Chicago Stock Yds 58.1961
Stromberg-Carlson Tel Mfg
Corp
89
126
American Tobacco 4s.1951
6
13
common
23**
105
95
Bonds—
304
5**
151
Steel
100
preferred
60
86**
Young (J S) Co com... 100
7% preferred
100
11
10**
100
Trlco Products
Established
15
Sylvanla Indus Corp
Taylor Wharton Iron A
Bought—Sold—Quoted
.
7%
15
300
100
.
22
York Ice Machinery
42
14
1
Singer M anufacturlng.
Singer Mfg Ltd
Standard Screw
.
13**
41
Corp com
5
Scovlll Mfg
25
Skenandoa Rayon Corp
Gas
Natural
Interstate
Rome Cable
Ask
55
*
Worcester Salt
49
4
•
Bid
100
Ask
46
*
Remington Arms com.... *
—*
9?*
*
pref
1
Conversion
10?*
WICKWIRE SPENCER STEEL
95
92
1 **
H
New Common—Warrants
fcxptLeAc1
Tennessee Products Common
62 Wall Street,
New York City
A. T. & T. Teletype N. Y. 1-1642
HAnover 2-3080
EDWARDS & CO.
S.
H.
J Pittsburgh Stock Exchange
\ New York Curb Exchange (Associate)
120 Broadway,
New York
Houston Oil Field Material
Teletype N. Y. 1-869
Tel. REotor 2-7890
Union Bank Building, Pittsburgh
Company, Inc.
Common
and
Preferred
Stock
Prospectus and supplementary information on request
Wickwire Spencer
COMMON
ROBINSON, MILLER & CO.
Steel Co.
INC.
STOCK
n^T-P"
HiS«282 52 William Street, N.Y.
Bought—Sold—Quoted
QUAW & FOLEY
i
{,
Members New York Curb Exchange
30 Broad St., N.
General Alloys
Hanover 2-9030
Y.
Holders may now
$10 Par 7% Pfd.
deposit stock and receive in settlement of
(good until
$1 cash per share and option warrant
Dec. 31, 1939) to buy the common at 5.
arrears
'
Approximate Market 7?*-8}*
Data
CLIMAX MOLYBDENUM COMPANY
on
Request
LANCASTER & NORYIN GREENE
C.
womha_
Members
61
I ncorporate<|
& CO.
UNTERBERG
E.
30 BROAD
STREET
HAnover 2-007f Bell Tele.
Commodity Exchange, Inc.
BOwiing Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
CURRENT
NOTICES
The formation of Swart, Duntze & Co.,
CURRENT
NOTICES
&
—Chester W. Laing Jr., has been named manager
of the buying depart¬
ment of John Nuveen & Co. of Chicago, one of the country s
houses,
established in
1898,
John
Nuveen
Jr.,
oldest municipal
announced.
Laing joined the firm in July, 1932 and for the past two years has
assistant to the manager
Mr.
been
of the buying department, the late Theodore Moss
Mr.
Laing
graduated
School of Business, in
the
with
1932.
honors
from
the
University of Chicago,
While in the University he was engaged in
advertising printing business with Gentry Printing Co.
Winnetka,
He lives in
of the
It is thought that he is probably the youngest manager
buying department of any of the large municipal bond houses in the country.
—Craigmyle, Marache & Co., members of the New York Stock
have
Exchange,
opened an office in Middletown, N. Y., for the transactions of a general
brokerage and investment business, under the management
of M. R. Cockey.
William R. Allaire will be associated with him in the new
—Falvey, Waddell & Co., Inc., 1 Wall St., New York City, has
an
analysis of Peerless Casualty Co.
The new firm is
prepared
affiliate of Swart, Brent
conduct
bank
a
and
York City, and will
business in general unlisted securities, specializing in
trading
insurance
stocks.
R. Emerson Swart, President of Swart,
of the Board
Bank & Insurance
& Co., has been an¬
expected to commence business on or about
Aug. 1, in quarters located at 40 Exchange Place, New
Brent & Co., Inc., will be Chair¬
of Swart, Duntze & Co., and William O. Duntze, at
present Production Manager of G. M. -P. Murphy & Co., will be President.
Branch offices will be maintained in Boston, Providence, Hartford and
Philadelphia with direct telephone wires to the New
York office.
A direct
Angeles will also be installed.
of the personnel has operated as a unit with G. M.-P.
private wire to Los
The majority
Murphy & Co., since 1930, and is said to have built up the largest wholesale
volume of any
bank and insurance stock department in the Street.
—Colyer, Robinson & Co., Inc., 1180 Raymond Blvd., Newark,
has Issued its current
office.
an
Trading Department of G. M. -P. Murphy
nounced.
man
Kerkhoff.
Inc.,
Co., Inc., to take over the entire personnel of the
Stock
bond
N. Y. 1-1786
f New York Security Dealers Association
j
—James
Talcott,
N. J.,
list of New Jersey municipal bonds.
Inc.,
has
been apopinted Factor for Princeton
Corp., New York City, Distributors of Rayons.
Silk
4330
Financial
Chronicle
June 26, 1937
Quotations on Over-the-Counter Securities—Friday June 25—Concluded
Investing Companies
Bid
Par
Administered
Fund
Ask
Par
*
17.60
18.72
Incorporated
Affiliated Fund lno
1%
Amerex Holding Corp...*
9.50
10.41
Invest Co. of Amer com. 10
Amer Business Shares.
24%
50c1,
1.12
26%
1.24
Investors.
Bid
Ask
Foreign Stocks* Bonds and Coupons
23.85
47*"
44
Investors Fund C
15.04
20.46
Inactive Exchanges
15.96
Keystone Cust Fd lno B-3.
22.38
Amer <fc Continental Corp.
Amer Gen Equities Inc 25c
11 %
1.05
1.15
Am Insurance Stock Corp *
Assoc Stand OH Shares.-2
5%
6
Major Shares Corp
Maryland Fund Inc
7%
3%
8
Mass Investors Trust
4%
Mutual Invest Fund
*".70
National Investors
12%
*
10c
9.01
26.84
28.48
10
15.24
16.66
Corp..
7.00
7.17
Bankers Nat Invest Corp *
Basic Industry Shares.. 10
4.90
British Type Invest A.
1
Broad St Invest Co Inc..5
,60
33.44
35.76
Nation Wide Securities...
4.22
Bullock Fund Ltd
20%
22
Voting trust certificates.
New England Fund
1
1.90
2.06
18.02
19.37
.
_
1
Canadian Inv Fund Ltd._l
Central Nat Corp class A.*
Class B
4.35
6
25.11
8%
15
5.22
-1
Accumulative series...1
1
11.74
12.68
10.09
10.90
16
Machinery stocks
12.50
13.49
Railroad equipments
Steel stocks
10
13.55
....
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
3.60
14.62
14.09
15.20
58%
62%
2.68
Series 1955
1
3.32
1
3.12
Northern
Securities.-.100
Pacific Southern Inv pref. *
Class A
*
2.29
Plymouth Fund Inc A. 10c
3.38
_
Diversified Trustee
.
*
3
3%
.80
.91
16.97
18.59
Representative Trust Shs.
Republic Investors Fund..
13.06
13.56
1.35
1.50
3.50
C
3.50
4.70
i
6.95
7.70
25c
1.85
2.00
Eqult Inv Corp (Mass)..5
Equity Corp conv pref.
1
Fidelity Fund Inc
*
32.54
34.97
35 %
38%
26.21
28.23
3.44
3.73
12.60
3.75
AA
2.62
4.06
B
4.06
BB
2.62
C
7.59
D_
-
Fiscal Fund Inc—
Bank stock series
.
Royalties Management. .1
Selected Amer
Shares.2%
Insurance stock serleslOc
Fixed Trust Shares A.
10
.
B
.
io
4.70
22.61
23.87
6.02
15.07
com.
1.03
1.14
19.74
20.78
3.95
4.14
10.45
Foundation Trust Shs A 1
13.83
80
3.92
B
„
6.60
2.06
Series
7.18
1.90
Group Securities—
Agricultural shares.
Automobile shares
3
C
Series D
7.70
1.32
1.44
1
7.23
2.13
Trusteed Amer Bank Shs B
.87
Series
B
Chemical shares
Food shares
1.54
1.67
Trusteed
.93
1.02
Investing shares
1.47
1.60
U S El Lt & Pr Shares A..
B
Merchandise shares
Mining shares
1.33
1.45
1.66
1.86
Industry
Shares
1.43
2.52
.91
Voting trust ctfs
Un N Y Bank Trust C-3-*
1.57
Un N Y Tr Shs ser F
*
1.56
Wellington
1
17.95
1.03
1.13
%
%
.99
4
2.09
1.44
24
26
.50
Fund
Investm't Banking Corps
Bancamerlca-Blalr Corp.l
First Boston
.83
Institutional Securities Ltd
Group shares
Insurance Group Shares.
16%
2.42
1.93
Bank
1.58
15%
1.43
shares
RR equipment shares
Steel shares
Tobacco shares
Guardian Inv Trust com.*
$7 Preferred..
*
Huron Holding Corp
1
.96
3%
1%
Petroleum
1.64
1%
19.70
9%
8%
25
23%
1946
1947
1944 •/ll
(Brazil) 8s
Chilean Nitrate 5s
/15
/8
4%
3%
1.68
/34
/13
/22%
/22%
/22%
/23
/23
/23
Dulsburg 7% to...... 1945
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6%s *50
6%s
1953
European Mortgage & In¬
vestment 7%s
1966
7%s Income..
1966
7s
Frankfurt 7s to
of the current
Wednesday
week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
(W. Va.), par $10; 1 Harrison-Rye Realty
Corp. (N. Y.) common, par $100; 10 Harrison-Rye Realty Corp. (N. Y.)
class B pref., no par; 100 Little Chief
Mining Co. (N. Y.), par $50; 212 Mid¬
land Oil
Co., Inc. (Va.), par $1; 30 2-3 National Title Guaranty Co.
(N. Y.), par $25; 10-40 Paramount Publix Corp. (N.
Y.) scrip common
106
/25
6%%
1948
Conversion Office
Funding 3s
1946
24c.
$4% lot
86c.
2%
.....
50 Savannah River Lumber Co.
pref. v. t. c., par $100, and 40 com., par $1.$2% lot
3 Massachusetts Real Estate Co., par $50
20
48 Saco Lowell Shops common
8
Bonds—
per Cent
Stocks
many; 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
33
25
24%
115
/38
/32%
/12
1957
1957
.1948
1948
33%
13
/71
/61
Santa Catharina (Brazil)
/27
/80
8%
1947
Santa Fe 7s stamped. 1942
Sao Paulo
/12 %
/22%
2d series 5s
13%
23%
/23
/23%
(Brazil) 6s.. 1943
6%s
1951
Saxon State Mtge 6s._ 1947
Serbian 5s
1956
100
28
82
/80
Scrip
25
/23
49
48%
1956
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Slem & Halske deb 6s.2930
7s
25%
so"
50
/56
/«)
/345
1940
State Mtge Bk Jugoslavia
5s
1956
/36%
/35%
/21 %
2d series 5s
1956
/98
52
50
55
53
Coupons—
/56
/6%
Oct 1932 to April 1935
Oct 1935 to Oct 1936—
/8%
/17%
Stettin Pub Util 7s--.1946
/40
/23
Stlnnes 7s unstamped. 1936
Certificates 4s
1936
78 unstamped
1946
/64
/52
/61
/11%
Toho Electric 7s
1955
/49
92
94
Tolima 7s
1947
/12%
13%
Certificates 4s.-.1946
/13%
97
1954
1960-1990
Union of Soviet Soc Repub
107%
/48
Guatemala 8s
.1948
Hanover Harz Water Wks
1957
7% gold ruble. —.1943 *86.39 90.98
25
Unterelbe Electric 6s.-1953
/23
Vesten Elec Ry 7s
1947
/21
23%
1945 /22% 24
Wurtemberg 7s to
/22%
97
1953
Hansa 88 6s stamped. 1939
6s unstamped
1939
For footnotes see page
23%
23
/21% 23
174
167
/23
Santander (Colom) 7s. 1948
28
/58
'35 to Dec 1 '36-
6%
7%
88 ctfs of dep
Great Britain & Ireland—
6%
/22%
/21 %
Coupons—
Apr 15 '35 to Oct 15 '36.
German Young coupons:
Dec 1 *34 stamped
Haiti
/28
/20
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
8s
34%
/99
German scrip
German Dawes coupons:
Dec 1934 stamped..
4s
/20
1941
1941
Rio de Janeiro 6%
1938
Rom Cath Church 6 %s *46
R C Church Welfare 7s '46
25
50
25
/19
/24
/24
Rhine Westph Elec 7% '36
6s
/40
(Austria) 8s
5s
37
14
7%
/56
/69%
4328.
$11 lot
CURRENT
>
NOTICES
$'per Share
13 Farr Alpaca Co., par $50
Western Massachusetts Companies
14%
90
31
40 warrants Consolidated Investment Trust
7 Massachusetts Real Estate Co., par $50
4 Islesboro Golf Links Trust, par
i...
...
...
$100; 1 Islesboro Inn Co.,
par $100
2%
20
Stocks
—Shields &
Co. announce the opening of a
in the American Security
ment of Richard G.
Bond Department Branch
Building, Washington, D. G., under the
manage¬
Lyne, formerly manager of the Washington office of the
Boston Corp.
$8 lot
—Bear Stearns & Co., New York Stock Exchange
members, announce
By Barnes & Lofland, Philadelphia:
Shares
Protestant Church (Ger¬
82
/41%
/39%
/38%
By Crockett & Co., Boston:
Shares
65
/34%
Jan to Mar 1937
$2 lot
...
$21,500 Central Oregon Irrigation Co. 6s, Jan. 1931.
1968
24%
Jan to June 1934
June 1
255 Wickwire Spencer Steel Co. v. t.
c., par $100250 United States Electric Power
common, par $1
5 United Founders
common, par $1
53 warrants Consolidated Investment Trust
Porto Alegre
/21%
July to Dec 1936
%]perlShare
—7T~ 18%
3
83
German
Int ctfs of dep July 1 '37
German defaulted coupons:
July to Dec 1933
51%
24
to
Saxon Pub Works 7s—1945
bank
100
53
/60
Graz
Slocks
Androscoggin Mills,"par $100
20 Shannon Copper Co., par $10
1940
Jan to June 1936
By R. L. Day & Co., Boston:
Shares
1937
July to Dec 1935
Talking Machine Mfg. Co. (N. Y.) common, par $12.50; certificate en¬
titling registered holder to receive 10 shs. fully paid non-assessable shs.
Bowman-Biltmore Hotels Corp. (N. Y.) 1st pref. stock, par $100, after
a regular
dlv. upon the pref. stock of the Westchester-Blltmore Corp.
shall have been paid..
;
—.$43 lot
50%
/22 %
/47
/50
/23 %
/82
/67
Jan to June 1935
(void 9-30-36), no'par; 20 The R. E. C.'Co.,Inc.'(N. Y.) common, no par;
14 The R. E. C.
Co., Inc. (N. Y.) 8% cum. pref., par $100; 20 Universal
1947
Oberpfals Eleo 7 %
1946
Oldenburg-Free State 7%
7s ctfs of dep
July to Dec 1934—.....
25 Boston Little Circle Zinc Co.
/33
/98
4s scrip
German Atl Cable 7s.. 1945
German Building & Land-
on
/33
National Hungarian & Ind
Mtge 7%
1948
North German Lloyd 6s '47
Salvador
1945
25
/88
/86
1946-1947
1948-1949
/29
/35
/29
/22%
1967
25
Nat Central Savings Bk of
Hungary 7 %s
1962
/35
1967
Income
/23
/23
/22%
32
1949
24%
1945
/3P
m
Cundlnamarca 6 %s_.. 1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
80%
/22%
/22%
1952
/78
.1946
Cordoba 7s stamped.. 1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 %s '49
30
/22%
79
.
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
(A&B)
(C&D)
50
/23
Mannheim «fe Palat 7s. 1941
Meridionale Elec 7s.
1957
Munich 7s to
1945
Munlc Bk Hessen 7s to '46
.
50
Panama City 6%s
Panama 5% scrip
/80
/60
5s
Leipzig O'land Pr 6 %s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
Water 7%
1948
48....
18%
18%
72
/34
Gelsenklrchen Min 6s_1934
sold at auction
10
/7P
6s
were
16
1953
French Nat Mail SS 6s '52
AUCTIONiSALES
following securities
12%
1968
—
1943
Land M Bk Warsaw 8s '41
/22%
/17
/17
6s.
F The
68
City
Savings Bank
Budapest 7s
Koholyt 6%s
28
/56
/40
/21%
/50
/27
/22
.
/24
1953
Callao (Peru) 7 %s
Cauca Valley 7 %s
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Municipal Gaa & Elec Corp
Recklinghausen 7b, 1947
/38
Buenos Aires scrip
68
m
Burmeister & Wain 6s. 1940 I 111
115
Caldas (Colombia) 7 %s *46
16
/15
Call (Colombia) 7s.-.1947
/15%
17%
78
1.78
1.55
Corp
10
Schoelkopf, Hutton &
Pomeroy Inc com—10c
British Hungarian Bank
7 %8
1962
Brown Coal Ind Corp—
Issue of 1934 4%
2.95
All
1.97
Building shares.—..
14.73
3.01
1
Trustee Stand OH Shs
Brazil funding scrip
Bremen (Germany) 7s 1935
6s
1940
Colombia scrip Issue of '33
13.55
1
1940
Brandenburg Elec 6s. 1953
Brazil funding 5%.1931-51
7s assented
7.59
Supervised Shares
1958
..1969
Central German Power
Trustee Stand Invest Shs.
5.52
2
General Investors Trust.*
D—
5.06
1945
Magdeburg 6s
1934
Chile Govt 6s assented
6.75
Fundamental In vest Inc..2
Fundamental Tr Shares A.
/18
25
/23
21 '
/20
9%
/9
8%
/8%
8%
/8%
10%
/8%
/22% 24%
84
83%
100
/95
/23% 25
24
/22
/35
/25%
49
48%
1948
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s... 1956
Coupons—
25
21
(Republic) 8s. 1947
Ceara
74
change Bank 7s
Ilseder Steel 6s
/19
/33
/33
Hungarian Discount & Ex¬
1936
/26
/23
1945
6%s
*
Standard Am Trust Shares
Standard Utilities Inc
*
Sovereign Invest Inc
Spencer Trask Fund
Super Corp of Am Tr Shs A
10c
1
%
29
28
91%
.
16
14%
B
Dividend Shares
Cities 7% to
92
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 %s '32
24%
/20
/20
Bavaria 6%s to
1945
Bavarian Palatinate Cons
6s
37
3.16
11
1972
7% 1947
Bank of Columbia 7% 1948
Barranquilla 8s'35-40-46-48
Ask
Bid
Ask
/22%
/25
Bank of Columbia
7s
90
Quarterly Inc Shares
Shares
1946
8%
Argentine 4s
7s
35
Class B
Antloqula
8s
35
Deposited Bank Shs ser A1
Deposited Insur Shs A.
1
Deposited Insur Shs ser B1
1946
Bolivia
80
7% preferred..
100 112
Cumulative Trust Shares.*
6.12
Anhalt 7s to
Bogota (Colombia) 6%s '47
3.38
Series 1956
29
1
Series 1958
27
8% preferred
100 115
Crum & Forster Insurance
Common B shares
10
32
12.01
Electrical equipment
Insurance stocks
5.59
3.50
1
11.12
supplies
11.72
10%
2.73
Series AA mod
Series ACC mod
Crum & Forster com
10.85
Building
27.00
2.73
*
Foreign Unlisted Dollar Bonds
Bid
Bank stocks
2.90
1
Series AA
Tel. HAnover 2-5422
St., N. Y.
N Y Bank Trust Shares.. 1
8
.
52 William
4.32
NY Stocks Inc—
45
Consol Funds Corp cl A_1
Continental Shares pf.100
Corporate Trust Shares-
4.75
42
*
Century Shares Trust...*
Commonwealth Invest.. 1
4
BRAUNL
WALTER E.
9.87
1
the formation of
$ per Share
Philadelphia Bourse common, par $50
an
Investment Advisory Department.
has become associated with the firm in
charge of the
Leonard Dickson
new
department.
9
18 John B. Stetson Co. preferred, par $25.
20 John B. Stetson Co. common, no par.
'
37
18
—The New York Stock
Exchange firm of Hendrickson
the opening of a branch office at the Essex &
& Co.
Sussex Hotel,
announces
Spring Lake.
N. J., under the management of H. W. Snowden.
CURRENT
NOTICE
An analysis of Colorado Fuel & Iron
Corp., with particular reference
to
the income mortgage 5s, due April 1,
—Domlnick &
announce
Bond
Dominick, members of the New York Stock Exchange,
that Stephen T. B. Terhune is
Department.
now
associated with them in their
Tenenbaum &
1970. has been issued by Peltason,
Harris, Inc., of St. Louis.
—Maloney, Anderson & Block
associated with them
as
announce
manager of their
that
G.
W.
Goodwin is
commodity department.
now
Volume
144
Financial
Chronicle
4331
f
General
;
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FROEDTERT
RIGHTS-SCRIP
MALTING
Preferred and Common
Specialists since 1917
MDHiWa & (g®,
Phone Daly 5392
McDonnell & fa
MILWAUKEE, WIS.
Teletype Milw. 488
Members J
New York Stock Exchange
120
New York Curb\Exchange
Broadway, New York
Bell
FILING
OF
Telephone REefcor 2*7815-80
Teletype JNY 1-1640
REGISTRATION
Umpqua Mining Co. (2-2561, Form A-l, a refiling), of Port¬
Ore., has filed a registration statement covering 75,000 shares of
stock, $1 par, which has been optioned to Anthony Arcury & Co.,
underwriter, for resale at $5 per share.
Proceeds will be used for mill
buildings, machinery, equipment, improvements and working capital,
J. Allen Gilbert is President.
Filed June 21, 1937.
land,
common
STATEMENTS
UNDER
SECURITIES ACT
in
Tne last previous list of registration statements
our issue of June
19, page 4163.
was
given
The
following additional registration statements (Nos.
3253, inclusive, and a refiling No. 2-2561) have been
filed with the Securities and
Exchange Commission under
the Securities Act of 1933.
The total involved is approxi¬
mately $15,833,852.
3242 to
Waialua Agricultural Co., Ltd. (2-3242, Form A-2) of Honolulu,
Hawaii, has filed a registration statement covering 121,875 shares of
stock, $20 par.
The stock will first be offered through warrants
to stockholders at $20 per share at the rate of one full share for
every four
shares held.
Unsubscribed for shares will be sold at public auction to the
highest bidder.
The company will receive $20 per snare of the proceeds,
any amount above this price going to stockholders holding rights in the
common
stock.
Proceeds will be used to purchase additional stock of the Hawaiian
Pineapple Oo., Ltd., of which the company already owns 36.9% of the
outstanding common stock and for improvements and working capital.
There
June
will
be
no
underwriters.
F.
0.
Atherton
is
President.
Filed
17, 1937.
Champlain Transportation Co. (2-3243, Form A-l) of Burlington, Vt.,
has filed
registration statement covering $250,000 6% 20-year 1st mtge.
The bonds will be offered to the public at 100. Proceeds
debt of subsidiaries, construction and working capital.
Underwriter is Dure Bushinger Co. Horace W. Corbin is President. Filed
June 17,1937.
a
bonds due 1957.
will be used for
Hartford Rayon Corp. (2-3244, Form F-l) of Jersey City, N. J.
A
registration statement has been filed by voting trustees covering 593,344 vot¬
ing trust certificates for $1 par common stock.
The trustees are: B. R.
Armour, Leon P. Broadhurst, R. B. King, Hamilton Pell and Hubert F.
Young.
Filed June 17,1937.
Virginia City Gold Mining Co. (2-3245, Form A-l) of Spokane, "Wash.,
a registration statement
covering 1,275,583 shares of common
Acampo Winery & Distilleries, Inc.—Registers with SEC
See list given
The
common
10 cents par, and $15,000 of production warrants.
The
stock will be sold through Louis Payne, underwriter, at 20 cents
share and the production warrants will be sold with the first 75,000
shares of common stock sold so that the first 75,000 shares of stock will be
sold in units of one share of stock and 20 cents face value of the production
warrants at 22 cents per unit, the production warrants being sold at 10%
of their face value.
The production warrants are payable from net earnings
after liquidation of all liabilities and prior to the declaration of dividends on
the common stock and are to be retired at face value without interest.
Proceeds will be used for payment of debt, for development and for working
per
capital.
H. C. Schermerhorn is President.
Filed June 18, 1937.
Brown Rubber Co., Inc. (2-3246, Form A-2) of Lafayette, Ind., has
has filed a registration statement covering 165,000 shares of common stock,
$1 par, of which 40,000 shares will be offered by the company and 100,000
shares by certain stockholders through James J. Boylan, underwriter, at
$5.25 per share, and 25,000 shares will be optioned by the company to the
Underwriter at $5.25 for resale at market.
Ir the optional shares are offered,
terms will be filed by post effective amendment.
The company's portion
of the proceeds will be used for payment of notes given in lieu of dividends
and for
working capital.
Randolph Mitchell is President.
Filed June 18,
Stock Exchange has authorized the
listing of $663,000
outstanding 10-year 4M% debentures, due Aug. 1, 1946,
a supplemental indenture dated as of
May 15, J
1937; and the listing of $9,108,000 additional of the debentures entitled to
the benefits of the supplemental indenture.
The $663,000 of debentures were issued by the Association and the
$9,108,000 of debentures have been offered by the Association to the holders of
its collateral trust 50-year
4% gold bonds due March 1, 1948. and its col¬
lateral trust 4% distribution gold bonds of 1907, due June
1, 1947, out¬
standing in the hands of the public, in exchange for an equal principal
amount of such
bonds.
The present offer of exchange will terminate
June 30 unless further extended by the Association, but a similar offer of
exchange may again be made from time to time thereafter.
The deben¬
tures have been and will be offered
only to such holders and only in exchange
for such bonds,—V. 144, p. 3658.
now
Advance-Rumely
Corp.—Report—
The company, which is in liquidation, reports as
Calendar Years—
Interest collected on
follows:
1936
U.
S.
Govt,
securities
Home Owners' Loan Corporation bonds
Interest on real estate contracts
Rents collected on miscellaneous properties,
$5,801
3,013
nance
2,464
1,985
$11,278
$13,243
43,485
4,995
2,782
44,428
4,105
3,709
4,099
$39,983
wages,
$10,313
$43,098
945
less
Total income
Salaries,
1935
and
taxes, repairs, &c—*
legal and audit expenses, mainte-
of properties, &c
,
.
Fees and exps
of stock transfer agent & registrar..
Taxes, ins., and expenses on Battle Creek plant..
Indiana State tax
on
gross
income & intangibles..
Net loss..
Balance Sheet Dec
-
31,1936
Assets—*
Cash in banks
$77,585
.
Cash due from Allis-Chalmers Mfg. Co. (in respect of collections
for last quarter of 1936 received in January, 1937)
United States Treasury bonds
Home Owners' Loan Corporation bonds
$75,317
145,608
220,925
Due from New York Trust Co. (in respect of advances made for
distribution to holders of fractional share stock certificates)
_
Balances due
on
at
_
real estate contracts
Notes and accounts receivable held by Allis-Chalmers
Dec. 31, 1936, for collection in accordance with agreement
June 1, 1931:
Notes receivable (incl accrued int. of $467,697) $1,403,090
Accounts
receivable
Miscellaneous items
1,133
in
suspense
50%
thereof,
79,645
$1,483,868
Less—Reserve
of
representing
collection and liquidation expenses and Allis-
Interstate
Chalmers Mfg.
741,934
Co.'s interest therein
Segundo,
common
Woman Lake Goldfields Development, Ltd.
(2-3249, Form A-l) of
Toronto, Ont., has filed a registration statement covering 1,250,000 shares
of common stock, $1 par, which has been optioned to underwriters at varying
prices for resale at the market.
Proceeds will be used mainly for construc¬
tion of a mill and for development.
Underwriter is Dixon & Co.
O. G.
Knott is President.
Filed June 21, 1937.
Sundstrand Machine Tool Co. (2-3250, Form A-2) of Rockford, 111.»
has filed
a registration statement covering
22,787 shares of common stock.
$5 par, to be issued to stockholders through 113,935 warrants, also being
registered.
Unsubscribed for stock will be sold to the public through
Doyle, O'Connor & Co. and McGowen, Oassady & White, Inc., under¬
writers.
Proceeds will be used to redeem series
machinery, equipment and working capital.
Filed June 21, 1937.
1936 notes, for buildings,
Hugo L. Olson is President.
Acampo Winery & Distilleries, Inc. (2-3251, Form A-l) of Acampo,
Calif., has filed a registration statement covering 78,000 shares of common
stock, $5 par, at present outstanding, having been issued only to residents
of California.
holders.
June 22,
Stock will be offered at market for the account of stock¬
No underwriter is named.
J. B. Gundert is President.
Filed
1937.
Justrite Manufacturing Co. (2-3252, Form A-2) of Chicago, 111., has
a registration statement covering 51,158 shares of common stock, $1
741,934
Common stock of Allis-Chalmers Mfg. Co.
value of $39 per share):
be offered by certain stockholders through underwriters at $3 per
Straus Securities Corp. will be underwriter.
Charles S. Packer
is President.
Filed June 22, 1937.
(at adjusted agreed
No. of
Shares
Balance, Jan. 8, 1936
Received during year
Amount
$7,122
$277,758
$7,122
$277,758
7,105
277,095
x$17
$663
Applied in payment of advance made by
Allis-Chalmers Mfg. Co. as at Dec. 31
1935
Balance, Dec. 31,1936
Miscellaneous
investments
and miscellaneous real
estate in LaPorte, as valued by officials)
_/_
Total
32,881
$1,138,356
Liabilities—
Accounts payable—
Unclaimed divs. on jpref. stock of predecessor co.
Int. coupons on debs, of predecessor company..
Sundry
J&.
$1,504
400
1
968
/
$2,872
Accrued real estate and other taxes
Reserve for contingencies:
955
Balance at Dec. 31, 1935
Deduct—Losses incurred during the year in liqui¬
dation
$805,687
ofifeceivables, &c.—net
173,012
par, to
Monsanto Chemical Co. (2-3253, Form A-2) of St. Louis, Mo., has filed
registration statement covering 50,000 shares of $4.50 cumulative pre¬
ferred stock, series A, no par.
Offering price will be filed by amendment.
Proceeds will be added to general funds of the company and will be ex¬
pended upon capital additions, replacements and improvements to plants,
processes and facilities to meet increased demands for products and the
continual changes in processes and equipment, which are normal in the
chemical industry, both as respects old and new products.
Edward B.
Smith & Co. are named as underwriters.
Edgar M. Queeny is President.
Filed June 22, 1937.
663
401
-
Land, buildings, machinery and equipment (Battle Creek plant
filed
share.
1,723
47,013
Mfg. Co.
dated
a
registration statement covering $3,500,000 4%
10-year convertible
sinking fund debentures due 1947 and an unstated number of shares of
common stock, no par, reserved for conversion of the debentures.
Pro¬
ceeds will be used for payment of debt plant additions, capital improvements
and working capital.
Underwriters will be named by amendment.
W. A.
Brown is President.
Filed June 18, 1937.
shares of
15,231
Marketable securities—At cost (quoted market value, $229,958);
Liquid Carbonic Corp. (2-3247, Form A-2) of Chicago, 111., has filed
Aircraft & Engineering Corp. (2-3248, Form A—1) of
Calif., has filed a registration statement covering 500,000
stock, $1 par, of which 299,995 shares will be offered to
the public through Laswell & Co., underwriters, at $1 or the market;
150,000 shares will be exchanged for assets of the company's predecessor*
50,000 shares will be issued to officers for services, and 5 shares will be issued
to directors at $1.
Proceeds will be used for equipment,
improvements
and payment of debt.
H. V. Reynolds is President.
Filed June 21, 1937.
\
Co.—Listing—
entitled to the benefits of
1937.
El
first page of this department.
New York
issued and
has filed
capital stock,
on
Adams Express
632,675
Capital
(less deficit and liquidating dividends):
Balance at Dec. 31, 1935
Less—Excess of exps. over income for year 1936-
$541,837
39,983
a
Balance at Dec. 31,1936, represented by 203,694 4-5 shares
no par value common stock
.
Total
x
y$501,854
$1,138,356
Quoted market value $79 375 per share at Dec. 31, 1936.
y Of the
1,410 1-5 shares are held by transfer agent to be exchanged'
above stock,
for capital stock of predecessor company not yet presented for exchange.—
V.
142,
p.
3132.
4332
Financial
Aeolian
Co.—Readjustment Agent—
The Manufacturers Trust Oo. is agent under the plan of readjustment
affecting the 6% secured notes of this company.—V. 143, p. 2663.
Aero
Supply Mfg. Co., Inc. (& Subs.)—Earnings—t
Calendar Years—
Net sales
1936
1935
1934
$805,519
$568,528
535,404
41,942
388,532
27,698
47,167
$443,608
354,095
23,544
38,766
Cost of sales
Selling expense
Administrative and general expense..
82,440
$105,130
Other income (net).
Idle capacity expense
Depreciation and obsolescenceFederal and State income taxes.
$164,837
15,043
69,132
22,154
$118,495
16,763
76,185
4,677
$41,133
16,000
76,042
$58,508
$20,870
loss$50,909
Profit for the year.
Class A
dividends paid.-
Characterizing the company's efforts to have the Government enjoined
"extraordinary and shocking," he declared it was the "first time any
States had the temerity to claim a monopoly
of litigation and claim the Government must
proceed against it only in one
$27,201
13,932
corporation in the United
court."
The New York action, in which Andrew W. Mellon, and associates
American
Car
&
Foundry Co.—Annual Report—The
Hardy, President, together with income
account and balance sheet as of
April 30, 1937, will be found
under "Reports and Documents" on a
subsequent page.
remarks of Charles J.
Consolidated Income Account for Years Ended April 30
[Including Oompany and Wholly-Owned Subsidiaries]
4164.
1937
Year End.
May 4 *35 to
Apr. 30 '36 Apr. 30 *36
by-prod'ts- $9,640,438
$9,240,172
royalties, &c
217,886
226,959
y
Balance
--
Operating profit.
Other
income
Total income
Interest on loans, &c
Depreciation, plant and equipment
—
-
$189,923
$541,814
$
Assets—
Cash
1936
$
Bills & accts. rec._
2,712,020
1,725,302
3,146,073
4,465,308
Adv. pay. on contr.
12,171
Investments
1,071,223
l,07~l",223
x Prop. & equip't- 13,139,635
13,479,430
Deferred charges..
77,102
20,431
Inventories
—
..
Bank of Montreal
Joan
(secured)..
857,000
Acer, wages & sals.
Accounts payable.
147,754
545,476
44,200
351,962
Notes payable-—
Acer, liabilities.—
Reserves—
2,372,171
pref.
stock
par)..... 2,201,500
y Common stock—10,188,500
Distributable surp. 2,793,857
Earned surplus.
731,737
2,399,000
93,501
250,093
($100
_.
Accts.
&
&
y
a
vestigating railroad holding companies, he indicated that barring unex¬
pected changes in economic conditions, plans for merger of the two com¬
panies might be announced shortly.
Lawyers familiar with problems attending reorganizations and mergers
of railroad properties feel the situation surrounding the plans for merging
Alleghany Corp. and Chesapeake Corp. is unusually free from dangers
inherent in most cases of this nature.
In the first place there appears to be a greater freedom in dealing with
security holders in a merger than there is in a reorganization. Furthermore,
it is seldom that interests, desiring to bring about a consolidation of two
companies, one with as many classes of securities as Alleghany Corp., have a
situation where they, themselves, can vote substantial majorities of several
classes of the securities involved.—V. 144, p. 3658.
1935
1934
$1,355,421
Operating revenue
Ordinary expenses.
$1,312,196
632,918
60,577
59,049
52,498
6,670
50,216
$1,391,551
642,840
66,553
62,620
65,334
5,773
7,798
$450,266
12,305
$540,631
11,212
659,180
64,985
60,994
a60,268
4,652
67,482
Maintenance
Prov. for renewald and replacements.
Prov. for Federal income taxes
Provision for other Federal taxes
Provision for other taxes
$437,859
12,084
Operating income
Non-operating income—
5,345,916
125,778
129,793
less reserve—
212,405
Gross income
$449,943
93,462
766
4,969
4,165
3,767
$551,843
132,736
319
$325,900
105,009
211,312
$346,577
105,010
Preferred dividends.
Common dividends
241,500
2.431.305
Property,
1935
&
plant &
$8,018,402 $8,053,518
equipment
Investments
2
-
Sink, fund deposits
Special deposits-—
Capital stock—$4,568,750 $4,568,750
Funded debt
2,477,000
2,500.000
Customers'
419
&
ex¬
tension deposits.
Accounts payable-
35,945
202,784
45,000
145,337
Interest receivable
1,284
95
Deferred
Accts. receivable—
176,710
73,907
148,233
170,846
Reserves
Cash.....
...
Mat'ls & supplies-
Deferred charges..
Total
—V.
'65,212
1935
Acrued accounts.
85,083
36,628
209,905
credits--
Earned surplus.-.
1,117,762
162,557
88,904
26 912
164,932
37,680
1,121,321
127,207
155.696
$8,657,686 $8,635,707
Total
—-
$8,657,686 $8,635,707
143, P. 907.
acc'ts
current—
—104,919,747 100,117,771!
American Enka
Years Ended—
Gross profit
Add interest-.-
.
-104,919,747 100.117,771
Profit
on
Dec. 27 *36
Miscellaneous income
Total income
Expenses
Depreciation
Loss
on
deposit
Dec. 30'34
Dec. 30 *33
$2,325,736
49,056
$1,431,483
74,278
39,650
77,905
$2,471,689
117,005
$4,277,732
679,240
932,826
securities
Dec. 29 '35
$4,106,659
57,331
19,073
94,669
$2,375,323
593,657
1,019,471
$1,623,316
418,014
897.207
$2 ,665,014
509,935
860,997
38,089
45,813
122,078
32,563
38,838
85,607
73,431
158,032
$556,215
$151,087
$1,062,620
with
bankers
31,453
7,040
140,260
372,963
......
on
undis.
profit-.
Net profit
76*.325
<
Loss on assets demolished
North Carolina inc. tax.
Federal tax.
Surtax
531
21,888
$2,092,062
Balance Sheet
Dec. 27 '36 Dec. 29 *35
?
Liabilities—
1,358,857
1,100,000
Accts. & notes rec. 1,006,286
Market securities. 2,930,129
Inventories
976,775
Dep. with bankers
---•
Restricted deposits
1,988
M tge. receivable11,000
Other receivables.
170,428
y Fixed assets-— 8,938,646
Time
2,818,967
x Capital stock—12,294,150 12,662,100
1,100,000 Current liabilities. 1,301,184
868,227
743,719 Res. for conting's.
100,000
1,177,736 Surplus
2,916,403 2,471,759
1,375,688
157.264
1,988
11,000
185,253
8,504,400
26,070
deposits
-
-
_
Deferred charges..
17,629
p.
16,102,087
Represented by 383,700
3485#
x
Dec. 27 '36 Dec. 29'35
$
$
no par
16,511,737 16,102,087
Total
shares,
y
American Gas & Electric Co. (&
Less depreciation.—Y. 144,
Subs.)—Earnings—
Period End. April 30—
1937—Month—1936
Sub. Cos. Consolidated*—
(Inter-co. items elim¬
inated)—
Operating revenue
$6,045,312
Operating expenses
3,840,291
$2,205,022
1937—12 Mos.—1936
$5,643,028 $71,572,245 $66,502,110
3,573,957
45,744,718
42,080,180
22,571
Total income
Int. & other deducts
Pref. stock dividends
$2,069,071 $25,827,527 $24,421,930
29,796
436,200
395,458
$2,227,593
921,756
417,831
Other income
$2,098,867 $26,263,727 $24,817,388
952,113
11,145,000
11,246,953
417.831
5,014,392
5,014,392
$888,005
$728,923 $10,104,334
$8,556,043
Amer.Oas &Elec.Co
Bal. of subs.
-
cos.
earns.
applic.to Amer. Gas&
L
Electric Co., as shown
above
Int. from sub.
888,005
235,728
728,923
280,891
10,104,334
3,304,695
8,556,043
3,276,663
159,171
2,116
cos
Pref. stock divs.
sub. companies
159,171
12,353
1,910,050
219,124
1,910,050
229,866
from
America—Fights New Curbs—
Fighting the Government suit in New York to dissolve the company
a vast monopoly, attorneys for the company argued before a special
expediting court of three Federal circuit judges at Trenton, N. J., on
June 23 that the New York court lacked jurisdiction because all charges
In the suit were covered by a consent decree entered against the company
In Pittsburgh in 1912
The decree in the 1912 anti-trust action was a sweeping one intended
to regulate the company as a monopoly "for all time," William Watson
Smith, Pittsburgh counsel for the company, asserted.
He charged the
company was being subjected to the peril of injunctions of two courts in
as
Total
Corp.—Earnings—
...
Other income
Aluminum Co. of
Surplus account 24,020,918
affll.
Operating income
1936
Liabilities—
62,208
stock
x
Represented by 600,000 shares of no par value,
y Represented by
10,550 shares of preferred stock and 600 shares of common stock.—V. 144,
P. 3319.
Balance Sheet Dec. 31
1936
Assets—
Res. for conting.
2.983,495
2.368,091
62,208
23,968,041
2,648,767
5,339
Includes $113 provision for Federal surtax on undistributed profits.
5,568,742
2,983,495
3,889,019
common
rec.of affll.cos.
~5~ 453
$408,315
105,009
301,875
7,169,150
.
210.873
of
cos., less res—
1,259
.
Amort, of debt discount & expense.
Amort, of prem. on bonds retired..
a
$462,571
125,958
"~5~, 370
funded debt
on unfunded debt
Miscellaneous interest....
on
&
160,255
210,873
Secure,
taxes,
Total ——16,511,737
Interest
Interest
Im¬
provement
3,412,555
Cash
1936
for gen'l
overhead.
Res. for dlvs. on
Assets—
Allentown-Bethlehem Gas Co.—Earnings—
Calendar Years—
$
30,000.000
30,000.000
3,667,192
1,500,000
Res. for employ.
&
insurance, &c_
Misc. securities,
There has been some talk in the financial district that the fear of hold¬
Robert R. Young, co-owner of Alleghany Corp. with Allan P. Kirby and
Frank F. Kolbe, appeared May 26 before the Wheeler sub-committee in¬
1936
$
maintenance
Cash...
Alleghany Corp.
In addition, Chesapeake & Ohio common has declined from 65 to 51
and this has caused almost daily changes to be made in the plan.
When
2,369,950
533,399
1,245,362
4,547,139
Total
out by some disgruntled security holders has been a factor in recent changes
in the plan, but it is understood that the recent decline in the security market
has tended to delay presentation of a plan to directors.
Res've
3.826,046
533,399
Liberty bonds
Alleghany Corp.—To Offer Merger Plan Soon—
submitting
6,260,325
U. S. ctfs. of in¬
not
the eve of
plan of recapitalization and merger of Chesapeake Corp. and
Nil
1937
Liabilities—
$
notes
Treasury stock
Notes
The following is from the "Wall Street Journal" June 23:
The new owners of Alleghany Corp. again are reported on
Nil
1936
bonds
of other co's—
20,234,158 20.906,476
Total
Nil
73,140,833 Preferred stock. 30,000,000
5,407,918 x Common stock 30,000.000
Accts. pay., Ac.
5,294,957
6,757.510 Ins'ce res've
1,500,000
12,291,801
receivable
reserve for depreciation of $511,704 in 1936 and $1,035,273 in
Represented by 99,725 no par shares.—V. 143, p. 907.
20,234,157 20,906,476
y
______
Consolidated Balance Sheet April 30
After
x
1937.
$0.16
$
Prepaid
2,417,500
9,972,500
2,793,857
541,814
$24,550,557 $26,519,071
$24,020,918 $23,968,041 $24,550,557 $26,519,071
1937
Assess—
debtedness
387,910
2,050,299
$3,306,832
29,825.903
$1,968,514
26,519,071
$582,515
Incl. renewals, replacements, repairs, new patterns, flasks, &c.
Includes $42,200 paid on preferred capital stock held in treasury.
Stocks
5%
Total
z
$
Liabilities—
$
y
Mat! on hand—
1937
144,780
75,934
....
Balance, surplus
Cost of prop'ties 73,235,314
1936
$604,916loss$1720748
2,573,430
1,586,084
......
Earns, per sh. on 600,000
common shares-.—
Balance Sheet April 30
1937
24,550,557
1934
1935
Total surplus.
.$25,178,718 $23,968,041
Preferred dividends—- zl,157,800
$1,264,142
63,421
535,766
123,139
Reserved for income taxes
Net profit.—
prof.$1,210,676
23,968,041
Net loss
Previous surplus
$1,264,142
7,210
—
$9,013,213
7,749,071
$813,731
75,680
540,918
...
$9,422,553
8,665,681
$756,871
56,860
—————————————————
$2,197,202
2,779,717
Renewals, repairs, &c.
Period—
Sales of rolled prod'ts, pig iron, coke &
Cost of products sold.
1936
$4,972,170
3,761,494
Earns, from all sources,
after prov. for taxes..
Algoma Steel Corp., Ltd.—Earnings—
who
are large stockholders in the
company, are among the defendants, differs
from the Pittsburgh action in 1912 in having 63 defendants, including many
subsidiaries not then in existence, Mr. Jackson said.—V. 144, p. 3992.
85,758
Selling and shipping expenses,
"whipping boy'
Robert H. Jackson, Assistant Attorney General, denied the two actions
were identical and charged that the
company, since the 1912 suit, had
developed "a new combination in evasion and avoidance of the first decree."
Note—No provision required in 1936 for any Federal surtax ou undis¬
tributed profits.—V. 144, p.
June 26, 1937
he same matter and that the company had become the
for anti-monopoly litigation.
as
$145,732
19,106
13.365
Chronicle
Total income.
.
-
Expense..
Balance-.
Int. & other deductions.
Pref. stock divs. to pub-
$1,285,020
59,377
$1,181,338 $15,538,203 $13,972,623
59,538
643,233
510,593
$1,225,643
170,853
177,811
$1,121,800 $14,894,970 $13,462,030
213,567
2,390,523
2,562,802
177,841
2,133.738
2,133,738
Balance
$876,978
*
Figures for periods prior to Jan.
purposes.—V. 144, p. 3993.
$730,422 $10,370,709
$8,765,491
1, 1937 restated for comparative
Volume
Financial
144
American Discount Co.
The directors have declared
addition
to
the regular
Weekly Output—
(Georgia)—Extra Dividend—
extra dividend of 25 cents per
an
quarterly dividend
share in
of 50 cents per share on the
value, both payable July 1 to holders of record June
21. For detailed record of previous dividend payments see V. 144, p. 1947.—
V. 144, p. 2116.
common
stock, no
par
American-Hawaiian SS. Co.
Period End. May 31—
Operating earnings
Operating expenses
Net
profit from oper__
$648,682
24,039
$58,160
24,552
$198,583
4,706
$240,442
7,275
Other income
1937—5 Mos.—1936
$5,026,409
$6,257,670
4,968,248
5,608,987
Total profit before de¬
preciation & Federal
$247,717
67,300
$82,712
322.471
$672,722
$145,066
3,978
x$239,758
5,764
$387,078
$180,417
Balance, income
Profit on sale of secure.
$203,289
58,222
$180,417
Prov. for depreciation..
$149,044
x$233,994
$390,083
_
285,644
3,004
hours for the corresponding
period of 1936.
Comparative table of weekly output of electric energy for the last
12
Anglo-Iranian Oil Co., Ltd.—To Pay Stock Dividend—
The Guaranty Trust Co. of New York has notified the New York Curb
Exchange that it has been advised that this company has declared a bonus
distribution on its ordinary registered shares of one new share for two old
shares held, fractions to be paid in cash. June 30 next has been established
as the record date by the Guaranty Trust Co. of New York for the American
depositary receipts representing the ordinary registered shares of the
company.
The committee on securities of the Curb Exchange has ruled
that the issue will not sell "ex" the distribution until further notice.— V. 144,
p.3827.
x
Anglo-Norwegian Holdings, Ltd.—Accumulated Div.—
158,583
a dividend of $3.50 per share on account of
7% cumulative preferred stock, par $100, payable
Arrearages after the current payment
will amount to $28 per share.—V. 144, p. 443.
The directors have declared
accumulations
Net profit before Fed¬
eral income taxes
$180,417
Indicates loss.—V. 144, p. 3994.
American Maracaibo
$149,044
$390,083
x$392,577
Arizona Power
1936
Gross operating income
$260,671
106,759
$249,848
115,062
$272,005
Net operating income
Other income
$153,911
4,566
$134,785
2,997
$158,739
25,839
$158,478
27,784
2,541
154,960
$137,783
123,307
3,934
148,072
$184,579
127,461
3,277
157,759
22,746
...
Total income
Interest on notes payable.
Sundry charges
Depletion and depreciation
Development & equip. written off
Loss on sales of leases, &c..
113,265
1936
Operating income
Non-operating income
$126,666
$66,403
19,199
1,284
18,376
Acc'ts receivable..
Inventories
x
1,994
Taxes
Coll.
payable.
pay., domes.
&
and equipment. 6,804,675
Prepaid taxes, in¬
surance, Ac
1,167
6,378,587
Unearned
...
2,481
2,231
1,977,852
2,070,836
289
278
12,306
Acer.
int.
281,303
on
281,303
Acer.
int.
on
$111,439
32,194
Cap. stk. ($1 par).
Capital surplus...
1,778,415
1,838,475
4,409
1,778,415
2,280,939
come,
expenses,
&c.,
for nine months ended Sept. 30, 1935 of Arizona
the plan of reorganization, the figures
1935 being those of Arizona Power Corp.
Power Co., adjusted to give effect to
Balance Sheet Dec. 31, 1936
Liabilities—
$5,642,535 $6 preferred stock (no par)
2 Common stock tno par)
Prop., plant & equipment
,
18,326
x
p.
$5,932,448 $6,468,937
After
for depreciation,
reserves
$5,932,448 $6,468,937
Total
depletion and amortization.—V. 143,
1862.
Interest receivable
Period End. May 31—
Subsidiaries—
84
148,146
39,705
29,375
Materials and supplies
Light Co. (& Subs.)—Earnings—
1937—3 Mos.—1936—
1937—12 Mos.—1936—
Operating revenues
$24,261,787 $22,017,943 $94,376,244 $85,675,498
Oper. exps., incl. taxes.. 12,428,519
11,187,477
49,280,876
43,952,612
Property retire. & de¬
7,906,134
6,351,090
1,674,123
pletion res. approps—
1,980,166
$9,853,102
39,187
Int.
to
public
&
$9,156,343 $37,189,234 $35,371,796
46,979
181,436
254,048
$9,892,289
Other income (net)
Total
..$5,948,669
—
Arkansas Power & Light
Period End. Apr. 30—
Operating revenues
Oper. exp.(incl. taxes)
Prop, retire, res. approp.
16.126,580
Cr6,177
$3,433,153 $14,428,908 $12,334,996
Net
17,574
19,686
interests.
81,037
87,703
Pow.
&
Co.
Lt.
$5,948,669
Total
Co.—Earnings—
$7,314,413
4,009,693
594,600
$157,428
$3,113,499
$2,710,120
19,013
119,509
79,038
$231,630
$176,441
$3,233,008
$2,789,158
12,984
,
304
613
18,512
$231,934
151,071
$177,054
151,253
$3,251,520
1,813,573
9,468
Crl,541
6,258
84,900
Cr326
Cr8,697
$2,802,142
1,815,830
75,882
Cr 12,359
$72,936
$19,869
Divs. applic. to pref. stocks for period .whether
paid or unpaid
$1,361,744
$922,789
on mtge. bonds
Other int. & deductions.
Int. charged to construe.
x
$3,415,579 $14,347,871 $12,247,293
$4,182,552
x
Dividends
accumulated
and unpaid
to
949,265
949,265
$412,479
Balance
& Lt. Co. in income of
1937—12 Mos.—1936
10,928
Int.
Amer. Pow. & Lt. Co.—
Net equity of Amer. Pow.
def$26,476
April 30,
1937, amounted to
$4,182,552
12,753
$3,415,579 $14,347,871 $12,247,293
4,873
31,987
20,195
$1,265,687.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on April 1, 1937.
Dividends on these stocks are cumulative.
$4,195,305
97,906
730,957
$3,420,452 $14,379,858 $12,267,488
88,959
477,009
327,057
2,913,552
2,933,157
726,149
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.
Total income
Exps., incl. taxes
Int. & other deducts
Balance carried to consolidat.earned surp $3,366,442
$2,605,344 $10,989,297
$9,007,274
Note—An intercompany transactions have been eliminated from the above
statement.
Interest and pref. dividend deductions of subs, represent full
the respective periods (whether paid or not paid) on
The "portion applicable to minority interests"
the balance of income applicable to minority
holdings by the public of common stock of subs.
The "net equity of
American Power & Light Co. in income of subsidiaries" includes interest
and pref. dividends paid or earned on securities held, plus the proportion of
earnings which accrued to common stocks held by American Power &
Light Co., less losses where income accounts of indivudual subsidiaries have
resulted on deficits for the respective periods.—V. 144, p. 3827.
requirements
Capital surplus
Earned surplus
Net income
in
subs, (as shown above)
Other income
118,157
230
6,385
$8,344,859
4,636,160
595,200
Other income (net)
equity of Amer.
income of subs
Sinking fund reserve
$220,702
r
Gross income
$4,202,238
984,337
337,912
43,200
(net)
Operating income
$5,225,848 $21,600,030 $19,505,441
1,792,695
7,170,445
7,171,122
$5,995,439
1,792,901
Pref. divs. to public
1,578
Reserves
366,084
42,000
Net oper. revenues
f
15,974,496
Cr203,856
92,595
accounts
Deferred credits
1937—Month—1936
$538,540
$628,786
__
Rent from lease of plant
3,978,475
Crl.OOl
3,974,913
Cr77,763
Accrued
payable
-V. 144, p. 2985.
$9,203,322 $37,370,670 $35,625,844
other
i
Accounts
3,585
:
Accounts receivable
Deferred charges
American Power &
Deposits
66,909
special deposit
Cash
$1,203,750
1,661,425
1,806,750
43,614
30,846
Funded debt
Sinking funds, reserve fund &
Note receivable—(customer)..
Total
$85,213
for the remainder of the year
Investments
dors' lien notes.
89,879
1,133
$428 provision for Federal surtax on undistributed profits.
Includes
Assets—
ven¬
17,557
Note—The above statement includes, for comparative purposes, the in¬
coll.
notes
$176,224
1,464
*...
funded debt
38,301
income.
Foreign taxes
3,575
a
$12,222
$9,122
vendors
notes
$199,680
86,777
—
$158,667
Miscellaneous interest
1935
1936
Accounts
Properties, plant
$187,851
11,828
.....
Gross income
on
8,544
64,761
66,569
Net income
Liabilities—
1936
$106,123
186,296
48,420
55,000
Provision for other taxes
Consolidated Balance Sheet Dec. 31
Assets—
Cash
$521,690
195,370
51,671
55,000
al6,342
8,948
Provision for other Federal taxes
$137,531
1935
$581,752
Provision for renewals and replacements
Provision for Federal income taxes
Interest
$175,914
1936
Operating revenue
Ordinary expenses.
Maintenance
149,106
Loss for the year
Corp.—Earning
Calendar Years—
1934
1935
Operating expenses, &c
....
the
on
June 30 to holders of record June 24.
Co.—Earnings—
Years Ended Dec. 31—
1935
44,104,000
43,061,000 36,505,000 33,692,000 31,356,000
44,155,000 38,100,000 35,014,000 33,480,000
45,115,000 36,711,000 34,334,000 34,638,000
50,672,000
48,018,000
50,718,000
June 19
-50,609,000
—V. 144, p. 4165.
5
June
five
1934
1933^
37,878,000 35,634,000 31,274,000
1936
1937
May 29
June
Exps. incident to mari¬
time strike
American Water
Output of electric energy of the electric properties of
Works & Electric Co. for the week ended June 19, 1937 totaled 50,609,000
kilowatt hours, an increase of 12.2% over the output of 45,115,000 kilowatt
years follows:
Week Ended—
(& Sub.)—Earnings—
1937—March—1936
$1,792,029
$1,337,216
1,551,586
1,138,633
4333
Chronicle
for
securities held by the public.
is the calculated portion of
American Seating
a
dividend of 25 cents per share on the com¬
1937—12 Mos.—1936
$8,420,017
$7,341,933
4,641,618
4,076,352
595,200
592,800
$2,672,781
$243,261
$173,562
$3,183,199
12,313
Net oper. revenues—
(net)
Operating income
Other income (net)
11,414
120,407
88,000
$255,574
$184,976
$3,303,606
18,478
$2,760,781
12,987
on
mtge. bonds
$3,322,084
1,815,222
93,382
CrlO.693
$2,773,768
1,815,670
76,052
Cr 12,258
i
Int. chgd. to construct'n
$1,424,173
$894,304
581
615
$256,155
Other int. & deductions.
stock, no par value, payable July 22 to holders of record July 2.
On
Dec. 21, 1936, the company paid a 50-cent dividend and also an optional
payment of $2 in cash or l-10th share of common stock, these being the
first dividend payments since April 1, 1930, when 50 cents was disbursed.
1937—Month—1936
$627,200
$552,042
340,739
335,280
43,200
43,200
Rent from lease of plant
Int.
Co.—25-Cent Dividend—•
The directors have declared
Earnings for Month and 12 Months Ended May 31
Period End. May 31—
Operating re venues.
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
$185,591
151,253
6,311
151,419
16,277
Cr2,358
Cr362
mon
Net income
x
$90,817
$28,389
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
949,265
949,265
$474,908
def$54,961
—V. 144, p. 3163.
American Surety Co. of New
Robert
Balance
York—Obituary—*
Rankins
company, died on
Brown, Vice-Chairman and former President of this
June 17.—V. 144, p. 3486.
American Type Founders,
Inc.—Interest—
% will be paid on July 15,1937, on the 15-year convertible
5% sinking fund debentures, due 1950, on presentation of coupon No. 4.—
V. 144, p. 4166.
Power
Water
Works
&
Electric
Co.,
Inc.—May
Output—
The
the American Water
218,599,986 kilowatt
hours, against 194,719.997 kilowatt hours for the corresponding month of
1936, an increase of 12%.
For the five months ended May 31, 1937, power output totaled 1,091,747,523 kilowatt hours, as against 954 737 339 kilowatt hours for the same
period last year, an increase o f 14%.
power output of the electric subsidiaries of
Works & Electric Co. for the month of May totaled
Dividends accumulated and unpaid to May 31,1937, amounted to $1,-
Latest dividends, amounting to $1.75 a share on $7 preferred
preferred stock, were paid on April 1, 1937.
stock and $1.50 a share on $6
Dividends
Interest of 2
American
x
344,792.
on
these stocks
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. 4166.
Associated Gas & Electric Co.—To
An
Merge Units—
application to merge Edison Light & Power Co. and York Steam
Heating Co., subsidiaries of York Railways Co., into Metropolitan Edison
Co. was filed on June 18 with the Pennsylvania Public Utility Commission
in Harrisburg, Pa.
These companies supply electricity and steam to the
city of York, Pa.
The Edison Light & Power Co. has limited generating facilities of its
own and purchases a large portion of its current from Metropolitan Edison
Co.
The companies arc interconnected and serve adjacent territory
4334
Financial
If the merger
is successfully accomplished it will greatly simplify the
problem of taking care of the bonds of York Railways Co. of upward of
$5,000,000 which mature this year and on which the company is presently
requesting extensions.
Chronicle
to
Writ Denied—
Supreme Court Justice William T. Collins refused on June 18 to issue
temporary injunction restraining the company from paying $875,000 in
costs incurred in reorganization
proceedings in Federal Court.
The pro¬
ceedings were dismissed by Federal Judge Julian W. Mack at the instance
June 26, 1937
in all respects to the 7% preferred insofar as
preference is concerned both
as to assets and
dividends, and carrying the additional privilege of con¬
version into common stock.
It is also proposed that common stock be increased from 500,000 shares
750,000 and that it be changed from no par to $1 par.
It is planned
apply for listing on the New York Curb Exchange.—V. 144, p. 2817.
to
a
of the company.
The action to restrain the payment of costs was begun
by three
stockholders who alleged that it would prejudice their equities.
•
Avondale Mills—Initial Dividend
The directors have declared
the
on
minority
$1
new
June 15.
par
an
initial
shares
common
on
New Stock—
dividend of five cents per share
payable July 1 to holders of record
the
A regular quarterly dividend or 25 cents
per share was paid on
April 1, last.—V. 144, p. 2118.
old $5 par stock on
"The
plaintiffs' right to relief in advance of trial does not appear with
that clarity and vigor and certainty which an
application for a temporary
injunction ought to possess," Justice Collins remarked in refusing the
injunction pending trial of an action for a permanent stay.
The company itself has resisted payment of the fees on the ground that
they are too large.
Judge Mack has offered to sit privately to arbitrate
this question.
Baldwin-Duckworth Chain Corp.—^-Larger
The
40 cents
10,717,249 units (kwh.), or 14.0%, in the net electric
output of Associated Gas & Electric System is reported for the week ended
June 18. This brought output to 87,373,638 units.
Gross output, including sales to other utilities, amounted to
98,094,685
units for the week under review.
Consolidated Statement of Earnings and Expenses of Properties
of Dates of Acquisition ■'
:
<
Irrespective
•
-Increase
1937
$97,417,188
13,236,216
6,022,005
1,573,867
1,301,995
1,275,681
1936
Amount
%
8
$89,976,526
13,158,044
5,544,880
1,603,773
1,232,815
1,156,043
$7,440,662
78,172
477,125
x29,906
69,180
119,638
Total gross oper. revenues. $120,826,952 $112,672,081
Oper. exps. & maintenance._
60,270,160
57,526,595
Provision for taxes
14,187,284
11,670,755
$8,154,871
2,743,565
2,516,529
$2,894,777
1,344,970
The dollar
Works
Net operating revenue
$46,369,508
10,340,292
Provision for retirements
Operating income
x
Decrease.
,
....
$43,474,731
8,995,322
$36,029,216
$34,479,409
$1,549,807
6
5
1936.
Consolidated shipments, including Midvale, in May aggregated $3,599,915, as compared with $2,007,150 in May of last year.
Consolidated
shipments for the first five months of 1937 were $15,941,700, as compared
with $7,921,576 for the first five months of 1936.
On May 31,
1937, consolidated unfilled orders including Midvale,
amounted to $31,708,269, as compared with
$30,531,416 on Jan. 1, 1937,
and with $12,384,214 on May 31, 1936.
All figures are without intercompany eliminations.—V. 144,
p. 4167.
Baltimore & Ohio
Period End. May SI—
15
4
+
Co.—Listing and Registration—
common
stock, $1 par,
listing and registration.—V. 144, p. 3486.
RR.—Earnings—
1937—Month—1936
1937—5 Mos.—1936
$15,164,876 $14,289,737 $73,507,045 $65,131,761
11,717,326
10,425,643
54,756,414
49,675,344
Ry. oper. revenues
Ry. oper. expenses
Net
1937
Year End. April 30-
1936
rev.
fr. ry. opers,
$3,447,550
796,571
236,206
159,252
-
>
Net ry. oper. income.
$3,864,094 $18,750,631 $15,456,417
904,120
5,045,319
4,048,455
328,687
1,196,475
1,005,608
158,321
764,595
765,989
$2,255,521
Railway tax accruals
Equipment rents (net)
Joint facil. rents (net)__
Topeka & Santa Fe Ry. System—Earnings—-
$2,472,966 $11,744,242
$9,636,365
-V. 144, p. 3661.
1935
$13,418,516 $11,411,442 $10,701,384
424,501
defl39.487
2,541,813
Baltimore Transit Co.
(& Subs.)—Earnings—
Year Ended Dec .31—
Atlantic Coast Fisheries Co. (&
Operating
Subs.)—Earnings—
1937
1936
1935
$6,650,595
$6,099,712
$4,993,929
1935
1936
$11,769,511 $11,124,454
53,052
52,283
revenue
Revenue from other operations
1934
$7,223,023
oper.
Baldwin Rubber
The New York Curb Exchange has admitted the
to
,
Month Ended May 31—
May gross.
Net operating income
—V. 144, p. 4167.
of
in May
by the Baldwin Locomotive
including The Midvale Co., was an¬
as compared with $2,861,583 for May,
in the same period last year.
22
provision is included for Federal surtax on undistributed
profits, if any, of the company and(or) its subsidiaries, for the year 1937.
—V. 144, p. 4166.
:
Cost
Subs.)—Bookings—
taken
companies,
$1,978,126,
as
10
Note—No
Atchison
value of orders
subsidiary
June 18
on
The month's bookings brought the total for the consolidated
group for
the first five months of 1937 to
$17,044,550, as compared with $13,634,804
~7
Water
Ice
1
9
x2
and
nounced
1
Transportation
Heating.
Dividend—
have declared a dividend of 50 cents per share on the
payable July 1 to holders of record June 25.
A dividend of
paid on April 1, last.
See also V. 144, p. 271.—V. 144, p.
Baldwin Locomotive Works (&
increase of
12 Months Ended May 31—
Electric
Gas
was
1948.
Weekly Output Up 14%—
An
directors
common stock
raw
materials,
of fleets, plants,
&c
Gross profit
Other deductions
Federal income taxes
6,101,103
800,173
5.469,851
732,883
5,271,050
$321,748
030,359
xl8,177
Sell. & admin, costs, &c.
$447,860
04,228
loss$31,310
15,535
25,065
818
$108,299
04,713
5,516
31,774
96,280
40,211
102,465
$309,626 loss$175,719
loss$35,180
4.126,673
758,956
859,972
Total revenue
Operating
$11,822,563 $11,176,737
1,598,852
1,541,645
1,746,681
1,777,753
1,376,725
1,223,787
3,753,908
3,783,392
26,378
21,914
1,340,070
1,383,376
21,018
12,043
1,186,825
980,305
expenses
Provision for retirements of road and equipment
Power service (including gasoline)
Conducting transportation
Traffic
General and miscellaneous-
Transportation for investment—credit
a Taxes, licenses. &c
Charges for idle plants &
'
vessels
Depreciation.!
25,424
91,974
76,853
Net profit
Profit from sale of inv. in
Canadian subs
Total
Other charges (net)
y$257,076
$483,602
312,924
Net income
$309,626 loss$175,719
stock,
$170,678
sh.
per
on
loss$35,180
$309,626 def$175,719
def$35,180
com.
no par
$0.56
$1.03
Nil
Nil
Includes surtax on undistributed profits,
y Includes
$63,482 net
operating profit of Canadian subsidiaries from May 1. 1936, to Feb. 28.
1937, the effective date of their sale.
x. Includes $229,459 provided as of
April 30, 1937, as a contingency reserve for possible reduction in value of
x
fixed assets.
Consolidated Balance Sheet April 30
Assets—
1937
1936
on
hand
Liabilities—
.
Cash in banks and
$206,360
Accts. A notes rec.
(less reserves)-_
435,352
391,032
Inventories
380,702
383,018
26,699
22,398
56,182
51,046
Prepaid insur.,tax.
rent, Ac.
133,961
45,000
purch.
£$
$89,214
8,705
17,943
17,176
rec.
24,780
5%
1st mtge. bos.
of subs., due '40
(less sink, fund)
Common stock..
Capital surplus
6,265
May 1, 1935...
road
In
$65,389,741
A
equip.
19,431
sub.
A
affil.
25,000
2,377,718
31,829
2,327,318
296,921
Other investments (net)
Cash
cos
b Accountsreceiv.
—
153,586
99,621
2,612,688
-
Common stock.
(lessres.).
85,222
$3,996,688
5% pref.stk. ($100 par).. 23,342,692
_
Debentures due July 1, 1975. 23,089,892
Purchase money obligat'n, Ac
601,107
Accts. & wages payable & accr
Taxes payable & accrued
Accrd. int.
on
equip, notes—
Materials and supplies
534,522
Unpaid matd. Int. on debs—
Unpaid Int. A divs., matd....
Unadjusted debits
* 46,305
Unadjusted credits.
233,163
31,829
a
1st
—
(net)
Earned surpl. from
95,778
Liabilities—
to
uncompleted
Invests.
71,863
contingencies,&c
x
Consolidated Balance Sheet Dec. 31, 1936
Additions
24,780
$302,355
The statement for 1936 represents a consolidation of the operations of the
Baltimore Transit Co. and the Baltimore Coach Co.
Assets-
tain pat't rights.
1,508,213
$102,488
Road A equipment
Reserve for sundry
to
24,944
income
a Including provision of $168,344 for Federal income and
undistributed
profits taxes in 1936 (none in 1935).
The statement for 1935 combines the operations of Baltimore Coach Co.
for entire year, United Railways & Electric Co. of Baltimore for six months
ended June 30,1935, and Baltimore Transit Co. for six months ended Dec. 31
1935.
The Coach company and the Railways company were operated by
receivers and trustees during the first half of that year.
The Railways
company was reorganized and its operations were continued by the Transit
company, the reorganized company, beginning as of July 1, 1935.
The
net income of $302,355 includes $21,317 which resulted from
operations
during the six months ended Dec. 31, 1935.
The interest on debentures in
1935 is applicable to the last six months of that year only.
under
giving
$541,365
140,972
80,838
4,574
12,626
Other interest
Miscellaneous rents and other charges.
30,637
and
stock taxes
contract
3,304
Int. in
patent rights.
Deferred items
for inc.
cap.
45.000
5,693
Vessels, plants and
equip, (less res.)- 1,186,160
Outlays in connect.
option
Prov.
Depos,
163,069
-
Patents A tr.-mks.
with
1936
$116,373
opt.to purch.cer¬
Sundryinv.A adv.
Leaseholds
payable
Sundry accruals..
Cash surrender val.
of insurance-
1937
Accts. A ins. prem.
$568,480
"
$507,679
33,686
$813,837
635,010
51,395
Debenture interest
Equipment obligations—interest
z226,526
Net
Earns,
$783,068
30,769
Non-operating income-
Reserves
-
Capital surplus..
11,642
275,883
401,712
10,519
5,727
23,472
159,924
15,741,456
1,176,382
Profit and loss surplus
115,662
*
Total
$2,873,502
$2,851,754'
Total..
.$2,873,502 $2,851,754
x Represented by
299,185 no par shares in 1936 and 305,485
In 1937.—V. 144, p. 2288.
Atlas
no par
shares
July 1 to holders of record June 21.—V.
2467.
new
6%
preferred
no
shares,
par
-
b Less
reserve
$68,941,116
of
$2,700.
i
Bangor & Aroostook RR.—Earnings—
Per. End. May 31—
1937—Month—1936
$644,882
$503,108
Gross oper. revenues
Oper.
(Incl. maint.
& depreciation)
Net
from opers
Tax accruals
rev.
Operating income
Other income
Gross income
Int.
on
Other
1937—5 Mos.—1936
$3,381,594
$3,117,294
exps.
funded debt
deductions
Net income
__
348,567
327,874
1,832,897
1,861,683
$296,315
70,597
$175,234
51,078
$1,548,697
352,948
$1,255,611
314,762
$225,718
Dr2,971
$124,156
Crl0,813
$1,195,749
Dr67,009
$940,849
Dr34,333
$222,747
58,926
2,899
$134,969
59,088
1,035
$1,128,740
295,241
9,425
$906,516
296,191
7,945
$74,846
$824,074
$602,380
'
$160,922
—V. 144, p. 3661.
The company paid a dividend of 15 cents per share on the common stock
June 30 to holders of record June 19.
Similar payment was made on
March 31, last, and an initial dividend of 30 cents was
paid on Dec. 31,
1936 —V. 144, p. 2289.
on
Beaver Fire Insurance
Automobile Finance Co.—May /Increase Stock—
The company has called a special meeting of stockholders for
Aug.
to act on an increase in capital stock from
$1,000,000 7% preferred
$2,000,000, and authorization of $1,000,000 of
169,143
Total
Bartgis Brothers Co.—Pays lb-Cent Dividend—
Automobile Banking Corp.—Extra Dividends—
The directors on June 17 declared an extra dividend of 10 cents
per share
in addition to the regular dividends of like amount on the class A common
and common stocks, all payable
p.
$68,941,116 |
a Represented
by
-V. 144, p. 4168.
Corp.—Hearings Set—
The Securities and Exchange Commission announced June 18 that in its
study of investment companies it would hold public hearings beginning on
June 28 on the Atlas Corp. and its affiliated companies.
Recent hearings
dealt with some of the companies taken over by Atlas, the examination
being generally restricted, however, to the time when they were absorbed.
The Commission named on June 18 the following companies for
inquiry:
Atlas Utilities & Investors Co., Ltd.;
Wildor, Inc.; All America General
Corp.; Exide Securities Corp., subsequently known as Allied Atlas; Power &
Light Security Trust; Selected Stocks, Inc.; Ungerleider Financial Corp.,
subsequently known as The Financial Corp.; Iroquois Shares Corp.; Gen¬
eral Empire Corp.; Jackson & Curtis Investment
Associates; Sterling Se¬
curities Corp.; Securities Allied Corp., formerly known as Chatham Phenix
Corp.; Southwestern Investors, Inc.; Chain Store Stocks, Inc.; National
Securities Investment Co.; Aviation Securities Corp.; American, British &
Continental Corp., Atlantic Securities Corp.; American Investors,
Inc.;
Federated Capital
Corp.; Standard Investors, Pacific Eastern Corp.,
formerly known as Goldman Sachs Trading Corp.; Shenandoah Corp.,
and Blue Ridge Corp.—Y. 144, p. 1774.
144,
Total
10
to
equa
Co., Ltd., Canada—Larger Div.
The directors have declared a'dividend of $2.50
per share on the common
stock, payable July 2 to holders of record June 15. This compares with $2
paid on Jan 2, last, and dividends of $3 per share paid each six months
previously.—V. 144, p. 98.
Volume
144
Benenson
Financial
Building Corp.—February 1936 Interest—
Feb. 1,1936 interest coupon. The total cash distribution will amount to
$240,020.
Payment will be made upon surrender of the Feb. 1, 1936
coupon to New York Trust Co., 100 Broadway, N. Y.
City.—V. 144,
p.,3661.
on
f*
Hats, Ltd.—Initial Dividend,
on
(Excluding Brooklyn and Queens Transit System)
Period End. May 31—
Net
Birdsboro Steel
Foundry& MachineCo.—CommonDiv.—
The directors have declared an initial dividend of 25 cents
per share on
the company's new no par value common
stock, payable July 15 to holders
of record June 30.—V. 144, p. 4169.
on
from oper...
Operating income
have
declared
dividend
Boston Elevated
Ry.—Earnings—
Month Ended May 31—
Total receipts from direct operation of the road
Interest on deposits, income from securities, &c
1937
$2,234,346
1,744
Federal, state and municipal tax accruals
$2,173,870
1,485,210
139,714
103,363
234,569
313,132
8,068
Rent for leased roads
964
103,259
Subway, tunnel and rapid transit line rentals
235,362
nterest on bonds and notes
Miscellaneous items
328,374
6,434
--
Excess of cost of service over receipts
$128,364
$110,186
144, p. 3661.
Brazilian Traction,
Per. End.
of
Gross
earns,
from oper__
$311,653
before
earns,
$1,452,677
on
Brewster Aeronautical
$6,802,537
Corp.—Listing & Registration—
The New York Curb Exchange has admitted the capital stock, $1 par,
to listing and
registration.—V. 144,
p.
3488.
shares.—V. 144, p. 3998.
Corp.—Earnings—
Calendar Years—
1936
Oper. profit (after res., deprec. & inventory adjust)
1935
$327,519
210,000
$327,833
180,000
$117,519
1,106,674
Cr3,832
$147,833
961,304
JDr2,463
$1,228,025
$5.46
$1,106,674
$5.46
Common stock dividends
Surplus
Previous balance
-----
-
-
a
dividend of 50 cents per share
on
Brooklyn & Queens Transit System—Earnings—
Period Ended May 31—
1937—Month—1936
Total oper. re venues
$1,905,960
$1,818,563
Total oper. expenses
1,485,017
1,431,098
Net revenue from oper
$420,943
208,536
$387,465
Net non-oper. income..
$212,407
13,656
Gross income
Total inc. deductions
1937—11 Mos—1936
$19,489,049 $19,084,929
.15,661,437
15,175,444
Taxes
on oper.
$3,909,485
1,604,476
$229,615
14,188
$1,843,499
190,058
$2,305,009
166,468
$243,803
123,849
$2,033,557
$2,471,477
1,414,383
1,369,215
$95,280
Operating income
$3,827,612
1,984,113
$226,063
130,783
properties
$119,954
$619,174
$1,102,262
157.850
Current income carried
surplus.
Note—The above is without provision for tax
—V. 144, p. 3489.
Brown Rubber
See list given
on
directors
on
undistributed profits
Co., Inc.—Registers with SEC—
first page of this department.
Mills, Ltd.—Dividend Deferred—
have
decided
to
defer
action
on
the
common
dividend
ordinarily payable at this time. An interim dividend of 10 cents
per share
was paid on April 15, last, and in each of the
three preceding quarters'
30 cents was paid each quarter from July 15, 1935 to and
including April 15*
1936, and 25 cents per share was paid each three months
previously. In
addition, an extra dividend of five cents was paid on April 15 and Jan.
15,
1935.
The company has notified the New York Stock Exchange of a proposed
increase in authorized common stock from 2,025,000 shares to 2,500,000
Adjustments-.---
declared
was the first
paid since April 15, 1932, when a regular quarterly
dividend of $1 per share was distributed.—V.
144, p. 3489.
The company issued
current dividend action:
Briggs Manufacturing Co.—To Increase Stock—
Bristol Brass
June 21
dividend
The
$8,170,662
and $305-264 (revised figure) for 11 months,
1
common stock,
no par value, payable July 15 to holders of record
July 1.
This compares with $1 paid on April 15 and Jan. 15 last and on
Oct. 15, 1936, and with dividends of 75 cents
per share paid each three
months from Oct. 15, 1934 to and incl.
July 15, 1936. The Oct. 15, 1934,
de-
& amortiz
—Y. 144, p. 3829.
prec.
$4,232,720
Common Reduced—
on
Bruck Silk
Net
$4,287,021
above is without provision for tax on undistributed
profits.
the
$2,633,807 $15,055,029 $12,555,761
1,181,130
6,884,367
5,753,224
$1,845,581
Operating expenses
$597,276
for amort,
leasehold invest,
jVote-^-The
1937—5 Mos.—1936
$3,292,019
1,446,438
$11,475,762
7,243,042
res.
31^*193(5 May
May
Light & Power Co., Ltd.—Earnings
1937—Month—1936
May 31—
$1,146,402 $10,437,263
549,126
6,150,242
$55,000
b$50,833
$593,000
b$559,167
b 1936 figures revised for comparative purposes,
c Includes dividend
revenue from Brooklyn &
Queens Transit Corp. preferred stock of $343,422
to
—V.
$9,183,018 $10,313,900
cl ,254,245
cl,161,862
under Contr. No. 4
$2,172,906
$2,236,090
1,547,342
143,682
Total receipts
Total operating expenses
1936
$76,456
564,803
surplus
Incls.
The directors
of
$1.75 per share on the $7
cum. pref. stock, no par, and $1.50
per share on the $6 cum. pref. stock,
no par, both payable July
1 to holders of record June 16.
Similar dis¬
tributions were made in each of eleven preceding quarters and on Aug. 1,
1934.
Distributions of $3.50 per share on the $7 pref. stock and $3 per
share on the $6 pref. stock were made to holders of record May 1, 1934.
Effective with the current payments, arrears on the $7 pref. stock will
amount to $3.50 per share and on the $6
pref. stock to $3 per share.—V. 144,
p. 4168.
a
$926,493
219,909
Current inc. carried to
Dividend
directors
$1,222,424 $12,590,544 $13,200,223
295,931
3,407,526
2,886,323
$801,492
74,964
Gross income
Total income deducts-
a
Birmingham Electric Co.—Accumulated Dividends—
The
$1,120,372
318,880
oper. props...
Net non-oper. income
a
Income Statement for Five Months Ended
May 31,1937
Net income after charges, but before prov. for Fed. taxes on income $109,127
rev.
Taxes
Manufacturing Co.—Earnings—
—Y. 144, p. 3165.
1937—Month—1936
1937—11 Mos.—1936
$2,594,755
$2,679,784 $28,317,697 $29,170,295
1,474,383
1,457,360
15,727,153
15,970,072
Total oper. revenues
Total oper. expenses
New Stock—
The
directors have declared an initial dividend of 25 cents
per share on the
larger amount of common stock, no par value, now outstanding, payable
July 15 to holders of record June 30.
The company recently split its stock on a 4-for-l basis,
f
An extra dividend of 50 cents in addition to a
regular semi-annual divi¬
dend of $1 per share was paid on the old stock on Jan.
22, last.—V. 144,
p. 924.
Binks
4335
Earnings of Brooklyn-Manhattan Transit System
Miles S. Altemose, Chairman of the bondholders committee for the 1st
mtge. 5H % gold lien ctfs., due Aug. 1,1951 has announced that payment of
2%% on account of interest arrears is ready to be made to the bondholders
Biltmore
Chronicle
the
following statement in connection
with
the
"Net results of the company's operations for the
portion of its fiscal year
to date have been considerably better than those
of the
corresponding
period last year.
However, the company is faced with a prevailing world
wide shortage of its
principal raw materials and in order to assure itself of
uninterrupted supplies the management considers it necessary to acquire
and carry a substantial stock of raw materials on hand
and in bonded
warehouse. Therefore, in order to maintain a good
working capital position
in spite of the more favorable results of the
year to date, the directors
consider it advisable to conserve the
company's liquid resources and
defer dividend action at this time."—V. 144, p. 2119.
Buffalo Ankerite Gold Mines, Ltd.—Extra Dividend—
The
Balance, Dec. 31
Earns, per sh. on 60,000 shs. common stock.
Balance Sheet Dec. 31
Assets—
1936
Cash
x
rec
Inventories.
$668,221
321,871
$453,018
232,860
1.046,231
Accts. & bills
Liabilities—
1935
1,108,578
rec.
7,705
4,842
13,640
Taxes accrued,
8,789
Total
After
61,246
lo¬
889,044
for
Fed.
and
944,690
State taxes
103,780
1,500,000
72,361
1,500,000
Surplus
1,228,025
1,106,674
-
ma¬
chinery & equip.
x
58,500
$2,952,922 $2,771,285
reserve
for
depreciation,
p. 3488.
.$2,952,922 $2,771,285
Total
of $16,000 in 1935 and $21,778 in 1936.
$1,314,192
in
1935
and
$1,382,348
in
y After reserve
1936.—V. 144,
The Committee for Preferred Stockholders (Jay J. Livingston, Chairman)
a
letter to the preferred stockholders states that the U. S. District
has authorized the committee to intervene as the Committee for
Preferred Stockholders and
that the hearing previously scheduled for
in
Court
June 14 has been adjourned to July 28.
The committee now represents nearly one third of all preferred stock¬
holders and urges preferred stockholders to give it authority to represent
them, so that it can vigorously oppose the plan proposed by tee creditors.
It says:
"We therefore urge all preferred stockholders to unite with us to
modify the plan and secure better treatment for preferred stockholders in
the reorganization of the corporation."—V. 144, p. 3830.
Brooklyn-Manhattan Transit System—Earnings—
(Including Brooklyn & Queens Transit System)
May 31—
1937—Month—1936
1937—11 Mos.—1936
$4,487,278
$4,485,913 $47,663,158 $48,117,376
2,955,682
2,885,537
31,352,286
31,113,715
Total oper. revenues
Total oper. expenses
Net rev. from oper...
Taxes
on
oper. props—
Operating income.
— .
Net non-oper. income—
Gross income
a
Total income deducts
$1,531,596
527,416
$1,600,376 $16,310,872 $17,003,661
453,782
5,391,639
4,490,798
$1,004,180
76,282
$1,146,594 $10,919,233
219,126
958,737
$1,080,462
673,529
$1,365,720
648,491
$406,933
$717,229
$4,562,773
43,937
55,315
285,526
508,297
$362,996
$661,914
$4,277,247
$4,521,422
$12,512,863
854,308
$11,877,970 $13,367,171
» 7,315,197
8,337,452
Current inc. carried to
surplus
Accruing to min. int. of
B. & Q. T. Corp..--.
Bal. to B.-M. T.
a
on Aug.
16 to holders of
May 15, last.
A dividend
previously regular quarterly divi¬
distributed.—V. 144, p. 2642.
dends of 5 cents per share were
Buffalo Niagara Electric
Corp.—$20,449,000 of Securi¬
Offered—Public offering was made June 25 by a banking
group headed by Morgan Stanley & Co., Inc., of $20,449,000
of securities of the corporation.
The financing includes
$17,029,000 of gen. & ref. mtge. 33^% bonds, series C, due
on June 1, 1967, and
priced at 102 and accrued interest, to
yield about 3.39% to the first date on which they are callable
at par.
Also in the offering was $3,420,000 of serial deben¬
tures, to carry various coupon rates for marurities
ranging
ties
from
Brockway Motor Truck Corp.—Pref. Stockholders' Com¬
mittee Urges Support of Stockholders to Modify Plan—
Period End.
capital stock, both payable in Canadian funds
record Aug. 2.
An extra of 5 cents was paid on
of 12 M cents was paid on Feb. 1, last, and
3,742
Common stock
estate & bldg.).
bldgs.,
Res.
15,643
9,073
(mtges.)
Other prop, (real
Land,
$27,260
10,607
cal (not due)—
paid Items
j
1935
$52,009
Wages accrued
Def. charges & pre¬
Notes
1936
Accounts payable-
directors have declared an extra dividend of
7H cents per share in
addition to the regular quarterly dividend of 12Y* cents per share on the
Sys.
$5,029,719
Inclds. res. for amort,
$55,000
b$50,833
$593,000
b$559,167
b 1936 figures revised for comparative purposes.
Note—The above is without provision for tax on undistributed profits.
3K% Bonds, Series C—The series C bonds, dated June
1, 1937 and due
June 1, 1967, will be issued under the
mortgage dated as of Feb
of Buffalo General Electric Co., assumed
by the company, as
by
a
supplemental mortgage to be dated
in the opinion of counsel for the
company,
bonds of series A and series B now
a
direct lien
1
1926
supplemented
as
of
May 10, 1937, and will
be secured, pari passu, with the
outstanding under the mortgage bv
on
substantially all of the fixed property owned by the con¬
stituent companies at the time of the consolidation
forming the company
with the exception of the
property acquired from Niagara Electric Service
Corp., subject to the liens, in so far as they attach, of
underlying mort¬
gages.
Additional bonds of series C or of series other than
series A or
series B, may be issued, under certain conditions
and restrictions contained
in the mortgage, without limitation as to
principal amount, ranking pari
passu with these bonds.
The mortgage provides for the release
of property
from the lien thereof without notice other than
application in certain in¬
stances to the trustee.
The provisions of the
mortgage may be modified
(subject to certain limitations) with the consent of the holders of
75% of the
outstanding bonds of all series.
The bonds
than 30
of leasehold investm't
under Contr. No. 4
1938 to 1952.
For maturities
ranging from 1988
through 1942 the interest rate is 2%, this series being offered
at prices ranging from
100.68% to 97.70%.
Maturities
from 1943 through 1947 carry a 3% coupon and were
offered
at prices ranging from 101.36 to
98.31, while maturities
from 1948 through 1952 carry an interest rate of
3M%
and were priced from 100 to 98^, in each case
according to
maturity.
The yield range on the $3,420,000 issue is from'
134 to 3.40% for the maturities from 1938 to 1952.
Associated with Morgan
Stanley & Co. in the offering of
both issues are Bonbright & Co.,
Inc.; Schoelkopf, Hutton
& Pomeroy, Inc., and the Mellon Securities
Corp.
are
redeemable at the company's option as
a
whole at any time,
days' published notice, at the following redemption prices: To and
including June 1, 1940, at 107H%: thereafter with successive reductions
in the redemption price of 1 %
during each successive three-year period
to and including June 1, 1949; thereafter with
successive reductions in the
redemption price of M % during each successive three-year period to
and
Financial
4336
including June 1, 1964; thereafter at 100%; in each case with interest ac¬
crued* to the date of redemption.
Serial Debentures—The debentures, dated June 1, 1937, will consist of
$1,140,000 series A 2% ($228,000 due each June 1, 11938 to June 1, 1942,
inclusive); $1,140,000 series B 3% ($228,000 due each June 1, 1943 to June
1,1947, inclusive); and $1,140,000series G'6%% ($228,000 due each June 1,
1948 to June 1, 1952, inclusive).
The debentures are unsecured and are
identical except as to maturity, rate of interest and terms of redemption.
While no further debentures may be issued thereunder, the trust agreement
Chronicle
June 26, 1937
the public highway.
The cables comprosing the underground
22,000 volts.
The cables
comprising the underground primary distribution system are operated at
2,300 and 4,160 volts and the underground secondary distribution cables
are operated at 120, 208 and 240 volts.
The company owns approximately
167,180 overhead and underground services through which its individual
within
transmission system are operated at 11,000 and
It owns and has installed approximately 223,300
of various capacities, and approximately 14,360 line transformers.
names of the several principal underwriters of $17,029,-
customers take service.
meters
Underwriters—The
pursuant to which the debentures will be issued does not limit the amount
of other securities which may be issued by the company.
The debentures of the series A 2% which mature on June 1, 1938, and
000 bonds and of $3,420,000 serial debentures
The company, at its option, may re¬
of the outstanding redeemable deben¬
tures, or all of the outstanding redeemable debentures of any one or more
maturities upon not less than 30 days' published notice if all of the deben¬
tures are to be redeemed or if less than all of the debentures are to be re¬
deemed on an interest payment date and upon not less than 60 days'
published notice if less than all of the debentures are to be redeemed on other
than an interest payment date, at the following redemption prices; Series A
2% (all maturities except 1938 and 1939), 101%; series B 3%, 1943 ma¬
turity, to and including June 1, 1939, 103 H%; thereafter to and including
June 1, 1941, 103%; thereafter to and including June 1, 1942, 102%, and
thereafter 101%; 1944 maturity, to and including June 1, 1939, 103%;
thereafter to and including June 1, 1941, 102%, and thereafter 101%;
1945, 1946 and 1947 maturities, to and including June 1, 1942, 102%, and
thereafter 101%; series C 3^% (all maturities), to and including June 1,
1942,103%; thereafter to and including June 1,1947, 102%, and thereafter
101%; in each case with interest accrued to the date of redemption.
Purpose—Company will use the net proceeds from the sale of the series C
bonds and serial debentures, estimated at $20,142,707, exclusive of accrued
interest and after deducting estimated expenses of $248,061, for the follow¬
Morgan Stanley & Co., Inc., New York
Bonbright & Co., Inc., New York
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo
Mellon Securities Corp., Pittsburgh
Lee Higginson Corp., New York
Brown Harriman&Co., Inc., New York
First Boston Corp., New York
Edward B. Smith & Co., New York
Lehman Brothers, New York...
Bancamerica-Blair Corp., New York
j
June 1, 1939, are not redeemable.
deem as an entirety at any time all
Date
Outstanding
Cost of
Redemption
of
Redemption
Price
Redemption
$7,380,450
105
1 1937
10,300,000
1 1937
103
The funds necessary to pay the respective premiums on the bonds to be
redeemed, amounting to $651,450, will be obtained from the company's
cash resources or borrowed by the company from Buffalo Niagara & Eastern
Power Corp., a parent of the company.
(2) To the extent remaining for payments on account of the cost of a pro¬
gram which has been formulated for constructing, completing, extending
and improving the facilities of the company at an estimated cost of $3,750,000.
To the extent that funds for such purpose are not derived in full from
the above sources, the company presently expects to obtain the additional
funds from its cash resources or from borrowings if it determines to com¬
plete such program.
The company considers that such program, including
the property acquired or to be acquired pursuant thereto, is in the ordinary
course
of
Company
as
of April
1,
1937
Authorized
5% 1st mtge. gold bonds, 1942
Oper. income
Non-oper. income
1st 5s. 1939
1st ref. 5s, 1939
Gen.
& ref.
Gen.
& ref.
-
——
,
-
5s, 1956
4^s, 1981
Advances—*
Eastern Power Corp.
companies
Capital Stock—
Buffalo Niagara &
$5,111,579
Dr5
$5,865,345
1,888
$1,679,377
1,020
$5,111,573
$5,867,234
$1,680,397
2,208,872
2,175,867
2,172,962
535,244
$2,687,232
$2,935,705
$3,694,272
$1,145,153
No provision has been made for surtax on undistributed profits for the
year 1936 or the 3 months ended March 31, 1937 as the divs. paid in cash
by the respective companies exceed the adjusted net taxable income as
estimated by the companies.
'
Initial Balance Sheet April 1, 1937
'*
A.
Liabilities—
'*
Fixed capital
$84,971,054
Cash
394,691
Accounts receivable:
Parent companies
Affiliated companies
Interest
Parent company
2,244
2,375,000
7,029,000
10,000,000
20,000,000
Parent companies........
104
...
Prepaid taxes
Prepaid insurance
1,117,758
476,558
30,538
......
Affiliated companies
Others
Consumers' deposits
Interest accrued....
_
.
Capital stock (no par)d
1,200,000 shs. e27,434,225
a After eliminating $104,000 held in treasury of Buffalo General Electric
Co., constituent company,
b No bonds in excess of those outstanding on
April 1, 1937, may be issued,
c No bonds of this series in excess of those
outstanding on April 1, 1937, may be issued,
d The stated value is $25
in respect of every issued share, plus such amounts as from time to time,
by resolution of the board of directors, may be transferred thereto,
e Rep¬
resented by 1,097,369 shares, f Name changed to Niagara Electric Ser¬
vice Corp.
Organization—Corporation was organized in New York on April 1,1937,
the consolidation of Buffalo General Electric Co.. Niagara Electric
Service Corp. and Tonawanda Power Co., with the permission and approval
of the New York P. S. Commission.
The certificate of consolidation form¬
ing the company provides that its duration shall be perpetual.
The company has no subsidiary companies.
All of the outstanding capital
stock of the company (1,097,369 shares) is owned by Buffalo Niagara &
Eastern Power Corp., 99.98% of the voting securities of which is owned by
Niagara Hudson Power Corp.
The company is advised that as of May 1, 1937, Niagara Share Corp.
of Maryland held directly or indirectly 10.30%, Aluminum Ore Co. held
9.83%, the United Corp. held directly or indirectly 23.32% and United
Gas Improvement Co. held 8.65% of the voting securities of Niagara Hud¬
Retirement reserve
175,698
7,289.642
Contributions for extensions
cost
25,076
Contingency reserve......
5,219
Unamortized debt discount &
91,023
25,680
Pension and annuities res..
expense...
641,792
Amount transferred from cap¬
ital...
Miscellaneous suspense
Miscell
unadjusted credits..
4,353
680.438
109,321
Total.
Profit and loss—surplus
$90,028,4651
9,945,625
Total
$90,028,465
Bullock's, Inc.—Earnings—
Years Ended Jan. 31—
Net sales of merchandise
1937
1936
$26,593,738 $23,608,481
1,360,085
1,261,497
Less sales of leased sections
Net sales—owned sections.
Cost of sales and operating expense
$25,233,652 $22,346,984
22,165,680
19,777,923
474,865
553,320
Amortiz. & deprec. of leaseholds, bldgs. & equipm't
Gross operating profit
$2,593,107
17,911
Interest and dividends received
Other income (net)
Provision for Federal taxes
$2,029,281
341,160
$2,056,064
120,403
145,888
853,156
243,759
$7.34
Total operating profit
Bond interest.
Amortization of bond discount and expense..
Premiums paid on own bonds repurchased
$2,015,740
13,540
$2,611,018
227,428
68,954
4,755
Cr45,539
Crl4,161
a313,517
Other operating income
by
$1,411,661
243,707
60,426
17.056
Cr43,927
Cr34,822
277,727
_
Power Corp.
Business—Company is engaged in rendering electric service to the public
certain municipalities of N. Y. State, including the cities of Buffalo,
Lackawanna and Tonawanda.
According to the 1930 census, the munici¬
son
in
palities served had a population of over 750,000, of which over 570,000
persons resided in the City of Buffalo.
The company generates electric energy in its steam-electric generating
station in the Town of Tonawanda, N. Y.
It reserves a portion of the
generating capacity for certain affiliated companies under the so-called
"pooled energy agreement," whereby it receives payment for the capacity
so reserved and also for electric energy furnished to the parties to said agree¬
ment.
It also sells electric energy to certain affiliated companies under
the-so-called "excess energy agreement" for resale to electric companies
not parties to the agreement.
The company purchases electric energy from the Niagara Falls Power
Co. and Niagara Lockport & Ontario Power Co., affiliated companies,
under firm contracts, and also purchases electric energy from said com¬
panies under the "pooled energy agreement."
It purchases electric energy
from Canadian Niagara Power Co., Ltd., an affiliated company, under a
firm contract, and dump or surplus electric energy as and when such energy
is made available by Canadian Niagara Power Co., Ltd.
Company has a
direct connection with Canadian Niagara Power Co., Ltd., through which
Net profit
Dividends
on
Dividends
on new
Dividends
on common
Shares
stock
common
Earnings
a
7% pref. stock
5% preferred stock
per
system,
the company's transmission lines being connected with those of
Niagara Falls Power Co. and Niagara, Lockport &
Ontario Power Co., the
of other affil¬
By reason of these interconnections the several affiliated
operating companies have been enabled to arrange for the interchange of
electric energy when it is deemed mutually advantageous so to do, except
that no energy is exported to the Dominion of Canada.
Company partic¬
ipates in such an arrangement by reason of its being a party to the "pooled
energy agreement" and has purchased under such agreement certain of the
energy which it supplies to customers rather than generating such energy
in its own generating station.
Property—Company owns and operates one steam-electric generating
station., 62 substations comprising 2 generation substations, 3 transmission
substations and 57 distribution substations.
The overhead high voltage transmission system of the company consists
of approximately 50 circuit miles of lines operating at voltages between
12,000 and 66,000 volts.
The overhead primary distribution system of the
company operates at various voltages between 2,300 and 12,O0O volts and
overhead secondary distribution system of the company operates at voltages
of 120-240 and 480 volts.
The company estimates that its overehead
distribution system comprises approximately 7,400 conductor miles of wire
of various sizes, supported on poles of various types.
The overhead trans¬
mission and distribution lines of the company are supported by 167 steel
towers and approximately 62,460 poles of various types, of which approxi¬
mately 21,820 poles are owned jointly by the company and one or more
transmission lines of which in turn are connected with those
outstanding (no par)
share.
._
Including $25,816 surtax
distribution system of the company
consists of approximately 3,800 duct miles of conduit, approximately 2,170
cable miles of conductor and 101 underground transformer vaults, located
The underground transmission and
487,518
243,759
$4.79
undistributed profits.
on
Balance Sheet Jan. 31, 1937
Assets—
Liabilities
Cash
$759,626
.
U. S. Treas. ctfs. (at cost plus
accrued interest thereon)..
Accounts receivable (trade)
Mdse. inventory (incl. mdse.
a
in transit
pay.
(incl.
mdse.
in
transit)
$1,617,208
49,816
not consolidated
231,507
Unearned interest
49,200
171,339
313,517
12,000
Secured 4% bonds
Invest, in & advances to affil.
cos.
Accts.
330,446 Divs. pay. on pref. stock
2,901,255 Accrued Interest
4,053,277
416,318
Other assets
4,920,000
Accrued local & sundry taxes.
Federal taxes on Income
Reserves
159,928
Land owned in fee
1,764,876
5% cum. pref. stk. ($100 par)
3,985,300
b Leaseholds
1,325,484
d Common stock
4,452,636
7,068,251
Profit and loss—surplus
c
Buildings & equipment....
Goodwill
...j,
3,845,314
1
Deferred charges
725,216
Total
$19,576,2591
After
Total
$19,576,259
for doubtful accounts of $25,000.
b After reserve for
$850,380.
c After reserve for depreciation of $4,150,427d Represented by 243,759 no par shares.—V. 144, p. 2988.
a
reserve
amortization of
Bunte Brothers
iated companies.
co-owners.
...
stock
_
it purchases energy.
The company and its principal affiliated operating companies, subsidiaries
of Niagara Hudson Power Corp., comprise an integrated interconnected
50
238,328
156,793
377,486
677,006
388,173
Reserves:
electric operations
2,460,000
1,115,000
(parent)
...
Accrued liabilities: taxes accrd
investments:
Land devoted to other than
r
Affiliated
2,460,000
1,115,000
Affiliated companies
Accounts payable:
receivable:
Other
$27,434,225
39,800,000
Long-term debt
215,818
1,207,228
Materials & supplies
Oulstand'g
Capital stock
Advances:
Otner less res..
„
b2,400,000
blO.OOO.OOO
cUnlimited
cUnlimited
-
$5,180,589
3,501,211
867
income..
Miscellaneous
a$396,000
b$500,000
-
Mar. 31,'37
$4,895,237
...
Other invests., at or below
V
3 Mos. Ended
1936
1935
$16,377,034 $16,909,794 $19,266,805
deducts. 11,481.796
11,798,215
13,401,459
Total oper. rev.
Co.:
--
Buffalo General Electric Co.:
1934
,
Totaloper.revenues
Long-Term Debt■—
f Buffalo & Niagara Falls El. Lt. & Power
..
—Years Ended Dec. 31—
m
,
of its business.
Capitalization
480,000
315.000
210,000
210,000
210,000
210,000
210,000
150,000
Earnings for Stated Periods
Net income
Buffalo General El. Co.:
1st ref. 5s, 1939
$7,029,000 July
Gen. &ref.5s, series A,
1956
—
.10,000,000 Aug.
$945,000
480,000
1,065,000
1,065,000
1,065,000
1,065,000
1,065,000
715,000
...
,
respective prin¬
of the following
%
•
Amount
Debentures
Bonds
$4,654,000
2,370,000
2,370,000
1,595,000
$4,896,104
ing purposes:
(1) To the extent of $17,029,000 for the payment of the
cipal amounts (exclusive of premiums and accrued interest)
bonds:
and the several amounts
underwritten by them, respectively, are as follows:
(& Subs.)—Earnings—
Years Ended Dec. 31—
1936
Profit from manufacturing operations $1,249,308
Other income
17,639
„
Total income..
.
Admin., selling and general expense.
Interest and expense (gold notes)
Income
deductions
...
Surplus adjustments (net)
Surplus balance Dec. 31
per
(par $10)
share
on
$1,231,965
893,246
28.520
$983,269
784,744
39,583
common
52*500"
2U60"0"
$257,700
1,105,807
$137,342
2,559,268
$1,668,552
131,652
y70,364
68.019
J.
(cash)
Preferred stock
Earns,
$963,984
19,284
$312,950
1,355,602
Net profit for the year....
Previous surplus
Total surplus
1934
19,148
40,381
Provision for Federal income tax
Common divs.
$1,266,947
838,965
1935
$1,212,817
$1,363,507
$2,696,610
7,904
1,590,802
74,650
$1,398,517 x$l,355,603 x$l,105,807
stock
$3.39
$2.66
$1.27
x
Appropriated for retirement of preferred stock, $149,992 ($128,682 In
1934); unappropriated, $1,205,611 ($977,124 in 1934).
y Including $56,100 paid in 5% pref. stock, in lien of accumulated divi¬
dends from May 1, 1933 to March 31, 1936.
Volume
Financial
144
4337
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
1935
$329,721
a
Accts.
<fe
14,447
notes
250,166
35,486
241,091
667,967
295,135
51,960
1,275,223
1,330,944
Inventories
917,038
235,652
Investments
Deferred charges.,
36,640
33,078
75,850
39,810
69,578
Other accruals
33,623
6,667
for
30,648
loan..
132,405
serve
for losses.
Invest.
185,000
335,000
Pref. stk.(par $100)
Com stk ($10 par)
316,900
876,680
880,930
1,398,517
Earned surplus
1,355.602
....$3,043,288 $3,006,9621
Total
$3,043,288 $3,006,962
After reserve for doubtful accounts,
b After reserve for depreciation
and reduction of cost values of $3,381,676 in 1936 and
$3,333,355 in 1935.
—V. 144, p. 3324.
;
/
a
2,717,768
$
1,438,284
5,678,782
1,438,284
619,285
1,136,720
759,349
564,510
666,226
49,758
150,000
accrued charges.
5,385,449
Res. for Dominion
&
478,576
139,971
Prepaid expensesSundry dep. & bal.
522,815
come
& sales tax
Accrued bond int.
125 129
Dividends payable
Advs. from sub. co.
47,243
150,000
124,308
Coll. trust bonds..
504,395
242,192
276|104
Land, bldgs., lease¬
hold, plant & eq.20,353,463
Goodwill....
1
Provincial in¬
163,048
receivable
149,571
Mtges. and sundry
Investments..
yl37,133
Life Ins. prem. paid
Total
$
Common shares.
Co's' bankers (sec.)
In & advs.
to sub. cos
52,729
pay.—bank
x
Accts. payable and
4,274,793
9,421,443
_
Inventories
prior
taxes
goodwill
Call
Liabilities—
$
Accts. rec., less re¬
personal pro. tax
Inc. taxes
Notes
16.690
Mar. 25'37 Afar. 26*30
Afar. 26'36
21,009
Cash
Fed.
Reserve
Mar. 25 '37
Assets—
$97,742
Acer, real estate <$r
buildings,
mach'y
equip.
Trademarks
and
1935
1936
$225,262
and Interest
receivable
b Land,
Liabilities—
Accounts payableAcer. wages, com.
$405,414
Marketable secure,
Consolidated Balance Sheet
5,250,000
plus on approp.14,762,381
19,286,432
242,164
6,000,000
Reserve for depre¬
ciation and sur¬
Surplus
6,099,836
13,994,083
5,177,173
1
,
Total
Bush Terminal Co.—Interest—
The
bonds
x
due July "1,
interest
1937, on the consolidated mortgage 5% gold
due 1955, will be paid on that date.—V. 144, p.
3663, 3830.
are to
proposal to incr eas
the authorized 12^-cent par value common stock from
480,000 to 600,000
Cable Electric
Products, Inc. (formerly Cable Radio
Corp.) (& Subs.)—Earnings—
Years End.
1937
April 30—
Net sales
1936
1935
1934
$1,381,832
1,174,216
$1,090,247
902,893
$865,026
750,900
$711,981
591,034
Manufacturing profit.
Oper. exps. & other chgs.
$207,616
259,433
$187,353
254,712
$114,126
218,244
$120,947
251,985
Total loss from opers.
$51,817
$67,358
6,390
$104,118
6,218
Other income
949
Net loss for fiscal year
$50,869
$60,968
1937
1936
$17,804
Accts. rec.(all curr)
Mdse. Inventories.
112,117
188,634
Sundry receivables
2,693
$9,378
81,257
134,824
1,743
$97,899
"1,851
1,917
Purchases
2.933
880
accrued
Stocks & securities
$121,772
Other def. chgs
shares and common shares to which holders of old bonds are entitled under
the terms of the above-mentioned
reorganization plan have been issued to
plant
$116,523
(trade)
14,558
13,457
5,250
"V.450
1,255
ances pay
Sundry payable
&
exps.
39,760
10,762
Loans payable
and
x
90.548
Stkhldrs.
27,346
11,098
203.414
152,546
equity
Montreal Trust Co. in trust for distribution to the holders of old bonds in
accordance with the terms of such plan.
Old bonds must be surrendered to Montreal Trust Co., either at 511
Place
147,443
Canadian
Breweries, Ltd.—Accumulated Dividend—
^The directors have declared a dividend of 50 cents per share on account of
accumulations on the $3 cumulative preferred stock, payable July 15 to
holders of record June 30, leaving arrears of $4 per share.—Y. 144, p. 3999.
Canadian
Eagle Oil Co., Ltd.—Earnings—
Years Ended Dec. 31—
Divs. & int. in investm'ts & deps., net
Oil trading loss, after de¬
1936
1934
1935
£753,046
£652,526
28,001
82,194
21,533
23,439
71,029
24,073
18,371
Net profit
Balance, Dec. 31
£819,035
38,277
£625,880
60,348
£539,053
83,685
Total surplus
Divs. on 7 % cum. first pref. shares
£857,312
151,968
£686,228
152,541
£622,739
162,391
200,000
200,000
£705,344
£533,687
£60,348
£847,036
ducting investm'ts resserve no longer required
charges
Geological & other exploration exps..
Head office and other
1
goodwill.
Total
$378,345!
$417,140
Total
$417,140
$378,345
Represented by 200,000 shares of voting trust certificates.—V. 143,
p. 2042.
x
Transfer to general reserve
Transfer to special exploration reserve
Earned surplus, Dec. 31
California-Oregon Power Co.—Earnings—
12 Months Ended March 31—
Operating
Operating
d'Armes, Montreal, P. Q., or at 61 Yonge Street, Toronto, Ont., and
accompanied by a letter of transmittal.—Y. 144, p. 3490.
must be
1936
$198,064
Notes pay., mach.
558
equipment
Pat'ts, trade-mks.,
1937
Accounts payableNotes and accept¬
900
Supplies Inventory
Prepaid Insurance.
Mach.,
Liabilities—
Ready—
30,1936, Including
as part thereof the modified
general plan of reorganization, is dated Oct. 1,
1936, has become binding on all holders of said bonds, and of interest
coupons pertaining to such bonds and on all holders of 6% cum. pref.
shares (par $100) and on all holders of common shares
(no par).
New 5% bonds in interim form (which
may be exchanged after Nov. 1,
1937, for 5% first mortgage bonds, series A, in definitive form), 5% pref.
9,266
Consolidated Balance Sheet April 30
Assets—
Cash in banks
only.—V. 143,
notified that the compromise or arrangement dated Nov.
$131,038
Manufacturing costs
y Investments
Holders of first and general mortgage 6% gold bonds, series A, are being
meet June 28 to consider a
shares.—V. 144, p. 3999.
Tube
35,252,064 29,096.825
Total
Canada Steamship Lines, Ltd.—New Securities
Burry Biscuit Corp.—To Increase Stock—
The shareholders
35,252,064 29,096,3251
Represented by 200,000 no par shares,
1937
revenues..
$4,515,890
1,701,648
_
expenses, maintenance and all taxes
Balance Sheet Dec. 31
1936
Net oper. rev. (before approp. for retire't res.).. $2,814,242
Inc. from merchandising, jobbing & contract work
2>r58,722
Miscellaneous non-operating revenues
618
$4,152,899
1,732,966
$2,419,933
Dr41,928
6,956
1936
Assets—
Inv. in allied cos..
993,132
Stocks of oils
107,161
Debtors
$24756,139
$2,084,960
239,528
1,027,327
11,262
Appropriation for retirement
reserve
Liabilities—
£
securities
shares
3,073,656
£
x
2,172,464
2,423,078
7,962,932
1,817,367
7,962,932
1,400,000
163,942
318,299
Partlc. pref. and
ordinary shares.
Due to subs
y4,371,354
1935,
7% cum. 1st pref.
Reserves..
300,000
$2,456,139
Rent for lease of electric properties
238,615
Interest charges (net)
851,346
Amortization of prelim, costs of projects abandoned
45,047
Amortization of debt discount and expense
202,876
Other income deductions
15,845
40,531
and cash
$2,384,960
300,000
8,319,658
1,507,154
102,882
142,600
British and British
Treas.
1936
£
7,145,929
Net operating revenue and other income (before
appropriation for retirement reserve)..
1935
£
Invest, in sub. cos.
Creditors
Res. for divs.
accr.
but unpd. or 7%
Gross income
15,600
$1,102,411
$634,268
Total
its
income
tax
the unamortized discount
return
bonds and
taxable income.
expense
no
on
and
expense
Canadian
and re¬
a dividend of $1.75 per share on the 7%
$100, a dividend of $1.50 per share on the
6% cumulative preferred stock, par $100, and a dividend of $1.50 per share
on the 6% cumulative preferred stock, series O of
1927, par $100, all payable
(on account of accumulations) on July 15 to holders of record June 30.
Arrearages after these payments will total $7 on the 7% stock and $6 per
share on the 6% stocks.—V. 144, p. 3999.
Co., Ltd.—Accumulated Class B Div.—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the 5% cum. pref. class B stock, par $50, payable
July 15 to holders of record June 30. A dividend of 75 cets, which had been
previously declared, will be paid on July 2.
A dividend of 62H cents was
paid on April 1 and on Jan. 2, last, and one of 50 cents per share was paid
on Oct. 1,1936.—V. 144, p. 3663.
Canada
Packers, Ltd. (& Subs.)—Earnings—
Years Ended—
Net sales
Mar.
25, *37 Mar. 26, '36 Mar. 28, *35
$72,699,519 $63,586,883 $59,186,658
48,811
110,234
88,167
53,140
Income from investments
Profit for sale of investments
Profits realized on redemption of the
bonds of Harris Abattoir Co., Ltd.,
and William Davies Co., Inc. in
prior years, less premium pair
payable on redemption thereof
Total income
$72,840,826 $63,635,694 $59,377,141
Cost of materials, supplies, packages,
&c
Interest
on
59,613,721
10,083,985
51,986,638
9,055,753
bonds
Reserve for Dominion and Provincial
income taxes
784,998
213,110
748",019
49,758
48,335,203
8,420,656
15,324
747,674
149,321
622,350
507,514
363,000
$1,522,663
5,177,174
Expenses, wages, salaries, &c
Provision for losses of subsidiary co
Depreciation on fixed assets
$1,288,011
5,379,414
$1,318,663
4,633,038
Amounts written off investments, less
profits realized on sales thereof
Net profit for the year
Previous surplus
p.
27,299
Total surplus
$6,699,836
Common dividends
600,000
$6,667,425
316,701
600,000
$5,951,701
422,287
150,000
Premium on 7 % cum. pref. stock red.
Jan. 1, 1936
$3,432,702
Increase
$324,278
Canadian Pacific
Ry.—Earnings—
Earnings of System for Week Ended June 21
1937
1936
$2,604,000
Gross earnings
$2,493,000
Increase
$111,000
—V. 144, p. 4172.
Canadian Wirebound
Boxes, Ltd.—New President—
At
a meeting of directors held on June
11, A. M. Dunn, Vice-President
Managing Director, was elected President to take the place of the late
James Playfair.—Y. 144, p. 4172.
and
Cannon Shoe Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to a regular dividend of five cents per share on the common stock,
both payable July 1 to holders of record June 21.
This compares with 10
cents paid on April 1, last and an initial dividend of 10 cents per share
paid
on
Dec. 26. 1936.—V. 144, p. 100.
Carolina Power &
Light Co.-—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$971,527
$865,536 $11,391,590 $10,134,178
483,574
442,163
5,529,937
4,968,290
80,000
80,000
960,000
960,000
—
revenues
Oper. exp. (inc.. taxes).
Prop.Tetire. res. approp.
Net oper. revenues!
for lease of plant
$407,953
$343,373
$4,901,653
17,145
17,050
205,417
205,659
Other income (net)
$390,808
1,669
$326,323
2,132
$4,696,236
32,894
$4,000,229
33,145
V Gross
$392,477
$328,455
191,667
5,000
$4,729,130
2,300,000
64,304
Cr1,569
$4,033,374
2,300,000
58,372
Net income
$195,142
$131,788
Divs. applic. to pref. stocks for period, whether
paid or unpaid..
$2,366,395
$1,675,002
1,255,237
1,255,237
$1,111,158
$419,765
__
$4,205,888
Rent
(net)
Operating income
income.
Int. onmtge. bonds..191,667
Other int. & deductions.
5,668
Int. charged to construe.
x
Balance
x
Regular dividends
on $7 and $6 preferred stocks were paid on April 1,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
1937.
573,550
-
Surplus end of period
Earns, per sh. on 200,000 shs.
stock (no par)
1936
$3,756,980
,..
Preferred dividends
Rys.—Earnings-
4172.
Period End. Apr. 30
80,249
533,687
12,658,107 13,145,950
1937
144,
Operating
or
Total...
143, p. 2043.
National
Gross earnings
—V.
The directors have declared
Canada Bread
13,145,950
Earnings of System for Week Ended June 21
debentures redeemed in
Accumulated Dividends—
344,012
705,344
x Represented by
854,770 participating preference shares and 12,128,271
ordinary shares both of no par value, y Includes South American Govern¬
cumulative preferred stock, par
*
12,658,107
ment securities.—V.
Note—No provision has been made for Federal income taxes or surtax
undistributed profits for 1936, as the company will claim as a deduction
demption premium and
1936, which will result in
pref.
shares
on
in
1st
Earned surplus...
156,976
__
Net income
cum.
$6,099,836
$5,177,174
$5,379,414
$7.61
$4.85
$4.48
com.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed net income
for that year.
No such provision has been made to date for 1937.—V. 144,
P.
4172.
4338
Financial
Castle-Trethewey Mines, Ltd.
Years End. Mar. 31—
Total revenue
1937
1936
1935
1934
Admin, general cost
$68,165
21,179
$57,945
17,410
$43,190
18,031
$43,691
6,954
Net profit
Previous surplus
$46,987
841,161
$40,535
791,373
9,254
$25,158
476,214
290,000
$36,737
441,785
$888,148
$841,161
$791,373
$478,522
2,308
Miscellaneous credits
T Total surplus
Other deductions
Surplus March 31
$888,148
$841,161
$791,373
$476,214
Balance Sheet March 31
Assets—
1937
Marketable
Interest
$42,405
447,974
a7,516
3,314
securs.
receivable
Supplies
1936
$27,693
Cash
702,060
Shs. in & ad vs. to
Omega G. Mines
1937
$350,000
Capital stock
Ltd
632,503
663,004
share capital—
2,142,523
137,049
3,276
2,709,002
841,161
200,274
1,531
3,266
2,709,002
138,127
10,434
200,274
1,580
Surplus
888,148
dividends
Total
$3,610,812 $3,903,811
b After
for
reserve
depreciation of
Light & Power Co.—Earnings—
1937—Month—1936
$257,572
173,853
2,979
24,000
2,975
19,890
35,757
285,550
33,351
226,684
$80,119
10,616
$60,854
13,821
$858,333
151,756
$763,850
212,296
$1,010,089
$976,146
375,000
6,649
investments
res. approp
Net oper. revenues
Gross income
mortgage bonds.
$90,735
18,958
$74,675
31,250
Other int. & deductions.
627
509
Int. charged to constr..
CV995
on
Net
x
_
income-.-.
322,146
7,968
CV2.731
------
$72,145
$42,916
Dividends applicable to preferred stocks for
the period, whether paid or unpaid
$682,706
$594,497
108,054
108,054
Balance
$574,652
$486,443
Regular dividends
on $7 and $6 preferred stocks were paid on May 1,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.»
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed
adjusted
x
1937.
net
$135,827
44,314
$1,671
Cr2,316
$418,818
198,244
def$57,752
Cr8,478
Net ry. oper. incomeOther income.
$91,513
2,355
$3,987
2,557
$220,574
11,060
def$49,274
9,958
$93,868
107,967
$6,544
108,708
$231,634
539,035
def$39,316
542,586
$14,099
$102,164
$307,401
$581,902
income for that
oper.
income.
available
for
fixed
charges
charges
-
balance
144,
3491.
p.
No such provision has been made
year.
The directors have declared a dividend of $1
per share on the common
stock, payable June 30 to holderx of record June 25.
A like amount was
paid on March 31 last and compares with $3 paid on Dec. 21, 1936, and
dividends of 50 cents were paid on Oct. 15 and
July 15, 1936, this latter
being the first payment made since Oct. 1, 1931, when a like distribution
was made.—V. 144,
p. 3831.
Certain-teed Products
1937—12 Mos—1936
$3,661,422
$3,162,574
2,481,782
2,138,689
$294,162
187,064
Other income (net)
Int.
Hire of equip., rents, &c.
Century Electric Co.—To Pay $1 Dividend—
Amortization of limitedterm
$39,703
97,455
10,434
receivable.
Central Arizona
Prop, retire't
$540,426
121,608
Deficit
$225.197.—V. 143, p. 2044.
Period Ended May 31—
Operating revenues
Oper. exps. (incl. taxes).
1937—5 Mos.—1936 .•
$2,836,779
$2,295,818
2,296,352
2,256,114
$25,605
23,934
Fixed
$3,610,812 $3,903,811
Includes
oper. expenses.
$159,683
23,855
—V.
construction
Inc.—Earnings—
1937—Month—1936
$595,630
$540,134
435,947
514,529
oper. revenues.
Income
Develop, undist'd.
Oper. prepayments
a
Railway
Railway
*
'
on
Total
Central Vermont Ry.,
Period End. May 31—
372
2,142,523
bBuilding, plant &
equipment
Adv. for power line
10,397
Mining properties,
incl. discount
from the sale of electric energy.
The company's territory comprises 18
incorporated cities and villages, including Findlay and Wooster, 12 unin¬
corporated communities, and the territory adjacent thereto, all in the State
of Ohio.—V. 144, p. 3325.
Railway
funds
Accts. pay. & accr.
Unclaimed divs
neces¬
Company is engaged principally in generating and distributing electric
power and light, 96.8% of its 1936 total operating revenue being derived
Railway tax accruals
1936
Findlay, Ohio, and
notes—
payable In U. S.
87
3,316
June 26, 1937
Net rev. from ry. op__
Liabilities—
Demand
Chronicle
line facilities between such proposed plant and
sary sub-station facilities.
-Earnings—
to date for
1937—V. 144, p. 4172.
Directors at
Corp.—Pref. Div. Omitted—
a meeting held June 18 failed to declare the
regular quarterly
$1.50 per share on the company's 6% preferred stock due
July 1. .A regular quarterly dividend of $1.50 per share was paid on this
issue on April 1, last.
Following the meeting, Waiter G. Baumhogger, President, stated that
while earnings for the current quarter are in excess of dividend
requirements
the board deemed it advisable to defer action on the dividend in
orderAto
conserve working capital for anticipated business
expansion.
"The corporation's earnings for the first half of
1937, will, we believe,
be satisfactory to stockholders.
Earnings through May after depreciation
reserves,
bond interest and reserve for Federal income tax amount to
$128,113 against a loss of $227,613 for the same period of 1936," Mr.
Baumhogger said. "If June earnings are as anticipated, the corporation's
earnings for the first half of 1937 will be better than for any similar period
since 1927.
dividend
of
"Improvement in earnings in the first five months of 1937 is despite the
fact that it was necessary to expend $126,749 more for maintenance of
physical properties, social security taxes and reserve for income and other
taxes than in the same period in 1936.
"In addition, the corporation has since the first of the
year been required
to invest $196,000 in new and replacement assets.
These expenditures
were required to place plants, factories and mines in
better operating con¬
ditions.
"Moreover,
expected
to
the corporation's volume of business is growing and is
increase rather substantially during the last half of
1937,
investments in accounts receivable, inventories, or¬
necessitating larger
ganization, &c.
"In
Central Illinois
Light Cfc.—Earnings—
Period End. May 31—
Gross
x
revenue
Oper. expenses & taxes
Prov. for retirement
res.
Gross income
y
1937—Month—1936
$682,294
$624,450
375,525
333,118
82,600
75,000
$224,169
Net income
on
preferred stock.
Balance
$8,524,235
4,628,217
932,000
$7,863,458
4,137,235
825,000
76,779
$216,332
88,311
$2,964,018
935,833
$2,901,223
805,227
$147,390
41,800
$128,021
55,888
$2,028,185
510,837
$2,095,997
691,150
$1,517,347
$1,404,847
Int. & other fixed chgs.
Divs.
1937—12 Mos.—1936
$105,590
$72,133
Includes provision for Federal surtax on undistributed profits for 1936.
No provision has been made for such tax in 1937.
y Includes
effective as
of July 1, 1936, amortization of preferred stock premium, discount, com¬
x
mission
and
expense.—V.
Operating
Operating
(& Subs.)- —Earnings—
1937—Month—1936
1937—12 Mos.—1936
$537,374
187,688
59,918
29,418
$494,088
178,297
58,607
5,896
$6,859,905
2,450,132
699,177
220,457
$6,171,204
2,236,811
685,944
154,951
income
Non-oper. income (net).
$260,350
4,155
$251,288
3,868
$3,490,139
40,055
$3,093,498
49,585
Gross income...
Bond interest
$264,505
107,142
4,310
14,780
$255,156
114,500
7,095
27,424
$3,530,194
1,330,027
327,316
$3,143,033
1,469,559
75,551
244,665
$138,273
108,099
$106,137
108,099
$1,808,541
1,297,182
$1,353,258
1,297,182
revenues
expenses
State & munic. taxes
Federal taxes (incl. inc.)
Net oper.
Other
interest
Other
deductions.
Net
income
Pref. div. requirements.
Note—Preferred
dividends
have
64,310
been
paid at one-half the regular rate
since Oct. 1, 1934, and arrearage for quarters ending
Sept. 30, 1934, and
Dec. 31,1934, were paid Jan. 1,1937, and April 1,1937.—V. 144, p. 4172.
Central Ohio Steel Products
1937
1936
$165,047
$161,471
—Y. 144, p. 607.
Central Vermont Public Service
Operating revenues
Operating expenses
State & munic. taxes
Federal taxes (incl. inc.)
Net oper. income
1937—12 Mos.—1936
$2,076,471
1,131,545
158,211
53,311
$1,886,038
994,595
146,085
-86,901
$733,404
3,669
$658,457
3,293
$58,516
$50,915
53
68
$58,569
20,416
$50,983
25,346
418
$737,073
259,294
2,943
$661,750
304,260
2,588
1,394
800
54,000
16,824
9,256
$36,609
18,928
$24,419
$404,012
227,136
$345,646
227,131
_
Gross income
Bond interest
Other
Corp.—Earnings—
1937—Month—1936
$166,434
$149,741
82,857
78,346
15,029
12,223
10,032
8,257
150
Non-oper. income (net)
interest
Champlain Transportation Co.—Registers with SEC—
See list given
on
first
of this department.
page
Chesapeake & Ohio Ry.—Earnings—*
May—
1937
Gross from railway
Net from railway
Net after rents
Net from railway
Net after rents
1936
.$10,933,718 $11,257,697
4,793,445
5,460,501
3,397,424
4,337,645
-
-
..
..
..
53,589,613
23,173,628
16,720,301
52,427,902
23,482,165
19,002,525
1935
1934
$8,825,156
3,595,894
2,618,687
$9,401,973
4,134,706
3,038,664
44,371,435
45,507,676
18,173.706
13,751,662
19,914,801
15,152,986
—V. 144, p. 3492.
Chicago Burlington & Quincy RR.—Listing—
The New York Stock
Exchange has authorized the listing of $5,120,000
mortgage 4% bonds, due March 1, 1958, making the
applied for in this and previous applications $75,120,000.
additional general
total
amount
—V.
144, p. 3831.
Chicago
July 27—
Indianapolis
&
Louisville
The Interstate Commerce Commission has
assigned a
on the plan of reorganization filed
by the company.—V.
Ry.—Hearing
hearing for July 27
144, p. 3832.
Chicago Milwaukee St. Paul & Pacific RR.—Would Pay
Equipment Trust Certificates—
The trustees have filed
seeking authority to
a
petition in the U. S. District Court in Chicago
1 equipmen
pay 20% of the principal amount of the July
trust certificate maturities series A, E, F,
G, and H.
The
aggregate pro-
Co.—Earnings—
5 Months Ended May 31—
Profit after charges, but before Federal taxes
Period End. May 31—
due July 1."—V. 144, p. 3831.
From Jan. 1—
Gross from railway
144, p. 3831.
Central Maine Power Co.
Period End. May 31—
addition, the corporation is engaged in the development of certain new
lines of merchandise which it expects to market
during the last half of the
capital is required.
fact that earnings for the current
quarter more than cover preferred stock dividend requirements, it has been
considered advisable by the directors to conserve cash; hence the
deferment,
for the time being, of action on the payment of the
preferred stock dividend
year, and for which additional working
"For these reasons and despite the
Acceleration of amort, of
Josed29.—V. 144, p. $688,800. Hearing on the petition has been
payments are 4173.
une
set for
Chicago Rock Island & Pacific Ry.—Plan for Funding
Equipment Trust Certificates Summarized—
The committee for
the equipment trust certificates
(Philip A. Benson,
letter addressed to the holders states:
1937, the Federal District Court at Chicago entered its
order tentatively approving a plan for the
funding of the existing Rock
Island equipment trust certificates.
The committee summarizes briefly
the provisions of the plan and states its recommendations with
regard
Chairman) in
On
June
thereto
as
a
21,
follows:
Since the entry of order on Dec. 17, 1936,
authorizing payment by the
of the sum of $1,166,200 pro rata to holders or
$11,662,000 of
matured and unpaid equipment trust certificates, and in accordance with
trustees
the statements contained in
the committee's letter of
Dec.
19,
1936, to
you, the committee has from time to time held numerous conferences with
the trustees concerning the possibility of
reaching a settlement respecting
the continued use by the trustees and their successors of the
equipment
debt disct. & expense.
deductions
Other
subject to the various equipment trusts.
Likewise, the trustees have dis¬
cussed the situation with representatives of protective committees for the
holders of the vatious bonds of the company.
The plan for
funding the
Net
income
Pref. div. requirements.
—V.
144,
p.
18,928
On June
3491.
Offered—Offer¬
ing of $750,000 3-year 43^% convertible secured notes at
99M and accrued int. was made June 25 by E. H. Rollins
& Sons, Inc.
*
1, 1940, are convertible, at any time up to
redemption, into the company's first mortgage
5%. bonds, series B (due June 1, 1962).
The net proceeds of the issue will be used to construct and equip a new
steam electric
generating plant near Bluff ton, Ohio, including transmission
1,
1937, the trustees filed
as
a
result of such
a petition with the court respecting
This petition, after referring to the
and orders respecting the existing certificates previously
filed, and after stating that the immediate cash position of the trustees
is such that they can from funds now in hand make the immediate cash
payments contemplated by the plan and that the trustees regard the future
cash payments required by the plan as commensurate with the
ability of
the trust estate, recommended to the court that the plan be approved
substantially in the form as submitted, that pending further order of the
court no interest be paid on the existing certificates except as provided in
the plan, that the trustees be authorized, subject to the approval of the
Interstate Commerce Commission, to take such steps as may be necessary
for authority to carry out the plan, that the trustees be authorized to offer
the funding of the existing certificates.
Central Ohio Light & Power Co.—Notes
The notes, maturing June
within 10 days of maturity or
existing certificates has been prepared by the trustees
discussions and conferences.
several petitions
a
Volume
Financial
144
present holders of the existing certificates new trustees' certificates
provided in the plan, and that upon the acceptance
by the holders of 90% of the face amount or all of the existing
certificates, or such other amount thereof as may be approved by the
court, the trustees be authorized to issue such trustees' certificates in
exchange for the existing certificates.
The plan proposed by the trustees provides that, after obtaining the
requisite authority, after acceptance of the plan, and upon declaring the
plan operative, the trustees will pay to the holder of each existing certifi¬
cate interest accrued and unpaid thereon to June 1, 1937, at the coupon
rate now borne by such certificate, and in addition the sum of $50 on ac¬
count of the principal thereof—the aggregate payment on account of prin¬
cipal totaling $1,544,160. In addition, the trustees are to ask for tenders
or ex sting certificates at not exceeding the amount of the unpaid principal
thereof, with interest thereon at the rate of
% per annum from June 1,
1937, to such date as may be fixed for the date of purchase or redemption
thereof, in an amount sufficient to absorb the sum of $1,172,650, which
sum will be applied to the purchase of the existing certificates so tendered
in the order of their tender price.
The plan contains provisions respecting
the action to be taken by the trustees in the event of either an excess of ten¬
ders at the same price or a total amount of tenders insufficient to absorb
the above sum. After the two cash payments described above, aggregating
$2,716,800, there should remain outstanding a total of not more than
$27,000,000 of existing certificates.
After the ICO has taken such action as it deems necessary upon the appli¬
cation of the trustees for its approval and authorization of the issuance of
new trustees' certificates in exchange for the existing certificates, there will
take place a further hearing before the court upon the terms and provisions
thereof and of the trust indenture under which the new trustees' certificates
to the
to be issued on terms as
of the plan
are
to be issued.
obligations of the trustees, will bear interest at 3M% Per
annum, payable Jan. 1 and July 1 in each year
will be dated as of July 1,
1937, and will be due by their terms on July 1, 1947, subject to call and
prior redemption. The new certificates may be called, in whole or in part,
at any time at par and accrued interest, and will be in registered form in
the denom. provided in the plan.
Provision may be made in the trust in¬
denture for the issuance of new certificates in coupon form and, in that
will
be direct
and in coupon form may be
interchangeable. Under the trust indenture the obligaions of the trustees
will be general obligations.
The existing certificates so exchanged will,
however, be conveyed by the trustees to the trustee under the indenture
and retained by the trustee as security for such obligations until all the new
certificates have been retired.
In addition, the plan expressly provides for
the assumption of such obligations as general obligations by such corpora¬
tion, receiver, or trustee or trustees as shall succeed the trustees in the
ownership of 75% of all of the owned lines of railway comprising the rail¬
way company's estate.
In the event that, upon the termination of the
present trusteeship, neither the railway company nor any other corporation
or receiver shall alone succeed to the possession of 75% of all of the owned
lines of the railway company, the plan requires the court to make such
provision for the protection of the new trustees' certificates as may be
event, the new certificates in registered form
equitable.
the trust indenture will provide for the pay¬
by the trustees to the trustee thereunder of the sum of $3,250,000 per
payable in semi-annual instalments of $1,625,000 on Jan. 1 and
July 1 in each year, commencing Jan. 1, 1938, and continuing to and in¬
cluding July 1, 1947 (subject to proportionate reduction in the event that
not all of the existing certificates are exchanged under the plan).
Such
semi-annual payments are to be applied by the trustee under the indenture,
first, to the payment of the current semi-annual interest on all of the new
trustees' certificates outstanding thereunder, and, second, to the retirement
of such certificates, at not more than the face amount thereof, pursuant to
call for tenders or by redemption.
In addition, the trust indenture will
provide for an acceleration fund to arise whenever total revenues from opera¬
tion of the railway by the railway trustees, or their successors, shall exceed
the sum of $85,000,000 in any calendar year.
In that event, the railway
trustees, or their successors, are to pay to the trustee under the indenture,
on or before April 1 in the following year, an amount equal to 10% of the
excess of such total revenues over $85,000,000, the maximum payment in
any one year to be $500,000.
This acceleration fund will be applied by the
trustee under the indenture to the retirement of the new trustees' certifi¬
cates pursuant to call for tenders or by redemption, at not more than par,
of a principal amount of such certificates sufficient to absorb the amount
of the acceleration fund then in its hands.
In addition, interest due at
the date of such call or redemption on the certificates so redeemed will be
paid by the trustee under the indenture with funds provided by the railway
trustees, or their successors.
During the early discussions with the trustees, it was the thought of this
committee that interest maturing on June 1, 1937, would be paid at ma¬
turity, and that the necessary proceedings would be had and the plan
declared operative so that the tenders of the existing certificates might
be made on Aug. 1, 1937.
However, the complexity of the problems pre¬
sented and necessary changes in the plan prevented its initial presentation
to the court before June 1, 1937.
At the hearing on that date, the trustees
requested authority to discontinue interest payments as of June 1, 1937,
and that the plan be set for hearing on June 10, 1937.
Counsel for this
committee appeared at the hearing on June 1 and protested such discon¬
tinuance of interest payments. Nevertheless, the court directed the trustees
to discontinue the payment of interest on existing certificates until further
Under the terms of the plan
ment
annum,
order of the court.
Two of the answers filed to
the above petition of the trustees raised objec¬
tions to the plan.
The two answers were filed by the protective committee
for the Rock Island Arkansas & Louisiana RR. 1st mtge. bonds and by the
trustee of the St. Paul &
Kansas City Short Line RR. 1st mortgage.
Coun¬
appeared at the hearing before the court on
the plan both as a whole and in part.
At the hearing on June 10,1937, the Chairman of this committee appeared
and testified that the plan was satisfactory to the committee and that the
committee was prepared to urge its acceptance by the holders of the existing
certificates; at the same time the committee, through its counsel, urged
sel representing these interests
June 10, 1937, in opposition to
that the instalments of interest maturing on June 1, 1937, as well as those
maturing thereafter up to the effective date of the plan, be paid at maturity
at the coupon rate now borne by such certificates.
Counsel for
tective committees representing Chicago Rock Island & Pacific
the
Ry.
pro¬
gen.
mtge. bonds and Chicago Rock Island & Pacific Ry. 1st & ref. mtge. bonds
stated that their committees had approved the plan provided the terms of
were in the form previously submitted to them.
Counsel for this
committee, while indicating general approval of the plan as proposed and
the order
submitted to the court, objected to including therein the provision directing
the trustees to make no payment of interest on the existing certificates,
order entered on June 21, 1937, has ap¬
proved the plan in terms substantially as proposed by the trustees, has
directed the trustees to make no further payment on account of interest
the existing certificates, except as provided in the plan, and, inter alia,
has fixed July 13, 1937, as the date for final hearing of any objection that
on
presented to the plan, at the same time, however, authorizing the
to submit the plan to the holders of the existing certificates for
their acceptance in accordance with the terms thereof.
In addition, the
court authorized the trustees to receive acceptances of the plan at any time
prior to Nov. 10, 1937, or such other time as the court may fix on further
notice to all parties.
It is expected that an application will shortly be filed
by the trustees with the ICO for authority to issue the new trustees' certifi¬
cates in exchange for the existing certificates.—V. 144, p. 2832.
Cleveland Cliffs Iron Co.—Accumulated Dividend—
The directors have declared a dividend of $2.50 per share on account of
accumulations on the $5 cumul. pref. stock, no par value, payable June 30
to holders of
record June 24.
A dividend of $3
was
paid
on
Dec. 15, 1936.
Accumulations after the current payment will amount to $24.95 per share
—V.
144,
p.
The Commission will be asked for permission to issue securities in ex¬
change for the obligations to creditors and holders of preferred stock.—
V. 144, p. 2293.
Chilean Nitrate & Iodine Sales Corp .—Int.
2823.
Payment—
Interest at the rate of 2
% for the half-year ending June 30,1937, on the
5% sterling income debentures will be paid in full on or after June 30, it was
announced on June 23.
Such interest will be payable in sterling at
J.Henry Schroder & Co., London, or in dollars at the J. Henry Schroder
Banking Corp., New York, at the buying rate for sight exchange in London
current on the date of presentation of the coupons.
Payment also may be
made in France, Holland, Switzerland or Germany in their respective
currencies.—V. 142, p. 4333.
City & Suburban Homes Co.- -Earnings—
1937
$1,312,445
1936
1935
$1,173,815
$1,125,313
2,030
1,944
1,890
$1,314,475
1,171,738
Years Ended April 30—
Income—Net rents
$1,175,759
$1,127,203
,1,103,278
1,024,751
$142,737
$72,481
$102,452
Other.
Total income
Expenses
Net income
(subject to additional
depreciation and taxes, if any)..
Balance Sheet
Assets—
(at cost)
11,612
1,477
19,056
7.430
1,650
220,066
7,972
11,612
1,419
17,164
7,983
1,160
Inventories
Contracts recelv'le
Real estate
217,428
7,972
9,946,469
Equipment
36,368
Securities
Deferred charges._
Total
33,231
12,254
15,230
1,823,300
1,612,500
Mtges. payable on
land & buildings
Def'd credit on sale
218,578
of property
Reserve for aeprec.
Other reserves
221,616
2,946,749
3,507
2,740,657
2,539
4,255,690.
Cap. stk. ($10 par) 4,255,690
Surplus
1,188,938
9.564,119
15,731
78,334
130,320
1936
$22,115
52,806
Deferred credits..
S. Govt, bonds
Acer. int. receiv_.
Accts. receivable..
1937
Liabilities—
Accounts payable-
$71,413
$140,976
$17,039
Accruals
1936
1937
Cash
Mtges. receivable.
April 30
$10,518,861 $9,998,763
Total
$10,518,861 $9,998,763
1,195,182;
-Y. 143, p. 1870.
Cliffs
Corp.—20-Cent Dividend—
The directors have declared
a dividend of 20 cents per share on the com¬
stock, payable July 30 to holders of record July 20. A similar payment
was made on April 30, last; and a dividend of 75 cents was paid on Dec. 18,
1936, this latter being the first dividend paid since March 20, 1931, when
15 cents per share was distributed.—V. 144, p. 4173.
mon
Cluett, Peabody & Co., Inc.—Listing—Offering—
The New York Stock Exchange has authorized the listing of 100,671
additional shares of common stock (no par) upon official notice of issuance,
upon the exercise of rights by stockholders or sale to underwriters, making
the total amount applied for 677,844 shares.
Holders of common stock of record June 25 will be offered the right to
subscribe, at $22 per share, to 112,974 shares of common stock (no par)
(including 12,303 shares held in the treasury) at the rate of one share for
each five shares of common stock held, such rights to subscribe to be
evidenced by warrants, exercisable only in respect of full shares of common
stock, transferable and divisible at the office of the Manufacturers Trust
Company, 45 Beaver Street, New York, providing that all payments
in respect of subscriptions should be made in full at the time of the exercise
of the subscription privilege, and expiring July 15.
Such of the above
112,974 shares of common stock not subscribed for by common stock¬
holders will be sold at $22 per share to the following underwriters: Gold¬
man, Sachs & Co.; J. & W. Seligman & Co.; Brown, Harriman & Co., Inc.;
Kidder, Peabody & Co.* Hayden, Stone & Co.; Hemphill, Noyes & Co.;
Kleinwort, Sons & Co.; G. M.-P. Murphy & Co.; Tucker, Anthony & Co.,
and Kuhn, Loeb & Co.
Of the net proceeds to be received by the
company ($2,332,182 estimated)
approximately $550,000 are to be used for additions and betterments to
plant facilities.
The remainder is to be used as additional working capital
and for the repayment of short-term notes payable, outstanding as of June
1, 1937, in the amount of $1,350,000.
Of the notes payable, $750,000
consisted of commercial paper purchased and resold by Goldman, Sachs &
Oo.
,
Initial Dividend
on
New Stock—
The directors have declared
an initial dividend of 25 cents per share on the
shares now outstanding, payable Aug. 2
July 21.
The company recently split its stock on a 3-for-l basis.
A dividend of 75 cents per share was
paid on the old stock on May 1, last,
and on Feb. 1, last, and compares with 25 cents paid on Nov. 2, 1936, and
each three months previously.
In addition, a special dividend of $3 was
paid on Dec. 15, 1936.—V, 144, p. 4173.
larger amount of
no par common
to holders of record
Collins & Aikman
Corp. (& Subs.)—Earnings—
3 Months Ended—
Income from operation
May 29, '"37 May 30/36
$1,660,267
$1,644,750
;
Other income
65
Total income
$1,660,267
133,800
289,758
7
'
$i ,236,709
60,367
844,200
Common dividends
stock
per
share
(no par)
562,800
on
Note—No provision
V. 144, p. 3169.
$823,034
-
\
Net income
Preferred dividends
Surplus
Earnings
L ,213,525
$332,142
Depreciation
Federal, State & Canadian income tax
.,644,815
118,069
313,221
shares
.
109,091
281,400
common
$2.09
was
made
for
surtax
on
$1.96
undistributed
profits.—*
Collyer Insulated Wire Co.—35-Cent Dividend—
The directors have declared
a
dividend of 35 cents per share on the com¬
stock, no par value, payable July 1 to holders of record June 24.
Similar payments were made on April 1, last, and on Dec. 24, 1936, and
previously, divs. of 25 cents per share were distributed.—V. 144, p. 274.
mon
Columbia Pictures Corp.—Stock Dividend—
The directors have declared a semi-annual dividend of
2K% in common
on the common stock payable
Aug. 23 to holders or record Aug. 9.
A similar payment was made on Feb. 23, last.
stock
except as provided in the plan.
The court, nevertheless, by its
may be
trustees
The plan was accepted by the majority of stockholders and creditors of
the road and has been accepted by the Interstate Commerce Commission
U.
Upon declaring the plan operative, the trustees will exchange for each
existing certificate accepting the plan a new trustees' certificate at par for
par of the amount then uppaid on such existing certificate.
Interest on the
unpaid principal amount of such existing certificates at the rate of 3K%
per annum from June 1, 1937, to the date of such new trustees' certificates
will be paid in cash by the trustees at the time of such exchange.
The new trustees' certificates are to be issued under a trust indenture,
4339
Chronicle
.
it
'
Holders of voting trust certificates will receive the dividend in
voting
and cash will be paid for fractional shares based on the
closing bid price of the voting trust certificates on the New York Stock
Exchange on Aug. 19.—V. 144, p. 3833.
trust certificates
Colorado
Fuel
&
Iron
CorpListing
of
Additional
Stock—A cquisitionThe
New
York
Stock
Exchange has authorized the listing of 10,495
additional shares of common stock (no par) upon official notice of issuance
in connection with the acquisition by the
corporation of substantially all
the assets, property, business and goodwill of California Wire Cloth
Co.
(Calif.), making a total amount applied for of 878,534 shares.
The directors on May 28 authorized the acquisition by the
corporation of
substantially all the assets, property, business and goodwill of California
Wire Cloth Co. (including substantially all the assets of its
wholly-owned
subsidiary, Pacific Steel & Wire Co.), in consideration of the issuance to
California Wire Cloth Co. of 10,495 shares of common stock and the as¬
sumption by the corporation of certain liabilities of California Wire Cloth
Co.
oi. dof
Pacific Steel & Wire Co.
California Wire Cloth Co. has agreed
or other wise dispose of the shares of common stock to
by the corporation, except as a liquidating dividend to the
stockholders (six in number) of California Wire Cloth Co.
The board of
tha'. *t will not sell
Chicago South Shore & South Bend RR.—Reorganiza¬
tion
Approved—
The plan
:
of reorganization has been confirmediby Judge Thomas W
South Bend.
Slick in the Federal Court at
be issued to it
directors of the corporation
has determined that the fair value of the net
California Wire Cloth Co. to be acquired by the corporation is
$419,800.
i
.
jlLduth.
4340
Financial
Consolidated Balance Sheet
*
Assets—
i
as at
d on hand—
$6,518,639
Notes & accts. receiv. (net)..
2,267,561
an
Inventories
Long-term notes & accts.
Period Emd.
Accounts payable
Accrued liabilities
5,571,835 Accident
$1,364,017
1,594,233
payable
com pen.
60,026
Prov. for reorgan. expenses..
rec.
(net)
231,875
516,652
279,203
201,000
Prov. for Fed. inc. taxes
116,177
Deferred charges
Accd't comp.pay. after 1937
Investments
108,103
Plant and equipment (net).
34,685,109
1
Patents, trade-mks. & g'dwill
Reserve for contingencies
Total
Income
—V. 144, p. 4174.
Columbus
Foods
Corp.—Earnings—
Administrative expense
Interest paid
__
$1,099,817
933,322
100,619
34,053
7,828
canning operations
on
$23,994
44,144
Other income
4,459
9,555
$54,125
.
32.879
dividends
Common dividends
348,750
240,000
416,625
225,000
205',65o
$2.09
$2.03
$2.18
Notes receivable-_
Notes payable..
Accounts payable
$225,000
533,037
Receivables
....
Inventories
Accrued liabilities
5,341
9,555
486,750
Dr33,050
z251,820
43,808
153,544
12,991
Prepaid expenses
13,268
Allowance for income taxes...
Other current assets
34,185
Conv. preferred stock
y415,529 Treasury stock
Land, bldgs. & equipment
Common stock
38,914
Other assets
Res. for pref. stock sink. fund.
Surplus
$1,155,7581
Total
Total
$1,155,758
After allowance for doubtful accounts of $1,500.
depreciation of $392,994.
143, p. 1555.
z
Represented
After allowance for
par shares.—V.
y
by 25,182
no
Corp.—Options—
The corporation has
notified the New York Stock Exchange that there
outstanding as of the close of business May 31, 1937, options providing
purchase of 21,715 shares of common stock of the corporation on the
following basis:
No. of
Price per
Price per
No. of
Expiration
Expiration
for the
Shares
Share
$29.16 2-3
Shares
Date
1,620
Dec. 31, 1937
June 30, 1939
Dec. 31, 1941
The corporation further
Share
7,995
278
Accounts payable.
539,361
1,307,758
1,795,577
461,383
Res. for Fed'l taxes
125,858
61,923
1,191,486
Dlvs.
160,000
90,000
1,719,323
Due to officers and
49,516
4,171,243
4,061,225
14,626
10,000
15,625
5.906,615
1,315,545
Lands
and
Stk. in other corps.
Deferred
45.00
45.00
Dec. 31, 1939
advises that the above options do not include
taken by employees to date, leaving
1,408 shares available for sale to such
employees.—V. 144, p. 2647.
Commonwealth & Southern
790,092 kilowatt hours as compared with 622,217,625 kilowatt hours for
May, 1936 an increased of 15.52%. For the five months ended May 31,
1937, the output was 3,581,595,098 kilowatt hours as compared with
3,023,364,290 kilowatt hours for the corresponding period in 1936, an
increase of 18.46%.
Total output ftor the year ended May 31, 1937 was
8,350,857,679 kilowatt hours as compared with 6,868,954,820 kilowatt
hours for the year ended May 31, 1936, an increase of 21.57%.
Gas—Gas output of the system for the month of May was 1,168,839,500
cubic feet as compared with 985,484,700 cubic feet for May, 1936, an in¬
crease of 18.61%.
For the five months ended May 31, 1937, the output
was 6.754,918,200 cubic feet as compared with 5,987,586,600 cubic feet
for the corresponding period in 1936, an increase of 12.81%.
Total output
for the year ended May 31, 1937 was 14,096,003,600 cubic reet as compared
with 12,378,772,600 cubic feet for the year ended May 31, 1936, an increase
of 13.87%.—V. 144, p. 4175.
Light & Power Co.-—New President—
Charles L. Campbell, Vice-President and Treasurer of this company has
been elected President to succeed the late J. Henry Roraback.
Mr. Camp¬
3,500
103,579
Other assets
1937
$4,682,781
12 Months Ended May 31—
1,148,129
share
1936
$4,574,305
1,147,936
$3.54
charges and taxes
Consolidated Bakeries of Canada,
Ltd. (& Subs.)
$39,440
$41,150
6
375
options
3,242,607
Devel. & misc. exp
610,448
Operating profit
134,735
52,328
50,200
700
24,750
1,598
Directors' fees
Solicitors'fees
138,244
27,855
720
125,472
Executive salaries
3,162,607
Mining claims and
Consolidated Coppermines
Corp.—Annual Report-
Earnings for Year Ended Dec. 31,1936
Profit
$86,909
33,082
6.433
sale of stock of the American Metal Co., Ltd.
on
Royalties
Miscellaneous income (net).
$126,425
Total income
26,728
116,328
Depreciation of buildings and equipment at 1% for year
Legal and corporate expense
$16,631
—
1,413,106
Earned surplus at Jan. 1,1936
Adjustment to increase copper inventory at Dec. 31, 1936, to
24,204
market
31,1936, before depletion, on basis of
including in mine development, maintenance and general
expense during shut-down periods
$1,420,680
Earned surplus at Dec.
Summary of Mine Development for the Year Ended Dec. 31,1936
$5,859,232
112,769
110,070
Balance at Jan. 1,1936
Churn drilling and maintenance of drifts and equipment
General expense
———
Balance at Dec- 31, 1936
$6,082,071
——......
Balance Sheet Dec. 31
1936
Materials & supp.
2,260
Deferred
accounts
x
After
$
Capital stock...— 7,950,535
Current liabilities62,862
Reserves
42,259
7,949,375
6,182,548
6,174,974
Surplus
18,750
44,351
1,061,655
101,311
14,238,204 14,187,451
Total
1935
$
Liabilities—
$
7,162,992
5,859.232
104.039
794,693
111,626
1936
1935
$
Assets—
Prop, and equip. 7.143,514
Defd developm't- 6,082,071
Investments
2,260
deducting $1,196,001
14,238,204 14,187.451
Total
in 1936
($1,183,844 in 1935) reserve for
Consolidated Edison Co. of New York, Inc.—Plan for
700
32,750
1,859
New York Steam Drawn to Save
$166,847 Divs.
a
Year—
hearing before the P.S. Commission June 21 on the petition of the com¬
for authority to issue 92,134 shares of its $5 preferred stock in ex¬
change for the preferred stocks of New York Steam Corp., Randell J. Le
Boeuf, Jr., counsel for the company, maintained that savings of $166,847
annualftr in preferred dividend charges would be effected if the plan were
approved.
At
a
pany
In*urging acceptance of the proposal, which was put forward to supplant
weeks ago, Mr. Le Boeuf estimated
$214,889
68,480
3,782
$139,239
50,883
2,601
$287,152
223,427
$192,724
94,391
$510,578
286,598
$287,115
63,689
that it will meet the views of the commission," offering a share-for-share
$223,979
$223,427
and nine-tenths of a
the plan rejected by the commission two
that additional savings, amounting to
Dividends.
Earned surplus
Dec.26,'36
$237,069
$305,466
1,364,077
1,121,747
Dec. 26/36
accrued charges-
and bonds
Reserve
for
deemed
sundry
Reserve
for
inc., &c„ taxes.
16,742
16,742
ers' deposits
by trustee of co.'s
Reserve for dlv
fully paid shares
x
78,350
95,533
3,184,430
227,121
223,979
127,377
Capital stock
Surplus account
—
26,950
33,606
38,874
1,839,894
$3,816,843 $3,725,8471
„
meets
with
,
the approval of the commission, the terms of the
Net loss after exps., &c_
1937—3 Mos.—1936
$5,060
$4,953
1937—9 Mos.—1936
$12,257
$14,361
Combined net income of Consolidated Railroads of Cuba and subsidiaries
ended March 31, 1937, amounted to $359,153 after expenses,
but before intercompany dividends, compared with net income of
$365,708 in March quarter of 1936. For nine months ended March 31,1937,
indicated consolidated net loss, as compiled from company's quarterly
reports, was $206,926 comparing with net loss of 408,570 in like nine months
of 1936.—V. 144. p. 1779.
for quarter
&c.,
Consolidated Retail Stores, Inc.—Clears Pref. Arrears—
Total
declared a dividend of $28 per share on account of
the 8% cumulative preferred stock, par $100, thus
The directors have
$3,816,843 $3,725,847
Represented by 318,440 ordinary shares of no par, at a value of $3,184,400 and three preferred management shares of no par, at a value of
$30. y After reserve for depreciation of $2,206,854 in 1936 and $2,120,375
inj,l935.—V. 144, p. 1596.
•
10%, "in the hope
York Steam 7 % preferred
share of Consolidated stock for one share of Steam's
Period End. Mar. 31-—
1,896,634
x
offer represents a scaling down of about
Consolidated Railroads of Cuba—Earnings—
Prepaid insurance,
taxes, &c
Land, buildings,
new
plan are to become effective when holders of two-thirds or more of the
preferred stocks of Steam Corp. give evidence of their willingness to accede.
The offerings of exchange will expire, in any event, on Sept, 1, unless the
time is extended.—V. 144, p. 4175.
50,891
Salesmen's & driv¬
26,474 *
of Steam's 6% stock.
excnange
6,435
52,183
3,184,430
127,067
benefit
possible under the
basis of Consolidated Edison $5 preferred for New
Dom.
192,365
F'ds prov. for pur.
of employees
$86,227
5,825
76,538
.
115,468
Mtge. receivable-.
$143,369
unre¬
tickets
183,514
receivable
Inventories
Dec. 28,*35
Acc'ts payable and
Investm't In stocks
The
If this
Liabilities—
Dec. 28/35
were
6% preferred.
Consolidated Balance Sheet
Cash
$29,000,
present plan, as against the original offer.
This latter called for the ex¬
change of one share of Consolidated Edison $5 preferred stock and a cash
bonus of $10 for one share of New York Steam 7% preferred and a share-forshare
-
Total..
$3,892,500 $3,577,500
Total...
Represented by shares of $1 par.
Note—315,000 shares of the issued capital stock of the company are
held by the Prudential Trust Co., Ltd., in trust for the benefit of the com¬
pany under option.—V. 143, p. 2204.
$545,564
318,443
Previous earned surplus.
T
373,368
$3,892,500 $3,577,500
$321,584
223,980
-
plant, &c_.
3.000,000
570.000
$ 230,583
87,007
3,994
-
Rents
y
$7,500
Suspense
$7,500
Capital stock... 3,000,000
Capital surplus-—
885,000
x
$227,121
Operating profit for the year
Divs. & interest from investments—
for
1935
1936
Liabilities—
1935
1936
Assets—
Cash
—
Dec. 26, '36 Dec. 28, *35 Dec. 29, '34
$437,282
$306,039
$433,302
Provision for depreciation
Provision for income taxes
held
Goldfields, Ltd.—Balance
Consolidated Chibougamau
Sheet Dec. 31—
depreciation.—V. 144, p. 3170.
Years Ended—
acc'ts
$8,539,166 $7,777,686
Total
After reserve of $3,600 in 1936 and $3,500 in 1935.
b After deprecia¬
of $2,576,075 in 1936 and $2,275,080 in
1935.
c Represented by
240,000 shares class A stock and 80.000 shares class B stock.—V. 144, p.
4001.
tion
$3.28
—
—V. 144, p. 3666.
and
11,439
$8,539,166 $7,777,686
Current assets
Treasurer.
Common shares outstanding...
Trade
5,906,615
1,432,462
Capital stock
Surplus
c
3,500
168,566
23,354
charges-
x
Assets—
33,836
Reserves
Deficit for year.
Corp.—Output—
Electric—Electric output of the system for the month of May was 718,-
per
415,744
Deferred assets
mach'y
equlpment.
payable
employees
Bldgs., yard fa¬
cilities,
Date
Dec. 31, 1939
Dec. 31, 1941
$33.33
1,560
11,000
1,035
the maximum of 2,000 shares allocated in December, 1936 for sale to not
over 50 employees of subsidiaries, of which amount 592 share thave been
Earnings
160,000
184,579
x
were
Net income after
1935
$18,772
Accts. receivable
Inventories
Total
Commercial Investment Trust
as
1936
payroll-.
Notes payable
Empl. stk. subscr.
Acc'ts receivable-.
bell continues
Accrued
a
x74,357
$46,467
Cash in banks.
Connecticut
$221,938
3,535
5,088
$21,388
125,000
268,746
Liabilities—
1935
1936
Total
Liabilities—
Assets—
35.00
37.50
390,000
240,000
25,182
k
500
$445,902
Condensed Balance Sheet Dec. 31
Balance Sheet April 30, 1937
6,000
$457,279
$516,723
(at cost)
x
$501,374
Includes surtax on undistributed profits.
Assets—
$68,138
Provision for income taxes
Preferred
56,977
$643,833
$2.68
Cash
b
Total income
Deductions
Net income
54,142
Final net profit
Dividends on class A stk.
Shares class A stock
a
Net income
$749,729
246,850
$771,474
260,053
67,833
taxes
Earnings for the Year Ended April 30, 1937
Distribution expense
Inc. (& Subs.)—
Calendar Years
$900,601
331,394
xl29,760
Depreciation
x
Cost of sales
118,827
$1,151,134
377,542
Earned per share
Sales.
416,349
surtax.—V. 144, p. 4001.
Chemical Industries,
Consolidated
Net profit
$49,499,3
_
cos
Community Power & Light Co
12,557,992
446,921
$4,135,604
1,367,544
cos
Note—No provision made for Federal
11,309,100
5,527,520
Earned surplus
$49,499,301
May 31—
subs,
Consolidated Income Account for
Capital stock
Capital surplus
Total
revs.
Gross inc.—subs,
Res. against plant and equip¬
ment
1937—12 Mos.—1936
$3,821,178
1,107,156
1937—Month—1936
$327,631
$308,494
102,833
90,343
Balance available for dividends and surplus of
Oper.
106,437
15,536,200
Funded debt
_
June 26, 1937
Community Power & Light Co. (& Subs.)—Earnings—
Liabilities—
Cash In banks
Chronicle
Dec. 31, 1936
accumulations
on
wiping out all back dividends on this issue, and a regular quarterly dividend
of $2 per share, both payable July 2 to holders of record July 1.—Y. 144,
p.
4001.
Volume
Financial
144
Continental Can Co.,
Inc. (& Subs.)—Earnings—
Consolidated Earnings Statement for the Period May 1, 1936 to April 30,
Gross sales and
$119,554,804
104,047,385
operating (revenues
Cost of goods sold and operating expenses
Selling, general and administrative
»
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on May 1, 1937.
•"-* *■
Note—Includes provision made duringJDecember, 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
to date for 1937.—V. 144, p. 4176.
4,945,181
205,920
expenses
Provision for doubtful accounts
Net operating profit
Other income.
1937
$10,356,318
538,862
Dallas Ry. & Terminal
Period Ended Apr. 30—
Operating revenues
Oper. exps. (incl. taxes).
appropriations..
18,723
23.372
169,208
Rent for lease of plant..
15,505
15,505
186,063
186,063
Net oper. revenues
$55,195
$54,044
$654,065
$714,762
Operating income
$39,690
$38,530
$468,002
$528,699
$40,731
23,853
2,065
$39,997
23,853
1,972
$480,919
286,230
25,496
$546,199
286,508
26,082
$14,814
$14,172
$169,193
$233,609
$10,895,180
deductions
income
119,959
63,753
.....
Interest paid
Income taxes (Federal, State and foreign)
Surtax on undistributed profits
*,
serve
1,625,541
...
1,000
Net income
$9,084,927
-V. 144, p. 4176.
Continental Roll & Steel
Foundry Co.—Official Resigns
Donald O. Bakewell has resigned as Vice-President and Chairman of the
Executive Committee of this company in which capacity he has served since
p.
become special
to
representative of the Blaw-Knox Co.—V.
143,
Int.
on mtge. bonds
Other int. & deductions.
Net income
x
1071.
Dividends applicable to preferred stock for the
period, whether paid
Cosden Petroleum
Corp.—Listing Approved—
The New York Curb Exchange has approved for listing
of
306,567 shares
stock, $1 par, on official notice of issuance, with authority
list, upon official notice of issuance, 860,649 additional shares
of common stock, $1 par.
The Exchange has also approved for listing
43,992 shares of preferred 5% convertible stock, $50 par, upon official
notice of issuance.—V. 144, p. 4176.
$363,654.
stock
Co.—Common Dividend Omitted—
a meeting held June 19 decided to omit the dividend
the common stock at this time.
Dividends of 10
share had previously been paid on April 10 and Jan. 11, last, on
Oct. 10 and on June 10, 1936, this latter being the initial distribution on the
issue.
was
Darby Petroleum Corp.—Earnings—
crude oil produced
issued
the common stock that has been paid quarterly in the past is being more
than earned, the strikes now in progress in Kansas City cause considerable
uncertainties with regard to profitable operations.
In time the directors
1936
1935
1934
1933
Number of net barrels of
Average
,
The company in announcing the omission of the common dividend
the following statement: •
"The directors felt that payment of the common dividends at this time was
inadvisable due to conditions arising out of adjustments contemplated in
hours and wages for employees.
While the dividend of 10 cents a share on
$129,708
accumulated and unpaid to April 30, 1937, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1,1933.
Dividends on this stock are cumulative.
Calendar Years—
on
cents per
103,901
$65,292
Note—Includes provision of $35,001 made during the last 12 months
($30,000 in 1936 and $5,001 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 4176.
The directors at
ordinarily payable
103,901
Dividends
x
common
Crown Drug
unpaid
or
Balance
to add to the
feel
1937—12 Mos.—1936
$3,105,099
$2,398,525
2,281,126
1,683,763
$228,299
150.883
Income Deductions—
1930,
Co.-—Earnings-
1937—Month—1936
$253,944
180,026
Gross income
.
Total income
Miscellaneous
4341
Chronicle
Crude oil sales
Increase in
1,338,376
1,568,166
$1.12
$1,437,763
$1.02
$1,419,256
$1.02
$1,364,587
$0.63579
$993,469
821
Dr2,796
45,284
42.036
3,555
35,239
$1,032,263
value
barrel produced..
per
1,393.548
3,272
42.607
market
1,289,682
inventory of
crude oil
Gas
sales
price adjustments will materially offset increased
increased prices may affect volume."—V. 144, p. 4002.
costs,
but
Cuba Co.—Earnings—
$1,483,643
$1,465,361
Operating, general,"administra'n, &c., exps.
$1,403,826
541,102
548,521
547,288
Net profit from oper..
Other income credits
that
$942,540
67,547
$916,840
130,709
$856,537
$1,010,088
$1,047,549
$977,868
4,746
16,950
26*071
210,609
102,762
175,244
64,679
448.172
•
$584,092
107.289
121,331
[Including subsidiary and affiliated companies]
Period End. Mar. 31—
1937—3 Mos.—1936
Gross revenues
$5,177,226
$4,850,842
Exp., int., deprec., &c__
x
x
p.
4,771,888
Profit
1937—9 Mos.—1936
$9,552,756
$9,163,688
10,148,627
9,941,528
4,381,174
$405,338
$469,668 loss$595,871 loss$777.840
Before subsidiary preferred dividends and minority interest.—V. 144,
1780.
Interest
Depletion
Depreciation
Leaseholds surrendered,
abandoned wells, &c._
235,626
Period End. Mar. 31—
Gross revenue
Cuba
1937—9 Mos.—1936
$1,778,114
$1,712,666
1,912,462
1,877,475
1937—3 Mos.—1936
$826,483
$755,647
707,225
652,105
Net inc. to surplus
—V. 144, p. 1780.
$103,541 loss$134,348 loss$164,809
$119,258
1937—9 Mos.—1936
1937—3 Mos.—1936
$247,047
$269,108
loss$58,051 loss$227,351
Net
184,859
90,165
98,869
332,731
401,299
Co.—Earnings—
$4,184,708
2,686,877
2,485,110
361,050
148,120
337,358
171,364
$76,755
4,875
$1,337,536
57,630
$1,190,876
57,572
$102,109
32,798
174
Other deductions6,568
$81,630
44,244
6,775
$1,395,166
447,718
3,277
205,273
$1,348,448
550,691
3,565
132,861
$62,569
$30,380
$738,898
19,997
272,047
Net income
1936
Inventories of crude oil, at market
Materials and supplies
—
—
Depreciation
——--
...
—
......
...
—....—-—
...
Other interest and expense
—
.
Net income before taxes
Interest requirement $600,000 1st mtge.
$1,438,971
1,218,240
98,385
417
40,360
6,242
$75,327
30,000
bonds
Deferred liabilities
Capital stock ($5 par)
Capital surplus
Surplus from operations since June 30, 1933*.._t._
__
Total
After
reserve
Balance Sheet,
Dec. 31, 1936
$842,156 Capital
Property, plant, &c
Intangibles
1,301
20,436
40,391
16,038
expense
Deferred charges
Cash
10,105
64,493
44,324
Notes and accounts receiv
Inventories
1935
1934
$2,314,252
1,858,410
$1,895,101
1,533,044
$542,386
235,870
105,239
$455,842
General and administrative expenses.
217,888
97,341
$362,056
190,259
99,379
Profit from operations.
Other income (net)
$201,276
4,724
$140,613
10,883
Drl ,848
$206,001
22,967
$151,496
21,312
$70,570
12,583
$183,034
50,941
75,000
$1.76
$130,184
53,979
75,000
$1.01
$57,988
57,291
150,000
$0.01
Selling expenses
Profit before prov. for Fed. taxes.
Provision for Federal taxes
com.
stock ($10 par).
$454,560
on
preferred stock (7%)
on common
$1,039,244
143,
p.
235,500
x
219,461
and
providing for depreciation in the amount of $125,027 in 1935
$121,406 in 1934.
Deferred liabilities
Notes payable
Accounts payable
40,798
Cash
17,796
11,524
U. S. Govt, bonds
Condensed Balance Sheet Dec. 31
28,663
Accrued taxes
Other accruals
-
Total
1936
Accrued
Accts
Inventories
Period Ended
Apr.30—
1937—12 Mos.—1936
$458,974
249,636
$6,318,834
3,289,383
$5,600,586
2,969,814
appropriations—
26,539
27,887
712,059
457,175
Net oper. revenues—
Other income
$203,530
$181,451
$2,317,392
74
238
2,823
Prov. for Fed. tax
$203,604
70,125
4,428
$181,689
60,208
4,312
$2,320,215
mtge. bonds
Other int. & deductions.
on
747,292
55,525
46,500
1,760
pref. stock...
Common stock &
722,200
27,500
736,100
y
I
Initial surplus..
Pref. stock sinking
654,867
654,867
28,076
13,265
21,480
367,519
22,769
358,282
640
(lower
393,035
Bal. in closed bks.
9,820
10,846
4,000
8,854
16,914
4,000
961,013
7%
286,890
844.182
Cash
sur.
value of
x
fund reserve
Cap.
life insurance—
Land, bldgs., ma¬
surp.
arising
from purchase of
pref. stock at less
than par value..
Earned surplus...
Undlst. costs of re-
condit'g mach.
Deferred charges.
$2,178,152
722,500
88,714
1935
z$58,342
/313.005
rec.
chinery & equip.
$2,173,597
4,555
1936
$29,822
47,286
250,000
392,255
Invest., at cost—
1937—Month—1936
$483,065
252,996
Liabilities—
Accounts payable.
Accr'd liabilities—
Notes payable
1,760
of cost or mkt.)_
Operating revenues
Oper. exps. (incl. taxes)
Gross income
290,000
int.
receivable.
Misc. accts.
Light Co.—Earnings—
$97,577
290,000
and notes at par
1935
$68,326
AsscM—
13.942
$1,039,244
_...^
$72,418
After
12,405
4,595
2047.
Dallas Power &
stock
Earns, per sh. on 75,000 shs. com^tk.
Funded debt
obligation
...
Net profit for the year..—
thereon
--
545,539
340,087
1936
Purchase
Due officers
Total
88,916
19,775
1,756,950
Davenport Hosiery Mills, Inc.—Earnings—
Cash divs.
Surplus
Unamortized bond discount &
89,829
30,831
1,756,950
545,539
619,448
$3,126,261
$2,851,204
depreciation of $4,586,593 in 1935 and
b Cash only.—v. 143, p. 1071.
Calendar Years—
Cash divs.
Liabilities—
Miscellaneous assets
$99,935
12,112
for depletion and
$4,847,310 in 1936.
2.51
Fixed charges times earned
Assets—
$2,851,204
$83,663
Year Ended Dec. 31, 1936
......
Administration expense
Other administration expense
2,028.396
46,095
Liabilities—
Accounts payable
Dividends payable
a
$344,631
77,100
185,886
15,702
141,284
$3,126,261
Property, plant and equipment
Deferred debit items
Dairyland, Inc.—Earnings—
Income Account for
b$32,494
26.570
178,686
$2,574,696
2,032,309
Sales, net
Cost of sales
1935
18.975
126,702
12,085
2,661,560
69,188
Investments
239,964
231
interest
Nil
$0.48
31
Cash & U. S. Govt, securities at mkt. quotations..
$561,331
24,580
Gross income
Bond interest
Pref. div. requirements.
—V. 144, p.3496.
$246,840 loss$379,672
Total
$4,533,583
$97,874
4,235
Net oper. income
Non-oper. income (net).
$459,475
$1.31
Balance Sheet Dec.
1937—12 Mos.—1936
1937—Month—1936
$352,226
$328,088
199,297
208,910
31,105
29,016
23,950
13,407
State & municipal taxes.
Fed. taxes (incl. inc.)
$444,140
$1.26
Assets—
(Including Cumberland Securities Corp.)
Period Ended May 31—
Operating revenues
Operating expenses
income
Earns.per sh.on cap.stk.
a
Cumberland County Power & Light
Int.
118,782
Listed corporate bonds at mkt. quotations
Notes & accts. rec.. less res. for doubtful accts
RR.—Earnings—
Period End. Mar. 31—
Net inc. after exps., &c.
—V. 144, p. 4002.
serve
14,367
352.165
204,352
184",605
137,220
undeveloped, &c
Rys.—Earnings—
Expenses
—V.
$691,381
Amortiza'n of leaseholds
Cuba Northern
Other
paid
Income charges
Total
_
.
28,654
8,039
7,298
$2,167,750 $1,871,125
Total
..$2,167,750 $1,871,125
x Less reserve for depreciation of
$808,532 in 1936 and $803,254 in 1935.
Represented by 75,000 no par shares,
z Including accrued expenses.—
V. 143, p. 4151.
y
Net income
x
$129,051
$117,169
$1,517,398
$1,366,938
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
....—-—
507,386
507,386
$1,010,012
$859,552
x Regular dividends on 7% and $6 preferred stocks were paid on Feb. 1,
>37.
After the payment of these dividends there were no accumulated
1937
Dennison
Mfg. Co.—$2 Preferred Dividend—
The directors have declared a dividend of $2 per share on account of
accumulations on the 8% cum. debenture stock, par $100, payable Aug. 2
to holders of record July 20.
Arrearages after the current dividend will
amount
to
$2 per shate.—V
144,
p.
3497.
4342
Financial
Davis Coal & Coke Co.
Calendar Years—
Sales—
(& Subs.)
1936
Oper. costs, sell. & gen.
expenses, taxes, &c—
Empl. group life ins. &
1,607,810*
1,096,908
4,049
69,705
i
$31,864
$68,900
sources
145,782
.
charges
Net
.
.
income
$2il,154
136,970
$102,379
3,800
$14,667
t
$133,078
170,271
$98,579
144,075
Cr2,372
Dr4~5ll
$37,193
$43,124
sur$10,156
52,399
$2.36
52,400
$2.54
52,400
52,400
$0.28
'
157,173
Cr 18,292
$14,667
of
capital stock
outstanding (par $100)
Earns, per sh. on cap.stk
$1.88
Condensed Consolidated Balance Sheet Dec. 31
1936
1935
$
$
Assets—
1936
plant & equipInvestments
7,630,598
3,513,838
Current assets
692,254
Conting.fund asset
145,248
Deferred charges._
x
I
Cap. stk. outst'd'g 5,239,867
Curr. liabil. (incl.
holds, min. r'ts,
Total
1935
$
Liabilities—
Coal lands, lease¬
x
7,724,143
3,307,887
798,737
145,248
Res. for contin.,&c
67,712
Profit & loss surp.
5,239,932
taxes on income)
Capital surplus
12,118,206 12,043,727
Excess ot cost
stated
Total
215,719
208,431
3,144,565
3,309,622
141,057
193,385
3,144,523
3,324,830
.12,118,206 12,043.727
After reserves.—Y. 144, p. 277.
Dejay Stores, Inc. (& Subs.)—Earnings—
Consolidated Income Account for the Fiscal Year Ended Jan.
31, 1937
Gross sales, less discounts, returns and allowances
$2,289,857
930,400
Cost of sales
over
values
Operating
expenses
$1,359,456
a680,649
—
Stores' profit
$678,807
General and administrative expenses
Provision for bad debts, (less recoveries)—
144,883
219,371
.
Operating profit
——
Deductions from income
Provision for Fed. normal income & excess-profits taxes of
$32,579 surtax on undistributed profits of $6,119, and
$314,553
1,168
contingencies
of $6,802
45,500
Dividends pa'd
tirement in
of
of
subs.
companies
Investments
Custs.
4,047,807
205,435
527,345
93,908
Special deposits...
3,989,416
165,135
610,178
93,908
1,396,218
809
Accounts receiv'le.
Mat'ls & supplies.
902,243
223,971
Deferred charges.-
3,501,285
stock—Cash prior to its
re¬
August, 1936
29,325
99,182
a No provision has been made in the
operating statements for deprecia¬
tion of furniture, fixtures and
improvements, which are carried in the
balance sheet at the value of $1.
Pursuant to the established policy of
the company, expenditures for furniture, fixtures and
improvements are
charged to operating expenses.
Such expenditures in the fiscal year ended
Jan. 31, 1937 amounted to $26,532.
Dividends paid in cash
on common
stock
Consolidated Balance Sheet Jan. 31, 1937
Assets—
Liabilities—
Cash in banks
a
$132,953
Accounts receivable
Cashsur. value—life insurance
711,103
16,434
Merchandise Inventories
233,793
Merchandise in transit
25,390
Furniture, fixtures & improve¬
40.722,655 41,460,093
&
Rio
Grande
1
Other assets
Prepaid rent
Prepaid salaries
a
—
4,565
4,700
-----
.-.$1,130,054 I
reserve
Detroit
$1)
Capital surplus
Earned surplus
145
12,225
142,609
359,564
371,270
$1,130,054
—
City Gas Co.—Bank Loans—
Delaware Electric Power Co.
The corporation, a registered
holding company and also a subsidiary of
Power & Light Corp., a registered
holding company, has filed
with the Securities and Exchange
Commission, an amendment to its plan of
reorganization (34-3) under which Utilities Power & Light
Corp. will
substantially increase its contribution to the equity behind the preferred
stock of Derby Gas & Electric
Corp.
Because of 77-B proceedings now
pending against the parent, its proposed
additional investment will probably have to be
approved by the Court.
A hearing on this matter will be set as soon as
possible after the Court has
considered the question, and when that is
done, the SEC will cause the
company to send a copy of the release giving notice of the
hearing to all
preferred stockholders of record.—Y. 144, p. 1106.
Detroit Toledo & Ironton
1937
Gross from
railway.,
144,
revenues:
Electric
$3,578,573
1,328,052
845,880
905,525
Street railway.-.
Bus
Total operating revenues
$6,658,030
2,793,976
funded debt
unfunded debt
Miscellaneous interest-
$2,034,469
$1,984,177
1,060,490
1,330
8,824
3,341
240,000
34,318
$2,086,075
1,078,182
9,739
14,902
9,739
16,718
$611,232
$693,482
1,822
$822,605
17,665
675,000
$611,232
32,500
450,000
$691,659
24,375
594,000
a271,572
1,036
reserve.
Amortization of debt disc't & exp
Amort, of debt disc't & exp.—bonds
retired
33,006
9,739
Other income deductions
Net income
-
earnings
applic.
of Delaware
Co
to
Elec.
Preferred dividends
51,606
~8", 883
4,341
240,000
34,729
cap.
-
3,532,776
1,904,453
1,332,011
4,230,671
2,415.671
1,751,695
2,941,175
1,617,944
1,184,694
3669.
p.
Distillers Corp. Seagrams, Ltd.
(& Subs.)—Earnings—
3 Months Ended April 30—
1937
Sales, less freight and allow
-
Includes $13,463 provision for Federal surtax on
undistributed profits.
1936
$19,183,995 $14,738,419
13,714,672
10,074,998
Gross profit
Miscellaneous income, discount, exch., &c
$5,469,323
25,991
$4,663,421
22,571
$5,495,314
3,206,468
Total income
Expenses
$4,685,992
2,696,390
Directors' fees
250
375
78,538
50,774
54,974
54,753
7,457
519,802
37,782
16,651
65,050
52,834
125,175
31,012
$1,467,865
187,500
$1,619,680
$1,280,365
$1,619,680
$0.93
1937, and
Executive salaries
Legal fees
Interest (net)
x
Depreciation
Loss on disposal assets.
...
on
1934
$555,882
293,259
211,633
_
investment
Net profit
Preferred dividends
-—-
Surplus
Earns, per sh. on 1,742,645 shs. cap. stk. (no
par).
$0.73
x Exclusive
of $161,309 charged to cost of production in
p.
Divco-Twin Truck Co. (&
95,476
2475.
Sub.)—Earnings—
Earnings for 5 Months Ended March 31, 1937
Net profit after int., deprec., amort, of dies., tools,
&c., & Fed.
inc. taxes but before any prov. for surtax on undist. profits
$33,422
Earnings per share on 220,000 shares common stock (par $1)
$0.15
—V. 144, p. 3835.
(Joseph) Dixon Crucible Co.—To Pay $1 Dividend—
The directors have declared a dividend of $1
per share on the capital
stock, par $100, payable June 30 to holders of record June 21. A like amount
was paid on March 31, last and
compares with $2 paid on Dec. 23, 1936,
and dividends of $1 paid on Nov. 30,
1936, Dec. 31, 1935 and 1934, on
June 30, 1934 and on Dec. 31, 1931; prior to this latter date
regular quar¬
terly dividends of $2 per share were distributed.—V. 144, p. 2124.
Dominion Stores, Ltd.—Sales—
Four W—ks Ended—
April 17
May 15
June 12
—V. 144, p. 3669.
1937
1936
1935
1934
$1,457,927
Jan.23
$1,413,478
1,452,088
1.513,367
1,510,892
1,517,152
1,463,362
$1,226,611
1,352,553
1,417,909
1,385,269
1,360,939
1,350,741
$1,373,111
1,481,037
1,528,273
1,505,736
1,543,288
1,557,863
1,474.990
1.544.860
1,547,273
1,515,533
1,503,839
Dow Chemical Co
.—Co-transfer
Agent—
The Guaranty Trust Co. of New York has been appointed co-transfer
agent of 2,000,000 shares of this company's common stock, without
par
value.—V. 144, p. 4004.
(E. I.) du Pont de Nemours & Co.— Underwriters Named
The company has filed an amendment with the Securities and
Exchange
Commission naming underwriters of its 500,000 shares of $4.50 cumulative
preferred stock as follows:
Morgan Stanley & Co., Inc., 70,000 shares;
Kuhn, Loeb & Co., 30,000
shares; Brown Harriman & Co., Inc., First Boston Corp., and Edward B.
Smith & Co., 25,000 shares each; Dillon, Read &
Co., 20,000 shares;
Blyth & Co., Inc., Bonbright & Co., Inc., Goldman, Sachs & Co., Kidder,
Peabody & Co., Lazard Freres & Co., Inc., Lee Higginson Corp., Lehman
Brothers and Mellon Securities Corp., 15,000 shares
each; Chas. D. Barney
& Co., Clark, Dodge & Co., Dominick &
Dominick, Hornblower & Weeks,
W. E. Hutton & Co., J. & W. Seligman &
Co., and White, Weld & Co.,
10,000 shares each; Laird, Bissel & Meeds, 6,000 shares; R. L.
Day & Co.,
Estabrook & Co., Hayden, Stone & Co., Hemphill,
Noyes & Co., F. S.
Moseley & Co., Salomon Bros. & Hutzler, Schoellkopf, Hutton & Pomeroy,
Inc., and Stone & Webster and Blodget, Inc., 5,000 shares each; Biddle,
Whelen & Co., Cassatt & Co., Inc., E. W. Clark &
Co., Francis I. du Pont
& Co., Glore, Forgan & Co., Graham, Parsons &
Co., Harris, Hall & Co.,
Inc., Laird & Co., W. H. Newbold's Son & Co., Paine, Webber & Co.,
R. W. Pressprich & Co., Securities Co. of
Milwaukee, Inc., Shields & Co.,
Spencer Trask & Co. and Whiting, Weeks & Knowles, Inc., 4,000
each,
and Hayden, Miller & Co., Jackson &
Curtis, Washburn & Co., Inc.,
3,000 shares each.
Power
-
Common dividends
a
$1,934,917
49,261
1,080,456
8,861
3,341
Rentals
stocks
101,541
209,373
$5,958,947
2,500,916
331,288
573,710
229,240
82,516
206,807
$822,605
on
of
1,251,688
993,114
524,318
924
Gross income
Bal.
$3,189,827
$1,898,897
1,019,385
Operating income
Non-operating income
Minority interest
$3,314,916
1,258,129
769,289
804,743
1934
$6,147,079
2,589,145
340,968
777,448
215,400
85,154
204,046
361,217
Provision for other taxes.
Contingent
1935
$1,839,896
59,001
expenses
Maintenance
Provision for renewals & replacem'ts.
Provision for Federal income taxes
Provision for other Federal taxes
on
1935
$635,387
307,978
214,099
3,739,044
2,018,448
1,323,735
From Jan. 1—
Gross from railway
—V.
1936
$610,049
298,382
195,203
Net from railway
Net after rents
Net from railway
Net after rents
RR.—Earnings—
$613,917
283,682
157,997
March 20
(& Subs.)—Earnings—
1936
Gas
Interest
RR.—ICC Concludes
Utilities
$108,036 in 1936 period.—V. 144,
Total.
for doubtful accounts of $76,063.—V.
144, p. 4177.
Calendar Years—
Interest
Western
nearer completion June 23 when
the Interstate Commerce Commission concluded
hearings in the case and
the matter under advisement.
Interested parties were given until
Oct. 1 to submit briefs.—V. 144, p. 4177.
Feb. 20
Ordinary
40.722,655 41,460,093
Flood loss
Company, a subsidiary of Ameridan Light & Traction Co., a registered
holding company, has filed an application (32-66) with the Securities and
Exchange Commission under the Holding Company Act for exemption of
the issuance of $5,000,000 in bank loans.
The applicant proposes to obtain $1,000,000 from the
National Bank
of Detroit, $2,750,000 from the Chase National Bank of New
York, and
$1,250,000 from the Mellon National Bank. The proceeds will be used to
pay off balances of loans due to National Bank of Detroit, and the Chase
National Bank of New York, and the remainder to finance
additional
capital for extensions of lines, services, meters, and equipment, and other
corporate purposes. Such authorized expenditures for 1937 are
budgeted at
$2,108,089, and the applicant forecasts that similar expenditures in 1938
and 1939 will require $1,600,000 each year.
Opportunity for hearing in the above matter will be held on July 2.—V.
144, p. 2475.
Operating
Total
took
18,256
55,522
1,113
-----
.
After
|
shares.—V. 143, p. 426.
no par
on Reorganization—
Reorganization of the road was moved
Prov. loss
Rent received in advance..
contingencies--
50,253
3,220,438
708,425
Hearings
$170,461
Expenses payable—
Unpaid and accrued taxesReserve for
3,654,491
802,888
Income and profits taxes
Accounts payable
Common stock, (par
ments to leased premises—
Total
Reserves.--
853,114
202,600
3,627,417
Represented by 900,000
Denver
198,255
969,785
1.682,577
14,725
1,016
11,346
x
220,439
937,309
38,933
Earned surplus
Notes receivable.-
Total
175.580
Accounts payable-
time
deposits)
169,739
.
receivable
(lncl.
extens'n
Accrued accounts.
Deferred credits.
Aav. not currently
Cash
&
uepos---.
$267,885
on cum. conv. class A
$
,
stocks
Cost of sales
Net profit
193fi
$
pf. stk.
cum.
600,000
195,500
Common stock.. 13,746,355 13,746,355
Funded debt
20,957,000 21,807,000
Notes pay. (banks)
84,000
29,928,146 30,204,146
Mam—
Gross profit on sales
1936
Liabilities—
$6.50
x
Derby Gas & Electric Corp.—Amends Plan—
co.'s est. of Fed.
136,267
$
&
DIvb. & int. rec'le.
12,076
65,999
- $123,672
Balance, deficit
Shares
132,105
$15,209
.
Dividends declared
Prop.,
plant
equipment
1
142,254
$177,646
5,957.
48,016
87,571
def$29,726 def$122,304
other
Profit before interestProv. for Federal taxes. ..
Other
92,132
1935
$
Assets—
3,415
75,308
income from
$1,065,590
1,511,196
Indus. relations activs.
royalties & amortiz'n_
1936
1933
$1,577,651
Depletion, depreciation,
Net
Consolidated Balance Sheet Dec. 31
1934
$1,752,018
1,824,414
June 26, 1937
Earning,
1935
$1,926,984
Chronicle
New
Stock Authorized—
..
.
Common stockholders on June 18 adopted by a vote of more than
75%
of the stock an amendment to the company's certificate of
incorporation
authorizing the creation of 500,000 shares ©f preferred stock, $4.50 cumu-
Volume
Financial
144
lative, without
par
This stock will be junior to the present de¬
value.
benture stock.
The directors will meet
the
new
on June 28 to
arrange details of the issuance
stock.—V. 144, p. 4004.
Chronicle
4343
Electric Power & Light
Period Ended May 31—
Gross inc. from subs
Other.
Eastern Gas & Fuel Associates—Tenders—
The Union Trust Co. of Pittsburgh wiu until July 20 receive bids for the
to it of sufficient 1st mtge & coll. trust bonds, series
A, 4%, due
1, 1956, to exhaust the sum of $181,500 at prices not exceeding
102 and interest.
sale
March
Earnings Statement for 12 Months Ended April 30, 1937
(Company Only)
Total operating revenue
$13,262,738
11,254,409
Operating expenses
Depreciation and depletion
805,958
Operating income
$1,202,371
5,659,998
Other income—
Total
Interest
Other
ncome
on
188,297
518,304
93,173
Amortization of debt discount and expense
Tax refunds on bonds, &c
Income before' pref. divs. and Federal tax
$3,245,320
1,108,733
2,249,028
106,732
199
Div. requirements on 43^% cum. prior preference stock
Dividend requirements on 6% cum. pref. stock
State taxes on dividends
Proivsion for Federal income tax (estimated)
Deficit to
stock
common
$219,372
Consolidated Earnings Statement for 12 Months Ended April 30, 1937
Total net sales and operating revenues
$67,861,631
Cost of sales
57,485,335
$10,376,296
669,132
Sub-total.
$11,045,428
417,455
207,125
Provisions for reserves for deprec., depletion and retirements..
3,872,648
Interest on 1st mtge. & coll. trust bonds, series A, 4%
2,799,491
Other interest
294,218
Amortizat on of debt discount and expense
577,880
Minority interests in earnings of subsidiaries
1,627
Provision for Federal income taxes
Miscellaneous
Net
(estimated)
$2,874,984
1,108,733
Dividend requirements on 4H% cum. prior preference stock
Dividend reuu.rements
6% cum. pref. stock, excl. of stock
owned by Eastern Gas & Fuel Associates
State taxes
on
Deficit to
on
dividends
common
—V. 144, p.
392,296
54,001
1.826,190
212,392
1,731,406
215,315
387,500
1,550,000
1,550,000
9,743
9,743
38,974
38,974
$58,948 prof$24,824
$72,883
debentures,
5% series
Amort, of debt discount
& expense
Net loss
$11,924
No provision has been made in the above statement 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.
Comparative Statement of Consolidated Income (Inc. Subs.)
Period End.
May 31—
1937—3 Mos.—1936
1937—12 Mos.—1936
$21,997,138$103,703,782 $84,524,926
11,451,646 b54,423,432
45,057,088
Subsidiaries: Oper. revs_$26,672,882
Oper. exps.,incl. taxes..al3,875,842
Prop, retire. & depletion
reserve appropriations
3,310,761
Net oper. revenues—.
Rent for lease of plants
$9,486,279
(net)
2,429
Operating income
$9,483,850
Other income
(7r88,769
Other income deductions
129,736
vlnt.
2,649,833
$9,442,883
3,250,242
long-term debt—
interest
(notes,
loans, &c.)
on
stock
2,249,028
106,732
$589,509
3835.
1936
(& Subs.)—Earnings—
1935
1934
1933
$10,299,463
9,035,490
$9,921,316
8,733,962
$9,539,817
8,544,633
$9,239,850
8,046,383
$1,263,973
$1,187,354
15,327
13,756
$995,184
22,539
$1,193,467
36,673
Calendar Years—
Operating revenues
Operating expenses
9,392,031
99
2,101
394
$7,895,560 $35,994,612 $30,075,413
Cr84,404
0797,074
0374,991
108,675
c863,827
440,107
$7,871,289 $35,927,859 $30,010,297
2,899,128
12,773,371
11,718,648
Other
540,526
Other deductions
820,228
152,733
05,808
186,114
Int. charged to construe.
Crl9,990
Balance
2,260,387
656,742
085,265
3,168,174
729,192
034,484
Balance
Portion
applicable
minority interests
$5,485,991
1,983,627
$4,005,008 $20,322,624 $14,428,767
1,983,626
7,934,507
7,934,507
$3,502,364
Pref. dividends to public
$2,021,382 $12,388,117
$6,494,260
to
506,118
182,409
1,338,931
124,338
$2,996,246
$1,838,973
$11,049,186
$6,369,922
$2,996,246
$1,838,973 $11,049,186
1,057
1,155
$6,369,922
3,003
$2,996,246
37,703
397,243
$1,840,030 $11,050,341
54,001
b212,392
397,243
1,588,974
$6,372,925
$2,561,300
$1,388,786
$4,568,636
——
Net equity of El. Pow.
& Lt. Corp.inc. of sub.
El. Pow. & Lt. Corp.:
Net equity of Elec. Pow.
& Lt. Corp. in inc. of
subs, (as shown above)
Other income
Eastern Steamship Lines, Inc.
13,283,637
$7,895,659 $35,996,713 $30,075,807
deductions
income
1937—12 Mos.—1936
$1,825,035
$1,728,403
1,155
3,003
387,500
Int. on gold
Gross income
Net profit from operations
Other income
1937—3 Mos.—1936
$423,022
$391,239
1,057
423,022
37,703
Expenses, incl. taxes
$6,862,369
2,817,275
1st mtge. & coll. trust bonds, series A, 4%
interest
Corp.—Earnings—
Comparative Statement of Income (Company Only)
of
Total income
Expenses, incl. taxes
Interest & other deduct.
215,315
1,588,974
Balance carried to con¬
Net oper. revenue
Other income
solidated
earn. surp.
Includes
provision
$9,248,975
of $223,567 made within this period for Federal
profits in 1937.
b Includes provision of $838,088
made within this period for Federal surtax on undistributed profits in
1936,
and $394,001 in 1937.
c Includes provision of $329,752 made within this
a
surtax on undistributed
Gross income
$1,279,300
$1,201,111
$1,017,723
729,072
66,238
$1,230,140
847,054
66,763
$492,208
289,192
$222,413
$316,322
301,646
372,133
$117,952
$203,016
def$79,233
def$55,811
366,779
$0.92
366,779
366,779
366,779
Nil
Nil
Other expenses
518,356
—
619,583
x232,904
89,320
$528,040
410,088
Taxes
been made to
Eeriod for Federaldate for 1937. d No provision has been made for Federal
surtax on undistributed profits in 1936. No provision
as
Net income..
Dividends
Balance, surplus
Shares
com.
stock
out¬
standing (no par)
Earnings per share
x
$0.55
Including $14,797 surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
1936
x
Real property
1935
$
Assets—
$
Cash
12,525,570
No
preferred stock.
z
357
stock called....
52,470
3,702,400
Equip, trust obllg.
current)
27,697
14,212
276", 507
288,353
Mortgage
350,000
400,571
368,599
Unmat'd dlvs., int.
105,870
577,561
Operating
188,167
Reserve for marine
88,552
149,736
Taxes accrued
25,257
Other
100,700
92,173
44,619
10,582
188,167
56,338
31,758
4,463,678
5,555,642
reserves
def'd
credit
items
Profit and loss
14,135,714 15,963 9231
is
entirely
independent
of
the
statement
for
any
other
period.
—V. 144, p. 4004.
Electric Products Corp,—Dividend Doubled—
directors
common
have
declared
a
dividend
of
50
cents
per
stock, payable July 8 to holders of record June 28.
share on the
This compares
Total
Emerson Drug
14,135,714 15,963,923
Co.—Larger Dividends—
The directors have declared
a dividend of 50 cents per share on the class A
stocks, payable July 1 to holders of record June 22.
Previously quarterly dividends of 40 cents per share were distributed. In
addition, an extra dividend of 40 cents was paid on Dec. 18, 1936.—V.
144, p. 1438.
*
and class B
& rents payable.
105,870
15,105
Light Corp., less losses where income accounts of individual subsidiaries
have resulted in deficits for the respective periods.
The statement for each
Union
debit
Items
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 propor¬
tion of earnings which accrued to common stocks held by Electric Power &
with 25 cents paid on April 26, last, and a dividend of 75 cents per share
distributed on Dec. 21, 1936.—V. 144, p. 2476.
199,668
Insurance fund
income
The
3,933,800
300,000
on
Wharf, Boston.
Working liabilities
73,714
199,667
(cash)
Total
8,591
568,470
Note payable (non-
17,691
Spec, depos. (com¬
pensation Insur.)
Replacement fund
8,591
Non-par val. pref.
568,470
profits for the year 1936, estimated not to exceed
$200, and no provision has been made to date for 1937.
Note—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 applic¬
able 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
period
1st pref. stk. called
52,470
Def'd ins. prem—
319,030
Old Do¬
minion SS. Co..
Rents paid In adv.
defd
in
635.696
of 1st pref. stock
Dep. for redem. of
non-par val. pf.
stock
232,680
No par pref. stk.
Int.
Dep. for redeem.of
Working funds
4,436.411
Min. stockholders'
352
rec—
$
4,436,411
conv.
647,721
working assets..
Other
val.
757,016
3,490
3,498
Tral. bals. & other
Unmat. int.
par
1935
$
stock.
246,206
411,244
secure.
Common
y
equipment
12,085,667
Misc. Investment.
246,206
Marketable
1936
Liabilities—
&
surtax on undistributed
common
Emerson Electric Mfg.
Co.—Files Amendment—-
The company has filed an amendment with the Securities and Exchange
Commission increasing the amount of the $4 par common stock which it
proposes to offer from 75,000 shares to 80,000 shares, and lowering the price
to stockholders from $10 per share to $9,375 per share, and to the public
shares.
from $12.50 per share to $11.25 per share.
,
The increase in the offering will be divided proportionately among the
four underwriters of the issue.—V. 144, p. 3498.
A. Kirk Cameron was on June 11 appointed President of this company
place of the late James Playfair.
Harold A. Greene, director,
was elected to the
board to fill the vacancy left by the death of Mr. Playfair.—V. 143, p. 2207.
The Chase National Bank of the City of New York has been appointed
registrar for this company's stock.—V. 144, p. 4178.
z
After depreciation reserves,
y Represented by 366,779
Represented by 63,806 no par shares.—V. 144, p. 4004.
x
no par
Eastern Steel Products, Ltd.—New President—
to take the
has been elected Vice-President, and Gordon C. Leitch
Ebasco Services,
Equitable Fire Ins. Co. (Charleston, S. C.)—•Extra Div.
Inc.—Weekly Input—
For the week ended June
17, 1937, the kilowatt-hour system input of
which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1936, was as follows:
the operating companies
Operating Subsidiaries of—
1937
1936
108,905,000
49,303,000
79,108,000
70,164,000
National Power & Light Co
Amount
5,527,000
6,806,000
8,944,000
P.C.
5.1
13.8
12.7
—V. 144, p. 4178.
par $50, both payable July 1 to holders of record June 29.
An
$1 was paid on Jan. 2, last, and extra dividends of 50 cents per share
paid in each of the seven preceding six-month periods.
In addition
a special extra dividend of $1 per share was paid on Dec.
23, 1935.—V.
144, p. 278.
mon
stock,
extra of
Equity Corp.—Suit Dismissed—
In the $200,000 action for commissions
The company paid an extra dividend of $3 per share in addition to the
regular quarterly dividend of 25 cents per share on the common stock on
JuJe 15 to holders of record June 10. A special dividend of $1 was paid on
Dec. 15, last—V. 144, p. 278.
Operation expenditure. _
Operation surplus
charges
Fixed
—
1937
Month—1936
$52,906
40,723
$51,698
41,271
$12,183
5,776
4,000
$10,426
5,776
4,000
action at the end of the
failed
to
1937—5 Mos.—1936
$299,715
$306,776
219,014
226,829
$80,700
28,882
37,000
$79,946
28,882
37,000
surplus
—V. 144, p. 3670.
$2,406
$650
$14,818
$14,064
out
plaintiff's case on the ground that the plaintiff had
case against the defendants or either of them.
any
RR.—Earnings—
May—
Gross from
railway
Net from railway
Net after rents
[Including Chicago & Erie RR.]
1937
1936
1935
$7,466,552
$6,892,765
$6,171,868
2,278,900
2,044,044
1,578,717
1,411,663
1,277,924
1.002,686
1934
$6,986,180
2,197,933
1,541,377
From Jan. 1—
Gross from railway
Net from
m Total
make
Satterlee & Canfield represented the defendants.—V. 144, p. 2826.
Erie
Edmonton Street Ry. —Earnings—
Period End. May 31—
Total revenue
brought against the corporation
and David M. Milcon by the General Reconstruction Corp. on trail before
Justice Lauer in the Supreme Court, the Court on June 17 dismissed the
(Thomas A.) Edison, Inc.—Extra Dividend—
Renewals
The directors have declared an extra dividend of 50 cents per share in ad¬
dition to the regular semi-annual dividend of $2.50 per share on the com¬
were
Increase
American Power & Light Co
114,432,000
Electric Power & Light Corp... 56,109,000
Englander Spring Bed Co., Inc.—Registrar—
railway.
Net after rents.
—Y. 144, p.
3671.
36,394,001
11,352,632
7,141,826
32,905,275
9,145,113
29,977,972
7,644,095
5.885,851
4,793,568
31,998,485
9,566,927
6,350,117
Financial, Chronicle
4344
Erie
County Electric Co.—Earnings— 4
Including Central Heating Co.,
Calendar Years—
1936
Operating revenue
Ordinary expenses
1934
$1,486,742
$1,314,297
$1,314,513
535,599
53,650
128,289
a84,714
33,144
114,065
498,113
45,989
94,153
66.324
31,564
75,580
495,432
47,879
94,544
71,440
31,783
39,005
$537,280
14,092
,
1935
$502,572
20,215
$534,428
$551,372
75,247
1,822
3,181
8,229
$522,787
101,745
1,916
2,128
8,145
$559,178
Maintenance
Prov. for renewals & replacements—
Provision for Federal inc. taxes
Provision for other Federal taxes
Provision for other taxes
Operating income
Non-operating income
Gross income
Interest
funded debt
on
Miscellaneous interest
Amortiz. of debt discount & expense.
Other income deductions
Net income
$462,893
433,125
Dividends
a
shut-aown
subsidiary]
a
1937
June 26%
during shut-down periods; the amount of such depreciation applicable to
.
24,749
110,805
1,429
1,777
8,212
periods in 1936 was approximately $37,500.
Provision for
depletion of quarry and clay deposits ($3,717) was made by the company
on
the basis of its estimate of recoverable deposits irrespective of the
length of the period of possible recovery.
Balance Sheet Dec. 31, 1936
$787,348
Accounts payable,
Receivables
xl36,140
Accruals
40,434
Prov. for returnable sacks
12,317
Inventories
$436,954
393,750
355,596
4,111
Investments, &c
Plant, properties, and quarry
lands
——y4,072,818
Deferred charges
27,944
6}4%
Dlsct. &
$15,847
trade
Earned surplus
Treasury stock
comm.
in connection
with preferred stock, &c—
Total
x
691,929
sinking fund
gold bonds due Oct. 15, 1937
882,000
Preferred stock ($100 par)
5,000,000
Common stock
zl,100
-
127,087
aDr2,900
'
Total
$6,075,884
After
1st mtge.
$6,075,884
for bad debts and discounts of $51,957.
y After reserve
depletion of $1,084,677.
z Represented
by 75,000
no-par shares,
a Twenty-nine shares preferred and 14 shares of common
stock.—V. 140, p. 4398.
for
$408,852
354,375
Liabilities—
Assets—
Cash
reserves
depreciation
or
Includes $2,714 provision for Federal surtax on undistributed profits.
First National
Consolidated Balance Sheet Dec. 31
Assets—
1936
1935
1936
$100)
$3,937,500 $3,937,500
1,402,000
1,424,000
30,878
29,466
Accounts payable16,668
28,607
Accrued accounts.
176,473
267,043
Funded debt
Custom's'
5,743
Interest receivable
9,019
7,614
Accts. receivable..
134,487
103,434
113,875
127.392
Mat'ls & supplies.
Deferred charges..
120,218
Deferred credits._
Reserves
117,665
Total
Total
$6,897,666 $6,675,725
143,
p.
a dividend of 25 cents per share on account
class A stock, no par value,
payable July 15 to holders of record June 25.
Similar dividends have
been paid, in each of the 19 preceding quarters prior to which regular,
quarterly dividends of 50 cents per share were distributed.—V. 144, p. 2126.
of accumulations
2,375
1,062,419
168,256
38,748
949,460
101,997
$6,897,666 $6,675,725
Florida Power &
Light Co.—Earnings—
Net oper. revenues—
Period End. May 31—
1937—Month—1936
$73,817
$71,910
10,167
9,391
1937—12 Mbs.—1936
$865,370
$879,198
125,428
128,968
114,240
116,723
Note—No provision made for Federal surtax.—V. 144, p. 3837.
revenues.
Gross inc. after deprec--
$446,144
221
$395,356
221
$5,405,771
2,650
$4,693,426
2,650
$446,365
$395,577
9,061
$5,408,421
423,402
$4,696,076
393,432
$404,638
216,667
110,000
24,928
$5,831,823
2,600,000
1,320,000
299,116
$5,089,508
2,600,000
1,320,000
253,898
$107,263
$53,043
$1,612,707
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
1,153,008
1,153,008
Rent from lease of plant-
Co.-—Earnings—
Operating income
Other income (net)
Net income
United
Cleaning & Dyeing Co.—Accumulated
10,028
Gross incomeInt.
on
Int.
Fenton
the $2 cum. and partic.
on
Period End. May 31—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$1,102,921
$962,171 $13,074,702 $11,805,441
Oper. exps. (incl. taxes).
590,110
533,482
6,902,264
6.712.015
Property retirement re¬
serve
33,333
appropriations66,667
766,667
400,000
921.
Fall River Gas Works
Operating
Corp. of Portland (Ore.)—Accum. Div.
The directors have declared
deposits
Earned surplus
—V.
$
Capital stock (par
__ _
3,537
$
Liabilities—
Prop., plant & eq.$5,659,320 $5,592,456
Investments
304,002
314,868
Special deposi ts
80,552
110,656
Cash
489,439
279,111
Notes & loans rec_
1935
on
$456,393
216,667
110,000
mtge bonds
debentures
Other int. & deductions.
22,463
Dividend—
Thecompany paid
lations
the
on
dividend of $3.50 per share
a
7% cumulative preferred stock,
Net
on account
par
$100,
of
on
accumu¬
x
June 16 to
holders of record June 15.—V. 139, p. 442.
Fiberloid
Balance
Corp.—75-Cent Dividend—
x
The directors have declared
a dividend of 75 cents per share'on the com¬
value, payable July 1 to holders of record June 21.
A
like amount was paid on April 1, last, and compares with $2.50 paid on
Dec. 21, 1936; $2 paid on July 1, 1936, $1.50 on April 1, 1936; $3 paid on
Dec. 31, 1935; $2 in each of the four preceding quarters; $1.50 paid on
Oct. 1 and July 2, 1934, and $1 per share distributed on April 2,1934 and
on Dec. 30,1933.—V. 144, p. 2126.
stock,
mon
no par
Fidelity & Deposit Co. of Md.—New Vice-President—
Charles A. Buckley has been elected a Vice-President of this company,
was announced on June 17.—V. 144, p. 935.
it
dends
$2,506,082
69,191
406,011
—
Interest
Provision for Federal normal income tax
income for that year.
—Y. 144, p.
7,000
Net profit
$1,064,505
4,371,694
763,089
-
no
longer needed
Total
on common
stocks
75,875
950,000
Customers' accts. receivable.
Merchandise
3,623,610
U. S.t State & munic.
sees..
Inventory
debtors
Sundry
Fixed
assets
Deferred charges
Good-will, leases, trademarks,
trade names, &c
Total
-
tax assessments
1,545,600
5,339,873
354,681
4% %
cumulative
stock
$502,514
766,126
48,101
1,500,000
54,075
6,719
5,000,000
Earned surplus
4,495,181
The
$340,094
$293,621
$214,246
193", 122
23,554
23,552
212,880
23,600
Balance Dec. 31
Earns, per sh. on 97,457
$354,693
$316,540
$270,070
$403,526
shs. cap. stk. (no par).
$2.45
$0.72
surance
carried
of in¬
on
thei
lifeofG.E. RandiesDividends
Pay 50-Cent Div.—
directors
have declared a dividend of 50 cents per share on the
stock, par $10, payable July 20 to holders of record July 2.
A
was paid on
April 20, last, and on Nov. 20, 1936, and com¬
with 30 cents paid on July 20, April 20 and Jan. 20, 1936; 10 cents
per share each three months from April 20, 1933 to Oct. 21, 1935, incl.;
25 cents paid quarterly from Oct. 20, 1930 to and including Jan. 20,
1933,
and 40 cents per share paid on Jan. 20, April 21 and
July 21,1930.—V. 144,
pares
4178.
Assets—
1936
Cash
1935
Liabilities—
$120,667
319,208
62,828
285,034
58,181
50,508
846,277
Customers'
$13,959
114,904
178,911
U. S. Govt, secur.
Accrued
Capital stock
Surplus
mach'y,
sales--*
ment,
&c
Pat., trade marks,
1
1
3,976
7,188
goodwill, &c
a
$1,642,124
After
shares,
stock
reserve
for
$1,571,2421
Total
$1,642,124 $1,571,242
b Represented
depreciation,
by
97,457
Gross profit on sales
expenses
non-operating periods, &c
Net profit from operations
$451,598
208,447
9,019
Other income
$234,133
14,301
Net profit
Interest and other deductions
p.
3500.
Ltd.—4Earnings—
Years Ended Dec. 31—
1936
1935
80 997
(no surtax payable)
19)086
$148,351
Note—The above profit and loss account includes
charges for depreciation
and depletion of $126,123.
Pursuant to its established practice, the com¬
pany
has provided
no
depreciation
on
certain
machinery and equipment
1934
Net prof, from operations of the Cana¬
dian
factory and branches, after all
charges for manufacturing, selling
and general expenses (incl.
deprec.)x$3,539,372loss$400,7l9
Income from
Dividends
Profit
on
investments
290,769
from sub. companies.
sale of investments
rec.
378,798
1,903,606
231,048
_
55,393
$3,885,534
Net profit
Previous earned surplus
Adjustment of prior year's
$2,112,733
3,000
$3,288
466,031
1,636,649
80,476
170.529
$3,358,470
17,167,326
$2,186,443
3,000
305,331
$1,939,204
16,027,641
3,000
530,064
$1,878,113
16.272,066
reserve for
taxes
29,961
Total surplus
$20,525,796
Prior year's adjustments—inc. taxes.
41,029
Other adjustments
$17,996,806 $18,150,179
8,105
$248,434
Net profit
no-par
Includes 3,251 shares in 1936 and 3,241 shares in 1935 of
capital
purchased for resale to employees at cost of $32,089 and $31,883.
c
Provision for income taxes
$1,116,055
664,457
Provision for Federal normal income taxes
$64,741
24,181
1,165,780
316,540
equip¬
Directors' fees
Co.—Earnings—
Cost of goods sold
Selling, general and administrative
$60,811
60,841
taxes
b
Land, buildings,
Total income
Mill overhead applicable to
ex¬
&c
penses,
Other assets
1935
payable for
purchases,
accts.
Inventory
1936
832,516
Accts.
319,207
Earnings for the Year Ended Dec. 31, 1936
Net
Nil
Includes $2,800 for surtax on undistributed profits.
Ford Motor Co. of Canada,
Florida Portland Cement
Nil
.$17,345,025
similar amount
p.
$70,024 loss$109,905 loss$104,287
270,070
403,526
318,533
$547,815
Excess realization
respectively.—V. 144,
Total.
xNo par value.—V. 144, p. 4006.
common
$231,275
316,540
Previous balance.
Total
preferred
(par $100)
Firestone Tire & Rubber Co.—To
$106,519
148,860
63,042
Crl ,096
11,200
Deferred charges._
x5,000,000
$17,345.0251
$84,387
33,104
Common stock
1
1933
133,496
12,283
a
Sundry creditors
Mortgage note payable, 4>£ %
Res. for possible additional
241,221
Other assets
1934
$304,943
162,326
49,110
c
Liabilities—
Accts. pay.—trade creditors.
Accrued liabilities
$769,326
1,729,156
3,741,556
1935
184,586
53,359
receivable
$4,495,181
hand & demand depos
1936
$504,145
Balance Sheet Dec. 31
18,086
208,917
Consolidated Balance Sheet Jan. 31, 1937
on
No such provision has been made to date for 1937.
x42,000
x
-
Assets—
considerationof
Cr7,076
451,230
Balance
Cash
without
revenues
Prov. for Fed. inc. tax..
Premium
Dividends
full
Allowance for deprec.-Other deductions—net--
$6,199,289
on 45,123 shares of 6H% preferred stock purchased,
exchanged, or called for redemption
Expenses in connection with redemption of 6H% preferred
stock and issue of new 4% % preferred stock
Dividends on 6 H % preferred stock
Dividends on 4H % preferred stock
includes
4178.
Manufacturing profit
Sell., gen. & adm. exps_
751,470
Appropriated surplus,
account
litigation for which a reserve has been provided by appro¬
priations from surplus in amount of $569,065 for the 12 months ended
May 31, 1937, and of $862,025 for the 12 months ended May 31, 1936.
No provision was made for Federal surtax on undistributed
profits for
1936, inasmuch as the company reported no undistributed adjusted net
207,904
undistributed profits
Other taxes
Balance Feb. 1, 1936
on
Notes—Income
(The) Foote-Burt Co.—Earnings—
$2,432,261
73,821
on
and unpaid to May 31, 1937, amounted to
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
preferred stocks are cumulative.
Calendar Years—
Profit
Net profit
paid
Depreciation and amortization
$459,699 def$237,398
Dividends accumulated
rate reduction in
Earnings for the Year Ended Jan. 31, 1937
Other income
$915,610
$5,092,452.
(Wm.) Filene's Sons Co. (& Subs.)—Earnings—
Net sales (including sales of leased departments)
$36,003,415
Cost of goods sold, selling, operating & administrative expenses. 33,571,153
Provision for surtax
income
Class A dividends
Class B dividends
1,588,960
70,000
Earned surplus, Dec. 31
Earns, per share on 1,658,960 shares
class A & B stock
794,480
35,000
40,734
1,986,200
87,500
$18,825,807 $17,167,326 $16,027,641
$2.02
$1.17
$1.13
x Includes $2,517,351 for
portion of the aggregate operating profits for
the year 1936 of overseas subsidiary automobile
manufacturing and dis¬
tributing companies,
receivable.
withdrawn
in
the
form
of
dividends
received
or-
Volume
Financial
144
Comparative Balance Sheet Dec. 31
1936
Assets—
Plant account
Fisher
1935
Liabilities—
27,962,150 26,693,631
Patents
1
Cash,
3,199,329
Can. Govt, bonds, 9,601,040
Accts. receivable,_ 6,460,460
Deferred charges.,
666,788
Inventories
4,931,137
Investments
8,520,824
1935
1936
$
$
1
3,214,057
9,715,199
6,909,065
509,132
3,832,741
x
$
$
Capital stock,__ 13,379,100 13,379,100
2,295,232
4,694,131
1,000,000
1,000,000
Accounts payable,
Res. for invest
General reserve
21,011,230 21,172,790
3,250,000
3,250,000
Surplus
18.825.S07 17,167,326
Deprec.
reserve
6.205,502
Customs drawback
A refund claims,
745,124
73,414
Interest accrued.,
1,105,239
4345
Chronicle
Body to Expand—
The Fisher Body division of General Motors plans construction of a new
plant for Ternstedt Manufacturing division at Trention, New Jersey, an
addition to the metal shop at Grand Rapids and additions and rearragements at the Cleveland plant.
These improvements, together with the
previously announced new press shop at Flint and the additional equipment
at other Fisher Body plants in preparation for the 1938 model season were
announced as costing $15,000,000.
The new Ternstedt plant, to have 900,000 square feet of floor space, will
employ about 3,000 persons and will produce automobile body hardware to
be distributed to company's eastern Fisher and General Motors plants. Of
modern design, the building will be completely air-conditioned.—V. 144,
p. 4179.
79,880
General Paint Corp.—Common
Total
62,160,268 58,264,4481
Total
62,160,268 58,264,448
Represented by 1,588,960 shares class A stock and 70,000 shares class B
stock, both of no par value.—V. 143, p. 3466.
x
Ford Motor
1936
Int.
1934
£1,513,450
£942,510
63,106
£1,440,908
1,770
loss84,830
£1,577,437
714,370
£1,357,848
619,300
£1,386,719
526,091
92,044
13,415
71,500
12,967
7,000
29 647
65 754
7,000
6,300
18,529
881
Total income
.
Contrib.
£1,590,778
749,571
production
new
to
108,500
12 389
Directors' fees
7,000
Super chgs. for cap. exp.
debt
on
due
Motor
12.059
Ford
on
178,724
149,826
344,355
316,963
$1,793,866
$1,691,466
(other than Federal income tax)
Net operating earnings
lberica
101,469
74,444
A
$1,895,335
depletion
367,183
Interest on subsidiaries f unded,debt
504,931
Inters on unfunded debt
25,063
A'ij.^iusation of subs, debt and preferred stock
$1,765,910
349,758
523,090
10,388
39,023
38,340
33,122
72,015
29,151
81,970
271,526
289,569
Other income
loss
for
at
Total net earnings
Provision for depreciationiand
near
branch
3,144
arising on trading
outside Britain.
_
22,500
15,007
14,250
£657,056
523,084
£508,663
388,171
£755,795
def354,04o
oper.
Profit before approp'n
for income taxes
Previous surplus
discount and expense
£671,902
771,487
Provision for amortization of deferred charges
Dividends on subs, preferred stocks
Interest on 15-year 5% 1st
Total surplus
£1,443,389
174.209
Approp. for income tax.
Dividends (less tax)
405,000
£1,180,140
£896,834
59,903
348,750
25,000
348,750
£401,750
13,579
lien and collateral trust
bonds, series A
80,429
forward
Carried
£864,179
£771,487
£523,084
£388,171
Balance Sheet Dec. 31
1935
1936
Liabilities—
Assets—
x
Capital
Land, bldgs., fac¬
x
Machin'y,, plant,
affil.
adv.
A
Trade
A accr. accounts
1,570,429
4.452,788
Reserve for taxa'n
172,040
1,497.510
57,250
105,211
81,398
companies 2,988.676
2,469,416
pay.
reserve ac¬
per
share
2,661,704
1,269,179
1,120.236
$6.57
25,218
Trade accts., Ac..
Cash
1,143,266
1,748,679
1,025,476
684,616
929,590
of Supreme Court of State of New York, adverse to Consolidated Water
Co. of Utica, N. Y., a subsidiary, are upheld on appeal now pending.
14,418,0981
x$23,667,267
capital
V.
After depreciation. &c.
Funded
$16,627,120
bank, unsee'd
1,091,247
secured
530,000
payable, secured..
128,145
payable
102,355
debt
Notes payable,
investments..
30,092
Reacq'd securities—par val..
Special deposits
570,000
514,868
Notes payable, banks,
549,288
603,098
Accounts
431,227
Accr'd taxes (other
Miscellaneous
Unbilled
Total
14,964,806 14,418,098
Leasehold land,buildings, plant, machinery,
&c.f connected with undertaking situated outside British Isles, at cost less
depreciation and stock of autos, parts and stores, debtors' cash. &c.—
x
30,1937
Liabilities—
Assets'*—*
revenues
118,157
198,190
(est.)
Inventories
14,964,806
Total
$.61
(average
Accts. A notes rec., less res..
30,401
1,547,081
$4.56
$1.26
stock
Marketable securities
out¬
side Brit. Isles,.
preferred
Cash in banks and on hand..
Profit A loss surp.
Inventories
$3
Note—The operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction which will result in the event that
rate case decisions of Public Service Commission and Appellate Division
Fixed
2,847,947
count
$376,227
number of shares outstanding)
Common stock
Consolidated Balance Sheet April
account, Ac
Capital
600
Ac.,
accts.
Earned
Employees' invest.
to
Fixed assets, in¬
vest.,
9,000,000
3,761,748
cost
at
£
9,000,000
4,603,418
Other investments
y
£
stock....
1925
3.972,031
tories, Ac
tools A equip
in
1936
67,418
$502,042
Provision for Federal income tax (estimated)
Balance
Inv.
1936
$3,521,485
1,363,229
|1937
$3,746,087
1,429,142
12 Months Ended April 30—
Operating revenues
Operation
38,272
eastern
Loss
(& Subs.)—Earnings
General Water Gas & Electric Co.
Taxes
(.Spain)
Prov.
on June 18 declared a dividend of $3.50 per share on account
on
the $6 cumulative preferred stock, no par value
payable Aug. 1 to holders of record July 15. This dividend is for the period
irom Nov. 1, 1936, to May 31, 1937, inclusive.
A dividend of $4 was paid
on May 1, last; $8 was paid on Dec. 22, 1936 ; $1.75 was paid on Sept. 1
and on June 5, 1936; $1.50 paid on March 9, 1936, and $1 per share on
Dec. 9, 1935.—V. 144, p. 2481.
accumulations
152,755
debt due
Mot.
Telephone Allied Corp.—Accumulated Div.—
The directors
of
Maintenance
of
...
Res. for loss
Dividends Resumed—
dividend of 25 cents per share on .the
(Revised to give effect to the elimination of gross revenues and operating
expenses of properties sold from April 30, 1935 to date of sale.
The net
results from properties sold are included in "other income.")
from
Co.
Cologne
fr.
443,649
employees'
benefit scheme
Interest, &c
Ford
559
24,198
Deprec. & obsolescence
Exp. of adapting plant
Loss
1933
reserved in pre¬
over
vious years
for
General
1935
Trading profit, &c
£1,558,990
Sundry profit, rents, &c.
678
Profit on exchange
6,912
a
stock, payable July 1 to holders of record June 25. This will be
the first payment made on the common stock since April 1930.—V. 144.
p. 1600.
Co., Ltd. (England) —Earnings—•
Years Ended Dec. 31—
directors have declared
The
common
y
Accts. receivable, non-curr't.
Prepaid expenses
Deferred charges
1,464
32,335
1,130,910
Accounts
Accrued
199,598
interest
income
than Fed.
tax)
84,508
*
62,397
Prov. for Fed. inc. tax (est.).
divs.
Accr'd
pref.
on
stocks
A
1,692
stk._
19,058
subsidiaries
of
Accr'd divs. on $3 pref.
Div.
declared
common
on
stock, parent company
funded debt matured
144, p. 2826.
43,524
called for redemption—
5,433
46,270
118,641
450,000
256,652
Subs,
Fruehauf Trailer
Co.—Listing Approved—
The New York Curb Exchange
or
Other current liabilities
has approved for listing 400,000 outstand¬
ing shares of common stock, $1 par.—V.
144,
p.
Consumers' A other deposits.
3672.
Res. for rate reduc. in litiga.
Res. for contingencies, Ac—
Fyr-Fyter Co,—Extra Dividend—
Pref. stocks of subs, publicly
declared an extra dividend of 15 cents per share
in addition to the regular quarterly dividend of 25 cents per share on the
common class A preference stock, both payable July 15 to holders of record
June 30.
A similar extra was paid on April 15, last; an extra of 5 cents was
paid on Dec. 24, 1936; a dividend of 30 cents was paid on Oct. 15, 1936,
and prior thereto regular dividends of 25 cents per share were distributed
each three months.—V. 144, p. 2826.
The
directors
have
Garment Center Capitol, Inc.—New Loan—
Ivor B. Clark, Inc., announced June 18 closing a loan of $3,615,000 with
the Equitable Life Assurance Society for the company.
This loan pays off
original mortgage of $6,000,000 made by the
Bond & Mortgage Guarantee Co. and sold to clients in the form of guar¬
anteed certificates.
The loan was pared down from its original amount
to $3,615,000 out of earnings from the property with no default during the
14 years in taxes or interest.
The properties covered by the mortgage are known as the Garment
Center Capitol Buildings, at 498 7th Ave. and 500 7th Ave.
They are
17 and 24 stories in height and occupy an area of 74,980 square feet.
They
contain 16,886,400 cubic feet of space and have 1,409,075 square feet of
rentable area.
Assessed by the city at $12,000,000, they bring a rental
return of more than $1,400,000.—V. 144, p. 773.
in full the balance due of the
Gemmer Mfg.
Co.—Accumulated Dividend—
The directors have declared
a
dividend of $3 per share on account of
accumulations on the $3 cum. partic. pref. class A stock, payable July 1
one
of $5 was
A dividend of $2
was paid on May 24, last;
paid on Dec. 21, 1936, and one of $4 per share was paid on
144, p. 3332.
to holders of record June 21.
Nov. 16, 1936.—V.
General Fireproofing
The directors have declared a
Co.—Larger Dividend—
dividend of 30 cents
per
share on the com.
stock, payable July 1 to holders of record June 21. This compares with 25
cents paid on April 1, last; an extra dividend of 30 cents in addition to a
regular quarterly dividend of 10 cents paid on Dec. 24, 1936, and an extra
dividend of 10 cents in addition to the regular quarterly dividends of 10
cents per
share distributed on Oct. 1,1936.—V. 144, p. 2127.
General Motors Corp.—Overseas Sales—
Sales of General Motors cars and trucks to dealers in the overseas markets
during May totaled 33,306 units, representing an increase of 7.4% over the
volume in May of last year.
In the first rive months of 1937, sales of 154,609 represented an all-time
high volume for that period, and an increase of 5.4% over the volume in
For the 12 months through May, 1937,
332,688 units—an increase of 7.4% over the volume in the
12 months ended May 31, 1936.
These figures include the products of the corporation's American,
Canadian, English, and German factories sold outside of the United States
the first five months of 1936.
sales totaled
and Canada.
Cadillac and La Salle Sales—
for the first 10 days of June
1,237, against 1,318 for the first 10 days of May and 542 for the first
June, 1936.
The drop from May was due to a falling off in
Canadian and export sales, according to D. E. Ahrens, Sales Manager.
Sales to date of the 1937 model total 30,168 units, the best record in the
story of the company.
Retail sales of Cadillac and La Salle cars
were
10 days of
290,000
held
Minority int. in com. stock A
surplus of subsidiaries
36,344
$3 cum. pref. stock
y3,818,605
Common stock (par $1)
217,623
Paid-in capital surplus
Earned surplus
Total
x
$27f846,896
$27,846,896
Total
After reserve for depreciation and depletion of
sented by 76,372 no par
3,300,138
417,545
$4,803,363.
y
Repre¬
shares.—V. 144, p. 3502.
Georgia & Florida RR.- -Earnings—
—Second Week of June
1937
Gross earnings
—V. 144, p. 4008.
$21,600
-Jan.
1 to June 14
1937
1936
$575,403
$471,180
1936
$19,500
Glen Alden Coal Co.—Interim Dividend—
The directors have declared an interim dividend of 12 M cents per
share
value, payable July 20 to holders of record
This compares with a special dividend of 50 cents paid on Dec. 23,
1936 and a regular dividend of 25 cents paid on Oct. 20, 1936 and each
three months previously. In addition, extra dividends of 25 cents per share
were paid in each of the four quarters of 1935.
The declaration of an interim dividend as opposed to the usual quarterly
payment was made necessary by economic conditions in the anthracite
industry, according to Major W. W. Inglis. President of the company. The
company plans in the future to adopt the policy of interim dividends,
deducting the total from net earnings and, if the balance warrants, pay a
special dividend, Major Inglis said.—V. 144, p. 1601.
on
the common stock, no par
July 3.
Glidden Co.—Stock Increase Voted—
Stockholders at
a special meeting held June 22 approved an increase in
common
shares to 1,200,000 from 1,000,000 presently out¬
standing.
Purpose of the increase is to provide a block of stock which can be offered
to common stockholders should an occasion arise at some time in the future
authorized
requiring additional capital to replenish the treasury, provide for expansion,
or similar purposes.
The company has no immediate intention of offering
this stock to its shareholders.—V. 144, p. 3502.
Goodyear Tire & Rubber Co.—Redemption Agent—
The Guaranty Trust Co. of New York will act as redemption agent in
accepting $7 second preferred stock (formerly first preferred) of this com¬
pany for redemption on and after July 1, 1937, at $110 per share plus
accrued dividends to July 1, 1937, of $1.75 per share.
Scrip certificates for
the $7 second preferred stock will be redeemed on the basis of the redemption
price of $110 per share flat.
This company and the National City Bank of Cleveland, Cleveland, Ohio,
will also accept stock for redemption.—V. 144, p. 2999.
Gotham Silk Hosiery Co., Inc.—Accumulated
The directors have declared a dividend of $1
per
share
on
Dividends
account of
and the regular quarterly dividend of $1.75 per share ordinarily
due for a total of $2.75 per share) on the 7% cumulative preferred stock,
arrears,
4346
Chronicle
Financial
Pennsylvania Greyhound Lines, Inc., also asked permission to issue
14,800 shares of common stock (no par) which will be subscribed to in equal
proportions by Greyhound Corp, and American Contract & Trust Co., a
Pennsylvania RE. holding company, at a total of $399,600.—V. 144, P.3334.
par $100, both payable Aug. 2 to holders of record July 12.
Similar
1 and Feb. 1 last, Nov. 2. Aug. 1, and
May 1, 1936, these latter marking the resumption of dividends, the last
previous disbursement having been the regular dividend of $1.75 per share
paid on Feb. 1,1935.—-V. 144, p. 1959.
payments were made on May
Grand
National
Hackensack Water
Inc.- •New Vice-President and
Films,
June 26, 1937
Director—
A. Pam Blumenthal will become a director of this company on June 30,
succeeding Charles L. Stillman whose resignation will take effect on that
date.
He will become a Vice-President of the company on Aug. 1.
The company in a report to shareholders disclosed an agreement to hire
Mr. Blumenthal for three years starting on Aug. 1 at $1,000 a week, plus
and Exchange Commission
Securities
Hammond Clock
1939, and
a
Great Lakes
Inc.
1935
$681,267
70,821
25,960
173,782
.......
Taxes—Federal income—-—
Other....................
Reserved for retirements
19,564
$435,993
$49,117
$31,245
83,750
51,031
84,753
77,028
28,370
79,323
36,928
81,492
63,427
45,818
Cf6,814
026,326
Cr20,320
50,000
$371,494
1,605
373,304
$254,719
valuation
discount
against
merchandise inventory
&
res.
inventory write-offs
Net profit
Preferred dividends
Common dividends
$628,260
583,682
Operating expenses—
Maintenance
$11,681
15,567
& excess profits taxes.
Prov. for & reduction of
1934
$1,603,390
569,360
61,272
38,074
159,070
94,344
1936^
$1,631,869
$33,550
10,588
paid,
allowed, &c
$1,590,561
99,949
—
$425,406
21,085
Interest
(& Subs.)—
$677,672
Calendar Years—
Gross earnings..
.....—
$541,802
Prov. for depr. & amortProvision for Federal inc.
a dividend of 15 cents per share on the com¬
stock, par $10, payable Aug. 2 to holders of record July 24.
Extra
dividends of 5 cents and regular quarterly dividends of 10 cents per share
were paid in each of the 11 preceding quarters.
In addition, a special
dividend of 50 cents was paid on Dec. 21,1936; 40 cents on Dec. 20,1935 and
50 cents on Dec. 19, 1934.—V. 144, p. 1786.
System,
$170,434
158,753
$562,887
The directors have declared
Gas
$150,166
116,616
618,043
71,546
33,964
155,016
83,729
Earns, per sh. on 93,326
shs. com. stk. (par $5)
141,824
1,000
6,640
•
151,168
1,186
4,553
$130,371
$136,049
335,182
164,935
Unexpired ins., &c
809
8,972
$517,844
$513,232
$468,311
Fixed assets
Balance
—
$283,475
35,160
6,455
Net income.-
$292,121
26,911
6,771
$192,753
—
$284,952
26,203
7,000
$195,076
$
Deb.
Property, plant &
equipment
13,606,731
185,307
274,254
70,300
394,038
293,807
295*566
97,702
Acc'ts receivable-
48,222
88,375
12,869
Unbilled water ser.
Mat'ls «fc suppliesOther assets------
Due from affiliated
63,204
"7~, 430
3,972
644,995
9,226
62,067
and expense.
Other def'd chgs—
100,405
10,165
Unamort. pref.stk.
com. & expense.
7,392
Preferred stock-
Corn. stk. ($5 par)
1,936
4,258
Paid-in surplus.
Earned surplus
159,512
107,443
Hartford Rayon
See list given
173,709
68,994
Harvard Brewing Co.
320,356
317,885
175,000
20,175
Del. (& Subs.)—Earnings1937
370,334
259,171
77,876
expenses
Loss from operations.
Liabilities—
Assets—
Cash
298,196
2,725,000
Fed.
on
deposit & on hand.
$28,674 Notes payablex200,934 Accounts payable
4,335 Mtges. pay. current payments
282,082 Beverage tax payable
-_
shs., no par)—Capital surplus
Earned surplus
158", 570
rev.
...
stamps on hand
Inventories
Vendors' containers returnable
500,000
21
Dep. with pub. serv. corp
Com. stk. (100,000
500,000
pf$119,163
$44,116
Consolidated Balance Sheet March 31, 1937
Accts. & notes receivable
6% oum. pref. stk.
($100 par).
2,560,400
1936
$833,877
416,833
239,006
58,875
$589,565
296,634
2,189,106
63,443
354,575
213,284
Total
of this department.
—
Selling and delivery
and
of sub. cos-
sur.
.$1,552,751 $1,071,655
General and administrative expenses
Contrib. for ext'ns
159,512
110,858
Corp.—Registers with SEC—
page
Cost of goods sold
91,093
49,963
466",630
of building mortgage due Feb 15.
6 Months Ended March 31—
Net sales
146,280
credits..
stock
first
on
—
Total
-
Dec. 31, 1936—
38,406
Retirement reserve 1,562,290
Other reserves
69,657
.15,181,771 21,552,509
2-yr.5% deb.notes
$1,552,751 $1,071,655
44,497
Divs. decl. on pref.
stock pay. after
com.
dlsct.
69,976
Consumers' service
Deferred
notes
8,812,000
Minority equity in
Unamort. debt dis.
Bldg. mtge. pay—
Reserve.-
97,376
155,425
able, &c-
477,904
-
$
Accrued liabilities.
252
(less reserve)...
19,065
25,863
45,818
Acer .sal. .wages ,&c
Acer. Fed. inc. tax
8,912,000
Notes payable
deposits, &c
Cash In closed bks.
companies
Prepayments
$
Accounts payable.
Int. & divs. pay¬
held by trustee,
60,070
80,963
contract
6,615
x Includes
$7,200 for first instalment
1938.—V. 144, p. 774.
1935
Liabilities—
Funded debt—...
19,987,487
Sink, fund & cash
4,052
sale
X72.000
170,000
15,926
304,795
466,630
and expense—
Total
1936
$
$44,680
18,541
$142,507
1935
Assets—
clock
27,942
365,696
46,863
1
Mtge.bd.ext.exp.
Consolidated Balance Sheet Dec. 31
1936
$96,871
un¬
4,566
Patents, AcGoodwill
Deductions—Parent company:
Interest on funded debt.——...
Amort, of debt discount & expense.
Miscellaneous deductions
retail
311,321
534,381
8,827
27,194
475,577
34,718
Other assets
dep. on
1936
shipped orders—
Liab. under special
580
In ven tor les
731
10,317
1937
Accts. payable &o.
Adv.
Acer, royalties and
Interest rec'ble.
938
Liabilities—
Notes & accts. ree.
144,727
1,238
4,278
9,423
....
Minority interest
Nil
Nil
$2.44
$3.90
1936
1937
(net)
Other interest charges
Amort, of debt discount & expense.
Miscellaneous deductions
loss$38,257 loss$137,176
Consolidated Balance Sheet March 31
Assets—
Cash
Gross income
Deductions—Subsidiaries:
Interest on funded debt—-—
1937
period items
Engineering Works—Larger Div—
&
1934
$737,113
311,707
Operating profit
Sundry income and prior
similar amount at $5
which ratification
Water
1935
553,396
Sell., adm. & gen.
mon
Greenwich
1936
exps_
$1,095,198
Gross profit on sales
is sought, gives Mr. Blumenthal the
right to buy at the respective increased prices in August, 1939, and August,
1940, any shares on which options have not previously been exercised.
—V. 144, p. 757.
The agreement, on
Co.—Earnings—
Years. End. Mar. 31—
options on 10,000 shares or common stock at $3 a share in August, 1938, a
similar amount at $4 a share in August,
Ck slictjro in
t
X 940 •
Total
Co.—Registration Withdrawn—
has permitted the company
under the Securities Act upon the
company's own request.—V. 144, P. 3334.
The
to withdraw its registration statement
10
Investments..
5,338,392
1
Property
yl,155,852
Uncompl. constr. Job orders—
21,466
Trademarks and patents
1
Deferred charges—
89,973
533,070
15,181,771 21,552,509
-
Deposits on containers
Federal income tax payable...
Accruals
39,105
-
Mortgages payable
Capitalstock ($1 par)
Paid'in surplus
190,000
540,897
257,000
477,179
—
Earned
$90,000
128,786
5,000
8,922
29,572
16,888
surplus—
-V.144,p.3502.
Total
Gulf Mobile & Northern RR.
May—
-Earnings1936
1937
1935
x
1934
Net from railway
Net after rents...
From Jan. 1—
Gross from railway.
$673,904
239,679
111,288
$606,074
225,444
112,458
$516,814
230,296
155,394
3,242,784
1,193,409
571,608
2,313,560
698,908
325,049
2,227,478
Net after railway
Net after rents
2,858,567
993,326
468,357
x
Oper. exps. & taxes
668,540
252,356
Prov. for retire, reserve.
Gross income..
Int. & other fixed charges
$30,706
19,264
$29,353
17,224
elected President.
Mr. Wertheim will continue as a director and
member of the Executive Committee.
Frank H. James, Treasurer of the company has been elected to the office
of Senior Vice-President.
He will also continue as Treasurer.
N. V. Tibbals, plant manager of the combined companysince 1932 has
1937—12 Mos.—1936
$1,575,514
$1,345,401
1,005,651
863,938
131,902
78,500
$437,961
215,595
America—New Chairman, &c.—
was
-Earnings—
1937—Month—1936
$135,099
$113,718
92,450
76,365
11,942
8,000
for depreciation of $219,723.—V. 143, p. 4155.
reserve
John Cavanagh, formerly President, was on June 18 elected Chairman of
the Board of the company announced. He succeeds Maurice Wertheim, who
had resigned.
Fletcher H. Montgomery, formery First Vice-President,
—V. 144, p. 3674.
Gulf Power Co.—
for doubtful accounts and notes receivable of $38,189.
Hat Corp. of
.
Period End. May 31—
Gross revenue
After
y
$472,880
142,423
60,664
Gross from railway
reserve
as
Secretary.—V. 144,
on
Haverhill Gas Light
$402,963
206,455
r~
Period End. May 31—
Operating revenues,....
x
$222,366
67,014
$196,508
67,014
$5,857
$6,544
$155,352
$129,494
Net oper. revenues.__
$5,145
undistributed profits for 1936.
been made for such tax in 1937.—V. 144, p. 3838.
Non-oper. inc. (net)—
Taxes
Balance
Retire,
Greyhound Corp.—Seeks to Issue Equipment Notes—
and two subsidiaries have applied to the Interstate
Commerce Commission for authority to issue $1,068,000 five-year serial
equipment mortgage notes in connection with the proposed purchased of
89 new super-passneger coaches to be constructed by Yellow Truck &
Coach Manufacturing Co.
The notes, which will bear interest ranging from m% to 4%, will be
issued at par to National City Bahk, New York.
Other banks may
participate in the loan, but the extent of such participation, if any, is not
known by the companies at this time.
The Greyhound Corp. applied for permission to issue $240,000 of notes
to pin-chase 20 new coaches; Atlantic Greyhound Corp. for authority to
issue $528,000 of notes to buy 44 coaches, and Central Greyhound Lines,
Inc., for authority to issue $300,000 of notes to purchase 25 new coaches.
corporation
$563,762
354,943
24,966
a83,099
$559,057
352,557
22.814
89.815
Units Seek to Issue
$100,753
$93,871
$ 93,954
35,000
$5,669
$65,802
2,310
$58,954
$5,403
267
2,725
Inc. (& Subs.)—Earnings-
Earnings for the Year Ended Dec. 31,1936
Operating revenue
Operating costs and expenses
.—$22,475,826
operations
$3,465,789
59,878
Net profit from
Other income—
19,010,037
...—.....
Gross income
—
——
Income charges
—.
Prov. for Federal income taxes (incl. $703 for surtax on undis¬
tributed profits)
applied to the ICO for
their
parent concerns for additions and betterments.
Capitol Greyhound Lines a ked authority to issue 464 shares of capital
stock (no par) to repay advances to Greyhound Corp. and Atlantic Grey¬
hound Corp., which jointly control it.
The two latter corporations have
agreed to subscribe to 232 shares each of the new stock at $172 a share, or a
total of $79,808.
Southwestern Greyhound Lines, Inc., requested authority to issue 1,100
shares of class B common stock to repay advances from Greyhound Corp.
This stock was valued at $150,700.
—
Hearst Magazines,
The equipment will be built by the
At the same time three other Greyhound units
$100,802
35,000
$63,492
$56,229
58,968
58,968
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. 3503.
equipment notes to the National City Bank of New York in connection with
authority to issue a total of $630,108 of stock to repay advances to
83
$8,586
2,917
$2,084
...
Net income
Dividends declared
49
$2,232
147
accruals.
Interest charges
Equipment Notes and Stocks—
100 super coaches.
Manufacturing Co.
reserve
$8,586
$5,148
2,917
-
Gross income
The Pennsylvania Greyhound Lines, Inc., has applied to the Interstate
Commerce Commission for authority to issue $1,200,000 of 5-year serial
the purchase of
Yellow Coach &
1937—12 Mos.—1936
3
—
Maintenance
Includes provision for Federal surtax on
The
Co.—Earnings—
1937—Month—1936
$44,275
$44,719
29,052
27,054
2,413
1,605
a7,664
7.474
$12,129
5,584
pref. siock
No provision has
4180.
p.
$11,442
5,584
Net income
Balance...
Irving Wilmot remains
been named Vice-President and works manager.
Operation
Divs.
$1,783,348
Total-—.
——$1,783,348
After
Net income
-—....
^Earnedsurplus, Jan. 1,1936
I
Total......——
Dividends
on
—
—...
Dec. 31,1936
434,719
$2,351,605
1,084*689
——
$3,436,294
—
2,450,000
capital stock-—cash—
Earned surplus,
$3,525,668
739,343
—.........
$986,294
Financial
Volume 144
dividend of 50 cents per
Consolidated Balance Sheet Dec, 31,1936
Assets—
Liabilities—
Circulation, reference libraries
and goodwill
..-...$14,070,641
Real estate and equipment.
y2,860,099
Cash—general funds....
340,308
Dep. with tr. & paying agent
887,161
Trade notes Aacct.recelv
z2,594,605
Other accounts receivable.
18,645
Mkt'le sec., at cost (less than
market value)
1,110
Inventories
1,356,402
Post-office & other deposits.
58,603
Capital stock.....
x$5,000,000
Minority Interest in subs. co.
175,000
Instalment subscr. for maga¬
Matured debs. & Int. thereon
Funded debt
.
6 % serial debs. due Mar.
Notes payable
Accrued Federal income taxes
Other taxes accrued.
.
zines, portion not due
4,351,148
-
Deposits to secure
tion, Ac.Rental deposits, &c
1,058,281
41,680
....
..........
1 '37
Accounts payable
Accr'd printing <fc other exps.
Accrued Interest
.
Deferred charges
Otherassets
1,000,000
21,155
1,000,000
3,782,003
1,191,598
340,799
Acct. payable to parent co...
..
..
13,573
400,096
4,458
Other liabilities.
248,646
-
7,601,795
-
Capital surplus—arising from
revaluation of lntang.assets
Earned surplus.
—-
x
328,250,685
Represented by 60,000
no par
y
5,897,740
980,294
.-$284250,685
Total
shares,
63,679
437,519
96,332
circula¬
Deferred credits to income.
Total....
After reserve for depreciation
and obsolescence of $1,376,410.
z After reserves for returns and doubtful
notes and accounts of $492,971.—V, 144, p. 1786.
Calendar Years—
Rev.
Publications, Inc. (&Subs.)—
1936
1935
•
1933
1934
from operation of
newspapers,
..$72,196,990 $61,966,248 $69,613,349 $54,697,859
60,911,115
51,413,240
48,455,830
43,341,757
&c
Expenses...
Gross profits..
.....$11,285,874
Other
income
interest
.
rentals, &c....
$10,553,008 $11,157,519 $11,356,102
2,222,976
Gross Income
2,139,895
2,455,908
2,359,184
$13,508,851 $12,692,904 $13,613,426 $13,715,286
Distribution of profits of
American Weekly, Inc.
to other companies
1,542,286
1,777,743
1,361,367
2,665,216
Depreciation
(incl. Fed. inc.tax)
1,531,378
1,249,711
2,801.472
1,226,654
1,063,042
2,427,133
1,915,017
,354,967
1,206,705
2,131,510
1,550,693
Amort, of bond discount
and expense..
151,894
203,367
252,737
228,094
Net income
Earned surplus, Jan. 1..
$6,197,663
13,986,385
$6,058,342
14,444,230
63,487
$6,061,794
13,422,678
110,419
Homestake Mining Co.—-Listing—*
Exchange has authorized the listing of 2,009,280
(new), (par $12.50), in substitution for 251,160
shares (par $100), now outstanding and listed, on the basis of eight new
The New York Stock
shares of capital stock
shares for each old share.—V. 144, p. 4009.
Honolulu
Int.
bonds & debens.
on
.
xl
Surplus credits.
1,716,332
stock, par $20, payable June 30 to holders of record June 23.
This
compares with 15 cents paid on March 31, last; 40 cents on Nov. 30,1936; 30
cents paid on Sept. 30.1936; 20 cents per share paid on June 30 and March
31, 1936: 40 cents on Dec. 31, 1935; 20 cents on Sept. 30, 1935; 25 cents
on June 29, 1935; 15 cents per share on March 30, 1935; 50 cents per share
on Dec. 31, 1934; 30 cents per share
paid on Sept. 29, 1934; no dividend
distributions made during 1933, and 20 cents per share paid on Sept. 30,
June 30 and March 31,1932.—v. 144, p. 3674.
Hotel
..$20,184,048 $20,566,059 $19,594,892 $15,359,645
4,938,322
6,500,860
5,072,624
1,936,967
Red. of invest, in
78,039
...
78,813
368,351
Earn, surplus, Dec. 31$14,877,376
The Chase National Bank, as corporate trustee under the trust mortgage
Realty Corp. and under chattel mortgage of Draco Realty
Corp., on June 15 obtained a judgment of foreclosure and sale in the
N. Y.
Supreme Court covering the property located on the northwest
of East 56th St. and Park Ave., N. Y. City, on which is located
the Hotel Drake.
The judgment rendered covers
principal and interest on $3,393,250
principal amount of certificates of participation secured by said trust
mortgage.
It is expected that the sale of the property at public auction
will be held on or about July 20.
The judgment provides that $1,700,000
is a fair upset price, below wh.ch the
shall not be sold—V. 140, p. 3898.
Hotel Taft—Bondholders
1936
Assets—
1935
$
Houston
Period End.
1936
Liabilities—
$
libraries, &c-_ 83,873,958
Co.).
Due
28,613,445
326,391
3,000,000
— ....
from
4,892,822
4,595,451
5,991,042
4,161,408
4,408,274
3,748,347
279,645
203,270
467,123
403,487
26,584
194,968
148",980
Mat. fund, debt
Instal. subscript
for cl.
47,427,850
23,249,985
6,348,537
banks&others
3,775,792
b Notes & accts.
& interest (see
contra)...—
Dep. to secure
A cap.
9,169
stock..—
Inventories
2,372,969
circulation
240,542
2,152,316
Cash
held
for
Dep. for paym't
specific purps.
of mat'd fund.
Sundry liabilities
debt & interest
203,270
512,402
652,065 Misc.
278.818
282,007
Bond disc. & fi¬
reacqulr. sees.
nancing exp._
Other def. charg.
Cash
held
Total...
After
213,197
2,819
14,877,376
264,587
4,013
13,986,385
26,584
80,624
------
$3,724,426
14,667
Gross income....
$322,976
80,208
12,252
$312,785
108,125
9,260
$3,822,319
1,213,750
106,866
$3,739,093
1,297,500
94,935
$230,516
$195,400
$2,501,703
$2,346,658
Net income
x
Dividends applicable to preferred stock sfor the
period, whether paid or unpaid
315,078
315,078
$2,186,625
$2,031,580
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.
Regular dividends on these stocks were
declared for payment on May 1, 1937.
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.
—V. 144, p. 4180.
Houston Oil Field Material Co.,
IncTransfer Agent—
The Marine Midland Trust Co. of New York has been appointed transfer
agent for this company's preferred and common stock.—V. 144, p. 4009.
RR.—Earnings—
Period Ended May
Gross oper. revenue
expenses
31— 1937—Month—1936
$658,625
$650,007
& taxes
423,079
399,549
1937—5 Mos.—1936
$3,300,399
$3,320,742
2,120,332
1,999,115
Operating income
Non-operating income..
$235,546
12,180
$250,458
24,361
$1,180,067
61,187
$1,321,626
$247,726
$274,819
$1,241,254
$1,440,265
281,092
315,268
1,453,707
1,576,197
$33,366
$40,448
$212,453
$135,932
Inc. charges (inc. int. on
adj. inc. bonds @ 5%)
74,378
127,438,491 128,584,281
Total
118.638
..127,438,491 128,584.281
reserves
for
Holophane Co., Inc.—Smaller Dividend—
The directors have declared
a dividend of 20 cents per share on the
stock, no par value, payable June 28 to holders of record June 25.
This compares
with 50 cents paid on June 1 and on March 1. last; 25 cents
paid on Dec. 15, 1936; 40 cents paid on Oct. 1, 1936, and 25 cents paid on
April 1, 1936, this latter being the first payment made on the common
stock since April 1, 1932, when a semi-annual dividend of 25 cents was
paid. A like payment was made on Oct. 1,1931, as against 40 cents paid on
April 1, 1931, and 50 cents on Oct. 1 and April 1, 1930.—V. 144, p. 3503.
Holly Sugar Corp .—To Pay 25-Cent Common Dividend—
Directors
dividend of 25 cents per share on the
outstanding common stock payable Aug. 2 to holders of record July 15.
In commenting on the above dividend action the company stated that the
declaration of the common dividend, following a payment of $2 per share
made on Feb. 1, last, raises a legal question which probably cannot be
definitely settled until determined by a court of competent jurisdiction.
Directors called attention to the following statement made by the President
of the corporation in the last annual report:
"At the time of organization of the company a provision was placed in
on
June 21 declared
a
the articles of incorporation as a protection for the preferred stock to the
effect that no dividends should be paid upon the common stock of the com¬
pany in any one calendar year in excess or $10 per share while any preferred
stock was outstanding.
The language of this limitation has never been
changed.
In 1935 each share or common stock then outstanding was
changed into five shares of common stock, thereby raising a legal question
as to whether this split-up had the effect of causing the limitation to be $2
for each present Share or whether $10 was still the dividend limitation on
each present share.
This legal question probably cannot be definitely
settled until determined by a court of competent jurisdiction.
"The Revenue Act of 1936 imposed a new type of taxation—the undis¬
tributed profits tax.
There is, of course, a saving under this tax according
to the amount of profits distributed.
A dividend of $2 per share was de¬
clared on the common stock, payable Feb. 1, 1937, in order to make such
dividend a distribution during the fiscal year ending March 31, 1937—thus
accomplishing a substantial tax saving.
This dividend constituted the
entire amount which would normally be paid on the common stock during
the calendar 1937, and it was stated that it was not to be taken as an indica¬
tion of any intention on the part of the directors to change the rate of divi¬
dend on the common stock which had recently been current at the rate of
$2 per share per calendar year.
Any additional dividend on the common
stock during the calendar year 1937 would raise the legal question referred
to above and would be a variance from the current rate of dividend on the
common
$3,808,186
14,133
Gross income....—.
reserves..
Earned surplus-
depreciation and amortization of $13,014,918 in
1936 and $11,924,644 in 1935.
b After reserves for doubtful receivables,
discounts and allowances of $394,170 in 1936 and $426,207 in 1935. c Repre¬
sented by 2,000,000 no par shares.—V. 143, P. 1559.
common
874
for
specific purps
Otherassets....
a
$311,911
Oper.
& discount on
279,645
..
1937—12 Mos.—1936
$9,979,872
$9,027,930
4,857,641
4,158,469
1,314,045
1,145,035
$321,973
1,003
Hudson & Manhattan
Def. cred.to inc.
(see contra)
Net oper. revenues...
Balance..
Accts. payable &
accrued..
*»«•
3,171,299
...
1937—Month—1936
$843,729
$750,652
378,900
363,785
142,856
84,956
8,637,429
Notes payable to
3,000,000
366
....
receivable.
$
partIo.cap.Btk. 48,280,300
King
Cash
Oper.exps. (incl. taxes).
Prop, retire, res. approp.
1935
20,000,000
Funded & longterm debt.... 19,819,085
Due to affll.cos.
4,257,410
(parent
Features
$
Class A 7% cum.
83,873,958
29,408,377
325.521
Due from Hearst
Corp.
Lighting & Power Co.—-Earnings—
Apr. 30—
revenues
Int. on mtge. bonds
Other int. & deductions-
cCom. cap. stk. 20,000,000
Initial surplus..
8,620,669
...
Acquire Title—
The reorganization committee, George V. McLaughlin,
Chairman,
controlling 93% of all outstanding certificates issued against the mortgage,
on June 17 bid in the hotel,
occupying the block front on the easterly side
of Seventh Ave., 50th to 51st St., N. Y. City, at the upset price of $3,000,000
fixed by the court.
The sale was held in the Yesey Street Exchange by
Thomas F. Burchill, auctioneer, to satisfy a judgment of $4,873,925.65.
The property is assessed at $5,600,000, of which $17750,000 is land value.
A new corporation, which will be formed to take title, will issue bonds
in the present amount of the mortgage of about $4,000,000.
Non-de¬
pository certificate holders, comprising about 7%, will be paid in cash
after deductions of expenses are made.-—V. 144, p. 3674.
$13,986,385 $14,444,230 $13,422,679
CIrculat'n, press
franch., refer.
Property
mortgaged premises and property
Other income—....
Consolidated Balance Sheet Dec. 31
a
Sold at
of Winfred
....
-
Includes $152,401 for surtax on undistributed profits.
Investments
N. Y. City—Foreclosed—Will Be
sec. to
approx. mark, val., &c
Misc. surplus charges
x
Drake,
Auction—
Operating
Gross surplus.
Dividends
Rapid Transit Co., Ltd.—Td Pay Larger Div.
The directors have declared a dividend of 30 cents per share on the com¬
mon
$6,855,347
8,329,332
174,966
...
Other
share on Nov. 2,1936; a quarterly dividend of 50
Initial dividend of 25 cents on May 1, 1936.
cents on Aug. 1, 1936, and an
—V. 144, p. 3839.
corner
Hearst Consolidated
4347
Chronicle
stock."
In addition to the
,
.
■
above-mentioned $2 dividend paid on Feb. 1, last,
dividend of 75 cents per share and a regular
the corporation paid an extra
Deficit
—V. 144, p. 3674.
Hudson Motor Car Co.—Sales—
Sales of Hudson and Terraplane cars for the three weeks ended June 19
totaled 8,932 cars and sales have shown a steady upward trend
during
that period, according to W. R. Tracy, Vice-President in charge of sales.
Sales by weeks for the three-week period totaled successively 2,869 cars.
2,952
cars
and 3,111 cars.
stated that final figures for sales in May showed that Hudson
Mr. Tracy
had sold 13,501 cars in that month, a gain of nearly 45% over sales in the
preceding month.
Factory shipments for the month or May were 15,331
cars, a gain of 64% over April and 25% over May of last year.—V. 144.
p. 4010.
Hummel-Ross Fibre
Corp.—Earnings—
Earnings for 4 Months Ended April 30, 1937
Net profit after deprec., int.. Fed. & State income taxes, &c__
Earnings per share on 389,615 shares common stock (par $5)..
—V. 144, p. 4180.
Huyler's
of
Holders Ash
$285,196
$0.69
Delaware, Inc.—Petition Filed—Preferred
Hearing to Fix Claim Against Schulte—
A committee of stockholders of the 7% preferred stock
(Winston Paul#
Chairman) has filed a petition for a hearing to determine the amount of
their claims against Schulte Retail Stores Corp.
Special Master Peter B.
Olney issued an order to show cause why such a hearing should not be
held on July 2, the committee announced.
There have been differences of opinion as to the amount which the
preferred stockholders are entitled to claim, and some indication has
been given by interests Identified with Schulte that they may question
in part the validity of the guaranty agreement on the preferred dividends
of the Huyler company, the committee's announcement said.
The com¬
mittee states that it holds proxies representing more than
25% of the
outstanding preferred stock of Huyler's.—V. 144, p. 614.
Independent (Subway) System of N. Y. City—Earnings
Period Ended April 30—
Operating revenues..
Operating expenses
...—
Month
Income from railway operation
Non-operating
$382,319
1,042
Income
Excess of revenues
over
operating
10 Mos.
$1,377,258 $12,171,662
994,939
9,008,771
expenses.
....
Ideal Cement Co.—Stock Increase
$3,162,891
9,378
$383,361
$3,172,269
Proposed—
Directors propose to increase the capital stock to 1,500,000 shares, par
$10, and to exchange three new shares for each old.
Charles Boettcher,
Financial
4348
President, stated in
was
a
letter to shareholders, that the purpose of the proposal
to enable the new stock to
enjoy
broader market than the old stock.
a
—V. 144, p. 3839.
June 26, 1937
Chronicle
the results at the Rector St. Station of the Sixth Ave.
Line are affected in
the opposite direction, but due to the much higher traffic on
change in percentage is small.
this line, the
carried on the entire system during May was
85,761,668, a loss of 1,902,500, or approximately 2.17%, as compared
with May, 1936.
The number of passengers
Idaho Power Co.-
—Earnings—
Period End. Apr. 30—
Operating
$399,357
207,100
Oper. exps. (jncl. taxes)
Property retire, reserve
appropriations
$347,243
187,902
$4,916,651
2,523,661
32,000
36,000
454,000
424,000
$160,257
Dr526
$123,341
$1,938,990
Dr998
Crl,727
$122,671
54,167
$1,937,992
$1,836,142
650,000
65,612
CV7.128
deductions
54,167
7,476
Int. charged to constr__
Cr2,768
mtge. bonds
on
Other int.
&
Period End. May
1937—Month—1936
1937—11 Mos.—1936^
$3,696,882 $40,313,683 $41,013,653
2,079,324 23,241,087
23,589,928
31—
650,000
77,894
5,312
Cr9,190
$3,672,434
2,117,355
Operating expenses
$1,834,415
Dr670
$159,731
(net)
Gross income
Interest
Subway Division Operations
$4,443,369
2,184,954
Gross oper. revenue
Net oper. revenues
Other income
1937—12 Mos.—1936
1937—Month—1936
revenues
Net oper. revenue
$1,555,079
189,800
Taxes
$1,617,557 $17,072,596 $17,423,724
159,270
1,884,512
1,678,238
218,707
$1,458,286 $15,188,083 $15,745,486
218,707
2,405,783
2,405,783
$1,146,570
Income from oper
$1,239,579 $12,782,299 $13,339,702
$1,365,278
Current rent deductionsBalance
Used for purch. of assets
Net income
X
whether paid or
$1,219,288
$1,127,658
414,342
$100,856
$63,192
Dividends applicable to pref. stocks for period,
414,342
$804,946
$713,316
unpaid
Balance-
—
—
of enterprise
Regular dividends on 7% and $6 pref. stocks were paid on Feb. 1,
After payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared for
payment on May 1, 1937.
Note—Includes provision of $26,700 made during last 12 months ($17,600
in 1936 and $9,100 in 1937) for Federal surtax on undistributed profits.
—V. i.44, p. 4180.
Balance—City & CO- $1,148,370
Pay. to city under Con¬
tract No. 3
x
1937.
Indiana Associated Telephone
Fixed charges
$1,148,370
876,942
1937—5 Mos. —1936
$101,033
$531,717
$491,298
108
99
519
Balance
$271,428
3,021
$390,926
1,414
$3,016,062
18,954
$3,844,201
20,950
$274,449
Net inc. from oper.-.
Non-oper. income
$392,341
$3,035,017
$3,865,152
Operating revenues
Operating expenses
$109,100
58,458
$100,934
53,671
$531,198
284,574
$490,788
262,137
Net oper. revenues
$50,642
$47,263
$246,624
50
199
407
15,165
12,981
75,795
62,681
$35,427
$34,232
$170,630
Gross oper. revenue
$228,651
50
Operations
1937—Month—1936
1937—11 Mos .—1936
$962,683
$964,407 $10,355,663 $10,902,647
842,162
857,112
9,400,658
9,629,978
Period End. May 31—
510
$165,563
Rent for lease oper. prop.
Operating taxes
Net operating income144, p. 3840, 3002.
$1,257,877 $12,625,253 $13,383,596
866,950
9,609,190
9,539,394
Manhattan Division
$109,208
Uncollect, oper. revenue
Cr43.893
157.046
Crl8,297
$1,257,877 $12,625,253 $13,383,596
-
Gross inc. from oper—
Corp.—Earnings—
1937—Month-—1936
Period End. May 31—
Operating revenues
Crl,799
Operating expenses
$107,294
$955,004
$1,272,669
$4,959
3,814
3,451
6,594
$4,948
3,827
3,428
6,582
$54,591
42,513
38,381
71,769
$54,065
42,677
$18,820
Net oper. revenue
of jointly oper.
$18,787
$207,255
$206,942
$101,700
$88,507
$747,749
$1,065,727
$120,520
Rental
lines:
Queensboro Line
Lexington Ave. Line._
Rd.Line
White Plains
Other rent items
38,199
71,998
—V.
Bal. of net oper. rev..
Indianapolis Railways, Inc.—Earnings—
Consolidated
Income
Account
Interest
for Calendar Years
[Including Peoples Motor Coach Co.]
1932
1934
1933
1936
1935
Gross revenue_--$3,622,370 $3,382,074 $3,720,505 $3,848,243 $4,249,539
Operating exp-— 2,836,788
2,410,071
2,541,344
2,513,527 2,831,846
Int.
on
notes
$972,003 $1,179,161 $1,334,716 $1,417,693
197,992
188,419
195,792
232,036
$785,581
216,405
Net oper. rev-_
Gen. tax. & licens
equip, tr.
& misc.
3,221
392,620
122,297
393,002
300,000
146,906
393,208
400,000
122,047
393,245
a683,511
$135,640
$175,442
$198,809
b$13,146
22
108
132
132
132
$173,313
Interest on bonds
45,592
392,779
200,000
$173,334
obligations
$135,532
$175,310
$198,677
b$13.278
Depr. & retire'm.
Pref. stock div
Ind.
—
charges to
30,392
37,162
44,067
Dr736
115,263
$203,705
$172,595
$219,377
$197,941
$101,985
constr., credit.
on
Convertible 7%
York Stock Exchange that pay¬
$43 per $1,000 note will be made July 1, on Interborough Rapid
convertible 7s, 1932.
The Committee on Securities
has ruled that the notes shall continue to be dealt in "flat" and to be a
Transit
Co. secured
delivery in settlement of transactions made after July 1, the notes and
Sept. 1, 1932 coupon must be stamped as to 10 payments aggregating
$430.90.
Notice also has been received that payment on that part of the note issue
represented by certificates of deposit will be mailed on July 1, to holders of
record at the close of business on June 28.
Certificates of deposit delivered
in settlement of contracts made June 25 to June 30, inclusive, must be
accompanied by due bills.
All due bills must be redeemed on July 2.
—V. 144, p. 4010.
International
Hydro-Electric
System—To
Acquire
1,500,000 Shares of Common Stock of Gatineau Power Co.—
The company has filed an application (46-61) with the Securities and
Exchange Commission under the Holding Company Act. for approval of the
acquisition of 1,500,000 common shares of Gatineau Power Co., of Quebec,
Canada.
Includes $183,511 for retirement of tracks not used because of con¬
version of rail lines to trackless trolley operation,
b Deficit.—V. 141, p.
a
2279.
The applicant does not now hold any securities of the Gatineau Power
Co., but it does own all of the 6% non-cumulative second preferred and
common shares of Canadian
Hydro-Electric Corp., Ltd., which in turn
owns securities representing 100% of the voting power of Gatineau Power
Co.
Indianapolis Water Co.—Earnings—
Earnings for 12 Months Ended May 31,1937
Gross
$2,653,356
809,250
494,781
revenues
Maintenance and retirement or
depreciation
All Federal and local taxes
Net
$1,349,326
income
charges
deductions
Interest
Other
—
—
653,353
——
121,578
$574,395
Balance available for dividends
Balance Sheet
May 31 '37 Dec. 31 '36
$
$
Assets—
Fixed capital
Cash
20,269,430 20,200,594
2,504,536
2,319,554
132,423
22,097
14,055
261
283,024
110,720
22,323
12,200
1,103
3,488
261
358,916
Notes receivable-Accts. receivable-.
Mat'is & supplies.
Investm'ts.gen'l-Prepayments
Special deposits—
count & expense
Undistrib.
Total
debits.
May 31 *37 Dec. 31 '36
Liabilities—
Preferred stock--.
$
1,273,765
263,279
1,306,163
271,915
24,839,867 24,530,243
$
1,054,900
1,054,900
5,250,000
Common stock...
indebted. 13,827,000 13,827,000
Funded
Consumers' depos.
91,311
Other current liab.
45,776
Main exten. depos
38,389
427,947
216,453
24,782
1,700,590
2,162,717
Accrued taxes
Accrued interest..
Reserves
Corporate surplus.
Total
.
.
88,426
43,445
38,282
416,200
14,225
31,731
1,656,524
2,109,510
24,839,867 24,530,243
Ii
International Mercantile Marine Co.—New Director—
R. M. Hicks, Treasurer of this company has
Industrial Credit Corp. of New
England—Extra Div.—
The directors have declared an extra dividend of 6H
cents per share in
quarterly dividend of 32 cents per share on the
common stock, both payable July 1 to holders of record June 15.
A like
payment was made in each of the seven preceding quarters.
An extra
dividend of 6H cents was paid on July 1, 1935, while in each of the six
preceding quarters extras of 6J4 cents per share were distributed.—V. 144,
p. 1788.
addition to the regular
Securities,
Ltd.—3-Cent Dividend—
Interborough Rapid Transit Co.—May Earnings—
Jr., receiver, in his monthly report states:
Traffic—The Subway
Division during the month of May carried 67,674,-
429 passengers, a decrease
of 1,537,201,
or
approximately 2.22%,
Queens Line showed considerable falling off in traffic, the former having a
loss of 3.93 % and the latter 6.99 %.
The Manhattan Division during
May carried 18,087,239 passengers, a
of 365,299, or approximately 1,98%, as compared with May,
All lines on this division reported less traffic than in the corresponding
month of last year, with the exception of the Ninth Ave. Line. In the case
of this line, there was actually a loss in traffic, as the entire gain was at the
Rector Street Station, where due to station arrangement for many years
decrease
1936.
paid for service on the Ninth Ave. Line were credited to the Sixth Ave.
The installation of turnstiles at this station during the last year
provides for accurate recording of the receipts, but until a full year has
elapsed, the receipts at this station show a fictitious gain which may turn
an actual loss on the Ninth Ave. Line into an apparent gain.
Conversely,
director.—
International Radio
Corp.—Rights—
'he rights them to buy July 7.
Permitting will expire on one new $1 share at $10 for each five shares held,
Herrick, Berg & Co. have agreed to buy any stock of the issue of 31,400
capital shares which is not taken by the stockholders.
The proceeds will
company's working capital.—Y. 144, p. 4181.
International
Plan
Paper
&
Power
Co.—Recapitalization
Approved—
Richard
J.
Cullen, President, made the following
statement
after the
annua] meeting of the company June 23;
"I am glad to announce that the plan
for change in capitalizatinion has
been approved by a large majority of every class of our shareholders.
The
favorable vote of each separate class of stock amounted to more than twothirds of the total outstanding shares of each class.
The vote by classes
was as
follows:
Shares Entitled to Vole
913,026
3,717
7% preferred
6% preferred
Shares Voting Shares Voting
for the Plan
642,148
2,497
Against Plan
61,790
112
832,749
605,432
6,784
Class B common
821,958
725,596
4,400
Class C common
2,122,620
1,684,961
50,552
"There has been some opposition.
At the meeting objection to the plan
was expressed by small minorities
of both preferred and common share¬
holders, the common minoirty asserting that the plan favored the pre¬
ferred shareholders to the detriment of the common shareholders and the
Class A common
-
as com¬
pared with May, 1936. All ines on the division showed a decline in traffic
as compared with the corresponding month of last year.
The losses on the
Broadway-Seventh Ave., Lenox Ave. and White Plains Road and Pelham
Bay Park Lines were due to the fact that Memorial Day was celebrated on a
Monday rather than a Saturday as in May, 1936.
In other words, disre¬
garding the effect of the holiday, the traffic on these lines was at approxi¬
mately the same rate as in the same month last year.
The loss on the
Lexington Ave. Line was slightly greater than on the above mentioned,
but as has been the case for some months past, the Brooklyn Line and the
Line.
a
C. A. Verschoor, President of the company on June 18 announced that
rights would be issued on June 22 to stockholders of record on June 17
Directors have declared a cash dividend of 3 cents a share on Insurance
Group Shares, payable Aug. 2 to holders of record June 30.—V. 144, p. 2131.
Thomas E. Murray
been elected
Y. 144, p. 3675.
increase the
-V. 144, p. 3840.
Institutional
As a result of a proposed amalgamation of Canadian Hydro-Electric
Corp., Ltd., with its wholly owned subsidiary, Gatineau Power Co., the
applicant will receive 1,500,000 common shares of Gatineay Power Co.,
being 92% of the total common shares to be outstanding, in place of the
securities it now owns of Canadian Hydro-Electric Corp., Ltd.
KThe 6% cumulative first preferred shares of Canadian Hydro-Electric
Corp., Ltd., outstanding with the public in the amount of $12,196,000 will
be replaced with a like par amount of 5% cumulative preferred shares and
121,960 common shares of Gatineau Power Co.
The applicant is to be compensated for its surrender of this portion
of its equity interest, by the elimination of the arrears on the 6% preferred
of Canadian Hydro-Electric Corp., Ltd., and a reduction in the dividend
rate from 6% to 5% on the preferred shares ranking senior to the applicant's
holdings.
Opportunity for hearing in the above matter will be given July 1.—V.
144, p. 4011.
5,250,000
.
Other accr.liabil..
Unamort. debt dis¬
fares
Notes—
Notice has been received by the New
ment of
preferred minority asserting that the plan favored the common shareholders
to the detriment of the preferred shareholders.
"The directors reached the conclusion nearly a year ago that an opportu¬
nity existed for both the preferred shareholders and the common shareholders
to strengthen their respective positions by cooperating to put the
capital
structure of the company on a sound, well-balanced basis.
After months of
study and after consideration of a number of different porposals, a com¬
mittee of directors formulated the plan for change in capitalization on which
the shareholders have just voted.
As stated in the letters which we sent to
our shareholders, it has been the unanimous opinion of our directors that the
plan was fair and that its adoption should prove beneficial to all classes of
shareholders, both preferred and common.
It has been gratifying to learn
that the holders
f such a large majority of our shares agree with us.
"In its report on the plan, the Securities and Exchange Commission an¬
nounced that after the shareholders' meeting, a further hearing would be
had on the company's application for an order exempting the company from
provisions of the Public Utility Holding Company Act of 1935 in regard to
the securities to be issued pursuant to the plan.
Final action by the board
Volume
Financial
144
of directors to make the plan effective will not be taken until
granted.
No definite statement can yet be made as to when this
such
an
Interstate
&
Aircraft
Corp.—-Registers
Engineering
See list given
on
by the stockholders.
2 the period during which exchanges
new prior preferred and common stock under
* :
<
extended to Aug.
board has
The
of present preferred for
the plan may be made.
George L. Smith, President, announced that the $1 scrip dividend declared
December will be redeemed on June 28 with accrued interest.—
last
first page of this department.
Knott
Interstate Home Equipment Co.,
The
Inc.—Earnings—
doubtful accounts, Federal
Net profit after deprec., prov. for
income taxes and other charges
.
$378,410
$0.82
—V. 144, p. 4181.
Iowa Electric Light & Power Co.—Accumulated
per share on
share on the 6M % cum.
Johns-Man ville Cor p.—'New
Plant—
a
stock
Dividend—
dividend of $2 per share on the 8% cum.
The directors
$7,619,668
576,320 shares common stock———__
$6.09
.
__
Net from railway
Net after ^ents„
1937
$4,247,539
891,632
415,288
1936
$3,929,485
21,841,979
5,465,498
2,925,358
Net after rents
From Jan. 1—
Gross from railway-
19,500,161
4,593,419
2,711,368
Lever Brothers,
1937—Month—1936
$579,922
$567,484
430,558
420.396
Ltd. (England)-
....
$1,523,736
345,580
$1*441,120
304,342
$118,871
280
$1,178,155
10,681
Co-partnership divs—_
50,277
25O",66O
25O".O66
320,473
300,000
250.000
250,000
250",666
£152,868
547,521
£87,874
394,653
£40,810 def£284,705
306,779
265,969
dividends
Deb. disc. & issue exp—
General reserve
Amt. written off shares in
allied companies
Contingency reserve
1936 and is
a
$119,151
31,998
5,393
71,419
$1,188,837
425,417
77,472
855,871
$1,160,042
385,921
89,162
865,337
$10,340 def$169,924 def$180,379
adjustment of power costs for the
non-recurring item.—V. 144, p. 4182.
Kansas Power Co.
(& Sub.)—*Earnings—
3 Months Ended March 31—
Operating revenues
———
Operating expenses and taxes
.....
1937
4 ,738,241
975,000
46,638
475,523
250,000
Liquid Carbonic Corp,—Registers with SEC—
See list given on first page of this department.
Underwriters Named—
The company has filed an amendment with the SEC giving the names
the following underwriters in connection with its proposed issue of
$3,500,000 10-year 4% convertible sinking fund debentures due 1947:
Munds, Winslow & Potter; Specner Trask & Co., and Merril. Lvnch &
Co.—V. 144, p. 4183.
V
of
London Terrace,
Inc.—Trustee, &c.—
The Empire Trust Co. has been appointed trustee of the 1st & gen.
mtge.
bonds and transfer agent of voting trust certificates for the common
stock.—V. 143, p. 927.
1936
$366,969
......
250", 006
1933
£6 ,200,697
Liberty Loan Corp .—Dividend Increased—-
Of this amount $17,482 is due to an
year
year——
1934
£6,302.875
4,738,242
975,000
48,823
The directors have declared a dividend of 30 cents per share on the class A
and class B common stocks, payable July 1 to holders of record June 21
Previously regular quarterly dividends of 25 cents per share were dis¬
tributed.—V. 143, p. 2376.
$1,136,778
23.264
$15,669
Net income.
x
$147,088
28,217
$134,988
41,333
6,003
71,982
Other deductions
Depreciation...
1937—12 Mos.—1936
$6,758,523
$6,513,187
5,234,787
5,072,066
$117,024
xl7,964
Gross income
Int. on funded debt
■Earnings—
1935
£6,951,187
4,738,244
1,275,000
50,069
—V. 141, p. 1773.
$149,364
32,340
Operating income.
4,878,222
3,129,175
share on
12 to holders of record June 30.—V. 144.
1936
Profit and loss surplus—
Public Service Co.—Earnings—
Non-operating income—
17,808,956
4,094,956
2,481,487
£7,048,862
4,750,244
1,275,000
income
Surplus for
Net oper. revenue
17,150,676
1934
The New York Curb Exchange has approved for listing 450,000 out¬
standing shares of common stock, $1 par.—V. 144, p. 283.
2306.
Taxes.
$3,697,624
913,760
556,490
2660.
—
formerly known as the Kalamazoo Stove Co. See V.
4005 for record of dividends paid on latter company.—V. 144, p.
This company was
Total oper. expenses.—
705,615
1935
$3,619,553
972,209
641,158
•
Le Roi Co.—Initial Dividend—
Preferred
addition to the regular quarterly dividend of like amount on the common
stock, par $10, both payable Aug. 1 to holders of record July 20.
Period End, May 31—
Total oper. revenues
1,065,634
The directors have declared an initial dividend of 50 cents per
the common stock, payable July
Net
Kalamazoo Stove & Furnace Co.-—To Pay Extra Div.—
The directors have declared an extra dividend of 25 cents per share in
Kansas City
the
Ordinary dividends--—-
Co.—Registers with SEC■—
See list given on first page of this department.
p.
on
Lehigh Valley RR.—Earnings—
May—
Gross from railway
Net from railway._
Calendar Years—
Justrite Manufacturing
dividend of 75 cents per share
(R. G.) Le Tourneau, Inc.—Listing Approved—
Earnings for 12 Months Ended April 30, 1937
and other charges,
Earnings per share on
—V. 144, p. 4182.
a
3677.
p.
Laughlin Steel Corp. (& Subs.)—Earnings—
Net profit after deprec., int., Fed. inc. taxes
but before surtax on undistributed income
Corp.-—Larger Dividend—
June 24 declared
on
capital stock, par $5, payable Aug. 2 to holders of record July 15. This
compares with 25 cents paid on Feb. 1, last, Aug. 1, and on Feb. 1, 1936,
and Aug. 1 and Feb. 1, 1935, and with 20 cents per share paid on Aug. 1
and Feb. 1, 1934.
This latter payment was the first made since Sept. 1,
1923, when a quarterly dividend of 50 cents per share was paid.—V. 144.
Sref. stock, par $100, payable on account was accumulations on and Jan .2,
olders of record June 22.
Like payment of made on April 1 July 1, to
last, and on Oct. 1, 1936.
Accumulations after the current dividend will
amount to $16 per share.—V. 144, p. 2132.
8^ 144, p. 4182.preferred stock and 4% convertible first preferred
emulative
Lee Rubber & Tire
p.
Johnson Publishing Co.—Accumulated
the
The Manufacturers Trust Co. is transfer agent for company s common
stock,
of the Rich¬
mond, Ind., plant of the Fibre Conduit Co., which is consolidating its
manufacturing activities in its Orangeburg, N. Y.
factory, and intends
to begin installation about July 1 of equipment for the manufacture of a
new type of low-temperature insulation recently perfected in its research
laboratories, Lewis H. Brown, President, announced June 18.—V. 144, p.
4011.
The directors have declared
on
Kresge Department Stores, Inc.—Transfer Agent—
Divs.—
on account of accumulations of
the 7% cum. pref. stock, series A; 81H cents per
pref. stock, series B, and 75 cents per share on the
6% cum. pref. stock, series C, all of $100 par value, and all payable July 20
to holders of record June 30. Similar distributions were made in each of the
eight preceding quarters, on March 20, 1935: and on Dec. 20 and June 15,
1934, prior to which no dividends had been paid since Jun 30, 1932, when
regular quarterly distributions of $1.75 per share on the 7% pref., S1.62J4
per share on the
pref. and $1.50 per share on the 6% pref. stock were
made.—V. 144, p. 2132.
The directors have declared dividends
87H cents
The company has concluded negotiations for the purchase
dividend of 10 cents per share
a
payable July 15 to holders of record July 1.
Similar
paid on April 15, last, a special div. of 20 cents was paid on
Dec. 22,1936 and dividends of 10 cents were paid on Oct. 15 and on April 1,
1936, this latter being the first dividend paid since July 15, 1931, when a
regular quarterly dividend of 25 cents per share was distributed.—V. 144,
p. 2133.
stock,
amount was
•
Earns, per share on 462,500 shares capital stock (par $1)
Corp.-—10-Cent Dividend—
directors have declared
common
Earnings for the Period from Nov. j, 1936 to May 1, 1937
143,
declared operative by
The company's plan of recapitalization has been
board of directors pursuant to authorization
the
Y. 144, p. 4011.
with SEC—
Jones &
Co.—Recapitalization Plan Operative—
(G. R.) Kinney
order
is
action can be
taken, but under the most favorable circumstances, it would not seem
possible to have the new stock certificates ready for distribution before
September."—V. 144, p. 4181.
4349
Chronicle
263,677
237,309
Lone Star Gas Corp.—-20-Cent Dividend—•
$343,857
have declared a dividend of 20 cents per share on the
stock, no par value, payable Aug. 21 to holders of record July 21.
A similar amount was paid on April 20, last, and on Dec.
24,
The directors
common
Net operating income...........
Other income (net)
—.....
—
$103,291
24
$106,548
493
$103,315
65,025
2,513
7,345
Amortization of pref. stick discount & expense...
Taxes assumed on int. and miscell. deductions—..
1,250
437
$107,041
65,738
1,903
7,431
1,250
288
preferred dividends—-—...
$26,745
$30,432
Gross income.
Interest on funded debt
—
—
General interest
Amortization of bond discount and expense
Net income before
Note—No provision has been
—V. 144, p. 3003.
made for Federal undistributed profits tax.
have declared a
dividend of 40 cents
share on the
common stock, no par value, payable June 30 to holders of record June 24.
This compares with 30 cents paid on March 31, last; an extra of 25 cents
and a regular quarterly dividend of 25 cents paid oh Dec. 15, 1936; an
extra of 5 cents and a quarterly of 25 cents paid on Sept. 30,1936; dividends
of 20 cents per share were paid in each of the four preceding quarters; 15
cents paid each three months from April 1, 1934, to July 1, 1935, incl.
none from April 1, 1933 to Jan. 2, 1934, and 25 cents each quarter from
Jan. 1, 1932, to and incl. Jan. 2, 1933.—V. 144, p. 1964.
directors
per
Loomis-Sayles Second Fund—Special Year-End Div.—The directors have declared a special year-end dividend of $2
per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable June 26 to holders of record June 21. An
extra
dividend of 15 cents was paid on April 1, last, an extra of 25 cents was paid
on Dec. 3'
J
-•
quarterly
April 1
Kennedy's, Inc.-—Listing Approved—
ing shares of common stock, $5 par, with authority to add to the list 77,500
additional shares of common stock, upon official notice of issuance.
Period End. Apr. 30—
Operating revenues—Oper. exps. (incl. taxes)Prop, retire, res. approp.
p.
Key Company—Rights—
of record at the close of business on June 4 were
of $10 per share to one additional
for each seven shares held.
The
offered the right to subscribe at a price
share of capital stock of the company
right to subscribe expired June 19, 1937.—V. 144, p. 3506.
,
Kimberly-Clark Corp.—Bdnds Authorized—
At a meeting of stockholders June 19, ratification was voted of the recent
action of the directors in authorizing a $20,000,000 bond issue. Of the new
bonds, $10,000,000, which will be known as 15-year sinking fund bonds,
of 4J4%, will be sold immediately. The
proceeds will be used for refunding of the corporation's first mortgage 5%
gold bonds, series A, now outstanding in the amount of $5,318,000. The
remainder will oe added to working capital. The new bonds, dated June 15,
1937, will be secured by the entire assets of the corporation.—V. 144, p.
series of 1937, and will bear int.
3841.
$623,129
406,384
55,500
$540,923
338,563
45,000
1937—12 Mos.—1936
$7,441,862
$6,305,596
4,778 322
3 940,210
737,000
460,000
$157,360
$1,926,540
701
Cr2,098
1,558
$156,659
$1,903,828
27,253
of plant
-
$161,245
845
549
$162,090
72,976
4.623
$157,208
72,917
3,960
$1,949,931
875,245
52,200
$1,931,081
875,000
46,463
Net income$84,491
$80,331
Dividends applicable to preferred stock for the
period, whether paid or unpaid—
$1,022,486
$1,009,618
Gross income
Int. on mortgage bondsOther int. & deductions_
-
x
$1,905,386
$1,928,638
21,293
-
1605.
Holders of capital stock
for lease
(net)
on
payable July 15 to holders of record June 30.—V. 144,
Co.—Earnings—
1937—Monthr—l936
$161,245
Rent
Initial Common Dividend—
The directors have declared an initial dividend of 30 cents per share
the common stock,
an
Other income (net)
The New York Curb Exchange has approved for listing 150,000 outstand¬
and
15|. 1936^_as against 15 cents paid on Aug. 15 and Feb. 15, 1935.
Louisiana Power & Light
Kelley Island Lime & Transport Co.—40-Cent Div.—
The
Aug. 15
Feb.
Balance
-
-
-
356,532
$665,954
-
356,532
$653,086
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.
Regular dividend on this stock was declared for payment on
1 1937
.
j
^
Note--Includes provision made during December.
1936, of $31,860 for
surtax on undistributed profits for
1936.
No such provision
has been made to date for 1937.—V. 144, p. 4183.
Federal
Louisville Gas & Electric Co. Del. (&
12 Months Ended April 30—
Gross.
x Net after all taxes and
depreciation
Subs.)—Earnings
1937
1930
$10,240,917 $10,723,938
——4,257,830
4,565.387
y Net income -----1,550,681
1,594,784
x Includes other income,
y After interest, amortization, preferred divi¬
dends of Louisville Gas & Electric Oo. of Kentucky, &c.—V.
144, p. 3842.
—-----------
—
——...
4350
Financial
Luscombe
Airplane
Chronicle
Corp.—Expansion Program—Stock
Increase—
A program of expansion, involving expansion of the present plant and
the mass production on an assembly line of several new types or all-metal
planes ranging in price from less than $1,500 to around $18,000 has been
decided upon by the corporation, according to announcement by D. A.
Luscombe, President.
To meet this program, the stockholders recently
authorized an increase of the company's capital stock from 125,000 to
400,000 shares of common stock and it is planned in the near future to
register and sell 125,000 additional shares of common stock.—V. 144, p.
3507»
June 26, 1937
McKesson & Robbins,
contract on June
a
18 to
„
The contract takes effect at the end of July, when the firm name will
be changed to Milwaukee division of McKesson & Robbins, Inc., and
McKesson's present
liquor distribution house will be merged with the new
drug division.
Acquisition of the distribution house will provide McKesson with whole¬
sale orug houses in 66 cities in 35 States.
Besides distributing drugs the
company manufactures more than 400 ethical and proprietary items at
Bridgeport, Conn.—V. 144, p. 3341.
Manati Sugar
McGraw-Hill
Inc.—Acquisition—
The executive committee approved terms of
acquire the assets of Milwaukee Drug Co.
Co.—Reorganization Hearings July 14—
Publishing Co., Inc.—Interim Dividend—
The U. S. District Court for the Southern District of New York has set
The directors, at a meeting held June 21, declared an interim dividend
of 15 cents a share on the no par common stock of the company, payable
July 14, as the date on which hearings will commence on the modified
plan of reorganization.
The company has filed with the Court for reorganization under Sec¬
tion 77-B of the National Bankruptcy Act.
Meantime, certain modifica¬
tions to the plan of reorganization dated Oct. 1, 1936, proposed by the
bondholder's protective committee, have been approved in Court.
The principal modifications approved provide for the reorganization of
the present company rather than the organization of a new company to
issue new securities as formerly provided in the plan.
The reorganization of the company through Section 77-B proceedings
will maintain the provisions of the original plan with regard to securities
issuable to security holders and creditors, with the exception that these
new securities will be issued by the reorganized
Manati Sugar Co., in¬
stead of a new company as was provided in the initial plan.—V. 144, p. 4183.
July 15, to stockholders of record July 6.
A similar payment was made on
April 15, last, and a dividend of 12}4 cents was paid on Jan. 15, last; this
latter marking the resumption of dividends by the company, the last
previous payment having been the 25-cent dividend paid on Oct. 1, 1931.
New President—
The company has elected James H. McGraw Jr. as
President to succeed
Malcolm Muir, who has resigned to become publisher of "News Week."
Mr. McGraw Jr. retains his position as Chairman of the Board.—V. 144,
p.
\2660.
Mclntyre-Porcupine Mines, Ltd.—Earnings—
Years End. Mar. 31—
1936
$7,994,251
4,147,851
1935
1934
4,334,491
$7,593,566
3,939,873
$7,901,282
3,559.193
$3,766,205
448,676
$3,846,400
370,576
$3,653;692
304,646
$4,342,089
111,654
$4,214,881
654,510
$4,216,976
634,064
$3,958,339
y266,662
$4,453,743
778,804
$3,560,372
10,424,048
$3,582,912
9,435,308
$3,691,676
$3 .674,938
8,902,904
5 ,379,847
1937
Bullion recovery
$8,100,696
Operating costs
Operating profit
Other income
Total income
Taxes
Marion-Reserve Power Co.—Listing
Approved—
The New York Curb
Exchange has approved for listing $4,500,000 prin¬
cipal amount of outstanding 1st mtge. bonds, 4 ^ % series, due April 1,1952.
—V. 144, p. 3006.
Maritime
Telegraph & Telephone Co.,
Ltd.—Larger
Dividend—
The
directors
have
declared
dividend
of
20
share on the
stock, par $10, payable July 2 to holders of record June 19. Pre¬
viously regular quarterly dividends of 15 cents per share were distributed.
In addition, special dividend of 10 cents was paid on Jan. 2, 1937.—V.
144, p. 284.
a
cents
per
common
Net income
Previous earned surplus
Transf. from secur. res..
.
,058,933
Trans, from invest, acct.
originally
surplus
253.068
Purch. of N. Y. funds.
Non-recurr.
bullion
Masonite
of
pro v. out
net
prof,
v*
10,281
_
40,202
on
stored
40,017
Sundry adjustments
568,407
2,373
34,769
Total
.$14,277,504 $13,052,988 $12,604,862 $10,724,700
Dividends
1,596,000
1,197,000
1,995,000
1,596,000
Non-resident div. tax__.
9,293
61,627
62,252
Prospecting & explorat'n
expenditures on out¬
side properties
135,039
53,908
352,384
Trans, to res. for depl.
of mining properties.
1,000.000
1,000,000
1,000,000
49 069
Develop, undistributed.
15,883
192,028
Sundry charges
2,047
9,325
33,769
_
Earned surplus
fihsPAC
$11,537,172 $10,424,048
nf
y
$9,435,308
$8,902,904
798,000
$4.63
798,000
$4.46
798,000
$4.49
Exclusive of provision for Dominion income tax for the year ended
as a full year's Dominion income tax was included in the
March 31, 1935,
Mint deductions from bullion recovery.
Assets—
$
and equip.,
Shares
to
of &
advs.
other mining
$
124,731
591,291
expenses prepaid
94,882
89,880
Cash
148,077
860,596
Bullion
447,291
438,508
Marketable securs 13 ,715,945
11,214,286
103,448
336,357
Supplies at cost...
Prospect.&explor.
92,039
504,192
on outside props.
for
3,990,000
248,402
119,115
sundry
29,390
23,681
63,123
liabilities, &c
Prov.
Accts. & int. rec'le
for
164,882
Madison
Net oper. revenues
963,888
899,395
Reserve for deprec. 7,778,781
6,500,207
Earned surplus... 11,537,172 10,424,048
Capital surplus
248,101
225,315
Other income (net)
Total
24,833,327 22,682,324
Square Garden Corp.—To Pay 20-Cent Div.—
a dividend of 20 cents per share on the com¬
value, payable Aug. 31 to holders of record Aug. 16. A
was paid on May 20, last; one of 20 cents was paid on
Feb. 26, last, and previously quarterly dividends of 15 cents per share were
distributed. In addition, an extra dividend of 10 cents was paid on May 29,
1936 —V. 144, p. 3006.
no par
dividend of 75 cents
(It. C.) Mahon Co.—Pays Larger Dividend—
paid
on
March 15, last.—V. 144, p. 2135.
Maine Central
Operating
Operating
1937—Month—1936
$1,063,241
$993,593
748,624
720,972
revenues
expenses
Int.
$314,617
69,947
21,181
27,601
Equipment rents—(Dr.)
Joint
fac.
rents—(.Dr.).
$272,621
68,300
1,717
27,380
$213,400
Net ry. oper. income-
distributed.—
$5,088,017
4,085,321
$1,760,356
$1,002,696
319,628
184,438
139,423
350,677
183,084
148,777
$195,888
33,373
$175,224
40,478
$1,077,818
167,965
$359,207
192,828
$229,261
$215,702
$1,245,783
$7,334,214
4,705,954
681,579
$2,181,678
32,264
$1,946,681
26,711
15,651
61,448
3,052
737,375
42,305
737,375
39,403
$1,434,262
$1,196,614
Net
income
394,876
394,876
$1,039,386
Balance
$801,738
x Regular dividends on the $7 and $6 preferred stocks were
paid on April 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes provision of $76,199 made during the last 12 months
($46,199 in 1936 and $30,000 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 4185.
Metropolitan Edison Co.—EarningsYears Ended Dec. 31—
Operating
1936
Prov. for retires., renewals & replaces.
of fixed capital
1934
1,400,000
413,715
705,096
1.604,160
360,047
786,481
1,750,000
466,697
417,527
$3,977,408
1,642,316
$3,016,910
1,693,417
$3,648,348
1,449,504
$5,619,724
1,843,989
72,672
130,513
196
$4,710,327
1,913,946
62,125
117,235
3,004
$5,097,852
1,877,980
43,540
116,998
$3,572,746
1,276,317
2,490,000
$2,620,025
1.276,317
2.109.000
$3,059,403
I,276,317
2.860,000
Federal income tax
-
income
Other income
Gross income
on
funded debt.
Interest
on
unfunded debt
Amortization of debt discount & exp__
Int. charged to construction (credit).
Preferred dividends
$552,035
1935
$12,220,869 $11,046,914 $10,606,658
4,219,445
3,215,072
4.589,194
1,135,456
1,059,871
1,109,014
revenues
Operating
1937—5 Mos.—1936
$5,582,930
3,822,574
1937—12 Mos.—1936
$8,139,204
5,261,198
696,328
$178,856' $2,213,942' $1,973,392
$221,031
61,448
3,086
Net income
Other income
was
$114,356
$156,497
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-
mortgage bonds.
on
Other int. & deductions-
Interest
Net oper. revenues
Taxes
share
$163,205
64,617
Other taxes
RR.—Earnings—
Period End. May 31—
per
$648,313
414,481
70,627
$740,221
462,204
Maintenance
The company paid a dividend of 25 cents per share on the common stock,
June 15 to holders of record June 5.
An initial dividend of 15 cents per
on
was
75 cents
1937—March—1936
Operating expenses
share
Pay $1 Dividend—
dividend of $1 per share on the common
7,631
Gross income
x
The directors have declared
stock,
a
Memphis Power & Light Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Prov. for taxes
-V. 144, p. 779.
mon
Medusa Portland Cement Co.—To
The directors have declared
stock, payable July 1 to holders of record June 24.
This compares with a
dividend of $2.50 per share paid on Dec. 15, 1936, this latter being the first
silicosis
assessment
61,768
24,833,327 22,682,324
Massachusetts Investors Trust—Dividend—
$
3,990,000
185,420
Prov.
companies
Oper. and admin,
Total
Liabilities—
Accounts payable.
Payrolls
9,421,055
$927,948
72,568
855,380
266,689
$3.20
V. 143, p. 4007.
Capitalstock
9,396,035
&c.
June 6, '36
1936
1937
1936
Mining prop., plant
_
Trustees have declared a quarterly distribution of 24 cents a share,
payable July 20 to stockholders of record June 30.
Other previous dividend distributions were as follows; 22 cents on April 20
last; 18 cents on Jan. 20 last- 23 cents on Dec. 24, 1936; 23 cents on Oct. 20,
1936; 21 centspaidon July 20,1936; 22 cents paid on April 30,1936-27 cents
paid on Jan. 20, 1936; 20 cents on Oct. 21, 1935; 19 cents on July 20,1935;
21 cents on April 20, 1935; 24 cents paid on Dec. 31, 1934; 19 cents per
share paid on Sept. 29 and June 30, 1934; 21 cents per share paid on March
31, 1934 and Dec. 30, 1933; 10 cents per share on Sept. 30 and June 3 0,
1933, and 20 cents per share on March 31, 1933.—V. 144, p. 3181.
dividend paid since April 1,1931 when
Balance Sheet March 31
1937
June 5, '37
x$l,318,081
85,141
1,232,940
Common shares outstanding.
V
536,702
Earnings per share
$2.29
x Before undistributed profits taxes.—Y. 144, p. 3507.
.
Net income after deprec. & Federal income taxes.
Preferred dividends
Available for common
798,000
$4.60
ctnplr
outstanding tpar $5)Earns, per sh. on cap.stk
Corp.—Earnings—
40 Weeks Ended—
Common dividends
70
Balance Sheet Dec. 31
Deductions (rentals, int.
&c.)
176,837
167,122
871,552
840,373
$52,424
$48,580
$374,231 def$288,338
144, p. 3678.
Manila Electric
Co.—Earnings—
revenues
1
$5,047,920
1,866,072
expenses
440,854
587,957
149,552
Operating income.
$2,003,484
38,364
income
Interest
on
$2,041,848
110,903
1,005,908
1936
$4,766,814
1,793,707
481,473
421,387
147,711
$1,922,536
771
Cr~2~,842
unfunded debt
pt
4012.
$773,768
104,100
Balance of income.
144,
$1,923,306
120,382
915,817
100,050
27,000
Crl3,7ll
$823,779
funded debt
Amort, of debt discount and expense.
Amort, of miscellaneous suspense
Interest charged to construction
-V.
$
35,353,630
21,606,839
21,615,357
Funded debt—
40,615,900
40,615,900
II,603,158
393,311
303,000
Note payable to
71,599
168,173
Mat'd bondint.
—
Note rec.fr.affll.
Fund. dt. called
affil.co
Dep. with trust¬
ees
in
lieu
Notes pay.
of
12,010
(contra)
Cash (incl. work¬
ing funds)
Int. & divs.rec.
Mat'Is & suppl's
Appli'ce
437,828
4,825
1,075,162
212,465
634,207
322,843
6,941
1,232,552
205,893
562,023
Miscell. accruals
168,173
19,006
400,072
483,777
1,094,357
553,195
32,785
50,387
390,293
374,954
Guar, of appli'ce
accts. rec.sold
503,000
446,000
unadj. credits 14,813,663
14,297,213
Consumers'
Res.
&
serv
miscell.
Contribs. for
ex¬
tensions
accts.
receivable sold
503,000
Def. debit items
4,161,830
Total
810
& line deps—
605,628
446,000
4,235,499
115,585,854 128,022,687
-V. 144, p. 3342.
I
11,695,426
1,537,912
✓
1,256,080
562,471
Interest accrued
calleds.&c...
424,000
1,025,000
Taxes accrued..
Deps. for red. of
Accts. recelv'le.
77,734
71,599
(bks.)
Notes payable..
Accounts pay'le
M. prop, sold
Notes receivable
income
on
1935
Liabilities—
35,353,630
Special deposits.
Interest
1936
i
Capitalstock
bondint
1937
Provision for retirements
Provision for taxes
Gross
$
85,691,066
co
Maintenance
Other
1935
Plant, prop., &c 85,867,147
Deps. for mat'd
12 Months Ended March 31-
Operating
Operating
$
Investments
Net income
—V.
1936
Assets—
85,904
Capital surplus. 20,187,371
Corp.
surplus..
Total
1,234,541
74,472
20,187,371
1,252,092
115,585,854 128,022,687
Volume* 144
Financial
f* Merchants & Manufacturers Securities Co.
To
Acquisition of Securities—
Pay
15-Cent Dividend—
The Securities and Exchange Commission has approved the
The directors have declared a dividend of
15 cents per share on the
class A and B common stocks
payable Aug. 16 to holders of record Aug. 2.
This compares with dividends of 20 cents
Pr®v*°u®ly Quarterly dividends of 15
paid on March 25, last, and
share were distributed.
cents per
ile directors also declared
the
a participating dividend of 26 cents per share
on
$2 participating preferred stock, likewise payable on Aug. 16 to
holders or record Aug. 2.
An extra dividend of 35 cents was paid on this
issue on March 25, last and an extra dividend of 26 cents was
paid on
Dec. 21, 1936.—V. 144, p. 4185.
Mersey Paper Co., Ltd.—Bonds Offered—Public offering
$4,000,000 5% first mortgage bonds, maturing June 1,
1957, is being made by Royal Securities Corp. at 99.
of the corporation to acquire
Proceeds will be used to retire capital loan incurred for a portion of the
cost of construction of the
company's plant and subsequent additions; to
mortgages on timber limits and agreements of purchase, and for
general corporate purposes.
Consolidated earnings available for bond interest, depletion, depreciation
and income taxes, for the past seven
years have averaged $790,656.
It is
retire
estimated
that consolidated earnings on the same basis for the current
ending Dec. 31, will be not less than $950,000.
Annual interest
on 1st mtge. bonds now to be outstanding will be $200,000.
Junior to the 1st mtge. bonds are $2,099,500 of gen. mtge. 6s, $5,000,000
o"5H% preference stock and 150,000 shares of (no par) common stock.
—V. 143, p. 2216.
year,
charges
Mexican Light & Power Co.,
Income Statement for Calendar
Ltd.-—Earnings-
Years (Canadian Currency)
1936
1935
1933
1934
power:
Government
$780,598
7,187,772
11,605
Private & commercial.
Miscellaneous
$714,030
7,082.500
13,293
$919,815
7,787,344
33,629
$722,837
7,119,310
13,632
application
from Middle West Utilities Co. of Canada,
Ltd. (all of whose outstanding securities it owns, of 3,000 shares of $6
cumulative preferred stock (no par) of Central Illinois Public Service Co.,
308 shares of common stock (no par) of Kentucky Securities Co., 1,000
shares of common stock (no par) of Missouri Gas & Electric Service Go. and
4.248H shares (par $1) of United Public Service Corp.—V. 144, p. 4186.
Mickelberry's Food Products Corp.—Initial Pref. Div.—
The directors have declared an initial quarterly dividend of 60 cents per
share on.the new $2.40 preferred stock, payable July 1 to holders of record
June 22.—V. 144, p. 3007.
of
Earns., light &
4351
Chronicle
Middle West Utilities Co. of Canada,
Ltd.—To Reduce
Paid-Up Capital by $3,600,000—
A subsidiary of the Middle West Corp., a registered holding company,
filed a declaration (43-63) with the Securities and Exchange Com¬
mission, under the Holding Company Act, covering the reduction of its
paid-up share capital in the amount of $3,600,000. The company now has
outstanding 50,000 shares of $7 cumulative preference stock ($100 par),
and it proposes to acquire, at not more than par, and to cancel 36,000
shares of such stock.
The remaining 14,000 shares outstanding will be
stamped with appropriate legend to the effect that cumulative dividends
will commence to accrue beginning July 1, 1937.
The Middle West Utilities Co. of Canada, Limited, also filed an appli¬
cation (44-8) for an order approving the acquisition and retirement of the
36,000 shares of its $7 cumulative preference stock.
The outstanding
preference stock is owned by the Middle West Corp. and it will sell the
36,000 shares to the applicant for $2,237.40^ in cash.
The applicant will
thereupon cancel such shares of stock and reduce its paid-up capital by
$3,600,000.
•
•
'
Opportunity for hearing in the above matter will be held July 6.—V.
137, p. 4189.
has
Mid-West Abrasive
Co.—Earnings-
Income Account Year Ended Dec. 31, 1936
Gross
from oper
$7,979,975
$7,809,824
$7,855,779
$8,740,787
5,755,604
earns,
5,311,140
5,252,836
5,352,758
Oper., raaint., deprec. &
taxes-
Net income from oper.
in
Mexico
before
provis. for fixedchgs $2,224,371
prov. for doubt.
accounts, &c...315,846
$2,498,684
$2,602,943
$3,388,029
196,008
202,817
282,287
120,702
2,691,015
115,253
2,712,432
76,756
2,969,800
3,392,812
$903,193
$525,011
$646,431
$313,116
Addit.
Head office exp. less in¬
vest
income
Bond int. & sink fund..
Net loss for the year—
Balance Sheet Dec. 31
Predecessor
$
Properties, plant
equipment, &c 71,422,545
Rts., franchises,
goodwill, disc,
$58,051
14,284
$63,648
1,512.
150
4,928
5,078
Total income
Other deductions
$5,597
243
bond issue
ex¬
25,886,978
penses
25,916,978
Cost of invest, in
&adv.to other
22,294
22,294
Stores in hand «fc
5,700,000
42.020,011
422,921
1,314,956
Accts. receivable
Deferred charges
Securities
996,935
1,349,849
230,772
1,294.566
173,573
146,668
4,788,180
827,659
349,915
balances
35,170,077
526,022
Balance Sheet Dec. 31, 1936
Liabilities—
Assets—
Cash
on
$81,787 Accts.
70,407 Accts.
hand & demand deps...
Customers' receivables
Other receivables.
_
Deferred charges
Total
-.109,125,656 108,812,642
On preferred stocks
On common stocks
1937
1936
a
Less reserve for losses
$95,718.—V. 143,
$16,037
-
$8,454
93,250
5.233
8,530
p.
Tctal
$24,567
85,602
1.339
Federal normal income tax
undistributed profits
Net income
$199,880
35,134
5,625
12,398
$46,908
General and administrative
State, local and miscellaneous Federal taxes
$106,937
84,530
8,414
$111,508
29,421
6,312
10,640
18,227
Interest
Midwest Piping &
Supply Co., Inc.—Registrar—
appointed registrar
company's common stock.'—V. 144, p. 3844.
(I.) Miller Sons Co., Inc. (& Subs.)—Earnings—
$8,288,533
5,821,387
—
Dividends
on
on
pref. stocks of subs, declared
pref. stocks of subs, earned
$389,267
Cr99,805
101,114
655,995
or
loss of subs.
Net profit from operations,
Balance applicable to Middle West Corp
Middle West Corp.—
$258,988
$92,466
61,391
16,037
Net profit for the year,
$258,988
58,518
8,453
176,088
98,449
$345,983
$424,409
Consolidated Balance Sheet
Notes pay.
a
$152,515 Accts.
$233,276
Notes and accts.
—
Due from affil. cos.
Sundry
loans
1,400
246,387
172,166
53,900
_
income taxes
b Fixed assets
1,053,036
79,959
11,463
1,190,569
7,938
82,139
1,097,853
69,108
27,000
1
•i
MIn. stockholders'
1
int. in subs.
of
Miller
I.
co.
&
Sons, Inc. (N.Y.
Corp.)
15,517
Min. stockholders'
int. in
I.
Miller
& Sons, Inc. (N.
6,222
Y.
25,958
$339,760
$398,451
1
154,058
/ 19,529
pref.stk.
pref.
cum.
capital stock--*-el,155,600
Common stock.— d837,940
Capital surplus.v. 2,121,813
Earned
1185,309
Consolidated net income—
$185,702
$193,612
a Before deducting unearned
cumulative dividends on preferred stocks
of certain subsidiary companies.
109,584
1,122,260
Corp.)-.....
cum.
$6.50
dividend requirements for period on
pref. stocks of subs, held by the public:
$400,000
329,889
$700,000
Reserve for Federal
8%
cum.
559,492
& accrued exp.
801,413
976,327
1,813
21,300
1,610,148
35,837
122,799
Mdse. in transit..
(banks)
payable
Sundry accts. pay.
and
accts. receivable
Feb. 28 '37 Feb. 29 '36
Liabilities—
Feb. 28 '37 Feb. 29 '36
Assets—
Cash on hand and
Goodwill
period and $61,819 in 1936 period)
Unearned
>
for the year
$387,428
$242,999
$70,954
Note—Depreciation charged to operations amounted to $100,845.
Deferred charges..
Gen. exp. and taxes of corp. ($64,599 in 1937 period
and $87,778 in 1936 period) less income from
other than subs.—consolidated ($58,377 in 1937
4.993
&
$387,428
Net profit
Mdse. inventories.
on
preferred stocks owned by corp
$75,947
»
Other assets.
Divs. earned or reserved for but not declared
$255,148
12,148
incl. special
credits,
before
application
of
minority stockholders' interest.
Share of consol. net profit applicable
to minority stockholders' interest
in subsidiary companies
receivable..
Balance applicable to Middle West Corp
Int. ree'd or accrued on obligations owned by corp.
Divs. declared on pref. stocks owned by corp
loss$2,518
78,465
41,113
189
Prov. for surtax on undist. profits—
779,141
$92,466
$251,296
30,852
Dr27,000
Provision for Federal income taxes..
in banks..
a
loss$30,677
Cr47,079
18.920
before>
Special credits
$259,299
311
$317,206
Cr51,873
117,783
$387,957
40,772
Other deductions.
$1,964,409
925,969
$89,951
Dr2,514
Balance
$1,843,931
1,874,607
Cr 17,427
1.
re¬
served for but not declared
Minority com. stock int. in net inc.
$4,819,212
2,854,802
$1,931,327
1,185,380
or
$4,676,864
142,348
$4,775,810
2,844,482
Dividends
$4,735,158
40,652
(net).
$2,144,847
1,827,641
Allowance for defective materials
—
-
28,'35
$6,594,723
4,768,220
$2,467,146
2,077,879
Cost of sales
Consolidated Income Account 3 Months Ended March 31
------
$7,157,887
5,013,040
Feb. 28, '37 Feb. 29, '36 Feb
Years Ended—
Net sales
34,621
Subsidiary Companies—
1937
1936
Operating revenues
$14,149,528 $13,021,915
Oper. exp. (incl. maint. of $819,900 and $756,197
respectively)
5,784,004
5,393.627
Taxes, except surtax on undistributed profits
1,757,334
1,450,870
Depreciation or provision for retirements
1,873,031
1,500,552
depreciation of
The Commercial National Bank & Trust Co. has been
$112,102
[Excl. of Central 111. Public Service Oo, and Lake Superior Dist. Power Oo.l
b Less reserve for
of $8,364.
4007.
in New York for this
Other income.
$515,524
Total
$515,524
Total
Other companies
Other income
commissions,
-
Corp.—Earnings—
3 Months Ended March 31—
on
2,446
Accrued royalties,
11,613
salaries, &c
—
Res. for expected allowances on
2,008
trial shipments
—
45,418
151,860
1,434 Common stock (50c. par)
49,101
—
15,812 Capital surplus
139,551
Paid-in surplus
38,411
Acquisition surplus
—
40,994
Appreciation surplus.
37,609
Earned surplus
Patent applies. & trade marks.
Dividends—Subsidiary companies—consolidated-
Federal surtax
pay¬
roll tax
5,719
13,803
equip, in process of install'n..
108,812,642
Middle West
Fed. unjust enrichment &
145,612
Inventories..
$29,340
(trade)
6,496
(new equip, contr.).
6,093
pay.
pay.
Fed. & State inc. & surtax.
75
—
4186.
144, p.
Dec. 22, 1936,
Property, plant & equipm't— 135,455
Bldgs. under constr. & mach. &
3,930,682
109,125,656
Total
-V.
b Transferred to
b
122,398
4,012,744
$41,422
b$37,609
a$3,813
-
Applicable to earned surplus of predecessor company,
Other assets
by
.
a
Prepaid expenses
146,669
4,425,006
63,152
due
Government
505
846
*
earned surplus.
Note—A dividend of 10 cents per share ($30,372) was paid
out of earned surplus acquired from predecessor company.
a
Sink. fund, cash
Accts.
Net profit
711,036
-—
-
Cash
17,085,000
6,000,000
—
companies
in transit
pf. shs.
cum,
384
846
121
Unjust enrichment tax.
$
17,085,000
6,000,000
5,700,000
Funded debt... 40,817,104
Accrd. bond Int.
406,157
Int. on 6% Inc.
debenture stk.
1,244,313
Floating liabs
1,032,401
Deferred liabB
457,902
Res. for deprec.,
&c
36,759,951
Surplus..
def377,171
4
bonds, sh.&
on
$
15,796
Provision for Federal taxes:
1935
% cum. pf. shs.
7%
12,520
$57,329
6,319
$5,353
Normal tax
Ordinary shares71,671,057
176,823
.
26,047
1936
Liabilities—
1936
$51,975
6,076
Net operating profit.
Other income
-
1935
$
Total
$246,672
,
(.Including Subsidiary Companies)
193G
Assets—
Combined
Company
Jan.1,'36 to Feb.9,'36 to
Feb. 8, '36 Dec. 31, '36
Gross profit on sales before deprec—
$22,554
$224,118
».
Selling, shipping & adminis. exps
before depreciation
160,665
16,158
Provision for depreciation
11,478
1,042
Total
a
$4,134,495 $3,414,401
C549.981
225,080
462,933
surplus.def1,540,537
Total
$4,134,495 $3,414,401
After reserve for discounts and doubtful notes and accounts of
in 1937 and $75,947 in
1936.
b After
reserve
for depreciation,
$54,934
c
Repre-
4352
Financial
sented by shares of $50 par.
d Represented by 167,588 no-par shares
after deducting 660 shares held in treasury at $3,300.
e Represented by
231 no-par shares after deducting 18 shares held in treasury at $94,500.
—V. 144, p. 617.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
(Excluding Wisconsin Central Ry.)
Period End. May 31—
Freight revenue
Passenger revenue
All other
revenue
1937—Month—1936
$1,064,248
$1,078,615
57,658
49,666
116,055
105,888
Rental of terminals-Dr.
$5,413,099
p.
4187.
Monsanto Chemical
Morristown Securities
Int.onfund.debt.br..
904,772
1,261,235
180,829
2,621,394
281,524
871,442
1,116,881
170,339
2,511,456
306,152
$240,804
94,205
$163,343
382,448
$211,611
421,217
$146,599 def$219,105 def$209,605
18,591
68,236
72,134
15,444
77,328
71,525
$18,101
16,091
16,427
$14,417prof$112,563
47,664
36,221
492,039
470,109
$353,264
179,271
2,305,277
$364,670
159,642
2,399,240
$393,767
$554,120
$2,923,554
$2,837,813
Minnesota Mining & Mfg. Co.—Larger Interim Div.—
directors
Narragansett Electric Co
.
167,940
$12,676,974 $11,886,765 $11,636,400 $11,073,370
5,352.056
574,534
5.134,369
581,299
4,803,310
536,624
4,331,702
438,565
1,069,715
1,264,313
1,258,378
1,152,2$0
i
deprec. & dividends $5,680,669
1,996,911
869,000
$4,906,784
1,784,759
865,000
$5,038,088
1,788,292
862,499
$5,150,823
1,715,384
825,000
$2,257,025
2,412,435
$2,387,298
2,412,435
$2,610,439
2,888,328
Maintenance.
come
tax)
Net earns, before int.,
.
Net consol. earnings..
$2,814,758
Dividends paid
2,653,678
Consolidated Balance Sheet Dec. 31, 1935
1936
1935
$
Assets—
res. approp.-
,
Gross income
Hit.
Other int. Adeuctions..
Int. charged to constr..
Net income
x
Divs. applic. to
paid
or
$238,932
30
$3,009,223
1,214
$2,818,015
825
$239,757
mtge. bonds
on
$239,757
on
1937—12 Mos.—1936
$6,600,941
$5,791,729
3,136,718
2,568,714
455,000
405,000
$238,962
$3,010,437
$2,818,840
136,217
6,044
Crl,343
137,679
5,376
Cr29
1,645,070
67,079
1,657,652
63,400
Crl,629
$98,839
$95,936
pref. stocks for period, whether
unpaid
Cr3,451
$1,301,739
$1,099,417
990,707
990,633
$311,032
Balance.—
$108,784
Dividends accumulated and unpaid to April 30, 1937, amounted to
Latest dividends, amounting to $2.34 a share on 7% preferred
a share on 6% preferred stock, and $2 a share on $6 preferred
stock, were paid on April 1,1937. Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
x
$557,323.
stock, $2
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. 4186.
Mississippi Power & Light Co.—Earnings—
Period End. Apr. 30—
Operating revenues
Oper. exp. (incl. taxes)..
Prop, retire, res. approp.
Net oper. revenues—
for lease of plant
1937—Month—1936
$551,975
$424,009
375,551
308,809
33,300
31,667
1937—12 Mos.—1936
$6,326,202
$5,266,430
3,572,338
4,340,566
386,533
385,000
$143,124
$83,533
$1,599,103
516
Cr645
1,573
287
Other income (net)
$142,608
195
$84,178
38
$1,597,530
2,184
$1,308,805
5,246
Gross income
Hit. on mtge. bonds...
Other int. & deductions.
$142,803
$68,142
6,918
$84,216
$68,142
6,837
$1,599,714
$817,700
75,504
$1,314,051
$817,700
68,804
$67,743
$9,237
applic. to pref. stock for the period,
$706,510
$1,309,092
Rent
(net).
Operating income
Neb income
x
Divs.
whether paid on unpaid
403,608
Balance
$302,902
$427,547
'
403,608
1933
$10,962,039
111,331
127,113
104,673
Exp. other than maint.,
$
Notes
hand
585,867
371,731
258,000
...
receivable
Accts.
affil.
1,540,672
from
rec.
121,816
and
notes
accts.
receivable
Inventories
100,242
804,663
Prepaid taxes and
and other exps..
312,216
Restricted deposits
9,413
Note and acct. rec.
from
afftl.
an
co.
$
1,171,037
1,176.042
Accts.
601,550
pay.
affil.
(not subs.).
133,772
b515,768
224,696
123,491 Other accts. pay..
305,765
Accrued taxes
255,128
462,713
82,371 Other accrued exps
95,123
75,874
63.432
684,152 Consumers' deps..
75,559
Funded debt
34,000,000 33,390,500
316,751 Res. for deprec... 7,960,383
8,408,279
21,508 Casualty & insur¬
ance reserves.
63,636
31,475
Other reserves
28,958
127,057
Com.
stock
($50
4.119
par)
24,124,350 24,124,350
67,991,457 Capital surplus... 2,828,771
3,743,353
—
co.
(not a sub.) (not
a32,075
current)
Plants A propertles66,811,658
Construction work
355,481
ordersinprogress
Unamortized
1,332,377
cos.
cos
Other
parent
accrued int
(customers)
Accts.
1935
$
to
and
Note pay. to Mass.
Light Cos. and
(not
subsidiaries)
payable
accrued Interest.
Note rec. from af¬
filiated cos.
1936
Liabilities—
Cash in banks and
1937—Month—1936
$543,235
$479,015
264,728
206,333
38,750
33,750
(& Subs.)—Earnings—
Calendar Years—
1936
1935
1934
Gross oper. revenue-—$12,509,034 $11,782,092 $11,509,287
,
Minnesota Power & Light Co.—Earnings—
781
have declared a dividend of 30 cents per share on the
stock, payable July 1 to holders of record June 24.
A similar
paid on April 1 last; a dividend jof 80 cents was paid Dec. 26,
1936, and dividends of 30 cents were paid on Oct. 1 and on July 1, 1936,
this latter being the first distribution made on the common stock since
Oct. 1, 1930.—V. 144, p. 1968.
The
Depreciation
a
Net oper. revenues...
Other income
redemption
Payment at
amount was
Interest & amortization.
special dividend of 40 cents and a regular quarterly
dividend of 25 cents per share distributed on Dec. 22, 1936.
An extra dividend of 10 cents was paid on Sept. 30, 1936, and extras of
5 cents per share were paid on July 1, April 1 and Jan. 2, 1936, and extras
of 2M cents per share were distributed on Oct. 1, July 3 and Jan. 3, 1935.
The regular quarterly dividend was raised from 17 H cents to 25 cents per
share with the July 1, 1936, payment.
See also V. 142, p. 4185.—V. 144,
P. 3679.
•
Prop, retire,
July 1, 1937.
common
April 1, last, and
Period End. Apr. 30—
3182.
Murray Ohio Mfg. Co.—30-Cent Dividend—
The directors have declared an interim dividend of 50 cents per share on
the common stock, no par value, payable July 1 to holders of record
June 23.
This compares with an interim dividend of 40 cents paid on
Operating revenues
Oper.exp. (incl. taxes)..
p.
The Central Hanover Bank & Trust Co. has been appointed
i
Netdeficit.
..Dr.
—V. 144, p. 3679.
department.—V. 144,
Corp.—Redemption Agent—•
agent for 12,697 shares preferred stock, as of
Other income
Net def. after rents—
Other income—(net)-Dr
Co.—Registers with SEC—
$5,188,882
200,518
218,308
35,356
476,164
63,019
$120,937
102,836
Net after taxes
Hire of equip.. Dr
share.—V. 144,
per
See list given on first page of this
1937—5 Mos.—1936
$4,614,682
$4,452,182
294,056
262,303
504,360
474,396
$1,234,169
„
Net ry. revenues
June 26, 1937
and $3 per share paid on Feb. 20, 1934.
The current dividend will be paid
In Canadian funds.
Non-residents of Canada will be subject to a 5% tax.
After the payment of the current dividend accruals will amount to $49
$102.50 per share will be made on and after June 21, 1937.—V. 144, p.
Total revenues
$1,237,962
Maint. of way & str. exp.
261,137
Maint. of equipment
258,314
Traffic expenses
35,911
Transportation expenses
500,226
General expenses
61,437
Taxes....
Chronicle
Consolid't'd earned
322,242
surplus
1,123,163
942,194
debt
discts. and exps.
Total
2,263,777
73,195,881
1,606,850
72,857,0511
73,195,881 72,857,051
Total
a Accounts receivable
only,
b Including note.
Note—At Dec. 31,1936, provision had been made for payment of $955,000
interest payable Jan. 1, 1937, by deposit of like amount with trustee.
The
deposit and the related liability are not included in the balance sheet here¬
with.—V. 144, P. 4014.
(A.) Nash & Co.—SI.50 Dividend—
The directors have declared a dividend of $1.50 per share on the common
stock payable June 26 to holders of record June 21. This compares with a
cash dividend of $1 and a dividend of $1, payable in debentures, paid on
Dec. 24, 1936.—V. 144, p. 112.
Nashua Mfg. Co.—Plan
At
the
Likely to Be Declared Effective—
special meeting of stockholders held June 23 sufficient stock,
both preferred and common, was voted in favor of the proposed recapitali¬
zation plan to indicate that it would ultimately be declared effective.
Of the
40,515 shares of preferred, 33,378 shares or about 82% were voted
and 410 shares were voted against it. Of 62,000 shares
shares, or 80% were voted in favor with non3 against.
By the comp,
y's by-laws, any such plan must be approved by 75% of the
outstanding preferred, and 66 2-3% of outstanding common.
President
Robert Amory stated that it was probable the plan would not be formally
declared operative until practically all stock had been recorded in its
favor.—V. 144, p. 4014.
in favor of the plan
of common, 49,650
$23,939
Dividends accumulated and unpaid to April 30, 1937, amounted to
a dividend of $1.50 a share on $6 preferred
stock declared for payment on May 1, 1937.
Dividends on this stock are
x
$622,229, after giving effect to
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. 4187.
National Automotive
Fibres, Inc.—May Reorganize—
The company has sent a letter to
stockholders notifying them of a special
held on July 9 at which time a complete capital reorganization
will be voteu upon which is designed to clarify the company's structure
and provid'- for approximately $2,000,000 of new money.
It is pre
; 1 to convert the company's present 247,255 6hares of class A
$2 cumulaw ,
eferential stock into 494,510 shares of new common, on
the basis of two' new common shares being exchanged for each class A share
now outsti/" is:.—V. 144, p, 3510.
meeting to
;
,
Mississippi Power Co.—Earnings—
Period End. May 31—
Gross
x
revenue
Oper.
expenses
& taxes
Prov. for retirement
res.
1937—Month—1936
$271,887
172,996
9,000
$251,160
155,707
9,000
1937—12 Mos.—1936
$3,243,504
$2,879,708
2,102,286
1,901,939
108,000
99,500
Natio
The
-ings Metals Corp.—To Pay 50-Cent Div.—
directors uavi leclared a dividend of 50 cents per share on the
stock, payable Sept. 1 to holders of record Aug. 17.
This compares
June 1 and on March 1, last, and dividends of 25
share paid on Dec. 1, 1936 and each three months previously. In
addition
dividend of 55 cents was paid on Dec. 26, 1936 and an
extra divi_..
*
i.lO per share was paid on Dec. 1, 1936.—V. 144, p. 112.
common
with 37 y< cents paid on
cents per
Gross income
Int. & other fixed chgs..
_
$89,890
48,999
Divs.
on
$1,033,219
666,445
$878,269
451,942
$40,892
Net income
$86,453
38,410
$48,043
$366,774
$426,327
preferred stock.
21,088
21,088
253,062
253,042
$19,803
Balance...
$26,955
$113,712
.
$173,285
x No provision was made in
1936 for Federal surtax on undistributed
profits as all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 144, p. 3844.
Maynard T. Hazen was elected director to fill the
by the death of J. Henry Roraback.—V. 139, p. 3331.
Lines—Earnings—
Period End. May 31—
1937—Month—1936
1937—5 Mos.—1936
Operating revenues
$2,543,451
$2,444,206 $12,411,470 $11,941,205
Operating expenses
2,014,860
1,928,007
9,529,997
9,474,334
Inc. avail, for fixed chgs.
190,628
166,908
1,322,439
786,626
Fixed charges..
348,829
353,571
1,749,880
1,778,481
$158,201
Missouri Pacific RR.—Int.
$186,663
on
$427,440
$991,856
Pacific RR. of Mo. Bonds—
The interest due July 1, 1937, on Pacific RR. of Missouri 2d mtge.
extended gold 5% bonds, due 1938, will be paid on that date.—V. 144,
p.
4014.
Monarch Knitting Co., Ltd.—Accumulated Dividends—
The directors have declared
of accumulations
on
the 7%
to holders of record June 22.
a
dividend of $1.75 per share on account
cum.
pref. stock, par $100, payable July 2
A like dividend
was
paid in each of the nine
preceding quarters as against $1 paid in each of the four preceding quarters.
vacancy
caused
National Funding Corp.—Extra Dividends—
The directors have declared an extra dividend of 2H cents per share on
the class A and B stock and the regular quarterly dividends of 17 H cents
per
Missouri-Kansas-Texas
Deficit after fixed chgs
—V. 144, p. 3844.
,
National Fire Insurance Co.—New Director—
sho,re on these stocks, all payable July 20 to holders of record June 30.
made on April 20 last and on Dec. 17. 1936.—
Similar payments were
V. 144, p. 2138.
,
National Gas & Electric Corp.
(& Subs.)—Earnings—
1937—March—1936
1937—12 Mos.—l?36/,on
Operating revenues
$97,201
$86,873
$1,112,587
$917,688
Gross income after depre
25,349
21,826
253,388
188,274
Netincome
179,263
111,392
Note—No provision has been made for the Federal surtax on undistributed
net income for the year 1937, since any liability for such tax cannot be de¬
termined until the end of the year.—V. 144, p. 3681.,
Period End
May 31—
---—
Naumkeag Steam Cotton Co.—Dividend Doubled—
The directors have declared a dividend of $2 per share on
the common
stock, payable July 1 to holders of record June 23. This compares with $1
paid on April 26 and on Jan. 1, last; none in 1936; $1 was paid each three
months from April 2, 1934, to and including Jan. 2, 1935; 80 cents per share
paid on Jan. 10, 1934, Oct. 2, 1933, and July 1, 1933, and 75 cents per
share paid each quarter from July 1, 1932, to and including April 1. 1933.
—V. 144, p. 782.
Volum•
Financial
144
National Power & Light
Period End. May 31—
Sbusidiariea—
-
$6,735,837 $27,694,180 $26,468,567
$7,135,321
Operating income....
Other income
Other inc. deductions
Gross income
Interest
$6,700,215 $27,550,820 $26,324,643
99,754
374,771
365,124
58,115
283,889
239,876
$7,098,416
69,800
68,438
1,741,854 $27,641,702
12,420,032
Crl9,589
$3,645,188 $15,391,394
$14,049,448
3,101,217
3,022,415
Cr4,956
Int. chgd. to construct'n
04,551
$4,082,319
1,515,766
1,515,830
6,063,132
6,063,337
$2,566,553
$2,129,358
$9,328,262
$7,986,111
1,898
3,364
Pref. divs. to public
Balance..
144,
—V.
New
1969..
p.
England Power Co.—Earnings—
1936
1935
1934
1933
$6,065,246
$3,927,247
$3,800,652
$3,862,241
1,667,182
5,579,083
1,486,480
5,191,399
1,390,130
5,211,704
$11,495,290 $11,173,512 $10,478,532
$10,465,077
87,059
97,608
Years Ended Dec. 31—
Sales of electric energy:
To affiliated cos
To subs,
Util.
of Mass.
Associates
.
5,430,044
Toothers
84,605
90,143
Operating rentals
and
other deductions
Balance
this
$26,449,891
12,268,036
Cr 17,728
$7,099,778
public
to
143,924
143,360
35,622
36,905
stock payable June 30 to
mon
was
$74,287,860
41,701.723
6,117,570
Rent for lease
(net)
Co.—To Pay 40-Cent Dividend—
dividend of 40 cents per share on the com¬
holders of record June 21.
A similar amount
paid on March 31, last, and a dividend of $1 was paid on Dec. 15, 1936,
latter being the first payment made on the common shares since 1930.
The directors have declared a
1937—12 Mos.—1936
Operating revenues.»I
$20,651,061 $18,901,773 $80,971,099
Oper.exps.,incl. taxes
all,727,100
10,660,575 b46,387,523
Prop'retire, res. approp.
1,788,640
1.505.361-* 6,889,396
Net oper. revenues...
of plants
New Britain Machine
Co. (& Subs.)—Earnings—
1937—3 Mos.—1936
4353
Chronicle
$11,258,118 $10,565,591 $10,562,685
--$11,585,433
Total..
Purchased elec. energy:
From
Conn.
River
Power Co__
From other affil.
3,196,704
1,316,136
763,745
119,106
3,194,942
1,337,788
847,520
3,205,205
1.327.359
995,403
3,195,684
1,577,694
948,480
cos..
From others
910,979
144,021
876,831
317,282
283,821
267,425
198,938
Depreciation
Taxes, other than Fed'1.
12,208
7,426
Net equity of N. P. &
Lt. Co. in inc. of
$7,973,903
$9,320,836
$2,125,994
$2,564,655
subsidiaries
1,110,530
Maintenance
640,000
640,000
651,649
280,077
642,019
330,184
640,000
588,038
640,000
579,884
279,899
286,848
$2,864,036
38,759
$2,773,752
15,379
$2,389,123
14,888
$2,578,979
27,683
$2,902,795
542,429
$2,789,132
513,586
$2,404,012
525.337
$2,606,663
533,491
Nat. Pow. & Lt. Co.—
Net equity of N. P. &
Lt. Co. in income of
21,256
18,786
21,110
25,486
14,781
23,524
40,918
13,410
26,031
49,587
1,838
2,778
$*.214,167
365,987
$1,800,822
331,923
$1,992,937
Operating
Prov. for Fed. inc. taxes
Miscell. non-oper. inc
9,320,836
95,102
2,125,994
41,701
2,564,655
subs, (as shown above)
31,294
.
7,973,903
60,335
Gross income.
Int.
Total income.
expenses
Net oper. income
Other income
Exps., including taxes..
Int, & other deductions.
149,391
Production expenses
Portion applic. to minor,
interests
$2,167,695
$9,415,938
$8,034,238
50,252
340,382
$2,595,949
38,028
341,249
c209,409
1,357,482
196,968
1,355,924
on
funded debt
Amortization of bond dis¬
count and expenses
Other interest charges..
Prem. on bonds purch.d.
Bal. carried to consol.
earned surplus
$6,481,346
$7,849,047
$1,777,061
$2,216,672
provision of $49,251 for Federal surtax on undistributed
profits in 1937.
b Includes provision of $58,815 made within this period
for Federal surtax on undistributed profits in 1936, and $52,085 in 1937.
Amort, of pref.stk. disct.
Other charges
13,306
Includes
a
Includes provision of $1,411 made within this period for Federal surtax
on undistributed profits in 1936.
No provision has been made to date for
c
1937.
Note—All inter-company transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
represent full requirements for the respective periods (whether
pair or 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
income accounts of subsidiaries have so resulted.
The "net equity of
sidiaries
National
Power
subsidiaries" includes interest
plus the propor¬
National Power &
accounts of individual subsidiaries have
$2,307,018
earned surplus.
387,899
Net income...
Previous
damage
of
Settlement
Light Co., less losses where income
periods.—V. 144, p. 4015.
10,617
income, net—
$2,694,918
$2,580,154
$2,184,843
$2,244,129
stock.
480,840
1,866,999
480,840
1,/ll,415
480,840
1,338,015
480,840
1,431,365
Bal. of earned surplus.
$347,079
$387,899
Total
Divs. on 6%
stock
Divs.
cum.
on common
pref.
Note—No provision made for surtax on
Liabilities—
plant&equipment—$43,239,472
Profit before deprec. & amortiz.,
1935
int.
funded
on
receivable
105,258
bonds
on 6^ % con v. debentures
on 6% income debentures
Depreciation and amortization
2,080
35,580
2,275
35,400
121,407
906
1,343
Provision for Federal income tax
720,360
cos.
Other accts. payable
—
on
31,113
Consolidated Balance Sheet March
bds.
Premium on common stock..
1937
$22,723
Cash
$23,507
10,392
U. S. Treas.sec.—
a
&
Accts
rec.
1,132
48,622
Cash with trustees
of
101,451
1,135
146,470
(trade)
Other receivables-
Inventory
Accts. pay.
347,079
366,928
accrued expenses
ice
1,000
Land..
19,912
7,047
71.160
35.400
b Leaseholds, &c_.
Notes pay. to affil.
co. not due with¬
727,441
67,314
prepaid expenses
for
665,345
884,384
Funded debt
c
Capital stock
Surplus
Assets held by trus¬
32,699
40,350
tee as coll.
$4,153,111
$4,156,142 1
665,045
923,840
i
-.
sd
i
$4,153.1,^,$4,156,142
Total
of $6,600 in 1937Jv.w>rr$8,890 in
for depreciation and amortization r. mo«>&2,473 in
After reserve for doubtful accounts
b After
reserve
1937, and $609,725 in 1936. c After reserve for depreciation andiamortization of $1,222,846 in 1937 and $1,131,375 in 1936. c Represented.^ shares
of $5 par.—V. 143, p. 1565.
New Haven Gas
*1934
1936
Provision for other taxes
Operating income
Non-operating income
Gross income
Interest on unfunded
debt
Miscellaneous interest
Net income
Dividends declared
$398,593
96,839'.
$462,413
^90,228
$495,432
3,964
3,122
$552,641
$495,826
495,000
Prov. for other Federal taxes
1,-527,108
103,790
73,753
-.85,323
7,054
1*99,015
$501,355
1,725
3,804
Prov. for Federal income taxes
96,349
70,892
72,929
7,675
202,700
$412,124
89,231
Prov. for renewals & replacements
$2,363,067
1,513,927
86,160
Maintenance
1935
$2,389,033
1,518,210
Operating revenue
Ordinary expenses
$488,346
$549,769
577,500
71,671
83,443
6,168
211,256
$*458,457
'
1936
.
508,750
Property,
'JJC
2,871
plant &
equipment
9,721,335
(at cost or
9,650,492
178,831
34,705
5,400
1,370
672,447
141,873
33,581
290,187
41,315
11,449
4,790
620,132
120,218
35,039
less)
Cash
_
Divs. & int.. reciv.
Accounts receivable
Materials & suppl.
Deferred chargesTotal
1935
Liabilities—
-
10,789,543 10,773,623
-V. 143, p. 595.
6 875,000
125,000
6,875,000
175,000
83,999
Accounts payable-
79,606
323,161
4,908
72,134
90,737
305,072
6,399
2,715,297
533,982
Accrued accounts-
Deferred credits..
Reserves
Earned surplus...
Total
of record June 15.—V. 144,
RR.—Earnings—
1935
1936
1937
.
1934
$79,797
def6,104
def27,951
$67,289
def3,446
def25,059
$65,837
defl8,502
def38,800
def37,611
318,670
def31,028
defl38,057
330,194
def26,979
defl28,501
327.530
def88,747
defl90,000
372,737
def70,657
defl74,167
$64,672
Net from railway
Net after rents
def 17,262
From Jan. 1—
Gross from railway
Net from railway
Net after rents
...
—V. 144, p. 3682.
& Warehouse Co., Ltd.—
Larger Dividend—
paid a dividend of $1.50 per share on the common stock,
June 21 to holders of record June 10. This compares with a
per share paid on March 20. last, and each three months
previously. In addition, an extra dividend of $2 was paid on Dec. 21, 1936.
—V. 144, p. 113.
The company
par
$100,
dividend
on
of $1
New Orleans Public Service
Period Ended Apr. 30—
2 755,620
542,248
10,789,543 10,773,623
Inc.- -Earnings—•
1937—Month—1936
Operating revenues
$1,557,226
996,537
Oper. exps (incl. taxes).
Property retirement re¬
177,000
serve appropriations .
1937—12 Mos.—1936
$1,345,910 $17,406,668 $16,000,491
932,763
11,862,040
10,686,341
177,000
2,124,000
2,124,000
$236,147
$3,420,628
6,136
$3,190,150
7,455
$3,426,764
12,749
$3,197,605
33,052
$3,439,513
2,484,166
222,454
$3,230,657
2,645,638
211,390
$160,989
$7,059
applicable to preferred stock for the
period, whether paid or unpaid
$732,893
$373,629
544,586
544,586
Balance
$188,307 def$170.957
Net oper. revenues—
Rent from lease of plant.
$383,689
821
668
Operating income
Other income (net)
$384,510
$236,815
97
228
$384,607
205,359
$237,043
212,456
18,259
17,528
Gross income
on
mtge. bonds
Other int. & deductions.
depos.
$25)
Notes pay. (Banks)
Customers'
New Jersey & New York
May—
Int.
Capital stock (par
Invests,
Notes receivable-
1936
1935
$
initial dividend of 15 cents per share on
stock, payable June 30 to holders
3010.
-
Balance Sheet Dec. 31
Assets—
p.
common
New Orleans Cold Storage
Light Co.—Earnings
Calendar Years—
The directors have declared an
Gross from railway-
•
the
Idea, Inc.—Initial Dividend—
New
14,570
2,027,400
dividend of 37^ cents per share on
stock, payable July 5 to holders of record June 30.
A similar
dividend was paid on April 5, last, and on Dec. 28, 1936, this latter being
the first common dividend paid since January, 1931.—V. 144, p. 2139.
the
17,576
1,966,957
Co.—Common Dividend—
The directors have declared a
25,000
20,000
unearned
Income, &c
2,256,301
81,422
Res.
4016.
common
;mbc
in one year
866,428
cBldgs.,equip., &c 2,191,900
Deferred charges &
1936.
-V. 144, p.
294,637
4,000
1 yr.
inc. debs
1,000
19,471
866,428
733,593
&rec
$45,471.920
Total.
$45,471,920
Total
New Haven Clock
Trade accounts not
due within
1 ,071,665
117,702
Accrued interest on
(estimated)
a
$45,500
119,350
(trade)
1936
$37,411
Bank loans
48,560
Non-current inv'ts
Total
1937
Other accts. pay. &
notes
145,765
9,000
8 014,000
15 ,558,325
31
Liabilities—
1936
394,419
(less
premium
1st M.
Suspense credit
6% cum. pref. (par $100)
Common stock (par $25)
Earned surplus
Assets—
40,897
8 ,054,502
Reserve for depreciation
exps.)
986,059
183,865
318,190
Accrued taxes
Unamortized
250,042
affil.
(not subsidiaries)
Casualty and other reserves..
$169,362 prof$61,928
$32,045
Net loss to surplus
premium for redemption of
1st mtge. 5% bonds
8,060
Interest
Accts. payable to other
Other accrued expenses
125,344
Int.
$10 ,067,000
Note payable to New England
Pow. Assn., & accrued int.
Accrued Interest on bonds
3,120
115,837
6,223
Prepaid insurance and rentals
Unamortized disct., exp. and
5,044
100,860
4,930
99,043
5,889
95,691
debt
Interest
$304,357
$95,036
$223,937
ordinary profit
Net int. exp. other than int. on
4,480
101.946
1,168,113
Materials and supplies.
& Fed. inc. tax & incl. extra¬
exp.
126,068
Cash in banks
Accounts
3K%.
due Nov. 15, 1961
progress
1936
1937
1st M. bonds, series A,
work orders in
Securities owned
(Including wholly-owned subsidiaries)
Years Ended March 31—
$331,923
$365,987
undistributed profits.
Balance Sheet Dec. 31, 1936
Assets—
Construction
Corp.—Earnings—
— —
Adjustm't of prior year's
Property,
National Terminals
41,480
-
and preferred dividends paid or earned on securities heAd,
tion of earnings which accrued to common stocks held by
resulted in deficits for the respective
251,191
»
claim
Light Co. in income of
&
882,341
Net income
Dividends
x
Dividends
-
accumulated
and unpaid to
April 30,
1937, amounted to
1^2,291,799.
Latest dividend, amounting to 87H cents a share on $7 pref.
stock, was paid Apr. 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $550,900 made during the last 12 months
($348,600 in 1936 and $202,300 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 4190.
4354
Financial
Newton Steel Co.—Auction
Delayed—
The Sheriff's sale of
company's plants at Monroe, Mich.,
has been postponed until Aug. 14.—V. 144, p. 3682.
New York Chicago & St. Louis RR.-
set for June 22,
—Earnings-
1937
1936
1935
1934
$3,273,434
1,140,479
667,278
$2,687,583
722,971
393,488
$2,866,384
Net after rents
$3,469,101
1,127,960
572,564
From Jan. 1—
Gross from railway
18,493,262
16,263,219
5,711,040
3,499,962
13,839,785
14,362,656
5,055,208
2,913,816
May—
Gross from railway
Net from railway
6,499,511
3,651,484
New York-New Haven
4,357,407
2,518,303
& Hartford RR.—Trustees Pro¬
mortgage bonds, and on Naugatuck RR. 4% first mortgage bonds.
The trustees announced that for the time being application would not
be filed for authority to pay the interest on New England RR. 4% and 5%
consolidated mortgage bonds, which fell due Jan. 1, 1937, on which period
July 1, 1937.—V. 144, p. 4190.
New York & Richmond Gas
revenues
New York State Electric & Gas
Corp.—Seeks Authority
for Preferred Issue—
to issue
$8,507,800 5% cumulative preferred stock ($100 par), stock to be
sold at not less than par and accrued interest.
Proceeds are to be used for the following purposes: $5,000,000 toward
construction of projects estimated to cost $7,292,031; $1,650,000 to pay
outstanding notes payable to Elmira Light, Heat & Power Co.; $1,837,800
to pay the purchase price of 18,378 shares of preferred stock of constituent
companies held by the public, and $20,000 to discharge a purchase money
mortgage on the Binghamton office building.
The Elmira Light, Heat & Power Co. and New York Central Electric
Co. were merged into New York State Electric & Gas Corp. last December.
12 Months Ended March 31—
1937
1936
$21,925,842 $21,068,625
12,594,076
11,987,315
1,714,766
1,834,880
1,073,968
1,106,446
144,422
235,436
1,643,842
1,455,500
revenues
expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
Operating income
$4,754,768
358,306
funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Interest charged to construction
Balance of income
$4,663,792
2,426,251
581,946
174,927
118,063
Cr8,173
$1,446,510
Gross income
$4,449,048
214,743
$5,113,075
2,704,176
680,256
182,275
112,641
Crl2,783
Other income
$1,370,779
Note—The above statement includes the full 12 months' operations for
both periods of all companies recently
merged into New York State Electric
& Gas Corp. the merged companies include Elmira
Light, Heat & Power
Corp., New York Central Electric Corp. and Empire Gas & Electric Co.
The bond issues which were recently refunded could not be redeemed
until various dates later than the date from which interest had to be
paid
on the new
bonds.
This period of duplicate interest accounts for the
apparent increase in funded debt, as above.
Interests requirements on all
funded
debt
outstanding
March
at
31,
1937
to
$2,314,195
annually.
New York State
1937—Month—1936
profits,
,
Rys.—Earnings—
Period End. May 31—
Roch. City & Sub. Lines—
Prof, after deprec., taxes
& other deductions...
1937—5 Mos.—1936
bonds will rank pari passu
with the bonds.
instances, to dispose of prop¬
erty covered by the mortgage without a release from or notice to the trustee,
and also provides for releases and substitutions, of such property.
Capitalization Outstanding as of Dec. 31, 1936
1st & gen. mtge. 4 ^ % gold sink, fund bonds, due Nov. 1, 1939
($75,000,000 authorized).
Notes sold to trustee of pension fund
(4% demand notes)...
6 J^% cumul. pref. stock (par $100)
Common stock (par $100)
;
Company has called this stock for redemption
$60,861,600
27,322,276
a25,000,000
421,300,000
July 15, 1937.
The
in
in
any or all of the following classes:
6% cumul. pref. stock, 6-H% cumul.
pref. stock and 7% cumul. pref. stock.
On May 2, 1922 directors author¬
ized the issuance of the 250,000 shares of 6H% cumul. pref. stock.
Underwriters—The names of the several principal underwriters and the
several amounts underwritten by them, respectively, are as follows:
on
certificate of incorporation as amended, provides that there is issuable
the discretion of the board of directors, 750,000 shares of pref. stock,
Name—
Amount
Morgan Stanley & Co., Inc., New York
Kuhn, Loeb & Co., New York
Kidder, Peabody & Co., New York
Lee Higginson Corp., New York
The First Boston Corp., New York
Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York
Harris, Hall & Co. (Inc.), Chicago
—V. 144, p. 4193.
Niagara
Hudson Power
$8,000,000
4,000.000
3,200,000
1,600,000
2,600,000
2,600,000
2,600,000
400,000
Corp.—Companies to
Vote
on
Merger—
The directors of Northern New York Utilities Inc., the Syracuse Lighting
Co. Inc. and Utica Gas & Electric Co. and nine other operating public
utility companies in the Niagara Hudson System have called special meet¬
ings of stockholders to be held on July 29 and July 30, 1937, to consider
and take action upon the plan of consolidation which received the consent
and approval of the Public Service Commission on June 16, 1937.
The date of record for the determination of stockholders entitled to notice
of and to vote at the special stockholders' meetings will be taken at the
close of business on June 29, 1937.—V. 144, p. 4193.
Norfolk & Western
Period End. May 31—
Ry
Ry
oper
revenues
oper. expenses
Net ry. oper. revs
Ry.—Earnings—
1937—Month—1936
1937—5 Mos.—1936
$7,909,850
$7,238,395 $40,055,968 $35,159,253
4,435,664
3,887,913
22,008,218
19,397,450
$3,474,186
1,230,471
$3,350,482 $18,047,749 $15,761,802
1,095,540
5,915,918
4,495,387
Joint facility rents (net).
$2,243,715
350,181
Drl0,181
$2,254,942 $12,131,831 $11,266,415
250,933
1,595,833
1,413,489
Dr34,194
Dr61,332
Drl09,740
$2,583,716
Other inc. items (bal.)_.
97,645
$2,471,680 $13,666,332 $12,570,164
15,686
301,475
226,531
$2,681,361
178,817
$2,487,367 $13,967,807 $12,796,695
178,816
894,084
894,049
$2,502,544
$2,308,551 $13,073,723 $11,902,645
Railway tax accruals—
Ry. oper. income
Equip, rents (net)
Gross income
Interest
$48,799
$31,315
$205,435
$6,654
$4,131
$39,008
$24,425
13,532
12,998
82,149
84,368
on
funded debt.
$135,485
Net income
Syracuse Lines—
Prof, after deprec., taxes
& other deductions
All such additional
The ref. mtge. permits the company, in certain
Net ry. oper. income.
amounted
No provision is included above for Federal surtax on undistributed
if any, for the year 1937.—V. 144, p. 3847.
XJtica Lines—
Prof, after deprec., taxes
& other deductions
title has not been made.
The bonds of this series are-limited to the amount of $25,000,000 now
authorized.
The ref. mtge., as amended and supplemented, permits the
a
The company has been authorized by the New York P. S. Commission
on
supplemented and, in the opinion of counsel for the
in the State of New York and appertaining to or useful in the
The lien of the refunding mortgage is
subject to the prior lien of the indenture dated Oct. 1, 1909, securing the
company's 1st & gen. mtge. bonds, due Nov. 1, 1939, to certain minor
cumbrances, and to possible prior liens, including tax and assessment liens,
on certain land and buildings as to which a current search of the record
transaction of its business therein.
quired.
1937—Month—1936
1937—12 Mos.—1936
$97,612
$97,764
$1,162,391
$1,210,736
Gross inc. after deprec
22,830
22,375
282,205
342,040
Net income
133,144
189,297
Note—No provision has been made for the Federal surtax on undistributed
net income for the year 1937 since any liability for such tax cannot be de¬
termined until the end of the year.—V. 144, p. 3683.
r
Interest
Bonds—The bonds will be issued under the company's refunding mort¬
issuance of additional bonds of other series, of which $200,000,000 may be
issued without retirement of debt or additional property having been ac¬
Co.—Earnings—
Period End. May 31—
Operating
Operating
,
Oper. Revenues Total Income Fixed Chaes. Net Income
$185,928,657 $37,043,860
$5,452,032 $31,591,827
188,815,593
34,770.930
4.739,552
30,031,377
199,112,761
40,151,583
4.041,258
36,110,325
company,
The trustees have filed a petition in the U. S. District Court in New
Haven for authority to pay before Aug. 1, the date on which the period of
grace for such payments expires, the interest which fell due May 1, 1937,
on New York New Haven & Hartford-Harlem River-Port Chester 4% first
Operating
company:
Calendar Years—
gage, as amended and
Interest Payments—
of grace expires
193456
June 26, 1937
Purpose—Net proceeds from the sale of the bonds, after deducting the
estimated expenses of the company in connection with such sale, are ex¬
pected to approximate $24,260,600, exclusive of accrued interest, and are
to be applied toward the retirement of the company's presently outstanding
issue of $25,000,000 6M% cumul. pref. stock which the company has called
for redemption on July 15, 1937 at 110% of its par value ($27,500,000) and
accrued dividends.
Company expects to obtain the balance of the re¬
quirements for such redemption (approximately $3,239,400, exclusive of
accrued dividends) from its current cash.
Earnings—The following figures are taken from the income statements or
the
Net from railway
Net after rents
—V. 144, p. 3683.
pose
924,594
489,457
Chronicle
—V. 144, p. 3684.
North American Finance
—V. 144, p. 4016.
The directors have declared
share
an
Corp.—Initial Class A Div.—
initial quarterly dividend of 25 cents per
July 1 to holders of record June 21.—
the class A stock payable
on
Y. 144, p. 3513.
New York
Susquehanna & Western RR.—Earnings—
May—
1937
Net after rents
1935
1934
$274,314
77,960
25,601
$296,996
86,801
32,789
$326,434
112,251
69,686
1,558,149
580,603
230,783
Net after rents
From Jan. 1—
Gross from railway
Neo from railway
1936
$315,360
122,790
49,858
Gross from railway
Net from railway
1,523,565
455,640
211,232
1,563,316
438,041
152,546
1,572,824
506,793
301,962
—V. 144, p. 3847.
New
York
Telephone Co.—Bonds Offered—A banking
syndicate headed by Morgan Stanley & Co., Inc., on June
offered $25,000,000 refunding mortgage3
}4% bonds,
series B.
The bonds, priced at 100 and int., are dated
July 1, 1937, and will mature on July 1, 1967.
Other mem¬
bers of the underwriting group include Kuhn, Loeb &
Co.,
Kidder, Peabody & Co., Lee Higginson Corp., The First
Boston Corp., Brown Harriman & Co.,
Inc., Edward B.
Smith & Co. and Harris, Hall & Co., Inc.
24
Dated July 1, 1937; due July 1. 1967.
Interest payable J. & J. in N. Y.
City.
Bankers Trust Co., trustee.
Coupon bonds in denoms. of $1,000
and $500, registerable as to
principal,
Registered bonds in denoms. of
$1,000, $5,000, $10,000 and $100,000.
Coupon bonds and registered bonds,
and the several denominations,
interchangeable.
Red., at option of com¬
pany, in whole or in part, upon at least 60 days' notice, on any interest
pay¬
ment date, at following prices with accrued interest:
to and inc... July 1,1942,
106%; thereafter to and incl. July 1, 1947, 105%; thereafter to and incl.
July 1, 1952, 104%; thereafter to and incl. July 1, 1956, 103%; thereafter
to and incl. July 1, 1960,
102%; thereafter to and incl. July 1, 1963, 101%;
and thereafter, 100%.
Legal investment in the opinion of counsel for underwriters, or savings
banks in the States of New York and Connecticut.
Company—All of the common stock of which is owned by American Tel.
& Tel. Co., was incorp. in New York in
1896.
Company is engaged in the
telephone business in the State of New York and in a small portion of Con¬
necticut.
struments
The properties of the
company consist mainly of telephone in¬
and facilities for their
interconnection the latter consisting,
chiefly of central office switching equipment and connecting lines.
Com¬
pany is subject to regulation by the Federal Communications Commission
and by the P. S. Commission of the State of New
York, within their respec¬
tive jurisdictions, and, in some
respects, by the P. U. Commission of the
State of Connecticut
that
State.
as
to the
company's limited telephone operations in
North & Judd
Mfg. Co.—Extra Dividend—•
The directors have declared
an extra dividend of 75 cents per share in
regular quarterly dividend of 37 H cents per share on the
common stock, par $25, both payable June 25 to holders of record June 21.
See also V. 143, p. 2061.
addition
to
a
Northern States Power Co.
Period End. Mar. 31—
(Del.) (& Subs.)—Earnings
1937—3 Mos.—1936
Operating revenues
$9,328,385
Oper. exps., maint. and
all taxes
5,469,537
1937—12 Mos.—1936
$9,038,994 $35,137,194 $33,352,209
5,145,784
20.547,030
19,000,218
Net oper. rev.
(before
approp'n for retire¬
ment reserve)
$3,858,849
Other income
16,893
$3,893,210 $14,590,163 $14,351,991
6,488
81,701
50,494
Net oper. rev. & other
income
(before approp.
for retire, res.)
$3,875,742
$3,899,698 $14,671,864 $14,402,485
Approp'n for retirement
640,000
reserve.
Gross income
$3,235,742
Interest charges (net)...
1,230,004
640,000
2,900,000
;
Amortiz. of debt discount
and expense.
Other income deductions
Divs.
on
pref.
2,900,000
$3,259,698 $11,771,864 $11,502,485
1,483,524
5,667,181
5,931,403
,
149,731
12,825
141,000
12,850
574,301
52,740
563,268
49,879
stock of
sub. held by public...
int. in net income
160,417
160,417
Min.
of subsidiaries
Net income
Divs.
on
16,942
16,942
65.968
60,579
$1,665,824
$1,605,383
$5,251,257
$4,897,357
681,818
585,395
681,818
585,395
2,727.270
2,341,578
2,727,270
2.341,578
pref. stk.—cash:
7%
cum.
6%
cum.
preferred-..
pref.
—V. 144, p. 3185.
Northern Securities Co.—To
Dissolve—
Erasmus O. Lindley, President of the company, in a letter sent to stock¬
on June 23, stated that the directors at a meeting held June 14
holders
adopted
a
resolution recommending the dissolution of the company.
"Your board,"
the letter continued, "does not believe that the service
rendered by the company justifies the expense, including taxes, incident
to the maintenance of the company, and is of the opinion that it is to the
now
best interest of the stockholders of the company that it be dissolved, and
Vilume
Financial
144
4355
Chronicle
dissolution there be distributed to the stockholders, in kind as far
as
practicable, their pro rata proportion of the stocks of the Chicago
Burlington & Quincy RR. Co. and the Crow's Nest Pass Coal Co., Ltd.,
owned by the "North West Utilities Co., but in which voting control Is not
held due to the regular voting privilege of its outstanding preferred stock.]
owned by,, the company, together with such cash of the company as
be available for distribution.
*rThe law requires that the holders of two-thirds of the outstanding
shares of the company must vote for and consent to its dissolution."—
V. 144, p. 4193.
Operating
Operating
that
on
now
may
Northern States Power Co.
1936
$2,840,754
1,902,630
$877,938
3,522
$938,124
3,225
$881,460
455,718
$941,349
534,379
5,229
96,698
4,957
40,785
6,647
$318,857
$353,515
279,814
210,025
69,773
139,562
loss$30,729
$3,927
expenses and taxes
Net operating income
Gross Income
Interest
J
on funded debt
General interest (net)
:
Amortization of debt discount and expense
TaXes assumed on int. and miscellaneous deduc'ns.
6,023
Lloyd—Earnings—
[All conversions from German reichsmarks
to United States currency
have been made at the rate of 2.488 reichsmarks to the dollar in 1936 and
1936, and 2.485reichsmarks in 1934.]
Years End. Dec. 31-
1936
1935
Rev. derived from the
shipping business
$9,210,423
Rev. from participation.
18,081
Other capital revenue
15,073
Extraordinary revenue
1,102,080
Withdrawal from special
reserve
4,127,806
Distribution reserves
1934
1933
'
Balance
Divs. accrued at rates currently paid on preferred
stocks of subsidiaries held by the public
Dividends not accrued
$354,257
4,012
47,887
6,221,356
$6,176,864
13,143
49,870
944,027
$2,261,743
15,052
103,974
9,798,491
Balance before
cum.
divs. on North West Utili¬
ties Co. prior lien and preferred stocks
Note—No provision has been made for Federal undistributed profits tax.
—V. 144 p. 2666.
4,081,063
2,624,772
preferred stocks of sub¬
on
sidiaries held by the public
a
Northern Pennsylvania Power Co.
10,697,180
Calendar Years—
employees
$9,808,676 $17,324,692 $16,260,322
(& Subs.)—Earns.
1,318,691
1,410,801
2,138,542
634,095
5,925,726
464,126
749,539
192,451
431,937
803,262
10,101,798
5,004,578
1,333,064
227,555
2,963,021
740,175
9,718,998
665,388
3,240,963
328,884
217,810
$5,247,131
1935
1934
1933
$1,542,836
1,216,201
$1,410,500
1,261,001
$1,446,162
1,125,070
$1,402,212
$326,635
123,535
$149,499
112,739
$321,092
100,441
$437,521
106,794
$450,171
189,437
14,157
$262,238
190,202
15,009
$421,533
191,708
11,277
$544,315
201,176
8,308
19,686
19,752
19,824
19,913
$849,907
Social welfare charges for
shore, employees
Depreciation on plant..
7,092,387
deprec..
27,452
335,009
399,304
1,625,610
3,614,458
Property taxes
Other expenditures
Allot, to reserve
964,692
2,198,011
60,562
1936
Operating revenues
Oper. expenses & taxes._
Operating income....
Total revenue
$14,473,463
Salaries & wages for shore
Other allow, for
Interest
1937
$2,949,907
2,071,969
revenues
Other income (net)
(Minn.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
June 19, 1937, totaled 24,344,139 kilowatt-hours, an increase of
6.3% compared with the corresponding week last year.—V. 144, p. 4193.
ended
North German
3 Months Ended March 31—
Other income
Gross income
Interest
Int.
funded debt.
on
unfunded debt..
Amortization of debt dis¬
on
count and expense
Int. charged to constru'n
Cr48
'
Net loss
a After
deducting the direct expenditure for the upkeep, repairs and
working of the ships and after adjustment under the pooling agreement.
Net income
Common dividends
A S$6t$'~-m
1935
Fixed assets
Securities
Com.
stock
450,000
Pref.
5,337.066
96,690
93,429
Legal
91,443
63,898
73,345
Special
Real estate mtges.
Payments
49,950
on acct.
Bills
48,536
2,026,877
Accts. receivable..
436,516
1,190,616
from sub.
845,724
831,128
6,873,500
396,468
6,429,635
Cash
Other bk. balances
1,959,113
739,578
3,421,606
Transitory items..
4,112,402
3,275,257
cos
Other debtors
667,202
1,875,402
reserve
Mortgage loans
16,426
Payments on acct. 3,925,251
Accounts payable- 1,461,181
Accts.
payable
483,762
2,125,493
2,262,742
to
sub. cos
3,488,725
21,606
552,122
29,015
2,598,087
Bank loans
6,377,263
Transitory items._ 2,642,433
2,859,115
Acceptances liabs.
Other creditors
Total
77,245,193 76,211,5211
$12,725
$26,227
$149,228
Assets—
Total.
8,503,506
1,976,635
1936
Notes & accts. rec.
affil.
shares)..$2,213,000 $2,600,000
Funded debt
3,793,000
3,776,000
no-par
Depos. for matured
bond
to
int.(contra)
3,890
parent
co.,
NY PA NJ Util-
3,690
ties Co
Dep. with trustees
in lieu of mtged.
Notes
sink, funds, &c_
Matured bond int.
38,232
90,338
72,659
Notes pay. (other)
824
11,020
Notes receivable..
6,437
155,965
Accounts payable.
Taxes accrued
182,838
128,737
111,095
Accts. receivable-.
8,439
162,409
Int. & divs.
6,268
172,132
5,962
Interest accrued.
44,412
Mlscell. accruals.
(incl.
work¬
(contra)
ing funds)
rec...
Mat'ls & supplies.
sold (contra)
127,000
Def'd debit items.
436,704
rec.
77,000
454,244
sold
98,235
86,236
127,000
77.000
1,235,089
28,263
$361,702
88,813
7,706
2,034
1,700
....
Taxes on bond interest paid for bondholders.
Provision for loss of cash in closed banks
retirement
48,000
Provision for Federal income taxes
27,329
4,440
undistributed profits
$181,680
131,250
Northwestern Bell
Period End. May 31—
Assets—
Liabilities—
47,220
Accounts receivable
97,588
366,234
Materials and supplies
Prepaid Insurance
1,780
Invests. In & advs. to subs, (not
consolidated)
Deferred charges
78,216
330,000
pref. stock
Total
200,000
1st mtge. 6s 1947
1,432,000
13,391
Accounts payable
Taxes
64,880
Interest
282,347
2,559
Miscellaneous assets..
$1,500,000
$4,974,972
^8,640
441,769
1,552
300,000
436,707
556,032
Reserve for retirements
Mlscell. unadjusted credit
Paid-in surplus
Donated surplus
Earned surplus
Total
North Shore Coke & Chemical Co. and
(affiliated company) issued and sold jointly $5,100,000
joint first mortgage 4% bonds, series A, dated Jan. 1, 1937 and due Jan. 1,
1942, at a price of 97 and accrued interest. The totai proceeds, including
accrued interest ($4,954,367), were divided between the
companies, onethird ($1,651,455) to North Shore Coke & Chemical Co. ana two-thirds
($3,302,911) to North Shore Gas Co., and in this connection arrangements
14,
1937,
entered into between the companies as to the manner in which, as
between themselves only, provision is to be made for the payment of the
were
joint bonds.
Pursuant thereto, North Shore Gas Co. assumed the obli¬
gation for the joint bonds and North Shore Coke & Chemical Co., as con¬
sideration for the portion of the proceeds which it received of the joint
bonds, issued $1,700,000 of its 4% debentures dated Jan. 1, 1937 and due
Jan. 1, 1942, to North Shore Gas Co. at 97 and accrued interest.
Such
debentimes have the same relative provisions as the joint bonds.
Out of the above mentioned proceeds, North Shore Coke & Chemical
Co., after payment of expenses of approximately $29,000 and setting aside
$100,000 for the purchase and installation of a gas producer, used $1,518,779
to redeem its first mortgage 6% gold bonds on March 1, 1937 at 103.
1
In connection with and as part of the refinancing plan, North Shore Coke
& Chemical Co., at or about Jan. 14, 1937, borrowed $250,000 on its
unsecured bank note and, out of the proceeds therefrom, paid $210,000
($14 per share) on the arrears of dividends on its 7% cumulative preferred
stock, which at Dec. 31, 1936 amounted to $236,250 ($15.75 per share).
The unsecured bank note for $250,000 is payable $31,250 semi-annually
beginning July 1, 1937 and bears interest on the unpaid balance thereof at
the rates of 3% for 1937,3H % for 1938 and 4% for the years 1939 and 1940.
None of the foregoing transactions is reflected in the company's accounts
at Dec. 31, 1936.—V. 144. p. 1117.
North West Utilities Co.
(& Subs.)—Earnings—
[Both periods of this statement are exclusive of the revenues and expenses
District Power Co., all of the common stock of which is
of Lake Superior
Telephone Co.—Earnings—
$2,785,085
1,964,531
Operating taxes
...
$2,704,080 $13,709,947 $13,101,293
1,478,646
9,240,585
8,871,388
$820,554
360,851
$1,225,434
340,707
$4,469,362
1,728,418
$4,229,905
1,473,517
$459,703
$884,727
$2,740,944
$2,756,388
-V. 144, p. 3848.
Period Ended May 31—
Operating revenues
Oper. exps. (incl. taxes)
Amortization of limited-
Co.—Earnings—
1937—Month—1936
$317,103
$346,598
218,173
199,001
1937—12 Mos.—1936
$4,448,027
$3,974,446
2,808,805
2,513,702
48
48
600
600
res. approp
21,667
21,667
260,000
260,000
Net oper. revenues
Rent for lease of plant..
$106,710
17,481
$96,387
17,174
$1,378,622
208,323
$1,200,144
$89,229
$79,213
$994,938
Dr2,011
$992,927
391,925
term
investments
Prop, retire't
Operating Income
Other income (net)
205,206
Dr94
Dr 578
$1,170,299
Dr9,819
Int. on mtge. bonds
Other int. & deductions.
$89,135
30,121
16,550
$78,635
32,213
15,819
$1,160,480
372,877
195,057
Int. charged to constr..
Crl3
Crl22
Cr72
$42,477
$30,603
Dividends applicable to preferred stocks for
the period, whether paid or unpaid
$592,668
$408,591
334,178
334,179
Balance
$258,490
$74,412
$4,974,972
Refinancing Effected on or About Jan. 14, 1937
$9,493,827 $9,126,501
Operating revenues
Operating expenses
revenues
Northwestern Electric
Common stock
63,590
Uncollectible oper. rev..
Balance Sheet Dec. 31, 1936
Cash
945,877
445,791
1937—Month—1936 •
1937—5 Mos.—1936
$2,791,844
$2,711,260 $13,758,538 $13,142,263
6,759
7,180
48,591
40,970
Operating
$50,430
Property, plant & equipment.$3,769,027 7% cumulative pref. stock
Total
$9,493,827 $9,126,501
Net operating income.
Balance.
10,302
919,716
.
—Y. 144, p. 2141.
Net oper. revenues...
Net income
Dividends paid 7 % cumulative preferred stock
10,302
Capital surplus
Corporate surplus
Total
$333,439
for
(non¬
refundable)
984,160
28,167
Gross income
Jan.
North Shore Gas Co.
68,492
51,968
6,321
rec.
Contributions
$1,345,767
Interest on funded debt
Amortization of debt discount and expense..
about
10,659
(contra)
extensions
Operating income
or
55,009
-
and line deposits
ance accts.
Co.—Earnings—
Non-operating income
On
_
unadjust. credits 1,127,489
General taxes
on
3,690
Guaranty of appli¬
.77,245,193 76,211,521
Operating revenues (less discounts)
Operating expenses (including maintenance)
Discount
3,890
Consumers' service
Appliance accounts
Income Account Year Ended Dec. 31, 1936
on
84,249
Reserves and misc.
North Shore Coke & Chemical
Surtax
62,820
accts.
cos
49,242
Cash
—V. 144, p. 1970.
Provision for
310,087
and
affil.
sold,
property
1935
1936
Com.stock (22,130
Note & acct. pay.
6,306
cos
Liabilities—
1935
Plant, prop., &c~$8 ,063,024 $7,879,252
Investments
376,521
380,201
reserve.
reserves
Pension
666,667
1,873,895
5,297,723
9,433,106
2,796,270
2,437,659
12,057,694
8,455.103
1,405,622
1,004,823
.14,544,058 15,459,018
reserve
Loans
receivable
18,086,816
with
reserve
Other
$314,917
464,145
Consolidated Balance Sheet Dec. 31
with
132,000 votes..
Insurance
$
votes.. 18,072^289
stock
6,993,636
Guarantees
$198,773
225,000
$3,110
1935
$
Liabilities—
49,617,004 49,610,289
2,769,769
3,425,625
1,364,080
1,283,532
Participations
Supplies
Accts.
1936
$
$37,275
50,000
Deficit.
Balance Sheet Dec. 31
1936
V
$226,890
230,000
Gross income
Net
x
income.
192,483
x Dividends
accumulated and unpaid to May 31, 1937, amounted to
$1,105,327.
Latest dividends on 7% preferred stock was $1.75 a share
paid April 1, 1937.
Latest dividend on 6% preferred 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
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. 4193.
Northwestern Pacific RR.May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
$33l ,702
-Earnings—
1936
1935
1934
38,657
17,548
$277,264
16,627
def3,073
$264,828
2,214
def 1,195
$259,108
26,560
1,487,594
54,933
def64,178
1,331,584
37,955
def51,289
1,146,198
def96,811
def199,664
1,143,736
def234
17,571
def 113,190
—V. 144, p. 3848.
Northwestern
Wisconsin Electric Co.—Subsidiaries to
Pay Liquidating Dividends—
Polk Electric Light Co., of Balsam Lake, Wis., and Clam River Electric
Co., of Milltown, Wis., have filed applications (51-4 and 51-3 respectively)
with the Securities and Exchange Commission, under the Holding Company
4356
Financial
Act, asking for approval of the declaration of liquidating dividends in con¬
nection with the merger of the applicants into Northwestern Wisconsin
Electric Co.
Opportunities for hearings in the above matter will be given
on
June 28.
NY PA NJ Utilities
Operating
Operating
revenues
expenses
.
Maintenance
Provision for retirements
Federal income taxes
Other taxes
-----
$20,199,145 $17,620,651
1,420,835
Otherincome
Gross income
Interest
on funded debt
Interest on unfunded debt
Interest charged to construction
Amortization of debt discount and expense..
Dividends on preferred stock
Minority interest in net earnings
8,627,659
555,878
Cr43,169
496,882
2,983,950
879
on
Amortization of debt discount and expense
Depreciation of buildings, machinery, &c
Interestpaid
-s
:
Repairs & exps., excl. of taxes, on properties not used in oper..
Exps. of recapitalization & preparation of registration statements
$1,405,357
Net profit
Liabilities—
Accounts
9,726,705
a
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
Period End. May 31—
Operating revenues
Oper. exps. (incl. taxes) Prop, retire, res. approp;.
value, both payable July 1 to holders of record June 20.
Similar payments were made on April 1, last.
An extra dividend of $1.50
was paid on Dec.
10, 1936, and an extra of 25 cents in addition to the
regular quarterly dividend of 25 cents was distributed on Oct. 1, 1936
—V. 144, p. 2141.
1937
1936
$5,537,636
2,663
$6,155,330
1,235
$5,487,088
2,578
$6,145,324
1,200,000
$5,540,299
1,025,000
$6,156,566
1,200,000
$5,489,666
1,025.000
$4,945,324
2,023.029
$4,515,299
2,225,449
$4,956,566
2,065,412
$4,464,666
2,225,819
337,477
37,682
375,360
347,083
28,704
35,636
375,360
28,704
$1,885,785
$2,508,432
$1,834,781
count and expense--_-
Other income deductions
Oklahoma Natural Gas Co. (&
215,252
50,000
1937—12 Mos—1936
$4,818,934
$4,438,586
2,489,738
2,787,475
600,000
600,000
$347,543
206,841
50,000
1937
revenues
i
_
_
Gross income after depreciation
Net income
$1,348,848
$90,702
$1,431,459
15,381
15,074
183,123
180,006
$113,380
$105,776
32,160
$1,614,582
370,511
$1,528,854
395,192
$137,936
85,417
$1,985,093
1,025,000
18,216
229,528
$1,924,046
1,025,000
231,528
Net income
$9,195
$34,303
Dividends applicable to preferred stocks for the
$730,565
$667,518
Operating income
Other income (net)
65
$113,445
85,417
18,833
Gross income
Int. on mtge. bonds
Other int. & deductions-
Balance
458,478
458,478
$272,087
*
$209,040
and unpaid to May 31, 1937, amounted to
Latest dividends, amounting to $1.75 a share on 7% preferred
a share on $6 preferred stock, were paid 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 the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 4018.
Dividends accumulated
x
$382,065.
stock and $1.50
Valley Power & Light Co.—Earnings—
...
1936
$7,942,874
2,875,480
1,307,836
$7,554,062
2,668,297
948,089
Note—No provision has been made for a Federal tax on undistributed
profits for the fiscal year beginning Dec. 1, 1936, since the amount of such
tax, if any, cannot be determined until the close of the year.—V. 144,
P. 3849.
Oklahoma Power & Water Co.—Earnings—
3 Months Ended March 31—
1937
1936
$359,773
237,460
$103,456
44,286
and taxes
$117,704
463
222,123
$49,874
24,375
$36,063
Net operating revenues
on 1st mtge. 634s % gold bonds, series
$88,798
38,924
$59,170
23,106
Operating expenses and taxes
$25,499
A__
and
Interest
requirements
—Y. 144, p. 2668.
Ltd.—Step Taken to End Company—
Pacona
Application to surrender its Quebec charter has been made by the
the Canadian-American syndicate that made a vain effort last
purchase Price Brothers & Co., Ltd., by offering $16,000,000
cash for the entire assets.
Pacona was owned chiefly by Lehman Brothers
of New York, investment bankers.
Aime Geoffrion of Montreal was its
President.
Price Brothers & Co. are now out of bankruptcy.
company,
winter to
Panhandle Eastern Pipe Line Co.
$339,827
$122,313
22
revenues.
1936
1937
3 Months Ended March 31—
Electric operating revenues
trust indenture
Subs.)—Earnings—
12 Months Ended May 31—
expenses
$363,251
Balance before pro v. for deprec., amortiz.
Net income
—Y. 144, p. 4018.
Operating
Operating
Co.—Earnings—
1937—Month- —1936
Year Ended Mar. 31—
1936
$2,547,134
—
r
$97,999
Pecos
Gross income.
b Represented by 272,-
period, whether paid or unpaid-
$6,143 544
1,780
Interest charges (net)
Amortization of debt dis¬
2,076,991
$28,119,418
Total
t
x
Co.—Earnings—
Operating revenues
$12,747,493 $11,599,025 $12,686,070 $11,537,527
Oper. exps. maint. and
all taxes
6,603,949
6,061,389
6,530,739
6,050,438
revenue.-_
3,077,951
Paid-in surplus
144, p. 4194.
Net oper. revenues—
Rent from lease of plant
par
Approp. for retirem't res.
4,000
bl 0,882,814
Capital stock
After deducting depreciation of $10,380,083.
(net)
Net oper. revenue
banks
payable to
Capital stock of subs, held by
others
i
$28,119,418
Total
070 shares (no par).—V.
Ohio Wax Paper Co.—Extra Dividend—
Otherincome
Notes
payable
profits,
Refunds—
1937
$2,690,163
1,361,210
1,426,287
6,600,000
Accrued expenses—
Pacific Power & Light
—Year Ended April 30
Notes payable to banks
7,650,525
Earned surplus
—V. 144, p. 3513.
Operating
$2,211,352
773,569
Prepaid insur., supplies, &C-109,081
Properties not used in oper..
331,284
Land, buildings, mach., &C-- a7,316,901
Pats., designs, trade-mks.,&c
1
Some of the judgments also carry interest for as long as 17 years so that
the total amount of the refund will approach and perhaps exceed $2,000,000.
Period—
3,904
60,000
50,978
335,000
Inventories.--
The company has been awarded five judgments totaling $910,730 as an
income tax refund in United States District Court at Toledo, Ohio, after
several years of litigation.
Oklahoma Gas & Electric
152,723
Provision for Federal income taxes.
$5,668,564
w
$2,197,174
189,211
Miscellaneous deductions
if any, for the year 1937.—V. 143, p. 3156.
Total
—
Cash in banks and on hand..
as indicated at March 31, 1937.
No provision is included above for Federal surtax on undistributed
no
-----
Receivables (net)
ing,
stock,
$2,141,904
55,270
Net profit
Note—Includes operations of all properties now part of the NY PA NJ
Utilities Co. consolidation irrespective of dates of acquisition, with annual
income on securities owned and annual requirements on securities outstand¬
Ohio Oil Co.—Awarded Tax
—-
Consolidated Balance Sheet April 28, 1937
534,086
2,786,408
8,845
unfunded debt
Balance
-
-
Export acct. rec. (net)
funded debt
on
—
Assets—
NY PA NJ Utilities Co.—
Interest
Interest
28, 1937
$11,084,794
8,942,890
_
-
a Including provisions for doubtful notes and accounts of $108,577, but
excluding provisions for depreciation.
'
Note—No provision made for surtax on undistributed profits.
$21,619,981
Subsidiary companies—
'
Net sales, including instalment sales
a Cost of sales and selling and general expenses
Otherincome
1937
1936
$69,403,905 $65,275,656
30,131,015
28,999,130
5,602,106
5,705.862
5,460,263
5,868,518
1,551,851
1,447,040
6,459,525
5,634,455
i
Operating income
June 26, 1937
Consolidated Income Statement for 4 Months Ended April
Net profit
Co.—Earnings—
12 Months Ended March 31—
Chronicle
i
(& Subs.)—Earnings
Earnings for the Year Ended March 31, 1937
$6,985,061
1,576,062
Total gross revenue
Operation
Net operating income
Other income (net)
Gross income-
Maintenance
Provision for retirements, renewals, deplet. & amortization
804
Interest
on funded debt
General interest
$118,167
77,339
752
5,606
5,661
Net operating revenue
Interest on funded debt—
2,297
1,899
Amortization of debt discount and expense
$122,335
73,596
.
-
Amortization of bond discount and expense
Taxes assumed on interest & miscell. deductions._
.. -
Taxes—State, local and miscellaneous Federal
Taxes—Federal income
141,876
1,261,904
386,503
364,000
—$3,254,716
1,071,645
93,014
Cr5,484
Cr78,326
Other interest deductions (net)
Net income before preferred dividends
$40,033
$32,516
Note—No provision has been made for Federal undistributed profits tax.
—V. 143, p. 2855.
Oldetyme Distillers Corp. (& Subs.)—Earnings—
4 Months Ended April 30—
Net profit after int., deprec., idle plant exps., Fed.
income taxes, &c
Earns, per share on 748,600 shares common stock
(par$l)
x
1937
144,
p.
$0.14
y
Officers—
directors' meeting held June 12, Frederick R. Robinson was elected
President and Colonel E. V. Kh'ght was elected Treasurer.
Frederick J.
Biker and H. M. Saddlemire were formerly President and Treasurer, re¬
a
spectively.—V. 143,
p.
2381.
Pacific American
dividend of 30 cents per share on the com¬
mon stock, par $5, payable July 15 to holders of record July 1.
A like
amount was paid on April 15, last and previously regular quarterly divi¬
dends of 25 cents per share were distributed.
In addition, an extra dividend
of $1 was paid on Feb. 5, last.—V. 144, p. 3685.
a
Oliver Farm Equipment Co .—Listing—Rights to
68,018 additional shares (no par) common stock on official notice of issue and
payment in full, making the total amount applied for 528,725 shares.
Stockholders of record June 22 are offered the right to subscribe to the
additional shares at $45 per share at the rate of one share for every four
shares held.
Rights will expire July 12.
The offering has been under¬
written.
Proceeds will be used to pay $2,222,308 of current bank loans, evidenced
Of these current bank
loans $1,900,000 represents
loans made subsequent to Jan. 1, 1936, primarily to provide additional in¬
ventory for increased business, and $322,308 represents the unpaid balance
of certain loans made prior to Dec. 31, 1930.
Approximately $500,000 of
the funds may be used to modernize and improve manufacturing and sales
facilities.
Tne balance of the funds may be used as working
capital to pay
current liabilities other than bank loans, or added to current assets.
Pro
Forma
on
undistributed profits.
Consolidated
Balance Sheet
March
31,
1937
(After giving effect to the sale as of April 8,1937 of $24,000,000 principal
& 1st lien bonds and to the redemption as of May 1,
1937 of $17,581,500 principal amount of 20-year sinking fund mortgage
amount of 1st mtge.
Liabilities—
Assets
Prop., plant & equipment-..$46,772,352
Intangibles, rep. gas sales &
purch. contracts, &c
3,516,175
Cash In banks & work, funds.
6,211,709
Notes receivable
12,439
Accounts receivablex735,722
supplies at
Class A, partlc. & red. pref.
stock (par $100)
CI. B, non-partlc.
10,000,000
&
non-
red. pref. stk. (par
Common stock
1st
$100)..
1,000,000
-—yl8,216,300
mtge. & 1st lien bonds,
24,000,000
series A, 4%
average
247,031
Non-current
notes
&
receivable
Special deposits
-
Bank loans.-
400,000
Accounts payable
Accrued interest
381,452
208,006
cost—
accts.
98,667
613,007
832 Accrued taxes
3,673,260 Deferred liabilities
Reserves
---$61,377,526
Total
x
After
reserve
for doubtful
241,792
3,832,668
Capital surplus- —
SurplussinceDec 31,1935--
Deferred charges
Subscribe
The New York Stock Exchange has authorized the listing of not more than
by six months' notes.
applicable to surtax
Mat. &
Fisheries, Inc.—30-Cent Dividend—
The directors have declared
*.$2,173,868
Note—No portion of the provision for Federal income taxes is intended
bonds).
Before Federal
3849.
Ozark Corp.—New
At
y$223,642
—
Net income
to be
1936
x$104,635
Before provision for surtax on undistributed profits,
taxes.—V.
Interest charged to construction
46,365
2,547,276
Total
accounts
of
—
$61,377,526
— —
$14,590.
y
Represented by
728,652 no par shares.—V. 144, p. 4194.
Panhandle Producing & Refining
Co.—-Assent to Plan
Urged—
Roy B. Jones, President, in a letter addressed to stockholders, urges their
prompt cooperation by filing assents to the amended plan of reorganization
filed on June 15 with the U. S. District Court for the District of Delaware.
"The officers and directors," states the letter, "are so strongly convinced
of the advantages of the amended plan, as compared with the original plan,
they have no hesitation in recommending the plan to stockholders and
urging tneir prompt assent.
As the approval of holders of over 50% of
the outstanding preferred and common stocks is necessary to make the
that
Volume
Financial
144
Pennsylvania State Water Corp. (& Subs.)- -Earnings
Slan effective and as onlyattention time will elapse before the hearing on
a short is essential."
oly 19, your immediate
1936
Gross earnings
Gross
Amort, of debt disc, and expense
Miscellaneous deductions
Net income
$
equipment
Liabilities—
11,408,878 14,543,190
196,630
-
Other curr. liabils.
,
J,
Deferred liabilities
6
Retirement res've.
m
„
41,017
1,203
236,521
151,000
13,492
1,385,490
2,031,979
Accrued liabilities.
Due to affil cos
5,964
267,086
-
$
6,900,000
28,662
52,588
deposits
3,379
153,354
(less reserves)
payable.
7,250,000
132,357
Consumers' service
225
——————
Cash in banks and
xAccts. receivable
1935
$
debt
Accounts
Cash In closed bank
259,272
------
172,584
------
'
Unbilled water
Other reserve
ser-
ice
54,667
4,121
3,091
82,483
extensions
46,021
6,189
5,779
-
-
------
for
Contributions
7,535
------
Mat'ls & supplies-
7,454
7,454
—
Prepayments
Debt disct. & exp_
LiThe purpose of authorizing the increased common stock was for future
corporate expansion and to assist in a program of reducing funded debt.
Full conversion of the remaining first and second preferred and of the 3 M %
convertible bonds would leave little treasury stock for other needs that
Other def
289,596
12,810
.
charges
638
3,533
7% cum. pref.stk. 1,910,200
Com. stk. 60,000
shs. (no par)
950,000
1,896,680
Capital surplus.--
Other assets
determined.
2,603,861
Minority interest.
19,236
management, therefore, felt that it would be wise to
make provision for future capital needs in view of the delays that are neces¬
Total.
x
sary to authorize any capital change.
Considerable
opposition was expressed at the stockholders' meeting
June 15 to enlarging the capital.
A vote of 66 2-3% is required to
make the proposed change.
Although the management has proxies for
After
Pere
Per. End. May
$618,267
186,764
$769,247
174,004
$3,559,637
930,260
$3,490,612
648,006
$431,502
Net oper. revenue.
initial semi-annual dividend of S1.12H
299,556
12,198,770 15,164,961
1937—Month—1936
1937—5 Mos.—1936
$2,696,316
$2,676,405 $13,772,432 $13,187,865
2,078,049
1,907,158
10,212,795
9,697,253
31—
Railway tax accruals
Penn-Federal Corp.—Initial Preferred Dividend—
—
of $21,235 in 1936 and $46,907 in 1935.—V. 144, p. 3686.
reserves
Total oper. revenues
Total oper. expenses
64% of the votes and less than 1 % of votes are opposed it was decided
tojdefer the plan even though the additional votes could probably be ol>tained shortly.—V. 144, p. 4195.
--
Marquette Ry.—Earnings—
on
oror
Total
12,198,770 15,164,961
__
950,000
______
331.672
Earned surplus
The
an
$185,014
Funded
Mis cell, invest
Inc.—Postpones Plan to Increase
6,000,000 shares from 4,500,000 as at present.
At the adjourned annual stockholders meeting held June 24, Barney
Balaban, President, stated that although the management believed the
increase was in the interest of the
company, they deemed it wiser to defer
to the opinions of
many stockholders who, while voting for the proposal,
urged that the plan be postponed until more specific reasons for authorizing
The directors have declared
$196,340
761
1936
$
Assets—
The company has temporarily abandoned plans for increasing its author¬
per share on the
6.395
368,436
11,411
5,102
5,584
1935
Property, plant &
Stock—
occur.
604,455
$576,311
Consolidated Balance Sheet Dec. 31
1936
ized common stock to
o
-
-
onhand
were
583,569
$599,151
1,406
378,651
11,254
5,102
$226,896
Subsidiaries—Int. and other deduct.
Special deposits
might
604,627
$625,319
1,480
376,129
8,588
5,398
6,826
income
Parent company—Int. on funded debt
Other interest charges
$600,000 5-year 5% convertible secured notes, the proceeds of which will be
provide approx¬
imately $244,000 for additional working capital. Hall, Cherry, Wheeler &
Co., New York and Buffalo, have underwritten the issue.—V. 144, p. 4194.
additional shares
$1,180,766
reserved for retirements
used to pay and adjust the claims of its creditors and to
Pictures,
1934
$1,182,720
Operating expenses, maint. taxes and
there will be substantially less fixed indebtedness ahead of their stock, the
stronger financial position and increased earning power which the company
would realize under the amended plan should add greatly to the value of
the shares they will receive.
The amended plan of reorganization provides for the sale by debtor of
Paramount
1935
$1,229,946
Calendar Years—
In discussing the advantages of the amended plan over the original plan,
the letter points out that under its provisions the company will be able not
only to pay its indebtedness but to increase substantially its working
capital, which is essential to itslfurther progress.
The fixed charges will be
over $35,000 less
per year than under the original plan, leaving a greater
margin of earnings applicable to dividends on the new capital stock. Interest
charges on the proposed notes will be less than the interest the company is
paying currently on its borrowings.
Liquid assets of the company would
be substantailly increased.
The equity of the stockholders will be considerably increased and, since
4357
Chronicle
Joint facility rents (net).
4>£% preferred stock,
par
60,476
$595,242
65,679
55,904
$2,629,377
231,427
182,626
$2,842,606
353,210
178,310
Net ry. oper. income.
$333,461
21,081
$473,658
21,619
$2,215,324
171,722
$2,311,085
329,786
$354,543
5.157
$495,277
5,701
$2,387,046
29,361
$2,540,872
29,154
5,704
274,406
5,685
272,451
30.563
1,361,304
29,795
1,379,717
$69,276
"$211,439
$965,818
$1,102,205
2,500
2,465
2,861
2,725
i.776
$208,974
$962,957
$1,099,480
Operating income
Equip, rents (net)
$50, payable July 1 to holders
lrecord June 24.—V. 140, p. 483.
Pennsylvania-Dixie Cement Corp.—New Director—
Other income
The company has advised the N. Y. Stock Exchange of the
electionjof
Baxter Jackson as a director, succeeding Percy Johnston, resigned.—
37,564
-
N.
V. 144, p. 3514.
Total income
»
Misc. deducts, fr. inc
Pennsylvania Power Co.—Earnings—
r Period End. May 31—
Gross revenue
Oper.
exps. & taxes
Prov. for retire,
reserve-
1937—Month—1936
$380,128
$318,480
275,818
226,088
27,000
18,300
equipment
1937—12 Mos.—1936*
$4,202,318
$3,590,675
3,035,833
2,638,959
242,100
219,600
Gross income
Int. & other fixed chgs..
$77,310
30,131
$74,092
29,897
$924,384
329,348
$47,179
17.292
$44,194
14,542
$595,035
177,258
$29,652
$417,777
435,230
120,517
360,824
149,753
314,713
75,462
other
1936
$1,579,587
211,071
72,712
on
pref. stock
Operating expenses and taxes
Provision for retirement reserve.
to
funds
transferable
profit & loss
—V. 144. p. 3686.
Interest and other fixed charges
Net incomeDividends on preferred stock.
-
-
Balance-.
was
made in
1936 for Federal
surtax
on
Philadelphia Suburban Water Co.—Earnings—
Earnings for 12 Months Ended May 31,1937
Gross
as all taxable income for that year was distributed.
has been made for such tax in 1937.—Y. 144, p. 3686.
$138,359
Net
No provision
Pennsylvania Power & Light Co.—Earnings—
$1,238,884
2,645
Operating income
income (net)
$1,236,239
6,930
Gross income
$1,243,169
453,750
50,000
Other int. & deductions..
21,898
Int. charged to construct
Crl,833
on
on
mtge. bonds
debentures
Fixed
$25,592,755
1,923,324
capital
Accounts
$1,307,039 $13,935,184 $14,173,850
18,662
242,973
296,921
receivable
95,230
Materials and supplies
Crl4,845
95,490
3,846,544
5,116
general
8,832
— --
385
281,794
Special deposits
Unamort. debt disct. & exps.
12,370
Undistributed debits
3,846,545
$4,083,289
227,167
$8,205,717
Balance
Prepayments
Crl5,082
$7,929,833
Capital stock—Preferred—_ $3,200,000
Common
2,500,000
Funded Indebtedness
16,907,500
Consumers' deposits
151,716
Other current liabilities
21,719
Main extension deposits
464,410
Dividends declared
48,000
Accrued taxes
248,555
Accrued interest
198,953
Other accrued liabilities
10,451
Reserves
2,234,260
$4,359,172
%
Net income
x
Investments,
$1,325,701 $14,178,157 $14,470,771
454,271
5,446,042
5,471,517
50,000
600,000
600,000
17,434
217,127
208,619
Crl,287
31,1937
Liabilities—
jA.SS6tSmm^m
$1,308,800 $13,957,126 $14,196,149
1,761
21,942
22,299
$719,354
$805,283
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$633,047
Balance Sheet May
Other current assets
Int.
25,045
105,233
231,216
Balance available for dividends--
Cash
Other
$1,670,938
676,396
earnings
Retirement expenses (or depreciation)
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
$3,259,895
$3,111,575 $37,730,623 $35,362,579
Oper. exps. (incl. taxes).
1,811,011
1,642,775
21,508,497
19,322,430
Prop, retire, res. approp.
210,000
160,000
2,265,000
1,844,000
Net oper. revenues—
658,243
161,897
Interest charges
Amortization and other deductions
Federal income tax
Period End. Apr. 30—
Rent for lease of plant--
$2,491,078
revenues
Operating (including maintenance)
Taxes (not including Federal income tax)
undistributed
profits
Int.
his
June 15, elected John B. Camp¬
bell, Vice-President of the company. H. R. Prest was named Secretary and
Treasurer, and H. J. Brazelton, Assistant Secretary and Assistant Treas urer.
The offices of President and Chairman of the Board will be left
1,127,263
91,500
$239,251
provision
Corp.—New Vice-President, &c.—
Directors appointed by Judge James H. "Wilkerson June 7, following
confirmation of the reorganization plan, on
temporarily vacant.—Y. 144, p. 4019.
Gross income
No
bal.
Inc.
sinking &
reserve
Pettibone-Mulliken
Balance
For 5 Months Ended May 31—
Gross revenue
*
debt
Net income
$199,667
1937
$1,860,452
1,311,223
114,000
Divs.
on
Inc. applied to
$374,176
174,508
$29,886
Interest
$732,115
357,939
r Net income
leased roads &
for
Rent
2,256,898
Surplus
$28,242,462
Total
Total—.
$28,242,462
-
-V. 144, p. 4020.
x
Regular dividends
on
all classes of preferred stock
1937.
After the payment of these dividends there
unpaid dividends at that date.
were
were
(Albert) Pick Co., Inc.—Stock Offered—A. W. Porter,
Inc., of New York, offered on June 24 95,000 shares of com¬
mon stock ($1 par) at $7 a share.
The sale does not repre¬
sent new financing, the stock being part of a block of 100,000
shares already issued and outstanding, acquired from pres¬
paid on April 1,
no
accumulated
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income fbr that year.
No such provision has been made to date for 1937.
—V. 144, p. 4195.
ent
Pennsylvania RR.—Earnings—
Earnings of Company Only
Period End. May 31—
1937—Month—1936
1937—5 Mos.—1936
*Ry oper revenues
$40,645,156 $35,368,797 $194,834,929 $168,954,333
Ry. oper. expenses
30,055,386
24,479,118 146,670,510 123,899,793
r
Net
from ry.
oper.$10.589,770 $10,889,679 $48,164,419 $51,274,298
3,028,827
2,462,885
12,627,829
10,268,296
384,889
154,894
1,848,088
788,247
Railroad retire, taxes
639,981
537,108
3,166,588
1,601,486
Equip, rents (Dr)bal_-_
305,813
682,137
851,384
3,046,619
Joint facility rents (Dr)
bal
164,149
193,263
904,799
1,029,090
rev.
Railway taxes
Unemploy. ins. taxes—
Netry. oper.income-- $6,066,111
—V.iI44,
p.
$6,859,392 $28,765,731 $28,320,802
4019.
Pepperell Mfg. Co.—To Pay $5 Special Dividend—
The directors have declared a special dividend
of $5 per share on the
capital stock, par $100, payable June 28 to holders of record June
compares with $3 paid on Feb. 15, last; a special of $5 on Dec.
$3 on Aug. 15, 1936; $1.50 paid on Feb. 15, 1936, and on Aug.
$3 per share in each of the three preceding six months' periods;
21. This
15, 1936;
15, 1935;
$3.20 per
share on Aug. 15, 1933, and quarterly dividends of $1 per share paid up to
and including May 16, 1932.—V. 143, p. 3853.
stockholders.
The
balance
of
5,000
shares
are
not
presently being offered.
An additional 15,000 shares not
yet issued but covered by the registration statement are
being reserved by the company for sale to officers and em¬
ployees up to Dec. 31, 1938.
Company is engaged in the manufacture, jobbing and sale of equipment,
furnishings and supplies for the outfitting and operation of hotels, restau¬
rants, clubs and institutions.
The present company was incorporated in
1932 to take over the assets of a business originally founded in 1857.
The company's capitalization as of March 31, 1937, consisted of 9,215
shares of pref. stock ($5 par), and 171,307 shares of common stock ($1 par),
authorized and outstanding; there is no funded debt.
The consolidated balance sheet as of March 31, 1937 showed total current
assets of $1,142,252 compared with current liabilities of $199,300, a ratio of
more than 5H to 1.
For the full year 1936 sales of $3,195,749 resulted in net income of $78,623.
The company has agreed to make application for the listing of the 115,000
shares covered by the registration statement on the New York Curb Ex¬
change or the Chicago Stock Exchange.
To
-
Pay Interim Dividend—
The directors
share
on
on
June 17 declared an interim dividend of 12 H cents per
payable Sept. 1 to holders of record Aug. 1.
each were paid in Dec. 1936.—V. 143, p
the common stock,
Two dividends of 10 cents per share
3330
4358
Financial
Pierce Governor Co.-—15-Cent Dividend—
The directors have declared
a dividend of 15 cents per share on the com¬
stock, payable July 15 to holders of record July 3. A like amount was
on AprL 10, last; a dividend of 20 cents was paid on Dec. 22, 1936,
and one of 15 cents was paid on Nov. 25 and on Aug. 25, 1936, this latter
being the first dividend paid since July 1, 1930, when a payment of 37 Yi
mon
paid
cents
share
per
made.—V.
was
144,
2144.
p.
Pines Winterfront Co.—New Director—
Ralph F. Cohn, General Manager, was elected a director at the annu 1
stockholders' meeting, succeeding Charles B.
Rasmussen, resigned.—
V. 144, p. 4195.
Polaris
Chronicle
June 26, 1937
stock at $17 a share for each 15 shares now held.
The offering is deemed
advisable by the directors at this time in order to increase working capital
and will be underwritten on terms approved by them,
according to the
announcement
stockholders.
to
A special meeting of stockholders
has been called for July 6, 1937, to
increasing the authorized common shares from 1,150,000 shares to
1,500,000 shares.
The meeting will also vote on a proposal to reserve
35,980 shares of common stock to be allotted from time to time to present
and future executives of the company at $25 per share, under the executives'
stock plan.
Of this number, 12,500 shares will be allotted now to R. S.
Reynolds, President of the company.—Y. 144, p. 3690.
consider
Royal Dutch Co.—Annual Report—
Earnings for Calendar Years (in Florins)
Mining Co.—Listing Approved—
1936
1935
1934
1933
89,794,808
355,096
58,073,753
301,364
44,549,413
297,150
35,343,085
239,811
1,100,000
1,100,000
3,767,516
1,000,000
599,835
20,512
3,452.947
25,200
2,368,000
2,353,172
2,934,632
84,866,253
60,000
30.217.440
54,279,189
60,000
30,217,440
38,131,575
30,217,440
30,546,306
60,000
30,217,440
54,588,813
24,001,749
7,854,135
268,866
93% of above surplus. 50,767,596
6% on ord. as above.. 30.217,440
Brought forward
910,239
Commissaries' propor'n.
2,003,553
22,321,627
30,217,440
436,623
815,070
7,304,345
30,217,440
547,472
139,165
30,217,440
278,605
83,898,828
83,097,960
(16^%)
53,790,759
52,880,520
(10H%)
38,208,423
37,771,800
(7M%)
30,764,911
30,217,440
(6%)
800,868
910,239
436,623
547,471
The New York Curb Exchange has approved for listing 2,000,000 out¬
standing shares of
common
Income
stock, 25 cents par.
Pond Creek Pocahontas
The Manufacturers
stock.—V.
Trust Co.
* **
Co.—Registrar—
is Registrar for this company's common
144, p. 3515.
Portland Gas & Coke
Period Ended
Operating revenues
Oper.exps. (incl. taxes).
Prop, retire't res. approp
Net oper. revenues
1937—12 Mos —1936
$3,365,078
$3,272,202
2.362,422
2,465,531
260,416
250,000
$56,894
Dr330
$742,240
Dr4,597
$556,671
DrZ ,858
$56,564
40,604
4,431
$737,643
487,250
50,738
$552,813
487,250
$13,577
$11,529
preferred stocks for
the period, whether paid or unpaid
$199,655
$16,795
430,167
Dr407
Gross income
Interest
$58,351
mtge. bonds.,w.
on
\
40,604
4,170
,
Other int. & deductions.
Int. charged to constr..
Net
income.
Dividends applicable
Balance,
_
Profit..
Divs.
49,021
Cr253
to
on
pref. shs. (4%)
Ordinary shares
(6%)..
Surplus
430,167
$58,758
Other income (net)
x
benture loan
Difference in exchange.
Contractual obligations.
Int. on dollar deb. loan.
Co.—Earnings—
1937—Month—1936
$274,218
$264,139
192,544
186,411
22,916
20,834
May 31—
-
Admin., &c., expenses..
Service of 4% dollar de¬
_______
Total.
Amount of ordinary div.
Rate per cent
Carried forward
Balance Sheet
deficit
as
$230,512
$413,372
Dividends accumulated and unpaid to May 31, 1937, amounted to
$1,518,669.
Latest dividends, amounting to $1.25 a share on 7% pref.
stock and $1.07 a share on 6% pref. stock, were
paid on Feb. 1, 1937.
Unissued share capital
Share holdings, less reserve...
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
Cash
1937—Y. 144, p. 4196.
Debtors.
Postal
A
new
as
or
rate
applies
even
discriminate between customers.—V.
edit messages
144, p. 3872.
Prescott Gas & Electric Co.—Bonds Called—
A total of $12,500 1st mtge. 6% 30-year gold bonds, due July 1, 1940,
called for redemption on July 1 at 105 and interest.
Payment
will be made at the Irving Trust Co., New York City.—V. 142, p. 4189.
has been
Metz
(Pres., of
Bakers Mutual Insurance Co. of New York)
chairman of the bondholders' reorganization committee for PrudenceBonds Corp., 12th series, announced June 20 that a 7% cash distribution
was ready for payment to the bondholders of the 12th series.
In this
series bonds outstanding in the hands of the public total
the cash distribution will amount to $277,781.
8,800,000
412,570
9,900,000
11,000,000
1,340,126,728 1,254,147,055
the
4%
dollar
1,201,472,131
de¬
loan
new account
Priority shareholders
4% debenture loan
5% debenture loan
Res. for 4% deb. loan in dollars
Res. for conting. additional pay¬
998.500,000
1,500,000
28,912
100,000,000
998,500,000
1,500,000
40,768
60,000,000
6,448
257,596
915,117
2,400,000
369,076
142,096
2,352,184
300,426
910,239
interest on dollar debs
CreditorsUndistributed dividends
Reserve
998,500,000
1,500.000
31,616
100,000,000
19,571,631
5,030,145
67,077
436,623
3,658,614
7,515
547,472
Interest, new account
Unclaimed divs. and unclaimed
Twelfth series bondholders, to procure this payment, should present or
forward by registered mail their original bond, accompanied by letter of
transmittal to the trustee, Manufacturers Trust Co., 55 Broad St.
There will be no cash distribution at present to trustees of Prudence
141
1
Share capital
Preference shares
$3,968,300, and
'
82,180,643
193,444,108
3,652,454
52,764,418
...
ment on unci. int. dollar debs.
Prudence-Bonds Corp.—Payment on 12th Series—
Adam
1934
114.039,301
177,054,628
429,891
74,507,388
Total.
Liabilities
in cases where number combinations may be
code because the company feels it cannot attempt to
of
benture
Interest
1935
494,876.000
417,245.620
83,813
494,876.000
392,774,140
1,014,752
575,730
60,000,000
199,887,526
2,310,871
39,033,112
undertakings
on
Service
decimal point, fraction mark or dash will also be counted as a figure.
The
used
1936
Short-term deposits
Securities
Claims
(in Florins)
494,867,000
464,126.616
5,880,334
Debtors for dividends-
Telegraph-Cable Co.—Rates Reduced—
at Dec. 31
Assets
The
company has reduced its rates for telegrams in which figures are
used.
Under the new rate the charge for five numerals will be the same as
for one word whereas formerly each numeral was charged for as a word.
60,000
Avail, for ordinary div..
x
for
22,500
Reserve
Co., Inc., who
$390,500 bonds of the 12th series, in view of the recent
decision of James G. Moore, special master, holding that such bonds are
subordinate to the publicly held bonds.—V. 144, p. 4021.
Operating
Operating
revenues
expenses
State and munic. taxes.
Federal taxes (incl. inc.)
Net operating income
Non-oper. income (net).
$5,795,085
2,828,185
825,986
179,588
$5,048,749
2,437,413
714,458
68,284
$156,155
1,591
$135,685
1,349
$1,961,326
35,355
$1,828,594
38,041
$137,034
52,959
717
5,877
9,309
6,000
$1,996,681
645,222
22,283
96,670
65,300
$1,866,635
653,187
7,331
105,917
148,730
$68,049
47,812
$1,167,206
591,329
$951,470
549,220
interest
Other deductions
__
Prov. for special reserve.
Net income
Pref. div. requirements.
$95,415
52,176
Note—The above statement includes the operating results of New Hamp¬
shire Power Co. from March 31, 1936—V. 144, p. 3516.
Public Service Co. of
Net operating income
$2,865,613
28.548
$2,201,834
Gross income
$2,894,161
665,676
Interest & other deductions; Subsidiary companies.
Public Service Co. of Oklahoma—
on
1937—Month—1936
$4,784,092
$4,910,277
3,423,733
3,229,141
1937—5 Mos.—1936
$6,588,771 $24,441,182
17,806,056
17,127,058
$1,360,359
416,577
$1,681,136
428,572
$8,782,715 1 $7,314,124
2,419,175
1,933.646
Ry. oper. income
Equipment rents (net)._
Joint facility rents (net).
$943,782
3,637
$1,252,564
3,185
Dr3,386
$6,363,540
99,653
3,610
$5,380,478
118,291
Drl8,589
Net ry. oper. income.
—V. 144, p. 3689.
$991,019
$1,252,363
$6,466,803
$5,480,180
funded debt.,
Jy.'.
General interest
/
719,308
24,888
719,308
Jr.__24,888
Amort, of bond discount and expense. _ZL.S/..
on int. & miscel. dedu/2tio»s_
Taxes assumed
May 31—
oper. revenues
oper.
expenses
Netrev. from ry. oper.
Railway tax accruals...
113,348
5,021
113,348
5,021
43,600
(H. W.) Rjckel & Co .—27-Cent Extra Dividend—
The directors have declared an extra dividend of 27 cents per share In
addition to the regular semi-annual dividend of 8 cents per share on the
common stock, par $2, both payable July 30 to holders of record July 15.
An extra of 7 cents was paid on Jan. 15, last; one of 12 cents was paid on
July 25, 1936, and extra dividends of 4 cents per share were paid on Jan.
15, 1936, and on July 25, 1935.—V. 144, p. 118.
Rochester
$2,148,325
53,509
Other income (net)
-.1,340,126,728 1,254,147,055 1,201,472,131
—V. 144, p. 4022.
Oklahoma—Earnings—
Earnings for 12 Months Ended March 31, 1937
Corporate
Consolidated
Operating revenues..
$5,o92,620
$8,168,592
Operating expenses and taxes
3,544,295
5,302,978
Interest
Total
—
79,366,011
38,131,575
Reading Co.—Earnings—
436
interest
Other
$417,558
207,270
74,003
600
12,167,319
79,366,011
54,279,189
Period End.
$157,746
56,018
Gross income
Bond
$446,227
210,458
77,491
22,123
71,129,988
79,366,011
84,866,253
Ry.
Ry.
1937—12 Mos.—1936
1937—Month—1936
of
Profit balance
Hampshire—Earnings—
[Including Manchester Street Ry.]
Period End. May 31—
account of reval.
articles of association
own
Public Service Co. of New
on
participation in various cos..
as per Article 4 of the
Telephone Corp.—Earnings—
Period End. May
Oper.
31—
revenues
a
Uncollectible oper. rev..
Operating revenues.._
Operating expenses
Net oper. revenues
Operating taxes
Net oper.
—V. 144, p.
income
3851.
1937—Month—1936 •
$416,684
$394,359
467
441
1937—5 Mos.—1936
$2,047,122
$1,956,924
2,283
3,463
$416,217
293,180
$393,918
299,304
$2,044,839
1,439,019
$1,953,461
1,443,330
$123,037
39,876
$94,614
33,168
$605,820
199,685
$510,131
165,895
$83", 161
$61,446
$406,135
$344,236
Saco-Lowell Shops—Final Action on Plan Deferred—
At the special meeting of stockholders June 21 David F. Edwards, Presi¬
dent, announced that 75% or more of each class of stock had been deposited
favor of the proposed plan of recapitalization.
(V. 144, p. 3190.)
This, he said, was viewed by the management and directors as a most
gratifying response, especially since about the same proportion of each class
of stock had indicated approval, implying no class felt it was unduly dis¬
criminated against.
However, Mr. Edwards stated, it was the well-considered opinion of the
in
Net income
$1,339,269 x$l,365,920
Note—No provision has been made for Pfederal surtax
profits.
x
Consolidated net income of
western
lative
Light and Power Co.
requirements
to
the
on
undistributed
/
$1,365^920J^cludes net income of South¬
amounting to $10,212 in excess of the cumu¬
dividend
stocks, which
V<C.
on
that
company's
preferred
and
class
A
was not available for distribution as a common stock dividend
Public
Service
Co.
of
Oklahoma
because
of prior-year
dividend
arrearages.
(Cumulative dividends in arrears on prferred and class A
stocks of Southwestern Light and Power Co. in the hands of the
public at
March 31,
1937, amounted to $550,237 or $12.37^ per share on the pre$25.50 per share on the class A stock.)—V. 144, p.
ferred stock and
3689.r
Puget Sound Power & Light Co.—Accumulated Div.—
The directors have declared a dividend of $1.25
per share on account of
accumulations on the $5 cum. prior pref. stock, no
par value, payable
July 15 to holders of record June 21.
A dividend of $3.75 was paid on
April 15 last, and dividends of $1.25 were paid on Jan. 15 last, Oct. 15 and
on July 16, 1936, this latter
being the first dividend paid since October,
1932, when a regular quarterly dividend of like amount was distributed.
—V. 144, p. 4196.
directors and the management that it was not desirable to take final action
on
the plan at the meeting, but that more time should be allowed for many
small stockholders to indicate their stand.
Prior to adjournment, the clerk announced the amounts of each class of
stock deposited to date in favor of the plan.
6%
These amounts are as follows:
9,400 shares, or 75.2% of the 12,500 shares outstanding;
21,113, or 79.8% of the 26,438 shares outstanding, and com¬
54,150, or 77.4% of the 70,048 shares outstanding.—V. 144, p. 3190.
preferred,
2d preferred
mon
Safeway Stores, Inc.—Sales—
Four Weeks Ended—
Jan.
23
Feb. 20
Mar.20
Reynolds|Metals Co.-
To
Offer Rights to Common Stock-
holders—
The company announced on June 23 that it
plans to offer its
stockholders the right to subscribe for one additional share of
Apr. 17
May 15..
June
common
common
Up to the present substantially
all large stockholders have assented, the undeposited stock being widely
scattered.
Accordingly, stockholders voted to adjourn the special meeting
until Wednesday, June 30, at 11 a. m.
12
1937
1936
1935
1934
$26,261,194 $23,106,110 $18,842,638 $16,486,586
27,510,237
23.470,722
20,281.505
17,508,289
28.630.009
24.776.706
20.770.761
17.810.088
29,790,845
25,100,634
21.321,010
17,630,191
29,313,358
25,441,542
21,477,565
17,981,737
29,390,387
25,946,986
21,911,168
19,000,462
The company had 3,330 stores in operation on June 12, 1937, as against
3,365 a year ago.—V. 144, p 4197.
Volume
Financial
144
San Diego Consolidated Gas & Electric Co.—
12 Months Ended April 30—
1936
_
Net oper. rev. (before approp. for retire. res.)_.
-
$7,689,239
4,376,917
$3,408,831
3,836
Operating revenues
Oper. exps., maintenance and all taxes
Other income
•Earnings
1937
$8,119,758
4,710,927
$3,312,322
2,730
4359
Chronicle
The
with
complaint specifically charges the corporation, a holding company
13 subsidiaries in various parts of the country, wit/i "violationjtof
7 of the Clayton Act through purchase of tne capital stock^of
Section
Bernheim Distilling Co., Louisville, Ky., a competitor."
M
The Commission charged Schenley organized a Delaware corporation
with the same name as tne Kentucky concern and acquired control of the
latter through transfers of stock.
_
The Kentucky company and its
subsidiary, the Belmont Distilling Co.,
of approximately $9,000,000 and
operated distilleries with combined annual capacity of about 6,000,000
gallons, the Commission said.
Schenley's acquisition of the capital stock of the Kentucky company, the
Commission charged, had the effect of:
1. Substantially lessening competition between Bernheim Distilling Co.
and the Schenley subsidiaries.
r
2. Restraining interstate commerce in the sale of whiskey in certain
had consolidated assets as of March 11
Net oper. rev. & other income (before appropria¬
tion for retirement reserve)
$3,412,667
Appropriation for retirement reserve
1,270,000
$3,315,052
1,285,000
_
Gross income
61,954
137
$2,030,052
644,491
63,508
3.765
$1,460,382
$1,318,288
$2,142,667
Interest charges (net)-Amortization of debt discount and expense
Other income deductions
-
620,195
-
Net income
-V. 144, p. 3851.
Assets—
1936
1935
$20,172
Cash In
S22.240
43,453
escrow—
Cash in trust.
a
Accts. receivable
Supplies & mat'I—
b Fixed assets
Miscell. assets
-
Deferred charges.
Deficit
-
9,525
105,283
acct. of process¬
471,016
ing tax
56,383
Reserve for taxes
21,271
1,315,308
c
e
825,000
825,000
259,400
Preferred stock.
d Cum.
60,690
260,729
468
47,701
-
Bonds..
6,613
259,400
300,000
724,649
300,000
724,649
pref. stock
Commonstock--
"As
$131,178
8,144
Res. for claims on
144,361
543,592
24,905
1,252,634
10,055
54,216
209,242
Merchandise.
S94.709
Labor accrued
420
1935
1936
Liabilities—
Accounts payable-
■
,
Corp. and its
■
,
Federal Trade
Commission charges that its acquisition of the capital stock of Bernheim
Distilling Co. of Louisville, Ky., tended "to create a monopoly in the sale
and distribution of whiksey." The statement follows:
•_
Saratoga Victory Mills, Inc.—Balance Sheet Dec. 31
Cash
sections of the United States.
3. Tending to create a monopoly in Schenley Distillers
subsidiaries in the sale and distribution of whiskey.
The corporation in a statement issued June 16 denied
the
is
known, the whiskey industry is today and has been since
one of the mpst competitive industries in the
well
repeal
of prohibition
United States.
"To maintain its competitive position Schenley
the stock of Bernheim Distillery of Louisville,
.
Distillers'Corp. acquired
which was not in com¬
petition with Schenley in any part of the country, at a time when the
Bernheim company in order to carry on its production program found it
advisable to seek an affiliation with a larger company.
"Schenley is confident that it will be able at the proper time to convince
the Federal Trade Commission that it has not in any sense violated the
provisions, the intent or the purpose of the Clayton Act.
"Schenley is confident also tnat it will establish that the acquisition of
the stock of Bernheim did not tend to lessen competition or to create a
monopoly but to the contrary tended to intensify competition within the
industry."—V. 144, p. 2844.
...
Total
.$2,259,604 S2,306,602|
After
for
bad
debts
..$2,259,604 $2,306,602
Total
of $3,359
in 1935 and $2,892 in 1936.
b After depreciation of $429,389 in 1936 ($366,730 in 1935).
c Represented
by 2,594 shares,
d Represented by 3,000 shares,
e Represented
by
93,500 shares.—V. 143, p. 1571.
a
reserve
Sarnia Bridge Co.,
Ltd.—Earnings—
Years Ended Dec. 31—
Net prof. after all charges
1936
1935
1934
x$4,630
x$2,083
1933
loss$873
loss$28,494
After deducting $16,793 for depreciation in 1935 and $16,883 in
x
1936,
Balance Sheet Dec. 31
Assets—
Cash
on
1936
Liabilities—
1935
hand and
Can.
in banks
$651
Accounts receiv
48,760
81,263
Inventories
Unexpired
insur.
Property and plant
501
Deficit from oper.
36,436
tax
459,715
883
274
874
Res.
889
Reserves
155,059
Capital stock
453.765
138,300
453,765
$667,134
Total
$667,134
Total
$602,785
Savannah Sugar Refining
Said were set up, and $124,452 added to surplus. depreciation, bad debts,
The usual reserves for taxes, The new capital stock
;c., in December.
earned $2.76 per share after all charges.
The investment account has been reduced by the cancellation
company's preferred stock that had been bought from time to time.
of
1936
1935
Refin'g plant, incl.
machinery, &c_.$4,343,172 $4,314,581
Cash
1,850,775
2,010,944
Accts. rec., less res 1,322,957
1,379,140
Mdse. & supplies. 1,166,018
1,085,373
Charges deferred to
future opers
10,818
Investments
33,109
1936
Other
Capital stock
869,214
384,532
Sundry reserves..
Reserve for depre¬
ciation
2,715,694
Surplus.-
1,239,244
401,758
1,914,776
2,593,722
1,790,324
12,876
353,611
Total
$8,726,849 $9,156,524
Co.—Earnings—
1936
sales
1935
1934
1933
$13,039,729 $11,693,789 $10,899,868
Inventories
Fixed assets )net).
Total
H
OTlfOP
O TYI
$1,386,578
11,328,508
Scovill Mfg. Co.
10,454,690
8,723,266
$443,947
54,446
316.875
Previous surplus
Profit on preferred stock
$365,281
54,446
198,000
$445,178
55,013
198,000
$569,170
57,111
99,000
$72,626
170,082
1,684,271
Balance, surplus
Sundry adjustments
$112,835
$192,165
$413,059
1,571,436
1,376", 257
1936
per
share
1935
1934
1933
$5,109,100
172,641
$4,691,158
$4,788,170
84,169
168,800
$5,281,741
1,523,666
946,756
$4,775,327
1,351,692
$4,956,970
1,256,989
1,132,938
219,355
Total income
$8,233,442
Exp. for maint.& repairs
1,867,947
953,103
744,150
76,766
45,100
45,100
Disc. on debs. purchased
Taxes, &c
xl,240,912
Increasing res. for contg.
231,050
Credited to invent, res..
500,299
642,175
200,000
45,842
Net income
$2,650,880
Previous surplus
2,356,815
Adj. of sec. val. to mkt—
216,722
Prior year adjustment
52,426
Adjustment to par value1
of shares acquired
$1,571,436
$1,376,257
$3.99
$3.14
$3.94
$5.17
on
1935
Fixed assets
3,116
602.814
$385,225
50,348
2,745,324
51,718
575,518
Other
109,122
136,390
84,578
Accounts
receiv'le
Inventories.
Other
curr.
assets-
assets
Deferred charges.
194,709
3,037,119
-
'.
1936
1935
Accounts payable- y$488,535
Mtge. note due in
1937—-.-
$2,356,815
$1,910,323
$2,256,019
$3,532,109
capital stk. out.
(par $25)
872,367
872,367
872,367
872,617
Earn, per sh. on cap. stk.
$3.04
$1.21
$0.84
$0.37
y Including
$37,549 Federal surtax on undistributed profits.
yDoes
not include a dividend of 25 cents per share paid on Jan. 1, 1936, but
declared and deducted from surplus in 1935.
Consolidated Balance Sheet Dec. 31
$
Due to banks
Unpaid
550,000
$213,252
•
300,000
52,939
expenses-.
65,166
91.000
56,623
(See y)
26,317
50,000
payable
40,000
7%
cum. pref. stk
Common stock-
777,800
777,800
x
644,778
193,532
675.000
1,586,815
1.684,270
Capital surplus.
—
Earned surplus...
x
..$4,377,461 $4,022,547
Total.
3, 060,511
pay. and acrued expenses—
State,
6,877,498
988,524
property
Dividend
Surplus
944,209
612,060
742,538
269,489
182,528
3,532,109
2,356,815
&
other taxes accr
declared
Accr. wages & sal.
& develop
of
Capital stock... 21 ,809,175 21,809,175
15-year 5H% con¬
vertible debs...13,530,000 13,530,000
Reserves
953,595
1,199,152
Acc.
inventories. 7, 552,281
Other assets.
933,784
Int.ln patents, li¬
expenses
venture
$
b
218,091
239,484
Joint
694,858
Adv.re.newproc.,
payable.
Mortgage
170,000
1,188,551
1,986,743
censes
Managers' bonuses
Accr'd liabilities..
170,000
1, 381,919
1935
$
Liabilities—
Land, lldgs. and
machinery
17 ,858,587 17,368,390
Cash...
2 257,801
2,266,721
U. S. Govt, sees—
1936
1935
$
Assets—
Mdse.
5,000
Federal taxes
Total
$2,910,294
654,275
Profit & loss surplus-
securities..--..
Liabilities—
78,022
$346,002
Cash
3,375
$3,103,324
1,090,459
$3,229,182
872,367
85,000
17,542
Other marketable
Balance Sheet Dec. 31
1936
L
adjust, (net)-
a
Including $10,000 estimated surtax on undistributed profits.
Assess—
•
Shares
17,355
$1,684,271
stock (no par)
»
577,059
$305,689
2,418,185
165,220
17,825
Contingency reserve
Prior year
721,676
$730,576
2,256,019
116,729
\
5,276,843
y1,744,734
854,150
56,702
51,767
38,039
$1,057,285
1,910,323
261,574
$
Accts. & notes rec.
x
1,063,502
780,511
54,951
47,322
Cr28,889
737,621
744,350
Contrib. tounempl. fund
1936
3,013
$1,586,815
common
(& Subs.)—Earnings—
Provision for depreciat'n
Interest
945", 843
purch. for.etirement-
Earnings
$955,028
-
>
83,582
Common dividends
285.
7321469
$8,014,087
$9,376,018
written-off
Net profit-Preferred dividends
$73,158
37,465
64,099
1,835
46,000
$1,386,578
Total
$955,028
—V. 144, p. 465; V. 143, p
Vnrl
7
1936
1937
Liabilities—
Accounts payable.
Accrued liabilities-
—
431,458
26,098
Other assets
Cost of sales, oper. exps.,
taxes, &c
al2,595,782
Balance of leaseh'd accts.
$72,536
-
10,040
419,756
_
Amortization of debs
Represented by 29,375 shares of preferred stock, par $100 and 28,272
shares of common stock, no par. y Capital stock authorized 230,000
shares,
outstanding 217,824 sharas plus old common stock to be converted equal to
840 shares total outstanding 218,664 shares.
During 1936 pref. stock was
converted into common or retired.—Y. 144, p. 788.
Net
receivables
Other income--.
x
Schiff
$154,2V2
y$2,842,632x$3,131,477
Accounts payable-
-...-$8,726,849 $9,156,524 1
Calendar Years—
3,175
356", 286
rec.
Operating profit
xl935
$338,375
2,921
11,860
$169,621
34,655
Res. for Fed. taxes
114,681
4,199
77,063 Deferred income.
145,000
205,291 Capital stock
^
Paid-in surplus.
84,015
239*258 Earned surplus...
834,407
241,995
77,355
Calendar Years—
Liabilities—
$184,773
5,744
24,756
$87,317
3,468
63,817
$114,066
securities
Accts. & notes
Balance Sheet Dec. 31
Assets—
$405,660
1936
$139,764
Market,
the
stock set-up, as
authorized by the stockholders, now consists
solely of 230,000 shares ($1 par) capital stock authorized, of which 218,664
shares are outstanding, and 11,336 shares held as treasury stock.
Total
1937
Assets—
life insurance
Corp.- -Annual Report-
$85,635
1,682
110,472
7,911
Consolidated Balance Sheet Jan. 31
Casl surr. value of
Benjamin Oxnard Sprague, President states:
During 1936 company paid out a total of $479,463 in dividends, which
included an extra dividend of 50 cents a share on the new capital stock,
new
Net profit
Cash dividends
Cash
—V. 142, p. 969.
The
Prov. for Fed. surtax
$602,785
& Prov. taxes
■.
$183,280
1,493
$338,437
144,500
Total
Total deductions
353
'
$397,604
8,056
$446,237
1,800
66,000
40,000
Other income
for Dominion
78,394
;
$432,467
13,770
$2,349,671
1,722,898
211,336
Prov. for Fed. inc. taxes
pensation
17,833
$1,367,672
991,346
180,304
12,742
$835,495
631,477
$3,616,229
2,793,094
358,728
31,940
Sell. & admin's, exps.._
Prov. for depreciation--
615
1,990
Accr. workm's com¬
1934
1935
1936
1937
Operating profit
$7*994
721
payable
Acer, wages & sals
Schwitzer-Cummins Co. (& Subs.)- -Earnings—
Years End. Jan. 31—
Gross sales, less returns,
&c
Cost of goods sold
1935
$18,000
Sales
441
462,194
73,764
1936
Bk. of Com.
Accounts payable-
$4,933
29,298
30,003
.
1,128,935
&c_...
Excess
of
invest.
cost
In
of
stock
of A. Schrader's
Son, Inc
Deferred charges..
7, 439,749
590,221
7,439,749
573,598
121,178
$4,377,461 $4,022,547
Totala
—
-
41,939,712 39,988,709
Total
..-41,939,712 39,988,709
After deducting $23,541,148 in 1936 and $22,987,797 in 1935.
resented by shares
of $25 par.—V. 144,
p.
b Rep¬
3851.
Represented by 99,000 no par shares in 1935 and $97,500 shares in 1936.
Schulte Retail Stores
Included in accounts payable.—V. 144, p. 4022.
Schenley Distillers' Corp.—Violation
Charged—Company Issue Denial—
of
Clayton
Act
Tne Federal Trade Commission on June 16 announced it had issued
The protective committee for the 8% cumulative preferred stock
(Gen.
Samuel McRoberts, Chairman, other members being, Luigi Criscuolo, H.
a
complaint against the corporation, charging it with activities "tending to
create a monopoly
.
.
in the sale and distribution of whiskey."
.
Corp.—Reorganization Plan Being
Discussed—Earnings—
Blair Tyson and Dr. Warren M. Persons) communicated with stockholders
June 23, and advised them that the principles and outline of a plan of
reorganization for the cigar store chain which has been in reorganization
4360
under
Financial
Section
77-B for a year have been developed in cooperation with
other interested parties and is now under negotiation with
representatives of
creditors and security
holders.
This is the first indication that definite
proposals for reorganization are being considered.
The committee stated that, due to the fact that premature reports are
likely to prejudice these negotiations rather than to assist them, they request
the continued confidence of stockholders in awaiting the committee's advices
Chronicle
$4,500,000 of preferred
Huyler's, the committee stated:
"An application has been made seeking to begin proceedings for the
determination of the claims alleged by holders of Huyler's preferred stock
against tne corporation (Schulte Retail Stores Corp.) on the guarantee
mentioned above.
Careful consideration is being given by your committee
to this question, and we will advise you further with regard to it."
The committee also advised stockholders of the results of operations of
Schulte Retail Stores Corp. and its subsidiaries, and of Huyler's as reported
by such companies for the period from Jan. 1 to April 1,1937:
"Estimated figures as reported by the corporation are now available
for the four months beginning Jan. 1, and ending April 30, 1937.
"The sales of the cigar stores as so reported for such four months aggre¬
gated $6,838,440. Sales for the month of April, 1937 alone as so reported
were $1,753,657.
The reported loss of the corporation and its subsidiaries
before depreciation and special credits and charges (subject to adjustments
for rental charges on premises occupied, for real estate operations, and
subject to year-end adjustments) for the first four months of 1937 was
$32,374, and after depreciation the said reported net loss was $79,844.
However, due to a reported non-recurring special credit (which included a
profit of close to $50,000 on the sale of a building owned by one of the cor¬
poration's subsidiaries), the reported net loss for the four-month period was
reduced to $6,904.
For the month of April 1937,
the reported net loss
before depreciation and special charges and credits
subject to adjustments
as above) was $2,383, and after depreciation
$9,101 (this loss was reduced to
$5,273 by reported special credits).
''The operations of Huyler's (and subsidiary) as reported by it also showed
improvement. Sales for the four months from Jan. 1, to April 30,1937, were
reported as $1,133,634.
Sales for April, 1937, were reported as $275,669.
The reported net loss (subject to adjustments for rental charges on premises
occupied, and to year-end adjustments) for the first four months of 1937
was
$25,692, but before deducting depreciation and amortization there
was a reported net profit
(subject to adjustments as aforesaid) of $4,743.
For the months of April, 1937, the net loss (subject to adjustments as
aforesaid) was reported as $4,301, but before deducting depreciation and
amortization there was a reported net profit (subject to adjustments as
aforesaid) of $3,157."—V. 144, p. 2147.
Securities
Assets—
Cash
and
Accrued
Accts.
ol
not
357,016
41,253
345,923
interest-.
&
rec.
current
6,411,825
8,465,676
Bond sinking fund
Deferred charges..
miscellaneous
182,828
486,4i
tees.
1,387.000
1.795.127
600,000
435,232
264,843
6.264,500
176,446
1,175,362
147,269
Notes
Contract obligat'n
pay.
(non-
current)
Total
48,411,284 48,402,622
Scullin Steel Co.
Profit from operations.
_
500
a8,658
18,000
1934
$36,031
40,433
18,000
14,763
5,500
3,111
prof$461,038
Income credits
138,508
...
Total income
1933
$98,251 loss$169,823
93,857
142,671
12,115
2,927
36,123
$31,730
7,859
pref. stock to basis of
declared
$9,663
281,055
loss$23,871 loss$327,324
281,055
282,001
mat'd unpd. int.
Toted
.
64,002
::::::
::::::
Net income for year..
$116,175
b$382,743
b$304,926
b$609,325
a Expenses of
unoccupied plant only,
b Loss.
Note—Provision for depreciation of plant property was made in the
amount of $52,610 in 1934 and $64,111 in 1933.
In the opinion of counsel,
the company is exempt from the Federal surtax on undistributed
profits,
and no provision therefor has
been made.
Balance Sheet Dec. 31
Assets—
1936
Liabilities—
1935
hand and
1936
Notes payable
$226,992
615,120
Inventories
309,047
7,549
buildings
and equipment. 6,943,899
Deferred charges-.
43,296
$84,524
199,872
138,384
Other assets
6,011
Land,
Accounts payable.
Accrued accounts.
Res. for
$300,000
117,297
321,850
7,003,067
54,994
1935
$300,000
44,334
194,533
rebuilding
6,000
1,411,757
1st mtge. 6s
3,062,500
6M% debentures, 1,497,000
x Capital stock...
650,000
Surplus
779,499
1,066,003
3,062,500
1,497,000
650,000
672,483
$8,145,904 $7,486,853
as
of Aug. 1, has been
Sears, Roebuck & Co.—Sales—
Four Weeks Ended—
Feb. 26
$3,047,104
41,361
55,771
57,970
65,263
held
in
treasury—now
165
retired.
Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
1936
Invests, at cof#_..$4,707,911 $4,880,846
Cash in banks
26,455
28,079
Loans pay. to bks_
Miscell.acct3.rec
1937
_
214
Acer. int. payable
250
255
875
875
tax—estimated.
69,256
28,837
Prov.for State tax
1,132
Prepaid insurance,
on
exp.—Fed'!
bank loans.
10
129
1,750
12,290
1,750
8,700
593,371
X578.402
_
Federal capital stk.
closed
General
reserve
403,719
Capital stock
Surplus
578,402
3,438,626
$4,812,464 $4,945,099|
Total
3,466,928
$4,812,464 $4,945,099
x Represented
by 2,090 shares of cumul. pref. stock, $7 series, 6,753 shares
of cumul. pref. stock, $6 series, 271,950 shares of common
stock, 46 shares of
common stock, all of no par value and 9 share i of
old
$100 par value.—V. 144, p. 2844.
common
stock of
Sharp & Dohme Inc.—Listing—
The New York Stock Exchange has authorized the
listing of 5,000 addi¬
tional shares of common stock (no par), on official notice of issuance and
payment in full upon exercise
for
shares purchased pursuant to the option will be applied to the
general corpo¬
144,
p.
3517-
Corp.—Interim Dividend—
The directors on June 22 declared an interim dividend of 50 cents
per share
the company's 13,070,625 outstanding shares of common stock,
payable
July 15 to holders of record July 6.
A dividend of 25^cents per share on the common stock was paid Dec. 15,
last, which was the fust distribution on these shares since 1930.
The current dividend gives effect to a policy announced by R. G. A. van
der Woude, President of the corporation, in his annual report, of
paying,
if warranted by the company's position and by the
general conditions pre¬
vailing at the time, an interim dividend at mid-year and a final dividend near
the close of the year.—V. 144, p. 3019.
Solvay American Colrp.—Listing—
name
from
Solvay American Investment Corp.]
Exchange has authorized the listing of certificates
preferred stock (par $100) under the
The New York Stock
for 139,648 shares of 5)4 % cumulaitve
Eroposed new name Solvay American Corp.,of 5H% cumulative preferred
on official notice of issuance,
exchange share for share for certificates
l
stock
issued
now
Investment
and
outstanding
bearing
the
1936
American
Solvay
name
Corp.
common
stock of the corporation is privately owned by Geseli-
fur
Beteiligungen under Unternehmunger der Ohemischen In¬
dustrie, Basle, Switzerland.
The stockholders at their regular meeting held on May 15, authorized the
change of name.
Income Account Years Ended March 31
1937
Interest received
1936
1935
1934
$3,359,448
4,253
Dividends received
$3,136,829
5,045
$3,127,132
3,043
$3,089,509
277,002
$3,363,700
$3,141,874
$3,130,175
$3,366,723
506,206
146,170
23,810
154,180
15,809
156,619
26,781
19,549
198J67
26,687
Royalty
212
-
Total income
Int .on seemed gold notes
Disct.
on notes payableGeneral, &c., expenses._
Taxes paid and refund-_
Interest paid
on
realiz'n of invest.
Net income
on
71,878
$2,927,226
9,633,104
$1,891,440
5,674,378
2,485,313
600,000
900,000
$3,121,842
2,784,534
$2,201,059
2,328,619
$5,906,376
785,285
2,025,000
-
Balance, March 31
Profit
743',622
770,826
Prov. for Fed. inc. taxes
$4,529,678 $13,160,330 $10,951,130
806,694
819,827
1,318,027
900,000
10.000,000
securities red__
Proportion of
spec, cash
fund applic. to
gold notes redeemed.
Total surplus
Preferred dividends
Approp. for invest. res__
Premium paid on pref.
stock purchased & re¬
tired during the year.
41,425
38,450
11,884
Balance, March 31
$3,054,667
Earns, per sh. on 300,000
com. stock (no par).
$7.79
$2,784,534
$2,328,619
1935
1934
$9,633,103
$4.65
$7.02
$1.91
.
Balance Sheet March 31
..
1936
1935
$
$
1936
1935
..
June 18
144, p. 3692.
Assets—
Cash
Investments
Seversky Aircraft Corp .—Listing Approved—
The New York Curb Exchange has approved for listing 280,000 additional
shares of common stock, $1 par, upon official notice of issuance.—V.. 144,
789.
2,581,621
2,231,213
75,933,953 74,898,766
Advances
Accts.
rec.
& accr.
12,816
150,000
46,143
stock sinking fd.
214,043
225,022
The directors have declared
extra dividend
of 30 cents per share in
quarterly dividend of 50 cents per share on the common stock,
value, both payable June 25 to holders of record June 18. A dividend
a
Total
x
78,742,332 77,551,145
$
900,682
290,025
11,250
10,000,000
withheld
—
pref'd
stock (par $100)13,964,800 14,378,800
cum.
Earned surplus
Pay Extra and Larger Dividend—
an
1,956,961
Investm't reserve.10,000,000
5^2%
Cash in bank—ref.
$
Liabilities—
Accts. pay. & accr.
Accr. taxes & taxes
Common stock
Shasta Water Co.—To
addition to
603
431
of secure, purchMlsc. accts. pay..
5,066
rec.
on-bonds
in
$295,000
33,236
5
6,584
int.
1935
$344,000
Liabillty In respect
1,133
Accrued
—
..$30,725,423 $25,541,825 $18,842,638 $16,486,586
40,175,309
33,965,053
29,007,986
22,362,353
43,412.493
36.034.157
31.435.278
23.731,274
49,935,464
41,450,978
32,171,804
27,485.073
49,097,436
40,697,901
32,294,789
25,023,393
March 26
par
$3,030,505
Surp. at end of period. $3,438,625
$3,466,929
$2,974,733
$2,989,135
x Dividends
only,
y Excess of stated value over cost of 237 shares of
cumul. pref. stock, $7 series, and 713 shares of
cumul. pref. stock, $6 series,
Common dividends
Ry.—Equipment Redemption—
Redemption of $1,500,000 of receivers certificates
authorized by Judge L. B. Way.—V. 144, p. 3692.
no
$3,508,290
50
.
reserve for depreciation of $1,087,882 in 1935 and $1,211,300 in
Represented by 100,000 shares participating cumulative preference
and 30,000
Seaboard Air Line
p.
$3,503,938
reserve
Total
stock (preferred only as to dividends of $3 per share annually)
shares common stock, both no par value.—V. 144, p. 3692.
—V.
442,152
y52,431
Divs. paid—pref. stock.
Loss
furnaces
Int. & coups, unpd
$8,145,904 $7,486,853
April 23
May 21
2
schaft
47,349
y
50
----
All of the
on
64,699
137,617
After
of
Miscellaneous debits
[Change of
157
Prov. for depreciation..
x
value
share
Miscellaneous credits
$327,482
281,055
1st mtge.
and debenture bonds.
1936.
$48,380
2,998,559
2,974,733
cents per
14,987
$37,444
47,108
$599,546
on 1st mtge. and
debenture bonds
Total
$41,370
2,989,135
$37,008
3,466,929
Surplus arising from re¬
duction stated /value of
i
Interest
x
$38,974
Net income
Credit forward
rate purposes of the corporation.—V.
1935
$511,070
charges..
Gross loss
Accts receivable..
$77,161
2,546
24,638
1,596
4,298
38,247
1,750
on
1936
Prov. for Federal normal
and State income taxes
on
$65,263
1,269
21,370
1,254
209
48,411,284 48,402,622
...
528,678
-Earning
Expenses of unoccupied
plant & underabsorbed
plant burden
Int. on notes payable
Penalties on delinquent
taxes, &c
in bank
$74,566
3,473
32,120
on loans payable
Taxes, salaries & gen.exp
Fed.capital stock tax
Shell Union Oil
Years Ended Dec. 31—
Cash
5,799
Int.
—V. 143, p. 1571.
coupons
9~350
~
30,151,097 31,170,016
8,723,989
7,405,991
256,002
500
Earned surplus.__
on
12,926
of option, making the total amount applied
1,249,799 shares.
W. L. Dempsey, Assistant to the President has been
given an option to
acquire at any time prior to Dec. 31, 1946—all or part of 5,000 shares of
commontstock at $10 per share.
The net proceeds to the corporation of
Deferred credits._
Int.
19,779
Total
700 000
17,380
534,011
Capital stock
Capital surplus
Miscellaneous
loans & bk. dep
bonds
old
15 yr.
Total.
on
on
x$61,640
Total
5>£% deb.
gold bonds, ma¬
turing Feb. 1. '43 6,255,500
352,126
1933
$71,152
x$61,524
90,138
pay.—affil.
ints., & guaran¬
cos.39,580,508 38,379,413
Mlscell. invests
1934
$55,913
invest.
on
bank
Notes
July 1.
$81,303
Int.
Int.
Funds
355,335
obligs.
& accts. payable
95,160
379,200 Accrd. int., taxes
on
Earnings—
1935
contract
Stocks of controlled
& affiliated
Int. & divs.
Current portion of
receivable-
Notes & accts.
Liabilities—
$
$
ctfs.
deposit
1936
cap. stock tax-_
Treas.stock at cost
1935
1936
Corporation General
Calendar Years—
Income from:
ef'd
(E. W.) Scripps Co.—Balance Sheet Dec. 31
2, 1936 and
1935.—V. 144, p. 2147.
of the result of such negotiations.
On the subject of tae claimed guarantee of the
stock of
June 26, 1937
of 40 cents was paid on April 1, last, and each
three months previously. In
addition, an extra dividend of 40 cents was paid on April
1, last; an extra
dividend of 60 cents was paid on Jan.
2, last; and extra dividends of 40
cents were distributed on Oct. 1, July 6 and Jan.
Total
49,475,880 x49475,880
3,054,667
2,784,533
78.742,332 77,551,145
Represented by 300,000 no par shares.—Y. 144, p. 2845.
(1
Financial
Volume 144
Sierra Pacific Electric Co.
Period End. May 31—
„
Operating
Gross income after depre
Net income
$130,112
57,823
$1,754,310
680,882
$1,650,787
601,245
474,629
-
Note—No provision made for Federal surtax.—V. 144.
Silex Co. (&
3852.
p.
accumulations on the
payment will amount to $11.58
1936
1935
■
1937—12 Mos.—1936
$3,673,041
$3,393,473
2,084,521
1,959,138
366,283
277,700
$471,255
$1,124,253
$1,956,562
$582,421
1,024,735
1,678,089
479,498
Gross income
Int. & other fixed charges1
$96,245
27,825
$106,725
446,758
26,385
$1,222,236
337,841
$1,156,634
312,289
$24,497
$99,518
1,571
$278,473
$102,923
18,186
6,673
Net income
Divs. on pref. stock
$68,420
34,358
$80,339
45,206
$884,394
511,832
$844,345
542,477
$35,133
$318,321
expenses-
-
92
of
pref.
stock
3,808
17,490
$212,061
$80,438
10,848
$23,214
54,242
9
45,642
33,455
$92,097
17,946
-
$18,892
$109,597
$296,659
5,601
$101,089
2,704
expense
Balance
$24,590
1,889
income taxes
undis. profits
1937—Afonto—1936
$328,831
$287,450
198,586
157,583
34,000
23,141
Oper. exps. & taxes—
Prov. for retire, reserve-
Income deductions.
Federal normal & State
on
2148.
Period End. May 31—
Gross revenue———
Amort,
Surtax
p.
x
selling, administrative1
Income fr. operations
Other income
share.—V. 144,
3 Mos. End.
Mar. 31,'37
■Years Ended Dec. 31-
and general
dividend of $1.75 per share on account of
par $100, payable July 1 to
Southern Indiana Gas & Electric Co.—Earnings—
[Formerly Wolcott, Inc.]
1934
a
7% cumul. pref. stock,
holders of record June 19.
Like payment was made on April 1 and on Jan. 1,
last.
A dividend of $2.42 wsa paid on Dec. 19.1936, and dividends of $1.75
were paid on Oct.
1, 1936. and in each of the five preceding quarters and on
March 2, 1935.
Accruals after the current
per
Subs.)—Earnings—
Gross sales, less discts.,
returns & allowances.
Cost of goods sold and
Bleachery & Print Works, Inc.—Accum. Dvo.
The directors have declared
1937—12 Mos.—1936
554,082
$139,833
56,157
4361
Southern
(& Subs.)—Earnings—
1937—Month—1936
revenues
Chronicle
$301,869
No provision was made in 1936 for Federal surtax on undistributed
as all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.
x
profits
—V. 144, p. 4199.
Note—Operations for 1937 reflect the effect of flood conditions in January
February and extraordinary maintenance resulting therefrom.—V. 144,
and
P*
3852•
'
Simplicity Pattern Co.—Initial Common Dividend—
The directors have declared
the common stock,
an
initial dividend of 25 ceints per share on
payable July 1 to holders of record June 24.—V. 144,
4199.
P.
Solvay American Investment Corp.—Name Changed—
South American
Gold
&
1937
(& Subs.)—
1935
1936
1934
$2,180,780
857,654
$1,698,720
649,346
847,091
$1,323,126
10,428
$1,049,374
5,723
$1,202,074
17,237
$1,333,554
Expenses
163,169
Income taxes, exchange adjusts., &c_
174,237
Deprec iation and amortization
197,924
Depletion
107,526
Minority interest
67,402
$1,055,097
129,311
194,443
$1,219,311
145,614
158,584
205,984
117,296
71,880
205.496
115,827
90,052
$336,183
528,000
$503,738
528,000
$95,297 def$191,817
def$24,262
Operating profit
on metals
Other income
Total income
Net profit.
$623,297
Dividends
528,000
Surplus
'
Earns, per sh. on 1,760,000 shs. cap.
stock (par $1)
$2,049,165
$0.19
1935
54,379,040
12,489,448
5,321,618
46,510,633
10,825,066
4,710,369
1934
$9,947,382
3,122,251
1,902,714
42.290.360
10,045,131
4.251,623
Ry.—Earnings—
—Second Week of June—
1937
1936
Period—
Gross earnings (est.)
$2,455,728
Jan. 1 to June 14
1937
1936
$2,285,770 $62,240,563 $54,204,461
—V. 144, p. 4200.
Southwestern Associated Telephone Co.—Earnings—
Period End. May 31—
Operating revenues—..
1937—Month—1936
$96,219
$78,163
1937—5 Mos.—1936
150
100
$471,643
550
$389,514
500
Operating revenues
Operating expenses
$96,069
60,361
$78,063
48,087
$471,093
283,891
$389,014
243,172
Net oper. revenues
$35,708
6,918
$29,976
4,773
$187,202
34,703
$145,842
24,067
$28,790
$25,203
$152,499
$121,775
Uncollectible oper. rev._
Operating taxes.
$0.35
69,192,465
15,484,167
6,931,642
Net from railway
Net after rents-.—V. 144, p. 4200.
Southern
1936
$13,635,972 $11,614,331 $10,455,367
2,605,258
2,792,653
2,734,209
760,243
1,148,265
1,412,015
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Co.
Platinum
Years Ended Dec. 31—
Proceeds from sale of metals
x Cost of metais
sold, &c
x
May—
Gross from railway
See Solvay American Corp. above.—V. 144, p. 2845.
_
Southern Pacific Co.—Earnings—
_
$0.28
Net operating income-
After adjustment of inventories.
—V. 144, p. 4023.
Earnings for 3 Months Ended March, 31
1937
Net profit after deprec., deplet., U. S. & Colombian
income taxes, minority interest, &c
Earns, per sh.
1,760,000 shs.
on
cap.
stock (par $1)
Spencer Chain Stores, Inc. (& Subs.)—Earnings—
1936
$217,416
$0.12
$153,096
$0.08
1936
Cash
Liabilities—
1935
$1,079,186 $1,300,755
Inv.in U. S. Govt.
int., at cost
x
Notes
<fc
162,741
96,202
4,339
30,862
4,753
1,707
1,709
accts.
$135,183
Depos.with Colom¬
bian Govt
Inv. of bullion (at
419,289
224,954
accr.interest—
135,051
int.
17,693
276,748
188,485
254,328
611,374
1,760,000
6,945
618,969
1,760,000
6,945
2,074,567
1,959,942
mining
in
cap.
stock & surp. of
sub. cos.—book
value
Cap. stock (par $1)
~~9~866
Consol. cap. surp.
Consolid'd earned
surplus-
789,522
1,844,553
Def. chgs. & other
assets
14,015
Total
103,548
Total
$5,310,567 $5,075,872
$5,310,567 $5,075,872
x After reserve of $12,376 in 1936 and $17,096 in 1935.
y After reserves of
$41,163 in 1936 and $38,826 in 1935. z After depreciation and amortization
reserved and for write-off of $2,108,398 in 1936 and $1,929,924 in 1935.—
V. 144, p. 2148.
South Carolina Power Co.Period End. May 31—
Gross revenue
x
Oper.
exps.
1937—12 Mos.—1936
...
charges.
$3,054,554
1,813,817
256,000
$2,731,791
1,563,669
35,000
$234,703
137,042
18,000
$80,329
reserve.
Gross income
$79,660
$984,737
$959,121
209,000
53,460
651,185
648,185
$26,723
14,286
$333,552
171,438
$310,936
171,438
$12,582
Balance...
52,937
$26,868
14,286
Net income
Divs. on pref. stock
x
$271,779
156,450
and taxes-
Prov. for retire,
Earnings—
1937—Month—'1936
$12,436
$162,114
$139,499
No provision was made in 1936 for Federal surtax on undistributed
as all taxable income for that year was distributed.
No provision
profits
las
been made for such tax in 1937.—V. 144, p.
South Umpqua
See list
3852.
Mining Co.—Registers with SEC—-
given on first page of this department.—V. 144,
Southern Colorado Power
p.
4023.
*
$1,988,624
$2,260,125
$1,978,303
1,136,599
1,243,179
1,134,824
$1,029,394
$852,024
$1,016,946
$843,479
579
666
510
670
$1,029,973
300,000
Approp. for retire, res've
$852,690
251,120
$1,017,457
$844,149
242,537
Total revenue
300,000
the
Inc.—Pref. Stock Offered—Offering
public June 23 by a banking syndicate
priced at $95
a
share, to yield 4.737%.
Quarterly dividend payment dates, March 15, &c.
Red. at option of
in part by lot, upon not
Entitled, in preference
to the common stock, in case of involuntary dissolution, liquidation or wind¬
ing up of the company to $100 per share and in caes of voluntary dissolution,
liquidation or winding up of the company to $110 per share, plus accrued
both
cases.
Listing—Company has agreed to make applicaeion for the listing of the
$4.50 cumul. pref. stock on the New York Stock Exchange.
4
Company—Company was organized in 1929 in Delaware to continue the
several long-established businesses of the Fleischmann Co. and its sub¬
sidiaries, and of E. W. Gillett Co., Ltd.; Chase & Sanborn; Royal Baking
Powder Co., and the Widlar Food Products Co.
Company and its subsid¬
iaries conduct a manufatcuring, processing and merchandising business in a
large variety of products, primarily food products and foodstuffs, con¬
sisting chiefly of yeast and other bakery products sold under the name
"Fleischmann" direct to over 30,000 bakers, hotels, and public institutions,
and grocery products sold direct to approximately 300,000 grocers and other
retail outlets.
It is estimated that over half the consolidated net
profit
from operations is drived from yeast.
Their other important products in¬
clude: Chase & Sanborn Coffee (and other coffees), Tender Leaf Tea (and
other teas). Royal Baking Powder (and other baking powders), Royal
Desserts, Fleischmann's Gin, malted grains and vinegar.
The adver¬
tising of items sold under trade names is of great importance and expendi¬
tures for this purpose constitute a very substantial part of the company's
selling costs. Over 90% of the dollar sales in 1936 were made in the United
States and over 95% in the United States and Canada combined.
New
lines of products may be added from time to time.
Hearings have been held in a proceeding against the company and a sub*
sidiary before the Federal Trade Commission, under the Robinson-Patman
Act, on a complaint alleging certain unlawful price discriminations in the saie
of yeast.
The company denies any un awful discrimination.
If the Com¬
mission's decision should require a substantial change in present price
differentials or in present selling practices, there might be a substantially
adverse effect on the company.
The company and subsidiaries own or lease a large number of manufactur¬
ing, processing and selling units, in widely scattered localities throughout the
United States, and in Canada and certain other countries.
Purpose of Issue—Net proceeds from the sale of the 200,000 shares of $4.50
cumul. prer. stock (estimated at $18,341,950 after deducting expenses), will
be used in part to pay the principal of temporary bank loans of $8,700,000
incurred on May 6, 1937 for redemption of the company's 72,061 shares of
$7 cumul. pref. stock, series A.
The remainder of the net proceeds (esti¬
mated at $9,641,950), no part of which has been allocated to specific uses,
will be added to working capital.
Earnings—The following shows the results of operations of the company
its subsidiaries:
Net
Cat.
Years
1929
1930
1931
1932
1933
1934
1935
1936
b Net
Sales
Income
$26,808,586
$6,546,347
89,759,575
21,309,361
88,272,143 dl9,259,549
83,534,573
19,430,106
83,281,438
19,291,002
100,449,057
17,874,161
102,040,080
16,725,733
——114,975,651
19,171,990
——
Gross income
Other income deducts—
Net income
—V. 144, p. 3518.
-—
$729,973
432,571
6,046
$601,569
427,402
4,103
$717,457
$432,628
6,046
$601,611
$427,443
4,103
$291,356
$170,064
$278,782
$170,064
for De
preciation
$796,412
2,738,515
2,635,707
2,459,380
2,025,700
1,800,622
1,857,865
1,633,182
& Foreign
Inc
Taxes
$491,683
2,168,592
2,081,522
1,969,235
2,216,507
2,195,517
2,122,905
2,811,359
Amorti¬
zation of
Patents
$97,881
287,878
284,577
262,210
222,424
244,443
266,204
256,055
c
Net
Income
$5,160,371
16,114,376
14,257,743
14,739,281
14,826,371
13,633,579
12,478,759
14,471.394
b Before depreciation, Federal and foreign income taxes,
c Net income, as stated above, differs from
that of published statements through deductions of yearly charges for
amortization of patents which were not made in published statements.
The company has, since organization, consistently stated the value of all
intangibles at $1 on its published statements, charging off their book value
against surplus,
d After extraordinary charges: foreign exchange adjust¬
ment, $524,692; and inventory adjustment,' $1,100,000.
a
Four months.
and amortization of patents,
Interest charges (net)—
$0.50
Brands,
to
Provision Prov. for Fed.
Operating revenues
$2,278,498
Oper. exps., maint. & all
taxes
1,249,104
Net oper. revenue
Other income
$0.83
company at any time in whole, or from time to time
less than 30 days' notice, at $li0 per share and divs.
and
Co.—Earnings—
—Year Ended April 30— —Year Ended March 31—
1936
1937
1937
1936
Period—
1936
$126,655
250,000
headed by Morgan Stanley & Co., Inc., of 200,000 shares of
$4.50 cumulative preferred stock (no par).
The stock was
dividends in
—
136,777
14,447
Sundry investm'ts
1,615
Mining prop., rts.,
..."
claims, &c.
787,052
z Dredges,
hydroelec. pl't, bldgs.,
equip., &c
2,334,715
13,439
310,481
pay.
properties
271,491
Tax ref. and claims
18,808
7,937
19,313
dep. for
employees
Res.forcontlngs..
Res.
agst. stated
Mln.
supplies (at cost)
Prospect'g, other
advs., &c., incl.
22,917
129,661
7,524
Funds on
value of
388,662
made
was
Accrued expenses.
cost, which Is less
Inv. of materials &
Standard
&
Wages-
Sundry accts.
receivable
Accts. rec. (empl.)
y
$185,174
salaries
266,799
1935
wages &unclaim.
228,620
than market)
1936
Accrued taxes
Accr.
securs.incl.accr.
1937
x$222,801
Earnings per share
—V. 144, p. 4024.
Consolidated Balance Sheet Dec. 31
Assets—
6 Months Ended May 29—
Net profit after deprec., Fed. income taxes, &c
Shares common stock
4362
Financial
Unaudited figures for the first three months of 1937 show consolidated
net sales of $31,095,991 and consolidated net incomes of $2,824,551, as
against consolidated net sales of $27,005,387 and consolidated net income
of
$3,773,229 for the corresponding period of 1936.
Preferred Stock—The total amount of preferred stock authorized is 350,000
shares, issuable in series, certain terms of which may be established by the
board
of directors.
The
200,000 shares of $4.50 cumui.
pref. stock con¬
stitute the only series now established.
Dividends on common stock (other
than dividends payable in stock of any class) may be declared only out of
aggregate consolidated net earnings accruing subsequent to Jan. 1, 1937
available therefor, plus $5,000,000.
At all meetings of stockholders, holders of pref. stock and common stock
are entitled to one vote for each share held.
Whenever pref. dividends shall
be in arrears in an amount equax to the annual dividend and until all accu¬
mulated dividends shall have been paid or set apart for payment, holders of
the pref. stock shall also have the exclusive right to elect two directors.
Neither the pref. nor the common stock has any preemptive rights.
The certificate of incorporation, as amended, provides in effect that the
company shall not create any class of stock senior to the pref. stock without
the approval, given in the manner provided in such certificate, of the holders
of two-thirds of the pref. stock; and shall not adversely amend any of the
preferences, special rights or powers thereof, increase the authorized number
of shares thereof, create any class ranking pari passu therewith, or incur or
guarantee funded debt (with the exceptions provided in the definition of
funded debt contained in such certificate), without the approval, given in
like manner, of the holders ot a majority of the pref. stock.
Preferred stock (no par)
a $4.50 cumul.
pref. stock (200,000 shs. to
be outstanding)
Com.stk. (no par), stated value $2 per sh.-20,000,000 shs.
As
a
of Dec.
31,
1936 there
were
authorized
Outstanding
a$20,000,000
25,296,216
1,000,000 shares of pref.
stock (no par), which were issuable in series and the only established series
thereof was the $7 cumul. pref. stock, series A, of which 200,000 shares were
authorized and 70,693 shares were outstanding,
1,369 additional shares
were
held in
Net oper. revenue
Other income, net
$4,116,590
28,926
$3,910,411 $46,735,891 $44,590,368
29,263
75,209
198,882
$4,145,516
$3,939,674 $46,811,100 ;$44,789,250
Total income
Approp. for retire, and
depletion reserves
Amort,
45,000
15,000
15,000
15,000
10,000
Kidder, Peabody & Co., New York
10,000
10,000
10,000
10,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
_
;
;
Federal
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs,
shs.
shs.
shs.
Opposition to the amended plan of reorganization of the company, now
pending in the U.S. District Court of Delaware, developed June 22 with
the announcement by a committee for the noteholders and bondholders,
headed by George McAneny, that it was opposing the acceptance of a
$1,000,000 settlement of the projected $80,000,000 suit against officers and
directors of the company and other interested companies.
Settlement of
the suit for $1,000,000 accompanied the reorganization plan.
A clash of opinion also appeared as another committee for holders of
bonds and notes, headed by Samuel McRoberts, stated that the amended
plan was sound and "comes as near being the consensus of opinion of all
reported to represent
more
1,249,836
119,753
5,766
41,667
69,192
500,000
69,192
500,000
30,814
9,169
27,046
3,795
386,138
72,410
394,218
16,356
Cr3,831
Cr84,325
Cr46,687
funded debt..
charged to
con¬
Cr8,611
on
$1,793,077
capital
than $1,000,000
of the notes and debentures of the company, while the McRoberts
group
$1,553,933 $18,351,063 $16,070,057
stocks
held by public.
686,925
732,204
8,752,948
8,559,442
136,690
66,593
679,410
761,996
$969,462
$755,136
$8,918,705
$6,748,619
;
Minor, ints. in undistrib.
net
income
Balance of inc. of sub.
public
utility
cos.
applic. to Stand Gas
& Elec. Co
Income of non-util. subs,
applicable to Standard
Gas & Electric Co
309,747
Other income of Stand.
Gas & Elec. Co.:
Dividends
from
non¬
affiliated cqmpanies
on indebt. of affil.
Other interest
33,403
34,682
25,052
34,682
360,297
420,238
302,144
426,325
$1,037,547
$814,870
$9,699,240
$7,787,303
Int.
Expenses
and
taxes
468
of
Stand Gas & El. Co..
16,047
268,234
252,637
$1,021,500
$794,184
$9,431,006
$7,534,666
368,248
368,248
10,429
4,418,970
69,327
4,418,970
124,552
Income charges of Stand.
Gas & Elec. Co.:
Int. on funded debt..
y
20,686.
7,002
on
int. on funded debt
Amort, of debt disc,
7,679
Consol. net income
4,541
69,583
59,326
17,806
and expense
17,782
213,605
187,374
$393,184 z$4,659,521
z$2,744,444
$620,765
Incl. $133,336 for amort, of
extraordinary operating expenses deferred
amortization of expenses in connection with proposed
extension of notes due Oct.' 1, 1935.
z Includes approximately $2,617,000
of undistributed earnings of subsidiary companies applicable to capital
stocks held by Standard Gas & Electric Co.
Of this amount approximately
$1,253,000 is not available for distribution to Standard Gas & Electric
x
in
1931.
Incl.
y
Co. in the form of dividends
on
common
stocks of certain 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.
Statement of Income
Period End. Apr. 30—
Income from divs. and
interest
utility
$449,923
$6,140,487
$5,864,648
33,403
25,052
360,297
298,873
302,144
engineering
& management affiliate
Divs. from others
on
funded debt
of affiliate
Interest
on
10,886
Profit
on
on
13,750
132,248
165,000
34,682
34,682
420,238
433,598
indebtedness
of affiliates
Interest
1937—12 Mos.—1936
$429,488
from
Interest
{Company Only)
1937—Month—1936
&c.:
Divs. from public
468
bank balances
redemption of
28,125
securities by an affilate
Total
$508,459
16,047
Expenses and taxes
Gross incqme
on funded debt.
Interest
$523,407
20,686
$7,081,395
268,234
$7,064,731
252,637
$492,412
368,248
$502,721
368,248
10,429
$6,813,161
$6,812,094
4,418,970
124,552
Other interest
7,002
Federal and State tax
interest
x
Amort,
on
of
4,418,970
69,327
on
7,679
debt
4,541
69,583
59,326
17,806
funded debt
17,782
213,605
187,374
$101,721
$2,041,676
$2,021,872
disc't
and expense
Net income
x
it has been possible to arrive at."
was
1,377,934
132,187
5,766
41,667
affiliates
Co.—Group Hits Plan of Com¬
pany—Acceptance of $1,000,000 Settlement of Projected Suit
for $80,000,000 Opposed—
McAneny committee
109,915
11,217
on
Balance
Standard Gas & Electric
as
on
tax
struction
Divs.
The directors have declared a dividend of $2 per share on the common
stock, payable June 30 to holders of record June 17. A like amount was
paid on March 31, last, and compares with $4 paid on Dec. 24, 1936;
$1.75 paid on Sept. 30, 1936; $1.50 per share paid on June 30, 1936; $1.25
on March 31, 1936; $1
per share paid each three months from Dec. 31, 1934,
to and including Dec. 31, 1935, and 50 cents per share distributed each
quarter from April 1, 1932, to Oct. 1, 1934. inclusive.—V. 143, p. 4016.
The
State
&
Interest
Divs.
$2,925,402 $34,140,746 $32,863,282
102,743
1,227,908
1,229,859
1,073,151
12,108,239
13,260,698
110,462
11,109
pref. stock guar¬
anteed by subsidiary.
Approp. for special res..
Other interest
Standard Screw Co.—$2 Dividend—
those interested
37,000
$3,068,347
102,286
972,608
on
Federal & State tax
W. E. Hutton & Co., New York
Lee Higginson Corp., New York
Blyth & Co., Inc., New York
Lazard Freres & Co., Inc., New York
Chas. D. Barney & Co., New York
Clark, Dodge & Co., New York
Dominick & Dominick, New York
Hayden, Stone & Co., New York
Hemphill, No yes & Co., New York
Hornblower & Weeks, New York
F. S. Moseley & Co., New York-.
J. & W. Seligman & Co., New York
Spencer Trask & Co., New York
White, Weld & Co., New York
—V. 144, p. 4200.
11,888,968
37,000
expense
by them, respectively, are as fo.lows:
-
12,633,354
3,083
Other interest
Name—
Morgan Stanley & Co., Inc., New York
The First Boston Corp., New York
Brown Harriman & Co. Inc., New York
1,011,189
3,083
Amort. of debt disc, and
int.
53,021,758 x47,150,514
1,074,086
_
Gross income
Divs.
4,075,462
contractual
Rents for lease of prop.
Interest on funded debt-
On
Edward B. Smith & Co.. New York
Mellon Securities Corp., Pittsburgh, Pa,
of
capital expenditures.
were
numbers of shares underwritten
1937—12 Mos.—1936
$7,985,873 1$99,757,649 $91,740,882,
in view of the contemplated merger
described below.
April 29, 1937, all of the 72,061 shares of $7 cumul. pref. stock, series A
called for redemption June 1, 1937, and funds sufficient to pay the full
redemption price thereof were deposited on May 6, 1937, with Bankers
Trust Go. in trust for such purpose.
Such shares included 1,368 of the 1,369
f-hares previously reserved, the issue of which in exchange for Royal Baking
Powder Corp. pref. stock, share for share, was provided for by the terms of
the merger of such corporation into the company which became effective
on
April 8, 1937 (one share of Royal Baking Powder Corp. pref. stock
having been previously pruchased by the company).
The amendment to the company's certificate of incorporation filed June 11
1937, deleted therefrom all special provisions relating to the previously
established series of old pref. stock, made certain changes in the rights of the
pref. and common stock, and reduced the total authorized pref. stock from
1,000,000 to 350,000 shares, which are issuable in series and of which certain
terms are determinable by the board of directors at the time they establish
each series.
By resolution adopted on June 15, 1937 directors established
the series of pref. stock designated $4.50 cumul. pref. stock, the only series
now established, and authorized the
issue, as shares of such series, of the
200,000 shares covered by this offering.
Underwriters—The names of the several underwriters and the several
reserve
1937—Month—1936
Operating revenues
$8,873,519
Oper. exps., maint. and
taxes
4,756,929
350,000 shs.
200,000 shs.
June 26, 1937
Period End. Apr, 30—
Subs. Public Util. Cos.
Other income deductions
Capitalization—Completion of Sale of Preferred Stock
Authorized
Chronicle
$91,677
Including amortization of
duq Oct. 1, 1935.
expenses
in connection with proposed exten¬
sion of notes
Weekly Output—
indicated that it controlled approximately $10,000,000 of the issues.
The McAneny letter to bondholders and noteholders remarks that the
committee has not "heretofore communicated generally with the note and
Gas & Electric Co. system for the week ended June
debenture
866,772
holders, but we feel that now is a critical time in the affairs of the
company and an appropriate time to indicate our position to you."
It
states that the tendered $1,000,000 is, in its opinion, entirely
inadequate.
"
We believe the
test
of
causes
of action set forth
are
valid and will stand the
trial," the letter continues.
"It has been admitted by certain
the settlement of the suit that the proposed defendants
(other than Ladenburg, Thalmann & Co.) can, in the aggregate, respond to
judgment of at least $7,500,000."
The committee adds that "such figure could be safely doubled or trebled."
It is also argued that an independent trustee should be appointed by the
court to manage the affairs of Standard Gas & Electric during reorganization.
When the plan was presented to the court on May 17, the
majority of
committees representing the various classes of security holders was reported
as supporting it.
However, the Allen committee, representing the $4 pref.
stock, stated then that the $4 shareholders "were not receiving just treat¬
ment."
On June 21 the McGowan committee, which also represents the
$4 pref. shareholders, requested acceptance of the plan in a letter accompany¬
ing the annual report of Standard Gas & Electric.
The settlement of the suit was offered by the Standard Power & Light
Corp., holder of the majority of the outstanding common stock of Standard
Gas & Electric, on behalf of itself, H. M. Byllesby & Co. and certain other
corporations and firms identified with the management of Standard Gas &
Electric.
Ladenburg, Thalman & Co., one of the prospective defendants,
did not participate in the settlement offer.
a
interests favoring
The offer was made after William G. Mahaffey and William H. Button,
special counsel appointed by the Federal Court, were reorganization of the
company is now under way, had recommended adjudication of claims
against the proposed defendants and after a petition had been filed by the
Delevan Corp. of New Jersey and Emma A. Graham for rights to sue to
recover assets allegedly wasted by the defendants.
Statement of Consolidated Income
Exclusive
0Company and Subsidiaries)
of Deep Rock Oil Corp., debtor under Section 77B of the
Bankruptcy Act, as amended, and Beaver Valley Traction Co.
(subs, of Philadelphia Co.), in receivership, and subsidiaries of such cos.)
Federal
Electric output of the public utility operating companies
kwh., an increase of 12.8%
week last year.—V. 144, p. 4200.
Standard
Committee
Textile Products
compared
in the Standard
19, 1937 totaled 107,with the corresponding
Co.—Bondholders' Protective
Approve Modified Plan—
The bondholders' protective committee in a letter dated June 15
addressed
to the bondholders states:
Since
July, 1934, company has been under the control of the Federal
Court awaiting presentation of a practical method of reorganization accept¬
able to bondholders and suitable for judicial approval.
Throughout this
period, its position has been extremely precarious.
It has been, and still
is, in our judgment, perilously near the edge of bankruptcy and liquidation.
Various plans of reorganization have been presented; but heretofore
none of them has elicited united support among those most vitally interested.
This bondholders' protective committee, which at present represents in
excess of $335,000 of bonds, is no irresponsible group.
It was created by
certain banks and individual bondholders who purchased their bonds at
par at the time of the original offering.
We are particularly solicitous for
the interests of such investors who cannot hope to save the major part of
their investment except through the continued existence and ultimate
success of the company.
The committee has been allowed to intervene in
the proceedings by the court and has assumed a duty to the bondholders
and the court.
That duty it is now endeavoring to perform.
The several plans which, in the past, were successively brought forward,
it scrutinized with care.
Believing them to be unfair, it has consistently
and strenuously resisted their adoption.
One after another they were
abandoned by their proponents.
Se struggled to secure the most equitable
treatment obtainable for the bondholders in a reorganized company so
founded as to give promise of durable success.
Out of the protracted negotiations, there emerged the modified plan of
reorganization now before the court which has lately been submitted to
bondholders for approval.
We believe this plan is sound, fair and feasible,
a plan that we can, and do, conscientiously recommend to you for accept¬
ance.
We believe this plan increases the bondholders' possible recovery
Volume
Financial
144
and equity over anything provided in any feasible plan heretofore proposed,
and in our judgment it does this by what in our opinion may be more than
$1,000,000.
The modified plan gives bondholders for each $1,000 of principal and
interest, including scrip: $100 in cash; 30 shares of a 4% pref. stock of the
new company (which 30 shares are to have an aggregate par value of $750
or are to be entitled upon redemption or
liquidation to an aggregate of $750,
with all unpaid cumulative dividends) and 10 shares of common stock of
the new company.
.
In the opinion of the committee, it is necessary for bondholders to change,
creditors to stockholders if the new company is to have adequate
from
credit,
that it
so
can
be vigorously conducted.
After long, continued, presistent and painstaking efforts, we are con¬
vinced that this is the best plan obtainable under all the circumstances
and the problems involved.
And what is more, we have no reason to doubt
that if this plan is not accepted, liquidation and huge loss may become
inescapable.
We have
a
firm conviction that the plan now before you
We, therefore, emphatically
—V.
144,
that, without delay you sign the form of
have been provided and forward it to the company.
urge
4200.
p.
Sterling Brewers, Inc.—Earnings—
20 Weeks Ended May 21—
Net profit after deprec.. Fed. income, taxes, &c__
To
1936
$151,109
1937
$143,999
Pay 10-Cent Dividend—
The directors
have
declared
evidence.
The New York Curb Exchange appeared in opposition to the
application.
"At the hearing the New York Curb Exchange made a motion to dismiss »
the application on the grounds that the application was not in accordance
with the rules of the Exchange and that no facts were presented upon
which the Commission could properly act.
"The attorney for the Commission joined in such motion on the ground
that the applicant failed to present facts upon which we could determine
whether it would be necessary to impose any terms for the protection of
investors in granting the application.
"In a proceeding such as this, it is our opinion that the applicant has the
burden of establishing the facts with respect to its application.
Since
the Teck-Hughes Gold Mines, Ltd., did not appear at the hearing and
introduce evidence, it is apparent that it has failed to perfect its application
by sustaining the burden of proof and of showing compliance with the
applicable rules of the Exchange.
Accordingly, this proceeding will be
dismissed."—V. 144, p. 2501.
Texas
of
share on the
common stock, par $1, payable July 15 to holders of record June 28.
This
compares with 30 cents paid on Dec. 19, 1936; 20 cents paid on Oct. 10,
1936; 15 cents paid on Aug. 15, 1936; 10 cents paid on May 15, 1936, and
7J4 cents per share distributed on Nov. 14 and July 20, 1935, and on Dec.
30,1934, this latter being the initial payment on the issue.—V. 143, p. 3335.
10
cents
Suburban Electric Securities Co.—Accumulated Div.—
the $4
a
dividend of 75 cents per share on account
2nd pref. stock, no par value, payable
July 1 to holders of record June 22. A similar payment was made on April 1,
last; a dividend of $1 was paid on Jan. 4, last, and dividends of 50 cents were
paid on Dec. 19, Oct. 1, July 1, April 1 and Jan. 2, 1936, and Oct. 1, and
July 1, 1935.—V. 144,
p.
cum.
$2,720,477
44,053
1,652,842
$2,175,336
26,630
1,698,300
income
$279,028
$157,912
$1,023,582
$450,406
144,
p.
3520.
Texas Power &
Light Co.—Earnings—
30—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
department.—V. 144,
p.
Net oper. revenues...
$316,713
344
first
mortgage
convertible
$4,448,384
9,204
$4,381,621
8,399
$342,656
$4,457,588
177,708
2,132,500
10,000
11,932
120,000
175,499
$4,390,020
2,150,012
120;000
162,247
$143,016
$2,029,589
$1,957,761
Dividends applicable to preferred
x
•
stocks for the
865,050
865,050
$1,164,539
$1,092,711
period, whether paid or unpaid
Balance
-
Regular dividends on 7% and $6 pref. stocks were paid on Feb. 1, 1937.
dividends there were no accumulated unpaid
Regular dividends on these stocks were declared
for payment on May 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed net income
or that year.
No such provision has been made to date for 1937.
x
After the payment of these
dividends at that date.
>
income
income
Net
704
$111,703
Other int. & deductions.
$341,952
$317,057
177,708
10,000
17,646
Int. on mortgage bonds.
Int. on debenture bonds.
2501.
>•
1937—Month—1936
1937—12 Mos.—1936
$814,745
$751,332 $10,251,667
$9,246,210
432,415
363,162
5,166,781
4,367,983
65,617
46,218
636,502
496,606
Other income (net)
Co.—Registers with SEC—
Symington-Gould Corp.—Bonds Called—
bonds,
due
Feb. 1, 1956 have been called for redemption on Aug. 16, next, at par and
Payment will be made at the Marine Midland Trust Co. of N. Y.
interest.
To
338,663
deductions
Period End. Apr.
Directors have declared a quarterly dividend of 15 cents a share, payable
July 15 to holders of record June 30.
Of this amount 9 cents is stated to
represent net income from dividends and interest, with the balance derived
from capital gains.
The preceding quarterly payment, of the same amount
per share, likewise comprised 9 cents of net income from dividends and
nterest, and 6 cents from capital gains.—V. 144, p. 3194.
outstanding
$619,010
10,817
329,165
$500,445
3,870
charges....
Net
Supervised Shares, Inc.—15-Cent Dividend—
the
$2,004,782
170,554
Gross income-
See list given on first page of this
of
$2,531,628
188,849
Total income
Fixed
2149.
Sundstrand Machine Tool
All
$465,303
35,142
Miscell.
The interest due July 1, 1937, (1H%), on the 10-year convertible 6%
debentures, due 1945, will be paid on that date.—V. 144, p. 4025.
on
$581,401
37,609
—...
per
—V.
The directors have declared
Ry.—Earnings—
Net ry. oper. income.
Studebaker Corp.—Interest—
of accumulations
& Pacific
Period End. May 31—
1937—Month—1936
1937—5 Mos.—1936
Operating revenues
$2,622,606
$2,262,282 $12,525,553 $10,678,094
Operating expenses
1,707,302
1,532,408
8,382,163
7,440,933
Railway tax accruals
190,484
144,140
946,089
648,553
Equipment rents (net)..
136,756
112,331
628,821
549,475
Joint facil. rents (net)..
6,663
8,100
36,852
34,351
Other income
dividend
a
4363
offers the best
available opportunity to gain the greatest value for your investment, and
that your interests in the reorganized company will be amply safeguarded.
assent with which you
Chronicle
Pay Larger Dividend—
Earnings for Month and 12 Months Ended May 31
The directors have declared a dividend of 25 cents per share on
the com¬
stock, payable July 30 to holders of record July 20.
An initial divi¬
dend of 10 cents was paid on March 31, last.—V
144, p. 3855.
1937—Month—1936
1937—12 Mos.—1936
$846,267
$764,297 $10,333,637 $9,294,878
434,873
356,884
5,244,77(k
4,349,290
64,950
46,378
655,075
505,483
Period End. May 31—
Operating revenues
Oper. exps. (inc . taxes).
Prop, retire, res. approp.
mon
Syracuse Lighting Co., Inc.—Bonds Called—
The Chase National Bank of the
announced that
it has
drawn
City of New York, successor trustee,
by lot for redemption on Aug. 1, 1937, at
refunding mortgage gold bonds 5H series due 1954 of this
revenues
Gross inc. after deprec..
Net income..
$361,808
$4,442,825
$4,448,215
177,708
2,132,500
2,146,866
10,000
Other int. & deductions-
1937—Month—1936
$382,268
$353,700
123,968
115,990
1937—12 Mos —1936
$4,331,381
$4,107,010
1,433,221
1,337,253
1,420,918
1,324,535
19,876
10,000
11,813
120,000
183,562
120,000
161,495
Netincome..
a special dividend of 25 cents per share in
quarterly dividend of 50 cents per share on the
value, both payable June 30 to holders of record
the regular
no
par
June 20.
A dividend of 50 cents was paid on March 31, last, and compares with
<•
Sept. 30, 1933, to July 2, 1934, inclusive; 12)4 cents
Said on July 1, 1933; 25p.cents on March 31, 1933, and 40 cents paid on
>ec. 31, 1932.—V. 144,
3022.
Tennessee
Corp.—To Pay 25-Cent Dividend—
on June 21 declared a dividend of 25 cents per share on the
stock, par $5, payable July 22 to holders of record July 8.
This
compares with 15 cents paid on Dec. 18, 1936, this latter being the first
payment made since June 15, 1931, when 12M cents per share was dis¬
tributed.—V. 144, p. 3856.
The directors
common
,
Tennessee
Public Service
Period End. Apr. 30—
Operating revenues
Oper. exps. (incl. taxes).
Prop, retire, res. approp.
Operating income
Other income
Gross income
on
mortgage bonds.
Other int. & deductions
Net
income
1937—12 Mos.—1936
.
$305,108
218,399
31,062
$270,631
193,629
29,362
$3,533,734
373,596
$3,073,810
2,271,642
345,826
$55,647
8,179
$47,640
8,181
$645,229
98,302
$456,342
98,528
$63,826
1,125
Net oper. revenues
Rent from lease of plant;
Int.
Co.—Earnings—
1937—Month—-1936
$55,821
$743,531
555
11,320
$554,870
7,234
$64,951
32,417
$56,376
32,417
361
295
$754,851
389,000
4,933
$562,104
389,000
3.911
$32,173
$23,664
2,514,909
$360,918
$169,193
period, whether paid or unpaid
297,618
297,618
Balance
x
$63,300 def$128,425
Di vidends applicable to preferred stock for the
Dividends accumulated and unpaid to April 30, 1937, amounted to
$632,438.
Latest dividend, amounting to $6 a share on the $6 preferred
stock, was paid on Dec. 12, 1936.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 4200.
,
x
Teck-Hughes Gold Mines, Ltd.—Application to With¬
draw from
Listing and Registration Dismissed—-
The Securities and Exchange Commission has dismissed the company's
application to withdraw its capital stock ($1 par), from listing and regis¬
tration on the New York Curb Exchange.
and opinion of the Commission follow:
"After appropriate notice a hearing was held in this matter on April 6,
1937, in Washington, D. C. The applicant did not appear and offered no
The findings
pref.
$139,462
$162,287
stocks for the period,
$2,006,763
$2,019,854
865,050
-
-
865,050
$1,141,713
$1,154,804
,
.
«■
*, •
.
$1 paid on Dec. 31, 1936; 75 cents paid on Oct. 1, 1936; 50 cents paid each
three months from June 30, 1935, to and including July 1, 1936; 40 cents
distributed in each of the three preceding quarters; 25 cents per share paid
each three months from
...
to
x
Regular dividends on 7% and $6 preferred stocks were paid on May 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—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. 4201.
•
■
■
Taylor-Colquitt Co.—Special Dividend—to
applic.
Balance....--
The directors have declared
stock,
Divs.
whether paid or unpaid
determined until the end of the year.—-V. 144, p. 3855.
common
on
x
net
addition
$4,440,105
8,110
177,708
on
Int.
Note—No provision has been made for the Federal surtax on undistributed
income for the year 1937, since any liability for such tax cannot be
,
$4,433,792
9,033
$347,046
Int.
Tampa Electric Co.—Earnings—
Operating
$361,035
773
mtge. bonds.-..
deb. bonds
Grossincome
The bonds will be paid at the corporate trust department of the
bank, 11 Broad St., New York, on that date.—V. 144, p. 3520.
company.
Period Ended May Zl—
$346,444
602
Net oper. revenues
Other income (net)
their principal amount plus a premium of 5% and accrued interest, $28,500
of the first and
.
Thermoid Co.—SEC
Registration Explained—
President, in a letter to stockholders states that in order
to correct any misunderstanding which might arise in connection with the
recent application for registration by the Securities and Exchange Com¬
mission of its securities, the company is not distributing securities nor does
it intend to issue any additional securities at present. Company has applied
for registration of one form of securities on the basis of Dec. 31 figures
supplementing Sept. 30 figures previously filed.
The refinancing plan has been completed as scheduled, according to
Mr. Schluter. All bank loans have been paid off and the cash position and
the current ratio are better than at the year-end.
Referring to the recent strike, Mr. Schluter states April sales were
considerably under a year ago as the plant was closed for three weeks in
that month and one week in May.
Consolidated sales for May, notwith¬
standing, were 10.35% ahead of last year and sales for the five months to
May 31 were 16.44% ahead of like period a year ago.—V. 144, p. 4026.
Fred Schluter,
Truax-Traer
Coal—20-Cent Dividend—
have declared a dividend of 20 cents per share on the
stock, payable July 31 to holders of record July 15.
T his compares
with 25 cents paid on March 10, last and on Dec. 1, 1936, this latter being
the first dividend paid on the common shares since Feb. 1, 1931, when a
The
directors
common
quarterly distribution of 40 cents per share was made.
The company stated that it is its policy in the future to pay regular
quarterly dividends of 20 cents a share on common stock plup such possible
extra dividends at the end of the year as earnings may warrant.—V. 144
p. 4027.
Twin State Gas & Electric
Co.-—Earnings—
[Incl. Berwick & Salmon Falls Electric Co.]
Period End. May 31—
Operating revenues
Operating expenses
State & municipal taxes.
Fed. taxes (incl. inc.)—
Net oper. income....
Non-oper. inc. (net).—
Grossincome
Bondinterest
__
—
Other interest
Other
deductions._____
Netincome
..._
Pref. div. requirements-
1937—Month—1936
$194,539
$186,296
116,457
126,526
17,445
15,303
8,237
5,064
1937—12 Mos.—1936
$2,469,134
$2,326,376
1,607,930
1,480,982
188,956
57,045
176,153
83,966
$52,400
49
$39,403
293
$615,203
2,842
$585,275
3,232
$52,449
11,165
7,529
2,502
$39,696
19,519
2,727
2,624
$618,045
167,403
88,745
60,035
$588,507
234,236
32,259
32,168
$31,253
20,790
$14,826
20,790
$301,862
249,475
$289,844
249,475
—V. 144, p. 3520.
Union Bag & Paper
Corp.—Estimated Earnings—
Corporation is expected to earn around $600,000 in the first half of 1937,
according to an estimate made by Alexander Calder, President.
This
would compare with profits of only $387,391 for all of last year, and almost
duplicate a peak profit of $682,405 for the year 1934, Mr. Calder said.
4364
Financial
Chronicle
"The profit in the first half of this y earl was made withfoneTunit of the
company's Savannah mill in operation.
During the second half year
there will be two units operating during the entire period, and three units
June 26, 1937
United Gas
Corp.-—Earnings—
Comparative Income Statement (Company Only)
1937—3 Mos.—1936
1937—12 Mos.—1936
$1,586,245
$1,299,912
$6,089,687
$5,087,021
25,396
25,721
457,139
98,979
Period End. May 31—
during the last quarter," Mr. Calder said.—V. 144, p. 3195.
Gross inc.—from subs..
Tri-State
Period End.
Operating
Other
Telephone & Telegraph Co.—Earnings—
1937—Month—1936
$521,719
$479,454
2,786
1,168
May 31—
revenues
Uncollect, oper. revenue
1937—5TAfos.—1936
$2,533,698
$2,304,374
10,144
5,737
$478,286
352,969
$2,523,554k $2,298,637
1,921,828
1,703,453
Operating revenues
Operating expenses
$518,933
387,692
Total
TJol
Operating taxes
$131,241
51,867
.......
Net oper. income
$125,317*
$601,726
29,834ji h 207,999
$95,483
$79,374
$595,184
161',189
$393,727
p^rriorl
Union Electric Co. of Missouri—Underwriters for Bond
Co., $750,000 each.
Alex Brown & Sons, Cassatt & Co.,
& Co.,
Lawrence, Stern & Co., Inc., and Dean, Witter & Co., $400,000 each.
Francis Bro. & Co., Gatch Bros., Jordan & McKinney, Metropolitan
St. Louis Co.; Otis & Co., Arthur Perry & Co., Inc.; Smith, Moore & Co.
and Stifel, Nicolaus & Co., Inc., $350,000 each.
First of Michigan Corp.,
Schwabacher & Co., and William R. Statts Co., $300,000 each.
Edgar
Ricker & Co., Mitchell, Herrick & Co., Newton Abbe & Co. and I. M.
Simon & Co., $250,000 each.
Battles & Co., Inc., Blair, Bonner & Co.,
Y. E. Booker & Co., Bryan, Pennington & Colket, Francis I. du Pont & Co.,
Eastman Dillon & Co., Harriman & Keech, Laurence M. Marks & Co.,
Mitchum, Tully & Co., Starkweather & Co., Stix & Co. and Washburn & Co.
Inc., $200,000 each.
Bacon, Whipple & Co., Farwell, Chapman & Co.,
Fields Richards & Sheppard, Inc., Lawley, Lawler & Co., The Illinois Co. of
Chicago and Merrill, Turben & Co., $150,000 each.
Underwriters of the notes are: Dillon, Read & Co., $3,471,000; First Bos¬
ton Corp., $1,996,000: Spencer Trask & Co. and Stone & Webster and
Blodget, Inc.. $1,389,000 each; Blyth & Co., Inc., and Brown Harriman &
Co., Inc., $1,320,000 each; Edward B. Smith & Co., $1,180,000; Mellon
Securities Corp., $850,000; Coffin & Burr, Inc., Goldamn, Sachs & Co., and
J. & W. Seligman Co., $695,000 each.—V. 144, p. 4027.
a
$3,887,936
$1,917,530
period for Federal
No provision has been
this
1937—3 Mos.—1936
1937—12 Mos.—1936
Net oper. revenues—.
Other income (net)
$4,393,819
21,719
$3,730,044 $16,144,495 $12,402,525
32,053
189,133
90,064
$4,415,538
610,948
45,022
7,375
Gross income
Int.
1,302,411
7,360,363
4,073,424
Cr5,670
$3,762,097 $16,333,628 $12,492,589
268,152
2,285,052
1,099,510
18,129
156,075
72,776
7,662
28,919
104,732
Cr2,823
Cr57,793
Crl3,778
$3,757,863
public
12,220
$3,470,977 $13,921,375 $11,229,349
12,220
48,881
48,881
$3,745,643
$3,458,757 $13,872,494 $11,180,468
long-term debt—
on
interest
Other deductions
Balance
Pref. dividends to
Balance
Portion applicable to mi¬
10,375
nority interests
17,153
64,335
41,628
Net
equity of United
Gas Corp. in income
of subsidiaries
$3,735,268
$3,441,604 $13,808,159 $11,138,840
United Gas Corp.—
Net equity of
United Gas
Corp. in inc. of subs.
(as shown above)
$3,735,268
25,396
$3,441,604 $13,808,159 $11,138,840
25,721
457,139
98,979
$3,760,664
91,839
443,517
$3,467,325 $14,265,298 $11,237,819
83,669
c721,922
299,295
769,350
1,936,968
2,969,175
Other income
Total income
Expenses, incl. taxes—
Interest
Inq, E. W.
Clark & Co., Graham Parsons & Co., Hayden Miller & Co., R. W. Pressprich & Co. and Whiting, Weeks & Knowles, Inc., $500,000 each.
A. G.
Becker & Co., Inc., Estabrook & Co., Hallgarten & Co., L. F. Rothschild
1936.
$8,947,221 $44,034,233 $31,720,528
3,914,766 b20,529,375
15,244,579
of
Blodget, Inc., $4,000,000 each; Blyth & Co., Inc., and Brown Harriman
& Co., Inc., $3,800,000 each; Edward B. Smith & Co., $3,400,000; Mellon
Securities Corp., $2,450,000; Coffin & Burr, Inc., Goldman Sachs & Co.,
J. and W. Seligman & Co., $2,000,000 each; Harris Hall & Co., Inc., and
Kidder Peabody & Co., $1,500,000 each; Halsey, Stuart & Co., Inc., and
Lazard Freres & Co., Inc., $1,250,000 each; Bonbright & Co., Inc.. Glore
Forgan & Co., W. C. Langley & Co., Lee Higginson Corp., F. S. Moseley
& Co., Riter & Co., E. H. Rollins & Sons, Inc., Schroder Rockefeller & Co.,
Inc., the Securities Co. of Milwaukee, Inc., Shields & Co. and Tucker
Anthony & Co., $1,000,000 each.
J. E. Baker & Co., Bancamerica-Blair, Inc., Central Republic Co.,
Dominick & Dominick, Hayden Stone & Co., Hemphill, Noyes & Co.;
Ladenburg, Thalman & Co., G. M.-P. Murphy & Co. and White, Weld
within
year
Operating revenues——.$11,888,228.
Oper.exps.,incl. taxes.. a5,533,148
Property retirement and
depl. res've approp'ns
1,961,261
Int. charged to construe.
3% notes, due 1942.
Underwriters for the bond issue are: Dillon, Read & Co., $10,000,000;
First Boston Corp., $5,750,000; Spencer Trask & Co., Stone & Webster and
$5,186,000
299,295
2,969,175
Comparative Statement of Consolidated Income (Incl. Subs.)
The company has filed an
amendment with the Securities and Exchange
Commission, naming 80 underwriters in its proposed issue of $80,000,000
first mortgage and collateral trust 3H% bonds, due 1962, headed by Dillon,
Read & Co., and 11 underwriters headed by the same firm for $15,000,000
$6,546,826
*721,922
1,936,968
made to date for 1937.
Other
and Note Issues Named—
$472,614
made
profits for the
Period Ended May 31—
The directors have declared a dividend of $2.50 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
July 1 to holders of record June 23.
A dividend of $2 was paid on April 1
last; $3.25 was paid on Dec. 23,1936; dividends of $1.25 were paid on Oct.
1, July 1 and April 1, 1936, and $1.75 wTas paid on Jan. 2, 1936, and on
Dec. 31, Oct. 31, July 2, and Feb. 15, 1934, prior to which no dividends
were paid on this issue since Feb. 15, 1930, when a regular semi-annual
dividend of $3.50 per share was distributed.—Y. 144, p. 1980.^
&
provision of $320,177
surtax on undistributed
—V. 144, p. 4026.
W
$1,076,285
Includes
$433,995
Union Buffalo Mills Co.—Accumulated Dividend—
$1,325,633
83,669
769,350
Anmprl
tfi
surplus
*
Net oper. revenues..
$1,611,641
91,839
443,517
Expenses, incl. taxes
interest
Bal. carried to consoli¬
dated earned surplus $3,225,308
Includes
$2,614,306 $11,606,408
$7,969,349
of $73,400 made within
provision
this period for Federal
b Includes provision of approxi¬
mately $410,000 made within this period for Federal surtax on undis¬
tributed profits in 1936, and $134,600 in 1937.
c Includes provision of
$320,177 made within this period for Federal surtax on undistributed
profits in 1936.
No provision has been made to date for 1937.
Note—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 pre¬
ferred stock dividend arrearages for prior periods.
The "portion applicable
to minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks pf subsidiar¬
ies at the end of each respective period.
Minority interests have not been
charged with deficits where income accounts of subsidiaries have so resulted.
The "net equity of United Gas 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 United
Gas Corp., less losses where income accounts of individual subsidiaries have
resulted in deficits for the respective periods.—V. 144, p. 4201.
a
undistributed profits in 1937.
surtax on
•
_
Union Investment
Shares
common
Earnings
per
United
Co.—Earnings—
3 Months Ended March 31—
Net inc. after exps. & other charges._
stock
1937
1936
x$82,210
167,594
share
$54,881
50,692
$0.80
$0.40
,
$52,437
50,692
$0.75
—V. 144, p. 3857.
Specialties Co.—Listing and Registration—
to
RR.—Equip. Trusts Offered—Salomon
Hutzler, Dick & Merle-Smith and Stroud & Co.,
Inc., on June 23 offered a new issue of $10,410,000 series E
2ZA% serial equipment trust certificates.
The certificates
mature $694,000 annually from July 1, 1938 to July 1, 1952,
inclusive, and are priced to yield from 0.80% to 2.70% for
the maturities from 1938 to 1948, inclusive; the 1949 to 1952
maturities are priced from 100 for the 1949 maturities to
99M for the 1952 maturities.
Bros. &
The certificates are to be unconditionally guaranteed as to principal and
dividends by company.
They are legal investments for savings banks in
New York and
to be issued under the
are
Philadelphia plan.
common
stock, $1 par,
United States Foil Co.—Smaller Common Dividend—
The directors have declared
Pacific
the
listing and registration.—V. 144, p. 4202.
record June 28.
Dec.
dividend of 12 M
cents per share on the
$1, payable July 1 to holders of
paid on April 1, last, and on
1936, and previously dividends of 15 cents per share were dis¬
class A and class
Union
admitted
The New York Curb Exchange has
1935
24,
B
common
a
shares,
par
Dividends of 25 cents
tributed each three months
on
were
these issues.
In connection with the declaration of the current common
dividend, R. S.
Reynolds, President, stated that since the company wished to subscribe
to its pro rata part of the proposed offering of common stock
by Reynolds
Metals Co., it has declared a dividend of only 12M cents a share on the
class A and class B common stock, in order to be in position to make such
subscription.—V. 144, p. 1302.
United
States
Smelting,
Refining
Mining
&
Co.—
Earnings—
Estimated Consolidated Earnings for
5 Months Ended May 31
1937
Gross earnings
Property
1935
1936
$3,459,248
846,064
$2,914,623
798,229
$3,103,133
717,623
$2,613,184
682,424
$2,116,394
682,424
$2,385,510
682,424
$1,930,760
reserves
$1,433,970
$1,703,086
$2.71
$3.22
Period End. May 31—
Ry.
Ry.
1937—Month—1936
1937—5 Mos.—19361
$12,420,781 $11,069,278 $62,465,680 $53,969,270
9,859,038
9,051,362
49,095,454
43,077,778
oper. revenues
oper. expenses
Net
rev.
from ry. oper.
Ry. tax accruals
$2,561,743
1,382,043
Ry. operating income- $1,179,700
rents
545,573
Joint facility rents
64,994
Equipment
$2,017,916 $13,370,226 $10,891,492
1,108,660
6.507,574
5,184,563
$909,256
522,040
38,055
$6,862,652
2,467,712
253,666
$5,706,929
2,344,462
195,433
Net earnings
Preferred dividend
Balance
Earnings per share on 528,765 shares
of common stock outstanding
$569,133
$349,161
$4,141,274
$3,167,044
Note—Under the provisions of an Act of Congress approved Aug. 29,
1935, railroads are required to pay an excise tax of 3H % of the compensa¬
tion (not in excess of $300 per month) paid to their employees after March
1, 1936.
The railroads recently agreed with representatives of employees
to a new Act providing for a lower tax rate, repeal of the
present Act, and
dismissal of pending litigation, but until the enactment of a new Act and
repeal of the present Act, charges to "Railway tax accruals" are being made
at the rate of prescribed in the present Act.
Such charges made during the
year are as follows:
Month of May, approximately $194,000; period Jan. 1 to May
31.1937,
approximately $964,000.—V. 144,
p.
4027.
amounted to
$333,185.
reserves
to
Pay $1 Dividend—
dividend of $1 per share on the common
to holders of record June 20
This compares with a
a
stock, payable June 30
dividend of $1.50 per share paid
previously.
on
March 31, last, and each three months
Of this amount, $74,617 has been added to quota¬
bring these reserves up to their fixed balance and the
remainder of $258,568 has been included in the above reported earnings
for the five months of 1937.
Similar gains included in the reported earnings
for the corresponding periods of 1936 and 1935 are: none in 1936; $477,910
There is also an item of $389,665 received in the first two months
of 1937 from sale of certain property rights.
As stated in the report for
in 1935.
that period, no part
of these proceeds has been included in earnings. The
of this item will be held for year-end adjustment before
closing tne accounts for 1937.
No provision has been made for Federal
surtax on undistributed profits in respect to the above stated earnings.
final disposition
The directors
June 23 declared
on
M. L. Schawcross, Secretary, said the current action
serve cash.—V. 142, p. 1659.
Per. End.
Operating
1937—Month—1936
Profit
Fed.
income
preciation & charges
x
_
taxes,
$11,279
41,306
$13,716
38,965
$101,052
527,385
$144,956
481,490
$52,681
$628,437
$626,446
1,733
$52,585
51,858
1,055
$52,681
51,858
1.151
$628,437
622,300
10,078
$628,179
621,675
10,445
$328
Net oper. revenues—
1937
i.936
1935
$7,173,219
$6,095,239
Operating income
$328
$3,941
$3,941
Other income
de¬
_
Before surtax on undistributed
United
_
$94,215
80,499
was taken to con¬
$9,735,193
_
after
1937—12 Mos.—1936
$1,150,903
$1,084,205
1,049,851
939,249
$95,593
84,314
$52,585
revenues
Corp.—Earnings—
12 Months Ended March 31—
Net sales..
of 1 % %
Traction Co.—Earnings—
April 30—
Rent from lease of plant.
United American Bosch
regular quarterly dividend
144, p. 4029.
Utah Light &
Oper. exps. (incl. taxes).
^
a
(87 M cents per share) on the preferred stock and a regular quarterly divi¬
dend of $2 per share on the common stock, payable on July 15 to holders of
record July 2—V.
Union Stock Yards of Omaha—To
The directors have declared
$3.65
In the first five months of 1937, estimated net quotational gains realized
from sales of metals at prices in excess of their carried inventory values
tional
Netofitems
requirements
x387,834
profits.—V. 144,
188,998
3857.
55,079
p.
Gross income..
Int.
on
mtge. bonds
Other int. & deductions.
Dairies, Ltd.—Accumulated Dividend—
Company will pay a dividend of $1 per share on account of accumulations
the 6M % cumulative preferred stock, par $100, on July 2 to holders of
record June 24.
Similar payment was made on April 15, last, and on
Dec. 1, 1936.—V. 144, p. 3521.
on
Balance, deficit
Notes—No provision has been made in the above statement for unpaid
cumulative interest
the 6%
income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1, 1934, to Dec. 31, 1936.
on
I
Volume
Financial
144
No provision
1936, inasmuch
was
as
made for Federal surtax Ton undistributed profits for
the company reported no undistributed adjusted net
No such provision has been made to date for 1937.—
income for that year.
V. 144, p. 4202.
of 15 cents per share on
P. 3355.
Light Co. (& Subs.)—Earnings—
1937—Month—1936
1937—12 Mos.—1936
Utah Power &
Per.Ended April 30—
Operating
Oper/exps. (incl. taxes)-
583,827
63,942
7,134,906
$4,446,140
62,275
$384,110
$331,812
171
339
4,964
$384,281
195,879
25,000
Net oper. revenues
$3,666,669
31,137
$312,151
195,879
25,000
16,911
$4,451,104
2.350,550
$3,697,806
2,362,863
300,000
204,127
Cr4,637
300,000
205,363
$1,701,064
$830,197
1,704,761
1,704,761
Other income (net)
l?Gross income
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductions.
16,212
Cr370
Int. chgs. to construct'n
Netincome
j^Divs.
applic.
pref
unpaid
to
whether paid or
747,298
753,965
$147,190
$74,731
stocks for the period,
-
.
Cr617
Federal Judge O. B. Davis has
time provided by the
Dividends
on
these stocksiare,cumulative.
h Note—No provision was madefor Federal surtax on undistributed profits
1936, inasmuch asjthe companies ireportedjno undistributed adjusted
net income for that year.
During<1937 provision for Federal surtax on un¬
made in the.amount of $4,000.—V. 144, p. 4203.
distributedj)rofits has been
Utilities Pow. &
The adjourned annual
was
Victor Oil Co.,
F
Light Corp.—Meeting Again
51
19
573
573
$23,448
$21,171
75
115
81
1,029
9,608
2,046
T.206
"V.225
11,366
1,956
9,782
1,971
$15,570
2,050
$8,803
3,844
$8,111
4,089
261
259
260
$13,259
8,823
Interest on U. S. Govt, bonds
Rent received
on
$20,577
$22,823
$28,629
Discount earned
Profit
1935
1936
1937
$27,136
15
370
67
gram.
Registers with SEC—
income-.,
Directors' fees
$4,699
4,411
$3,761
Lease expense.
Taxes
Operating profit
on depreciation
on depletion
Loss
....
P» Net profit..
Dividends paid
421*879
Property
x
After reserve for depreciation
$410,310 in 1936.—V. 143,
p.
$132
$233", 562
13,259
233,562
227,616
4,699
$457,649
Total
$466,011
$457,649
Total
F
on
and depletion of $421,879 in 1937 and
2541.
SEC—
Weinberger
Wellington Fund, Inc.—40-Cent Extra
Wesson Oil & Snowdrift Co., Inc. (& Subs.)—Earnings
1937
1936
1935^
1934
$48,405,940 $47,163,757 $45,904,675 $25,872,035
Cost of sales
43,312,901
44,055,930
42,164,478^23,919,099
Depreciation
x612,402
x594,679
515,036
511,746
1935
$6,957,273
$6,321,848
347,354
337,513
373,369
—...
......
249,180
Total operating revenues
$7,291,748
2,708,590
435,540
3,106,124
.....
497,294
Maintenance
Provision for retirements, renewals, and replace¬
ments of fixed capital..
—............
94,534
680,258
566,156
65,216
634,854
$3,019,032
93,707
$2,881,391
28,353
529.932
....
Other taxes
Operating income
Other income (net)
Interest on unfunded debt
Amortization of debt discount and expense
$2,909,745
1,934,073
38,857
170,513
15,186
7%
Dividends
on
283,080
on common
283,080
322,674
6% pref. stock
Dividends
$774,930
322,674
136,000
on
8,628
$966,441
46,920
(credit)
Netincome
Dividends
'
$3,112,740
1,923,668
68,411
169,406
Gross income
Interest on funded debt
Interest charged to construction
$4,690,251
60,462
913,758
.—
$2,643,655
21,947
/ 482,655
$3,490,943
r91,800
542,972
$1,587,220
21,772
266,748
$2,139,053
886,965
878,121
$2,856,171
886,965
878,121
$1,298,700
886,965
222,115
$373,967
$1,091,085
$189,620
585,414
$2.14
585,414
$3.36
579,879
$0.71
885,910
1,461,767
dividends
preferred stock
stock
$1,368,354
584,000
Surplus
com.
Earnings
x
stk. (no par)
per
-
_
$4.84
share—
Includes amortization.
261,835
$7,927,176
.......—...
...
130,507
$3,716,031
Total income
370,551
-
Federal income tax
$2,513,148
209,614
Interest
Shs.
$3,225,161 *,$1,441,190
265,782
146,030
$4,480,637
Operating profit
Other income
Net profit
1936
Operating expenses
Dividend—
of 40 cents per share in addition
quarterly dividend of 15 cents per share on the common
stock, par $1, both payable June 30 to holders of record June 15.
Extra
dividends of 10 cents were paid on March 31 last, Dec. 30 and Sept. 30,
1936.
An extra of five cents was paid on June 30, 1936; extra dividends
of 10 cents per share were distributed on June 1 and March 1, 1936, and
on Dec. 1 and June 1, 1935, and extras of five cents were paid on March 1,
1935, Sept. 1 and March 1, 1934, and on Dec. 1 and March 1, 1933.—
V. 144. p. 2504.
the regular
Virginia Public Service Co. (& Subs.)—Earnings—
Ice and miscellaneous
Inc.—Dividend Increased—
Stores,
The directors declared an extra dividend
Common dividends
Calendar Years—
Transportation
Drug
dividend of 40 cents in addition to a
quarterly dividend of 50 cents per share on the common stock, no par
value, both payable June 26 to holders of record June 25.
This compares
with a dividend of 40 cents paid on April 1, last; dividends of 30 cents per
share distributed in each of the three preceding quarters, and regular
dividends of 25 cents per share paid each three months previously.—V.
144, p. 1981.
Preferred
first page of this department.
Gas
dividend of 50 cents per share and a
Extra Dividend—
Federal taxes
Operating revenues—Electric
Larger Div.—
quarterly dividend of 50 cents per share on the common stock, no par value,
both payable Aug. 2 ,to .holders of record July 15.
Previously regular quarterly dividends of 25 cents per share were dis¬
tributed.
In addition, an extra dividend of $1 was paid on Nov. 2, 1936.
—V. 144, p. 4031.
$466,011
210,827
Virginia City Gold Mining Co.—Registers with
See list given
1936
1937
$12,320 Accounts payable17,356 Capital stock
436,334 Surplus by apprec.
Net profit for year
$35,770
U. S. Govt, bonds,
x
The directors have declared an extra
3166.
p.
Net sales..
Liabilities—
1930
1937
Assets—
Pipe Corp.—Extra &
9 Mos. End. May 31—
Balance Sheet March 31
Current assets
of this department.- -V. 143,
Warren Foundry &
to
300
Legal and professional fees
Office expense
Loss
See list given on first page
1,041
sale of liberty bonds
► Total
Voted—]
The directors have declared an extra
Earnings—
Los Angeles,
Years Ended March 31—
Oil sales
Agricultural Co., Ltd.—Stock Increase
Waialua
Adjourned
scheduled for June 15,
4202.
On April 19 last Judge Davis instructed that
60 days which expired June 19.—V
Court.
Stockholders at a special meeting lheld June 8, approved an increase in
company's authorized capital, from $10,000,000 to $12,500,000.
Carrying out this purpose |theyJalso7authorized the issuance and sale to
stockholders of 121,875Jadditional shares at $20 a share in the ratio of 1 new
share for each 4ishares.held.of record June 30.
The purpose of this ^capitaHincrease is apparently to put the company
In a position to exercise jits irightlto purchase its pro rata share of new
Hawaiian PineapplejCo.fstock, which it is expected will be offered to
stockholders|in aboutga month.
Waialua had 411,057 shares of this com¬
pany's stock|listedjamong its assets as of Dec. 31, 1936.
Another ^purpose Jin fWaialua's iplan is seen in|the company s need for
additional jWorkingj,capital and funds for a permanent improvement pro¬
meeting of stockholders,
again adjourned until Oct. 7.—V. 144, p.
within
ad¬
the
-
for
Plan—
extended until July 12, the time
reorganization plan be filed within
144, p. 3698.
a
$103,697
$874,564
xlDividends accumulated land unpaid to April 30, 1937, amounted to
$6,037,695. Latest dividends (amounting to 87 H cents a share on $7 pref.
stock and 75 cents a share on^$6 preferred stock, were paid on April 1, 1937.
Balance, deficit
^
which security holders shall file a plan of reorganization.
The receivers
vised the Court that representatives of security holders have been engaged
in the formulation of a plan but have been unable to complete it within the
6-376,306
546,035
Prop.retire.res. approp.
Int.
$10,790,273
$920,122 $12,335,011
$1,031,879
revenues
1937
1936^
$299,162 loss$70,710
deprec. & Fed. inc. taxes
Ry.—Time Extended for Reorganization
Wabash
the
record June 25.—V. 144,
stock, payable June 26 to holders of
common
Valspar Corp. (& Subs.)—Earnings—
12 Months Ended May 31—
Net profit after charges,
—V. 144, p. 1459.
Factories, Inc.—Initial Common Lfw.
United Wall Paper
The directors have declared an initial dividend
4365
Chronicle
Consolidated Balance Sheet Mdy 31
1937
$
10,101,717
depreciation
9,732,599
Inv.
In
conv.
Cash
152,359
cos
co.'s
255,029
'202,375
301,775
Res.for Fed. tax._
1,862,486
Bank loans
2,700,000
stk.
held for employ's
Cash
214,107
4,482,156
148,805
25,590,692
Accts. & bills rec_. 4,227,386
Adv.to oil mills, &C
94,715
invest'ts.
462,936
Loans & advances.
1,398,019
Cash value life Ins.
321,483
Prepaid expenses--
286,851
Reserve
5,957,819
ance
20,367",204
2,633,911
588,362
1,524,674
for insur¬
& conting.
Pald'in surplus
140,000
Inventories
Miscell
1,025,000
divs. payable
in
U. S. Govt, bonds
240,000
1,840,085
93,938
Pref. and common
299,994
banks
common
69,502
Due affil. cos
liquidation
Co.'s
147,564 Accounts payable_z2,065,095
own
pref. stock
in
$
240,000
Other reserves
Inv. In & advs. to
affiliated
1936
$
Liabilities—
Capital stock
20,571,786 20,571,786
Res. for idle plant
599,147
expenses
765,615
x
Real est., plant,
equip., &c., less
y
1937
1936
$
Assets—
761,900
3,200,000
Capital surplus... 6,237,465
Earned surplus
8,528,593
759.753
3,200,000
5,886,868
6,422,288
300,406
292,004
1,032,235
296,828
313,376
Consolidated Balance Sheet Dec. 31
1936
1936
1935
Liabilities—
$
$
$ 4
50,272,437 49,721,174 6% cum. pref. stk.
($100 par)
5,377,900
Investments
4
1,191,042
1,188,192
7% cum. pref. stk.
Misc. special dep.,
($100 par)
16,491
4,044,000
&c
18,716
Assets—
1935
$
Fixed capital
Dep.
286,988
251,456
270,657
4,714
839,227
1.
321,561
Cash (incl. working
funds)
Notes receivable..
Accountsreceivable
Notes
miscell.
&
accts.
15,511
1,043,725
25,563
ployee)
receiv.
Taxes accrued
Interest accrued—
sold
Divs.
376,976
(contra)
Def. debit items..
Net oper. revenues
77,175
691,862
179,598
659,120
555,913
2,884,192
498,981
2,293,592
Non-oper. inc. (net)
286,988
Accounts payable-
5,705
accr. on
95,925
308,954
(& Subs.)—Earnings—
•1936
1937—12 Mos.—1936
$169,689
86,149
12,733
«15,744
$163,943
87,359
11,726
15,827
$2,163,442
1,121,503
133,408
al98,530
$2,024,812
$55,063
$49,030
5,713
$710,000
23,779
$646,304
51.499
Dr 5,258
1,078,292
114,953
185.262
$54,743
$20,789
$25,716
29,027
Appropriations for retirement reserve.
$733,779
350,632
$697,803
349,677
$383,147
231,433
$348,126
216,167
$151,714
119,451
$49,804
29,015
Balance.
$131,959
119,451
$32,263
$12,508
156,968
31,035
43,398
and line
deposit
Guaranty of appli¬
accts.
300,581
355,718
provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the end
of the year.—V. 144, p. 4031.
376,976
Reserves & miscell.
adjust, credits 5,095,129
Contributions
extensions
4,376,297
for
No
Note—The companies on Jan. 1, 1937 adopted the Federal Power Corn¬
mission System
(non¬
2,780
Capital surplus
1,761,950
Corporate surplus.
989,284
refundable)
Balance for common dividends and surplus
a
rec.
sold (contra)
Balance
Preferred dividend requirements
Consumers' service
&
1937—Month
Balance
127,713
666,420
pref.
stock
Miscell. accruals-
ance
30—
Operating revenues
Operation
Maintenance.
68,000
bonds, bond
Notes payable
Appliance accounts
Period End. Apr.
Taxes
int. and divs
Int. & divs. reclv.
Materials & suppl-
payable
(parent Co.)--.
Mat.
tb
(em¬
rec
600,000
3698.
Western Public Service Co.
782,000
782,000
35,634,500 35,689,500
Purch. money obli¬
gations
373,312
657,250
Funded debt
Notes
Total—— .48,027,443 41,726,901
Represented by 300,000 shares $4 convertible pref. stock and
shares no-par common stock, y After reserve for depreciation of $10,405,947
in 1937 and $9,783,199 in 1936.
z Includes accrued liabilities.—V. 144,
p.
$1)
bond int. & divs.
x
41,726,9011
4,044,000
Common stock (par
for matured
due Jan.
5,377,900
48.027,443
Total—.
128,706
1,761,950
777,983
of Accounts, hence previous year 's figures are not exactly
comparative.
Western
Maryland Ry.—Earning
—Second Week of June—
—Jan.
1 to June 14
1937
Total
-V. 144, p.
-.-56,732,190 55,350,685
1126.
Total
—56,732,190 55,350,685
Gross earnings
—V. 144, p. 4204.
1936
1937
1936
$335,183
$289,441
$8,361,578
$7,170,369
4366
Financial
WE
Buffalo
&
Chronicle
DEAL IN
$50 a share to $1 a share, and upon the matter of
reducing the stated capital
of the company from
$31,250,000 to $625,000 by such reduction in the par
value of its 625,000 issued and
outstanding shares from $50 a share to $1
a share.
Susquehanna RR. 1st 4s, 1963
Sun Oil Co.
6% Preferred Stock
Northern Central Rwy. Guaranteed Stock
At the adjourned annual meeting of the
shareholders (adjourned from
April 24, 1937) held on May 15, 1937, the articles of
incorporation were
changed and the reduction in the stated
capital was approved (see also
V. 144, p. 2328) —V. 144, p. 3524.
Alan Wood Iron & Steel 1st
6s, 1944
Phila. & Reading Terminal 1st
5s, 1941
YARNALL & CO.
A. T. & T.
Western Union
Wichita Falls
Philadelphia
and
letters in all classes of domestic
telegrams between points in the
United States.
These various groups and combinations will
effect a con¬
siderable saving to patrons who
employ the use of groups of figures and
combinations in the telegrams,
according to the company's announcement.
Period End. Apr. 30—
1937—Month—1936
1937—4 Mor ths—1936
Tel.
&caDleoper.
tel.
&
revs..
$8,395,306
$7,998,575 $33,675,863 $30,705,563
cable oper.
expenses
7,126,026
6,404,248
27,937,066
25,288,930
Net tel. & cable oper.
revenues.
$1,269,280
41,976
454,381
$1,594,328
55,990
330,202
$5,738,797
168,379
1,872,446
$5,416,633
214,939
1,316,024
Non-operating income..
$772,923
105,681
$1,208,135
169,356
$3,697,972
473,749
Gross income
Deduc. fr, gross income
$878,604
612,946
$1,377,491
683,294
$4,171,720
2,461,690
$4,408,902
2,750,019
$694,197
$1,710,030
$1,658,883
Operating income
Net income
—V.
$265,659
144, p. 3523.
West Point Mfg. Co.—Stock
Stockholders
at
par
common stock, both
Similar payments were
Wheeling Steel Corp.—Listing—Recapitalization Plan—
New
York Stock Exchange has authorized
the listing of
deposit
381,547 shares of 6% preferred stock
upon official notice of
in exchange for shares of
6 % preferred stock in accordance with the
receipts for
issuance
plan of recapitalization dated June
8, 1937.
The directors on June
8, 1937, approved a plan of recapitalization, dated
June 8 and called a
special meeting of the stockholders to be held on
July
14, 1937* to consider and take action
with respect thereto.
At the same
meeting the directors authorized the issuance
by the corporation of deposit
receipts for shares of its 6% preferred stock
deposited for exchange under
the plan and authorized
Kuhn, Loeb & Co., New York, and Wheeling Dollar
Savings 6c Trust Co., Wneeling, W.
Va., as depositaries, to accept certificates
for shares of
6% preferred stock deposited for exchange under the
plan and
to countersign and
deliver deposit receipts against the
deposit of such
Digest of Plan of Recapitalization
Corporation has outstanding 381,547 shares of
6% preferred stock and
shares
of common stock
exclusive of shares held in the treasury.
No dividends have been
paid on the common stock since Dec. 1, 1930, nor
can any sucn dividends
be declared until the
existing accumulations on the
6% preferred stock have been eliminated.
The plan contemplates the
following:
"
(1) The issue of one share of new $5 cum. conv.
prior pref. stock and 34
share of common stock in
exchange for each outstanding share of present
6% preferred stock.
(2) The retirement of all shares of
6% preferred stock exchanged under
the plan, and also of the
1,315 snares of 6% preferred stock held in
to
(3) The increase in the authorized
1,500,000 shares.
Tne
new
$5
cum.
stock from 500,000 shares
conv.
prior pref. stock will be preferred as to earnings
6% preferred stock and the common stock, and will be
(a) entitled to cumulative dividends, at the rate of
$5 per share per annum,
from July 1, 1937 (or, if issued at
erSept. 30, 1937, from the first day of the
quarterly dividend period in which issued/,
(b) redeemable at option of
corporation at $105 and accrued dividends
per share, (c) entitled on liquida¬
tion to $100 and accrued dividends
per share, (d) convertible for 10 years,
at the option of the
holder, into common stock as follows: 134 shares during
the first three years, 1 1-3 shares
during the following three years and 1M
shares during the last four
years, (e) entitled to one vote per share
(f) issu¬
able only in exchange for
outstanding 6% preferred stock.
The amendment to the certificate of
incorporation required to carry out
the plan will have to be
authorized by the affirmative
a
vote of the holders
majority of the 6% preferred stock and also of the
common stock.
stock will be used, to the extent
required, for issue
upon exchanges under the plan and
upon conversions of prior preferred
stock, and the remainder will be reserved for
possible future financing or
other corporate purposes.
The necessary amendment has
The additional
common
advisable by the board of directors.
Exchanges of outstanding 6% preferred stock for
been declared
Period End. May 31—
after deprec. but
a
before int. & taxes
—V. 144, p. 4204.
143,
1937—5 Mos.—1936
$42,360
$650,099
loss$24,965
(R. C.) Williams & Co., Inc.—Earnings—
Years Ended April SO—
Gross profit from sales
1937
Buying, selling and delivery
Depreciation
1936
1935
$1,759,966
1,206,750
38,903
55,796
296,417
$1,679,276
1,240,655
38,310
37,344
85,376
298,478
$1,812,758
1,276,939
37,133
30,795
88,830
303,050
$103,751
177,322
Dr9,676
loss$20,888
142,739
99,809
$76,010
209,800
$271,396
172,225
17,786
3,180
$221,660
192,757
3,311
$285,811
223,250
9,776
$81,205
64,756
$25,592
$52,784
110,698
107,906
expenses
Taxes (other than income taxes)
Executive salaries
107,961
$0.24
110,698
$0.47
v
58,350
expenses
Net profit from operations
Other income
Non-recurring income.
Income deductions
Provision for Federal income taxes.
Provision for surtax
dividend accumulations.
As the stockholders probably
know, the Federal Revenue Act of 1936
provides for a surtax on the undistributed net profits of corporations, which
tends to force the distribution of all net
profits.
Because of conditions in
the steel industry, however,
necessitating
continuously large expenditures
modernizing and increasing facilities in order
keep abreast of developments in the industry, there can be no assurance
for new constructions and for
that it will be deemed advisable to distribute all
profits in dividends.
Some
of these major improvements for the
year 1937, involving estimated ex¬
penditures aggregating approximately $10,000,000, were outlined in the
annual report for 1936 recently sent to the stockholders.
Earnings for 4 Months Ended April 30, 1937
Earnings
per
(no
share
$0.75
Balance Sheet April 30
Assets—
Cash
on
a
1937
1936
Liabilities—
hand & de¬
mand
deposits
Receivables
Deposits on
Investments
1937
1936
Notes payable....
8352,295
.
.
$310,821
1,031,920
1,087,988
1,036,492
1,386,127
Inventoriesbids
9,003
$950,000
$850,000
Accounts payable.
Accrued liabilities.
360,375
146.700
80,970
44,049
34,000
Other
curr.
llabil-.
36,000
lst mtge. ser. gold
123,999
147", 289
—life ins. policy
Other assets
44,500
25,468
36,250
bProp. & equip...
1,106,406
88,222
1,142,798
1
1
Cash surrender val.
Deferred
charges.
Total
a
and
584,000
1,524,999
65.970
Earned surplus
b After
reserves,
570.199
surtaxes
reserve
Total...
$4,172,514 $3,849,767
for depreciation of $260,364 in
1936
$298,428
in 1937.
c Represented
by 112,010 no par shares after
deducting 4,106 treasury shares valued at $58,030 in 1937 (4,049 shares in
1936).—V. 143, p. 3862.
Wisconsin Central
Ry.—Earnings—
Period End.
May 31—
1937—Month—1936
Freight revenue
$1,073,139
$996,936
Passenger revenue
28,978
26,434
92,208
80,185
,194,326
$1,103,555
$5,137,784
$4,586,523
139,871
121,403
160,045
136,580
504,341
796,372
527,045
698,095
24,910
44,667
24,863
369,789
49,319
120,034
2,008,732
237,508
1,895,260
238,639
$409,555
82,820
$401,600
72,064
$1,470,796
306,146
$1,109,902
341,183
$326,735
58,748
43,455
$329,536
57,089
42,958
$1,164,649
271,614
218,349
$768,719
251,508
209,282
$224,532
Total revenues
Maintenance of way and
structural expenses
Maint. of equipment
Traffic expenses
Transportation expenses
415.277
General expenses
Net
railway
1937—5 Mos —1936
$4,691,835
137,516
308,433
All other revenue.
revenues.
"
$4,158,279
135,755
292,488
117,582
Hire of equipment .Dr
Rental of terminals .Dr.
_
Net after rents
$229,488
$674,686
$307,929
70 862
84 180
133 631
133 816
450 139
652 121
316 713
Int.
Net income
—V. 144, p. 3859.
$20 039
$11 492
def$427,574
def$766,410
Other income vnet) .Dr.
on funded debt....
_
Woman Lake Goldfields Development,
757 627
Ltd.—Registers
with SEC—
See list given
-
on
first page of this department.
'Alan) Wood Steel Co.—Accumulated Dividend—
The
directors have declared a dividend of $1 per share on account of
on the 7%
cumulative preferred stocks, par $100, payable
Aug. 2 to holders of record July 15.
A similar payment, previously declared,
will be made on July 1, and
compares with 50 cents paid on April 1 last
and on Dec. 15, 1936, this latter
being the first payment made since Jan. 2,
1935, when $1.75 per share was distributed.
A dividend of 50 cents was
paid on June 15, 1934 and prior thereto no distributions were made since
April 1, 1931, when a regular quarterly dividend of $1.75 per share was
paid.—V. 144, p. 3859.
accumulations
Woodward &
Lathrop Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 37
Yi cents per share on the
stock, par $10, both payable June 28 to holders of record June 24.
Previous extra distributions
$2,304,876
$3.97
Earns, per share on 388,091 shares com. stock
620.000
1,532,446
59,086
563,475
92,699
$4,172,514 $3,849,767
After
bonds, 6%
Common stock..
Capital surplus—
c
Goodwill
common
Net prof, after deprec., deplet., int., Fed. inc.
taxes, but before
—V. 144, p. 4032.
•
The New York Stock Exchange has authorized the
listing of 625,000
shares of stock (par $1) in substitution share for share for a like number of
shares of stock (par $50) previously authorized to be listed and now out¬
standing. .
The directors, by resolution adopted on March
2,1937, declared it to be
desirable that the articles of incorporation of the
company be amended and
its stated capital reduced by reducing tne
par value of its shares from $50
a share to $1 a share and directed that the annual
meeting of the shareholders
to be held on April 24, 1937, also be called for the
purpose of considering
were made as folio vs: 25 cents on March 30,
Dec. 29, 1936; 37Y cents on Sept. 30, 1936; 12 H cents
31, 1936; 55 cents on Dec. 28, 1935, and
share on Sept. 27 and June 27, 1935.—-V. 144, p. 1982.
last; 62^ cents
on
per share on June 27 and March
25 cents per
_
Net income for the year
Dividends
Shares capital stock outstanding
par) excl. treasury stock
_
outstanding and the amount of fixed dividend charges.
Further, the preferred accumulations are so large that, in the opinion
of your directors and
officers, it is impracticable to satisfy them in cash at
the present time.
While the surplus of the corporation is in excess of the
amount of the accumulations, such
surplus, as in the case of most corpora¬
tions, is largely represented by assets other than cash.
In addition, under
the indenture securing the 4
34 % bonds of the corporation cash dividends
may not be paid except out of surplus
earnings subseuqne to Sept. 30, 1935.
Those earnings, after deducting the amount of cash
dividends paid or de¬
clared since that date, amount to
only approximately one-third of the
Co.—Listing—
;
Net after taxes
letter to stockholders it is stated:
White Motor
$181,554
prior preferred
While under the certificate of
incorporation of the corporation, it would
be possible to pay the accumulations on
the 6% preferred stock in addi¬
tional shares of that stock at
par, or partly in cash and partly in such stock,
in the opinion of your
directors, it would be unwise to issue additional shares
of such stock, as such issue would
substantially increase the amount thereof
to
1937—Month—1936
Profit
Taxes
new
stock and common stock will be
voluntary.
In
no
15.
Wickwire-Spencer Steel Co.—Earnings—
treasury.
common
and assets over the
of
the
June
Including Wickwire Spencer Sales Corp. but
Excluding American Wire,
Fabrics Corp.
certificates.
388,091
on
19333376 ^atterdividend being the initial distribution on this issue.—V.
General administrative
Split-Up Voted—
per share
payable June 20 to holders of record
made on,May 20, April 20, and March
20, last; a
dividend of two cents was paid in
February, last, and dividends of one cent
per share were distributed in January,
last, and in December and November,
a
recent special meeting voted to
split the company's
reducing par value from $100 to $20 per share.
There
were 82,000 shares
authorized, of which 72,000 were outstanding.
The
latter will now be
changed into 360,000 shares.—V. 144, p. 4204.
stock five-for-one
The
Maturity—
The directors have declared an extra
dividend of three cents per share in
addition to the regular
monthly dividend of two cents
$3,885,671
523,231
Uncollec. oper. revenues
Taxes assignable to oper.
RR.—To Extend
(J. V.) Wicklund Development Co.—To Pay Extra Div.
Telegraph Co., Inc.—New Rates—
Western Union has inaugurated a new
system of counting figures, frac¬
tions, combinations of figures and fractions, and combinations
of figures
Total
& Southern
The company has applied to the
Interstate Commerce Commission for
authority to extend for 10 years the maturity date of
$729,000 1st mtge.
5% bonds, due Jan. 1, 1938.—V. 144, p. 958.
Teletype- -Phila. 22
1528 Walnut Street
June 26, 1937
and acting upon the matter of
amending the articles of incorporation solas
to reduce the par value of its
authorized shares consisting of 1,000,000
shares (par $50) (of which 625,000 shares
are issued and
outstanding) from
York Railways
Co.—Merger—
See Associated Gas & Electric Co., above.—Y.
144,
p.
2683.
Youngstown Steel Door Co. (& Subs.)—Earnings—•
Earnings for 2 Months Ended Feb. 28, 1937
amort., Fed. & Canadian income taxes
but before providing for Fed. surtax on undist. profs. &
excess profits taxes
$334,292
Earnings per share on 332,960 shares capital stock (no par)
$1.00
Net profit after deprec.,
&c.,
—V. 144.
p.
4204.
Volume
144
Financial
Chronicle
mxd
PUBLISHED
*8
4367
50jcumttxts.
ADVERTISEMENTS
CLC,f,
AMERICAN
CAR
and
FOUNDRY
COMPANY
THIRTY-EIGHTH ANNUAL REPORT—YEAR ENDED APRIL
30, 1937
TO
THE
STOCKHOLDERS:
As shown
one
by the annexed Consolidated Balance Sheet and
Consolidated
Income
Account, prepared and certified by
independent auditors, the operations of
its
thirty-eighth fiscal
and of ijbs
of
(which closed April 30,
year
wholly-owned subsidiaries resulted in
slightly
after
Company for
your
all
net
a
1937)
earning
One Million Two Hundred Thousand Dollars
over
charges, including
The
tion
depreciation—this comparing with
depreciation charge, of
little
a
loss, after
a
than
more
Five
Eighty Thousand Dollars for the preceding fiscal
Prior to the close of
in
our
year
there
Hundred
dividend of four
a
the net for the year and
subject to the tax
the Federal law
per cent, upon your
on
leaving substantially
for the good of
year
Company and of
your
its stockholders.
By order of the Board.
Respectfully submitted,
CHARLES J. HARDY, President.
June 22, 1937.
year.
CONSOLIDATED BALANCE SHEET
April 80, 1937
Company's
earnings
no
undistributed corporate profits under
governing corporate taxation
effective.
now
ASSETS
PROPERTY AND PLANT ACCOUNT.
CURRENT ASSETS
additionally paid
upon your
year
(in June) there
dividend of twenty-five cents
a
Company's
common
being charged against the
per
was
share
capital stock—such dividend
"for dividends
reserve
on common
Notes
Receivable, less
Directors,"
reserve
a
years
4,377,306 99
1,883,018.23
initially set
had been paid
During the fiscal
year
up
out of earnings made
on
rate of
seven
12,291,800.90
3,826,045 73
Marketable Securities, at cost or less
(Quoted market value $4,390,094.16)
PREPAID TAXES,
INSURANCE, ETC
—
125 778 19
212 405 09
MISCELLANEOUS SECURITIES, less reserve
SECURITIES
OP
AFFILIATED
COMPANIES,
less
per
was
done
so
by
Additionally, there
was
a
decided
making and sale of railroad rolling stock—
Company during the period, and the business
your
done contributed
The flood
Valley during
damage
to
that
portion of
a
plants
our
at
fiscal
did considerable
year
Jeffersonville, Indiana, and
slowed down.
as
The
possible and at
was
damage there
for
was
a
at
less cost than originally
a
time measurably
repaired
as
Includes $1,588,669.48
maturing subsequent to
CAPITAL
STOCK,
Preferred, authorized and outstanding
(300,000 shares—
$100.00 per share)
$30,000,000 00
Common, authorized and outstanding (600,000 shares—
no par value)
CURRENT
Accounts
Rolls
For
Management is glad to report that
its
books greater
new year
with
a
your
Company
volume of business
than that with which the
year
condition is reflected by the item of inventories shown
Sheet,
such
Million
Dollars
as
item
being in amount
on
its
began, and
greater than has been the case for several years past.
Balance
an
over
This
on
the
sents
year.
This twelve million dollar inventory
materials and
repre¬
supplies substantially all of which is
Maintenance.
For Dividends
7,169,149.95
Common Capital Stock,
as declared by Board of
on
paid when and
At the present
writing there is
been met.
to
are
and rolling stock, have not by
Contingencies
Improving
Working
Employees
For
EARNED
expect
a
resumption of buying in volume before
year—but, unfortunately, the conditions just
far from normal.
formidable conflict between
Conditions
of
62,208.46
SURPLUS ACCOUNT..
24,020,917.60
$104,919,746.80
Subject to contingent liability of $375,000
Earnings from all
OF
Motor Car
for guaranteed
Company.
*
•
CONSOLIDATED INCOME ACCOUNT
for the thirty-eighth fiscal
year
sources
ended
April 30, 1937, before deducting Depreciation, Re¬
pairs, Renewals, etc., as noted hereunder, and after
making
•provision for Estimated Federal Normal Taxes
Depreciation,
Renewals,
Patterns, Flasks, etc
Replacements,
($198,000.00)
Repairs,
New
$4,972,170.44
3,761,494.17
Net Earnings.
$1,210,676.27
OF
CONSOLIDATED EARNED SURPLUS
Consolidated Earned Surplus, April
30, 1936.
Add: Net Earnings for the year
Less:
Dividend
on
4%
Preferred
....
Deduct: Dividend
on
The country is in the midst of
industry and labor—of which
Stock,
•
$1,200,000.00
Preferred Capital Stock
42,200.00
Consolidated Earned Surplus, April 30, 1937
1,157,800.00
$24,020,917.60
CHARLES J. HARDY, Esq., President
Dear
Company, 30 Church Street, New York City.
Sir:—We have made
American
Car
the
an
audit
of the
books
and
accounts
of the
year
and
Foundry Company and wholly-owned subsidiaries for
ended April 30, 1937, and in accordance
therewith, we
certify that, in our opinion, the foregoing Consolidated Statement
of
Income and Earned Surplus and the Consolidated Balance
Sheet are true
fiscal
exhibits of the results from operations for said
period, and of their condi¬
as of April 30, 1937.
tion
Very truly yours,
a
ERNEST
no
$23,968,041.33
1,210,676.27
$25 178 717 60
Capital
...
American Car and Foundry
any means
Under normal conditions there would be
every
the end of the
now
decided lull in equipment
The actual needs of the railroads for equipment,
both motive power
reason
a
2,983,494.74
3,889,018.96
For
held in Treasury
required for the filling of orders booked.
buying.
15,603 872 11
$1,500,000.00
Twelve
inventory of Five
Million Four Hundred Thousand Dollars at the close of the
preceding
'
ACCOUNTS
Depreciation, General Overhauling and
to be
5,294 957 09
_
$5,294,957.09
STATEMENT
compared with
30,000,000 00
LIABILITIES...
Payable, Accrued Taxes and Pay
STATEMENT
enters upon
one year.
par value
bank loan of Hall-Scott
be the fact.
The
'
LIABILITIES
speedily
feared would
was
°
'
Directors.
Huntington, West Virginia, and because of such conditions
production at the latter plant
533 399 75
K
For Insurance
prevailed in the Ohio River
our
*
RESERVE
materially to the earnings shown.
conditions
I.HI
case
improvement in the miscellaneous business—that is, business
other than the
TREASURY STOCK AT COST.
10,550 shares of Preferred Capital Stock
600 shares of Common
Capital Stock
tft
2,431 304 92
$104,919,746.80
equipment buy¬
number of years past, and of such business
your Com¬
had its fair share.
21 ft 879
NOTES AND ACCOUNTS
RECEIVABLE"OFAFFILIATED COMPANIES, less reserve
the preferred shares.
just closed there
ing by the railroads in greater volume than had been tjie
pany
'
...
declared by the Board of
as
in which fuU dividends at the
cent, per annum
28 170 672 24
and
reserve
capital stock to be paid when and
»
$4,547,138.80
1,245,361.59
reserve
Materials, inventoried at cost or less,
not in excess of present
market prices
$73,235 314 11
I
Cash in banks and on hand
U. S. Government Securities at cost
(Quoted market value $1,316,875.85)
Accounts Receivable, less reserve
*
Subsequent to the close of the
a
to
Company's organization its apprecia¬
preferred capital stock—such payment practically exhausting
for
well.
'
April,
during
as
express
of, and thanks for, their ^untiring and zealous efforts
throughout the
declared, and paid
was
onlyjof industry, but of labor
like
a
And upon that outcome may
Management is glad of4this opportunity to
approximately One Million Six Hundred Thousand Dollars
for
not
the members of your
charge against earnings of
a
foresee the outcome.
can
depend the future
New
York, June 16, 1937.
W.
BELL AND
COMPANY.
Financial
4368
COMMERCIAL EPITOME
Friday Night, June 25, 1937
:
Coffee—On the 21st inst. futures closed 1
new
lots.
up
points off to 7
for the Santos contract, with sales of 46 lots. The
Rio contract closed 10 to 5 points up, with sales of 14
points
up
opened 6 to 3 points up, moved
The Santos contract
5 to 10 points further, and then fell off somewhat
towards
and held
most of its gains.
The Brazilian markets opened strong and
held strong to the close.
Rio futures closed 175 to 50 reis
net higher at 19.350 for June and 17.900 for August.
The
Rio spot price was 100 higher at 18.900 and the open market
the close.
dollar
The Rio market
rate
futures
held
at
1.75 to
were
futures closed
opened 7 to 10 points
milreis
15.100
points
up
on
dollar.
Havre
On the 22d inst.
The
new
Rio contract closed
to unchanged, with sales of 25 lots.
small advances in cost and
firmness
the
unchanged to 10 points higher in the Santos
contract, with sales of 21 lots.
4
to
1.50 francs better.
up
One
or
two
freight offerings together with
the Brazilian bolsas
were
the chief encouraging
factors, combined with the N. C. D. announcement that
779,000 bags of coffee had been officially destroyed during
the first half of June, indicating an acceleration of destruction
as
compared with May. The "C" contract at Santos closed
400 to 25 reis up at 23.900 for July, 23.600 for September
and 23.000 for December.
Rio futures
were
100 to 25 reis
higher at 19.400 for June and 17.900 for August. The Rio
spot price held at 18.900 and the open market dollar rate
was
10 reis firmer at 15.080 milreis to the dollar.
futures
were
1.50 to 1.25 francs better.
Havre
On the 23d inst.
futures closed 20 points off for the July delivery and 4 to 3
points down for the later months in the Santos contract.
Sales of Santos futures totaled 43 lots.
With the first July
notice day due on Friday, certain interests who had gone
long in the July position of the Santos coffee futures contract,
took fright, sola out and shoved the July delivery off 20
points in doing so. July had been at a premium of 30 points
over September,
reflecting the expectation that Brazil would
accept delivery as was done in May. So far little Brazilian
support has been evident.
The Rio contract closed 4 to 12
points lower, with sales of 48 lots. September was the center
Chronicle
June 26, 1937
July delivery. Liquidation of this option was again the fea¬
ture. Opening sales were at no change to 2 points loss, with
prices ruling within an extremely narrow range. London
came in 3d. lower on actuals, with futures on the Terminal
Cocoa Market 3d. ldwer to unchanged.
Only 750 tons
traded there.. In the local market transactions totaled 459
lots
or 6,151
tons.
Local closing: July, 7.14; Sept., 7.26;
Oct., 7.28; Jan., 7.40; March, 7.50; May, 7.60.
On the
23d inst. futures closed 1 point lower to 1 point higher.
Transactions totaled 629 lots or 8,429 tons. Liquidation of
the July delivery was the feature, and were it not for this
trading, volume would be extremely light. Prices moved
within a very narrow range. No change showed in London
actuals, while futures on the Terminal Cocoa Market ruled
134d. higher to 3d. lower, with 310 tons changing hands.
In the local market manufacturers were observed buying
July and September cocoa. The leading chocolate maker in
the country supports the latter at 7.26c.
Local closing;
July, 7.13; Sept., 7.27; Dec., 7.38; Jan., 7.41; Mar., 7.51;
May, 7.61.
On the 24th inst. futures closed 1 point lower to 9 points
higher.
Only July showed a loss because of pressure of
liquidation. Opening sales had been at no change to a gain
of 1 point.
Transactions totaled 12,489 tons. Featuring
tremendous activity in the July delivery on the Exchange
today was heavy accumulation of the contract by the coun¬
try's leading manutacturer.4 It was believed this interest
was building up a long position with the intention of
taking
delivery.
London came in third higher to unchanged on
the outside, while futures on the Terminal Cocoa market
rose 4 34 to1 34d., with 1,470 tons transacted.
Local closing:
July, 7.12; Sept., 7.38; Oct., 7.35; Dec., 7.46; Nov., 7.40;
Jan., 7.50.
Today futures closed 8 to 10 points up, with
sales of 683 contracts.
Buying by commission houses and
trade interests lifted the
stopped promptly, most of
Warehouse stocks increased
9,300 bags to a new high record volume of 1,333,792 bags.
Local closing: July, 7.20; Oct., 7.45; Dec., 7.55; March, 7.67
Sugar—On the 21st inst. futures closed 1
down
on
the
near
distant months.
control
Havre futures were .25 franc off to 1.75 francs up.
On the 24th inst. futures closed 9 to 3 points up in the
Santos contract, with sales of 67 lots.
tract closed 7 to 9
point
The
new
Rio
con¬
with sales of 39 lots. Rio fu¬
tures in Brazil were 225 reis lower to 425 higher at 19.000
for June and 18.325 for August.
The Rio spot price held at
19.000 and the open market dollar rate eased 20 reis to
up,
15.100 milreis to the dollar.
The "C" contract at Santos
opened 125 off to unchanged at 23.775 for July, 23.550 for
September and 23.000 for December.
The "B" contract
was 125 to 25 off from June 21 at
21.075, 21.175 and 20.975.
Havre futures were 8.75 to 10.25 francs higher.
To-day
futures closed 10 to 6 points up in the Santos contract. The
Rio contract closed 3 to 11 points up.
Santos sales were 62
contracts.
The coffee market was quiet but steady.
Some
47 July Santos notices were issued, but were readily
stopped,
with the result that little change in prices was noted.
This
afternoon July Santos sold at 12.77, up 4
points, and Sep¬
tember at 12.83, up 3 points.
Commission houses were
buyers of deferred deliveries, while the trade took July.
Rios were unchanged. A few notices were
stopped.
Rio coffee prices closed as follows:
December
7.091 September
May
July.
7.031 March
—7.12
;
7.05
.7.23
Santos coffee prices closed as follows:
March..
May
July
•
10.21 December
10.17 September..
10.85
Cocoa—On the 21st inst. futures closed 4 to 1
10.35
—10.61
points net
Liquidation of the July contract was the feature of
trading, this becoming more pronounced than has been
the case over the past week or 10 days. With first notices
due on June 25, or only three days
hence, those still main¬
taining a position in July appear anxious to even up. Trans¬
actions totaled 393 lots, or 5,266 tons.
London outside
prices ruled unchanged and futures on the Terminal Cocoa
Market there stood 1 34d. on either side of the
previous
close, with only 260 tons selling. Local closing: July, 7.15;
Sept., 7.27; Dec., 7.37; Jan., 7.40; Mar., 7.49. On the 22d
inst. futures closed 1 point down to 1 point
up.
Trading
was fairly active, but most of it was concentrated in
the
lower.
the
and
July
ferable July notices were being
them by a leading manufacturer.
off to
dollar.
market out of its rut
sold at 7.20, up 8 points, and September went to 7.40c., up
7.
The rise started when it became known that 315 trans¬
of
activity in the Rio. Rio futures in Brazil were 175 reis
unchanged at 19.225 for June and 17.900 for August.
The Rio spot price was 100 reis up at 19.000 and the Santos
spot was 100 reis higher than on June 18 at 23.400. The open
market dollar rate held unchanged at 15.080 milreis to the
cocoa
advanced prices to the best levels in about a month.
to 4 points
deliveries and 7 to 8 points down on the
Lack of faith in the continuance of sugar
reflected in the action of the
new crop positions
futures today.
Those months under mild
pressure of hedge selling, dropped 7 to 8 points, ending at
the lows for the day.
Meanwhile 1937 positions were only
1 to 4 points lower.
Transactions totaled 397 lots.
The
weakness in the futures market apparently threw a
damper on
prospective buyers of raws, especially at the 3.45c. figure.
In early trading Godchaux was reported to have bought
a
cargo of Cubas for July shipment at 2.55c.
Following this
transaction the price dropped to 2.50c. on a sale of 22,000
bags of Cubas, due July 12, for delivery at New Orleans.
Only because the sugar is for New Orleans delivery, the spot
price was unchanged at 2.55c.
The world sugar contract
closed 34 to 134 points lower.
Transactions totaled 179
lots.
There was very little to the trading in this contract.
On the 22d inst. futures closed 2 points lower to 1 point
higher.
The major part of the trading was in July and
September, particularly the latter, which was sold by the
Wall Street house with the leading Cuban producing con¬
nection.
There were no new developments to influence the
price trend.
Raws were unchanged from the previous day,
and there was nothing new from Washington on the subject
of whether there will be legislation.
The only reported sales
of raws yesterday was 15,000 bags of Cubas, loadmg July 17,
at 2.50c., cost and freight to Godchaux.
Sellers generally
were
asking 2.55c.
In the world contract market prices
closed 1 to 2 points higher.
At one time during the session
the market was 2 to 234 points up.
Sales totaled 533 lots.
Actual sales effected in the Lpndon market were estimated
at 25,000 tons and were done at 6s. 834d., equal to 1.1834c.
f. o. b. Cuba, with freight at 25s. 9d.
On the 23d inst.
futures closed 3 points lower to 2 points higjier.
Near
months were more or less influenced by July liquidation in
anticipation of first notice day. The raw market was some¬
what steadier on a purchase by an operator of 1,200 tons of
Philippines, due July 14, at 3.43c. and indications that a
spotty interest among the refiners existed for sugar at
3.40c.
The better tone was also attributed to reports that
was
in domestic sugar
compromise legislation will be proposed shortly.
If the
Administration accepts the compromise, continuation of the
quota system is assured.
The world sugar contract closed
1
to
2
points lower, with transactions totaling 270 lots.
raws were offerered at 6s. 834d., equal to 1.19c.
f. o. b. Cuba with freight at 25s. 6d.
Terme prices were
34 to 34d. lower.
In London
Financial
Volume 144
On the 24th inst. futures closed 2 to 8
points up. Aggres¬
buying influenced by the pros¬
pect of sugar legislation, put domestic sugar futures up
sharply. Transactions totaled 533 lots. It was first notice
day for July, but none was issued, and the importance of
sive short covering and new
was overshadowed by the prospect of sugar
With the view prevailing that because a bill
new legislation will be enacted,
July liquidation
legislation.
was
introduced in the Senate
a'broader outside demand
was
attracted to the market.
This
demand and that of shorts covering, was particularly aggres¬
sive because the bill introduced calls for a tax of lAe. per
on raw sugar.
In the market for raws approximately
30,000 tons for June, late July arrivals and-August-Septem¬
ber shipment from the Philippines were sold at 3.45c., an
advance of 2 points from sales effected earlier in the day and
5 points above the price paid in the previous session.
The
world sugar contract closed unchanged to 1H points higher,
pound
with sales of 180 lots.
To-day futures closed 1 point up to
1 point down in the domestic contract, with sales of 160
contracts.
The market was
quiet but steady.
Bulls empha¬
sized the fact that sugar legislation is likely to be
realized
feeling
generally throughout the trade.
In the raw market sales
were reported made at 3.43 to 3.45 cents, duty paid basis,
with a refiner the principal buyer.
The world contract mar¬
ket gained 1 to 2 points on rumors that Russia was seeking
to buy sugar in Cuba.
The world sugar contract closed H to
llA points up, with total sales of 204 contracts.
this session, and this seems to have promoted a better
Prices
follows:
were as
July
September
2.42
2.491 January
2.631 March
December
-
2.55
2.43
-—2.46
[May
Lard—On the 19th inst. futures closed 7 to 15
points lower.
The pressure against lard prices today was influenced by the
corn and other grains and continued slow cash
weakness in
demand.
The hog market was quiet, with prices nominally
unchanged.
Western hog receipts were very light and totaled
8,300 head, against 13,200 for the same day last year.
No
export clearances of lard were reported from the Port of New
York today (Saturday).
Liverpool lard futures closed Is.
to 6d. lower.
On the 21st inst. futures closed 20 to 30 points
up.
Speculative covering later in the session influenced by
the sharp advance in all grain markets uncovered a market
bare of offerings.
As a result of this buying prices readily
responded and advanced 35 to 40 points on the active de¬
liveries Trade interests were fairly heavy sellers on the bulge.
About half of the gains were erased on rather heavy profit
taking sales.
The hog market was firm, with final prices at
Chicago mostly 10c. higher, the top price for the day register¬
ing $11.65, with the bulk of sales ranging from $10.60 to
$11.60.
Western hog receipts were still running below a
year ago, marketings today totaling 44,400 head, against
65,900 for the same day a year ago.
No export clearances
of lard were reported.
Liverpool lard prices were unchanged
to 6d. lower.
On the 22d inst. futures closed 5 points down
to 2 points up.
The opening range was unchanged to 5 points
lower.
At one time the market slumped 7 to 10 points under
the previous close, but recovered considerable of the losses
as a result of speculative buying, largely for short account.
Export clearances of lard from the Port of New York today
were reported as 139,973 pounds, destined for London, Liver.
Eool and Chicago hog prices were very steady at6d. to 9d.
Manchester. Liverpool prices were Monday's
igher.
finals, the top price for the day registering $11.65, with
prices on some sales ranging from $10.60 to $11.60.
Western
receipts were 47,500 head, against 61,800 for the same
day last year.
On the 23d inst. futures closed 7 to 12 points
higher.
Prices started 5 to 7 points lower on the near months
and 15 points lower on the distant December.
These losses
were all erased in the later trading, the market closing with
substantial gains.
Hog receipts were light and totaled 43,100
head, against 51.800 for the same day last year.
Closing
hog prices at Chicago were 10c. to 15c. higher.
The top price
for the day was $11.75, with the major portion of sales rang¬
ing from $10.70 to $11.70.
Lard exports from the Port of
New York were 1,425 pounds, destined for Manchester.
Liverpool lard futures were 3d. down to 3d. up.
On the 24th inst. futures closed firm at 15 to 17 points net
nog
higher.
At one time during the session prices showed net
gains of 17 to 25 points. Chicago hog prices closed 10c. to
20c. higher owing to the light marketings at the leading
Western packing centers.
Total receipts for the Western
run were 39,000 head against 49,600 for the same day last
year.
The top price for the day was $11.95, with the bulk
of sales ranging from $11.10 to $11.90. No export clearances
of lard were reported from the Port of New York to-day.
Liverpool lard futures closed 6d. to 3d. higher, with the spot
position unchanged. To-day futures closed 23 to 18 points
up.
This market derived its strength chiefly from the strong
upward surge in the grain markets and the extremely warlike
news from abroad, which seemed to affect almost all com¬
modity markets.
DAILY CLOSING PRICES
Sat.
July..
September
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. . Fri.
11.32
....-11.57
11.52
11.82
11.47
11.77
11 65
11 85
11.70
12.00
11.90
12.20
11.27
11.25
11.82
11.47
11.80
11.50
11 87
12.05
11.77
12.50
October-
December
11.62
12.25
Pork—(export), mess, $29.25 per barrel (per 200 pounds);
family, $32.25, nominal, per barrel; fat backs, $24 to $28
per barrel.
Beef: (export) steady. Mess, nominal; packer,
Chronicle
4369
nominal; family
per barrel (200 pounds),
nominal.
Cut Meats:
Pickled
f.—4 to 6 lbs., 14%o. 6 to 8 lbs.,
16c.; 8 to 10 lbs, 14%c. Skinned, loose, c. a. f.—14 to 16
lbs., 21c.; 18 to 20 lbs., 1934c.; 22 to 24 lbs., 18%c. Bellies:
Clear, f. o. b. New York—6 to 8 lbs., 21c.; 8 to 10 lbs., 21o.;
10 to 12 lbs., 2034c.
Bellies:
Clear, dry salted, boxed,
New York—16 to 18 lbs., 17Jio.; 18 to 20 lbs., 17%c.; 20
to 25 lbs., 17%o.; 25 to 30 lbs., 17%e.
Butter: Firsts to
higher than extra and premium marks: 23 to 31c. Cheese:
State, held, '36—2234 to 23Ao.
Eggs:
Mixed colors
checks to special packs—18 A to 22 lAo.
(export), $23 to $24
nominal; extra India
mess,
Hams—picnic, loose,
c. a.
Oils—Linseed Oil was quotably unchanged, with very
little buying interest apparent recently, with Tank cars at
10.4c.
Quotations: China Wood: Tanks, June for'd 11.8o
to
11.9c.; Drums 1234 to 12 %o.
Coconut:
Sept. for'd
5%c.; July-Aug., 5 He.; Coast for'd, 5c. Corn: West tanks,
old crop 8Mc.
Olive:
Denatured, nearby—African $1.48;
Greek $1.48 to $1.50.
Soy Beans:
Tanks, resale, West
7%c.; New Crop 7He.; L. C. L. 10.5c. Lard: Prime 1334c*;
Extra winter, strained, 1234®*
Cod:
Crude, Japanese,
56c. nominal; Norwegian, light yellow, 46c.
Turpentine,
S8H to 4234c. Rosins: 9.3234 to $10.35.
Cottonseed Oil, sales, including switches, 255 contracts.
Crude, S. E., 8c.
Prices closed as follows:
June
9.20®
July
August...
September
October—
9.20®
9.20®
9.22®
....
9.20®
9.20®
November
9.27®
December...
_^_9.25®_9,28 January-.
-
...
....
——
....
^JRubber—On the21st inst .'futures closed 13to 21 points
down. Transactions totaled 3,100 tons. It was thought that
the postponement of the meeting of the Rubber Regulation
Committee from June 29 to July 210 may have caused some
speculative selling since it removed the possibility of any
early reduction in the export quotas. The outside rubber
market
to
a
was a
very
quiet affair.
Outside prices
reduced
London and
prices unchanged to
were
spot basis of 1934c* for standard sheets.
Singapore market closed quiet and
3-32d. lower.
easy,
British rubber stocks showed another decline
of 1,011 tons last
week, bringing them down to a new low of
43,653 tons. Local closing: June, 19.37; July, 19.40; Sept.,
19.57; Dec., 19.70; Jan., 19.75; Mar., 19.85. On the 22d
inst. futures closed 8 to 11
prices
the result of
bade
points lower.
At the opening
7 to 20 points lower than the previous closing
Transactions totaled 2,000 tons. July was weak as
were
levels.
some
Jmarket again
commission house liquidation.
The out¬
quiet affair. Outside prices
weakened and were quoted on a spot basis of 19
for
standard sheets.
London and Singapore closed quiet, with
pHces showing slight declines. Local closing: June, 19.28;
July, 19.31; Sept., 19.46; Oct., 19.52; Dec., 19.62; Jan.,
19.67; Mar., 19.77. On the 23d inst. futures closed 11 to 15
points net lower. The market started with losses of 12 to 27
points. Transactions totaled 2,340 tons. The outside market
again was a very quiet affair, with both factory buying and
shipment business in only small volume. The London and
Singapore rubber markets closed steady, although prices
were l-16d. to 34d. lower.
Local closing: June, 19.13; July,
19.16; Sept., 19.35; Oct., 19.40; Dec., 19.48; Jan., 19.54;
Mar., 19:64. 4
On the 24th inst. futures closed 34 to 40 points up.
The
market reversed itself sharply today, prices starting 14 to 31
points higher, the gains more than holding throughout the
session.
was a very
Transactions totaled 3,050 tons.
The outside
mar¬
ket again was a very quiet
affair, with factories reluctant to
make new commitments.
Outside prices firmed to a spot
basis of 19%c. for standard sheets.
London and Singapore
closed steady and firm, prices 3-32 to 5-16d. higher.
Local
closing: June, 19.48; July, 19.50; Sept., 19.71; Oct., 19.76;
Dec., 19.86.
Today futures closed 5 to 12 points up.
Transactions totaled 732 contracts.
Trading was more
active with prices firmer on buying based largely on the
Malayan rubber census for May, which showed but a slight
increase in production last month compared with April.
Moreover a cable reported that the Singapore market was
firm on trade and speculative buying.
The London market
also was firm, closing slightly higher.
It was estimated that
rubber stocks in the United Kingdom had increased about
900 tons this week.
Here September sold at 19.89, up 18
points, and December at 20.02c., up 16 points.
Local
closing: July, 19.58; Oct., 19.76; Dec., 19.93; March, 20.12.
Hides—On the 21st inst. futures closed unchanged to 8
points up. The market was weak at the start, first prices
ranging from 10 to 34 points decline, but the list rallied
sharply during the later dealings and at the final bell had
recovered the greater portion of the early losses.
Transac¬
tions however, were only 2,240,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
decreased by 2,000
pieces, to a total of 852,376 hides. No
sales were reported in the spot markets of Argentine or at
domestic spot centers.
Local closing: June, 14.92; Sept.,
15.19; Dec., 15.58.
On the 22d inst. futures closed 2 to 3
points net higher.
Transactions totaled 1,240,000 pounds.
In the domestic spot hide market it was reported that sales
have been made of 14,900 hides with May-June light native
cows selling at 1534c. and heavy
native^steers at 1634c. a
pound.
In the Argentine 4,000 frigorifico steer hides were
reported sold at 15%e.
Local closing: June, 14.94; Sept.,
4370
Financial
15.22; Dec., 15.62.
On the 23d inst. fatures closed 11
to 13
points net higher. At the opening the market was weak and
11 to 19 points below the previous close.
Business was
limited, transactions totaling 960,000 pounds.
There were
80,000 pounds tendered for delivery against June contracts.
The certificated
stocks of hides in warehouses licensed
by
Exchange decreased by 6,340 hides to a total of 846,036
hides.
No business was reported in the domestic or Ar¬
gentine spot hide markets.
Local closing: June, 15.00;
Sept., 15.33; Dec., 15.73.
On the 24th inst. futures closed 2 points higher to 3 points
lower.
Transactions totaled 1,840,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
decreased by 5,027 hides to a total of 841,009 hides.
In the
domestic spot hide market sales were reported of 112,400
hides.
Latest trading, it is said, was at 15 He. for MayJune light native cow hides, 15c. for branded cows, 16 He.
for heavy native steers and
16c. for Colorados.
Local
closing: Sept., 15.70; Dec., 15.70; March, 16.07; June, 16.35.
Today futures closed 23 to 28 points up.
Transactions
totaled 80 contracts.
The market reflected a steady under¬
tone, but was dull.
Transactions in the early afternoon
totaled
only. 500,000 pounds.
Certificated
stocks
de¬
creased 1,029 hides.. Spot sales were made of hides on the
basis of
15 He. .for native cows.
Local closing: Sept.,
15.58; Dec., 15.98; March, 16.33.
the
Chronicle
June 26,
Crack
64.
to
double
extra
1937
lHc. up at 1.87.
The
strong Japanese cables did much to stimulate the market
Grade D
here.
10 yen
was
was
higher in both Yokohama and
Kobe at 8.50 yen.
Futures were 9 to 7 yen up at Yokohama
and 11 to 7 yen higher at Kobe.
Spot sales were 675 bales
and futures transactions totaled 7,450 bales.
Local closing:
June, 1.86H; July, 1.85H; Aug., 1.85; Sept., 1.84; Oct.,
1.83H; Nov., 1.82342; Dec., 1.82HOn the 23d inst.
futures closed l*Hc. to 3 He. down.
Despite the depressing
cables from Japanese markets, local values held
up sur¬
prisingly well until toward the close, when a severe drop was
experienced under rather heavy pressure in the form of
hedge selling. .The opening was lHc. off to lc. up., with
transactions for the day totaling 2,770 bales.
Twelve more
notices brought the total to date to 76.
Grade D was up
2H yen at Yokohama at 852 H yen, and steady at Kobe at
850 yen.
Futures were 4 to 3 yen off at Yokohama and 6 to 1
yen lower at Kobe.
Spot sales for the two markets totaled
5,075 bales.
Local closing; June, 1.84; July, 1.83 H; Aug.,
1.82H; Oct., 1.80; Nov., 1.79H; Dec., 1.80.
On
the 24th inst. futures closed
unchanged to 2c. up.
opening was H. to 2c. better and sales totaled 2,210
bales.
July was again the outstanding feature of the trad¬
ing.
There was one notice issued, bringing the total to 77.
Grade D in Japan ruled at 850
yen in both Yokohama and
Kobe, or 2H yen lower in the former market.
Futures
The
6 yen off to unchanged at Yokohama and 7 lower to
unchanged at Kobe.
Spot sales at the two centers totaled
450 bales and futures transactions totaled 4,525 bales.
Local closing;
June, 1.84; July, 1.83H; Aug., 1.83H; Oct.,
1.82; Nov., 1.8134?; Dec., 1.81 KToday prices closed un¬
changed to 2 points lower.
Easier foreign prices caused the
silk market to hesitate.
After opening unchanged to He.
lower, prices this afternoon were unchanged to 2 points
lower, with September at $1.80H and December at $1.81 H
on sales of 1,600 bales.
The New York spot market was lc.
lower, with crack double extra selling at $1.89H«"
The
Yokohama Bourse closed 3 to 13 yen lower.
Grade D silk
declined 5 yen to 845 a bale.
were
Ocean
Freights—The
active, with rates steady.
market
for
charters
was
quite
A feature of the charter market
last week and the current week has been the
heavy chartering
of scrap steamers from the Atlantic coast, Gulf and Pacific
coast at fairly steady rates. Charters included: Grain booked:
Five loads,
Albany to Antwerp, late June 14c.
Six loads,
Rotterdam, August, 14c. Two loads Montreal
to Rotterdam, late June, 14c.
Four loads, Montreal to
Antwerp, June, 14c.
One load, Montreal to Rotterdam,
June, 14c.
Scrap: Range to United Kingdom prompt 25s.,
free discharge.
North Atlantic to United Kingdom, July 1031, 25s. 6d., basis.
North Atlantic to United Kingdom,
July, 251. 6d.
Range to United Kingdom, 25s. 6d.
Gulf
to United Kingdom, June-July, 28s. 6a.
North Atlantic to
United Kingdom, 25s. 5d., July-August.
North Atlantic to
West Italy, $8.50 option Genoa or Savona or Bagnoli, $8.
July-August. North Atlantic to West Italy, option Genoa,
Savona or Bagnoli, $8, July-August.
Baltimore to
Coal—It is
generally believed that this week's coal output
a very good
showing. The prolonged dullness
largely on the steel strike which has now been in
vill not make
is blamed
effect
more
believed
than four weeks.
that
Under these conditions it is
operators here and
there in most fields
are
shading their prices in order to move some coal. Lake bitumi¬
nous loadings,
including vessel fuel for the week of June 12th,
were 1,479,239 tons against
1,470,670 tons the previous week
and 1,383,380 tons a year ago.
Hampton Roads loaded
330,554 tons against 334,6o2 tons the week before and 291,672
in
1936.
The United
States Bureau of Mines reports
bituminous
production including colliery fuel for the week
of June 12th ao 6,995,000 tons against 6,680,000 tons in the
previous week and 6,697,000 tons a year ago. Total anthra¬
cite output for the same period was 1,069,000 tons against
959,000 tons in the preceding week and 911,000 tons in 1936.
Metals—The
report
of Copper,
Tin,
Lead,
Zinc,
Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
"Indications of Business Activity," where they are covered
more
COTTON
Friday Night, June 25, 1937.
as indicated by our tele¬
grams from the South tonight is given below.
For the week
ending this evening the total receipts have reached 19,653
bales, against 15,944 bales last week and 23,325 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,231,593 bales, against 6,663,679 bales for the same period
of 1935-36, showing a decrease since Aug. 1, 1936, of 432,086
The Movement
the
of
Crop,
bales.
Receipts at—
Sat.
Galveston
Tues.
646
353
Houston
Corpus
Mon.
77
759
Christi..
■
—
inst. futures
bales.
closed 4c. to
Nine
more
notices brought the total issued to date to 60.
extra was lc. higher at 1.85.
Grade D was
2c.
higher.
transferable
Crack double
unchanged in
Japan at 840 yen, with spot sales at Yokohama and Kobe
aggregating 400 bales.
Futures transactions in the two
markets totaled 3,700 bales, with Yokohama
up to 5 to 7
yen and Kobe 1 to 4 yen higher.
Local closing: June, 1.85;
July, 1.84H; Aug., 1.83H;. Oct., 1.82H; Nov., 1.82 H;
Dec., 1.81 HOn the 22d inst. futures closed 2c. up to
unchanged.
Transactions totaled 2,920 bales.
Four addi¬
tional
transferable notices brought the total issued
to date
2
1,487
581
1,468
1,195
6,034
88
686
724
274
438
255
541
197
434
559
765
2,880
2,751
Savannah
_
Charleston
110
20
Norfolk
399
87
327
69
128
79
186
2,488
2,822
2,426
7,231
"19,653
86
Baltimore
Totals this week.
837
2,426
__
2,686
2,022
2,404
The
following table shows the week's total receipts, the
total since Aug. 1, 1937 and the stocks tonight, compared
with last year:
\
Stock
1935-36
Receipts to
June 25
This
Since Aug
This
Since Aug
Week
Galveston
1, 1936
Week
1, 1935
1937
1936
1,086 1,696,280
2,278 1,558,480
331,152
3,310 1,290,262
2
283,920
23,286
6",034 2,013,387
2,880
314,830
2",476
44,483
1,721,801
412,159
2,061
262",679
263,753
398
271.924
26,305
15,170
29,141
28,139
337,043
102,100
6,737
2,237
170,738
Texas City
Houston
Corpus Christi
Beaumont
New Orelans
Mobile
Pensacola, &c
Jacksonville
38,052
12",019 1,784,139
1,250
391,212
165,207
3,693
1*207
313,807
2",751
100,910
4,477
141,382
"327
169",045
"526
214", 196
56,000
26,404
42,685
13
21
"837
781
55,860
23,282
45,391
2",426
Savannah
68",725
"729
32,152
313,603
44,885
3,878
1,528
129,973
Brunswick
Charleston
Wilmington
Norfolk
26,525
5,201
14,521
22,607
29",622
""ioo
Lake Charles.
2",325
4,394
1,375
1,820
12,449
13,929
28,938
Newport News
Baltimore
totaled 2,680
1,086
3,310
-
679
New York
Silk—On the 21st
«.
»
670
by motor truck to mills on recent pieeing-out purchases has
been halted by the strike of warehousemen and wool handlers,
which is also disturbing the
incoming wool situation very
seriously.
Although arrivals of foreign wools are now in
greatly decreased volume, shipments of domestic wools from
the Western States are coming forward in
large volume.
Transactions
1,973
-
624
Advices state that movement of wool out of Boston
wool.
179
18
3
2
1936-37
all the time at various grease prices, which indicate about
93 to 95c. for twelve months' aud 91 to 92c. for
eight months'
Total
Fri.
85
Mobile
are
on
Thurs.
66
New Orleans
fully.
Wool—Although business is limited, prices for raw wool
steady to firm.
Replacement orders by manufacturers
are confined
largely to the fine wools.
Original bag terri¬
tory and good twelve months' Texas both bring 95-98c.,
scoured basis, while Ohio delaine, somewhat
neglected, is
quoted close to $1 clean.
There is still a large amount of
unsold wool in Texas and the big Western producing States,
the feeling prevailing among
many growers that they are
bound to get higher prices, and where
they cannot get the
prices they ask, they store the wools.
It is estimated that
in Texas alone there are upward of 20,000,000
pounds of
the spring clip still in growers' hands.
Some buying is going
Wed.
33
204
Boston
499
Phildephia
19,653 6,231,593
21,698 6,663,679 1,203,896 1,443,690
In order that comparison may be
we
made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
Houston..
__
New
Orleans.
Mobile
Savannah..
1936-37
1935-36
1,086
3,310
6,034
2,880
2,751
2,278
2,476
12,019
1,250
1,207
1934-35
543
2,624
4.176
149
233
Brunswick
16,614
8,732
17,434
7,262
2,381
1932-33
8,631
16,705
24,551
7,727
1931-32
5,848
3,296
17,494
4,097
7,033
4,235
"""629
10
"'"327
Charleston
Wilmington
1933-34
_
""526
"""209
1,460
"6", 724
21
387
487
1,307
407
""837
781
136
496
800
251
"2", 428
1J40
"""249
"4,178
"5~,4l2
,""5",475
19,653
21,698
8,706
59,054
75,954
44,758
_
Norfolk
N'port News.
All others
Total this week
"
Since Aug. 1__ 6,231,593 6,663,679 3,995,078 7,242,221 8,481,437 9,599,46/
Volume
Financial
144
The exports for
the week ending this evening reach a total
bales, of which 13,595 were to Great Britain, 2,241
to France,
15,274 to Germany, 2,676 to Italy, 3,029 to
Japan, nil to China and 4,827 to other destinations.
In
the corresponding week last year total exports were 34,754
bales.
For the season to date aggregate exports have been
5,284,592 bales, against 5,821,032 bales in the same period
of the previous season.
Below are the exports for the week:
of 41,642
Week Ended
June 25,
Exported to—
1937
Ger
Great
Exports from—
France
Britain
Galveston.
1,323
Houston
1,933
„
^
^
_
2,543
610
^
50
50
3,477
11,690
900
10,726
400
8,820
■
-
-
,
New Orleans
3,824
Mobile
3,874
Jacksonville-
2,775
1,452
V <
^
"
Corpus Christi..
»
...
-
«
2,241
3,886
-.
-
2,148
m
-
-
m
-
-
•
—
„
-
«
_
2,066
37
-
,»
37
■
«
-
~
.
-
_
„
„
_
......
-
-
-
-
-
-
-
-
*-
'
Savannah
2,477
Charleston
-
-
-
-
-
Norfolk
5,943
-
743
~
235
57
Los Angeles
-.
..
-
107
Total........
13,595
-
-
-
-
-
-
2,676
-
1,450
1,837
4,915
4,827
5,184
34,754
648
8,594
23,971
41,642
1,393
13,536
72,946
3,029
7,788
10,457
5,527
Exported, to—
From
1, 1936. to
Aug
Ger¬
June 25,1937
Great
Exports from.—
Britain
France
Houston.
176,181 114,003
Lake Charles
50,970, 47,877
9,728!
963
402,317 276,054
11,040 21,337
Mobile
116,522
Beaumont
New
Orleans..
18,339244, 6641507,511
2,111143 423 926,707
276,064
66,045
Other
26, 582
355,
27,660
7",218
47,003
17,94
2,330
29,601
5",661
2",850
Savannah
54,458
1,791
3,718
Charleston.
67,320
1,200
48,905
58,060
1,516
18,000
15", 014'
&c.
Wilmington...
26
2,542
4,007
Gulf port
6,172
985
,417, 297,287
3,960
2"
415
89,324
13 ,268
123,646
5
,317,
148,697
,665'
275
1,004
1,498
25,726
1,121
6
York
,422
7,701
2
,516
6,879
157,
3,862
"639
419
"33
Los Angeles
30,265
20,815
30,935
1,330
San
11,226
784
5,258
100
275,392
121,829
634
Philadelphia...
8,611
"393
4,601
"62
4
Baltimore
333
100
261
Boston
55,208
1,200
Norfolk
New
17,454
17 ,427
210
37,565
Pensacola,
210,435
Qlb 177 ,4391316.032
129",480 182",282
147,330
1,630
Total
150
6,613
5,194
81,905
Jacksonville
|
China
8,045
11,561
j
Japan
597,762
173,380 114,298
118,423 96,503
180,003 179,065
Corpus Christ!.
'
Italy
many
Galveston
13,495
,409
,184! 375,021
100
1.000
,6291
145,826
lOj
Francisco.
10
Seattle
<
971
-
-
900
15,274
8,874
-
-
-
-
-
1,450
2,441
9,933
...
679
-
2,241
1
4,439
Total 1935..
-
830
.....
........
—
743
-
-
San FrancLseo...
Total 1936
Total
Other
China
Japan
Italy
many
736,733 392,6641550.884
1169,482 706.377
Total.......
852,251387,641 1528,576 41,575939,0755821,032
413,241468,492 1543,482 108,474 909,831 4583,170
36. 1372,064 700,8501
Total
1935
Total
1934-35.
758,426
NOTE—Exports to
23,035 705,4175284,592
381,224'
Canada—It has never been our practice to Include In the
above table reports of cotton shipments to
Canada, the reason being that virtually
overland and it Is impossible to give
all the cotton destined to the Dominion comes
concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
returns
however, of the numerous inquiries we are receiving regarding the matter, we will
that for the month of May the exports to the Dominion the present season
say
have been
In the corresponding month of the preceding season the
16,950 bales.
For the ten months ended R ay 31, 1937, there were
exports were 22,000 bales.
239,806 bales exported, as against 203,820 bales for the ten months of 1935-36.
In addition to above exports,
give
our
telegrams tonight also
the following amounts of cotton on shipboard, not
us
cleared, at the ports
named:
inst. prices
closed 11 to 15 points up.;■ These gains were due
almost entirely to short covering by the Wall Street element,
which resulted in an advance of $.1.00 to $1.25 a bale from
early decline.
The market opened steady at losses of
points.
Liverpool cables were lower than expected,
weather conditions favorable 8,nd traders generally nervous
over events in France, not to speak of the domestic labor
situation.
However, despite these bearish features in the
news, there was no marked pressure of offerings, and when
leading Wall Street houses, which recently sold, began to
appear as substantial buyers, prices firmed quickly and ran
up with comparatively little opposition.
It was estimated
that approximately 50,000 bales of cotton had been pur¬
chased during the day.
This was thought to represent cover¬
ing against previous sales, although some observers contended
that part of the buying was for long account.
There were
complaints of increased boll weevil activity in the cotton
belt, but this could hardly be called an influence.
Southern
spot markets as officially reported, were 9 to 16 points
higher.
Average price of middling at the 10 designated spot
markets was 12.37c.
On the 22d inst. prices closed net un¬
changed to 1 point higher.
Trading was relatively quiet
during this session, with prices ruling within a comparatively
narrow range.
At one time the market showed an advance
of 3 to 5 points, but there did not
appear to be any real
interest on the buying or selling side.
There was a fair
amount of liquidation in July, and this served to depress
the market considerably during a good part of the session.
As a result of this pressure, July sold about 10 points under
October, with a tendency to widen this difference.
After
this selling had spent itself, the market gradually worked
up 7 to 11 points from the lows, aided somewhat by light
commission house buying and moderate covering.
There
were complaints of boll
weevil, but in spite of this and the
firmness in grains and stocks, there was no disposition by
cotton traders to take an aggressive position on the upward
side.
When active selling developed towards the close,
prices gave way rather easily/the market losing all its early
gains in most deliveries.
Weather conditions were reported
favorable for the new crop, and it was thought the weekly
weather and crop bulletin tomorrow will make a good show¬
ing.
Average price of middling at the 10 designated spot
markets was 12.40c.
On the 23d inst. prices closed 16 to 21
points up.
The market opened steady and 2 to 4 points
lower, showing an easier tone in response to lower Liverpool
cables and on reports of favorable weather over the entire
belt.
July liquidation again played a leading part in de¬
pressing prices, this option selling down 13 points under
an
2 to 3
October.
this
Leaving
Ger¬
wise
400
1,500
891
281
600
11,200
2,648
3,285
1,086
2,077
Total
1,500
711
Savannah
"922
2",549
1,442
185
Norfolk.
Other
ports
1937.
Total
315,352
257,548
299,686
129,973
26,525
Charleston
Mobile
1936.
Total
25.015
1935..
.
1,952
4,942
7,680
6,298
.
Total
•5,574
4,177
4,161
6,572
22,759
18,079
38,839
2,211
1,262
957
42,336
22,607
72,472
37,397 1,166,499
53,459 1,390,231
59,622 1,234,275
ately
active,
cotton
for future delivery
was
moder¬
with a more or less irregular price trend in
well
Street buy¬
For several sessions substantial Wall
ing was noticeable, this
However, ideal weather for cotton
considerably at times.
with
growing,
high
demand strengthening the market
temperatures and no rainfall in
portant sections of the
im¬
South, discouraged the Wall Street
yesterday tumbled 10 to 18
element, and as a result' prices
points.
On
the
Trading
narrow
19th
inst.
was very
range.
prices closed 8 to
12 points down.
light, with fluctuations confined within a
At one time during the session prices were
unchanged to 5 points higher.
However, in the later trading,
when disturbing strike news was received and the favorable
weekly weather forecast posted, liquidation increased and
with the demand slow, prices eased off with little resistance.
Some
complaints were received of rank growth
and insect
activities in portions of the cotton belt, and while there were
no evidences of any real alarm, it is assumed quite generally
outlook had reached its peak and that owing
to the unusually favorable developments, any change in the
situation might be of a less favorable character.
Demand
that the crop
for
spot
cotton was
slow, with domestic mills indifferent
making purchases and evidently well supplied with
raw
material to fill a slackening demand for textiles, so
authoritative sources
state.
Southern spot markets as
about
officially reported, were 6 to
12 points lower.
On the 21st
plentiful.
When
as
rather
a
more
a
sharp rally in wheat
favorable view of labor conditions,
contributed to the
day's advance, and as prices worked up¬
ward, demand broadened with more buying by Wall Street,
10
Average price of middling at the
designated spot markets
12.60c.
was
On the 24th inst. prices closed 10 to 18 points down.
To¬
first notice day for July delivery and
much of the operations was in the form of evening up.
July
day
(Thursday)
sold
within 6
13
of
was
relatively steadier than later months, and at
,,was
good
points of October, compared with
points at the close
buyers
There
of July,
However,
were
cotton belt,
Wednesday.
and
there was
there
but they did not
of
insect
seem
discount
houses
considerable
considerable
was
further complaints
Spot
time
one
a
were
belated
liquidation.
activities
the
in
to have much influence
Houses with Liverpool and Far Eastern con¬
early buyers, while there was considerable
distant positions for hedging against cotton of
trading.
on
evidence.
so
the market reversed
The market's technical position apparently was
and when increased complaints ox boll weevil
activities began to be received, the upward movement was
greatly accelerated and prices in some instances closed $1 a
bale up from the previous close.
The quick response to
increased buying showed the market to have been over-sold.
covering.
Speculation in
not
course,
stronger,
New Orleans and shorts.
15,800
5,131
13,917
7,469
Houston
Orleans..
Stock
Coast¬
Foreign
1,200
Galveston
New
France
Other
many
Great
were
its
run
A firmer tone to the stock market and
Shipboard Not Cleared for—
June 25 at—
Britain
Contracts otherwise
July liquidation had
its trend.
as
On
4371
Chronicle
nections
were
selling of
Brazilian.
possibly
growth,
officially
reported,
were
Southern
10 to
middling at the 10
price of
15
markets,
spot
points lower.
designated
as
Average
spot markets
was
12.47c.
Today prices closed 13 to 4 points up. The market opened
steady at 9 to 13 points up.
At the start of the final hour
July changed hands at 12.24c., up 13 points from the previ¬
ous close, and October gained 8
points at 12.28c.
The British
decision
to
and
smaller
the
the
were
prices to
increase
the
number
principal
equalization fund
of
factors
July
in
by £200,000,000,
notices than
the
advance
anticipated,
which
carried
high ground for the current movement.
new
Liv¬
erpool, commission houses and spot interests were the out¬
standing buyers, while contracts were not especially plenti¬
ful.
The
dation
selling
and
a
British financial
of
the
ported
the
was
little
developments
three-nation
in
gold
the cotton
weather
was
The official
believed to represent scattered liqui¬
hedging.
Liverpool
as
responded to the
indicating a continuation
No
agreement.
belt,
rainfall
and with
temperatures
considered generally favorable.
was
re¬
higher,
quotation for middling upland cotton in the
New York market each day for the past week has been:
June 19 to June 25—
Middling upland
Sat.
Mon.
Tues.
12.44
12.55
12.55
Wed.
12.71
Thurs.
12.61
Fri.
12.74
4372
Financial
Futures—The
highest, lowest and
past week have been
New York for the
closing
as
prices
Chronicle
June 26, 1937
New York
at
The
follows:
quotations
Quotations for 32 Years
for
middling upland at New York
June 25 for each of the
past 32 years have been
Saturday
Monday
Tuesday
Wednesday
Thursday
June 19
June 22
Friday
June 21
June 23
June 24
June 25
July (1937)
Range.. 11.94 12.09 11.90 12.14 11.99 42.10 12.00 12.23 12.11 12.23
12.17-12.30
Closing. 11.94 11.95 12.05 12.06 12.05
12.21
—
—
Aug.—
Range..
12.11 12.12 12.24-12.36
1937
1936
1935
-
-
-
1934
-
1933
1932
-
__
1931
12.08n
12.08n
12.25rt
12.14n
12.11n
12.11n
12.29n
12.17n
12.24n
-
—
...
—
Oct.—
Range.. 12.00 12.14 11.96 12.21 12.08 12 18 12.09 12.34 12.19 12.34
12.24-12 39
12.13 12.14 12.13 12.15 12.34
12.20 12.21 12 25-12.26
Closing. 12.01
Nov.—
-18.55c.
1921
1920
-16.85c. 1919
-18.55c. 1918
-24.00c. 1917
-30.15c. 1916
-28.55c. 1915
-21.90c. 1914
11.20c.
38.25c.
33.95c.
-22.05c.
...
1913
1912
1911
82.30c/i
1910
26.60c.
13.40c.
9.45c.
1909
13.25c.
;
12.50c.
11.60c.
15.00c.
15.10c.
11.75c.
11.70c.
13.10c.
10.80c.
1906
1908
1907
Market and Sales at New York
The total sales of cotton on the spot each
day during the
week at New York are indicated in the
following statement.
For
the
convenience
which show at
Range..
Closing. 12.00n
1929
1928
1927
1926
1925
1924
1923
1922
12.24n
Sept.—
Range..
Closing. 11.98n
-
1930
Closing. 11.96n
—12.74c.
—12.26c.
—11.90c.
—12.35c.
9.60c.
5.30c.
9.90c,
—13.45c.
on
follows:
as
12.12n
12.12n
12.32n
12.19n
12.25n
closed
on
the
reader,
also add columns
glance how the market for spot and futures
a
same
of
we
days.
Dec.—
Range— 11.99 12.12 11.93 12.16 12.05 12.15 12.06 12.30 12.16 12.30
12.23-12.35
Closing, 11.99 12.00 12.10
12.11
12.30
12.17 12.18 12.24
/an. (1938)
Futures
Spot Market
Closing. 12.01
12.14
12.15
12.33
12 20
12.26
Feb.—
Range
—
Closing. 12.03n
12.17n
12.18n
12.35n
12.22n
12.27n
March—
Range.. 12.05 12.18 12.02 12.25 12.14 12.24 12.17-12.38 12.25-12.39 12.29-12.44
Closing
.
12 05-12.07 12.20
12.21
12.38
12.25
Closed
Quiet, 12 pts. decSteady, 11 pts. adv.
Steady, unchangedSteady, 16 pts. adv.
Quiet, 10 pts. dec.
Steady, 13 pts. adv.
Barely steady..
Steady
Barely steady.
Very steady.
Barely steady.
Steady...
Closing. 12.08n
12.22n
12.23n
12.41n
12.25n
12 30n
May—
Range.. 12.12-12.23 12.07-12.29 12.20-12.28 12.20-12.44 12.20-12.41 12.31-12.43
12.12
Closing.
12.25
12.44
12.25
12.26-12.28 12.31
June—
Range..
n
__
..
_
Since
Interior
Towns
the
»
1
9
t
1
1
1
1
1
I
1
1
1
t
1
1
1
1
1
1
1
1
1
1
■
1
1
1
1
1
1
1
1
1
t
movement—that
Movement to June 25,1937
1
is,
the
Range for Week
Range
1937- 11.96 June 21 12.39
June 25 11.05
Nov. 12 1936 13.98
Apr.
5 1937
Nov. 1937—
Week
Season
June 25—
1937
Liverpool
bales
-
1936
1935
605,000
116,000
168,000
183,000
11,000
-
Stock at Havre
Stock at Rotterdam
Stockjat Barcelona
-
Stock at Genoa
Stock/at Venice and Mestre
21,000
10,000
6,000
-
Stock'at Trieste
Total Continental stocks
399,000
1934
886,000
105,000
587,000
91,000
886,000" 721,000
Total Great Britain
Stockiat Bremen
754,000
132,000
678,000
188,000
203.000
154,000
13,000
72,000
83,000
11,000
9,000
991,000
464,000
217,000
23,000
77,000
59,000
12,000
8,000
94,000
22,000
65,000
48,000
23,000
10,000
545,000
450,000
860,000
Total European stocks
1,285,000 1,266,000 1,128,000 1,851,000
129,000
128,000
105,000
73,000
111,000
166,000
204,000
127,000
Egypt, Brazil,&c.,afTt for Europe 126,000
177,000
154,000
143,000
Stock in Alexandria, Egypt
137,000
170,000
163,000
285,000
Stock in Bombay, India
1,068,000
821.000
739.000 1,097,000
Stock in U. S. ports
1,203,896 1,443,690 1,293,897 2,516,559
Stock in U. S. Interior towns
964,392 1,424,612 1,201,295 1,236,729
U. S. exports today
v
8,869
10,652
10,297
32,259
India cotton afloat for Europe—
American cotton afloat for Europe
5.033,157 5,606,954 4,998,489 7,361,547
Of the above, totals of American and other
descriptions
are as
follows:
American
Liverpool stock
..
bales-
Manchester stock
Bremen stock
_
Havre stock
Other Continental stock
111,000
964,392
8,869
U. S. exports today
Total American
9,389
83
7,731
53,014
2,064
28.317
1
1.388
21,512
34,952
2,491
4,995
3,850
7,707
34,120
5,293
13.724
13
85,709
172
1
109,782
27.495
36.935
943
70,048
10.017
"21
Forest City-.
Helena
Hope..
59
-
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
1,424,612 1,201,295
10,652
10,297
1,236,729
32,259
„
44,000
33,000
22,000
129.000
126,000
137,000
—1,068,000
Total visible supply.
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
O P.Oomra No. 1 staple,s'rine.LIv
358,000
72,000
59,000
37,000
80,000
128,000
177,000
170,000
821,000
388,000
56,000
534,000
59,000
52,000
15,000
73,000
105,000
154,000
163,000
739,000
131.000
73,000
143,000
275,000
1,097,000
2,093,000 1,902,000 1,745,000 2,322,000
2,940,157 3,704,954 3,253,489 5.039,547
5,033,157 5,606,954 4,998,489 7.361,547
6.95d.
7.18d.
6.85d.
12.74c.
11.15d.
12.43c.
12.20c.
8.33d.
6.05d.
5.72d.
7.93d.
8.25d.
5.95d.
9.55d.
5.93d.
6.94d.
12.35c.
8.95d.
5.26d.
5.80d.
imports for past week have been 61,000 bales.
figures for 1936 show a decrease from last
week of 93,328 bales, a loss of 573,797 from 1935, and an
increase of
34,668 bales over 1934, and a decrease of
2,328,390 bales from 1933.
above
702
,59
674
19,784
"~50
192,979
743
27,981
1
142,210
178
Joneeboro
125
Newport
"29
46,184
"42
Ga., Albany.
Athens..—..
.
.
41
Atlanta
1,223
1,000
Augusta
496
13,889
29,453
361,471
1,560
58,915
15,567
82,884
9
2
740
"934
949
9,143
536
7,396
16,279
9,860
45,559
31,826
19,359
~~~7
218
163,506
1,001
2
31,264
23
13,959
231
114,889
2.182
3
34,468
6
35,445
11.735
439
16.120
1
24,336
14
13,955
15,630
240 36.275
5,984 122,185
1,216
66,126
304,401
185.561
400
46,689
200
96
54,657
586
35,888
675
35,000
21,102
21.582
15,448
450
22,134
170,
2,409
4
71,436
981
15,815
442
126,173
1,147
41,510
300
4,118
21,796
1,538
1,190
2,161
7,022114,606
1,500 76.569
Columbus...
300
204,384
18,425
Macon
163
47,331
1,276
21,198
Rome
235
20,668
600
La., Shreveport
MIss.Clarksdale
Columbus
"~~6
100.182
74
164.734
4.193
515
39,527
17,910
Greenwood..
221
262,343
Jackson
123
3,454 106,579
33,550
9,863
"286
178,606
63,135
4,698
202
58,163
20,998
942
1,678
109
3,194
3
8,795
31,564
37.807
370
39,408
Natchez
556
2,457
2,758
11.034
8,978
Vicksburg
Yazoo City..
~"l9
Mo., St. Louis.
l",846
329,268
1,138
1.818
2.763
3,996
230,719
4,156
N.C..Gr'nsboro
169
10,867
3,342
279
9,090
454
2,274
473
177,297
233.739
877
54,784
383
387,495
3.235
72,892
1,074
4,238
90,045
44,452
51,396
Oklahoma—
15 towns »
S. C.,Greenville
Tenn.. Mem phis
2,140
3,378 2,555,792
Texas, Abilene.
38,932
Austin..
14,927283.300
1
1,614
1.689
164,938
13,867 2,024,833
54,778
280
16,253
30.458 442,470
133
1.245
13
600
251
6,423
10
1,288
12
18,553
12,193
227
3.819
114
58,266
371
Paris
83,020
71.825
646
34.696
224
Robstown
13,701
38
10,529
8,952
145
5,894
....
Brenham
Dallas
15
San Antonlo.
Texarkana
35,243
Waco
Total, 56 towns
*
3
2,102
79,584
._
21
675
46,696 964,392
25,886 5,180,894
6
12,383 6,045,234
3,161
4,498
3,608
1,036
~155
0,972
66
2,890
182
24,918
80,121
66,6361424612
Includes the combined totals of 15 towns In Oklahoma.
above
decreased
totals
show
that
during the week
the
34,313
interior
stocks
bales and
have
tonight
460,220 bales less than at the same period last year.
The
receipts of all the towns have been 13,503 bales less than
thejsame week last year.
are
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made
up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1936-37
458,000
76,000
—
Total East India, &c
Total American
Continental
352,000
46,000
2,940,157 3,704,954 3,253.499 5,039,547
Liverpool stock
Other Continental stock
Indian afloat for Europe
199,000
'
35,000
136,000
79,000
95,000
204,000
2,191
•
Manchester stock
Bremen stock
Havre stock
247,000
• 44,000
144,000
117,000
108,000
166,000
729,000
127,000
1,203.896 1,443,690 1,293,897 2,516.559
American afloat for Europe
U. S. port stock
U. S. Interior stock
East Indian, Brazil, &c.—
296,000
56,000
125,000
150,000
25,000
26
55,379
168,184
32,786
60,510
54,557
The
Total visible supply
June
3
PlDe Bluff...
Stock at Manchester
Stocks
Week
"~35
Selma
83,507
Walnut Ridge
tonight, as made up by
follows.
Foreign stocks as well
as afloat are this week's returns, and
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight
(Friday) we
add the item of exports from the United States,'for
Friday
only.
Ship¬
ments
Season
Montgomery.
Little Rock—
as
Receipts
Week
35,301
11,069
55,733
55.033
Apr. 1938—
May 1938— 12.07 June 21 12.43 June 25 11.89 June 14 1937 12.96 May 21 1937
telegraph, is
14
356
Ark.,Blytheville
The Visible Supply of Cotton
June
Week
Ala., Blrmlng'm
Eufaula
11.87 June 17 1937 11.93 Jan. 19 1937
1937— 11.93 June 21 12.35 June 25 11.56 Deo. 17 1936 13.93
Apr.
5 1937
Jan. 1938— 11.96 June 21 12.35 June 25 11.70 Feb.
3 1937 13.94 Apr.
5 1937
Feb. 1938—
12.10 Mar.
1 1937 13.85 Mar. 31 1937
Mar. 1938— 12.14 June 22 12.44 June 25 11.85 June 14 1937 13.97
Apr.
5 1937
Dec.
Stocks
ments
Since Beginning of Option
July 1937- 11.90 June 21 12.30 June 25 11.41 Nov. 12 1936 14.59 Mar. 30 1937
Aug. 1937—
11.50 Aug. 29 1936 12.92 May
3 1937
Sept. 1937—
11.52 Nov.
4 1936 13.95 Mar. 17 1937
Movement to June 26, 1936
Ships-
Towns
Option for—
The
t
1
1
1
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the same items for the
corresponding periods of the previous year—is set out in
Receipts
at
•
1
1
•
1111
1
1
1
111 111 111 111
_
Total
1
69" 992 138~800 208,792
the
Range for future prices at New York for week ending
trading began on each option:
Stock
1
__
1
1
_
Aug. 1
At
June 25, 1937, and since
cable and
1
detail below:
Nominal.
Oct.
Contr'ct
Spot
Total "week.
Range..
Closing
Saturday
Monday
Tuesday
WednesdayThursday
Friday
12.29
April—
SALES
farket
Closed
Range.. 12.01 12.13 11.96 12.16 12.10 12.17 12.09 12.34 12.20 12.32
12.25-12.35
June 25—
Since
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Aug. 1
Week
Aug. 1
1,919
1,750
328,787
4,156
1,740
5,426
5,837
-
—
9,731
227,716
720 330
3,946
2,139
228,094
82,709
3,576
11,339
196,600
617,765
—-
Via Louisville
Via Virginia points
Via other routes,
1935-36
Since
Shipped—
.Sec
Total gross overland
Deduct Shipments—
159,512
5,348
----
14,932
1,451,424
11,981
1,140,083
Overland to N. Y., Boston, &c_-Between interior towns
2,426
68,725
729
218
14,066
218
Inland, &c., from South-.-
5,037
475,629
8,599
32,210
10,760
296,319
7,681
558,420
9,546
339,289
7,251
893,004
2.435
800,794
Total to be deducted
Leaving total net overland *
*
-
—-
Including movement by rail to Canada.
The foregoing shows
the week's
7,251 bales,
and that for
aggregate net overland exhibits an
of 92,210 bales.
this year has been
the week last year,
net overland movement
against 2,435 bales for
the season to date the
increase over a year ago
,
Volume
-1935-36-
1936-37In Sight and Spinners'
1 Week
Receipts at ports to June 25
.166,904
*34,313
over
mill
21,698
2,435
90,000
6,663,679
800,794
5,100,000
13,539,597
114,133
*40,750
12,564,473
*219,662
336,835
835,007
sight June 25
1,111,833
16,341
1,660,287
15,801
.
Decrease,
Week—
Bales
1934—June 29
1933—June 30
Since Aug. 1—
-
Bales
8,949,423
12,710,117
13.738,784
1934
72,831
140,825
134,850
the first bale of the 1937
The Corpus Christi Cotton Exchange bought
cotton crop at auction on
June 15 for 30c. a pound.
Bidding began at 16c. The bale weighted 602 pounds and was classed as
seven-eights-inch middling.
The grower of the bale, Francisco P. Lozano, was awarded $500 by the
Southern Bagging Co.
The cotton was ginned on the night of June 14 at
the Guerra gin at Rio Grande City, having been grown on a farm 15 miles
east of there.
The bale arrived in Corpus Christi at 1 A. M. Tuesday,
Chinese
1937
Cotton
Acreage—Early estimates of the
Chinese cotton acreage for 1937 indicate a 10%
increase in
planting, compared with last year, according to Shanghai
reports to the Department of Agriculture.
Movement into sight in previous years:
1935—June 28
the first bale of 1937 cotton,
June 15.
13,205,582
14,154,942
North, spinn's' takings to June 25-
under date of June 15, reports
as follows:
73,383
.132,691
*
304,274
takings
consumption to June 1-
Total in
Aug. 1
6,231,593
893,004
6,415,000
Southern consumption to June 25-140,000
Southern
Week
Aug. 1
19,653
7,251
Net overland to June 25
of
Since
Since
Takings
Excess
4373
Financial" Chronicle
144
1933
1932
If average yields are obtained, it was said, the Chinese outturn will be
approximately the same as last year's record crop of 3,700,000 bales of 500
pounds each.
If the crop turns out to be as large as is now indicated, the
supply of cotton in China the next crop year will be only slightly above that
of the present season, as the September carryover this year is now expected
to be only slightly above that of a year ago, it was stated.
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on—
Week Ended
June 25
Saturday Monday
Galveston.
12.19
New Orleans
12.28
Mobile
12.19
Savannah
Norfolk.
12.61
12.60
Montgomery
12.20
Augusta
Memphis
Tuesday
12.31
Wed'day Thursday
Friday
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that there has been very little
rain over the cotton belt during the week.
Temperatures
have been higher, running up to 106 in the northwest.
Nearly all parts of the belt are sending in favorable crop
12.31
12.52
12.37
12.37
12.60
12.48
12.48
12.30
12.46
12.36
12.73
12.30
12.75
12.94
12.81
12.49
12.86
12.70
12.70
12.90
12.80
11.85
12.35
12.35
12.55
12.40
12.45
12.76
12.88
12.89
13.09
12.95
11.95
12.05
12.25
12.30
Houston
12.22
12.34
12.34
12.45
12.54
12.41
13.00
12.35
12.45
Little Rock
11.85
11.95
11.95
12.11
12.00
12.25
Brenham
Dallas
11.89
12.05
12.05
12.34
12.20
12.25
Brownsville
Fort Worth
11.89
12.05
12.05
12.24
12.20
12.25
12.38
12.43
accounts.
Rainfall
Inches
High
l
0.03
93
96
79
86
66
81
98
70
84
98
72
85
100
72
66
92
74
90
76
83
83
85
108
72
72
72
98
62
10,0
68
102
72
96
68
87
82
98
70
84
100
98
70
85
74
70
70
86
72
66
74
85
83
94
72
67
96
70
83
97
64
81
94
74
84
96
66
81
94
68
81
95
70
82
96
70
96
70
94
72
83
83
83
88
74
81
92
74
70
83
80
82
1
dry
dry
dry
dry
dry
dry
Austin
Abilene
Corpus Christi
Dallas
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
0.01
98
El Paso
New Orleans Contract Market—The
1
2
0.07
102
Henrietta
for
Saturday
Monday
Tuesday
Wednesday
Thursday
June 21
June 22
June 23
June 24
dry
dry
1 day
dry
Kerrville
Lampasas
Luling
Nacogdoches
1
June 25
Paris
dry
dry
San Antonio
Taylor
June..
August
September
October
..
12.16-12.17 12 17
December- 12.07
12 39
12.20
12.42
12.28-12.29 12.32
12.25
12.47
12.26
12.36
New Orleans
3
12.39
12.33
12.31
12.22
12.33
—
12.54
12.37
—
Mississippi—Meridian
Vicksburg
—
3
Quiet.
Steady.
Quiet.
Steady.
Steady.
Very
Quiet.
Birmingham
Montgomery
1
1
Steady.
stdy, Barely stdy
Steady.
Miami
Activity in the Cotton Spinning Industry for May,
1937—The Bureau of the Census announced on June 19
following statement:
Active Spindle Hours
for
May
State
In Place
Active Dur¬
May 31
ing May
Total
Spindle in Place
26,986,187
24,659,296
8,547,976,501
New England StatesAll other States
17,789,228
6,125,158
347
744,910
6,566,779,080
1,787,434,005
193,763,416
1,893,464
671,944
Georgia
Maine
Massachusetts
1,763,366
3,308,450
710,228
3,999,772
Alabama
3,066,304
206,564
Mississippi
New Hampshire
615,082
486,546
New York
635,134
677,188
3,307,604
167,368
577,410
312,942
6,058.031
1,026,464
5,658,802
627,862
251,894
653,840
Rhode Island
South Carolina
Tennessee
Texas
Virginia
AU other States
5,706,514
817,244
North Carolina
87
81
92
Augusta
2
0.03
96
70
Macon
1
0.02
96
66
81
2
1.36
95
70
95
64
83
80
81
73
79
76
78
Atlanta
94
dry
South Carolina—Charleston
Greenwood
Columbia-.-.
dry
2
North Carolina—Asheville
Charlotte
94
92
dry
60
5
2.72
92
Raleigh
2
0.12
0.70
0.48
92
3
2
Tennessee—Memphis
Chattanooga.Nashville
66
93
71
96
66
94
77
77
82
81
81
65
88
0.42
2
64
89
dry
dry
83
56
66
Newbern
Wilmington
79
68
90
0.67
0.60
2
Weldon
68
The
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
June 25, 1937
Feet
June 26,1936
New Orleans--
Above
zero
Memphis
Above
zero
of gaugeof gauge-
Above
zero
of gauge-
9.5
--Above zero of gaugeAbove zero of gauge-
8.6
Feet
2.1
6.5
9.3
5.6
22.4
5.7
6.9
18.0
-
Nashville
Shreveport
Vicksburg
-
following table
planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts
from
Average per
the
Plantations—The
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
Ended
1937
251
1936
1935
1937
1936
1935
1937
1936
1935
203
699,958
849,846
5,493,006
575,388
.
207,798
619,470
672,337,071
174,964,890
1,168.829,628
236,612,743
915,191.103
59,922,760
355
174,179,349
84,178,915
283
1,964,942,246
258,245,536
2,140,754,792
208,594,784
88,429,340
207,186,712
193,606,632
324
260
353
333
26-
61,190
48,797
24.491 1.622,611 1,940,895 1,535,485
2-
59,427
35.770
9—
50,142
42,828
35,607
40,673
44,904
34.771
20,044
25,927 1.569.244 1,902,472
25,529 1,503,310 1,871,482
15,829 1,440,172 1,833,913
21,251 1.387.245 1,814,475
15,791 1,322,016 1,779,076
40,825
89,157
229
16-
290
23-
173
252
378
332
351
317
237
30-
34,922
Corporation through June 17, 1937.
714.
31,296
40,509
21-
28,231
45,482
28-
25,457
52,470
Bale of
1937 Cotton—An Associated Press
22,525
32
NU
1,451,845
1,423,178
1,396,198
~NU"
NU
NU
4,617
6,763
NU
6,060
Nil
15,333
NU
Nil
Nil
Nil
21,595 1,255,379 1,732,379 1,370,838
21,061 1,206,606 1,693,071 1,345,933
18,627 1,162,626 1,651,649 1,328.412
21,846 1,107,259 1,594,234 1,301,899
NU
Nil
NU
4-
23,761
47,072
18,907 1,064,946 1,554,313 1,269,564
14,317 1.030,520 1,617,933 1,244,820
998.705 1,465,362 1,218,931
13,466
11—
23,325
NU
NU
Nil
NU
NU
Nil
964,392 1,424,61211,201,295
NU
Nil
N\\
Nil
1.201
Nil
Nil
4,060
1,106
NU
NU
NU
NU
7,151
NU
June
32,597
15,944
39,972
19,653
21,698
8,706
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,998,758 bales and in 1934-35 were 4,140,563
bales.
(2) That, although the receipts at the outports the
19,653 bales, the actual movement from
plantations was nil bales, the stock at interior towns having
decreased 34,313 bales during the week.
past week were
dispatch from Corpus Christi, Texas to the Dallas News
1,492,794
1,474,028
May
18-
Requests for Release of Loan Cotton—The Com¬
modity Credit Corporation announced June 18 that requests
for release totaling 1,332,186 bales of cotton had been re¬
ceived at the Loan Agencies of the Reconstruction Finance
Nil
Apr.
25-
First
82
Mar.
Connecticut
The
90
85
84
70
66
Week
Cotton growing States
2
1
90
80
84
317
18,911,159
7,122,002
953,026
—
2
Tampa
Georgia—Savannah
87
indicates the actual movement each week from the
Spinning Spindles
United States
5
Pensacola
that, accordingjto preliminary figures,
26,986,187 cotton
spinning spindles were in placejn the United States on May
31, 1937, of which 24,659,296^were operated at some time
during the month, compared with 24,728,466 for April;
24,638,578 for March; 24,536,254 for February; 24,364,802
for January; 24,090,204 for December, and 22,833,364 for
May, 1936.
The hours of employment and of productive
machinery are affected generally by organized short time.
However, in order that the statistics may be comparable with
those for earlierfmonths and years, the same method of com¬
puting the percentage of activity has been used.
Computed
on this basis the cotton spindles in the United States were
operated during May, 1937, at 137.7% capacity.
This per¬
centage compares with 146.7 for April; 148.3 for March;
144.8 for February; 137.7 for January; 134.5 for December,
and 105.2 for May, 1936.
The average number of active
spindle hours per spindle in place for the month was 317.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place, by States, are shown in the
0.70
0.04
0.04
0.06
0.76
1.67
0.33
0.71
1
Florida—Jacksonville
Quiet.
Spot
Options.— Barely stdy
1.22
0.55
dry
dry
Alabama—Mobile
Tone—
100
94
dry
dry
2
April
May
1
Amite
12.17
0.14
0.12
0.02
1
Louisiana—Alexandria
-
March
1
Pine Bluff
12.27-12.28 12.30
12.19
(1938) 12.10
February
dry
Fort Smith
12.22-12.23 12.24
100
98
98
98
0.84
dry
Little Rock
12.35
12.13
12.12
12.02
November
Jan.
1
Weatherford
Oklahoma—Oklahoma City
Arkansas—Eldorado
11.88-11.89 11.90-11.97 11.96-11.97 12.13-12.15 12.04-12.05 12.13
July
1.14
0.14
0.26
Palestine.
Friday
June 19
-Thermometer
Low
Mean
Rain
Days
Texas—Galveston
Amarillo
4374
Financial
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
from all
seasons
from which statistics
sources
obtainable; also the takings
sight for the like period:
are
amounts
or
of
out
gone
Chronicle
June 26, 1937
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 41,642 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Liverpool—June
18—Aquarius, 644
To Manchester—June
18—Aquarius, 679
644
679
To Bremen—June
Cotton
Takings,
1936-37
1935-36
Week and Season
Week
Visible supply June 18
Season
Week
5,126,485
Season
5,728,950
4,899",258
Visible supply Aug. 1
American in sight to June 25—
20,000
-
19,000
1,200
7,000
4,295",259
14,154,942
3,016,000
1,123,000
1,857,800
539,000
132",591
Bombay receipts to June 24Other India ship'ts to June 24
Alexandria receipts to June 23
Other supply to June 23 _*5_-
73,383 13,205,582
45,000 2,879,000
25,000
937,000
200
1,632,200
12,000
503,000
<?>•
Total supply
Deduct—
Visible
5,306,276 25,590,000
5,884,533 23,452,041
5,033,157
supply June 25
5,606,954
5,033,157
18—Endicott, 1,369
18—Endicott, 83
HOUSTON—To Liverpool—June
2i—Aquarius, 1,579
To Manchester—June
21—Aquarius, 354
To Genoa—June 24—Nicolo
Odero, 610
NEW ORLEANS—To Liverpool—June
19—Magician, 1,143
To Manchester—June
19—Magician, 2,681
To Bremen—June 18—Idarwald,
2,148
To Ghent—June
17—Hybert, 197.
To Antwerp—June 17—Hybert, 52
To Havre—June 17—Hybert, 697
To Rotterdam—June
17—Hybert, 300
Ty Gdynia—June 17—Hybert, 650
To Oporto—June 17—West
Quechee, 1.409-.
To Lisbon—June 17—West
Quechee, 210
To Gothenburg—June
17—Trolleholm, 459-.
5,606,954
To Buena
Venturia—June 19—Metapan,
To Bordeau—June 23—Michigan,
1,135
.
Total takings to June 25-a—
Of which American
273,119 20,556,843
221,919 14,306,043
51,200 6,250,800
Of which other
♦
a
1,369
To Hamburg—June
277,579 17,845,087
184,379 12,287,887
93,200 5,557.200
354
610
1,143
2,681
2,148
197
52
697
300
650
1,409
210
459
200-
.
200
1,135
To St. Magarie—June
23—Michigan, 409
MOBILE—To
Liverpool—June
18—Gateway
June
83
1,579
409
City,
1,577—.
11—Chancellor, 1,274
2,851
To Manchester—June
18—Gateway City, 923
June 11—
100
15—Idarwald, 1,763; West Kyska, 2,013-To Hamburg—June 15—Idarwald, 110
To Rotterdam—June 18—West
Kyska, 100
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption
Chancellor,
by
1,023
To Bremen—June
Southern mills, 6,415,000 bales in 1936-37 and 5,100,000 bales in 1935-36-—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 14,141,843 bales in 1936-37 and 12,745,087 bales in
1935-36, of which 7,891,043 bales and 7,187,887 bales American.
3,776
110
100
To Genoa—June
19—Mongioia, 2,066
Gothenburg—June 1—Uddeholm, 800
To
b Estimated.
2,066
800
—
NORFOLK—To Manchester—June 24—Quaker
City, 57
India
Cotton Movement from All
Ports—The receipts
of Indian cotton at
Bombay and the shipments from all India
season from Aug. 1 as cabled,
have been as follows:
ports for the week and for the
for three years,
1936-37
1935-36
1934-35
June 24
Maru, 679
Hamburg—June 21—City of Norfolk, 235
JACKSONVILLE—To Bremen—June 18—Bessa, 37
"CHARLESTON—To Bremen—June 21—Bessa, 600
To Hamburg—June 21—Bessa, 143
SAVANNAH—To Liverpool—June 18—Tulsa, 984
To Manchester—June
18—Tulsa, 1,493
To Bremen—June 24—Bessa,
5,140
To Hamburg—June 24—Bassa, 803
To Gdynia—June
25—Trolleholm, 300
To Gothenburg—June
25—Trolleholm, 100
CORPUS CHRISTI—To Gdynia—June
13—Southerner, 50
LOS ANGELES—To Japan—June 21—Taiyo
Maru, 1,450
SAN FRANCISCO—To Great Britain—?—107
To Holland—?—830
To Japan—?—800
—?—100
-
Since
Receipts—
Week
Bombay
Since
Week
Aug. 1
20,000 3,016,000
Since
Week
Aug. 1
45,000 2,879,000
Aug. 1
39,000 2,451,000
-
For the Week
Since Aug. 1
57
To Japan—June24—Kurami
679
To
235
37
600
143
984
1,493
5,140
803
300
100
-
50
1,450
107
830
-
900
Exports
•
From—
Great
Conti-
Jap'n&
Britain
nent
China
Great
Britain
Total
Continent
Japan
1
Total
&
China
i
Total
Bombay1936-37
7,000
7,000
82,000
5_,000
364,0001,455,0001,901,000
22,000
28,000
112,000
13,000
i"66o
1935-36—
1934-35—
24,000
37,000
64,000
385,000 1,255,000 1,752,000
324,000 1,244,0001,632,000
41,642
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
1936-37—
15,000
4,000
19,000
480,000
1935-36—
20,000
5,000
25,000
14,000
359.000
578.000
1
937,000
251,000
562,000
|
813,000
1934-35-
14,000
'
i, 123,000
643,000
Stand-
Density
Oth. India—
Liverpool
High
1936-37-
15,000
1935-36—
21,000
4,000
26,000
562,000 1,007,0001,455,000 3,024,000
10,000
1934-35-
7,000
22,000
24,000
53,000
471,000
963,0001,255,0002,689,000
51,000
315,000
886,000 1,244,000 2,445,000
27,000
.60c.
Piraeus
.85c.
1.00
Flume
d.45c.
.60c.
Salonlca
.85c.
1.00
*
.5454c. Barcelona
.36c.
.51c.
.3954c.
.54540. Shanghai
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:
.50c.
1936-37
1935-36
This
To Liverpool
To
Manchester,
1,000
8,207,720
Since
Week
Aug.
This
1
Week
2,000 189,094
1,000
7,356,428
Since
Aug.
This
42,010
3,000 197,924
5,000 156,970
10,000 645,808
1,000 36,617
19,000 1037319
2,000 202,936
9,000 710,591
To America
Total exports
Note—A cantar is 99 lbs.
Week
1
13,000 1144631
&c
To Continent and India—
.60c.
d.45c.
.600.
Gothenb'g
.52c.
.67c.
.53c.
.68c.
Bremen
.37c.
.53c.
3tockholm
.52c.
.67c.
Hamburg
.37c.
.53c.
Rate
Is
ODen.
Bombay
Only
x
x
small lots,
d Direct steamer.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
June 4
Total stocks.
Total
imports
Of which American
June 11
June 18
June 25
62,000
917,000
390,000
55,000
Forwarded.
58,000
909,000
379,000
54,000
16,000
169,000
29,000
51,000
913,000
62,000
886,000
352,000
38,000
16,000
165,000
27,000
17,000
158,000
Amount afloat
Of which American
29.000
360,000
58,000
5,000
162.000
28,000
•
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
Spot
Exports (Bales)—
.67c.
d.45c.
.65c.
Naples
Leghorn
Oslo
Market,
Since Aug. 1
.60c.
Copenhag'n.52c.
.60c.
June 23
6,000
8,823,844
d.45c.
ard
as
follows:
1934-35
Receipts (cantars)—
This week
Venice
*
*
d.45c.
spot cotton have been
Alexandria, Egypt,
Density
*
♦
*
Japan
Of which American
Alexandria
ard
Density
Havre
*
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
25,000 bales.
Exports from all India ports record a decrease
of 27,000 bales during the week, and since
Aug. 1 show an
increase of 335,000 bales.
decrease
Stand-
d.45c.
.57c.
Manchester.42c.
Antwerp
3954 c.
Genoa
High
Trieste
Rotterdam
Total all—
Stand-
ard
.57c.
.42c.
Saturday
Monday
Tuesday
Wednesday
Quiet.
Quiet.
12:15
m
Since
Aug. 1
2,000 129,238
5,000 148,422
5,000 695,944
1,000 38,080
13,000 1011684
{
Friday
Moderate
More
Quiet.
demand.
Moderate
P. M.
[
demand.
demand.
6.94d,
Mid.Upl'ds
Futures, f
Market
opened
6.83d.
Steady,
4
j
[
5
to
6 91d.
Barely stdy
6.88d.
Quiet,
6.97d.
Quiet,
Firm,
6.95d.
Q't but st'y
pts. 10 to 14 pts 1 to 2 pts. 4 to 5 pts. 11 to 14 pts 2 to 3 pts.
decline
decline.
advance.
decline.
decline.
advance.
Quiet but Firm,
un¬ Steady, un¬ Quiet but - Barely stdy
Steady,
stdy.. 6 pts changed to changed to stdy, 2 to 5 5 to 8 pts. 7 to 8 pts.
1
advance.
2 pts. dec.
pt. dec.
advance.
advance.
pts. dec.
Market,
4
P. M.
Prices of futures at
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June
23
Thursday
f
Liverpool for each day
are
given below:
were
6,000 cantars and the foreign shipments 13,000 bales.
June 19
Sat.
Mon.
Tues.
Wed.
Thurs.
Frl.
to
Manchester
Market—Our
report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We give prices today below and leave those
weeks of this and last year for comparison:
for
previous
June 25
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New ''ontraci
d.
ings. Common
to Finest
Middl'g
Upl'ds
d.
Mar.
s.
d.
d.
s.
Cap
ings
Twist
d.
d.
Common
S.
Q.
Cotton
Middl'g
Upl'us
s.
d.
14
@1514 10
714 @ 10
1014
d
d.
d.
d.
6.71
6.69
6.80
6.77
6.78
6.85
6.78
6.76
6 74
6.85
6.82
6.83
6.90
December.
6.77
«»'.»
-
-
6.76
_
6.76
_
-
-
-
-
6.73
-
-
-
-
6.81
-
-
-
6.88
-
6 77
6.67
6.77
6.77
6.77
6.76
6.74
6.84
6.82
6.83
6.89
6.80
—
6.70
6.79
6.79
6.79
6.78
6.77
6.86
6.84
6.85
6.91
6.80
6 88
May
to Finest
d.
6.74
6.79
6.82
July.
854 Lbs. Shirt¬
32s
d.
6.74
6.79
6.82
6.74
January (1939)..
6.70
6.70
6.70
May
6.72
6.72
6.72
6.72
-
--
6.82
-
6.82
--
6.74
6.82
—
-
—
__
—
_
6 82
6.82
6.74
6.81
-
-
-
—
-
-
-
—
-
-
6.80 ■J.
6.71
-
-
6 86
6.87
6 86
6.76
-
_
m
-
6.93
6.93
6.84
6.67
6.72
6.80
6 69
.
6.74
6.82
d.
-
25-
d.
6.76
6 69
January (1938)
1935
Cotton
Twist
d.
6.66
6.80
October...
1936
32s Cap
d.
6.77
October
March
854 Lbs. Shirt¬
d.
July (1037)_
7.95
954@11 J4
9
3
@
9
6
714 @10 1014
7.97
0
7.87
9
154 @
154 @
9
9
9
454
454
6.50
@11
954 @11*
954 @1154
9
9
@11
0
7.47
BREADSTUFFS
6.44
Apr.~
2— 1414 @15*
10
Friday Night, June 25, 1937
Flour—Featuring the week's flour market was the re¬
16—
141i@1514 10
1414 @151$ 10
954 @11 54
9
154@
9
454
6 58
23-
1414@15M
10
6
@10
9
7 49
954@ll 54
9
10
6
@10
9
7 22
9H@UH
9
454
454
ported sale
14
154 @ 9
154 @ 9
6.62
30-
6 46
leading mills to
a
1456 @155fe 10
14H@1516 10
6
@10
9
7 45
154@
9
454
6 46
mated
the neighborhood
@10
9
7
9
154®
9
454
6 56
6
@10
9
7.29
9J4@UH
9K@1154
9H@11X
9
6
14!6@1516 10
28- 14
10
@15
9
154@
9
454
6.57
9
454
6.64
9„
@15
6 57
May7-
1421-
12
6
@10
9
7.36
954@11J4
9
154@
10
14@ 15
11- 1314 @1454 10
6
@10
9
7.31
9%@11>4
9
0
June
to
on
be
in
Thursday of
a large round lot by one of the
large Eastern baker.
The sale was esti¬
crop winter wheat was involved.
of 150,000
barfels.
New
Outside of this important
business, demand for flour remained generally auiet. Prices
spring bakery grades were dropped 25c. per barrel re¬
for
4—
@93
6.68
cently by most mill offices.
Rye flour advanced 10c..
6
@10
8
7.06
956 @115*
9
18—
1354 @15
10
6
@10
9
6.92
10%®U%
9
1314 @15
10
6
@10
154® 9
154 @ 9
454
454
7.00
25-
9
6.95
olina ruled steady, while there was
10 54
9
154®
454
7.18
tised
@1134
9
6.82
family brands.
no
Sem¬
change in the adver¬
net lower.
Financial
144
the
19th
prices closed 1%g. to 2%c.
responsible for this rather heavy
the greatly improved domestic
was
harvest
conditions in the Southwest.
With ideal
weather prevailing, indications pointed to a much
movement of newly harvested winter wheat
harvest
enlarged
away from farms,
and it was expected the increased
receipts would result in
decidedly heavier offering of shipments to Europe via the
Gulf of Mexico, causing augmented
selling pressure abroad.
Arrivals of winter wheat at nine Southwestern centers
today
totaled 926 cars, about three times
Adding
these
to
bearish
features
as
many as a year ago.
that the
Dakotas and Minnesota and Montana were the
recipients of
heavy beneficial rains that would very likely do much to
enhance the growth of spring wheat
crops, and there were
were
reports
also forecasts that considerable moisture would be received
by Canadian wheat provinces Monday,
well
during the
prices closed
4J^c. to 5c. net higher. The session today was in sharp
contrast to that of the previous
day. There appeared to be
a mad scramble to
buy wheat in the Chicago pit today, as
a result of which
prices rushed skyward 5c. a bushel, the
remainder
of
week. ! On
next
extreme allowable limit.
Season's
inst.
The chief factor
drop in wheat prices
Chronicle
the
as
21st
as
inst.
All American markets scored
heavy
High and
130%
127%
123%
July
September
December
^TlSTLY
P»
July
October
4375
When
Made
I
Low
and
When
96%
Made
Oct.
2, 1936
105
June
7.1937
107
June 14, 1937
CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
,
120
125
125
126% 126% 130%
112%
110%
December
ijl II
117%
115%
119%
117%
I
121%
119%
121
119%
"
125%
124%
"
™*
;Corn—On the 19th mst. prices closed l^sc. to
l%c. net
lower.
This market
declined in sympathy with wheat
despite the bullish weather reports of conditions de rimental
to the growth of corn.
Considerable excessive moisture was
reported in many areas, whereas the new domestic corn crop
now requires
dry and warmer weather. On the 21st inst.
prices closed 1 r%G. to 2^/sC. up. The sensational rise in wheat
values today could hardly have otherwise than a
powerful
influence on the other grains, and corn
naturally followed
the upward movement in a substantial
way, though closing
a
point down from the highs in the September and July
deliveries. On the 22d inst. prices closed
He. off to %g. up.
In view of the outstanding
strength of wheat, the action of
the
market
corn
Argentine
domestic
new
somewhat
was
disappointing.
However,
competition and favorable weather for the
corn
corn
gains.
On the 23d inst.
wheat in the
crop were
the offsetting bearish factors.
buying
Severe black rust reports regarding domestic winter
Southwest, together with surprising early spread
of rust in spring wheat in the
Northwest, sent prices to the
ceiling.
These price advances were in the face of huge
arrivals of newly harvested winter wheat in the
Southwest,
a total of 2,222 cars
today, against 884 cars a year ago. As
much
60% black rust damage to winter wheat in south¬
east Kansas was
reported, and the pest was authoritatively
announced as having extended to spring wheat fields as far
north as Lidgerwood, N. Dak. Big
profit-taking sales failed
to halt, except
temporarily, the excited upward sweep of
values. Pessimistic reports about wheat
crop conditions in
Canada added to buying fever.
On the 22d inst. prices
closed lMc. to 2c. higher.
The news continued decidedly
bullish, so much so that prices on the Chicago Board ad¬
as
prices closed l%c. to 2%g.
a maximum of
2%'c. a bushel and held most of the
gain. R. O. Cromwell, crop authority, who is touring the
Northwest, wired that between 2,800,000 and 3,000,000 acres
of North Dakota wheat had been lost out of
a normal
plant¬
ing of 4,500,000 acres. He cited in particular one North
Dakota wheat region of 800,000 acres west of a line from
Arnegard to Portal as "practically wiped out." The destruc¬
tion is chiefly attributed to frost,
soil-blowing, worms and
early drought. Mr. Cromwell's report, which said similar
conditions prevailed through southern
Saskatchewan, capped
the climax of a day of rapid fluctuations and excited
trading.
Prices on the Chicago Board covered a
range of 4c., with the
Minneapolis market at one stage up 5c., the extreme limit
allowed for one day.
There was profit-taking on a large
scale, but this did not appear to dent the market much, the
tone being decidedly strong at the close.
On the 23d inst.
prices closed psc. to lHc. up. Contrasting sharply to late
developments, the Chicago wheat market in the morning
suffered a heavy break of 2 He. a
bushel, influenced by sur¬
prising breaks of values at Liverpool.
Despite renewal of
tense political conditions in
Europe, the Liverpool market,
due %c. to 1%,g. higher, was quoted in some cases
today
about 4c. lower than expected.
The slump abroad was
attributed to fears of heavy Russian
offerings in the export
field.
Price rallies that took place in the
Chicago wheat
market and that later turned into material
stimulated by the fact that unfavorable
advances,
were
both
spring and winter wheat kept getting worse. In par¬
ticular a leading Chicago expert wired that from Swift Cur¬
rent, Canada, to Soobey, Mont., wheat is virtually a failure.
Severe black rust damage to domestic winter wheat was
likewise reported,
especially in southeastern Nebraska.
There were also reports of dust storms in Canada.
On
the 24th
exceptional
inst. prices
strength
in
closed
July
On
24th inst.
the
prices closed unchanged to %c. lower.
appear to be dominated Com¬
pletely by weather and crop news.
Prices fluctuated with
market
and
sentiment
ebb
and
flow
later months,
closed
1%
in
domestic
Northwest.
Black
rust
advices
were
numerous.
The
selling consisted largely of profit-taking and hedging
against increasing flow of wheat from the Southwest as
harvesters work northward.
A
dispatch
was
received from
Winnipeg indicating that 5,000,000 acres seeded to wheat in
southwestern Saskatchewan, Canada, probably will produce
no
crop
Today
this year.
prices
closed
2%
to
3%c. higher.
Authoritative
reports that western Canada faced the poorest crop pros¬
pect in years rushed Chicago wheat prices up nearly 4c. a
bushel late today.
At Winnipeg, October wheat skyrocketed
5c., the full allowable limit.
It was asserted that if soaking
general rains did not arrive immediately the area of total
crop failure in Canada would be the largest on record.
Open
interest in wheat was 88,521,000 bushels.
DAILY
CLOSING
limit.
of
Scarcity
this
Sat.
No. 2 red
DAILY
CLOSING
PRICES
July
September..
December
OF
Fri.
143
WHEAT FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
107%
106 %
108%
112
111%
113%
113%
113 %
114%
113%
114
115%
113%
113%
115%
116%
116%
119
on
corn.
Today prices
Corn in Chicago rose 4c., the day's
offerings was the outstanding feature
of
market.
bushels.,
Open
interest
CLOSING PRICES
OF
Sat.
No. 2 yellow
corn
July
July (new)
September (new)
OF
34,350,000
was
Mon.
Season's High and
July
124
July (new)
125%
Sept. (new)...115%
Dec. (new)... 85%
Oats—On
When
IN
NEW
Tues.
131%
YORK
Wed.
131%
Thurs.
140%
135%
Made
114%
115%
102%
76%
115%
102%
76%
Season's Low
117%
103%
79%
119%
104%
78%
and
When
May 29, 1937 July
851.
May 27, 1937 July (new)
86%
Apr.
5, 1937 Sept. (new)... 93%
M;ay
6, 1937 Dec. (new)... 73%
the
Fri.
139
CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
112%
100%
74%
_
December
was
CORN
130%
DAILY CLOSING PRICES
There
in
j
DAILY
122%
122%
108%
80%
Oct.
19th
inst.
prices closed
y2
Made
1,1936
Nov.
2,1936
Feb.
2,1937
June 14, 1937
to
%c.
off.
little demand for oats in the futures
market, and
prices yielded readily to the depressing imluence of a
pro¬
nouncedly heavy wheat market.. On the 21st inst. prices
closed y2 to lc. higher.
This grain appeared to be entirely
under the influence of the
strong upward movement in the
On the 22d inst. prices closed y2g. down to
other grains.
Hp-
This market was a colorless affair, with the trend
On the 23d inst. prices closed
y2 to
up.
mixed.
grain appeared to be
strength in wheat and
l^c. up.
This
entirely by the marked
influenced
corn.
On the 24th inst. prices closed %c. down to
%c. up.
This
relatively dull.
According to reports generally,
is doing very well.
Today prices closed 1 to
l%c. up.
In sympathy with wheat and corn, this market
advanced substantially.
market
the
was
oat crop
DAILY
CLOSING
PRICES
OF
Sat.
No. 2 white
DAILY
OATS
Mon.
56%
57%
Sat.
Mon.
39%
34%
36%
December
Season's
High and
July
50%
September
47%
December
40%
IN
NEW
Tues.
57
Tues.
YORK
Wed.
Wed.
Thurs.
Fri.
56%
57
58%
PRICES OF OATS FUTURES IN CHICAGO
CLOSING
July..
September...
40%
35%
36%
39%
35%
37%
When Made
|
Season's
Apr.
5. 1937 July
Apr.
6, 1937 September
May 27, 1937 December
_
DAILY CLOSING PRICES OF OATS
Sat.
July-
Low
Thurs.
40%
36%
40%
36%
38
38
and
37%
34%
36
When
Oct.
Fri.
41%
37%
39%
Maae
1.1936
June
14, 1937
June 14, 1937
FUTURES IN WINNIPEG
Mon.
54%
43%
October
56%
45%
Tues.
56%
46%
Wed.
Thurs.
57%
46%
56%
47
Fri.
56%
48%
Rye—On the 19th inst. prices closed 1H to 1 He. net lower.
There was nothing to explain the decline in
the prices of rye,
outside of the pronounced
depression in wheat values, and
bearish weather and crop
reports that
applied to both wheat
On the 21st inst. prices closed 3^ to 4^c.
up.
showed all the strength and vigor that wheat
did,
and appeared to be influenced
entirely by the extraordinary
strength shown by the wheat market.
This in the face of
and rye.
This grain
favorable weather and crop advices on
rye.
On the 22d inst.
prices closed M to He. lower.
Crop reports from the North¬
west
regarding
rye
continued
highly favorable,
with
the
movement of the crop close at hand.
On the 23d inst.
prices
closed lc. to iy8G. up.
The feature of this market was the
scarcity
of
offerings.
With a pronounced shortage of
indicated, the more bullish the outlook for
rye,
regardless of the p omising indications for a large
crop of rye.
wheat crops
On
OF WHEAT IN NEW YORK
Mon. Tues.
Wed.
Thurs.
134% 137% 139% 140% 140%
PRICES
The
up.
effect
an
up.
Liverpool wheat, and reports of the failure of wheat in
parts of southwestern Saskatchewan and in stretches of the
have
of course, represent 1937
to 4c.
of
buying that found encouragement in
high grain belt temperatures, an upturn of more than 3c.
to
list, the other options, September and Decem¬
ber, closing at of below the previous closing finals.
The
^
the
%c. off to 2c.
failed
the rest of the
crop reports
The
A broad
reported in the day's advices.
corn
to
as
up.
movement by. traders who previously had been
sellers in the corn market gave a decided stimulus to corn
values.
There was also a much better
shipping demand for
vanced to
.
Season's
Apr.
5, 19371 July
Mar. 29. 19371 September
May., 19, 19371 December
I
Volume
Wheat—On
the
weather
24th
and
inst.
prices closed V2 to lc. down.
Bearish
advices were largely responsible for the
heaviness in this grain.
Today prices closed 2% to 3%c. up.
With weather and crop reports on
almost all grains more
or less bullish,
and with grave political conditions
it
crop
abroad,
was only natural for the
rye market to follow the vigorous
upward movement of the other grains.
4376
Financial
DAILY CLOSING PRICES
RYE
OP
Sat.
JulySeptember
December
FUTURES
Mon.
Tues.
IN
Wed.
Thurs.
82%
86 >6
85%
86%
85%
75%
77%
79%
81%
79%
81
81%
82%
Season's High and
When
Dec.
112
December
Made
Season's Low and
I
28. 19361 July
Dec. 29, 1936 September
" May
6, 1937|December
103%
96
DAILY CLOSING PRICES
OF
RYE
Sat.
July
Fri.
119
85%
June 26, 1937
IN
GRAIN
Made
Thurs.
119%
86
Boston
BARLEY FUTURES
OF
Sat.
Mon.
63%
56%
October
Closing quotations
were as
Tues.
65%
60
IN
Wed.
708",000
17,000
216,000
New Orleans
20,000
210,000
19,000
117,000
36",000
51,000
99,000
132,000
17,000
53,000
457,000
41,000
1,020,000
55,000
9,000
25,000
36,000
21,000
84,000
9,000
1,168,000
1,047,000
951,000
23,000
98,000
88,000
3,000
18*000
"2",600
59l",000
306,000
226,000
4,000
150,000
4.000
*1,639,000
390,000
220,000
318,000
631,000
34,000
219,000
84,000
Galveston
269,000
1,517,000
78,000
33,000
Fort Worth
Wichita.
St. Joseph...
64%
59%
60%
60
61
837,000
Omaha
Fri.
63
69,000
Kansas City.
WINNIPEG
Thurs.
65%
Barley
Bushels
Baltimore
90%
64%
Rye
Bushels
afloat
Hutchinson..
PRICES
Oats
Bushels
255,000
601,000
38*,000
"
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
DAILY CLOSING
STOCKS
Corn
Bushels
1,000
44,000
23,000
14,000
12,000
Philadelphia
July
July
stocks in
and
Bushels
21,000
New York
Fri.
118% 123%
86%
comprising the
Wheat
United States—
WINNIPEG
Wed.
of grain,
supply
at principal points of accumulation at lake
seaboard ports Saturday, June 19, were as follows:
granary
""
3.1936
June 14, 1936
June 14, 1937
73%
76%
Tues.
118%
85%
When
visible
Oct.
71
FUTURES
Mon.
113%
80%
October
The
81
82%
—
July
September
Chronicle
CHICAGO
516,000
122,000
Sioux
City-.
St. Louis
260,000
Indianapolis.
follows:
85,000
Peoria
FLOUR
1,000
1,081,000
Chicago
On
Spring oats, high protein .7.75@8.15 Rye flour patents
6.10@ 6.30
Spring patents
7.25 @7.65 Seminola, bbl.,Nos.1-3.10.10@
Clears, first spring
6.10@6.40 Oats, good
3.15
Soft winter straights
5.l0@5.85 Corn flour
3.70
Hard winter straights
6.05@6.45 Barley goods—
Hard winter patents
Coarse
6.20@6.60
4.75
Hard winter clears
5.55@5.80
Fancy pearl, Nos.2,4&7 6.90@7.25
Lakes.
,296,000
62,000
*1,901,000
642,000
Milwaukee
Minneapolis
Duluth
x
Detroit
145,000
Buffalo y
afloat...
On
1,527,000
38,000
85,000
1,000
89,000
1,000
4,000
9,000
24,000
11,000
21,000
3,000
30,000
~"l",666
87,000
138,000
97~666
Canal
28,000
GRAIN
Wheat, New York—
58%
Rye, No. 2, f.o.b. bond N. Y—135%
Barley, New York—
47% lbs. malting
90
Chicago, cash
75@
139
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
9,659,000
Total June 12 1937—
Oats, New York—
No. 2 white
J
No. 2 red, c.i.f., domestic
143
Manitoba No. l,f.o.b.N.Y._136%
Corn, New York—
No. 2 yellow, all rail
Total June 19 1937—
10,745,000
23,401,000
Total June 20 1936—.
*
4,507,000
2,838,000
4,073,000
3,561,000
6,354,000 30,933,000
1,520,000
4,259,000
1,683,000
4,646,000
6,682,000 10,023,000
Part of decrease due to one elevator becoming private,
Duluth wheat includes 15,000 bushels feed wheat,
x
y Buffalo also has
194,000 bushels Argentine corn in store.
Note—Bonded grain not included above: Oats—On Lakes, 366,000 bushels; total,
366,000 bushels, against none in 1936. Barley—Buffalo, 185,000 bushels; Duluth,
573,000; Chicago, 75,000; on Lakes, 248,000; total, 981,000 bushels, against none in
1936.
Wheat—New York, 2,486,000 bushels; New York afloat,
60,000; Albany,
970,000; Buffalo, 1,259,000; Buffalo afloat, 260,000; Duluth, 6,688,000; Chicago,
27,000; on Lakes, 2,303,000; on Canal, 194,000; total, 8,247,000 bushels, against
14,236,000 bushels in 1936.
Wheat
of the last three years:
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
Flour
Receipts at—
Wheat
Corn
bUs 196 lbs bush 60 lbs
Chicago
167,000
87,000
bush 32 lbs bush 56 lbs bush 48 lbs
1,320,000
160,000
18,000
78,000
111,000
74,000
4,000
Toledo
Indianapolis..
Louis
97,000
"2",000
13,000
54,000
9,000
4,000
52,000
12,000
38,000
Total wk.1937
326',000
Same wk.1936
394,000
325,000
Same wk.1935
158,000
1,787,000
43,185,000
281,000
486,000
80,547,000
3,100,000
2,146,000
4,153,000
4,667,000
2,447,000
2,838,000
3,903,000
1,520,000
4,259,000
281,000
4,153,000
Summary—
72,000
Canadian
154,000
12,000
15,000
28,000
291,000
204,000
2,000
197,000
3,135,000
6,320,000
2,364,000
804,000
1,523,000
818,000
174,000
319,000
659,000
1,355,000
742,000
Sioux City—.
Buffalo--
2,963,000
3,903,000
4,302,000
American
4,404,000
3,789,000
4,237,000
'
19,644,000
40,047,000
3l",000
7,000
Joseph—
Wichita
473,000
221,000
9,659,000
40,047,000
4,507,000
Total June 19 1937—
49,706,000
Total June 12 1937—
53,930,000
4,507,000
4,073,000
Total June 20
lY.000
1936—103,948,000
255,000
The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
ended June 18, and since July 1, 1936, and July 1, 1935, are
shown in the following:
Wheat
Weel
Exports
Oats
bush 56 lbs
bush 32 lbs
Rye
Barley
York—
Philadelphia-
35,000
Baltimore
17,000
24,000
bush 60 lbs bush 48 lbs
146,000
New Orleans *
2,000
412*660
Montreal
6*7*556
Boston
210,000
375,000
14,000
12,000
15*666
204,666
"8* 000
18,000
242",666
2,000
2,403,000
28,271,000
—
India
1,241,000
18,714,000
2,133,000
107,000
c
July
1
June 18
1
July
Since
July
1
1935
1937
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
10,552,000 558,838,000 445,976,000 10,295.000 441,257,000330,159,000
Weather
Report for the Week Ended June 23—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
general
V
Since Jan.1'37
308,000
6,658,000
Australia
Total
"l*,666
Total wk.1937
1
1936
Bushels
Oth. countr's
277",660
Halifax
July
2,000
2,018,000
Sorel
Since
"3",000
"75", 000
"~2~666
6,000
100,000
Galveston
"4",000
Week
4,144,000 186,718,000 185,974,000
7,000
435,000
504,000 64,808,000 36,546,000
73V.666 27,620,000 10,894,000
1,552,000 162,731,000 75,993,000 8,697,000 393,236,000 277.596,000
2,104,000 101,293,000 108,662,000
1,600,000 11,864,000
304,000
648,000 31,424,000 38,497,000
867,000 20,394,666 41,234,000
Black Sea
Argentina-__
bbls 190 lbs bush 60 lbs
New
Corn
Since
1937
North Amer.
Corn
r'
Since
'
June 18
receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 19, 1937, follow:
Wheat
1,801,000
8,412,000
2,169,000
9,313,000
8,828,000 12,470,000
Broomhall to the New York Produce
Total
Flour
6,741,000
7,863,000
6,354,000 34,033,000
22,000
Since Aug. 1—
1936
18,546,000203,950,000 149,186,000 75,011,000 17,330,000 79,700,000
193517,163,000,310,876,000 182,188,000 127,556,000 24,904,000 91,758,000
1934
16,535,000187,023,000 169,149,000 47,164,000 14,431,000 57 ,696,000
Receipts at—
476,000
1.890,000
Total June 20 1936—
1,000
204,000
8,000
992,000
37,000
12,000
Kansas City..
Omaha
81,000
42.000
Total June 12 1937—
13,000
66,000
48,000
14,000
67,000
613,000
327,000
Total June 19 1937—
53,000
20,000
238,000
186,000
12,025,000
8,378,000
elevator stocks
45,000
1,024,000
Peoria
Ft. William & Pt. Arthur
Other Canadian & other
80,000
158,000
101,000
52,000
37,000
34,000
70,000
13,000
1,359,000
i3,6oo
Milwaukee
board
Barley
67,000
Duluth
St.
Rye
450,000
Minneapolis..
St.
Oats
bush 56 lbs
219,000
2,029,000
13,000
386,000
summary
weather for the week ended June 23 follows:
There
was a
reaction to much
warmer
weather in the interior and North¬
western
Week 1936.
Since Jan. 1*36
229,000
7,192,000
4,010,000
50,625,000
129,000
2,902,000
190,000
1,995,000
*
on
277,000
404,000
2,224,000
1,938,000
Receipts do not include grain passing through New Orleans
through bills of lading.
for foreign ports
States, with abnormally high temperatures prevailing, especially
during the latter part of the week.
Precipitation was frequent during the
first few days in eastern sections and throughout the week in the far North¬
west.
The latter part of the period was mostly fair in the East, except
that heavy rains occurred in the Northeastern States and over Appalachian
sections.
The exports from the several seaboard ports for the week
ended Saturday, June 19, 1937, are shown in the annexed
The weekly mean temperatures were near normal in the South and in
of the Mississippi River.
However, in the area between
most sections east
the
Mississippi and Rocky Mountains the weekly
means
deg. to
Wheat
Corn
Bushels
Exports from—
New
Bushels
Oats
Rye
Barley
Bushels
Flour
Bushels
Bushels
as many as
10 degs
warmer than normal.
In the far West it was relatively cool, especially in
the interior of the Northwest and the interior of northern California where
40,565
the temperature averaged considerably below normal.
Maximum temperatures were above 90 deg. over the southern half of the
country, except at a few points along the Gulf coast.
They were decidedly
high the latter part of the week in the interior States, with a number of
Barrels
186,000
147,000
Orleans
Sorel
277,000
2,018,000
Montreal
67,000
1,000
75,000
109,565
105,466
75,000
94,000
Halifax
Total week 1937—
Same week
decidedly
1,000
York
Albany
New
were
above normal, with the largest plus departures over the Plains States from
eastern Montana and North Dakota southward to Oklahoma and north¬
western Texas.
In this area the week was from 4
statement:
1936
2,628,000
3,783,000
283",000
8,000
stations reporting readings 100 deg. or higher.
first-order stations were as follows; Concordia,
204,000
8,000
Salt Lake City, Utah, 100 deg.; Omaha, Nebr., and Dodge City, Kans.,
102 deg.; El Paso, Tex., 104 deg.; and Phoenix, Ariz., 108 deg.
The north¬
ern Great Plains and
adjoining Canadian Provinces reported maxima rang¬
220,000
384,000
204,000
The highest reported from
Kans., Pueblo, Colo., and
ing from 90 to 96 deg.
On the other thand, in the Northeastern States and
Lake region districts temperatures did not go higher than 80 deg.
at Greenville, Maine, the highest was 72 deg.
Moderate to fairly heavy rains occurred in practically all sections east of
the Great Plains, the falls being heavy to excessive rather generally from the
Carolinas northward and in the upper Ohio Valley.
There was moderate
rainfall in most of the northern Plains, but over central and southern portions
the amounts were generally light to inappreciable.
There was also practi¬
cally no rain in central and southern Rocky Mountain States, the Great
Basin of the West, and the far Southwest.
Substantial to heavy rains oc¬
curred from northern California northward and in most parts of the north
some
The destination of these exports
July 1, 1936, is
as
for the week and since
below:
Flour
Wheat
Corn
Exports for Weel
Wee I
Weel
Since
Wetl
July 1
June 19
1936
1937
July 1
1936
June 19
1937
July 1 to—
Since
June 19
and Since
1937
1936
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom.
Continent
68,015
11,550
So. & Cent. Amer.
10,500
West Indies
19,500
Brit. No. Am. Col.
Total 1936
907,000
10,000
105,466
Pacific
area.
The week
67,590,000
46,178,000
531,000
26,000
150,238
109,565
—
1,711,000
Sine
July 1
"l~,666
1,000
5,000
25,000
Other countriesTotal 1937
2,466,775
675,224
627,500
1,346,500
1
during the entire week;
2,219",000
5,291,237
4,551,278
2,628,000 116,544,000
3,783,000 105,375,000
283,000
7,000
48,000
in general was favorable for agriculture, though cultivation
by too much rain in many places from the western Lake
region and Ohio Valley eastward, with considerable complaint of cultivated
crops becoming grassy.
In the Southeastern States fairly well distributed
rainfall was beneficial in relieving a temporarily droughty condition, but
a few limited areas are still unrelieved,
especially in Alabama.
In Mis¬
sissippi and Louisiana additional showers were favorable and there Is
ample moisture quite generally throughout the Mississippi Valley area,
too much in some extreme upper Valley sections.
In the Great Plains States the week was mostly dry and warm, with con¬
siderable wind movement which dried out the soil rapidly.
In much of
was
hindered
Volume
144
Financial
the ^western
Plains moisture is either now needed or will be needed soon.
While recent rainfall was of great
benefit, the subsoil is so dry that followup
rains
ever
are now needed in order to maintain
a
favorable condition.
How¬
in Montana and
Wyoming, especially the latter State, growing con¬
outstandingly favorable, while in some central-northern sections,
where drought in previous years has been
severe, pastures are now reported
the best in years.
Also, frequent rains in the Pacific Northwest were de¬
cidedly favorable, but in parts of the far Southwest, especially southern
ditions
are
Arizona and southwestern and northwestern New Mexico moisture is needed,
ntlnsects, especially grasshoppers,
are
reported
numerous
in much of the
Great Plains and cutworms have been bad in some central-northern sections.
Because of rank growth and storms there has been considerable
lodging of
small grains in the interior states.
Small
,
Grains—Improved weather
for harvest obtained during the lat¬
ter *part of the week and this work made better
progress.
Harvesting of
winter wheat is now
progressing as far north as southern Illinois and the
half of Kansas, except the extreme northern counties.
It is in
full swing in Oklahoma and about completed in
Texas, except in the Pan¬
handle where well under way.
Yields in Texas are much better than
previously expected.
Wheat is beginning to ripen in extreme southern
Nebraska and is turning in southern Iowa.
There is rather
eastern
widespread
complaint of lodging in interior-valley sections.
In the East harvest has
begun as far north as the southern portion of the middle Atlantic area.
There are rather extensive reports of rust in the Winter Wheat Belt.
Chronicle
Some
continue, but damage is not
Rains in the Pacific Northwest were favorable.
Oats made good growth and is mostly excellent,
though subject to lodging
because of rank growth.
It is nearly all headed in the upper Mississippi
Valley.
In the lower Mississippi Valley rains of the week were favorable
as
for rice.
sections.
Cotton—In'the Cotton Belt the temperature averaged considerably
the north and near normal in the south.
Rainfall was
moderate to heavy in much of the eastern belt, and light to only moder¬
ate in most other sections.
In general, the weather continued favorable
for the cotton crop, but there are additional reports of weevil activity in
above normal in
moister sections of the eastern half of the belt.
In Texas progress and condition of cotton continue fair to good in most
places, with fields generally clean; plants are blooming freely in the south,
considerable
replanting is
just
completed
and
much
of the
crop
is
about two weeks late; the first bale was markted in Starr County June 15.
In Oklahoma conditions are generally favorable, except that much re-
the south.
Elanting has been done in the western portion; there is some blooming
l
the central
In
States of the belt progress varied from fair to excellent.
It is still too wet in some northern districts, but showers were helpful in
areas where moisture was needed, especially in Alabama and Mississippi.
In the eastern belt there are further reports of weevil activity in moister
sections, but some improvement in the crop is noted in the Caroiinas,
while in Georgia progress is mostly very good with blooming general in
the southern half.
Miscellaneous—From
the
Great
Plains
eastward
minor
crops
had
a
generally or unfavorable weather.only a few improvedof pest damage, hail
favorable week with
amage,
Tobacco reports
generally and curing
has begun
"in Florida where sweet potatoes are being planted.
This latter
crop is generally good in most Gulf sections.
Berries are good to excel¬
lent in northern districts and fruit prospects are improving with dropping
decreasing.
Berries, potatoes, and truck are good to excellent in most
of the upper Mississippi Valley and Lake region.
In the Plains States
and
to
westward there were occasional reports of unfavorable weather,
fruit, insufficient rain, and insect damage, although much
Southwest and large Rocky Mountain areas noted a marked im¬
hail damage to
of the
provement over last iVeek.
Pastures, ranges, and meadows show a decided improvement generally,
alghough there are complaints of excessive weediness in some southern
areas, and rains delayed haying or damaged cut hay in several Central
and Western States.
Portions of New Mexico, Utah, Montana, and
Arizona are still dry; the water shortage is acute in southern Arizona.
Minnesota reports pastures to be the best in years, and marked improve¬
ment in general in most of the upper Mississippi Valley.
Livestock are
in good to excellent condition generally.
Shearing is nearly finished in
most Rocky Mountain areas and is progressing rapidly under mostly favor¬
able conditions.
The Weather Bureau
furnished the following resume of
conditions in the different States:
North
Carolina—Raleigh:
Seasonable
warmth,
ample
sunshine,
and
several rainy days made generally favorable week for crop growth, though
still complaints of insufficient rain.
Progress of cotton good; condition
fair
to
excellent.
Tobacco
some
improvements, but
and other
irregular, and mostly late.
Corn, truck,
doing well.
Some local hail damage.
many
crops
stands poor,
improved or
South Carolina—Columbia: Rains fairly general.
Crop grogress and
growth favored, though excessive rain, hail, and wind damage in few lo¬
calities, with rain still needed in some places.
Corn, truck, tobacco,
some
hall
east and southwest lowlands where fields
grassy;
lent,
except
where too
wet;
condition good to excel¬
and bloom reported in some south
squares
and central portions.
Progress and condition of corn excellent; many
fields in tassel in south and
central; roasting ears in market.
Very favor¬
able for meadows, pastures, sweet
potatoes, tomatoes, and vegetables.
Tennessee—Nashville: Condition of corn very good; progress excel¬
lent, although cultivation delayed and considerable grassy account rains.
Progress and condition of cotton fairly good, but rather poor in places
account
rains; considerable grassy; squares forming.
Rapid progress
; harvesting winter wheat where dry enough, and
mostly completed; con¬
dition very good to excellent; some
threshing.
Tobacco setting nearly
done; some resetting; growth satisfactory, condition fair.
Pastures, hay,
potatoes, and truck good to excellent.
THE DRY GOODS TRADE
yet.
Corn—The'corn crop generally is making satisfactory advance, though
frequent rains have been unfavorable for cultivation in most sections from
the central and upper Mississippi Valley eastward; in this area warm,
dry weather is needed.
In Missouri some wetter areas are quite weedy.
In Oklahoma and Texas progress and condition of the drop are mostly
good, while in other Plains States, with warmer weather and more sun¬
shine, rapid growth is reported.
In Iowa progress is excellent; the second
cultivation is generally completed and the third well along in the south,
with much corn knee high; it has been too wet for cultivation in some
but
and
damage reported.
Grain harvest
full swing, with some threshing and
combining started.
Progress and
condition of cotton mostly good;
much replanting done In west; some
bloom in south.
Progress and condition of corn very good to excellent
and much laid by.
Livestock good; pastures very weedy.
Broomcorn
good condition, some heading in Lindsay district.
Grasshoppers very
numerous and damaging in several western counties.
Considerable alfalfa
damaged.by rains while curing.
v
Arkansas—Little Rock: Progress of cotton mostly fair to excellent due
to light rain, and abundant sunshine since
17tb; soil still too wet in some
H»\The weather continued favorable in central and eastern
portions of the
Spring Wheat Belt and the crop is making satisfactory advance; in more
western parts it is rather poor.
In the eastern belt rank growth is favor¬
able for lodging.
Reports of black-stem rust
serious
4377
bottoms flooded
New
York, Friday Night, June 25, 1937
Stimulated by higher temperatures and the close
approach
of the vacation season, retail business made a
satisfactory
showing.
lines,
Buying
with
Best reports
interest centered in seasonal apparel
and beachwear items predominating.
again came from the agricultural sections, par¬
sports
ticularly in the Southwest where the excellent crop outlook
to supply an impetus to consumer
buying.
In
certain industrial districts, on the other
hand, disturbed
labor conditions put a
damper on business in general.
During the first half of June department store sales in the
metropolitan area, according to the usual survey of the
Federal Reserve Bank of New York, showed a
gain of 9%
over the
corresponding period of 1936; in New York and
Brooklyn sales increased 8.5%, while in northern New
Jersey a gain of 11.4% was registered.
Trading in the wholesale dry goods markets continued
quiet although inquiries for goods appeared on the increase.
Reorders on summer merchandise were
again received in
fairly large numbers, but merchants in general maintained
their waiting attitude with regard to the
covering of fall
requirements, pending a clarification of the price structure
continued
and
abatement in current labor disturbances.
an
removal
of present uncertainties, the
siderable amount of pent-up demand is
release
A
fair
inventory situation, due to the virtual withdrawal of
buyers from the market, is believed to have undergone a
marked improvement.
Business in silk goods turned quiet.
demand
existed for sheers with prices
showing a
Trading in rayon yarns continued at a brisk
pace.
With several large plants still tied up by labor
troubles, little hope was held that the scarcity in certain
popular counts would soon be relieved.
steady trend.
Domestic
Cotton
Goods—Trading in the gray cloths
standstill, with sales confined
hardly more than 10% of the
markets remained at its virtual
to small fill-in lots,
totaling
current
output.
While
mills
continued
to
ment
goods
drop checked.
Normal rains and warmth.
Progress and con¬
fairly good, bloom increasing.
Corn good, maturing.
still being planted.
Tobacco maturing; harvesting and
curing beginning.
Garden truck fair.
Citrus trees good shape; new
fruit sizing nicely.
Florida—Jacksonville:
dition
of
Sweet
potatoes
cotton
Alabama—Montgomery: Warm; scattered light to heavy rains.
Cotton
very good; squares beginning in north, general eisewhere; plants small.
Corn and other crops mostly good condition; too dry in many sections;
fields clean.
Mississippi—Vicksburg: Very irregular rains, but average beneficial.
Progress of cotton fair to good, some poorly cultivated in wet regions and
weevil activity favored throughout.
Progress of corn mostly very good,
but poor in occasional dry areas.
Gardens, pastures, and truck gener¬
ally excellent progress.
Lousiana—New Orleans: Normal warmth and frequent scattered rams
becoming grassy in areas where rain too persistent.
Cotton growing rapidly and early blooming in north, forming bolls in
south; weather favored weevil activity, especially in east.
Moisture very
beneficial to corn, rice, cane, and sweet potatoes; early corn advancing;
well towards maturity.
Pastures and truck improving.
Sunny weather
now needed most sections, especially for cotton. •
favorable, but fields
Texas—Houston: Temperatures normal in east and about 5 deg. above
elsewhere- rains, locally heavy, general over northeast, but little or none
of
the
independent
continued
spotty.
steel
strike.
Following
Business
Woolen
Goods—Trading in men's wear fabrics remained
While mills kept busy on existing contracts, it was
noted that the backlog of unfilled orders
experienced a
decline of about 10% during the last few weeks.
Clothing
manufacturers were reported to show more interest in fall
quiet.
goods.
Retail sales made a fairly good
showing, although
the price question was
again expected to cause some mis¬
givings following the reduction in prices by one large chain
and the institution of a time
payment plan by another chain
in order to stimulate sales.
New lines of tropical worsteds
met with fair
response on the part of manufacturers.
Busi¬
ness in women's wear
goods improved moderately as larger
retail sales and
preparations for August promotions resulted
the placing of substantial orders on cloaks
and suits.
Unfilled orders on women's wear materials
were reported
to have
substantially increased during the last few weeks.
in
Foreign
Livestock good.
City:
Warm,
with
heavy
to
excessive rain
in
east, much of central, and locally in west first three days; clear thereafter.
Dry
considerably,
higher
Prices
improved.
Closing prices
print cloths were as follows:
39-inch 80s, 834 to 834c.
39-inch 72-76s, 834c*> 38-inch 68-72s,
734 to 734s-; 3834~iffch
64-60s, 634 to 634c.; 383^-iuch 60-48s, 534 to 534c.
New
Oklahoma—Oklahoma
fine
the
moderate call for twills made itself felt.
elsewhere
Truck and ranges
in
decision of a
during the Fourth of
July week, some activity developed in combed lawns, chiefly
for spot delivery.
Plain taffetas moved in fair volume and
fields
Progress and condition of cotton fair to good in most sections;
generally clean; plants blooming freely in south; much planting
and replanting just completed, and much of crop about two weeks late;
some
light shedding reported in Corpus Christi area where conditions
favored insect activity; first bale from Starr County marketed June 15.
Winter wheat harvest practically completed, except in Panhandle where
well underway; crop better than previously indicated.
Corn generally
good condition, though some local deterioration in dry southwest areas.
from
number of mills to curtail operations
a
pecan
refrain
acceding to the lower price demands of prospective buyers,
sufficient second-hand offerings came into the market to
cause a further
lowering of quotations.
Towards the end
of the period under
review, inquiries for goods expanded
moderately but doubt was expressed that a real buying
movement would eventuate,
prior to the release of the
Government cotton crop report—on July 8—and the settle¬
in
Georgia—Atlanta: Warm with good rains, except m few western counties.
Progress and condition of cotton very good, but weather favored weevil
activity in many south and east-central counties; chopping nearly done
to mountains; bloom general in south.
Favorable week for other crops;
con¬
the
Cotton beginning to form squares; blooming at lower elevations,
with weevil activity favored in wet localities' general progress and con¬
dition very good, becoming grassy in wet fields.
acco
a
anticipated, inasmuch
as
gardens, andbegun locally. Threashing oats and wheat in north; favorable
pastures mostly good condition; vegetables plentiful. Tocuring
yields.
With the
of
Goods—Trading in linens quieted down
although sales at retail stimulated by the
temperatures
business
held
was
made
limited
a
to
very
satisfactory
small
fill-in
showing.
transactions.
steady reflecting the continued firm attitude
of the foreign
primary centers.
Business in burlap con¬
tinued quiet as consumers
generally were reported to be
amply supplied for nearby requirements.
Prices, however,
displayed a somewhat firmer trend, under the influence of
a
moderate rally in the Calcutta market.
Domestically
lightweights were quoted at 4.20c., heavies at 5.40c.
4378
Financial
Specialists
Chronicle
June 26,
1937
in
MUNICIPAL
Illinois & Missouri Bonds
Dealer
BONDS
Markets
WM. J. MERICKA <5,
CO.
INCORPORATED
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
•
314 N.
DIREOT
CHICAGO
Union Trust Bids.
One Wall Street
135 S. La SalUSL
CLEVELAND
NEW YORK
CHICAGO
Broadway
ST. LOUIS
WIRE
PUBLIC
WORKS
ADMINISTRATION
Official Record by States of All Securities Purchased by PW A Showing Subsequent Disposition of Such Securities Especially
Those Sold to RFC
The
following detailed tabulation has just been made available by the above named Federal
agency:
Par Bonds
Avge.
Par
Matured
Par Bonds
Par Bonds
Far Bonds
Par Bonds
Par Bonds
Bonds
Canceled
Sold to
Sold by
Retired to
Held by
Held by
Purchased
Sold to Third
R. F. C.
R. F. C.
R. F. C,
p. w. a:
R. F. C.
States
Parties
8,179,700
Arkansas
California...
Colorado
-
Florida.....
Georgia
Idaho
Illinois
—--i
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
M assachusetts...
Michigan
Minnesota..
Mississippi
Missouri
—
Montana
Nebraska
Nevada..
*
New Hampshire
—
New Jersey
New Mexico...
New York
—
North Carolina.
North Dakota
Ohio
:
Oklahoma
Oregon.
Pennsylvania
Rhode Island.
...1
South Carolina
—
South Dakota
—,
Tennessee
Texas....
—;
Utah
Vermont.
Virginia
-
Washington
West Virginia
Wisconsin.
Wyoming
,
District of Columbia
91,104
24,000
383,824
Puerto Rico
---
Railroads
S
'
by R. F. C.
$
$
?
4,200,100
264,300
4,464 ,400
3,554,759
10,884
1,003.07
633,250
1,822,000
2,504,415
4,996,623
826,737
2,725,700
77,415
9,964
1,031.90
29,600
453,000
2,455 ,250
7,722 ,323
2,222,700
3,049 .337
798,500
535,700
131,000
666 ,700
13,584,435
811,220
53,267
162,374
422,935
12,720
3,267
1.032.13
1,015.93
3,374
1,021.22
*929,861
139
999.85
1.019.65
1,011.01
50,000
2,326,500
1,313,200
4,523,650
2,541,850
2,667,000
10,247,700
1,292,300
143,000
6,740,000
2,300,214
1.004.35
1,065.34
159,000
930,000
260,487
8,396,000
886,000
983,472
61,500
407,750
88,000
9,282 ,000
495 ,750
1,002,797
19,325
323,600
6,400
612,500
520,800
20,600
523 ,400
327,164
6,531,350
1,581,000
501,500
8,112 ,350
3,882 ,500
53,165,360
3,564
583,860
1,220 ,400
1,619 ,500
486,345
63,852
7,745
1,025.74
1,184,400
3,968,635
299,635
1.081.67
682",000
2,205 ,416
*2,106,197
12,302
994.19
825 ,500
2,590,028
60,528
1,023.93
4 .200
88,189
1,189
1.013.66
52,581,500
2,481,000
478,600
3,669,000
2,118,500
2,529,500
23,500
500
193,000
37,300
39,500
87,000
3,381,000
36,000
1,619,500
1,523,416
825,500
4,200
294,550
3,764,100
462,000
2,152,000
1,089,750
875,500
~12"666
9,750
88,000
14,100
1,559,450
2,656,713
73,000
215,500
546,250
7,270,500
617,000
62,880,050
4,572,000
651,000
15,493,200
2,741,100
2,692,900
1,660,500
1,311,500
4,136,700
2,376,300
1,980,500
5,615.200
1,061,900
218,100
512 ,650
2,544,852
3,856,563
1,011.10
1.016.18
2,000
69,000
16,000
85 ,000
473,996
92,463
11,996
1,024.56
1,025.97
43,500
683,200
3.762,800
4,446 ,000
2,185,976
33,976
1.015.79
88 .000
1,122,830
33.080
1.030.36
775,000
1,372", 000
*867,312
6,000
2,661,568
309,100
2,147 ,000
2,970 ,668
1,576,445
32,450
1,926,570
1,257,137
3,183 ,707
2,693,185
8,188
16,995
36,472
1,010.90
1.013.73
54,500
15,407 ,300
74,788
271,,000
215,925
425
1.001.97
1, 000
572,502
26,252
1,048.06
1,036.44
15,352,800
271,000
"
29,250
277,000
LOGO
951", 500
3,255,000
1,788
1,354,300
357,000
4,206,,500
1,711,,30C
7,535,427
642,628
264,927
11,000
439,100
13,373,261
2,189,371
36,459,750
49,833,,011
2,384,132
1,006,000
3,195,,371
65,264,182
4,742,069
41,000
25,628
170,069
990.65
1,024.50
1,041.54
1,037.92
1,037.20
9,000
293,600
163,600
457, 200
666,418
15,418
1.023.68
218,100
2,262,500
644,900
2,907, 400
16,058,602
565,402
1,036.49
8,600
2,118,600
642,700
405,800
2,779,184
38,084
1,013.89
778,000
2,524, 400
1,420, 700
2,709,434
16,534
1.006.14
41,500
3,377,231
12,000
624,500
4,001, 731
1,698,657
1,700
13, 700
69~,10C
2,069,410
317,850
2,387 260
500
2,482,386
2,207 000
30,335 699
1,055 496
2,025,362
106,086
44,862
5,730,647
115,447
*1,057,569
146,494
4,331
3,494
1,024.43
4,885,986
209,387
1,044.77
961,875
53,875
1,059.33
24,250
141,750
277,700
23,800
50,500
1,571,000
25,883,959
4,451,740
180,760
636,000
•
68,100
893,196
162,300
4,676,600
908,000
606,600
790,000
62,400
325", 176
2,o"oY,666
301
143,000
■V
38,157
1.022.98
1,350,581
39.081
4,222,036
85,336
1.029.80
1.020.63
1.044.64
1.022.65
1,020.56
996
5,000
203,400
691,900
31,600
2,144,000
799,1C0
2,943 100
612,505
5,905
3,000
267,000
267 00C
806,739
16,739
1.021.19
517,600
2,200
75,000
75 000
545.305
27,705
1.053.53
2,920,000
187,566
2,920 000
184", 500
~3~, 000
*182,203
"2",297
987.55
418,000
2,125
379,000
84,000 196,000,500
418,000
423,241
6,241
1.012.54
53,547, 500 142,576.557
4,693",577
1,034.04
13,059,422 126,375,792 120,916,277 247,292,070 373,925,746
10,731,536
1,029.55
1,604,900
1,437,400
793,000
519,800
74,300
717,500
19,100
1,000,000
19,500
204,500
204, 500
1,534,875
137,883",000
12,412,893 497,169,909 363,194,209
9,460,000
379,000
4,890,000
48,657,500
1.009.74
1,913", 875
Discount.
RECONSTRUCTION
FINANCE
CORPORATION
Offering of 74 Issues of Municipal Bonds Aggregating
$5,501,150—Sealed bids will be received until noon on July
8, by H. A. Mulligan, Treasurer of the above Corporation,
for the purchase of 74 issues of bonds of municipalities,
counties and school districts of various States,
in
Bonds Sold
19,125
22,000
635,958,594
Grand total
by R. F. C.
27,000
54,775,000
3,006,000
1,663,500
3,862,000
2,837,800
2,569,000
87,000
3,994,200
480,000
5,958,300
1,099,500
2,261,600
1,874,550
3,946,300
127,500
215,500
576,500
10,802,500
985,000
99,778,900
5,619,000
823,600
16,356,200
3,155,500
3,495,150
296,400
440,000
1,916,000
2C0,974,500
Hawaii.
by R. F. C.
2,326 176
895, 30C
411,500
Alaska
*
583.513
$1,000 of
2,427,000
2,290,250
13,161,500
50,000
159,000
88,900
158,400
238,180
72,800
525,740
194,998
109,500
$
Sell'g
Price Per
Bonds Sold
3,543,875
2,076,487
1,132,972
350,600
191,500
274,500
58,500
65,000
561,956
11,300
46,400
22,000
71,000
72,500
40,000
27,000
33,000
211,000
36,800
1,485,432
376,229
54,000
417,189
165,700
45,350
86,279
on
Bonds Sold
929,500
22,700
538,850
4,694,518
6,111,050
15,520,300
513,500
609,500
11,965,000
2,376,100
114,637,593
8,184,600
1,171,200
19,035,889
5,439,800
4,183,200
5,790,010
1,398,000
7,118,800
3,014,548
4,347,500
36,723,172
2,276,600
167,000
7,449,000
2,104,700
3,655,700
1,777,500
613,900
3,920,000
& R. F. C.
Selling Price Premium
15,837,200
234,500
358,634
3,956,456
102,500
4,335,150
571,000
6,712,500
1,260,000
3,125,500
—
-
$
3,827,300
4,276,000
5,045,450
26", 000
10,706,987
1,899,356
876,100
61,845,200
6,578,500
1,974,000
5,540,000
4,426,216
----
Indiana
90,250
286,177
1,575,562
61,400
1,526,600
50,000
185,000
Connecticut
Delaware
152,300
4,999,500
10,328,250
18,239,400
-i.
Arizona..
Par
& R. F. C.
$
Alabama
Total
by P. W. A
our
issue of June
19—V. 144, p. 4215.
as
mentioned
The issues
,
are
described briefly as follows:
$16,000 City
Board of Education
of Eufaula,
Barbour
County,
Ala.,
school district warrants, maturing 1938-50.
17,500 Town of Irondale,
maturing 1937-65.
Jefferson County, Ala., storm
sewer
bonds,
262,000 Arizona State Teachers' College at Flagstaff, Coconino County,
Ariz., building and improvement bonds, series 1934, maturing
1938-63.
30,000 School District No. 30 of Benton
1935, maturing 1937-59.
County, Ark., school bonds,
64,000 Rural Special School District No. 16 of Ouachita County, Camden,
Ark., school bonds, 1935, maturing 1937-65.
69,500 City of Stuttgart, Arkansas County, Ark.,
bonds, maturing 1938-49.
28,000 City of Lindsay, County
maturing 1938-56.
of Tulare,
street
Calif.,
City
improvement
Hall
bonds,
31,000 City of San Clemente, Orange County, Calif., waterworks im¬
provement bonds, 1934, maturing 1940-64.
107,000 the trustees of the State Normal School, Alamosa, Colo., Adams
State
Teachers
College dormitory revenue bonds,
maturing
1941-66.
42,000 City of Lake City, Columbia County, Fla., water revenue bonds,
maturing 1938-57.
24,000 special tax school district No. 1, Orange County, Fla., school
building bonds, maturing 1938-61.27,000 special tax school district No. 12 of Orange County, Fla., school
building bonds maturing 1938-64.
7,000 Town of Davisboro, County of Washington, Ga., water work
bonds, maturing 1938-51.
15,000 Nicholl Consolidated School District, Coffee County, Ga., school
house bonds, maturing 1938-52,
55,000 City of Litchfield, County of Montgomery, 111., sewerage revenue
bonds, maturing 1937-60.
76,000 City of Nashville, Washington County, 111., water revenue bonds,
maturing 1938-59.
12,000 Village of Oswego, Kendall County, 111., water works (revenue)
bonds, maturing 1939-57.
10,500 incorporated Town of Parkersburg, Butler County, Iowa, sewer
revenue bonds, maturing 1938-55.
71.000 County of Hickman,
Ky., school building bonds, maturing
1937-60.
18,000 Vine Grove, Hardin County, Ky., waterworks revenue bonds,
maturing 1938-60.
39,000 Marlette Township Unit School District, Sanilac County, Mich.,
general obligation bonds, maturing 1937-60.
39,000 Mattawan Consolidated School District No. 7 Fractional, Ant¬
werp Township, Van Buren County, Mich., general obligation
bonds, maturing 1937-65.
29,000 Benoit Special Consolidated School District, Bolivar County,
Miss., school bonds, maturing 1937-55.
24,000 East Tupelo Consolidated School District, Lee County, Miss.,
school bonds, maturing 1938-55.
16,000 Town of Hernando, De Soto County, Miss., street improvement
bonds, maturing 1938-52.
50,500 Pass Christian separate school district, Harrison County, Miss.,
school bonds, maturing 1937-60.
32,000 Ruleville Municipal separate School District, Sunflower County,
Miss., school bonds maturing 1937-60.
18,500 The City of Cuba, Crawford County, Mo., sewerage bonds,
maturing 1939-56.
17,500 Consolidated School District No. 19 of Scott County, Mo.,
school district bonds, maturing 1938-55.
29,000 City of Steelville, Crawford County, Mo., waterworks bonds,
maturing 1937-54.
19,000 City of Willow Springs, Howell County, Mo., waterworks ex¬
tension and fire department bonds, maturing 1937-54.
4,250 School District No. 1 of Lewis and Clark County, Mont., school
bonds, maturing 1938-54.
14,000 Township of Caldwell, Essex County, N. J., Township Hall
bonds, maturing 1937-50.
Volume
Financial
144
107,000 Township of Hillside, Union County, N. J., truck sewer bonds,
maturing 1937-53.
760,000 Hudson County, N. J., hospital bonds of 1934, maturing 1952-61.
116,000 Board of Education of Borough of Point Pleasant Beach, Ocean
County, N. J., school district bonds, maturing 1937-65.
371,000 South Jersey Port District, Camden, N. J., first mortgage bonds,
maturing 1939-63.
26,000 Deming, Luna County, N. Mex., gas system revenue bonds,
maturing 1939-54.
135,000 Las Cruces, Dona Ana County, New Mexico, gas system revenues
bonds, maturing 1938-55.
65,000 Buffalo, Erie County, N. Y., general improvement bonds, series
C, maturing 1937-53.
31,000 Watkins Glen, Schuyler County, N. Y., sewerage treatment
bonds, maturing 1937-65.
38,000 Wells, Hamilton County, N. Y., water district bonds of 1934,
maturing 1938-56.
80,000 Harnett County, N. C., school building bonds, maturing 1937-60.
43,000 Lee County, N. C., school improvement bonds, maturing 1938-59.
38,000 Wake Forest, Wake County, N. C., waterworks improvement
bonds, maturing 1937-65.
93.000 Berea, Cuyahoga County, Ohio, sewerage disposal plant bonds
series No. 1, 1935, maturing 1937-46.
49,000 Board of Education of Mayfield Village School District, Cuyahoga
County, Ohio, school building bonds, maturing 1937-59.
Union County,
60,500 Rich wood,
Ohio, first mortgage waterworks
revenue bonds, maturing 1938-61.
12,500 Union City, Darke County, Ohio, waterworks bonds, maturing
■
1937-56.
19,000 Wellston, Jackson County,
bonds, maturing 1937-46.
Ohio,
street
lighting
improvement
9,900 Catoosa Consolidated School District No. 27, Rogers County,
Okla., building bonds of 1934, maturing 1938-54.
17,500 Dewey, Washington County, Okla., sewage disposal plant bonds
of 1934, maturing 1937-53.
192,500 Elk City, Beckham County, Okla., waterworks bonds of 1935,
maturing 1938-59.
11,500 Hughes Consolidated School District No. 1, Garvine County,
Okla., building bonds of 1935, maturing 1938-49.
48,000 Seminole, Seminole County, Okla., municipal building bonds
of 1935, maturing 1938-53.
510,000 State of Oregon by Department of Higher Education of State of
Oregon, acting through State Board of Higher Education (Eugene,
Ore.), University of Oregon building bonds, maturing 1937-64.
55,000 State of Oregon by the Department of Higher Education of the
State of Oregon acting through the State Board of Higher Edu¬
cation, Oregon Normal School building bonds,
(junior lien),
maturing 1938-55.
38,000 State of Oregon by Department of Higher Education of the State
of Oregon acting through the State Board of Higher Education,
Southern Oregon Normal School gymnasium bonds, maturing
1937-49.
45,000 School District of Borough of Shenandoah, Schuykill County, Pa.,
Union Street school bond issue, series of 1935, maturing 1937-59.
31,000 Columbia, Richland County, S. C., public market revenue bonds,
maturing 1937-54.
26,000 Summerton,
Clarendon
County,
S.
C.,
waterworks
revenue
bonds, maturing 1938-59.
200,000 Knoxville, Knox County. Tenn., permanent improvement notes
of 1936, maturing 1938-41.
118,000 Knoxville, Knox County, Tenn., school bonds of 1936, maturing
1939-43.
81,000 Bexar County Water Control & Improvement District No. 1,
Bexar County, Texas, sanitary sewer system serial bonds, first
series, maturing 1938-63.
99,000 Bexar County Water Control & Improvement District No. 3,
Bexar County, Texas, Sanitary Sewer System serial bonds, first
series, maturing 1938-61.
39,500 Sweetwater Independent School District, Nolan County, Texas,
School House bonds, series 1935, maturing 1937-65.
11,000 Sandy City, Salt Lake County, Utah, general obligation bonds,
series of Feb. 1, 1934, maturing 1938-48.
127,000 Arlington County, Arlington, Va., sewer bonds, maturing 1963-64.
Harrisonburg, Harrisonburg, Va.,
163,000 State Teachers College at
bonds (one bid to cover both issues), $94,000 dormitory bonds,
maturing 1938-61), dormitory bonds, series B, maturing 1937-62.
189,000 Tacoma, Pierce County, Wash, water (revenue) bonds of 1935,
maturing 1937-52.
48,000 Kermit, Mingo County, W. Va., bonds (one bid to cover both
issues), $31,000 waterworks revenue bonds, maturing 1938r-63.
($17,000sewer revenue bonds, maturing 1938-63.)
25,000 Lewisburg, Greenbrier County, W, Va., waterworks revenue
bonds, maturing 1937-59.
58.000 State of Virginia (acting by and through the West Virginia Board
of Control, Charleston, W. Va.), Pinecrest sanitarium Nurses and
Physicians Home revenue bonds, (Pinecrest Sanitarium, Beckley,
W. Va.), maturing 1938-64.
WE OFFER SUBJECT—
$15,000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1955
Price—5.25 Basis"
Thomas M. Cook &
Harvey
WEST
PALM
Company
Building
BEACH,
The
special court is reported to have been appointed by
regular Court of Appeals
disqualified itself because the question of taxing the salaries
of State officials was involved.
Suits filed by the Reynolds
Metals Co. of Louisville, and others, and by Circuit Judge
G. W. E. Wolf ford, of Grayson, attacked the tax Act on
the ground it was arbitrary and discriminatory.
Governor A. B. Chandler after the
Municipalities Adopting Instalment Tax Payments—
a citizen pays his taxes, the Municipal Finance
Officers Association finds the less he is likely to notice them.
On this theory of frequent, easier payments, three-fourths
The oftener
of the 309 cities in the United States of 30,000 and over have
increased the number of tax-due dates from
one
to five
or
ten and twelve a year.
The new style of tax paying has grown more popular during the last
five years, according to the Municipal Finance "News Letter, ' issued by the
even
Association.
Exactly 150 of the 309 cities are collecting taxes in two instalments; 11 do
three; 53 in four, and 15 in five or more.
Seven permit payment in
and three collect in 12.
The number of cities collecting
it in
ten instalments
to 1932 to 53 in 1936.
cities reported, about three fourths of them
asking payment of taxes once a year, and the remainder, semi-an¬
nually.
None permitted more than two instalments.
Canadian cities of more than 30,000 population show somewhat the same
tendency toward increased acceptance of tax instalments.
Across the
border, however, the scheme was put into use much earlier than in the
United States.
Of the 18 Canadian cities of more than 30,000 population
four
a year increased from 3
Back in 1923, when 165
were
seven
three,
call foi
now
payment in one instalment. 4 in two instalments. 4 in
two in four, and one five times a year.
40 States in this country have statutes
Over
•
providing for tax instal¬
ments, many of which are optional to their cities.
Among cities that have
adopted the quarterly plan of tax payment, commonly recommended by
finance
authorities,
Norfolk and Petersburg, Va., Rochester, N.
are
Y.,
Passaic, Elizabeth and Perth Amboy, N. J., Brunswick, Ga. and Hartford,
Conn.
New
United
Jersey—Rail Tax Case Adjourned Until Sept. 27—
States District Judge Phillip Forman on June 23
adjourned the railroad tax case until Sept. 27, according to
Trenton advices.
The litigation, in progress since April 20,
involved the following five railroads: Lehigh Valley, Lacka¬
wanna, Erie, New York Central and Jersey Central, and
their subsidiaries in New Jersey.
They sought from Judge
Forman a permanent injunction to restrain the State from
taxing their properties in amounts they termed excessive.
The New Jersey taxes levied on these roads aggregated
$37,500,000 for the years 1934, 1935 and 1936, of which
amount they have paid $22,500,000 under protest.
New York, N. Y.—State Declines City's Offer to Collect
Utility Tax—The State Tax Commission has declined the
offer of City Comptroller Frank J. Taylor to collect the
State's 2% utility tax in the city, it is reported in a United
Press dispatch from Albany on June 23.
Under the tax Act, designed to raise about $24,000,000
annually, the Commission could have turned over collection
of the tax within New York to the city authorities.
Utility
executives are reported to have been opposed to the idea
on the ground that it would be easier to make one return for
the entire State rather than one for New York City and a
second
affect
for
of
the rest
collection
municipalities.
the
State.
The
decision does
not
the
of
1% tax on utilities operating in
Both taxes will be used for relief.
Oregon—Court
Administrator—In
Invalidates
decision
a
Appointment of Municipal
given on June 15 the State
Supreme Court held unconstitutional a legislative Act
authorizing the appointment of a municipal administrator
for municipal corporations which have defaulted in their
financial obligations for a period of six months, according to
a Salem news report on that date.
It is said that the opinion
was written by Justice Rossman in a proceeding filed by the
City of Enterprise against the State of Oregon, the State
Bond Commission and other State officials.
The opinion
reversed a lower court ruling, which held for the municipality.
Bond
FLORIDA
4379
Chronicle
Proposals and Negotiations
ALABAMA
JEFFERSON
News Items
COUNTY
stated
that
S.
C.—Federal
Birmingham),
KU.—TEMPORARY
a total of $700,000 borrowed by the county this
operating costs.
The loan is due Jan. 10, 1938.
Court
Temporarily
Restrains Buzzard's Roost Power Project—A temporary injunc¬
tion halting constructip»-*Qfthe proposed Buzzard's Roost
hydro-electric poweiyfxroject in South Carolina was granted
in Asheville, N. C., /by the U. S. Circuit Court of Appeals on
June 21, according to a United Press dispatch on that date.
County,
O.
this makes
year to meet current
Greenwood
(P.
LOAN—A loan of $200,000 was borrowed recently by the County Commissio i from the First National Bank of Birmingham, at 1J^%.
It is
ARKANSAS
Markets in all State,
BONDS
County & Town Issues
The order is said to have been issued in behalf of the Duke
Power
The
Co.
news
and the Southern Public Utilities
Co.
report commented on the action as follows:
The United States Circuit Court of Appeals granted today a temporary
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING,
ST.
LOUIS,
MO.
injunction holding up construction of the proposed Buzzard Roost hydro¬
electric plant in Greenwood County, S. C., but allowed Public Works
Administration to grant an additional $150,000 to the $200,000 already
given the county for preliminary expenses.
Judge John J. Parker, of Charlotte, signed an
order on behalf of the
Duke Power Co. and the Southern Public Utilities Co., granting an appeal
the recent decision of District Judge J. Lyles Glenn, of Rock Hill,
ARKANSAS
BONDS
from
upholding the company's right to build the project.
He explained that in
the grant the court was not considering the legality of the project.
Judge Parker said that arguments on the appeal would be heard about
Aug. 1, probably at Asheville.
-
Kentucky—Special Court Sustains Income Tax Law~A
special Court of Appeals on June 23 upheld the constitu¬
tionality of the State's personal and corporate income tax
law enacted last year, according to an Associated Press
dispatch from Frankfort.
It is said that more than $2,000,000 has been paid under the law and estimates of the total
yield have ranged as high as $4,000,000.
Largest Retail Distributors
WALTON, SULLIVAN & CO.
LITTLE
ROCK, ARK.
ARKANSAS
ARKANSAS, State of—
TENDERS
BOND announced
It is
by Earl Page, State Treasurer, that he will receive tenders until 11 a. m, on
July 20, of the following bonds:
4380
Financial
Highway refunding, series A and B.
Toll bridge refunding, series A and B.
De Vails Bluff Bridge refunding.
Road district refunding series A and B.
Funding notes and certificates of indebtedness.
Chronicle
LOS
June 26, 1937
ANGELES
COUNTY (P. O. Los
Angeles), Calif.—CLAREMONT UNIFIED SCHOOL DISTRICT BONDS VOTED—It is stated
by
the Bond Clerk that at the election held on June 11 the voters
defeated the
•
proposal to issue $100,000 in building bonds.
Available funds will be applied to the purchase of bonds tendered at the
lowest price on the basis of highest yield to the State, or best bid sub¬
mitted.
Tenders must be at a flat price, not exceeding equivalent of par
and accrued interest.
No accrued interest will be paid on bonds accepted,
and right of acceptance of any part of bonds so tendered is reserved.
Tenders must be submitted on fofms prescribed by the Treasurer, and may
be obtained, by request, at his office.
A certified check for 3% of the face
value of the bonds tendered, to guarantee delivery, is required, or delivery
must be guaranteed by a bank or trust company.
LOS
COUNTY
(P.
O.
Los
Angeles),
Calif.—BOND
P»MARIN
COUNTY (P.
O. San Rafael), Calif.—MILL VALLEY
SCHOOL DISTRICT BOND OFFERING—Sealed bids will be received until
July 12, by Geo. S. Jones, Oounty Clerk, for the purchase of a $30,000
issue of school bonds.
MARTINEZ, Calif.—BONDS DEFEATED—A proposed $50,000 bond
Issue
ARIZONA
ANGELES
ELECTION IN POMONA SCHOOL DISTRICT—A
proposed bond issue of
$295,000 for construction of two school buildings will be voted upon in
Pomona School District on July 20.
for
construction
of
a
municipal swimming pool
was
defeated at
a
recent election.
GILBERT SCHOOL DISTRICT (P. O. Gilberr), Ariz.—
—We are informed that $20,000 high school bonds were purchased recently
by Refsnes, Ely, Beck & Oo. of Phoenix, paying a premium of $145.00
on 4 Ms.
The Baum, Bernheimer Oo. of Kansas City, Mo. and Kirby L.
Vidrine & Oo. of Phoenix, submitted a joint bid for
% bonds.
MARICOPA COUNTY SCHOOL DISTRICTS
(P. O. Phoenix),
Ariz.—BOND OFFERINGS—It is stated that the Board of Oounty Super¬
visors will offer for sale on July 14, the following issues of bonds: $19,500
Maricopa School District No. 33, and $11,000 Scottsdale High School
District bonds.
Interest rate is not to exceed 5%.
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND ELECTION
IN SANTA RITA SCHOOL DISTRICT—An election is to be held on
July
7 in Santa Rita School District for the purpose of
voting on the question
of issuing $20,000 school building bonds.
ORANGE COUNTY (P. O. Santa Ana), Calif.—BOND ELECTION
DETAILS—In connection with the report given in these columns
recently
an election will be held on July 27 in order to vote on
the issuance of
that
$2,500,000 in flood control and water conservation bonds—V. 144, p. 4216
following information is taken from the Los Angeles "Times" of
—the
June
9:
NOGALES, Ariz.—REPORT ON BOND REFUNDING—The firm of
Pershing, Nye, Bosworth & Dick, of Denver, is said to have issued their
final approving opinion on an ssue of 4% refunding bonds.
It is stated
that the new set-up makes it possible for the city to meet its maturities
beginning in 1945.
"The Orange Oounty Board of Supervisors late
today officially called a
$2,500,000 bond election for July 27 to help finance a $5,000,000 flood
control and water conservation program for this
county.
"The Federal government will finance the construction
supervised by
United States Army engineers.
PINAL COUNTY SCHOOL DISTRICTS (P. O. Florence), Ariz.—
BOND CALLS—It is stated by Kirby L. Vidrine & Co. of Phoenix, that
the following bonds are being called for payment at par and accrued interest,
at the County Treasurer's office, on July 1:
"The Board also authorized a resolution
pledging itself to carry out ad¬
ditional work, including water spreading and extra flood control
projects
in Fullerton and other parts of the country.
This will be paid for by con¬
tinuing the 10-cent flood control tax now in effect.
"The county's 245 precincts will be consolidated into 116
$5,000 6% county high school district bonds.
Due on July 1, 1940, and
5% School District No. 4 bonds.
Issued in 1926, due in 1946,
optional on July 1, 1936.
SALT
RIVER
VALLEY
WATER
USERS*
ASSOCIATION
(P.
O.
Phoenix), Ariz .—NEW MUNICIPAL DISTRICT TO BE ORGANIZED—
Greig Scott, General Counsel of the Association, has stated that satisfactory
being made toward the organization of a new Municipal Dis¬
The new district will be styled the Salt River Project Agricultural
Improvement and Power District.
The Arizona Supreme Court was to
pass on the legality of the district organization and its right to issue bonds
progress is
trict.
June 17.
When the
on
formation of the
new
district
has been
adjudicated, it is
con¬
templated that the district officials will offer for sale $3,000,000 of its bonds.
If and when these bonds have been sold, the present Association expects to
call for payment a like amount of refunding 6s, due Nov. 1, 1956.
These
bonds are callable at 103 and interest on 60 days' published notice.
As of June 8, 1937, water in storage was reported as 1,240,828 acre feet,
compared with 767,872 acre feet available June 8, 1936.
Various issues
of Salt River bonds have been recently sold at or considerable above par.
WILLIAMS, Ariz.—BONDS SOLD TO PWA—It is stated by J. O.
Butler, Town Clerk, that $42,000 4% semi-annual sewer system construc¬
were sold to the Public Works Administration, on April 22, at
Denom. $1,000.
Dated July 1, 1936.
Due as follows: $1,000.
1939 to 1952, and $2,000, 1953 to 1966.
Prin. and int. (J. & J.) payable
locally.
;
tion bonds
precincts for
the election.
"Three times the water issue has
turned down.
before the voters and has been
come
V'The present proposition offers the county a chance to finance the dama
possible before."
at a much lower cost than has been
"■"•SACRAMENTO
COUNTY
O.
(P.
Sacramento),
Calif.—FRUIT
RIDGE SCHOOL DISTRICT BOND
OFFERING—Sealed bids will be
received until 10 a. m. on June 28, by T. F. Patterson, County
Clerk,
for the purchase of a $60,000 issue of school bonds.
Interest rate is not
exceed 5%, payable
to
J. & J.
Denom. $1,000.
Dated July 1, 1937.
Due $3,000 from July 1,1939 to 1958 incl.
Principal and interest payable
in lawful money at the Oounty Treasury.
A certified check for 10% of
the bonds bid for, payable to the Chairman of the Board of
Supervisors, is
required.
SANTA
CLARA
COUNTY
(P.
O.
San
Jo«e),
Calif.—CAMPBELL
AND SANTA CLARA HIGH SCHOOL DISTRICTS BONDS OFFERED—
On July
12 the County Supervisors will offer for sale $135,000 Campbell
High School District bonds and $105,000 Santa Clara Union High School
District bonds.
PASSANTA ROSA, Calif.—BOND ELECTION NOT SET—We are informal
by the City Clerk that the date of election on the $177,840 water plant
purchase bonds has not been set as yet.
par.
,
CALIFORNIA
MUNICIPAL
BONDS
Revel Miller & Co.
MEMBERS:
Los Angeles Stock Exchange
650 So. Spring Street
•
Telephone: VAndike 2201
TULARE COUNTY (P. O. VUalia), Calif.—TULARE SCHOOL DIS¬
TRICT BOND OFFERING—Sealed bids will be received until
Los Angeles
VENTURA
Teletype: LA 477
SAN FRANCISCO
July 1, 1937.
offered
for
sale
COUNTY
Due
1943 to 1947.
now
$387,
was
FOR
INVESTMENT—'The
COSTA
COUNTY
(P.
O.
Martinez),
successful
on
July 1
NEW
Calif.—AMBROSE
HEALDSBURG, Calif.—BOND OFFERING—D. A. Bane, City Clerk,
will receive bids until 7:30 p. m. July 6, for the purchase at not less than par
of $35,000 4% municipal improvement sewer bonds.
Denom. $1,000.
1, 1937.
Interest payable semi-annually.
Due
$1,000, 1938 to 1940, and $2,000, 1941 to 1956.
Dated June
IMPERIAL IRRIGATION
on
June 1
as
POWER
PLANS
DISTRICT
APPROVED
the two contracts was as follows:
and
grant:
1,791;
>
no,
Yes,
955.
7,004;
no,
759.
For
a
For
BY
Public Works Administration loan
a
rural
electrification
loan:
Yes,
The PWA offered a gift of $1,242,000 and a loan of $1,518,000 at 4%
for
follows: $13,000,1938
to
1942, and $14,000.
MEXICO—WYOMING
DENVER
Telephone:
Keystone 2395
—
Teletype:
Dnvr 53)
COLORADO
DENVER, Colo.—BONDS PROPOSED—An ordinance providing for the
issuance of $4,595,000 special improvement district refunding
prepared for introduction in the City Council.
FREMONT COUNTY SCHOOL DISTRICT NO. 2 (P.«0.
bonds has
Florence),
Colo.—BOND ELECTION—OPTION GIVEN—Subject to approval at an
election to be held in the near future, a 30-day option has been granted to
Geo. W. Vallery & Co. of Denver on an issue of $18,000 3M% refunding
bonds.
„
IGNACIO, Colo.—BOND ELECTION—A special election will
(P. O. El Centro), Calif.—
VOTERS—By majorities of
more than eight to one, the voters of the above district in a special election
held on June 16. approved of two Government contracts which provide for
the development and extension of public power projects.
The vote on
PUBLIC
as
DONALD F. BROWN & COMPANY
bidders
SCHOOL B )ND OFFERING—-On July 19 the County Supervisors will offer
for sale an issue of $48,000 bonds of Ambrose School District.
follows:
Calif.—FILLMORE HIGH
■ 1ARIZONA—COLORADO—IDAHO—MONTANA
reoffered the above bonds for public subscription at prices to yield from
1.30 to 2.65%, according to maturity.
CONTRA
Ventura),
The Harris Trust & Savings Bank, offering a premium of
f85,000, equalin 1939 and 1940, and $230,000 from 1941 to 1950, incl.
to 102.833, a basis of about 2.55%. Dated June 1, 1937.
>ue $350,000
OFFERED
O.
second high.
at
public auction on
June 24—V. 144, p. 3715—was awarded to a syndicate composed of the
National City Bank of New York, Brown Harriman & Co., Inc.,; the
Harris Trust & Savings Bank of Chicago; Weeden & Co.; Heller, Bruce &
Co., both of San Francisco: the Union Bank & Trust Co.; the William R.
Staats Co., both of Los Angeles; Kaiser & Co. of San Francisco, and
Schaumburg, Rebhann & Lynch, of New York, paying a premium of
BONDS
(P.
Rocky Mountain Municipals
CALIFORNIA, State of—BOND SALE—The $3,000,000 issue of 3%
Welfare bonds
on
BONDS SOLD—The issue of $135,000 Fillmore Union High
District 2M% bonds offered on June 21—V. 144, p. 4048—was
awarded to the Security-First National Bank of Los Angeles at par
plus
a premium of $1,128, equal to 100.835, a basis of about
2.34%.
Dated
stated by the
Deputy City Clerk that the $5,000 (not $50,000) water works bonds
purchased by Kaiser & Co. of San Francisco, as 3 Ms, at a price of 100.08,
as noted in these columns in May, are due on Jan. 1 as follows:
$4,000 in
1956, and $1,000 in 1957, giving a basis of about 3.49%.
Veterans'
m.
School
CALIFORNIA
semi-ann.
a.
SCHOOL
SANTA ANA
ANTIOCH, Calif.—BOND SALE DETAILS—It is
10
July 6 by Gladys Stewart, Oounty Clerk, for the purchase of an issue of
$127,000 school bonds.
Interest rate is not to exceed 5%, payable J. & J.
Denom. $1,000Dated July 1, 1937.
Due on July 1 as follows: $6,000,
1939 to 1951, and $7,000, 1952 to 1958.
Principal and interest payable in
lawful money at the County Treasurer's office.
The bonds will be sold
for not less than par and .accrued interest.
A certified check for 5% of
the bonds bid for, payable to the Chairman of the Board of Supervisors,
is required.
the
purpose of building a power plant near the present Eastside line
high-line canal, a system of transmission and distribution lines to and in
cities .and for increasing the capacity of the present public owned
stand-by power plant near Brawley.
► The Rural Electrification Administration offered a loan of $700,000 at
on
V
June 29 to vote
LA
JUNTA,
be held
the question of issuing $15,000 water and sewer bonds.
on
Colo.—BONDS
PASSED
ON
FIRST
READING—An
ordinance has been passed on first reading which provides for the issuance
of $700,000 electric fight and power plant revenue bonds.
LARIMER COUNTY SCHOOL DISTRICT NO. 2 (P. O. Loveland)
Colo.—BONDS VOTED—At the election held on June 14—V. 144, p. 3871—
voters approved the issuance of the $160,000 in not to exceed 3M%
semi-ann. school building bonds by a count of 184 to 136.
Due as follows:
$10,000,1939 to 1943, and $11,000, 1944 to 1953, all incl. It is stated by the
Secretary of the Board of Education that these bonds will be offered some¬
the
the
time in December.
2.77% for the
—BOND SALE—Subject to approval at a coming election, the district has
sold an issue of $8,000 3M% refunding bonds to Bosworth, Chanute,
purpose
of building 600 miles of rural lines.
r KERN
COUNTY
(P. O. Bakersfield), Calif.—BUTTON WILLOW
SCHOOL BONDS OFFERED—F. E. Smith, County Clerk, will receive bids
until 11 a. m.t July 19 for the purchase of $36,000 5% school building bonds
of Buttonwillow Union School District.
Denom. $1,000.
Cert, check for
10%, required.
r
COUNTY
(P. O. Bakersfield), Calif.— WASCO SCHOOL
BONDS VOTED—The voters of Wasco Union Elementary School District
at a recent election voted approval of a $75,000 bond issue for school
KERN
Loughridge & Co. of Denver.
COUNTY (P. O. Bakersfield), Calif.—RICHLAND SCHOOL
a recent special election the voters of Richland School
District approved a bond issue of $50,000 for school building purposes.
KERN
BONDS VOTED—In
f KERN COUNTY SCHOOL DISTRICTS (P. O. Bakersfield), Calif.
—BONDS SOLD—The two issues of school bonds, aggregating $65,000,
offered for sale on June 14—V. 144, p. 3871—were awarded as follows:
$40,000 Arvin Grammar School District bonds to Redfield Royce & Oo,
k
of Los Angeles, as 3 Ms, paying a premium of $262. equal to 100.65.
i 25,000 Rondham
School District bonds to Dean Witter & Co. of San
Francisco, as 2Ms, paying a premium of $28, equal to 100.11.
Denom. $500.
(P. O. Peetz), Colo.
Due from 1942 to 1957.
DELAWARE
FRANKFORD,
bonds offered
on
Del.—BOND
SALE—The
3M% refunding
Laird, Bissell
Due July 1, 1972; redeem¬
$31,000
June 22—V. 144, p. 3716—were awarded to
& Meeds of Wilmington.
able after three years.
Dated July 1, 1937.
FLORIDA
expansion.
>
.
LOGAN COUNTY SCHOOL DISTRICT NO. 9
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 28
(P. O. Gainesville), Fla.—BONDS DEFEATED—It is stated by the Super¬
intendent of the
Board of Public Instruction that at the election heia on
June 16 the voters approved the issuance of the $175,000 in building bonds.
HALIFAX
HOSPITAL DISTRICT
(P. O. Daytona Beach), Fla.—
W. O. Perry, Secretary of
and consider sealed tenders
Aug. 20, at 8 p. m.,-of $10,000 refunding bonds of 1936. dated April 1,
1936.
The offering must be firm for at least 10 days in order to be con¬
sidered and the Secretary reserves the right to reject any and ail offerings
BOND TENDERS INVITED—It is stated by
the Board of Commissioners, that he will open
on
I
Volume
Financial
144
4381
Chronicle
Municipal Bonds of
BONDS
FLORIDA
MICHIGAN
INDIANA
ILLINOIS
WISCONSIN
IOWA
Bough t—Sold— Quoted
Clyde C. Pierce Corporation
Barn«tt National Bank Building
JACKSONVILLE-
-
-
.FLORIDA
MUNICIPAL BOND DEALERS-
Branch Office: TAMPA
irst National
Bank Building
135 So. L*. Salle
T. S. Pierce, Resident Manager
St., Chicago
O. Stuart), Fla.—BOND TENDERS IN¬
R. Pomeroy, Clerk of the Board of County
Commissioners, that he will on July 6, at 10 a. m., open and consider sealed
offerings of bonds of the following issues:
Road and bridge refunding bonds, dated July 1, 1936, of the following
COUNTY
(P.
VITED—It is stated by J.
issues:
Countywide and special road and bridge districts as follows: Nos. 4,
12, 16 and 18.
The amount of bonds to be purchased will be determined
by the Commissioners.
Offerings must be firm for at least 10 days or the
same will not be considered.
DISTRICT,
111.—BONDS
VOTED—The
approval of the issuance of $32,000
SCHOOL
MITCHELL
Fla.—BOND OFFERING—Sealed bids will be re¬
ceived until July 21, according to report, by M. W. Bishop, Secretary of the
Oity Commission, for the purchase of a $300,000 issue of refunding bonds.
JACKSONVILLE,
MARTIN
Teletype CGO. 437
ILLINOIS
FLORIDA
•
State 0540
residents of the district on June 12 voted
school building bonds.
HI.—BOND SALE—
of $14,000 4% road
1 as follows: $1,000
from 1939 to 1944 incl. and $2,000 from 1945 to 1948 incl.
Principal and
interest (J. & J.) payable at the Northern Trust Co., Chicago.
Legality
approved by Chapman & Cutler of Chicago.
The bonds were authorized
by the voters and are secured by and payable from a direct unlimited ad
valorem tax levied against all of the taxable property located within the
MORGAN
TOWNSHIP
Charleston),
O.
(P.
A. S. Huyck & Co. of Chicago have purchased an issue
bonds. Dated June 1, 1937. Denom. $1,000. Due Jan.
township.
.
r
MORRIS, 111.—BOND ISSUE CONTRACT—The city has entered into
agreement with C. W. McNear & Co. of Chicago providing for sale to
the bankers, at par and accrued interest, of an undetermined amount of
3M % bonds to fund claims against the city,
an
COUNTIES, ATLANTIC-GULF
Vero Beach), Fla.—
H. Holcomb, Acting
Secretary of the Board of Bond Trustees, that on July 1, at 10 a. m., he
will open and consider sealed offerings of road and bridge refunding bonds,
dated Sept. 1, 1936.
The amount of bonds to be purchased will be deter¬
mined by the trustees.
Offerings must be firm for at least 10 days or the
OSCEOLA
AND
INDIAN
RIVER
SPECIAL ROAD AND BRIDGE DISTRICT (P. O.
BOND TENDERS INVITED—It is stated by B.
same
will not be considered,
AUTHORITY (P. O.
Stuart), Fla.—BOND TENDERS INVITED—It is stated by J. R. Pome¬
roy, Secretary of the Board of Commissioners, that on July 6, at 10 a. m.
he will open and consider sealed offerings of refunding bonds, dated July 1,
1936.
The amount of bonds to be purchased will be determined by the
Commissioners.
Offerings must be firm for at least 10 days or the same will
ST.
not be
LUCIE INLET DISTRICT AND PORT
UNION
COUNTY
(P.
Lake
O.
Butler),
Fla.—BOND
TENDERS
INVITED—It is stated by O. B. Hayes, Clerk of the Board of County
Commissioners, that on July 5, at 10 a. m., he will open and consider
sealed offerings of refunding
bonds to be purchased will be
must be firm for at
bonds, dated July 1, 1936.
The amount of
determined by the Commissioners.
Offerings
considered.
least 10 days in order to be
WALTON COUNTY SPECIAL TAX
SCHOOL DISTRICT NO. 13
(P. O. De Funiak Springs), Fla.—BOND OFFERING—A. N. Anderson,
of the County Board of Public Instruction, will receive bids
until noon July 3 for the purchase of $15,000 5% school building bonds.
Denom. $1,000
Dated July 1, 1937. Principal and annual interest payable
at the First National Bank of De Funiak Springs.
Due in from one to 20
Secretary
Certified check for $200, payable to the Secretary of the
Board,
required.
TOWNSHIP
ATLANTA, Ga.—BONDS SOLD—The following report is taken from
19:
Acting under provision of a recently voted amendment to the Georgia
Constitution, the Mayor and Finance Committee of this city have accepted
a bid made for $1,800,000 Atlanta 2% % refunding bonds, by a syndicate
headed by the Trust Co. of Georgia.
During the past several years, the majority of this group has been instru¬
mental in assisting the city in financing unemployment relief. The present
refunding bonds are to meet maturities and temporary obligations incurred
in the relief financing.
INVESTMENT—Offering was made on June 23
refunding bonds by a group headed by the Chase National
Trust Co. of Georgia; The Robinson-Humphrey
Co.; J. H. Hilsman & Co., Inc.; Johnson, Lane, Space & Co., Inc.; Clement
A. Evans & Co.; Brooke, Tindall & Co.; Wayne Martin & Co., and Courts
& Co., all of Atlanta.
The bonds, which are dated July 1, 1937, and due
$60,000 each June 30, 1938 to 1967, incl., are priced to yield from 0.85%
to 2.65% for the 1938 to 1963 maturities, the remaining maturities being
priced at 101H.
They are, in the opinion of the bankers, legal investment
for savings banks in New York, Massachusetts, Georgia, and certain other
States, and are interest exempt from all present Federal income taxes
and tax exempt in the State of Georgia.
BONDS OFFERED FOR
of the above 2 M %
and including the
I*;SENOIA, Ga.—BOND VOTED—A proposal to issue $20,000 water
bonds was approved by the voters at the June 8 election.
works
IDAHO
Idaho—BONDS NOT SOLD—It is stated by Ruth Yeamans,
City Clerk, that the $17,000 not to exceed 7% semi-ann. Special Assessment,
Local Improvement Diwtrict No. 9 bonds offered on June 1—V. 144, p.
3717—were not sold.
It is said that the bonds will probably be taken up
locally at par, with an interest rate of 7%.
Dated March 1, 1937. Due
$1,700 from March 1, 1938 to 1947, incl.
P1BUHL.
SALMON SCHOOL
WAUKEGAN
PARK
(P. O. Waukegan), III.—BQNDS
passed an ordinance authoriz¬
improvement bonds.
DISTRICT
AUTHORIZED—The Park Board on June 9
ing the issuance of $65,000
INDIANA
CONVERSE,*Ind.—BOND OFFERING—R. L. Way, Town Clerk, will
8 p. m. on July 5 for the purchase of $8,000 4K %
town hall bonds.
Dated July 1, 1937.
Denom. $400.
Due as follows:
$400, July 1, 1938; $400, Jan. 1 and July 1 from 1939 to 1947, incl., and
$400 Jan. 1, 1948.
Principal and interest (J. & J.) payable at the First
receive sealed bids until
National
Bank,
Converse.
EVANSVILLE, Ind.—BOND SALE—The issue of $425,000 refunding
bonds offered on June 21—V. 144, p. 4048—was awarded to an account com¬
posed of the Old National Bank, Evansville, First National Bank and the
Northern Trust Co., both of Chicago, as 2Ks, at par plus a premium of
$4,432.75, equal to 101.04, a basis of about 2.38%.
Dated July 1, 1937
and due July 1 as follows: $22,000 from 1938 to 1942, incl. and $21,000
from 1943 to 1957, incl.
SCHOOL CITY, Ind.—BOND OFFERING—The Board of
sealed bids until noon (daylight saving time) on June
purchase of $;10,000 not to exceed
% interest refunding bonds.
The bonds to be refunded mature July 1, 1937.
The new bonds will be
issued in denoms. of $1,000.
Due July 1, 1946. Bidder to name a single
rate of interest, expressed in a multiple of M of 1%.
Prin. and semi-ann.
interest (J. & J.) payable at the First National Bank of Goshen.
A cer¬
tified check for 3% of the bonds, payable to the order of the Board of
Trustees, must accompany each proposal.
The approving legal opinion
of Matson, Roos, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
No conditional bids will be accepted.
Bonds will be
ready for delivery July 1.
GOSHEN
Trustees will receive
29 for the
KOKOMO, Ind.—BOND SALE— The $87,500 coupon street repair,
swimming pool and gold course bonds offered on June 23—V. 144, p. 3717—
were awarded to McNurlen & Huncilman of Indianapolis, as 2Ms, at par
plus
a
premium of $111.50, equal to
May 1, 1937.
a
DISTRICT, Idaho—BONDS DEFEATED—At a
to issue $30,000 school building bonds was
as
follows:
is required.
ILLINOIS
Livingston
County,
III.—BOND
SALE—
Huyck & Co. of Chicago have purchased $20,000 4% road bonds.
15,1937.
Denom. $1,000.
Due April 15 as follows:
$1,000,
1942 to 1944 incl.; $2,000 from 1945 to 1948 incl., and $3,000 from 1949
to 1951 incl.
Principal and interest (A. & O.) payable at the Northern
Trust Co., Chicago.
The bonds were approved at an election and are
secured by and payable from a direct unlimited ad valorem tax levied
against all of the taxable property within the township.
The issue has
been approved as to legality by Chapman & Cutler of Chicago.
A.
S.
Dated April
Vandalia), III.—BOND SALE DETAILS
—The $30,000 road bonds sold to the H. C. Speer & Sons Co. of Chicago,
as previously reported, bear 4M % interest, were sold at par, and mature
FAYETTE COUNTY (P. O.
In 1947.
Premium
$107.00
249.38
116-75
111.10
568.75
2% %
89.00
3%
1,664.00
3%
1,039.00
3%
15.00
MADISON COUNTY (P. O. Anderson), Ind.—BOND SALE—The
$42,500 series A of 1937 advancement fund bonds offered on June 19—V.
144, p., 4049—were awarded to McNurlen & Huncilman of Indianapolis,
as 2^s, at par plus a premium of $89, equal to 100.209, a basis of about
2.21%. Dated June 15, 1937 and 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,
2)4%
Co
2% %
25^ %
2% %
2% %
Indianapolis Bond & Share Corp
A. S. Huyck & Co
W. L. Lyons & Co
Jackson-Ewert & Co
Paine, Webber & Co
City Securities Corp
Banc Ohio Securities Co
June 1 and
$2,500, Dec. 1, 1947.
MARION, I nd .■>— WARRANT OFFERING—The City Clerk will receive
the purchase of $50,000 time warrants. Denom.
bids until 10 a. m. July 1 for
$1,000.
TIPTON,
Ind.—BOND SALE—The $17,000
4% municipal swimming
pool construction bonds offered on June 23—V. 144, p. 4049—were
to the Fletcher Trust Co. of Indianapolis.
DatedDec. 1,11936
awarded
and.due
serially.
VANDERBURG COUNTY (P. O. Evansville), Ind.—BOND OFFERING—As already reported in these columns—V. 144 , 0. 4218—County
Auditor E. D. Koenemann will receive bids until 10 a. m. June 28 for the
than
purchase of $200,000 poor relief bonds, to bear interest at no more
3)4% in a multiple of \i%. Denom. $1,000. Dated July 1, 1937. Interest
payable June 1 and Dec. 1. Due $10,000 on June 1 and Dec. 1 in each of
years from 1938 to 1947.
Principal and interest payable at the County
the
bid, payable to the
Board of County^Commissioners,{required. Bids must be onlforms obtained
from the County Auditor.
Approving opinion of Smith, Remster, Hornbrook & Smith of Indianapolis will be furnished bywthe county.
Treasurer's office.
Certified check for 3% of amount! of
IOWA
Idaho—BOND OFFERING—Sealed bids will be re¬
July 3 by Mac Schofield, Village Clerk, for the
purchase of a $7,000 issue of coupon village bonds.
Interest rate is not to
exceed 6%»payable semi-annually.
Denom. $500 and $100.
Dated Aug. 1
1937.
Due as follows:
$400, 1939 to 1943; $500, 1944 to 1947, and
1948 to 1952; optional after five years.
Payable at the office of the Village
Treasurer.
A certified check for 5% of the bid, payable to the village,
TOWNSHIP,
„
Int. Rate
Wabash Valley Trust
Kenneth S. Johnson
WINCHESTER,
ceived until 7:30 p. m. on
HESMEN
100.127, a basis of about2.49%. Dated
Due July 1, 1956.
were
proposal
rejected by the voters.
election
Taylorville), III.—BONDS
election gave their approval
Bidder—
the "Wall Street Journal" of June
recent
(P. O.
MOUNT CARROLL TOWNSHIP
(P. O. Mount Carroll), 111.—
BONDS VOTED—A proposal to issue $35,000 gravel road bonds was ap¬
proved by the voters of the township at a recent election.
""Other bids
GEORGIA
Bank
AUBURN
proposal to issue $52,000 road bonds.
considered.
SEBRING, Fla.—REFUNDING PLAN APPROVED BY COMMITTEE
—The bondholders' committee has notified holders of bonds of the above
city that the committee has adopted and approved an agreement with the
city for refunding of Its indebtedness.
Some of the provisions of the refunding plan are as follows: The principal
amount of the outstanding bonds is to be reduced 50%.
Each $1,000
bond now outstanding is to be exchanged for a refunding bond for $500
dated March 1, 1937, and due March 1, 1977, redeemable at par on any
interest payment date.
The refunding bonds will bear interest at the
following rates: 1% from March 1, 1937, to March 1, 1941; 1^% from
March 1, 1941 to March 1,1943; 2% from March 1, 1943 to March 1,1946;
3% from March 1, 1946 to March 1, 1950; 4% from March 1, 1950, to
March 1, 1964 and 4^% from March 1, 1964 until paid.
Tax levies for the first four years of the plan are required to be in sufficient
amount to pay interest with a minimum tax of $30,000.
In subsequent
years, levies are required in a sufficient amount to pay interest and in
addition to provide a sinking fund of 1% a year.
years.
MOUNT
VOTED—The voters of the township at a recent
to a
CHEROKEE COUNTY (P. O.
Cherokee), Iowa—BOND OFFERING
received until 10 a. m. on June 28, by F. M. Tynen,
County Treasurer, according to an official report, for the purchase of a
$500,000 issue of primary road bonds. Dated July 1,1937. Due as follows:
$25,000 in 1948; $375,000, 1949 and $100,000 in 1950. Bids will [be received
on the basis of the bidder furnishing the blank bonds ready for the signature
of the county officials, and the county, in turn, will furnish without cost
to the bidder, the approving opinion of Chapman & SCutler of Chicago.
Bidders will specify the interest rate desired.
After the time for receiving
sealed bids has passed, open bids will be received.
All bids must be ac¬
companied by a certified check on a State or National bank, in an amount
equal to 3% of the issue.
—Sealed bids will be
Bids should be made on the basis of par and accrued interest or better
bearinglthe same interest rate, such interest rate to be
almultiple of k of 1%.
A certified check drawn on a)State or national
bank and payable to the orderf of the County Treasurer for an amount
equal toi3%Lof the amountlof bondsfoffered, mustlbe furnished,'by bidders.
In order to assure competitive bidding on a uniform and impartial basis,
for all of the bonds
submitted on bidding blanks which may, be obtained
and from the lowaiStatej Highway Commission
All open bids are to be made on conditionithatkbefore a
final acceptance thereof, they will be reduced to writing on one of said
bidding blanks.
The right is reserved to reject any or afl.bids.
sealed bids should be
from, the County Treasurer
at
Ames, Iowa.
4382
Financial
CHEROKEE INDEPENDENT SCHOOL DISTRICT (P. O.
Cherokee)
Iowa—BOND OFFERING—William Shardlow, Secretary of the Board of
Directors, will receive bids until 2:30 p.
issue of $12,000 school building bonds.
m.,
July 1 for the purchase of
an
CRESTON, Iowa—BOND SALE DETAILS—It is now reported by the
City Clerk that the $12,000 3% semi-ann. improvement fund bonds pur¬
jointly by the Carleton D. Beh Co., and Shaw, McDermott &
Sparks, both of Des Moines, at par, as noted here recently—V. 144, p.
4049—are dated May 1, 1937, and mature $2,000 from May
1, 1940 to
1945; optional on and after May 1, 1942.
chased
DES MOINES, Iowa—BOND OFFERING— Sealed bids will be received
until 10 a. m. on July 8 by John T. Stark, City Treasurer, for the purchase of
five issues of special fund bonds aggregating $180,000, divided as follows:
$15,000 grading bonds.
Due $5,000 from Jan. 1,1939 to 1941, inclusive.
26,500 improvement bonds.
Due on Jan. 1 as follows: $6,500 in 1940
and $5,000 in 1941 to 1944, inclusive.
3,500 main sewer bonds.
Due on Jan. 1, 1939.
85,000 sewage plant bonds.
Due $5,000 from Jan. 1,1939 to 1955, incl.
50,000 park and cemetery bonds.
Due on Jan. 1 as follows: $2,000, 1939
and 1940; $4,000, 1941, and $7,000 from 1942 to 1947.
Dated July 1, 1937.
Interest is payable semi-annually with the excep¬
tion of the first interest coupon, which is dated July 1,1938 and covers one
year's interest.
(This report supplements the offering notice given in
19—V. 144, p. 4218.)
our
Chronicle
SHAWNEE
June 26, 1937
COUNTY
FRANKLIN COUNTY (P. O. Hampton), Iowa— WARRANT OFFER¬
ING— Earl Hackbarth, County Treasurer, will receive bids until 2 p. m.,
SHAWNEE COUNTY
two of the various funds show a revenue
deficit.
Total bonded indebtedness
of the county has risen to
$1,448,000 not incl. interest. According to figures
Davis, County Clerk, the general fund has been the
hardest hit, showing a deficit of $58,000.
Heavy relief demands on the county have been the prime
precipitating the difficulties, municipal dealers here think.
WELLINGTON, Kan.—BONDS DEFEATED—The
ton at
a
recent election defeated a
bonds.
ment
refunding bonds
O.
Offerings
MUNICIPALS
Bond Department
WHITNEY
Teletype N
HORNICK CONSOLIDATED SCHOOL DISTRICT (P. O. Hornick),
OFFERING—Frank Becker,
Secretary of the Board of
Directors, will receive bids until 8:30 p. m. June 25, for the purchase of
$7,000 school building bonds.
Due $1,000 yearly on Nov. 1 from 1938 to
.
•
•:
HUMBOLDT COUNTY (P. O. Dakota
City), Iowa—BOND OFFER¬
by C. Woykendall, Administration Engineer of
the State Highway Commission, that bids will be received by the County
Treasurer at 3 p. m. on June 28, for the pin-chase of a $400,000 issue of
primary road bonds.
Interest rate to be specified by the bidder.
Due on
May 1 as follows:
$20,000 in 1948; $300,000 in 1949, and $80,000 in 1950.
informed
Bids will be received on the basis of the bidder furnishing the blank bonds
ready for the signature of the county officials, and the county, in turn, will
furnish, without cost to the bidder, an approving opinion by Chapman &
Cutler at Chicago, 111.
The bonds will be dated July 1, 1937, and bidders
will specify the interest rate.
All bids must be accompanied by a certified
check on a State or National bank, in an amount equal to 3% of the issue
upon which the bid was submitted.
After the time for receiving sealed bids has passed, open bids will be
received.
Bidders may receive copy of proposal form and contract upon
request, either from the State Highway Commission, Ames, Iowa, or from
the County Treasurer of the issuing county.
JOHNSON COUNTY (P. O. Iowa City), Iowa—BOND SALE—A
$24,000 issue of funding bonds was offered for sale on June 24 and was
awarded to Shaw, McDermott & Sparks, of Des Moines, as 2Ms, at a
price of 100.275, a basis of about 2.47%.
Dated June 1, 1937.
Due as
follows:
$5,000, Nov. 1, 1947; $8,000, May 1, 1948; $9,000, Nov. 1, 1948,
and $9,000 on May 1, 1949.
MILLS COUNTY (P. O. Glenwood), Iowa—BONDS SOLD—We
Shaw, McDermott & Sparks of Des Moines at par.
1937.
Due from June 1, 1938 to 1949.
LOUISIANA
COLUMBIA
Dated June
1,
of
a
DISTRICT
$50,000 issue of building bonds.
EAST
(P.
O.
Columbia),
La
CARROLL
PARISH
These bonds
15, by
(P.
O.
a count
Lake
were approved by the
of 57 to 5.
Providence), La.—BOND
SALE—The $55,000 4% court house and jail bonds offered on June
23—
Y. 144, p. 3873—were awarded to the United States Government at
par.
This was the only bid received.
Dated June 1, 1937.
Due on June 1 as
follows: $1,000, 1940 to 1947; $2,000, 1948 to
1960; and $3,000, 1961 to
1967.
EAST CARROLL PARISH SCHOOL DISTRICT
(P. O. Lake Provi¬
dence) La —BOND OFFERING SCHEDULED—We are informed
by
Ashley W. Warlick, Parish Superintendent of Schools, in a letter dated
June 21, that the School Board will shortly advertise for sale
$68,000 school
bonds.
He states that school building construction will
only $68,000 bonds will be issued and sold.
ORLEANS
LEVEE
cost
$230,000 but
DISTRICT
(P. O. New Orleans), La.—BOND
CALL—It is stated by Charles J. Donner,
Secretary of the Board of Levee
Commissioners, that Nos. 2201 to 2300, of the 5% semi-ann. levee
bonds,
dated Jan. 1, 1909, are being called for redemption at the
office of the
State Treasurer, and at the office of the fiscal
agent of the Board, the
Whitney National Bank of New Orleans, on July 1, on which date interest
cease.
Denom. $1,000.
Due on July 1, 1937.
shall
RAPIDES PARISH SCHOOL DISTRICTS (P. O.
Alexandria), La.—
BOND OFFERING—Sealed bids will be received until 1:30
p. m. on July 7
by H. M. Wells, Treasurer of the Parish School Board, for the purchase of
two issues of school bonds aggregating
$40,000, as follows:
$10,000 Poland
School
as
District No. 54 bonds.
Denom. $250.
Due on
$750 from 1938 to 1940; $1,000, 1941 to
1944.
bonds were approved by
check, payable to the School
follows:
and $1,250 from 1945 to 1947.
These
the voters on April 6.
A $200 certified
Board, must accompany this bid.
30,000 Pineville School District No. 52 bonds.
Denom. $1,000.
Due on
June 1 as follows: $2,000, 1938 and 1939;
$3,000, 1940 to 1945,
and $4,000 in 1946 and 1947.
These bonds were approved by the
voters on Feb. 23.
A $600 certified check,
payable to the School
Board, must accompany this bid.
Dated June 1, 1937.
Interest rate is not to exceed 6%,
payable J. & D.
Prin. and int. payable in lawful money at the office of the Parish
Treasurer,
or at any other
place agreed upon with the purchaser.
The approving
opinion of Chapman & Cutler of Chicago will be furnished.
Iowa—BOND
OFFERING—Brit Stiles, Town Clerk, will
receive bids until 2 p. m. June 25, for the purchase of $5,000
5% water
works bonds.
Dated July 1, 1937.
Due $1,000 yearly on Nov. 1 from
SCHOOL
voters at an election held on June
June 1
MINGO
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Mingo)
Iowa—MATURITY— It is now reported by the District Secretary that the
$27,000 refunding bonds purchased by Shaw, McDermott & Sparks, of
Des Moines, as 2^s, at par, as noted in these columns—V. 144, p. 4218—
are due on July 1 as follows:
$2,500, 1938 to 1940; $2,500, 1947; $3,000,
1948 to 1950, and $4,000 in 1951 and 1952.
V
SIDNEY,
Raymond 5409
OFFERING—Sealed bids will be received until
Aug. 25, by E. B. Cottingham, Superintendent of the Caldwell Parish School Board, for the purpase
are
informed by the County Treasurer that the $47,000 4M% coupon Pony
Creek Drainage District No. 2 bonds offered for sale without success on
June 9, as noted in these columns—V. 144, p. 4218—were sold on June 15
to
ORLEANS. LA.
O. 182
Hardy),
Iowa—BOND
\
NATIONAL BANK
NEW
Bell
OFFERING—Glen Bray ton,
Secretary of the Board of
Directors, will receive bids until 2 p. m. July 7, for the pin-chase of $8,000
Due $1,000 yearly on July 15 from 1940 to 1949.
are
Wanted:
LOUISIANA &. MISSISSPIPI
bonds.
1944.
4M%
Browning & Co. of
PIKE COUNTY (P. O. Pikeville)
Ky .—BOND LEGALITY UPHELD—
Iowa—BOND
ING—We
is said that $30,000
The Court of Appeals, in a ruling given on June
18, is said to have approved
issue of $175,000 funding bonds.
(P. O. Guthrie Center), Iowa—BOND ELEC¬
(P.
Welling¬
an
voters at a recent election
DISTRICT
of
in
proposition to issue $32,000 park improve¬
purchased by Nelson,
were
Cincinnati.
will be furnished by the district.
SCHOOL
voters
factor
KENTUCKY
semi-ann.
issue of $17,000 water system bonds.
INDEPENDENT
newspaper
in the office of J. Glen
TION—A special election is to be held in the county July 12 at which a
proposition to issue $41,000 county home bonds will be voted upon.
HARDY
a
requirements, the county, nevertheless, faces the
possibility of being forced
to issue interest bearing warrants for the
remainder of the year.
All but
Mrs. Douglas McFarland, Secretary of the Board of Directors, will receive
bids until 8:30 p. m. June 25, for the pin-chase of $3,000 school building
GUTHRIE COUNTY
contained in
was
Municipal dealers here are keeping a close watch on the difficulties cur¬
rently being experienced by Shawnee County, Kansas.
Although its credit
rating is high by virtue of faithful attention to interest and sinking fund
FREDERICKSBURG TOWNSHIP INDEPENDENT SCHOOL DIS¬
NO. 4 (P. O.
Fredericksburg), Iowa—BOND OFFERING—
an
(P. O. Topeka), Kan .—REPORT ON FINAN¬
CIAL STATUS—The
following information
TRICT
GARRISON, Iowa—BONDS VOTED—The
Kan.-MATURITY— It
item of June 10:
July 2 for the purchase of an issue of $90,000 anticipatory warrants. Dated
Juiy 1, 1937. Due $45,000 on Dec. 31 in each of the years 1938 and 1939;
subject to redemption prior to maturity.
approved, 109 to 58,
Topeka),
CATLETTSBURG, Ky.—BONDS SOLD—It
(P. O. Dike). Iowa—
BOND SALE—An issue of $38,000 3 M % refunding bonds was sold recently
to the Dike Savings Bank.
Bonds and attorney's opinion
O.
is
stated by the County Clerk that the
$25,000 2M % semi-annual relief bonds
purchased by Estes, Payne & Co. of Topeka, at a price of
101.059, report
of which was given in these columns
recently—V. 144, p. 4049—are due
$2,500 from 1938 to 1947, giving a basis of about
2.29%.
issue of June
DIKE CONSOLIDATED SCHOOL DISTRICT
bonds.
(P.
SHREVEPORT, La.—BONDS
sem -ann.
was not
1938 to 1942.
NOT SOLD—The $300,000 issue of
street
sold
as
improvement bonds offered
all the bids were rejected.
BONDS REOFFERED—Sealed bids
were
on
4%
June 22—V. 144, p. 3215—
then scheduled for 10
a.
m.
on
SIOUX CITY, Iowa—BOND OFFERING—It is stated by C. A.
Carlson,
City Treasurer, that he will receive sealed and open bids until 2 p. m. on
July 7, for the purchase of three issues of bonds aggregating $654,416.72,
Tanner, Secretary-Treasurer of the De¬
partment of Finance, for the purchase of the above bonds, with the bidders
specifying the rate of interest, they being required to pay the cost of print¬
ing the bonds.
Dated June 1,1937.
Due from June 1, 1938 to 1947, incl.
$585,000.00 water revenue bonds.
Dated June 1, 1937.
Due $20,000 on
May and $25,000, Nov. 1, 1938 to 1940, and $20,000, May and
$30,000, Nov. 1, from 1941 to 1949.
32,000.00 fire equipment bonds.
Dated May 1, 1937.
Due on Nov. 1
as follows: $2,000,
1939 and 1940, and $14,000 in 1941 and
BOND SALE—The $300,000 street improvement bonds offered on
June 22
Y. 144, p. 3873—which offering was postponed to June 25 after bids
were
rejected on June 22, as noted above, have been awarded to Barrow,
Cleary
& Co. of Shreveport, as 3s, at par
plus a premium of $101.75, equal to
100.0339, a basis of about 2.99% The purchaser is to pay for the
printing
of the bonds.
The bonds are dated June
1, 1937 and mature serially on
June 1 from 1938 to 1947.
Next high bid was submitted by Scharff &
Jones, Inc., and the First National Bank of Shreveport, who offered to
pay a premium of $226 for 3M% bonds running from 1938 to 1943 and
3M% bonds running from 1944 to 1947.
divided as follows:
1942.
37,416.72 funding bonds.
Dated June 1, 1937.
Due on Nov. 1 as
follows: $7,416.72, 1940, and $15,000 in 1941 and 1942.
Bidders should specify the rate of interest and any award or awards will
be made on the most favorable bid
or
bids of not less than par and accrued
interest, specifying the lowest interest rate.
Principal and interest payable
at the City Treasurer's office.
Bids will be received on the fire department
and funding bonds separately or collectively.
The approving opinion of
Brunk, Janss & Bauch, of Des Moines, will be furnished on the water
revenue bonds and the opinion of Chapman & Cutler of
Chicago, on the
other two issues.
A certified check for 2% must
accompany the bid.
SUPERIOR
RURAL
INDEPENDENT
SCHOOL
Webster City), Iowa—BOND OFFERING—W.
tary, will receive bids until 8p.m. June 25, for the
house bonds.
Denom. $100.
Dated July 15,
semi-annually.
Due $200 each six months from
DISTRICT
(P.
O.
J. Kelly, District Secre¬
purchase of $2,200 school
1937.
Interest payable
Nov. 1, 1938 to Nov. 1,
June 25, to be received by J. T.
TANGIPAHOA
to the Treasurer of the School
Certified check for 3% of amount 6f bonds offered,
payable to the
District Treasurer, required.
Bonds will be furnished by the district.
addition
construction
Co. of Wichita at
a
bonds
to
the
Brown
Crummer
Investment
price of 100.385.
GIRARD,
Kan.—DETAILS OF BOND SALE— The $40,000 electric
light and water revenue bonds sold recently to Estes, Payne & Co. of
Topeka at
price of 101.65—V. 144, p. 4218—bear interest at 4%, are in
the denomination of $1,000, dated June
1, 1937.
Interest payable June
1 and Dec. 1.
Due $4,000 yearly.
a
SEDGWICK,
construction of
recent election.
a
Kan.—BONDS VOTED—A bond issue of $25,000 for
gas distributing system was approved by the voters at a
O.
La.—BOND
Amite),
SALE—The
Board, is required with bid.
MAINE
BANGOR,
Me.—BOND
OFFERING— Ralph
L.
Waymouth,
City
Treasurer, will receive sealed bids until 10 a. m. (Daylight Saving Time)
June 29, for the purchase of
$40,000 2%% coupon refunding bonds.
Dated July 1, 1937.
Denom. $1,000.
Due $2,000 on July 1 from 1938 to
1957, incl.
Principal and interest (J. & J.) payable at the Eastern Trust &
Banking Co., Bangor. The bonds will be prepared under the supervision of
and certified as to genuineness by the aforementioned bank.
The approving
legal opinion of Raymond Fellows of Bangor will be furnished the successful
on
CEDAR POINT HIGH SCHOOL DISTRICT
(P. O. Cedar Point),
Kan.—BOND SALE—The district recently sold an issue of
$12,000 2M%
school
(P.
TANGIPAHOA
PARISH
SCHOOL
DISTRICT
NO.
102
(P. o.
Amite), La.—BOND OFFERING—It is stated by C. C. Pittman,
Secretary
of the Parish School Board, that he will receive sealed bids
until 10 a. m.
on July 20, for the purchase of an issue of
$125,000 school bonds.
Interest
rate is not to exceed 6%, payable J. & J. Denom.
$1,000. Dated July 1,
1937.
Due from July i, 1939 to 1957.
A $2,500 certified check, payable
1943.
KANSAS
PARISH
of $90,000 jail bonds offered on June 22—V.
144, p. 3718—was
awarded to the Ernest M. Loeb Co., Inc., of New
Orleans, as 4%s.
issue
bidder.
BRUNSWICK, Mo.—BONDS VOTED—The
voters of the town on June
14 approved a proposal to issue $35,000 sewer bonds.
MARYLAND
CALVERT COUNTY (P. O. Prince
Frederick), Md.—BOND OFFER¬
ING—Perry G. Bowen, Clerk of the Board
of
County Commissioners, will
Volume
Financial
144
receive sealed bids until
1
p.
m.
on
4383
Chronicle
July 13, for the purchase of $45,000
oH% lateral road bonds.
Dated July 1, 1937.
Two bonds for $500 each,
others in units of $1,000.
Due $22,500 on July 1 in 1942 and 1943. Interest
payable J. & J.
A certified check for 2%, payable to the order of the
County Commissioners, must
accompany
We
each proposal.
CENTERVILLE, Md.—BOND OFFERING— Sealed bids will be received
by the City Cxerk until July 9 for the purchase of $66,000 electric light
plant bonds.
Cray, McFawn & Company
MIDDLETOWN,
Md.—BOND SALE—The
$20,000
coupon
water
bonds offered on June 21—V. 144, p. 4050—were awarded to Alex Brown &
Sons of Baltimore at a price of 98.445.
Dated
DETROIT
July 1, 1937.
Due $1,000
July 1 from 1938 to 1957, incl ; redeemable after July 1, 1942.
Mackubin, Legg & Co. of Baltimore were second high, bidding 96.45.
yearly
(P. O. Rockville), Md.—NOTE SALE—
On June 22 the county sold an issue of $250,000 tax anticipation notes to
Hamilton National Bank of Washington on a 1.48% interest basis.
The notes are dated July 1, 1937 and mature Oct. 1, 1937.
the
SNOW
HILL,
Md.—TAX RATE
UNCHANGED—'The
rate
tax
for
1^937 ^has been fixed at 75 cents per $100 of assessed valuation, the same as
Hooker,
W.
Town
Treasurer, will receive bids until noon (Daylight Saving Time) June 29
for the purchase at not less than par of $74,000 coupon senior high school
addition bonds.
Bidders are to specify rate of interest, in a multiple of
•
Denom. $1,000.
Dated July
1, 1937.
Principal and semi-annual
interest (Jan. 1 and July 1) payable at the Second National Bank of Boston,
in Boston. Due on July 1 as follows: $4,000, 1938 to 1951; and $3,000,1952
to 1957•
Bonds will be engraved under the supervision of and certified as to
genuineness by The Second National Bank of Boston; their legality will be
approved by Ropes, Gray, Boyden & Perkins, whose opinion will be
furnished the purchaser. All legal papers incident to this issue will be filed
with said bank where they may be inspected.
These bonds will be deliver to the purchaser at The Second
of Boston, 111 Franklin Street, Boston, on or about July 9.
Financial Information June 21,
Year—
•
.
National Bank
1935
1934
,$9,697,415
Tax titles held, $912: no
Total bonded debt
$31.80
$28.10
$272,986
12,847
tax title loans.
Uncollected taxes.
$9,540,014
$28.40
Tax levy
DET
347
SCHOOL DISTRICT (P. O. Encanaba),
Mich.—BOND OFFERING—Edwin P. Johnson, Secretary of the Board or
Education, will receive bids until 5 p. m. June 26, for the purchase of
$15,000 school building bonds
Denom $1,000
Certified check for 5%,
TOWNSHIP
required
TOWNSHIP
Mich.—BOND SALE—The
16—V. 144, p.
The bankers took
$40,000 4%s and $20,000 4 J^s. The $40,000 mature $10,000 on June 1 from
1939 to 1942 incl. and the $24,000 are due $10,000 June 1, 1943 and $14,000,
June 1, 1944.
,
(P.
O.
Ecorse),
$296,536
254
$268,827
$9,632,260
None
$84,000
74,000
Present issue
$158,000
Less water debt
None
Net debt
$158,000
6,473
Population, 1935
GARFIELD
TOWNSHIP
FRAMINGHAM, Mass.—NOTE SALE—An ssue of $200,000 notes
on June 23 was awarded to Jackson & Curtis of Boston on a 0.73%
discount basis.
The notes mature $50,000 on each of the dates Jan. 28,
March 4, April 15 and May 27, 1938.
The Second National Bank of Bos¬
ton bid 0.784% discount.
(P.
O. Engadine), Mich.—BOND SALE—
bonds offered on June 19—V.
The $18,000 coupon non-callable public school
4J^s to the State Bank of Manistique.
Dated June 1, 1937 and due $750 on June 1 from 1938 to 1961 incl.
The bank paid par for the issue.
The First National Bank of St. Ignace
bid par for 4Hs.
144,
3873—were awarded
p.
as
GRAND HAVEN, Mich.—BOND SALE—The issue of $15,489.52 trunk
sewer bonds offered on June 21—V. 144, p.
4219—was awarded to
line
Braun, Bosworth & Co. of Toledo, at 5%, for a premium of $1,215,
to 107.84.
Due serially from 1938 to 1947.
equal
DISTRICT,
Mich.—BOND
SALE—The
$70,000 refunding bonds offered on June 21—V. 144, p. 4219—were awarded
to Stranahan, Harris & Co. of Toledo, as 2%s, at par plus a premium of
$21, equal to 100.03, a basis of about 2.74%. Dated July 1, 1937. Due on
July 1 as follows: $3,000, 1939 to 1945; and $7,000, 1946 to 1952. A joint
bid submitted by the First of Michigan Corp. and Crouse & Co., both of
Detroit, was second high, offering a $53.20 premium for 3% bonds.
SCHOOL
MUSKEGON
1937
1936
•
Assessed valuation
Tax rate
Tel.
MICHIGAN
BALDWIN
ECORSE
M %
T.
$64,000
series
B
refunding bonds offered on
June
4051—were awarded to H. V. Sattley & Co. of Detroit.
MASSACHUSETTS
AMHERST, Mass.—BOND OFFERING—Elizabeth
T.
A.
Telephone CHerry 6828
on
MONTGOMERY COUNTY
Buy for Our Own Account
MICHIGAN MUNICIPALS
PORT HURON, Mich.—BOND OFFERING— Sealed bids will be re¬
by H. O. Schuberth, Commissioner of Finance, until 2:30 p. m.
(Eastern Standard Time) on June 25 for the purchase of $29,000 not to
exceed 3% interest refunding bonds.
Dated July 1, 1937. Denom. $1,000.
Due July 1 as follows:
$3,000 from 1939 to 1947, incl. and $2,000 in 1948.
Principal and interest (J. & J.) payable at the Central Hanover Bank &
Trust Co., New York City.
A certified check for $1,000, payable to the
order of the City Treasurer, must accompany each proposal.
The approv¬
ing opinion of Miller, Canfield, Paddock & Stone of Detroit, will be furnished
ceived
the successful bidder.
,
.
offered
HAVERHILL,
Mass.—BOND SALE—An
issue of $25,000 macadam
June 22 was awarded to Tyler & Co. of Boston on a
1%% bonds, a basis of about 1.65%.
Denom. $1,000.
Dated July 1, 1937. Principal and semi-annual interest (Jan. 1 and July 1)
payable at the National Snawmut Bank of Boston, in Boston. Due $5,000
yearly on July 1 from 1938 to 1942. Kennedy, Spence & Co. of Boston, were
next high bidders, offering 100.277 for l%s.
loan bonds offered
on
bid of 100.291 for
Other bids
were
as
Int. Rate
Newton, Abbe & Co
Faxon & Co., Inc
Rate Bid
l%%
l%%
1 % %
l%%
l%%
2%
—
First National Bank of Boston
Goldman, Sachs & Co
C. F. Childs & Co
Whiting, Weeks & Knowles
100.263
100.159
100.151
100.148
100.099
100.42
MASSACHUSETTS
(State of)—NOTE OFFERING—State Treasurer
Hurley will receive bids until noon (Daylight Saving Time)
purchase on an interest basis of $4,000,000 notes.
Dated
July 8, 1937; due June 30, 1938 under the provisions of Chapter 49 of the
Acts of 1933 as amended, creating an Emergency Finance Board, being
in renewal of a similar amount of notes due July 8, 1937.
The notes are
direct obligations of the Commonwealth.
Interest will be payable at
maturity.
The Commonwealth figures the interest on exact number of
days on a 360-day year basis.
Boston delivery.
Principal and interest
payable in Boston or New York at option of purchaser.
E.
June 28 for the
NEWBURYPORT,
Treasurer, is required.
TAWAS
Mass.—NOTE SALE— On
June
21
issue
an
MINNESOTA
BERTHA,
Second high bid of .94%
was
submitted by the
Merchants National Bank of Boston and E. H. Rollins & Sons of Boston.
Other bids
were as
follows:
a
Fletcher, Dorsey & Barker, of Minneapolis, both without cost to the Pur¬
Both sealed bids and oral auction bids will be received for the
No bid for less than par and accrued interest will be considered.
All bids must be unconditional and must be accompanied by a certified
check in the amount of $2,625, payable to the order of the village.
chaser.
bonds.
BLUE
EARTH
COUNTY ^P.
O. Mankato), Minn.—BOND SALE—
The $33,600 drainage funding bonds offered on .June 22—V. 144, p.
were awarded to 18 local purchasers in amounts of from $1,000 to
_
Tyler & Co., Inc
Faxon & Co., Inc
NORFOLK COUNTY
0.94%
0.96%
0.97%
0.99%
Dated
CLOQUET SCHOOL DISTRICT (P. O.
genuineness and validity by The First National Bank of Boston, under
advice of Messrs. Ropes, Gray, Boyden & Perkins, Boston, and all legal
COUNTY
FILLMORE
Sealed
April 5, 1938, at The First National Bank of Boston, in Boston, or at the
Central Hanover Bank & Trust Co. in New York. Delivery will be made on
or about Wddnesday, July 7, 1937, at The First National Bank of Boston,
17 Court Street office, Boston.
Said notes will be authenticated as to
Cloquet), Minn.—BONDS
SOLD—It is stared by E. W. Spoor, District Clerk, that the $60,000 3%
semi-ann. building addition bonds approved by the voters on May 10, as
noted in these columns at the time—V. 144, p. 3376—were purchased by
the State of Minnesota.
Due $7,500 from 1942 to 1949, inclusive.
(P. O. Dedham), Mass.—NOTE OFFERING—
and bids by telephone will be received by Ralph D. Pettingell,
County Treasurer, until 11 a. m. (Daylight Saving Time) on July 6 for the
purchase at discount of $75,000 tuberculosis hospital maintenance notes,
issued pursuant to Chapter III of General Laws.
The notes will be in
denoms. of $25,000, $10,000 and $5,000.
Dated July 6, 1937, and payable
INDEPENDENT
SCHOOL
DISTRICT NO.
(P. O. Rushford), Minn.—BOND OFFERING—It is stated that John
Clerk of the Board of Education, will offer for public sub¬
scription on June 25, at 7:30 p. m., a $10,000 issue of 3% funding bonds.
Denom. $1,000.
Dated July 1, 1937.
Due $1,000 from July 1 1938 to
1947; the district reserving the right to prepay all or any part of said bonds
on any interest payment date.
Prin. and int. (J. & J.) payable at the office
16
E. Anderson,
of the District Manager.
(This report supersedes the offering notice given under "Rushford
16" in these columns recently.—V. 144, p. 4219.)
HAWLEY,
Minn.—BOND
SALE—The
$5,000
issue
of 4%
incident to this issue will be filed with said bank, where they may be
inspected.
semi-ann. debt funding bonds offered for sale on June 15—V. 144, p.
was awarded to the Water, Light, Power and Building Commission,
QUINCY, Mass.—NOTE SALE—An issue of $300,000 revenue antici¬
pation temporary loan notes offered on June 25 was awarded to the Mer¬
chants National Bank of Boston on a .74% discount basis.
The notes
Dated June
1937
$200,000 March 16, 1938
dated
June
25,
$100,000 Nov. 18, 1937 and
The First National Bank of Boston bid .75%
and
will mature
discount.
on
issue
of
$100,000
the same date was awarded
coupon
municipal
relief
bonds
to the First of Boston Corp. on a
bid of 100.486 for l%s, a basis of about 1.59%.
Denom. $1,000.
July 1, 1937.
Principal and semi-annual interest (Jan. 1
payable at the National Shawmut Bank of Boston, in Boston.
yearly on July 1 from 1938 to 1942.
Dated
and July 1)
Due $20,000
TAUNTON, Mass.—NOTE SALE—An issue of $100,000 revenue notes,
maturing June 22, 1938, has been sold to the Merchants National Bank of
Boston on a .81% discount basis.
WATERTOWN, Mass.—BOND SALE—The $40,000 coupon municipal
bonds offered on June 25 were awarded to Tyler & Co., Inc. of
as
lMs, at a price of 100.62, a basis of about 1.55%.
Dated
July 1, 1937 and due $8,000 on July 1 from 1938 to 1942, incl. Kennedy,
Spence & Co. of Boston were second high with an offer of 100.537 for 19£s.
relief
Boston,
WINTHROP,
Mass.—NOTE
SALE—The
Second
National Bank of
0.543% discount.
Boston purchased on June 24 an issue of $50,000 notes at
Due Dec. 3, 1937.
Other bids were as follows:
Bidder—
Newton, Abbe & Co
Merchants National Bank
First Boston Corp
National
any
Shawmut
Bank
First National Bank of Boston
Discount
0.55%
0.60%
0.617%
0.62%
0.64%
coupon
3873—
at par.
1937.
Due $500 from June 15, 1938 to 1947; optional on
interest payment date.
15,
MADISON
Madison)
INDEPENDENT
SCHOOL
DISTRICT
NO.
74
(P.
O.
Minn.—BOND TO BE SOLD—It is stated by the Attorney for
school building bonds approved by the
the election on June 15-—V. 144, p. 4051—will be sold to the
the School Board that the $100,000
voters
BOND SALE—An
offered
School
District No.
papers
are
4219—
$3,000
from 1942 to
July 1. 1937.
Due $7,000 yearly on July 1
1945; and $5,600 July 1, 1946.
each.
Discount
Bidder—
E. H. Rollins & Sons, Inc
First & Ocean National Bank of Newburyport.
received at
purchase
Anderson, Village Recorder, for the
$17,500 issue of Sewer Improvement District No. 1 warrants.
Interest
rate is not to exceed 5%, payable annually.
Denom. $2,000, one for $1,500.
Dated July 1, 1937.
Due on Jan. 1 as follows:
$1,500, 1939, and $2,000
from 1940 to 1947, incl.
Prin. and int. payable at the office of the Village
Treasurer, or at the option of the purchaser, at any suitable bank or trust
company designated in his bid.
The village will furnish the executed
warrants
for such issue and the approving opinion of Juneil, Driscoll,
of
of
revenue anticipavion temporary loan notes was awarded to the
First National Bank of Boston on a .91% discount basis.
The notes are
1938.
Minn.— WARRANT OFFERING—Bids will be
8 p. m. on July 6, by H. E.
$150,000
payable April 15,
CITY, Mich.—BONDS SOLD—Local investors purchased an
due serially as follows:
of $12,600 4%
general obligation bonds,
$800 from 1938 to 1952, incl. and $600 in 1953.
issue
follows:
Bidder—
William
N. Reeves, City
June 28 for the
purchase of series A, C and D refunding bonds presently outstanding.
Delivery of bonds purchased to be made at the Detroit Trust Co., Detroit.
Only offers below par will be accepted and separate tenders must be made
for each series.
Price must be quoted flat, with all bonds tendered to have
Oct. 1, 1937 and subsequent interest coupons attached.
A certified check
for 2% of the amount of bonds tendered, payable to the order of the City
ROYAL OAK, Mich.—TENDERS WAN TED—Minnie
Treasurer, will receive sealed tenders until 7:30 p. m. on
State,
at
as
3s, payable semi-annually.
Due in from five to 20 years.
MINNESOTA, State of—CERTIFICATE OFFERING—Sealed bids wil
be received until 10 a. m. on July 20, by Theodore H. Arens, Conservator
of Rural Credit, for the purchase of an issue of $1,225,000 certificates of
indebtedness.
Bidders to name the rate of interest.
Denomination $1,000
each, with semi-annual coupons attached.
Dated July 30, 1937. Due on
July 30, 1942.
Prin. and int. (J. & J.) payable at the State Treasurer's
office.
These certificates will be issued by authority granted to the Con¬
servator under Section 10 of Chapter 429, of the session laws of the State for
1933.
The purchaser will be furnished with the approving opinion of the
State's Attorney General, and also the approving opinion of Thomson,
Wood & Hoffman of New York. All bids shall be subject to accrued interest
to date of delivery.
A certified check for $1,250, payable to the State
Treasurer, must accompany the bid.
MOORHEAD
election held
on
SCHOOL
DISTRICT,
Minn.—BONDS VOTED—The
issue $60,000
June 21 resulted in approval of the proposal to
school building bonds.
PROCTORKNOTT
(P.
O.
Proctor),
Minn.—BOND
OFFERING—
Sealed bids will be received until 8 p. m. on June 28, by W. A. Bethune,
Village Recorder, for the purchase or a $14,900 issue of village hall building
bonds.
Interest rate is not to exceed 5%, payable semi-ann.
Deonom.
$500, one for $400.
Dated July 1, 1937.
Due as follows: $400, 1940; $500,
1941 to 1961; and $1,000, 1962 to 1965.
Prin. and int. payable at any
Chronicle
Financial
4384
suitable bank
or
trust company
designated by the purchaser.
The approving
opinion of Junell, Fletcher, JDorsey, Barker & Oolman, of Minnesapolis,
will be furnished.
A $500 certified check, payable to the Village, must
accompany the bid.
(This report supersedes the offeringjnotice given tunder the capition of
"Proctor" in these columns recently—V. 144, p. 4219.)
ROCHESTER, Minn.—-BONDS DEFEATED—AX
June 15
a
an
election held on
proposition to issue $45,000 library bonds was defeated by a vote
revenue
STILLWATER COUNTY SCHOOL DISTRICT NO.
5 (P. O. Parte
Mont.—BOND OFFERING—Sealed bids will be received until
on July 15 by R. M. Fry, District Clerk, for the purchase of a
$2,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
(J. & J.) Dated July 1, 1937.
Serial bonds will be the first choice and
of.861 to 761 m
"
City),
ST. LOUIS COUNTY SCHOOL DISTRICTiFOR UNORGANIZED
10
TERRITORY (P. O. Duluth), Minn.—BONDS TO BE SOLD—It is
by the Clerk of the Board of Education that $95,000 3% semi-ann.
funding bonds will be sold to the State Investment Board.
Due on July 1
as follows:
$6,000 from 1942 to 1951, and $7,000, 1952 to 1956.
stated
a.
m.
amortization bonds will be the second choice of the School Board.
NEBRASKA
{ SOUTH ST. PAUL, Minn.—BONDS VOTED—Atan election held on
June 15 the voters of the community approved $16,000 fire bonds and
$50,000 sewer bonds.
•
BROKEN BOW SCHOOL DISTRICT NO. 25'(P. O. Broken Bow),
Neb.—BONDS SOLD—It is now reported that the $96,000 school bonds
offered for sale without success on May 17, as noted in these columns—
Y. 144, p. 3545—have been purchased by the State Board of Educational
Lands and Funds, as 4s.
Due from 1943 to 1957.
TRAVERSE COUNTY INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. 36 (P. O. Tintah) Minn.—BOND OFFERING—Both
sealed and oral bids will be received at 2 p. m. on
1937
,
bonds.
Interest rate is not to exceed 5%, payable
J. &J.
Denom. $700.
Dated June 28,1937. Due $700 on Jan. ana July 1,
from Jan. 1, 1938 to July 1, 1947.
All of said bonds shall be optional for
payment 10 years after the date of issue.
Bonds will be sold for not less
than par and accrued interest to date of delivery and all bidders must state
their lowest rate of interest of which they will purchase the bonds at par.
These bonds are for the purpose of financing the replacement of the water
system of the town.
$28,000 water
July 8, by Mrs. John
Hermann, District Clerk, for the purchase of an $11,000 issue of building
Interest rate is not to exceed 5%, payable J. & J. Denom. $1,000.
Dated July 1,1937. Due $l,000jfrom July 1,1938 to 1948, incl. Prin. and
int. payable at any suitable bank or trust company designated by the
purchaser.
The apporving opinion of Junell, Fletcher, Dorsey, Barker &
Oolman, of Minneapolis will oe furnished. A $200 certified check, payable
to the district, must accompany the bid.
CLARKS, Neb.—BONDS SOLD—The Board of Educational Lands and
$59,500 3% semi-ann. refunding bonds.
bonds.
Funds is said to have purchased
Neb.—BONDS SOLD—It is reported that $27,000
HARTINGTON,
3% semi-ann. refunding bonds were purchased by Wachob, Bender & Co.
of Omaha, at a price of 100.46
ROSELAND, Neb.—BONDS SOLD—It is reported that $11,500 trans¬
purchased by the State Board of Educational Lands
mission line bonds were
MISSISSIPPI
and Funds.
BILOXI, Misa.—BOND PURCHASE CONTRACT—In April, 1937, a
of investment bankers, including Dane & Weil; Scharff & Jones,
NEVADA
group
LYONfCOUNTY
(P. O. Yerington), Nev.—BOND ELECTION—A
special election is to be held on July 30 for the purpose of voting on the
question of issuing $25,000 highway construction and maintenance equip¬
Inc. and Edward Jones & Co., Inc. of New Orleans: the First National Bank
and Saunders & Anderson, Inc. of Memphis; and Sam Gates & Co. of Gulf-
port, entered into a contract with the City of Biloxi, to purchase a maximum
of $1,626,000 of refunding bonds, the proceeds to be used to call a like
amount or presently outstanding callable bonds at an estimated maximum
savings in interest to the city of $230,577.55.
The refunding program
contemplates call by the city at par and accrued interest of 20 outstanding
series or bonds, bearing interest at various rates running from 5%*to 6%
and averaging 5.46%.
The new refunding issue will be divided into three
rates—$273,500 of bonds bearing 5K%, $112,000 bearing 5% and $1,240,500 bearing 4H%» averaging 4.65%, a reduction of slightly over .80%.
The length of time necessary to complete the refinancing will depend upon
conditions in the bond market, but $131,500 of 6% bonds were called on
June 1, which bonds will be paid with the proceeds of a like amount of 534 %
non-callable bonds which were sold to the banking group at par and accrued
ment bonds.
H. L Allem Company
New Jersey
Bond*
Telephod^&yifor 2-7333
A. T. & T. Me N. Y. 1-528
interest.
^
110 Broadway
b»,The refinancing was made possible by the greatly improved credit of the
city and the consequent increased demand for Biloxi bonds. The present
bond and interest sinking fund balance is larger than at any time in several
years, amounting to $104,921.46, as compared to $562.24 on Jan. 7, 1935,
when the present administration took office.
Total cash balances in all
city funds amounted to $204,277.73 on March 31, 1937.
Beside the substantial savings in interest effected by the lower rate,
the city will benefit further by equalization of annual bond and interest
requirements, which will result upon the completion of the refunding oper¬
ation. Under the present bond schedule, a total amount of approximately
$121,000 must be paid in the fiscal year 1938-39, and this annual amount
increases to over $140,000 in the fiscal year 1944-45. Under the new bond
schedule, the requirements will approximate $108,000 in each year without
New Yerk
MUNICIPAL
B. J. Van
57 WILLIAM
lengthening the
average maturities of the outtaanding bonds. This equaliza¬
tion of annual requirements will enable the city to maintain a fixed levy for
the bonded debt and will avoid an increase in levy which would be necessary
to meet requirements dining the next four or five years under the old
BONDS
Jersey and General Market Issues
New
Ingen & Co. Inc.
Telephone: John 4-6364
STREET, N. Y.
A. T. & T.l N. Y.
Newark Tel.: Market 3-3124
1-730
schedule.
In addition to the $1,626,000 refunding issue, the city has outstanding
$10,500 of other bonds, making a total direct bonded debt of $1,636,500.
The 1936 assessed valuation of the city is $7,614,253.
It is expected that
assessed valuation will be substantially increased during the next year or so
by replacement on the tax rolls of considerable realty subject to redemption
is
$162,000 Linden, N. J., Imp. 3s
Due
LEE COUNTY (P. O. Tupelo), Miss.—BOND SALE DETAILS—It
stated by the Clerk of the Chancery Court that the $78,000 454%
semi-ann.
Colycr, Robinson $ Company
refunding bonds purchased jointly by Lewis & Thomas, and the
INCORPORATED
Federal Securities Co., both of Memphis, jointly, at par, as noted in these
1180 Raymond
columns recently—V. 144, p. 4220—are
dated May 4, 1937, and mature on
May 4 as follows:
$1,000, 1938 to 1943; $3,000, 1944 to 1953; $4,000,
1954 to 1962, and $6,000 in 1963.
COUNTY
Blvd., Newark
MArket 3-1718
New York Wire:
A. T. & T. Teletype
REctor 2-2055
NWRK 24
,
MADISON
July 1, 1946-52
To yield 2.70%-2.90%
(P.fO.
Canton), Miss.—BOND OFFERING—
a. m. on July 6, by A. C.
Alsworth, Chancery Clerk, for the purchase of a $75,000 issue of general
refunding bonds.
Bidders to name the rate of interest.
Denom. $1,000.
Dated May 1, 1936.
Due as follows:
$4,000, 1941 to 1945; $3,000, 1946
to 1950; $5,000, 1951 to 1955; $7,000, 1956, and $8,000 in 1957. These
bonds are part of a $500,000 issue, of which $275,000 have been sold.
Legality approved by Charles & Trauernicht, of St. Louis.
A certified
check for $1,000 must accompany the bid.
Both sealed and auction bids will be received at 10
PRENTISS
COUNTY
SUPERVISORS'
DISTRICT
NO.
1
(P.
NEW
ATLANTIC COUNTY (P. O. Atlantic
Feb
1,
St, Louis, Mo.
1937
Legality approved by Charles &
City), N. J.—NOTES SOLD—
Co. of Atlantic City purchased $100,000 4)i% notes
Due Dec. 10, 1937. Legality approved by Clay, Dillon & Vandeof New York City.
The Guaranty Trust
O.
at par.
Booneville), Miss.—BONDS SOLD—It is reported that $43,000 5)4%
semi-ann refunding bonds were purchased by Leftwich & Ross, of Memphis
Dated
JERSEY
N. J.—BOND ISSUE APPROVED—The State Funding
approved the issuance of $252,500 general refunding bonds.
The ordinance, as previously noted in these columns, will come up for final
reading by the Common Council on June 23.
ABSECON,
Commission has
water
Trauernicht, of
BAYONNE,
N.
J.—PWA
ACCEPTS
$1,000,000
PORT
BONDS—
Despite the fact that the entire project is still enmeshed in litigation, the
Public Works Administration has purchased $1,000,000 general obligation
MISSOURI
bonds, issued in connection with the proposed port terminal project.
LADUE, Mo.—BONDS VOTED—It is stated by the City Clerk that at
an
election held
on
May 25 the voters approved the issuance of $25,000 in
wide margin.
fire station bonds by a
PERRYVILLE SCHOOL DISTRICT, Mo.—BOND ELECTION—The
Board of Education has ordered that a special election be held June 29 to
vote
on a
proposal to issue $72,000 school building bonds.
•
BELLEVILLE
OFFERED—J.
WINDSOR,
Mo.—BOND SALE DETAILS—In connection with the
& Co. of Kansas City
3s, as noted in these columns recently—Y. 144, p. 4220—-it is stated by
the City Clerk that the bonds were sold at par and mature $2,000 from
April 1, 1938 to 1947, inclusive.
sale of the $20,000 sewer system bonds to Stern Bros
as
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA-MONTANA—WYOMING
BLOOMFIELD, N. J.—TAX PAPER DEBT FURTHER REDUCED—
The town recently paid off an additional $175,000 of its tax anticipation
indebtedness, reducing to $225,000 the amount still outstanding.
In
1933 such debt aggregated $1,100,000.
The recent payment was made
entirely out of tax collections and other revenues.
The $225,000 notes
still unpaid were extended for six months.
The Bloomfield Bank & Trust
Co. accepted $125,000 of new paper at 1.50% interest, while the balance
of $100,000 was refinanced at 3.50% with the Police and Firemen's Pension
Fund Commission.
It is expected that the entire debt will be wiped out
FAIRVIEW, N. J .—PROPOSED BOND ISSUE—The Borough Council
SALT LAKE CITY
Bell
DISTRICT, N. J.—BONDS PUBLICLY
Rippel & Co., Newark, are making public offering of
June 22 considered an ordinance providing for the issuance of $306,000
4)4% refunding bonds, dated Aug. 1, 1937 and due Aug. 1 as follows:
$5,000, 1938 and 1939* $6,000, 1940 to 1942, incl.; $20,000, 1943: $40,000,
1944; $50,000, 1945; $55,000, 1946; $50,000 in 1947, and $55,000 in 1948.
(It was recently reported that an issue of $300,000 funding^and refunding
bonds had been sold to Campbell & Co. of New York City, at a price of
98.50.)
on
FIRST SECURITY TRUST CO.
3221
SCHOOL
next year
MUNICIPALS!
Phone Wasatch
S.
$120,000 4)4% school district bonds at prices to yield 3.60% and 3.65%,
according to maturity.
Dated Jan. 1, 1929, and due serially on Jan. 1
from 1951 to 1958, incl.
Principal and interest (J. & J.) payable at First
National Bank, Belleville.
Legality approved by Hawkins, Delafield
& Longfellow of New York City.
Teletype: SL K-372
GLEN ROCK,
notes at par.
DILLON, Mont.—CORRECTION—It is now reported by the City Clerk
that the report
given in these columns last April, to the effect that the
Public Works Administration had purchased $630,000 4% semi-ann.
reservoir bonds at par—V. 144, p. 2704—was erroneous.
MONTANA, State of—BONDS AUTHORIZED—It is reported that a
was signed recently by Governor Roy E.
Ayers permitting the issuance
bill
of $284,000 in State Water Conservation Board bonds for the construction
of the Flint Creek Irrigation project in Granite County.
PHILLIPSBURG, Mont.—BOND SALE—The $68,000 issue of
N. J.—NOTE SALE—The Citizens First National Bank
2)4% tax anticipation
& Trust Co. of Glen Rock has purchased $20,000
MONTANA
water
Due Aug. 9, 1937.
HAMMONTON, N. J.—BOND SALE AND EXCHANGE APPROVED—
The plan of the town to sell a block of $32,000 4% refunding bonds to the
Peoples Bank & Trust Co., Hammonton, at par, and exchange the balance
of an authorized issue of $176,000 with holders of old bonds has been ap¬
proved by the State
Funding Commission.
JERSEY CITY, N. J.—BOND OFFERING—Raymond M. Greer, City
Comptroller, will receive sealed bids until 11 a. m. (Daylight Saving Time)
on June 30, for the purchase of $1,160,000 not to exceed 4% Interest
coupon or
registered bonds, divided
as
follows:
June 21—Y. 144, p. 3874—was purchased
as 4s at par.
No other bids
$980,000 series O city hospital bonds.
Dated Oct. 1, 1935. Due $35,000
annually on Oct. 1 from 1938 to 1965, incl.
Interest payable
RON AN, Mont.—BOND OFFERING—Sealed bids will be received until
5 p. m. on June 28, by H. E. Olsson, Town Clerk, for the purchase of
180,000 general improvement bonds.
Dated July 1, 1937.
Due July 1
as follows:
$10,000 from 1938 to 1943, incl. and $5,000 from 1944
to 1967, incl.
Interest payable J. & J.
works bonds offered for sale
on
by the State Board of Land Commissioners
was received, according to the
City Clerk.
A. & O.
Financial
Volume 144
Denom. $1,000.
Tenderp must be made on the basis of the bonds con¬
stituting a single issue.
Bidder to name a single rate of interets, expressed
in a multiple of M or l-10th of 1 %.
Principal and semi-annual interest
payable at the City Treasurer's office.
The price for which the bonds may
be sold cannot exceed $1,161,000.
The bonds will be prepared under the
supervision of the Trust Company of New Jersey, which will certify as to
the genuineness of the signatures of officials and the seal impressed thereon.
A certified check for $23,200, payable to the order of the
city, is required.
The approving opinion of Reea, Hoyt & Washburn of New York City will
N.
J .—BOND SALE— The
Fidelity Union Trust Co. of
Newark was the successful bidder at the offering on June 22 of $511,000
coupon or registered bonds—V. 144, p. 4053.
The purchaser took $397,000
improvement bonds ($406,000 were offered) as 3s, at a price of $406,254,
equal to 102.33, and $103,000 local improvement assessment bonds ($105,offered) as 2Ms, at a price of $105,020, equal to 101.96.
The
$511,000 bonds as offered consisted of:
$406,000 improvement bonds.
Due July 1 as follows:
$20,000, 1938 to
1940, incl.; $25,000, 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, inclusive.
All of the bonds are dated July 1, 1937.
The following is a list of the bids submitted for the bonds:
No. Bonds
Int.
Bid for
Rate
3%
Bidder—
Fidelity Union Trust Co
397
Premium
1103
2k%
J375
J405
4% °
4%
2M%
105
3M %
Pehlps, Fenn & Co. and Dougherty, Corkran
& Co., jointly
E. H. Rollins & Sons, Inc.; A. C.Allyn& Co.,
Inc.; MacBride, Miller & Co., and Colyer,
(105
•
$9,254.00
2,020.00
31,060.00
20.00
1,351.00
Par
Robinson & Co.
Goldman, Sachs & Co.
Blair Corp.
Union County Trust Co
and
Bancamerica-
408.00
350.20
J406
1105
{406
461.00
H. L. Allen & Co.; B. J. Van Ingen & Co., ,'380
26,675.00
Inc.; Minsch, Monell & Co., and H. C.
Wainwright & Co.
Kean, Taylor & Co.; J. S. Rippel & Co., and
Van Deventer, Spear & Co.
to
1962, inclusive.
N. Y.—NOTE SALE— F. E. Badertscher, Deputy
City Comptroller, informs us that the Water Emergency Fund has pur¬
deficiency notes, due Aug. 1, 1938, and will later buy
$13,000 2% Cutler Dam Raceway bonds, due $3,000 June 1, 1938, and
$2,000 June 1 from 1939 to 1943, inclusive.
chased $20,000 1%
CAROGA UNION. FREE SCHOOL DISTRICT NO. 1 (P. O. Caroga
Lake), N. Y.—BOND OFFERING—Everett* J. Hess, District Clerk, will
receive sealed, bids until 1 p. m. (Eastern Standard Time) on June 30, for
the purchase of $23,000 not to exceed 6% interest registered school bonds
Dated June 1, 1937.
Denom. $1,000.
Due $1,000 annually on June 1
1960, incl.
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
from 1938 to
(J. & D.) payable at the Fulton County National Bank & Trust
The bonds are general obligations of the district, pay¬
A certified check for 2% of the bonds bid for,
payable to the order of Floyd E. Chappell, District Treasurer, must
accompany each proposal.
The approving opinion of Alfred P. Dennison,
of Johnstown, will be furnished the successful bidder.
interest
Co., Gloversville.
able from unlimited taxes.
CROTON-ON-HUDSON, N. Y.—BOND SALE—The $25,000 coupon,
Radnor Ave. storm drain bonds offered on June 22
fully registerable,
—V. 144, p. 3876—were awarded on June 23 to Bacon, Stevenson & Co.
of New York as 3.60s at par plus a premium of $85, equal to 100.34, a basis
of about 3.56%.
Dated Jan. 1, 1937.
Due $2,000 on Jan. 1 m 1938 and
1939, and $1,000 yearly on Jan. 1 from 1940 to 1960. Roosevelt & Weigold
were second in the bidding, offering a premium of $55 for 3.70s.
of New York
EVANS MILLS,
N. Y.—FINANCIAL STATEMENT—The following
made public in connection with
Rutter & Co. of New York, as
previously reported—V. 144, p. 4221:
Par
■
131.90
105
/406
\105
l¥°
Financial Statement
Par
MOORESTOWN TOWNSHIP, Burlington County, N. J.—BONDS
AUTHORIZED—The
Township Committee has adopted an ordinance
providing authority for the issuance of $117,000 refunding bonds.
RIDGEFIELD
SCHOOL
DISTRICT,IN.
is the latest official report issued and was
the sale of $33,000 3.10% water bonds to
The assessed valuation of the property subject to the
408.80
MANTUA
APPROVED—The
TOWNSHIP,
N.
J.—BOND
SALE
State Funding Commission has approved the sale of $123,000 4% general
refunding bonds to Boenning & Co. of Philadelphia, at a price of 93.50.
.
respectively, $399.49, $292.35 and $159.50.
The amount of such taxes
remaining uncollected as of the date June 4, 1937, is, respectively, none,
$55.40 and $159.50.
The taxes of the fiscal year commencing March 1,
1937, amounted to $3,726.97, of which none has been collected.
issue of $65,000
RUTHERFORD SCHOOL DISTRICT, N. J.—BOND ELECTION—A
asked to consider
on
June 29 at which time the voters will
GRAND
ISLAND, N. Y.—BOND SALE—The $19,000 coupon water
on June 21—V. 144, p. 4054—were awarded to the Manu¬
of 100.32, a
basis of about 3.215%.
Dated July 1, 1937, and due $1,000 annually on
July 1 from 1938 to 1956, incl.
be
bonds offered
$400,000 bonds for the purpose of
financing construction of a new junior high school building. At the May 18
election the voters turned down a proposition of somewhat similar nature,
although the bond issue in that instance was for $735,000.
SURF
CITY,
a
N.
proposal
to issue
3.—BONDS
TO
BE
EXCHANGED— The
facturers &
FREE SCHOOL DISTRICT NO. 13 (P. O.
Y —OTHER BIDS—The issue of $28,000 bonds
Allyn & Co., Inc. of New York, as 2.90s, at a
basis of about 2.88%, as previously reported—V. 144,
UNION
Centre),
N.
awarded June 18 to A. C.
price of 100.15, a
p. 4221—was also bid for as follows:
holding the borough's notes in exchange for their holdings
WOOD-RIDGE, N. J.—BOND SALE—The issue of $45,000
Traders Trust Co. of Buffalo, as 3Ms, at a price
HEMPSTEAD
Rockville
$60,000
general refunding bonds recently authorized by the Borough Council will be
issued to banks
Sherwood & Co
to H.
Roosevelt & Weigold
basis
sewer bonds offered on June 23—V. 144, p. 4221—was awarded
B. Boland & Co. of New York City, as 4s, at a price of 100.09, a
of about 3.975%.
Dated July 1, 1937 and due $5,000 on July 1
Bacon, Stevenson & Co
.
1938
A. S. Huyck & Co
—
to
1946, inclusive.
Total bonded debt
(including current offering)
Total assessed valuation (estimated)
Tax rate per $1,000, $48.30.
1930 census, 5,193; present
$681,967.12
4,394,432.00
(est.), 6,000.
NEW
about 3.15%.
Dated July 1, 1937, and due $1,000 on
1954 inclusive.
Other bids were as follows:
Manufacturers & Traders Trust Co., Buffalo
MEXICO
MEXICO, State of—BOND SALE—A banking
J. & W. Seligman
headed by
Phelps, Fenn & Co., and including Stone & Webster and Blodget Inc.;
Eldredge & Co., Inc.; Mackey, Dunn & Co., Inc.; The Illinois Company of
Chicago; Sidio, Simons, Roberts & Co., Denver; Harold E. Wood & Co.,
St. Paul; The J. K. Mullen Investment Co., Denver; Jackley & Co.,
Des Moines; Peters, Writer & Christensen, Inc., Denver; and Walter,
Woody & Heimerdinger, Cincinnati submitted the successful bid for the
$2,000,000 State Highway debentures offered on June 16.
The bankers
paid a premium of $500, equal to 100.025, for $400,000 3M% debentures
coming due in 1949 and $1,600,000 3% debentures running from 1949 to
are offering the securities to investors, as follows:
3M% debentures maturing $250,000 on Jan. 1, 1949, and
July 1, 1949, to yield 3.10%; and $1,600,000 3s maturing from
July 1, 1949 through July 1, 1952, priced from 100 for the 1949 maturities
to 99M for the 1952 maturities.
The debentures are to be dated July 1,
1937.
They are issued for highway purposes and, in ihe opinion of counsel,
are
valid and legally binding obligations of the State of New Mexico,
payable solely from the proceeds of the collection of any or all of the gasoline
excise taxes, motor vehicle registration fees and property taxes, to the
extent to which it is now provided by law that the proceeds of the collec¬
tion of such fees and taxes shall be covered, into the State road fund, as
provided by Chapter 8, Laws of New Mexico, 1937, approved Feb. 9,
1937, subject to prior charges payable from said revenue.
Blyth & Co.; Lehman Bros.; Stranahan, Harris & Co.; Stern Bros. &
Co.; the Wells-Dickey Co.; the First National Bank & Trust Co. of Min¬
neapolis; the First National Bank & Trust Co. of St. Paul; Bosworth,
Chanuce, Loughridge & Co.; the City National Bank & Trust Co. of
Kansas City; the Commerce Trust Co. of Kansas City: Piper, Jaffray &
Hopwood, Kalman & Co., and the Milwaukee Co. joined in submitting the
$400,000
$150,000
& Co., New York---,,
Marine Trust Co., Buffalo
group
1952.
The bankers
KENSINGTON,
^
that the following four bids were
Blyth & Co., Inc.; Lehman Bros.; Stranahan, Harris & Co., Inc.; Stern
Brothers & Co.; Wells-Dickey Co.; First National Bank & Trust Co.,
Minneapolis; First National Bank & Trust Co., St. Paul; Bosworth,
Chanute, Loughridge & Co.; City National Bank & Trust Co., Kansas City;
Commerce Trust Co.; Piper Jaffray & Hopwood; Kalman & Co., Inc.; the
Milwaukee Co.; bidding on first $1,250,000 at 3M % interest rate and last
$750,000 at 3 % interest rate offered par and accrujed Interest with a premium
of $714.
John Nuveen & Co.; Stifel, Nicolaus & Co., Inc.; A. C. AUyn & Co.;
O. W. McNear & Co.; Equitable Securities Corp.; A. S. Huyck & Co.;
Morris Mather & Co., Inc.; Shannon, Kenower & Co., Inc.; Van Lahr,
Doll, Ishphording & Co., Inc.; Kennedy Stence & Co.; bidding on first
$1,500,000 at 3M% and last $500,000 at 3% offered par and accrued int.
and a premium of $1,426.
Lazard Freres & Co., Inc., New York; Edward B. Smith & Co., New
York; E. H. Rollins & Sons, Inc., New York; Wheelock & Cummins, Inc.,
Des Moines; James H. Causey & Co., Inc., New York; Brown Schlessman
Owen & Co., Denver, offered—
"For all bonds due in 1949 bearing interest at the rate of 4% per annum,
all bonds due in 1950 bearing 3M % interest; and all bonds due in 1951 and
1952 bearing 3M% interest, $1,001.89 for each $1,000 bond, plus accrued
interest from date of issue to date of delivery."
First National Bank of Santa Fe; R. W. Pressprich & Co.; Graham,
Parsons & Co.; C. F. Childs & Co.; Field Richards & Shepard, Inc.; Alli¬
son Williams Co.; First of Michigan Corp.; R.
S. Dickson & Co., Inc.,
bid par and accrued interest and in addition thereto a premium of $7,087.40
for $2,000,000 3M % bonds.
Y.—BOND
100.39
100.20
100.55
OFFERING—Theodore
A.
Platz
LARCHMONT, N. Y.—BOND SALE—An issue of $11,000 coupon or
& Co. of
Denom.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the Central Hanover Bank & Trust Co., in New
York.
Due on July 1 as follows: $2,000, 1938 to 1941, and $3,000 in 1942.
Bacon, Stevens & Co. of New York were second high bidders .^offering a
premium of $9.90 for 2.75% bonds.
Dated July 1, 1937.
$1,000.
LEWIS COUNTY
(P. O. Lowville), N. Y.—BOND OFFERING—
C. Taylor,
County Treasurer, will receive bids until 10 am..
(Eastern Standard Time) June 30, for the purchase at not less than par of
the following coupon, fully registerable, general obligation, bonds:
Charles
$20,000 highway bonds.
Due $2,000 yearly on July 1 from 1938 to 1947.
75,000 public relief and welfare bonds.
Due on July 1 as follows: $7,000,
1938 to 1942, and $8,000, 1943 to 1947.
30,000 county buildings bonds.
Due $2,000 yearly on July 1 from 1938
1952.
to
us
N.
Rate Bid
3.30%
3.40%
registered general bonds was awarded on June 21 to Sherwood
New York on a bid of 100.12 for 2.60s, a basis of about 2.56%.
to specify rate of interest, in a multiple of M% or 1-10%,
exceed 4M%Denom. $1,000.
Dated July 1, 1937.
Prin¬
cipal and semi-annual interest (Jan. 1 and July 1) payable at the County
Treasurer's office.
Different rates of interest may be named for the
Bidders
but
The State Board of Finance informs
also submitted for the above bonds:
July 1 from 1940
Int. Rate
3.20%
Village Clerk, will receive sealed bids until 2:15 p. m. (Eastern Standard
Time) on July 7, for the purchase of $80,000 not to exceed 6% interest
coupon or registered park bonds of 1937.
Dated July 1, 1937.
Denom.
$1,000.
Due $5,000 annually on July 1 from 1938 to 1953, incl.
Bidder
to name a single rate of interest, expressed in a multiple of M or l-10th of
1%.
Principal and interest (J. & J.) payable at the Great Neck Trust Co.,
Great Neck, or at holder's option, at the principal office of the Bank of the
Manhattan Co., New York City.
A certified check for 2% must accom¬
pany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow
of New York City will be furnished the successful bidder.
on
sewnd^high bid, offering a premium of $714 for $1,250,000 3 Ms and
100.31
to
^Bidder—
NEW
100.18
100.31
3.20%
3.25%
3.40%
INTERLAKEN, N. Y.—BOND SALE—The issue of $15,000 coupon or
registered water bonds offered on June 22—V. 144, p. 4054—was awarded
to Sherwood & Co. of New York as 3.20s at a price of 100.44, a basis of
Financial Statement
^
Rate Bid
100.30
Int. Rate
3%
Bidder—
coupon or
registered
from
taxing power of the
village is $324,526.
The total bonded debt of the village, including the
above mentioned bonds, is $39,500, of which $33,000 is water debt.
The
population of the village (1930 census) was 514. The bonded debt above
stated does not include the debt of any other subdivision having power
to levy taxes upon any or all of the property subject to the taxing power of
the village.
The fiscal year commences March 1.
The amount of taxes
levied for the fiscal years commencing March 1, 1934, March 1, 1935, and
March 1, 1936, was. respectively, $3,220.61, $3,795.13 and $3,156.46. The
amount of such taxes uncollected at the end of each of said fiscal years was,
J.—BONDS VOTED—The
residents of the district on June 17 voted approval of a bond
for construction of an addition to a school building.
special election will be held
YORK
NEW
BETHEL, N. Y.— KAUNEONGA LAKE SEWER DISTRICT BONDS
AWARDED—The $50,000 coupon or registered sewage system bonds of
the above district offered; on June 21—V. 144, p. 4054—were awarded to
J. & W. Seligman & Co. of New York, as 3Ms, at a price of 100.30, a basis
of about 3.22%.
Dated Aug. 1, 1937 and due $2,000 on Aug. 1 from 1938
BINGHAMTON.
be furnished the successful bidder
LINDEN,
4385
Chronicle
not
are
to
different issues, but all the bonds of each issue must bear the same rate.
Certified check for $2,500, payable to the County Treasurer, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished by the county.
MARCELLUS, N. Y.—BOND SALE—An issue of $7,000 coupon, fully
registerable, general obligation, unlimited tax, fire apparatus^bonds offered
on June
24 was awarded to the Lincoln National Bank & Trust Co. of
,
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 1 (P. O. Las
Vegas), N. Mex.—BOND ELECTION—The district will hold an election
on June 30 to vote on the question of issuing $25,000 school building bonds.
Syracuse on a bid of 100.148 for 3.40s, a basis of about 3.35%.
$500.
Dated June 1, 1937.
Principal and semi-annual interest
Denom.
(June 1
1) payable at the First National Bank of Marcellus, with New
York exchange.
Due $1,000 June 1, 1938; and $1,500 yearly on June 1
from 1939 to 1942.
The First National Bank of Marcellus bid 100.50 for
3.50s and the Manufacturers & Traders Trust Co. of Buffalo 100.097
and
for
Dec.
3.50s.
NEWBURGH,
N.
Y.—BOND
OFFERING—William
Manager, will receive sealed bids until 1 p. m. (Eastern
on July 1 for the purchase of $157,000 not to exceed 6%
or
J. Blake, City
Standard Time)
interest coupon
registered bonds, divided as follows:
,
$90,000 general bonds of 1937, series A.
Due July 1 as follows: $8,000,
1938; $10,000, 1939 to 1944 incl.; $8,000 in 1945, and $7,000 in
1946 and 1947.
67,000 street improvement bonds.
Due July 1 as follows:
and $10,000 from 1939 to 1944 incl.
$7,000 in 1938
1, 1937.
Denom. $1,000.
Bidder to name a
single rate of interest on all of the bonds, expressed ih a multiple of M or
1-10 of 1%.
Principal and interest (J. & J.) payable at the HighlandQuassaick National Bank & Trust Co., Newburgh.
A certified check for
2% must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
Each issue is dated July
4386
NEW
Financial
Chronicle
ROCHELLE, N. Y.—BONDS PUBLICLY OFFERED—George B.
bniklfr0P0Sed bond issue of $336,500 for construction of a
Gibbons & Co., Inc., of New York are offering for
public investment
$239,000 4% and 4)4% bonds at prices to yield from 2.40% to 3.15%,
according to maturity.
The bonds are dated variously from 1924 to
1928 incl., and mature serially from 1944 to 1961 incl.
Interest payable
M.
&
N.
V. 144, p. 4222—were awarded to the Manufacturers & Traders Trust Co.
of Buffalo on a bid of 100.38 for
3s, a basis of about
BY ESTIMATE
BOARD—The
Board
of Estimate
on
June
18
adopted a resolution establishing a revolving fund of $500,000 to meet
the provisions of the multiple dwelling law to rehabilitate old-law tenements.
At the same time the Board
requested that the Corporation Counsel
submit the so-called Lyons plan, an alternative
plan, to the State Attorney
General for an opinion.
It wants to ascertain whether the provisions
may be worked out so that the city would not lose the 40% contribution
to which it is entitled under the
provisions of the Murray Act, which
enables the city to proceed with old-law tenement rehabilitation.
The Lyons plan, advocated by Bronx
Borough President Lyons, allows
the city to lease, for a dollar a
year, old-law tenements and permits land¬
lords to make improvements deemed
necessary under the Murray Act.
Under the resolution adopted by the Board the
improvements would be
made by the city with the initial fund set
up and they would constitute
a prior lien on the
properties.
NEW Y ORK (State of)—BOND SALE—The
$40,000,000 bonds offered
June 22—V. 144. p. 4054—were awarded to a
syndicate managed by the
Bank of the Manhattan Co. of New York. The successful bid was
100.4397,
on
all
the bonds to bear interest at 2
34 %, making a net interest cost of about
2.1903%. Associated with the Bank of the Manhattan Co. were: Ladenburg, Thalmann & Co., New York; Speyer & Co., New York; C. J. Devine
& Co., New York; The Central
Republic Co., Chicago; E. H. Rollins &
Sons. New York, and B. J. Van Ingen & Co., New York. The bankers are
reoffering the bonds for investment at prices to yield from .70%.to 2.35%,
according to maturity. The bonds are divided into two issues as follows:
$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
$3,000,000
Due
annually
$400,000
on
annually
to 1962 incl.
All of the bonds will be dated
July 6, 1937. 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
period, $6,593,395 in 1937 taxes, or 64.1% of the total
was paid, according to a compilation just
completed
Last year only $5,718,827, or 62.4%
of the total 1936 levy of $9,157,635, had been paid as of
May 31.
levy of $10,274,474,
by City Treasurer Frank A. Rapp.
VALLEY STREAM. N. Y.—BOND SALE—The issue of
$29,000 street
improvement bonds offered on June 21—V. 144, p. 4222—was awarded to
A. C. Allyn & Co., Inc., of New York, as
2.80s, at a price of 100.03, a
basis of about 2.79%.
Dated July 1, 1937, and due July 1 as follows:
$3,000 from 1939 to 1945, incl., and $4,000 in 1946 and 1947.
Other
bids
were
Co.; Lazard Freres & Co., and
Goldman, Sachs & Co., all of New York, offered 100.4199 for
2)4% bonds,
basis of about 2.193%.
The Chase National Bank of New York and
a
associates
basis
offered
of about
The
Chase
100.239 for
$30,000,000 2Ms and $10,000,000 2Hs,
a
2.3277%.
National
Bank
Int.
Bacon, Stevenson & Co
Corp.; The Marine Trust
Also in the group were: L. F. Rothschild &
Co.: Hemphill, Noyes & Co.;
Mercantile-Commerce Bank & Trust Co., St.
Louis; White, Weld & Co.;
Graham, Parsons & Co.; State Bank of Albany; Darby & Co.; R. L.
Day
& Co.; Dominick &
Dominick; Bacon, Stevenson & Co.; First of Michigan
Corp.; Geo. B. Gibbons & Co., Inc.; G. M.-P.
Murphy & Co.; Laurence
M. Marks & Co.* The Public National Bank &
Trust Co.; Lee Higginson
Corp.; National Commercial Bank & Trust Co., Albany; R. H. Moulton &
Co., Inc.; Hannahs,
& Bee; Schaumburg,
Rebhann & Lynch, and
The following were also associated with
the Chase National Bank:
Horn blower & Weeks; A. C.
Allyn & Co., Inc.; The Commercial National
Bank & Trust Co. of New
York; Schoellkopf, Hutton & Pomeroy, Inc.;
Gregory & Son, Inc.; Coffin & Burr, Inc.; Wells-Dickey Co., Minneapolis;
Sterling National Bank & Trust Co.; Rutter & Co.; Francis I. DuPont &
Co.; Green, Ellis & Anderson; Reynolds & Co.;
Mason-Hagan, Inc., Rich¬
mond; Edward Lowber Stokes & Co.; A. G. Becker &
Co.; Equitable
Securities Corp.; Schwabacher &
Co.; Spencer Trask & Co.: Stern Brothers
& Co., Kansas City;
Granbery, Safford & Co.; Battles & Co., Inc., Phila¬
delphia; Schlater, Noyes & Gardner, Inc.; Robinson, Miller & Co., Inc.;
Charles H. Newton & Co., Inc.; Morse Bros. &
Co., Inc.; Watling, Lerchen
& Haves, Detroit; Schmidt, Poole &
Co., Philadelphia.
Following the sale Comptroller Tremaine stated that this issue of bonds
of the last of the bond issues authorized for
general State improve¬
under former Governor Smith's
care
administration, and that the only
bonds now authorized but unissued are the
grade crossing elimination
bonds, which will probably come out slowly, probably in blocks of 10 to
15 million dollars.
However, the Comptroller stated, no issuance of these
bonds is in sight for this year. The
Comptroller said, "Because of both the
trend of the market and the general business
situation, I believe the bankers
have bought some very cheap bonds." He added
that there is no immediate
indicated change in the trend of the market for
long- or short-term money,
and that therefore the municipal market
should hold up.
"There has never
been
a
today,
time with better reason for
he said..
strength in the municipal market such
as
Prior to the opening of bids the
Comptroller made the statement that there
appeared to be no likelihood of any change in the tax
exempt situation,
declaring that the Federal Government certainly is not going to make any
change at the present, and that political appointees and officers would
fight to preserve for their localities the advantages to be obtained from
the issuance of tax exempt securities.
(Formal reoffering of the bonds by the successful banking
group was
made in accordance with the advertisement
which appears on page 00.)
NIAGARA FALLS, N. Y.—BOND SALE—The
$225,000 coupon, fully
registerable general obligation, unlimited
tax, sewage disposal plant bonds
offered on June 21—V. 144, p. 4222—were awarded to
the Bank of the
Manhattan Co. and Sherwood & Co., both of New
York, on a joint of par
mPati^ **uly 1 • 1937.
1952.
Due $15,000 yearly
The Power City Trust Co.
high bid, offering
a premium
on
July 1 from 1938 to
of Niagara Falls submitted the second
of $764.78 for 2.20%
bonds.
OGDENSBURG, N. Y.—BOND SALE—The $80,000 coupon, fully
registerable, general obligation, unlimited tax bonds described below, which
were offered on June 23—V.
144, p. 4222—were awarded to the Manu¬
facturers & Traders Trust Co. of
Buffalo, as 2.20s, at par plus a premium
of $147.20, equal to 100.184, a basis of about
WESTCHESTER COUNTY (P. O. White
Plains), N. Y.—BONDS
PUBLICLY OFFERED— Brown & Groll of New York City are making
public offering of $100,000 coupon bonds priced to yield from 2.75% to
3.05%, according to interest rate and maturity.
The bonds bear interest
rates ranging from 3% to
4M%.
They are interest exempt from ail present
Federal and New York State income taxes and, the bankers
add,
investments for savings banks and trust funds in New York State.
YAPHANK
FIRE
$42,000 public welfare bonds.
Due June 1, 1947.
38,000 public works bonds.
Due $3,000 on June 1 in 1938 and 1939, and
$4,000 yearly on June 1 from 1940 to 1947.
Denom. $1,000.
Dated June 1, 1937.
Principal and semi-annual int.
(June 1 and Dec. 1) payable at the Bank of the Manhattan Co. in New
York.
PELHAM
gave
were
second
high bidders, offering
HEIGHTS, N. Y.—BONDS VOTED—The
a
YORKVILLE, N. Y.—BOND SALE—The $15,000 coupon, fully regis¬
terable, general obligations, unlimited tax, public works bonds offered on
22—V. 144, p. 4222—were awarded to the Marine Trust Co. of
Buffalo, as 2.70s, at par plus a premium of $37.30, equal to 100.248, a
basis of about 2.65%.
Dated July 1, 1937.
Due $1,500 yearly on July 1
from 1938 to 1947, incl.
Second high bid was submitted by Sherwood &
Co. of New York, offering a premium of $24 for 2.90s.
NORTH
CHARLOTTE,
their approval to the proposed issuance of $40,000 street
repaving
CENTRE, N. Y.—BOND OFFERING—James H. Patten,
Village Clerk, will receive sealed bids until 2 p. m. (Daylight Saving Time)
on July 7 for the purchase of
$100,000 not to exceed 4% interest coupon
or registered water bonds.
Dated July 1, 1937.
Denom. $1,000.
Due
$5,000 on July 1 from 1940 to 1959 incl.
Bidder to name a single rate of
interest, expressed in a multiple of yx 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 general obligations
of the village, payable from unlimited taxes.
A certified check for $2,000,
payable to the order of the village, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York
City will be
furnished the successful bidder.
DISTRICT
(P. O. Sayville), N, Y.—BOND
ELECTION—The residents of the district will vote at an election on
June 29
CAROLINA
N.
C.—BONDS AUTHORIZED—The City Council
recently passed an ordinance authorizing the issuance of $100,000 street
improvement funding bonds.
DURHAM, N. C.—NOTE SALE—The Fidelity Bank of Durham is
reported to have purchased $75,000 bond anticipation notes at 1 J4%. plus
a premium of $10.00.
GASTON COUNTY (P. O. Gastonia), N. C.—BONDS AUTHORIZED
County Commissioners have authorized the issuance of $30,000
court house bonds.
—The
GATES
COUNTY
(P. O. Gatesville), N. C.—BOND OFFERING—
E. Easterling, Secretary of the Local
Commission, at his office in Raleigh, until 11 a. m. on July 6
for the purchase of a $45,000 issue of coupon school
building bonds.
De¬
nomination $1,000.
Dated June 1, 1937.
Due on Dec. 1 as follows:
$2,000, 1939 to 1941; $3,000, 1942 to 1949, and $5,000, 1950 to 1952.
The
bonds are registerable as to principal only.
Prin.
and int. (J. & D.)
payable in legal tender in New York.
The approving opinion of Masslich
& Mitchell of New York will be furnished.
Delivery at place of purchaser's
choice on or about July 23.
These bonds were approved by the voters
Sealed bids
will be received by W.
Government
with
a
count
Bidders
of 846 to 290.
requested to name the interest rate or rates not exceeding
multiples of one-fourth of 1%.
Each bid may name one
of the bonds (having the earliest maturities), and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
6%
are
per annum in
rate for part
interest cost to
the
Town.
Bids must be enclosed in
a sealed envelope marked "Proposal for Bonds,"
accompanied by a certified check upon an incorporated bank or trust
company payable unconditionally to the order of the State Treasurer of
North Carolina for $900.
and
GREENVILLE, N. C —BOND OFFERING—Sealed bids will be received
m. (Eastern Standard Time) on June 29, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $15,000 issue of equipment bonds.
Coupon bonds,
registerable as to both principal and interest.
Denom. $1,000.
Dated
June 1, 1937.
Due $3,000 from June 1, 1938 to 1942, without option of
prior payment.
There will be no auction.
Principal and interest (J & D.)
until 11a.
.
Eayable in lawful the Town of Greenville. purchaserat place of purchaser's
id, otherwise, in money at such place as Delivery may designate in his
choice.
*
.Bidders
requested to name the interest rate or rates not exceeding
multiples of M of 1 %.
Each bid may name one rate
for part of the bonds (having the earliest maturities), and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest
upon all
of the bonds until their respective maturities.
No bid of less than par and
6 %
per
are
annum in
accrued interest will be entertained.
Bids must be enclosed in a sealed envelope
marked "Proposal for Bonds,"
a certified check upon an incorporated bank or trust
payable unconditionally to the order of the State Treasurer of
North Carolina for $300.
and accompanied by
company
HENDERSON, N. C.—NOTE SALE—The Security National Bank of
Raleigh is reported to have purchased $20,000 notes.
LENOIR CITY, N. C —BOND OFFERING—It is stated by W. E.
Easterhng, Secretary of the Local Government Commission, that he will
receive sealed bids at his office in Raleigh, until 11 a. m. on July 6, for the
purchase of two issues of coupon or registered refunding bonds, aggregating
$100,000, divided
follows:
as
$20,000 street and sidewalk bonds.
Due $1,000 from July 1, 1938 to 1957,
inclusive.
80,000 water and
to
sewer bonds,
1957, and $4,000,
Due
1958 to
on
July 1
as
follows:
$2,000, 1938
1967.
Interest rate is not to exceed 6%, payable J. & J. Denom. $1,000.
Dated
July 1, 1937.
Prin. and int. payable in New York City in lawful money.
Delivery at place of purchaser's choice.
The approving opinion of Reed,
Hoyt & Washburn of New York, will be furnished. . A certified check for
$2,000, payable to the State Treasurer, must accompany the bid.
NEWTON,
were
voters on June 15
ROCKVILLE
SCHOOL
legal
(P.
June
premium
bonds.
SAYVILLE
DISTRICT
O. Yaphank), N. Y.—BOND
OFFERING—Sealed bids will be received by Gustav Neuss, Secretary of
the Board of Fire Cbmmissioners, until 3 p. m.
(Daylight Saving Time)
on June 30 for the purchase of
$6,500 not to exceed 6% interest fire depart¬
ment bonds.
Dated Aug. 1, 1937.
Due serially on March 1 from 1938
to 1942, inclusive.
Interest payable M. & S.
2.18%:
Rutter & Co. of New York
of $232 for 2.25% bonds.
100.22
100.13
100.09
.
Co. of Buffalo; Manufacturers Trust
Co.; Blyth & Co., Inc.; The Northern
Trust Co., Chicago; Harris Trust &
Savings Bank; Estabrook & Co.;
Manufacturers & Traders Trust Co.,
Buffalo; Kean, Taylor & Co.; Stone &
Webster and Blodget, Inc.; F. S.
Moseley & Co.; J. & W. Seligman & Co.,
and Roosevelt & Weigold, Inc.
ments
Rate Bid
Rate
2.90%
3.25%
2.90%
Marine Trust Co
account
included:
Hallgarten & Co.; BanBrothers & Co., Inc.; R. W. Pressprich &
Co.; Salomon Bros. & Hutzler,
Chemical Bank & Trus\t Co.; Bancamerica-Blair
takes
follows:
as
Bidder—
Sherwood & Co
City.
There were two other bids for the bonds.
A syndicate headed by the
National City Bank and including the First
National Bank of New York;
the Bankers Trust Co.;
Brown, Harriman & Co.; the First Boston Corp.;
Edward B. Smith & Co.; Halsey, Stuart &
Dated July 1,
"
first instalment
May 2, 1937.
In addition to this reduction of debt, the city accumu¬
1, 1934 to Dec. 31, 1936, a reserve fund from taxation of
$2,633,999.80, of which, at Dec. 31, 1936, $1,706,404.28 was surplus
cash on hand, the balance in the form of uncollected taxes.
UP
Due $1,000 yearly on July I from 1938 to
1957, incl.
SYRACUSE, N. Y.—TAX COLLECTIONS HIGHER—During May the
on
NEW YORK, N. Y— $500,000 TENEMENT IMPROVEMENT FUND
2.96%.
1937.
lated from Jan.
SET
grammar school
SIDNEY, N. Y.—BOND SALE—The $20,000 coupon, fully registerable, general obligation, unlimited tax, water bonds offered on June 25—
Principal and interest payable at the City Treasurer's office,
or at the request of the
registered holder interest will be remitted in New
York exchange.
Legality approved by Caldwell & Raymond of N. Y. City.
In connection with the offering the bankers
point out that the bonded
debt of the city dropped from $15,764,376 on Jan. 1, 1933, to $13,917,376
1937
N. C.—NOTES SOLD—It is reported that $15,000 notes
purchased by the Concord National Bank, of Concord.
ROCKY MOUNT, N. C —BOND ELECTION—We are informed by the
City Clerk that an election will be held on July 27 in order to vote on the
proposed issuance of $500,000 in bonds, divided as follows: $480,000 electric
light system, and $20,000 water supply system bonds.
Interest rate to
be set by the bidder.
Due in equal annual instalments over a period of
30 years.
RUTHERFORD
COUNTY
(P.
O.
Rutherfordton),
N.
C.—NOTE
SALE—The American Trust Co. of Charlotte is reported to have purchased
$35,000 notes.
,
-
THOMASVILLE,
anticipation notes
is
N.
C.—NOTES
reported
to
SOLD—A
have
$60,000
been purchased
issue
of
bond
by the National
Bank of Thomasville.
THOMASVILLE, N. C.—BOND OFFERING CONTEMPLATED—It Is
stated by the Town Clerk that the $60,000 city hall bonds approved by the
voters last March, as noted in these columns, will probably be offered for
sale in July.
Volume
Financial
144
Finance and Audits, at whose office the bonds, together with semi-annual
interest (A. & O.) will be payable.
Bids may be made for each issue
N. C.—PRICE PAID—It is
stated by the Secretary of the Local Government Commission that
$65,000 school bonds purchased by Lewis & Hall, of Greensboro, as
noted in these columns recently—V. 144, p. 4222—were sold as 6s at par.
Due from Dec. 1, 1937 to 1966.
now
or for all or none.
Separate interest rates may be bid for each
bids upon any one issue will be not considered.
Bids
be made for other than 6% bonds, but if a fractional rate is named, such
fraction must be expressed in a multiple of M of 1 %.
The approving legal
opinion of Squire, Sanders & Dempsey of Cleveland will be furnished the
separately
the
NORTH
4387
Chronicle
WILKES COUNTY (P. O. Wilkesboro),
issue but split rate
may
bidder.
successful
DAKOTA
SANDUSKY, Ohio—BONDS SOLD—The Sinking Fund has absorbed
an issue of $18,500 3% street improvement bonds.
Due Feb. 1 as follows:
$2,000 from 1939 to 1946, incl. and $2,500 in 1947.
Principal and semi¬
annual interest payable at the Third National Exchange Bank, Sandusky.
CHARBON
TOWNSHIP, McKenzie County, N. Dak.—CERTIFI¬
CATE OFFERING—Edgar H. Thurlow, Township Clerk, will receive bids
until 2 p. m. July 3 at the County Auditor's office in Schafter for the
purchase at not lass than par of $1,000 certificates of indebtedness, which
are to bear interest at no more than 7%.
Denom. 1 for $250, 3 for $200
and 1 for $150.
Dated July 3, 1937.
Interest payable semi annually.
Due $250 July 3, 1938; $600 Jan. 3
1939, and $150 July 3, 1939. Certified
check for 2% of amount of bid, required.
SPRINGFIELD, Ohio—BOND SALE—An issue of $55,000 fire and
police equipment bonds has been taken by the Board of Sinking Fund
Trustees, according to City Auditor W. A. Luibel.
v
RURAL
SPRINGFIELD
SCHOOL
DISTRICT
(P. O. Petersburg),
Ohio—BONDS SOLD—The State Teachers' Retirement System of Colum¬
Dak.—BOND SALE—The $2,400 issue of village
on June 14—V. 144, p. 3878—was purchased by
the Merchants National Bank of Fargo, at par for 4s.
Denom. $400.
Due $400 from Dec. 1, 1939 to 1944, incl.
Interest payable Dec. 1.
29 an issue of $18,000 3M % school addition bonds.
Due serially on April 1, from 1938 to 1948, incl.
Principal and interest (A. & O.) payable at the State Treasurer's office.
HORSESHOE VALLEY TOWNSHIP, N. Dak.—BONDS SOLD—They
Township Clerk states that $1,200 highway bonds were purchased recently
by the State of North Dakota, as 4s, at par.
Ohio Citizens Trust Co. of Toledo recently purchased $240,000 tax an¬
ticipation notes, of which $120,000, dated June 25, 1937. bear 2% interest,
DAVENPORT,
N.
hall bonds offered for sale
bus purchased on April
Dated Oct. 1, 1936.
TOLEDO
CITY
SCHOOL
DISTRICT,
Ohio—NOTE SALE—The
BRITTON, Okla.—BOND SALES—The two issues of bonds, aggregat¬
ing $17,000, offered for sale on June 15—V. 144, p. 4056—were
as
OHIO
AKRON, Ohio—BOND SALE—The $707,000
offered
on
coupon or
registered bonds
June 22—V. 144, p. 4055—were awarded to Fox, Einhorn & Co.,
Inc., of Cincinnati, at par plus a premium of $230.50, equal to 100.03, for
the issue of $400,000 as 4Ms and the remaining $307,000 as 4s.
The total
includes:
SCHOOL
DISTRICT, Okla.—BOND OFFERING—
until
purchase at not less than par of $29,000 school
building bonds, which are to bear interest at rate determined by the bidding.
Due $2,000 yearly beginning three years after date of issue, except that the
last instalment is to amount to $1,000.
Certified check for 2% of amount
FREDERICK
$400,000 street impt. bonds.
150,000 sewer construction
1947, incl.
awarded
follows:
$12,000 water works bonds to R. J. Edwards, Inc. of Oklahoma City,
paying par for the first $10,000 as 4s, the remaining $2,000 as
3Ms.
Due $1,000 from 1941 to 1952, inclusive.
5,000 sewer bonds to Calvert & Canfield, of Oklahoma City, paying a
premium of $6.75, equal to 100.135, for the first $4,000 as 4Ms,
the remaining $1,000 as 4Ms.
Due $400 from 1940 to 1956, and
$200 in 1957.
Due $40,000 Oct. 1 from 1938 to 1947, incl.
bonds.
Due $6,000 Oct. 1 from 1938 to
Isbell, Clerk of the Board of Education, will receive bids
Hazel E.
8:30 p. m. June 28, for the
96,000 public parks and playground bonds.
Due Oct. 1 as follows:
$9,000from 1938 to 1941, incl., and $10,000from 1942 to 1947 incl.
50,000 street opening and widening bonds.
Due $2,000 on Oct. 1 from
of
bid, required.
1938 to 1962, incl.
11,000 trunk sewer construction bonds.
Due Oct. 1
from 1938 to 1946, incl., and $2,000 in 1947.
works bonds offered for sale on
V. 144, p. 3723—was not
Each issue is dated June 1. 1937.
Ohio—BOND
ALLIANCE,
ELECTION
CANCELED—The
County
town),
Okla.—BOND SALE—The $6,000 issue of school bonds offered
on
(P.
July 20 as the date to hold a special election for the purpose of voting
proposal to issue $18,000 waterworks bonds.
BRADNER,
Ohio—BOND SALE—The $15,000 water works
on
June 21—V.
144,
p.
1),
Rt.
Granite,
O.
Due serially in 15 years.
100.037,
CONSOLIDATED
MIDWAY JOINT
SCHOOL
DISTRICT
Okla.—BOND OFFERING— L.
O.
NO. 2
Hawkins,
District Clerk, will receive bids until 10 a. m. June 28 for the purchase at
not less than par of $12,000 school building bonds, which are to bear interest
at rate determined by the bidding.
Due $1,000 yearly beginning five years
on a
bonds offered
144, p. 4223—was awarded to the Taylor-Stuart
June 16—V.
Co. of Oklahoma City, as 4s, at a price of
CENTERj, Ohio—BOND ELECTION—The Village Council has
system
4055—were awarded to Granberry
& Co. of Cincinnati, as 3Ms, at par plus a premium of $79, equal to 100.50,
a basis of about 3.44%.
Dated May 1, 1937 and due as follows:
$390
noted in these columns recently—
as
for sale
of Elections has refused the city permission to proceed with the
election planned for July 1, at which a proposal to issue $45,000 street and
sewer bonds were to be submitted to a vote.
set
June 15,
sold, according to report.
COUNTY SCHOOL DISTRCT NO. 13 (P. O. Eagle-
Ift McCURTAIN
Board
BELLE
Okla.—BONDS NOT SOLD—The $8,000 issue of water
KREMLIN,
follows: $1,000
as
from date of bonds.
Certified check for 2% of amount of bid, required,
(This offering was originally scheduled for June 21—V. 144, p. 4223).
i
PAWNEE,
May 1 and Nov. 1 from 1938 to 1956 incl.; $390 May 1 and $290 Nov. 1,
Okla.—BOND OFFERING—W.
C. Williams,
City Clerk,
June 30, for the purchase at not less than
1957.
will receive bids until 7:30 p. m.
CAMDEN VILLAGE SCHOOL DISTRICT (P. O. Camden), Ohio—
BOND SALE DETAILS—The $2,250 4% school bonds sold June 11 to
Sar the$35,000 hospital bonds, which arebeginning five years after date of
of bidding. Due $2,000 yearly, to bear interest at rate determined
y
Eikenberry of Camden, as previously reported—V. 144, p. 4223—
were sold at par plus a premium of $51.05, equal to 102.26, a basis of about
3.20%.
Dated June 1, 1937 and due $225, on April 1 and Oct. 1 from
1938 to 1942 incl.
^
E. O.
Ohio—MUNICIPAL LIGHT PLANT REJECTED BY
special election June 23 the proposal to issue $300,000 bonds
municipal elctric light plant was defeated by a
vote of 1.339 to 712.
Service is now provided by the Ohio Power Co., which
initiated the election after the City Council parsed an ordinance March 17
to construct the plant.
DELPHOS,
VOTERS—At
a
to finance construction of a
bonds, except that the last instalment will amount
check for 2% of amount
to $1,000.
Certified
of bid, required.
Okla.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on July 6, by E. C. Lamaster, City Clerk, for the purchase of a
$6 000 issue of water works bonds.
Bidders to name the rate of interest.
Due $1,000 from 1940 to 1945 incl.
These bonds were approved by the
SHIDLER,
April 6.
voters on
OREGON
Securities Co. of
HIGH SCHOOL DISTRICT (P. O. Klamath
Falls), Ore.—BOND ELECTION—An election to vote on the question of
issuing $205,000 school building bonds has been called by the School
Board, to be held on June 28.
V. 144, p.
from 1937 to 1944, incl.
Interest payable M. & S.
Coupon bonds of the
following denoms.: 7 of $1,000, 2 of $100, 1 of $200, and 2 of $300.
until 8 p. m. on July 13, by Fred Damm, City Recorder, for the purchase
of a $10,000 issue of water works bonds.
Interest rate is not to exceed 6%,
FAIRFIELD
DETAILS—The
COUNTY
(P. O.
$8,000 2M% poor
Lancaster),
relief bonds
Ohio—BOND
sold
to
the
SALE
BancOhio
Columbus, at a price of 100.60, as previously reported—
4055, are dated April 1, 1937 and mature serially on March 1
HUDSON, Ohio—SUES FOR PAYMENT OF DEFAULTED BONDS—
the Ohio National Bank of Columbus has filed suit in
Court to compel the Village of Hudson, in Summit
County, to arrange payment of $42,000 in defaulted bonds.
The suit
requests an order to compel the village treasurer to set aside monies on
hand and seeks a special levy to pay the bonds. The County Budget Com¬
mission was asked to certify the bond issue.
,
It is reported that
Ohio Supreme
the
LEBANON, Ohio—BONDS SOLD—The Sinking Fund Trustees
chased $6,900 4% sanitary sewer bonds, dated Sept. 1, 1937.
pur¬
LONDON, Ohio—BOND OFFERING—Sealed bids will be received by
Evelyn Fitzgibbons. Village Clerk, until June 26 for the purchase of $1,700
4% judgment bonds.
LUCAS COUNTY (P. O. Toledo), Ohio—NOTE SALE—An issue of
$662,771 funding notes was sold privately on June 10 to B. K. Blanchet &
Co. of Toledo, it was disclosed recently.
The accepted bid was par plus a
premium of $432 for the notes at 2% % interest.
Only one other bid was
entertained by the Board of Commissioners, according to report, this
being an offer of a premium of $350 for 2Ms, which was submitted by
Braun, Bosworth & Co. and Ryan, Sutherland & Co., both of Toledo.
The
commissioners negotiated the sale under the law which permits them to sell
notes of less than 2 years' maturity at private sale, without advertising for
general bids.
Of the proceeds of the financing, $502,771.90 will clear up
the county deficit and $160,000 will be used to retire a similar amount of
scrip.
The notes will later bereplaced with a bond issue, in accordance
with a recent law, which becomes effective July 10, authorizing the county
o sell funding bonds against its tax delinquency.
MOULTON
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
St.
KLAMATH
UNION
MOLALLA,
Ore.—BOND
June 15,
be received
& D.
1939 to 1943 incl.
The approving
the bid.
MONMOUTH, Ore.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on July
of a $60,000 issue of
6, by Elsie O'Rourke, City Recorder, for the purchase
refunding water bonds. Interest rate is not to exceed
payable J. & J. Denom. $1,000. Dated July 1,1937. DueonJulyl
as follows:
$3,000, 1938 and 1939: $4,000, 1940 to 1942; $5,000, 1943 to
1948, and $6,000 in 1949 and 1950; optional on July 1, 1942. The approving
opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be
furnished. A certified check for $1,200 must accompany the bid.
4M%
SEASIDE,
Ore.—BONDS AUTHORIZED—The issuance of genera*
the amount of $107,500 was authorized in an ordinance
by the City Council.
obligation bonds in
passed recently
City of Philadelphia
5% Bonds due June 1, 1982-52
Price:
To Net
3.35%
Moncnre Biddle & Co.
Marys),
1520 Locust Street
Ohio—BOND SALE—An issue of $30,000 3% bonds, due in 20 years, was
sold March 1 to the State Teachers' Retirement System of Columbus.
PORTSMOUTH, Ohio—BOND OFFERING DETAILS—In connection
with the previous report in these columns—V. 144, p. 4223—of the July 1
offering of $140,000 6% refunding bonds, comprising issues of $68,000 and
$72,000, we learn that sealed bids will be received on the above date until
3 p. m. (not noon) by James D. Williams, Director of Department of
bids will
Denom. $500. Dated June 15, 1937. Due $2,000 from
Prin. and int. payable at the City Treasurer's
opinion of Teal, Winfree, McCulloch, Shuler & Kelley,
Portland, will be furnished.
A $200 certified check must accompany
payable
office.
.of
j.
OFFERING—Sealed
Philadelphia
PENNSYLVANIA
SCHOOL DISTRICT, Pa .—BOND OFFBRINO—
of the School Board, will receive bids until
July 2, for the purchase of $15,000 3% coupon school building
BIGLERSVILLE
Willis
1
p.
H.
m.
Lady,
Secretary
4388
Financial
Chronicle
Denom. $1,000.
DatedJJune 1, 1937.
Due on June 1 from 1944
to 1958.
Interest payable June 1 and Dec. 1.
Certified check for 5% of
amount of bid, required.
(This report supplements that recently given in these columns—V.
144,
P. 4223.)
NOT SOLD— The issue of $16,000
3% bonds offered last April—V. 144, p. 2184—was not sold. Dated Dec.
1,
1936.
DueiDec. 1, 1965 redeemable on Dec. 1, 1946 and each Dec.
1,
thereafter^
SOMERSET SCHOOL DISTRICT, Pa .—BOND SALE—
The issue* of
$8,500 coupon bonds offered June 21—V. 144, p. 3878—was
awarded; to
Otis & Co. of Cleveland.
Dated July 1, 1937, and due
July 1 as follows:
$500 in 1940, and $1,000 from 1941 to 1948, inclusive.
CAMP HILL SCHOOL
DISTRICT, Pa.—-BOND OFFERING— Sealed
bids will be received
by U. G. Fry, District Secretary, until 8 p. m. on
July 9, for the purchase of $67,000 2, 2M, 2M, 2%, 3, 3 M or 3
H % coupon
school bonds.
Dated Sept. 1, 1937.
Due Sept. 1 as follows:
$5,000 in
1950; $12,000, 1951 and 1952; $15,000 in 1953 and 1954, and
$8,000 in
1955.
Bidder to name a single rate,of interest on,all
of|the bonds.
Interest payable M. & S.
A certified check for 2% of the issue must
accompany each proposal.
^
TELFORD,
Pa.—BOND SALE—J. H. Wolf,
Borough Secretary,
us that the
borough is disposing of an issue of $65,000 4% sewer
locally, all but about $10,000 of the bonds having been taken
up
by local people.
Denom. $500.
Interest payable semi-annually.
WEST YORK (P.'O. York). Pa.—BOND
SALE—The issue of $20,000
3% coupon floating debt funding bonds offered on June 21—V.
144, p.
3549—was awarded to Dougherty, Corkran & Co. of
Philadelphia on a bid
of 102.345, a basis of about
2.54%.
Dated July 1, 1937.
Due yearly on
July 1 from 1938 to 1947.
Brown Harriman & Co. of
Philadelphia were
second high bidders, offering 102.30.
informs
bonds
DERRY TOWNSHIP SCHOOL
BOND
DISTRICT (P. O. Derry), Pa.—
OFFERING—Henry E. Shaw, Secretary of the Board of Directors,
will receive sealed bids until
for the purchase of
$75,000
7 p.m. (Eastern Standard Time) on June 28
2%, 3, 3K and 3M % coupon operating expense
bonds.
Dated July 1, 1937. Denom. $1,000. Due July 1 as follows;
$8,000
from 1938 to 1942 incl. and $7,000 from 1943 to
1947 incl. Bidder to name
a single rate of interest
on all of the bonds.
Principal and interest (J. & J.)
payable at the Commercial National Bank, Latrobe.
A certified check
for $1,500, payable to the order of the
WILKES-BARRE,
SOUTH
$6,000, 1944 to 1946 incl.; $10,000 in 1947 and 1948; $13,000 in 1949 and
1950; $14,000 from 1951 to 1953 incl.; $23,000 in 1954 and 1955, and
$24,000
Bidder to name a single interest rate on all of the bonds.
Interest payable J. & J.
A certified check for 2% of the bonds bid for,
payable to the order of the Borough Treasurer, must
accompany each pro¬
posal. The bonds will be issued subject to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
SPARTANBURG COUNTY
(P. O. Spartanburg)
OFFERING—Sealed bids will be received until 3
p. m. on
S. C.—BOND
July 8, by R. H.
Ashmore, Clerk of the County Board, for the purchase of a $250,000 issue
of coupon road improvement bonds.
Interest rate is not to exceed 4%,
payable J. & J. Bidders are requested to name the rate, which must be the
same for all of the
bonds, in a multiple of
of 1 %. Denom. $1,000. Dated
July 15, 1937.
Due on July 15 as follows:
$20,000, 1938 to 1942, and
$25,000, 1943 to 1948.
The bonds are registerable as to principal
only.
Prin. and int. payable in New York. The'successful bidder will be
furnished
with the opinion of Reed, Hoyt &
Washburn, of New York, that the bonds
are valid and
legally binding obligations of thejfcounty. A certified check
for 2%, payable to the county must
accompany the bid.
(The above report supersedes the offering notice given in these columns
recently—V. 144, p. 4057.)
WEST PELZER SCHOOL DISTRICT NO. 8 (P. O.
Anderson) S. C.—
Creighton), Pa.—BOND OFFER¬
ING—The district is making ah offering
interest bonds. Sealed bids will be received
of $35,000 not to exceed 4%
by Michael P. Kuchta, District
Secretary, until 8 p. m. (Daylight Saving Time) on July 9.
The bonds
will be dated July 1, 1937.
Denom. $1,000.
Due on July 1 as follows:
$5,000 from 1948 to 1951 incl. and yearly from 1953 to 1955 incl. Interest
A certified check for $750, payable to the order of the
Township Treasurer, must accompany each proposal.
Successful bidder
be furnished with the approving
legal opinion of Burgwin, Scully &
Churchill of Pittsburgh. Township will print the bonds.
will
BONDS SOLD
bonds
GIRARDVILLE, Pa.—BONDS SOLD—The $44,000
and
coupon
SOUTH
HARRISON TOWNSHIP (P. O. Natrona), Pa.—BOND OFFERING—
Walter E. Freehling, Township Secretary, will receive bids until
6:30
m. (Eastern Standard Time) July 12 for the purchase of
$16,000 3%
funding bonds.
Denom. $1,000.
Dated June 1, 1937.
Interest payable
Junel and Dec. 1. Due on Dec. 1 as follows: $3,000,1939;
$5,000,1941 and
1942; and $3,000 in 1944. Certified check for $500, required. Purchaser is
to furnish legal
opinion.
*
on
HOSMER
Jacob
67
authorities.
Commenting
on
the
enactment
into law of the
Stiefel
bill,
The First
Boston Corporation says:
"We feel that the new market thus created for
Bank bonds in Pennsylvania will tend to carry them to a
Federal Land
higher level than that at which they are selling at present.
Federal Land
Bank bonds will fulfill many of the requirements for trust fupd invest¬
ments
which
are
lacking in the present limited supply of Pennsylvania
'Legals.' "
PLYMOUTH, Pa .—BOND SALE—An issue of $15,000 3M% equip¬
ment bonds offered on June 7 was awarded to the First National Bank of
OFFERED
BONDS
offered
NEW YORK
CHARLESTON.
above
the
FOR
bonds
INVESTMENT—'The
for
public subscription,
4
S.
C.
successful
bidders
re-
the 4Ms to yield from
100.
These
to 4.10%, according to maturity, and the 4s are priced at
bonds are stated to be general obligations of the city.
BOND OFFERING—Sealed bids will be received until 11 a. m. on July 8
by F. K. Rosamond, City Auditor, for the purchase of an issue of $100,000
Issue No. 1, bonds.
Interest rate is not to esceed 6%,
payable J. & J.
Rate to be in multiples of M of 1%.
Dated July 1, 1937.
Due on July 1 as follows:
$20,000, 1948; $10,000, 1949; $40,000, 1952,
and $30,000 in 1958.
Prin. and int. payable at the National City Bank
in New York.
No bid will be considered at less than par and accrued
electric power,
was
deposits.
funds in the
following:
Mortgages insured by Federal Housing Administration; deben¬
tures issued by F H A; interest bearing deposits of the Federal Land Bank;
consolidated Federal Intermediate Credit Bank debentures; Federal Home
Loan
Bank obligations and obligations of general State and housing
STREET
TENNESSEE
State of—SCOPE FOR
trust fund
BROAD
Tenn .—BOND
SALE—The
$634,000
issue
of
public improvement bonds scheduled for sale on June 22, as noted in these
columns recently—V. 144, p. 4057—was reduced to $434,000 prior to the
offering, because of a Federal grant, and the issue was awarded to a syndicate
composed of Phelps, Fenn & Co.; Hannahs, Ballin & Lee, both of New
York; Jackson & Co. of Des Moines; C. H. Little & Co. of Jackson, and
Jack M. Bass & Co. of Nashville, at a price of 100.15, a net interest cost
of about 4.18%, on the bonds divided as follows:
$184,000 as 4Mb,
maturing $34,000 in 1953, $50,000, 1954, and $100,000 in 1958; the re¬
maining $250,000 as 4s, maturing $100,000 in 1961 and $150,000 in 1962.
BY NEW STATE LEGISLATION— Base for
secure
1947
2.90 to 3.15%
CHATTANOOGA,
PENNSYLVANIA
(State
of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
$10,000 Borough of Baden funding bonds and $30,000
Mahanoy City School District building bonds.
collateral to
to yield
Telephone WHttebal) 4-6765
the following issues:
or as
4224—
date.
GREENVILLE, S. C.
passed by the Borough Council authorizing the issuance of $125 BOO debt
funding bonds.
of the Act legalize investment of trust
p.
McALISTER, SMITH & PATE, Inc.
Pa.—BONDS AUTHORIZED—The City Council has
Under its provisions, Federal Land Bank bonds are made eligible for the
any interest payment
3H> Dec. 1 1941 to
FORGE, Pa —BONDS AUTHORIZED—An ordinance has been
Other provisions
on
price
authorized the issuance of $70,000 bonds.
investment of trust funds
Dak.—BOND
144,
STATE OF TENNESSEE
coupon,
Act 284.
columns—V.
issuing $18,000 school gymnasium-auditorium bonds.
registerable as to
principal only, funding and improvement bonds offered on June 21—V.
144, p. 3878—were awarded to Brown Harriman & Co., Inc., of Phila¬
delphia, as 2Ms, at par plus a premium of $185.30, equal to 101.09, a basis
of about 2.63%.
Dated July 1, 1937 and due July 1 as follows: $5,000 in
1942 and 1947 and $7,000 in 1952.
as
DISTRICT, S.
these
WAGNER SCHOOL DISTRICT, S. Dak.—BONDS VOTED—residents
an election on June 15 voted
favorably on the question of
MEAD TOWNSHIP SCHOOL DISTRICT (P. O. Tiona), Pa.—BOND
SALE—The $20,000 school building and funding bonds offered on June 22—
V. 144, p. 4056—were awarded to Glover & MacGregor of Pittsburgh.
Dated June 1. 1937. Due serially over a period of 20 years.
it is known
SCHOOL
already reported in
of the district at
assumes and agrees to pay, making the bonds free of tax to the holder.
A certified check for $10,000, payable to the order of the
city, must accom¬
pany each proposal.
TRUST FUNDS BROAD¬
legal investment of
broadened at the session of the Legislature
with enactment of the Stiefel bill, signed by Governor Earle, as noted in
these columns recently—V. 144, p. 4046.
Amending the Fiduciaries Acts,
as
C.
deemable
and will be
city
Pennsylvania
re
Schaible, Clerk of the Board of Education, will receive bids
until 2p.m. July 1 for the purchase of an issue of $8,000
4% school building
bonds.
Denom. $500.
Dated July 1, 1937.
Interest payable Jan. 1
and July 1.
Due $1,000 yearly on July 1 from 1939 to 1946, incl.; re¬
tax or taxes, except succession or inheritance taxes, now or hereafter levied
or assessed thereon, or on the debt secured
thereby, under any present or
future law of the Commonwealth of Pennsylvania; all of which taxes the
PENNSYLVANIA,
INDEPENDENT
OFFERING—As
Successful bidder will be furnished with the approving
trust funds in
be
1940; $10,000, 1941 to 1947, and $3,000 in 1948.
The bonds will be offered
less than par, plus accrued interest, and for cash.
They are offered
pursuant to the provisions of Chapter 157 of the Laws of 1935, of South
Dakota, and Chapter 163, Laws of 1935, and Chapter 194 of the Laws of
1931, and any Acts amendatory thereto.
They are to be payable solely
from the net income of a municipal electric
light and power plant and dis¬
tribution system to be built in the city.
JOHNSTOWN, Pa.—BOND OFFERING—A. L. Schwing, City Trea¬
surer, wid receive sealed bids until 10 a. m. on July 13
for the purchase of
$207,000 3, 3M, 3M, 3%, 4 or 4M% coupon redemption bonds of 1937.
The bonds will be dated Aug. 1, 19o7.
Denom. $1,000.
Due Aug. 1 as
follows:
$7,000, 1939; $5,000, 1940 to 1944 incl.; $20 000 1945 and 1946;
$30,000, 1947 and 1948; $25,000 from 1949 to 1951, incl.
Interest payable
semi-annually. Bidder to name a single rate of interest on all of the bonds.
The bonds and interest thereon will be payable without deduction for
any
ENED
will
at not
only, school bonds.
Dated July 1, 1937.
Denom. $1,000.
Due $5,000 on
July 1, 1939, and each year from 1941 to 1953 incl. Rate of interest to be
expressed in a multiple of M of 1%.
Interest payable J. & J. A certified
check for $2,500, payable to the order of the district, must
accompany
each proposal. The bonds will be sold subject to approval of the
Department
NEW CASTLE,
bids
by Carl Hanson, City Auditor, for the purchase!1 of a
f93,000 $1,000. Dated June 1, 1937. Due and power revenue bonds.
)enom. issue of 3M% annual electric light
June 1
follows:
$20,000,
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. O.
Aliquippa),
OLD
DAKOTA
FLANDREAU, S. Dak.—BOND OFFERING—Sealed
ceived until June 29,
Pa.—BOND OFFERING—C. C. Bell, District Secretary, will receive sealed
bids until 7 p. m. (Eastern Standard Time) on June 28 for the
purchase of
$70,000 not to exceed 4M% interest coupon, registerable as to principal
MUNCY, Pa.—BOND SALE—The $17,000
TO PWA—It is reported that $7,600
4% semi-ann, school
purchased at par by the Public Works Administration.
ABERDEEN SCHOOL DISTRICT, S. Dak.—BONDS VOTED—
By a
vote of 2,208 to 337, a proposition to issue
$150,000 auditorium bonds was
approved by the electors at an election held on June 15.
p.
of Internal Affairs.
were
funding
refunding bonds unsuccessfully offered on March 8 were sold later to
local banks as 4s, ht par.
Dated April 1, 1937 and due as follows: $2,000,
1938 to 1940 incl.; $3,000, 1941 and 1942; $4,000,
1943; $5,000 in 1944 and
1945; $6,000 from 1946 to 1948 incl.
legal opinion of Burgwin, Scully & Churchill of Pittsburgh,
required to pay for the printing of the bonds.
CAROLINA
r
in 1956 and 1957.
payable J. & J.
OFFERING—Harvey
Weiss,
City
June 14
principal
only, improvement bonds. Bidders are to specify a single rate of interest,
making choice from 2%, 2M%, 2M%, 2K%, 3%, 3K% and
3M%.
Denom. $1,000.
Dated July 1, 1937.
Interest payable Jan. 1 and July 1.
Due on July 1 as follows:
$10,000, 1943, 1944 and 1945; $20,000. 1946;
$30 000
1947 to 1953: $20,000, 1954 and 1955: and
$50,000, 1956 and
1957.
Certified check for '2%, payable to the
City Treasurer, required.
Bonds are offered subject to the favorable
legal opinion of Townsend,
Elliott & Munson of Philadelphia.
DICKSON CITY,
Pa.—BOND^OFFERING—Theodore^Rasn, Borough
Secretary, will receive sealed bids until 8 p. m. (Eastern^Standard Time)
on July 7 for the
purchase of $210,000 3M, 3%, 4, 44M, 4% or 5%
coupon, registerable as to principal only, funding bonds.
Dated July 1,
1937.
Denom. $1,000. Due July 1 as follows: $5,000 in 1942 and 1943;
(P. O.
Pa .—BOND
Clerk, will receive bids until 11 a. m. (Eastern Standard Time)
for the purchase of an issue of
$400,000 coupon, registerable as to
district, must accompany each
proposal.
The sale is subject to approval of issue by the
Department of
Internal Affairs.
Successful bidder will be furnished with
the^approving
legal opinion of Burgwin, Scully & Churchill of
Pittsburgh.
► EAST DEER TOWNSHIP
June 26, 1937
SEVENfVALLEYS, Pa .—BONDS
interest.
The
award
will
be
determined
by
the lowest rate of interest
and the highest premium on such rate.
Bonds will be prepared and
furnished at the expense of the city and the approving opinion of Caldwell
& Raymond of New York will be furnished.
The bonds are issued under
Chapter 455, Private Acts of Tennessee, 1935.
A certified check for 2%
Shipp, City Treasurer,
of the face value of the bonds bid for, payable to A1 vin
is required.
POWER
BOARD SIGNS
TVA
CONTRACT—An
Associated
Press
dis¬
patch from the above city on June 17 repo"ted as follows:
The Chattanooga Electric Power Board representing the city
entered
into a 20-year contract with the Tennessee Valley Authority for electricity
today concluding negotiations which have been in progress for more than a
year.
James Lawrence Fly, Chief TVA Counsel and his assistant, Joseph
Swindler, brought the contract here, already signed by Authority officials.
a brief conference, the contract was accepted by the power Board,
After
headed by
"Unless
Col. Harold C. Fiske.
some extraordinary obstacle intervenes I
am
confident
we
will
be able to furnish low-cost power to Chattanooga within a year," Colonel
yjfilfp said,
"
Plymouth at par.
Denom. $1,000.
Dated July 1, 1937.
Interest payable
semi-annually.
Due $3,000 Jan. 1, 1939, and $4,000 Jan. 1 in 1940, 1941
and 1942, redeemable on any Jan. 1.
RADNOR TOWNSHIP
(P. O. Wayne), Pa .—BONDS AUTHORIZED
—The Township Commissioners have authorized the issuance of $25,000
sewage
disposal plant bonds.
The City Commission this afternoon authorized the immediate issuance of
$100,000 in general obligation bonds to be sold July 8 for financing a survey
preliminary to construction or purchase of a distribution system.
COFFEE
COUNTY
(P. O. Manchester), Tenn— BONDS VOTED—
The voters of the county on June 14 gave their approval to a proposal to
issue $100,000 school
building bonds.
Volume
Financial
m
■
1
Chronicle
r
HUMBOLDT, Tenn,—BONDS VOTED— On June 16 a $20,000 factory
building bond issue was approved by the electors by a vote of 394 to 14.
P*
4389
*
TENNESSEE, State, of—BOND SALE—The $10,066,000 consolidated
HOUSTON, Texas—BONDS AUTHORIZED—The City Council is said
to
have authorized the Mayor to issue $100,000 in generai improvement
bonds.
We understand that the city charter permits the Mayor to issue
such bonds without a vote of the people.
bonds offered
on June 17 were awarded to a syndicate headed by Halsey,
Stuart & Co. of New York, on a bid of 100.405 for $5,867,000 refunding
3H% bonds and $4,199,000 county reimbursement 3M% bonds, a basis
of about 3.3464%.
The bonds as awarded are described as follows:
$5,867,000 refunding bonds.
Due on Dec. 1 as follows: $690,000 in 1944;
$1,728,000, 1945; $1,248,000, 1947, and $2,201,000 in 1948.
14,199,000 county reimbursement bonds.
Due on Dec. 1 as follows:
$1,959,000 in 1948 and $2,240,000 in 1949.
|
i
All of said bonds are dated June 1, 1937, of the denomination of $1,000
each, and interest thereon is payable on the first days of June and December
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
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 of
in each year.
full faith and credit of
therefor there is also
pledged the annual net revenues of all toll bridges now operated by the
State or by any State agency, the first $307,500 of annual recepits of any
tobacco tax heretofore or hereafter levied until and incl. fiscal year 1946-47,
the annual proceeds of a tax of five cents per gallon upon gasoline, the
annual proceeds of all fees for inspection of 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 require to the State and the
entire annual proceeds of franchise taxes imposed by the Franchise 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, municipality or
any other agency or instrumentality of the State of Tennessee.
In addition to Halsey, Stuart & Co. the successful sundicate included
Lehman Bros., New York, Ladenburg, Thalmann & Co., New York, the
Bancamerica-Blair Corp., New York; Stone & Webster and Blodget, New
York; Kelley, Richardson & Co., Chicago; E. H. Rollins & Sons, New York;
Kean, Taylor & Co., New York; Darby & Co., New York; McAlister, Smith
& Pate, Greenville; Kalman & Co., St. Paul; Ward, Sterne & Co., Birming¬
ham; Stern Bros. & Co., Kansas City: B. J. Van Ingen & Co., New York;
Hemphill, Noyes & Co., New York; Manufacturers & Traders Trust Co.,
Buffalo; R. S. Dickson & Co., Charlotte; Burr & Co., New York; Morse
Bros. & Co., New York; Lawrence Stern & Co., Chicago; the First of Michi¬
gan Corp., Detroit; Piper, Jaffray & Hopwood, Minneapolis; J. C. Brad¬
ford & Co., Nashville; Edward Lowber Stokes & Co., Philadelphia; Eli T.
Watson & Co., New York; William R. Compton & Co
New York; Schmidt,
Poole & Co., Philadelphia, and Elder & Co., Chattanooga.
A syndicate
headed by the Chase National Bank of New York bid on a net interest
the State of Tennessee for the payment of which the
State are pledged, and as additional security
the
LA PORTE INDEPENDENT SCHOOL DISTRICT (P. O. La Porte).
Texas—BOND OFFERING—It is reported that sealed bids will be received
until June 28, by the Secretary of the Board of Education, for the purchase
of two issues of bonds, aggregating $115,000, as follows:
$75,000 elementary
school building bonds, and $40,000 high school gymnasium bonds.
(These bonds were approved by the voters on June 5, as noted in these
columns—V. 144, p. 4225.)
NUECES COUNTY (P. O. Corpus Christi), Texas—BONDS NOT
SOLD—TO BE REOFFERED—The issue of $200,000 4% road bonds
offered
A
%.
The First National Bank of New York managed a syndicate
Edward B. Smith & Co. of New York and Asso¬
bidding a 3.38% basis.
ciates bid 3.49 %.
(The above report was omitted inadvertently from our issue of June 19).
OFFERED
BONDS
FOR
INVESTMENT—'The
successful
syndicate
reoffered the above bonds for general subscription at prices to yield from
2.90 to 3.25%, according to maturity.
The bonds, in the opinion of the
bankers, are legal investment for savings banks in New York, Massachu¬
and Connecticut.
(See ad. on page V.)
setts
on June 14—V. 144, p. 3725—was not sold, all bids being rejected.
offering date will be determined upon later.
Dated Sept. 1, 1937.
OVERTON, Texas—BOND SALE—An issue of $45,000 4^% paving
city to Callihan & Jackson of Dallas.
Due
bonds has been sold by the
$5,000 yearly.
PECOS
INDEPENDENT
SCHOOL
Texas—BONDS
DISTRICT,
VOTED—The voters of the district have given their approval to the issuance
of $120,000 school building bonds.
ROBERT LEE
SCHOOL DISTRICT, Texas—BONDS VOTED—The
taxpayers of the district have voted approval of the issuance of $30,000
school building improvement bonds.
•
SAN
ANGELO, Texas—BOND ELECTION—At
an
election scheduled
for
July 6 a proposition to issue $100,000 park improvement bonds will be
submitted to the voters for approval.
SAN PATRICIO COUNTY ROAD DISTRICT NO. 5 (P. O. Odem)»
Texas—BONDS DEFEATED—According to an unofficial count, the voters
of the district on June 12 defeated a proposal to issue $125,000 road bonds.
SNYDER, Texas—BOND SALE—The City Council has made
a
contract
with Shafer & Co. of Lubbock for the refunding of $44,400 water and sewer
refunding bonds.
The new bonds
with 5% paid on the old bonds.
SOURLAKE
INDEPENDENT
are to
bear interest at 4%, compared
SCHOOL
DISTRICT
(P.
O.
Sour
lake), Texas—BOND SALE DETAILS—It is reported by the Secretary o
the Board of Education that the
$10,000 school repair bonds purchased at
a price of 104.00, by Aves & Wymer, of Houston, as noted in these colums
recently—V. 144, p. 4058—were sold as 4s, and mature $1,000 from
March 1, 1938 to 1947, giving a basis of about 3.19%.
SOUTH
HOUSTON, Tex.—BOND ELECTION—An election Is. to be
$175,000 municipal improvement
held June 26 at which a proposal to issue
bonds will be voted upon.
TARRANT
COUNTY (P. O. Fort Worth), Texas—BOND SALE—
$170,000 issue of 4H% semi-annual road bonds offered for sale on
144, p. 4225—was awarded jointly to Callihan & Jackson,
and the Investment Service Corp., both of Dallas, at a price of 113.67, a
basis of about 3.22%.
Dated Oct. 10, 1930.
Due on Oct. 1 as follows:
$10,000, 1939 and 1940, 1942 and 1943; 1945 and 1946; 1948 and 1949;
1951 and 1952, and 1954 to 1960.
The
June 24—V.
TAYLOR-CALLAHAN
ROAD
DISTRICT
NO.
7
(P. O. Abilene),
Tex.—BOND ELECTION—An election is scheduled for July 8 at which a
proposal to issue $25,000 road bonds will be submitted to a vote.
TEXAS
TENAHA
BENJAMIN COMMON SCHOOL DISTRICT NO. 1 (P. O. Benjamin),
Tex.—BONDS DEFEATED—The voters of the district have defeated a
1,
1942.
,
basis of 3.36
new
Due $40,000 yearly on Sept. 1 from 1947 to 1951; optional after Sept.
SCHOOL
recent election an issue of
DISTRICT,
Texas—BONDS
$18,000 school building bonds
VOTED—At a
approved by
was
the voters.
TIMPSON, Tex,—BOND OFFERING—The School Board has tentatively
July 12 as the date to offer for sale an issue of $20,000 4% registered
Dated May 1, 1937.
Due serially for 40 years.
proposition to issue $20,000 gymnasium and auditorium construction bonds.
set
CAMERON COUNTY (P. O. Brownsville) Texas—REFINANCING
OF FLOOD BONDS UNDERTAKEN—Steps have been taken by Emory
W. Watts of Donna to secure agreements from outstanding holders of
$1,388,000 flood control bonds of the above county for their refinancing at
75 cents on the dollar. This qction followed the recent announcement that
the Reconstruction Finance Corporation has approved a loan of $1,021,000
to the county for the refunding of the bonded indebtedness which should
result
in
saving
a
of approximately
$750,000
in
principal
and interest
school bonds.
UTAH
BEAVER
COUNTY SCHOOL DISTRICT
(P. O.
Beaver), Utah—
BOND ELECTION—The Board of Education has called a special election
to be held June
28, at which
bonds will be submitted to
a
proposition to issue $55,000 school building
a vote.
payments.
Bonds in the amount of
$1,500,000
were
issued
by Cameron County in
1925 for the construction of flood control levees and other facilities along
the Lower Rio Grande River. A total of $112,000 had been retired through
remission of State ad valorem taxes to the county.
Should the law which provides for remission of 25%
PRICE, Utah—BOND SALE DETAILS—It is now stated by the
City Recorder that the $85,000 3% semi-annual city hall and auditorium
bonds sold last April, as noted in these columns at that time, were pur¬
chased at par by Snow. Bergin & Co. of Salt Lake City.
of the State's ad
valorem levy in Cameron County be repealed, the county would then be
forced to bear the burden of interest payments unless the State would
$10,000
provide other means of carrying the expense.
CHAMBERS COUNTY ROAD PRECINCT NO. 2 (P. O. Anahuac),
Texas—BONDS VOTED—At the election held on June 12, the voters are
said to have approved the issuance of the $750,000 in road
COUNTY ROAD DISTRICT
VOTED—The taxpayers
COKE
Texas—BONDS
NO.
3
of the
(P.
ROANOKE, Va. Impt. 4i/2s,
bonds.
O.
district
Due
April 1, 1952 @ 2.90% basis
Robert Lee),
recently
voted
F. W. CRAIGIE & COMPANY
approval of a $25,000 bond issue.
CHR1STI, Texasi-BONDS SOLD—It is stated by T. R.
King, City Secretary, that the following 4f^% bonds, aggregating $60,000,
approved by the voters on Feb. 26. as noted in these columns at that time,
Richmond, Va.
CORPUS
have
been
station
sold
to
local
investors
$35,000 city- ball,
and $25,000 fire
\
bonds.
DENISON, Texas—BOND OFFERING—It is reported that sealed bids
Hicks, City Secretary,
for the pin-chase of two issues of 5% semi-ann. bonds, aggregating $24,000,
as follows:
$16,000 paving, and $8,0^0 storm sewer bonds.
will be received until 2 p. m. on June 25, by C. C.
EDINBURG
TRICT,
CONSOLIDATED
Texas—BOND
INDEPENDENT
SCHOOL
COMMITTEE,, FORMED—Owners and
DIS¬
repre¬
of $2,785,000 bonds, or 89% of, the district's bonded debt, met
June 7 and elected a committee called, the "Edinburg, Texas, School
sentatives
on
Bond Committee," with Conn Brown, of San Antonio as Secretary.
The committee and practically all of the blond owners and representatives
present at the June 7 session met again latef in the day with the following
representatives of the Edinburg Consolidated Independent School Dis¬
trict: A. G. Haigh, President, Board of Trustees; R. C. Broaddus, trustee;
R. P. Ward, Superintendent of Schools, and their attorney Wilbur L.
Matthews, for a general discussion of the situation.
The school district
officials are of the opinion that the principal amount of the district's bonds
should be compromised.
ELLIOTT COMMON SCHOOL DISTRICT NO. 32 (P. O. Vernon),
Texas—BOND CALL—F. E. Hutchins, President of the Board of Trustees,
is calling for payment at the First National Bank, Fort Worth, on July 14,
on which date interest shall cease, Nos. 1 to 15 of the 6% bonds of July 10,
1923.
Due in 40 years, redeemable at
any
time after 10 years from date
GALVESTON COUNTY (P. O. Galveston), Texas—BONDS AU¬
THORIZED—The County Commissioners' Court recently authorized the
issuance of $250,000 in causeway bridge refunding bonds, series of 1937.
By refunding $250,000 of the balance of the $334,500 causeway bridge,
1927 issue, and by redeeming with the State a total of $84,500 of the 1917
bonds, the county is said to be securing a reduction from 5% interest rates
to about 3 %.
GOOSE
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
CREEK
INDEPENDENT
SCHOOL
DISTRICT,
Texas—
BONDS OFFERED TO INVESTORS—A. W. Snyder & Co. of Houston and
the Mercantile-Commerce Bank &
Trust Co. of St. Louis
offering to
investors $447,000 2H %, 3^% and 4% coupon bonds at prices to yield
from 1 % to 3.70 %, according to maturity. Of the bonds $250,000 are dated
Oct. 26, 1936 and $200,000 May 10, 1937.
Denom. $1,000. Principal and
semi-annual interest (April 1 and Oct. 1) payable at the Chase National
Bank of New York, or at the State Treasurer's office in Austin. Bonds in the
amount of $45,000 bear interest at 2% % and mature on April 1 as follows:
$5,000, 1938 to 1940; $6,000, 1941; $7,000, 1942; $8,000, 1943, and $9,000,
1944; $50,000, 3?£% bonds come due on April 1: $9,000, 1945 and 1946;
$10,000, 1947; $11,000, 1948 and 1949; $282,000 4% bonds mature on
April 1: $13,000, 1950; $14,000, 1951; $16,000, 1952; $18,000, 1953 to 1961;
$23,000, 1962; and $27,000, 1963 and 1964, and $70,000 3K%, bonds come
due on April 1 as follows: $27,000, 1965; $28,000, 1966; and $15,000, 1967.
are
VIRGINIA
CULPEPER, Va —BOND CALL—F. T. Hudgins, Town Recorder, and
nounces that all of the electric light and power bonds, dated Jan. 1, i934,
and presently outstanding, will be redeemed at par, plus the amount of
premium provided for in the indenture, on July 1, 1937, at the Town
Treasurer's office or at the principal office of the Central Hanover Bank &
Trust Co., New York City.
The bonds bear 4% interest.
RICHMOND, Va .—BOND OFFERING— It is stated by J. M. Miller.
Deputy City Comptroller, that he will receive sealed bids until July 15,
the purchase of an issue of $1,500,000 3% semi-annual public im¬
provement bonds.
Due from 1938 to 1957.
for
NORTHWESTERN MUNICIPALS
J
Washington—Oregon—Idaho—Montana
3)rumtalbr, Ehrlkhman & HJhife
I
SEATTLE
*
Teletype* SEAT 187, SEAT 188
SAN FRANCISCO Ij
Teletype SF 296
WASHINGTON
DAVENPORT,
Wash.—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on July 2, by Mabel B. Paige, City Clerk, for the pur¬
chase of a $5,000 issue of lighting system, general obligation bonds. Interest
rate is not to exceed 5%, payable J. & J.
Denoms. $500 and $100. Dated
July 1, 1937.
Due on July 1 as follows: $500, 1939 to 1944; $600, 1945,
1947.
Prin. and int. payable at the City Treasurer's
A certified check for 5% of the amount bid is required.
and $700 in 1946 and
office.
Wash.—BOND OFFERING— Sealed bids will be re¬
p. on June 29, by C. M. Dyer, Town Clerk, for the pur¬
$5,000 issue of town bonds.
Bidders are to name the rate of
interest.
Bonds subject to call on any interest bearing date one year after
date of issue July 1, 1937.
GRANDVIEW,
ceived until 8.
chase of
a
KITTITAS COUNTY SCHOOL DISTRICTS NOS. 8 AND 12
(P. O.
Ellensburg), Wash.-—BOND SALE—The two issues of bonds, aggregat¬
awarded as follows:
ing $38,000, offered on June 19—V. 144, p. 3880—were
4390
Financial
$35,000 School District No. 12 bonds to Paine-Rice A Co. of Spokane as
3 Ms at par plus a premium of $200, equal to 100.571.
Due over
a 20 year
period.
3,000 School District No. 8 bonds
of par for 4s.
after 10 years.
Due
over
a
to the
State of
Washington
on a
bid
20 year period, subject to redemption
MERIDIAN CONSOLIDATED SCHOOL DISTRICT NO. 320
(P. O.
Belhngham), Wash.—BOND
until
10
OFFERING—Sealed
bids
will
be
received
July 9, by R. E. At wood, County Treasurer, for the
purchase of an $18,000 issue of school bonds.
Interest rate is not to exceed
4M%» payable semi-annually.
Dated July 15, 1937.
Bonds are to ma¬
ture in from two to 20 years after date of
issue, redeemable at any time
a.
m.
on
after five years from the date thereof.
Principal and interest payable at
the County Treasurer's office, the fiscal agency of the State in New York,
or at the State Treasurer's office.
A certified check for 5% of the bid
is
required.
WHITE
received
p.m.
Wash.—BOND OFFERING—Sealed
July 15,
on
by C. H. Estes, Town
bids
will
be
Clerk, for the
$30,000 issue of water revenue bonds.
Interest rate is not
to exceed 5%, payable M. & S.
Denom. $500.
Dated March 1, 1937.
Due on Sept. 1 as follows:
$1,000, 1938 to 1941; $1,500, 1942 to 1950;
$2,000, 19ol to 1955, and $2,500 in 1956.
These bonds are said to be
payable from the revenues derived from the water system which are pledged
a
to the payment
do
not
of
$60,000 bond issue of which these bonds
a
constitute general
obligations of the town.
A
are
a
part,
WEST
VIRGINIA
Department, at
Dated Jan. 1, 1937.
par.
Due from
1938 to 1957.
WEST VIRGINIA (State of)—BOND SALE—The issue of
$1,460,000
coupon
or
registered
Parkersburg-Belpre and Marietta-Williamstown
bridge revenue bonds offered on June 22—V. 144, p. 4225—was awarded
Young, Moore & Co. of Charleston and C. W. McNear A Co. of Chicago
at par, $1,060,000 bonds
maturing from 1938 to 1948 to bear interest at
3M % and 400,000 bonds coming due from 1949 to 1952 2%, a net interest
cost basis of about
2.82%.
Dated July 1,1937.
Due on July 1 as follows:
$90,000,1938 to 1941, and $100,000, 1942 to 1952.
The bonds are callable
at any interest period after three
years from date of issue at a premium
of 3%.
to
WISCONSIN
HUSTISFORD, Wis.—BOND
SALE—The $38,000 issue of coupon elec¬
on June 22—V. 144, p. 4226—was awarded
Harley, Haydon A Co. of Madison, as 3Ms, paying a premium of $210,
equal to 100.55, according to the Village Clerk.
Dated April 1, 1937.
tric utility bonds offered for sale
to
Due from April 1, 1942 to 1955.
The second best bid was an offer of $208
premium on
the Channer Securities Co. of
Chicago.
3Ms, tendered by
KENOSHA, Wis.—BOND
ing bonds offered
National
Bank
on
SALE—The $45,000 coupon school refund¬
June 18—V. 144, p. 3726—were awarded to the First
of
Chicago, as 2Ms, at par plus a premium of $202.50,
equal to 100.45, a basis of about 2.70%.
Dated June 1, 1937.
Due June 1,
1947.
Paine, Webber A Co. of Chicago submitted the next high offer,
bidding a premium of $385 for 3% bonds.
"SUSSEX, Wis.—BOND SALE DETAILS—It is now stated by the
Village Clerk that the $14,000 (not $13,500) 3% semi-ann. community hall
bonds purchased by T. E. Joinef & Co. of Chicago, at a price of 100.88, as
noted in these columns in May—V. 144,
p. 3726—mature $1,000 from
April 1, 1938 to 1951, giving a basis of about 2.87%.
WASHINGTON (P. O.
Bangor, Route 2), Wis.—BOND OFFERING—
It is stated by the Town Clerk that he will receive sealed bids at the court
house in La
Crosse, until 2
p.
m.
on
highway improvement, series A bonds.
payable
J.
&
D.
Denom.
$1,000.
July 7, for the purchase of $45,000
Interest rate is not to exceed 3%,
Dated June 1, 1937.
Due $3,000
from June 1, 1938 to 1952, with option of payment on unmatured bonds on
June 1, 1942.
Prin. and int. payable at the County Treasurer's office.
WYOMING
AFTON, Wyo.—BOND ELECTION—An
at which
a
they are subject are fully
s®t out in the prospectus.
He urged that remedies in the event of a default
should be clearly defined and the contract with the
trustees governed by the
BRANTFORD, Ont.—BOND SALE— R. A. Daly & Co. of Toronto
on June 14 the following 3M% bonds
aggregating $160,289.15:
$135,000.00 improvement bonds were sold at 100.50, a basis of about
3.42%. Due serially in from 1 to 15 years.
25,289.15 improvement bonds were sold at 100.60, a basis of about
3.37%. Due in five years.
purchased
L226
p
)rep0rt suPersec*es
given previously-in these columns—V. 144,
P. E. I .—BOND OFFERING—Sealed bids wil1
by the City Treasurer until June 24, for the purchase of $209,500
CHARLOTTETOWN,
3M
or
4% improvement bonds, due in 20
years.
DRUMMONDVILLE,
Que.—BOND SALE— The $232,900 4% bonds
below, which were offered on June 22—V. 144, p. 4058—were
awarded to the Banque Canadienne Nationale of Montreal at a pnce of
described
99.45:
$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.
MAGOG,
Que.—BOND OFFERING—Sealed bids
will
be received
by
O. Tourigny,
Secretary-Treasurer of the Catholic School Commission,
until 8 p. m. on June 29 for the purchase of $80,000 3 M % and 4% school
bonds.
Dated June 1, 1937.
Due serially in from 1 to 30 years.
The bonds
will be payable in Magog, Montreal and Quebec.
FORT GAY, W. Va.—BONDS SOLD'—It is stated by the Town Recorder
that the $6,000 5% semi-ann. sewer bonds approved by the voters at an
election held on March 13, were sold
by the State Board of Public Works to
the Compensation
1937
laws of Great Britain.
$600 certified
check must accompany the bid.
June 26,
should be permitted in Great Britain or traded in
the"Stock Exchange unless
the rights of bondholders and the laws to which
be received
SALMON,
until 2
purchase of
and
Chronicle
election is scheduled for July 12
proposal to issue $30,000 waterworks system extension bonds.
CODY, Wyo.—BONDS VOTED—At the June 14 election the proposi¬
tion to issue $50,000 water works extension bonds was approved by a vote
of 447 to 94.
BOND OFFERING—Meyer Rankin, Town Clerk, is receiving bids until
p. m. July 8 for the purchase at not less than par of $50,000 coupon
MOOSE
INTEREST RE"
interest rate
1, 1937, and
local govern¬
ment board supervising municipal finance negotiations and bondholders.
Fifty per cent of Moose Jaw's bonds are held in Great Britain and Jules E.
Fortin, acting for the bondholders, reports more than 50% oppose the city's
scheme.
The local government board's plan for temporary relief provided
that if 20% of bondholders rejected the plan it would be voided.
JAW,
DUCTION
Sask .—BONDHOLDERS
REJECT
PLAN—Bondholders
have rejected the 40%
Moose Jaw debentures for the year from July
recommended the opening of negotiation between the city,
reduction
on
QUEBEC (Province of)—$31,000,000 BONDS PUBLICLY OFFERED
Canada recently
leadership of the
Royal Bank of Canada and the Provincial Bank of Canada.
The financing
consisted of $10,000,000 2% bonds, dated Aug. 1, 1937, due in four years,
and priced at 99.05; $10,000,000 5-year 2s, dated Aug. 1, 1937, priced at
98.25, and $11,000,000 3M's, maturing in 12 years, dated July 1, 1937,
and offered to investors at 98.70.
Province will devote the proceeds of the
loan to the payment of Treasury bills, maturing bonds and other purposes.
The bonds are payable as to both principal and semi-annual interest in
lawful money of Canada at the option of the holder at the main office of
the Royal Bank of Canada in Montreal, Toronto, and Quebec, and at the
main office of LaBanque Proviciale du Canada at Montreal and
Quebec.
Counsel to the bankers in the financing, which was undertaken on behalf
of the Province, is Patenaude, Monette, Filion, Patenaude, Routhier and
—Public offering on hehalf of the province was made in
of $31,000,000 bonds by a large banking group under the
Meighen.
Associated with the Royal Bank of Canada in the marketing of the bonds
the following:
Provincial Bank of Canada; The Canadian Bank of
Commerce; The Bank of Nova Scotia; Bank of Montreal; La Banque
are
Canadienne Nationale; Imperial Bank of Canada; Barclays Bank (Canada;
W. C. Pitfield A Co., Ltd.; Wood, Gundy & Co., Ltd.; A. E. Ames & Co.,
Ltd.; Dominion Securities Corp., Ltd.; Hanson Bros., Inc.; McLeod,
Young, Weir A Co., Ltd.; Codier, Norris & Henderson, Ltd.; Royal Securi¬
Corp., Ltd.; L. G. Beaubien A Cie, Limitee; McTaggart, Hannaford,
Birks A Gordon, Ltd.; Bell, Gouinlock A Co.; Ltd., Societe de Placements,
Inc.; Aldred & Co., Ltd.; Nesbitt, Thomson & Co., Ltd.; Mead A Co., Ltd.;
Rene-T. Leclerc, Inc.; Credit Anglo-Francais, Ltee; Comptoir National de
Placement
Limitee; Ernest
Savard
Limitee; Henri Turgeon
Limitee;
Mills, Spence & Co., Ltd.; Cochran, Murray & Co., Ltd.; Greenshields A
Co., Inc.; Midland Securities Corp., Ltd.; R. A. Daly A Co., Ltd.; Kerrigan,
MacTier & Co.. Ltd.; Gairdner & Co., Ltd ; Skaith & Co., Ltd.; James
Richardson & Sons; Dube, LeBlond A Cie, Inc.; Hamei, Fugere A Cie.,
Limitee; Ross Bros. & Co., Ltd.; Paul Gontheir & Compagnie, Limitee;
Bruno Jeannotte Limitee; Lagueux A Darveau Ltee; J. C. Boulet Limitee.*
Lucien Cote, Inc.; J. E. Laflamme, Limitee; Corporation de Prets de
Quebec, Harrison & Company, Ltd.; Bartlett, Cayley A Co., Ltd., and
Brawley, Cathers A Co.
ties
Que.—BOND SALE—The issue of $100,000
144, p. 4058—was awarded to L. G.
Canadienne Nationale, both of Montreal,;
jointly, as 4s, at a price of 99.76, a basis of about 4.02%.
Dated May I,
1937 and due serially in 30 years.
The successful bidders submitted an
alternate offer of 94.51 for the bonds as 3 Ms.
A. E. Ames A Co. of Toronto
SHAWINIGAN
FALLS,
school bonds offered
on
June i7—V.
Beaubien A Co. and the Banque
made
an
offer of 99 127 for 4s.
7.30
SOREL,
water
bonds, which are to bear interest at no more than 3M%>
Denom.
$1,000.
Dated July 1, 1937.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the Town Treasurer's office.
Due in 30 years;
redeemable in 10.
Certified check for 10%, required.
GOSHEN COUNTY SCHOOL DISTRICT NO. 15 (P. O.
Huntley).
Wyo.—BOND SALE—The issue of $39,000 school bonds offered on June 18
—V. 144, p. 3726—was awarded to the American National Bank and the
Stock Growers National Bank, both of Cheyenne, bidding 101.40 for 3 Ms.
Sidlo, Simmons, Roberts & Co. of Denver
101.35 for 3 Ms.
RAWLINS,
Wyo.—BOND
refunding bonds in
the
were
second high bidders, offering
be received by
until 9 p. m.
Dated July 2,
Due serially in from 1 to 15 years.
bids will
Que.—BOND OFFERING— Sealed
A. O. Cartier, Secretary-Treasurer of the School Commission,
on
June 29, for the
1937.
Denoms.
SUDBURY,
purchase of $22,500 4% school bonds.
$1,000, $500 and $100.
Ont.—TO
REISSUE
BONDS—The
$500,000
city
has
applied to the Ontario Municipal Board for permission to reissue $500,000
debentures, now hypothecated to the Royal Bank of Canada, upon the
same
terms, except that the interest rate will not
exceed 4M %
•
VERDUN, Que.—BOND OFFERING— Sealed bids will be received by
E. MacKay, Secretary-Treasurer of the Cathode School Commission,
until 6 p. m. on June 29, for the purchase of $240,000 4% School bonds.
Dated July 2, 1937.
Denoms. $1,000, $500 and $100.
Due serially in
from 1 to 30 years.
Principal and interest payable at any branch of the
R.
SALE—An issue of recently authorized
of $220,000 has been sold to Geo. W.
amount
Vallery & Co. of Denver.
Provincial Bank of Canada in Quebec.
WINDSOR,
Information and
Ont.—$4,000,000
INTEREST
bondholders
Markets
BRAWLEY, CATHERS & CO.
will be made Aug.
,
25
KING
ST.
WEST,
TORONTO
ELGIN
6438
CANADA
ALBERTA (Province of)—NEW DEBT REDUCTION LEGISLATION
ATTACKED—Attack of debt reduction legislation passed by the Alberta
Government was opened in Supreme Court on June 16 when a statement of
claim was filed on behalf of the Independent Order of
Foresters, chal¬
lenging validity of three Acts aimed to replace the Provincial Securities
Interest Act, declared unconstitutional by Mr. Justice W. C. Ives, Feb. 22.
The Act now attacked makes a fresh attempt to legalize the
50% cut in
interest rates
on
Provincial bonds.
In declaring
the old Act invalid, Mr. Justice Ives ordered the Alberta
the plaintiff $5,430 as unpaid interest on $181,000 in
bonds guaranteed by the Province.
Government
to pay
Efforts to collect the award
were
nullified by the new Acts passed by the
surplus which the former Town of Sandwich
Legislature.
The action will not
come to
trial until fall.
BRITISH BONDHOLDERS ASKED TO REFUSE INTEREST SLASH—
British holders of Alberta bonds were urged recently by J.
Davidson,
Chairman of the British Empire Trust, to refuse assent to the
proposal to
a reduction of 50% in the interest payable on the Province's se¬
curities.
impose
Addressing members of the trust, Mr. Davidson suggested bondholders
a Government in Alberta
willing to conform to
proper procedure."
should "await the return of
just and
He also alluded to the reduction of interest declared by the
City of
Moose Jaw, Sask. He said bondholders had not received notification of the
proposed action and expressed hope the order for the reduction would be
annulled.
As
a
future precaution, Mr. Davidson said "no issues of this character"
DISTRIBUTION TO BE
1—Distribution of $4,000,000 cash among City of Windsor
1 as first payment under Windsor's new
refunding scheme, Fiscal Agent C. W. McDiarmid said June 21.
Mr.
McDiarmid estimated $350,000 will be paid Windsor residents.
The $4,000,000
payment to debenture holders will not exhaust the
bank surplus the city has built up since default five years ago.
Mayor E.
S. Wigle recently announced the surplus was close to $6,000,000.
Re¬
mainder of the surplus, after the August payment, will go into a sinking fund
set up to retire the city's debenture debt.
Printing of the new debentures is being rushed and 38,165 new bonds
will be required by the scheme. It is hoped these will be issued, in exchange
for outstanding bonds of the four former municipalities of Windsor, East
Windsor, Sandwich and Walkerville, now amalgamated into the City of
Windsor, in time to make the cash distribution possible Aug. 1.
Mr. McDiarmid estimated about $2,000,000 will be paid in settlement of
interest overdue Dec. 31, 1935.
The other half will cover the three semi¬
annual instalments of interest due since that date.
Holders of old City of Windsor bonds, for interest, will receive 52% of
the interest they ordinarily would have received between Dec. 1, 1932—date
of the former city's default—and Dec. 31, 1935.
From the money paid out
on this account will be deducted 3% interim payment made by the old City
of Windsor to its bondholders during 1935.
In figuring the amount of in¬
terest overdue as of Dec. 31, 1935, interest was not compounded.
Holders of old City of East Windsor bonds will receive 50% of the
interest they would have received between Oct. 1,
1931, date of that
municipality's default, to Dec. 31, 1935.
Because of the action of the Imperial Bank in taking over a $300,000
MADE AUG.
Canadian Municipals
,
had built up—to apply against
that municipality'8 debt to the bank—coupon No. 1 on Old Sandwich
will not be very large.
Holders of Sandwich bonds will receive 12%
bonds
of the
1932, date of that municipality's
default, and Dec. 31, 1935.
A larger payment will be made to Sandwich
bondholders if the city is successful in litigation entered into to recover the
$300,000 taken over by the bank.
Since the Town of Walkerville did not default until Dec. 14, 1934, amount
of interest overdue as of Dec. 31, 1935, was not large.
The town's surplus
at the end of 1935 was correspondingly small and Walkerville bondholders
Will receive 15% of the interest they would have received in that one year's
period.
interest that accrued between March
1,
WOODSTOCK, Ont.—BOND SALE—Harris, Ramsay A Co. of Toronto
a new issue of $75,000 3M% school bonds at a price of
a basis of about 3.10%.
Due serially in from 1 to 15 years.
have purchased
102.89,
Volume
Financial
144
The
The
Chronicle
VII
Comptroller of the State of New York
will sell at his office at
"Monthly Earnings
Albany, New York,
June 22, 1937
at 1 o'clock P.
Record"
M., (daylight saving time)
$40,000,000.00
.
'
Shows
in addition to
monthly,
the
latest
Serial Bonds of the
quarterly and semi¬
earnings, all of
annual returns of
the items in detail that the Inter¬
Commerce
state
State of New York
Commission
requires the railroads to
monthly in a supplement¬
ary statement.
This statement
shows, along with other items,
fixed
charges,
other
income,
dividends,
as
well
as
many
now
file
selected
All
Balance
the
of
Sheet
monthly,
Dated
'
as
follows:
items.
quarterly
and semi-annual returns of Pub¬
lic Utility, Industrial and Mis¬
cellaneous
July 6, 1937 and maturing
$30,000,000.00 —1938 to 1947
10,000,000.00—1938 to 1962
..
companies
still
are
continued.
Principal and semi-annual interest January 6th and July 6th
payable in lawful money of the United States of Aiherica at
the Bank of the Manhattan
STEAM RAILROADS
York
Company, 40 Wall Street, New
City.
PUBLIC UTILITIES
Exempt from all Federal and New York State Income Taxes
INDUSTRIAL
$30,000,000.00
—
$10,000,000.00
and
—
MISCELLANEOUS
Unemployment Relief Bonds
maturing
$3,000,000.00 annually July 6, 1938 to
1947, inclusive.
—
COMPANIES
Nothing Like It Ever Published
The
the
and
May
number,
containing
for
March,
1937,
months of 1937. was
published May 26.
statements
the
three
Bidders for these bonds will be required to name the rate of
interest which the bonds are
bear not exceeding 4
(four) per centum per annum.
Such interest rates must be in
multiples of one-fourth of one per centum and not more than a single rate of interest
to
figures the lowest interest cost to the State
ing the amount of premium bid if any.
Foreign Postage Extra
DANA
NEW YORK
CO.
CITY
combined after deduct¬
will
bank
bidder.
All
for
$6.00 PER YEAR
all issues
unless
cessful
SUBSCRIPTION PRICE
on
be accepted for separate maturities or for less than
par value of the bonds
accompanied by a deposit of money or by a certified check or bank draft
upon a
or trust
company of the cities of Albany or New York, payable to the order
of the "Comptroller of the State of New York" for at
least two per cent of the par value
of the bonds bid for.
No interest will be allowed upon the
good faith check of the suc¬
nor
COPIES $1.00
ST.,
issue.
whose bid
solvent
SPRUCE
shall
be named for each
No bids
Record
WILLIAM B.
6,
one
^
Monthly Earnings
25
—
Bidders may condition their bids upon the award to them of all but no
part of the entire
$40,000,000.00 bonds and the highest bidder on the basis of "all or none" will be the
Subscribe for
SINGLE
General State Improvement Bonds
maturing $400,000.00 annually July
1938 to 1962, inclusive.
proposals, together with the security deposits, must be sealed and endorsed
"Proposal
and enclosed in a sealed
envelope directed to the "Comptroller of the State of
bonds"
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 Honorable 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 suc¬
cessful bidder upon delivery of the bonds to him.
If the Definitive Bonds of this issue can not be
prepared and delivered at a time to suit
the purchaser, the State reserves the
right to deliver Interim Certificates pending prepara¬
tion of the Definitive
Bonds, and will endeavor to have these Interim
Certificates ready for
delivery
The
which
WANTED
on
net
is
property
or
about July 6,
debt
of
about
the
2.6
1937.
State
per
York
on
the
total
assessed
of
cent
of the State subject
New
of
to taxation
June
1,
1937,
amounted
valuation
of
the
to
$676,931,829.77
real
and
for State purposes.
Circulars descriptive of these bonds will be mailed
upon application to
CHRONICLES
MORRIS S. TREMAINE, State Comptroller, Albany, N. Y.
Jan.
17
1920
Dated
Jan.
7
5
9
1926
Jan.
8
1927
Jan.
7
1928
Jan.
5
1929
Jan.
26
1929
Oct.
5
1929
Oct.
12
1929
Oct.
19
1937.
1924
Jan.
10,
1922
.Jan.
June
1929
Oct.
26
1929
July
19
1930
Jan.
3
1931
Jan.
10
1931
July
18
1931
Jan.
9
1932
July
30
1932
Jan.
7
Cotton—
1933
Jan.
BANK &
6
FriendshipAdvertising—
A
large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is
necessary to every
1934
business.
QUOTATION
January—1926
January—1931
WM.
25
25 cents
B.
DANA
per
YORK
you
copy
CO.,
Spruce Street,
NEW
by consistent publicity in devel¬
oping the initial introduction?
An advertisement in the "Chronicle"will
January—1933
Will pay
BUT—did you ever stop to think of the
large
part played
form
new
friendships
among
help
the people
constituting the "backbone" of the World's
Cotton
Industry.
personal
@FedFRASER